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"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page297-cflshid_110066-tag138134": {
"value": "its headquarters and tax residence are at Viale Europa 46, 20093 Cologno Monzese, Milan, Italy.",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page297-cflshid_110066-tag138256": {
"value": "Its ultimate controlling party is Fininvest S.p.A. ",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page297-cflshid_110066-tag138255": {
"value": "Fininvest S.p.A. ",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page297-cflshid_110195-tag138135": {
"value": "MFE is a multinational media group, mainly operating in the television industry in Italy, Spain and DACH area (German-speaking countries).",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page297-cflshid_110060-tag138136": {
"value": "In Italy, Mediaset is the leading operator by audience share and advertising market share in the commercial television broadcasting sector, with three of Italy\u2019s biggest general interest networks and an extensive portfolio of thematic free-to-air and pay TV channels - both linear and non-linear/OTTV) - with a broad range of cinema, TV series and children\u2019s channel content. Mediaset has also set up its own radio segment through acquisitions, bringing together four of the largest national broadcasters. In Spain, MFE operates through Grupo Audiovisual Mediaset Espa\u00f1a, the leading Spanish commercial television broadcaster with two main general interest channels (Telecinco and Cuatro) and a range of free-to-air thematic channels. The Group is also active in content production, OTT services and digital publishing activities. Since the last quarter of 2025, the Group has been operating In Germany through ProSiebenSat.1 Media SE (P7S1), a top-tier European television media group with a leading position in Germany, Austria and Switzerland. The company is listed on the Frankfurt Stock Exchange. The Group\u2019s shareholding stands at 75.61% of share capital (75.67% of voting rights).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page297-cflshid_110060-tag138140": {
"value": "2. PRESENTATION BASIS AND ACCOUNTING STANDARDS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS
These consolidated financial statements have been:
prepared in accordance with the International Financial Reporting Standards (IAS/IFRS) as adopted by the European Union (EU) and satisfy the financial reporting obligations contained in Part 9 of Book 2 of the Dutch Civil Code. All standards and interpretations issued by the International Accounting Standards Board (IASB) and the International Financing Reporting Interpretations Committee (IFRIC) effective year-end 2023 have been
adopted by the EU. Consequently, the accounting policies applied by the Company also fully comply with IFRS as issued by the IASB.prepared by the Board of Directors of the Company and authorised for issue on 15 April 2026 and will be submitted for adoption to the Annual General Meeting of Shareholders on 24 June 2026;
prepared on the historical costs basis unless certain financial instruments which have been measured at fair value in accordance with IFRS 9 and IFRS 13;
presented on a going-concern basis, having the Directors verified that there are no financial, operational or other indications pointing to any critical issues that could affect the Group\u2019s ability to meet its obligations in the foreseeable future. The risks and uncertainties regarding the business are described in the Directors\u2019 Report on Operations. The way in which the Group manages its financial risks, including liquidity and capital risk, is described in the section entitled \u201cDisclosure on financial instruments and risk management policies\u201d in these Explanatory Notes.
presented in Euro, which is the functional currency used for the majority of the Group\u2019s operations.
The amounts shown in this note are expressed in millions of euro.
2.1 ACCOUNTING ESTIMATES AND JUDGMENTS
In preparing the consolidated financial statements and the explanatory notes to the consolidated financial statements, management is required to make estimates and judgements mainly necessary to measure certain assets and liabilities and evaluate contingent assets and liabilities. The application of accounting policies requires judgments that impact the amount recognised. Additionally amounts recognised are based on factors that are by default associates with uncertainty. Where applicable, the estimates and judgments are described per note within the consolidated financial statements.
On the other hand, the most significant areas of the financial statements that required estimates and the related notes to be made were as follows:
\u2212assumptions used in impairment testing (note 8.4 Assessment of recoverability of goodwill and other non-current assets, Note 8.6 Investments in associates and joint ventures)
\u2212estimating the useful life of tangible and intangible assets (note 8.1 Property, plant and equipment; 8.2 TV and Movie Rights; 8.5 Other intangibles assets)
\u2212assessment of the recoverability period of carried forward tax losses (note 8.8 Deferred tax assets and liabilities)
\u2212assessment of credit risk for trade and financial receivables (note 9.2 Trade receivables)
\u2212assumptions for discount rates, future salary increase and life expectancy to calculate the employees defined benefit plan (note 11.1 Post Employment Benefits Plans)
\u2212assessment of the likelihood and estimating timing and potential cash flow relating to legal proceedings and litigation (note 11.3 Provisions and contingent liabilities)
The estimates used in preparing these consolidated financial statements have mainly been used to appraise the recoverable amount of the cash generating units (CGUs) to which goodwill or other assets with definite or indefinite useful lives are allocated for the purposes of periodic testing as required by IAS 36. In accordance with IAS 36, these assets should be measured at their recoverable amount, using the higher of (i) their value in use or (ii) their fair value net of disposal costs. Estimating the value in use involves, first, identifying the expected future cash flows that each asset or cash generating unit (CGU) will produce in its current condition, based on the five-
year plans (2026-2030) drawn up on the basis of the guidelines approved by the Board of Directors on 11 March 2026, and, second, determining an appropriate discount rate. The main uncertainties that could influence this estimate relate to determining the Weighted Average Cost of Capital (WACC) and the growth rate (g-rate) of the cash flows beyond the explicit forecast period, the development of the industry markets and, therefore, the assumptions made in appraising the expected cash flows for the years explicitly forecast and the cash flows used to determine the Terminal Value. Estimating fair value, on the other hand, involves applying the measurement criteria and techniques envisaged by IFRS 13 to determine - using one or more measurement techniques designed to maxi the observable inputs - the price that would be received, as at the measurement date, from the sale of an asset or a group of assets in an orderly transaction between market participants on the main market for those assets.
In preparing these consolidated financial statements, the acquisition of the controlling interest in ProsiebenSat1 at the end of the third quarter made it particularly necessary to measure the following under IFRS 3 at the date of acquisition of control: (i) the fair value of the consideration transferred under the Offer to acquire control, in particular of the price component consisting of equity instruments in MFE; (ii) the fair value of the interest held prior to the acquisition of control; and (iii) provisional goodwill (measured on a proportional basis) relating to the net assets acquired, and the criteria for allocating these carrying amounts (including goodwill) to CGUs for impairment testing.
The carrying amount of the provisionally determined goodwill at 31 December 2025 was tested for impairment by allocating it to the CGU corresponding to the P7S1 Group. To determine the value in use, management used P7S1\u2019s multi-year forecasts (2026 budget and 2027\u20132030 strategic plan). Following impairment testing, the carrying amount of the CGU was confirmed. For more information, see Note 8.6.
As regards the main financial assets measured under IFRS 9, the general creditworthiness of the counterparties was not seen to have deteriorated significantly enough as to significantly impact the Expected Credit Losses, which have also been updated based on the market parameters observable at the date of this Consolidated Financial Statement. Therefore, there were no significant impacts in terms of the impairment of recognised assets.
The impairment and recoverability testing of the deferred tax assets recognised in the financial statements as at 31 December 2025, with particular reference to the prior years\u2019 tax losses generated under the Italian tax consolidation arrangement, took into consideration the taxable income on the basis of the five-year plans (2026-2030) used for impairment testing for the explicit forecast period and, through extrapolation from the latter of the expected taxable income for the subsequent periods. Impairment testing also took into consideration the effects of the temporary differences on which deferred tax liabilities are recorded. In light of the tests conducted on this basis, the recovery period has been set at six/seven years.
The estimates and assumptions above are periodically revised and the impacts of each change are recognised in the income statement.
For the purposes of the consolidated financial statements, the assets and liabilities of any fully consolidated subsidiary whose functional currency is not the euro are translated at the exchange rate in force at the balance sheet date. Shareholders' equity items are converted at historical exchange rates, whereas revenues and costs are converted by applying the average exchange rate during the year.
Any exchange differences that arise from converting the financial statements of foreign subsidiaries are initially recognised in a foreign exchange reserve within shareholders' equity. Where the Group ceases to have a controlling stake in an investment, these cumulative differences are reclassified to the income statement and recognised as an integral part of the net gain or loss from the disposal.
| Currency | Exchange rate at 31 December 2025 | Average exchange rate in 2025 |
| Great Britain | GBP | 0.8726 | 0.8568 |
| Switzerland | CHF | 0.9314 | 0.9370 |
| United States | USD | 1.1750 | 1.1300 |
3. SUMMARY OF ACCOUNTING STANDARDS AND MEASUREMENT BASIS ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS APPLIED AS FROM 1 JANUARY 2025 Since 1 January 2025, the following new accounting standards and/or amendments and interpretations of standards previously in force have become applicable.
As reported in the Consolidated Annual Report for the year ended 31 January 2024, the MFE Group (as a Multinational Group that has exceeded the revenues threshold of EUR 750 million for two of the previous four years) falls within the Pillar Two income tax bracket provided for in Directive 2022/2523 and adopted in Italy by Legislative Decree 209/2023, which aims to ensure a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the Union. The Group has applied the mandatory temporary exception provided for by the Amendment to IAS 12 \u201cInternational Tax Reform-Pillar Two Model Rules\u201d, which provides that information on deferred tax assets and liabilities relating to Pillar-Two income taxes are not hereby recognised and disclosed.
Moreover, Pillar Two legislation provides the option (for the first periods in which they are in effect; i.e. the \u201ctransitional\u201d rules valid for periods beginning before 31 December 2026 and ending no later than 30 June 2028) to apply simplified \u201csafe harbour\u201d rules (granting an exception from country-by-country reporting) based primarily on the accounting information available for each relevant jurisdiction which, if at least one of three tests is passed will decrease compliance costs and reduce Pillar-Two taxes to nil.
In addition, the following updates have been introduced based on the OECD\u2019s \u201cSide-by-Side\u201d package published on 5 January 2026:
\u2212one-year extension of the transitional safe harbour for the purposes of country-by-country reporting \u2013 i.e. to the 2027 financial year;
\u2212simplification measures, including the \u201cPermanent ETR Safe Harbour\u201d;
\u2212the \u201cSubstance-based Tax Incentive Safe Harbour\u201d, enabling multinational groups to benefit from incentives closely linked to economic substance in a jurisdiction.
Based on known or reasonably estimable information for the Group, there are no issues in this area which could significantly affect these Consolidated Financial Statements.
On 15 August 2023, the IASB published an amendment entitled \u201cAmendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability\u201d. These amendments require entities to ensure that a methodology is consistently used to ascertain whether one currency can be exchanged into another and, when this is not possible, how the exchange rate should be determined and disclosed in the notes to the financial statements. The adoption of this amendment has had no impact on these consolidated financial statements.
Financial statements The Consolidated Statement of Financial Position has been prepared according to the requirements of presenting current and non-current assets and liabilities separately. An asset is defined as current when it satisfies any of the following criteria:
\u2212it is expected to be realised, or intended to be sold or consumed, in its normal operating cycle;
\u2212it is held primarily for the purpose of trading;
\u2212it is due to be realised within twelve months after the end of the reporting period; or
\u2212it is cash or a cash equivalent, unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period
All assets other than those meeting one of the criteria set out above are classed as non-current.
A liability is defined as current when it satisfies any of the following criteria:
\u2212it is expected to be settled in its normal operating cycle;
\u2212it is held primarily for the purpose of trading;
\u2212it is due to be settled within twelve months after the end of the reporting period; or
\u2212the entity does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period.
The Group classifies all other liabilities as non-current.
Deferred tax assets (liabilities) are classified as non-current assets (liabilities).
The Statement of Income has been prepared by allocating costs based on their nature, using the same methodology as the Group\u2019s internal reporting and in line with the prevailing international practices in the industry. Income is presented as Operating result and Profit before tax. Operating result is the difference between Revenues from sales of goods and services, other income and operating costs (the latter of which include non-monetary costs relating to amortisation, depreciation and impairments of current and non-current assets, net of any reversal).
The Statement of Comprehensive Income shows the cost and revenue items, after tax, which are posted directly to shareholders\u2019 equity reserves as required or permitted by the various International Accounting Standards. These items are further divided into those that may be reclassified to the income statement in the future and those that cannot be reclassified. Each type of significant shareholders' equity reserve shown in the statement is accompanied by a reference to the explanatory notes below, which contain related information and breakdowns, and changes on the previous fiscal year.
The Statement of Cash Flow has been prepared using the indirect method, whereby Operating Result is adjusted to take into account non-cash revenue, deferrals or accruals of past or future operating cash receipts or payments, and revenues or expense items associated with investing or financing cash flows. Investments in television broadcasting rights are included within investment activities. Similarly, receipts and payments from the hedging of cash flows for foreign currency payments of television broadcasting rights are given the same classification as the hedged item, falling under cash flow from investments activities. Income and expenses relating to medium/long-term financing transactions and related hedging derivatives, as well as dividends paid, are included within financing activities.
The Statement of Changes in Shareholders' Equity shows the changes that have taken place in shareholders' equity items in relation to:\u2212allocation of the profit of the parent company and subsidiaries for the period to shareholders;
\u2212breakdown of comprehensive income/loss;
\u2212amounts relating to transactions with shareholders;
\u2212purchases and sales of treasury shares;
\u2212impact from any changes to accounting standards.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page297-cflshid_110060-tag138139": {
"value": "2. PRESENTATION BASIS AND ACCOUNTING STANDARDS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS
These consolidated financial statements have been:
prepared in accordance with the International Financial Reporting Standards (IAS/IFRS) as adopted by the European Union (EU) and satisfy the financial reporting obligations contained in Part 9 of Book 2 of the Dutch Civil Code. All standards and interpretations issued by the International Accounting Standards Board (IASB) and the International Financing Reporting Interpretations Committee (IFRIC) effective year-end 2023 have been
adopted by the EU. Consequently, the accounting policies applied by the Company also fully comply with IFRS as issued by the IASB.prepared by the Board of Directors of the Company and authorised for issue on 15 April 2026 and will be submitted for adoption to the Annual General Meeting of Shareholders on 24 June 2026;
prepared on the historical costs basis unless certain financial instruments which have been measured at fair value in accordance with IFRS 9 and IFRS 13;
presented on a going-concern basis, having the Directors verified that there are no financial, operational or other indications pointing to any critical issues that could affect the Group\u2019s ability to meet its obligations in the foreseeable future. The risks and uncertainties regarding the business are described in the Directors\u2019 Report on Operations. The way in which the Group manages its financial risks, including liquidity and capital risk, is described in the section entitled \u201cDisclosure on financial instruments and risk management policies\u201d in these Explanatory Notes.
presented in Euro, which is the functional currency used for the majority of the Group\u2019s operations.
The amounts shown in this note are expressed in millions of euro.
2.1 ACCOUNTING ESTIMATES AND JUDGMENTS
In preparing the consolidated financial statements and the explanatory notes to the consolidated financial statements, management is required to make estimates and judgements mainly necessary to measure certain assets and liabilities and evaluate contingent assets and liabilities. The application of accounting policies requires judgments that impact the amount recognised. Additionally amounts recognised are based on factors that are by default associates with uncertainty. Where applicable, the estimates and judgments are described per note within the consolidated financial statements.
On the other hand, the most significant areas of the financial statements that required estimates and the related notes to be made were as follows:
\u2212assumptions used in impairment testing (note 8.4 Assessment of recoverability of goodwill and other non-current assets, Note 8.6 Investments in associates and joint ventures)
\u2212estimating the useful life of tangible and intangible assets (note 8.1 Property, plant and equipment; 8.2 TV and Movie Rights; 8.5 Other intangibles assets)
\u2212assessment of the recoverability period of carried forward tax losses (note 8.8 Deferred tax assets and liabilities)
\u2212assessment of credit risk for trade and financial receivables (note 9.2 Trade receivables)
\u2212assumptions for discount rates, future salary increase and life expectancy to calculate the employees defined benefit plan (note 11.1 Post Employment Benefits Plans)
\u2212assessment of the likelihood and estimating timing and potential cash flow relating to legal proceedings and litigation (note 11.3 Provisions and contingent liabilities)
The estimates used in preparing these consolidated financial statements have mainly been used to appraise the recoverable amount of the cash generating units (CGUs) to which goodwill or other assets with definite or indefinite useful lives are allocated for the purposes of periodic testing as required by IAS 36. In accordance with IAS 36, these assets should be measured at their recoverable amount, using the higher of (i) their value in use or (ii) their fair value net of disposal costs. Estimating the value in use involves, first, identifying the expected future cash flows that each asset or cash generating unit (CGU) will produce in its current condition, based on the five-
year plans (2026-2030) drawn up on the basis of the guidelines approved by the Board of Directors on 11 March 2026, and, second, determining an appropriate discount rate. The main uncertainties that could influence this estimate relate to determining the Weighted Average Cost of Capital (WACC) and the growth rate (g-rate) of the cash flows beyond the explicit forecast period, the development of the industry markets and, therefore, the assumptions made in appraising the expected cash flows for the years explicitly forecast and the cash flows used to determine the Terminal Value. Estimating fair value, on the other hand, involves applying the measurement criteria and techniques envisaged by IFRS 13 to determine - using one or more measurement techniques designed to maxi the observable inputs - the price that would be received, as at the measurement date, from the sale of an asset or a group of assets in an orderly transaction between market participants on the main market for those assets.
In preparing these consolidated financial statements, the acquisition of the controlling interest in ProsiebenSat1 at the end of the third quarter made it particularly necessary to measure the following under IFRS 3 at the date of acquisition of control: (i) the fair value of the consideration transferred under the Offer to acquire control, in particular of the price component consisting of equity instruments in MFE; (ii) the fair value of the interest held prior to the acquisition of control; and (iii) provisional goodwill (measured on a proportional basis) relating to the net assets acquired, and the criteria for allocating these carrying amounts (including goodwill) to CGUs for impairment testing.
The carrying amount of the provisionally determined goodwill at 31 December 2025 was tested for impairment by allocating it to the CGU corresponding to the P7S1 Group. To determine the value in use, management used P7S1\u2019s multi-year forecasts (2026 budget and 2027\u20132030 strategic plan). Following impairment testing, the carrying amount of the CGU was confirmed. For more information, see Note 8.6.
As regards the main financial assets measured under IFRS 9, the general creditworthiness of the counterparties was not seen to have deteriorated significantly enough as to significantly impact the Expected Credit Losses, which have also been updated based on the market parameters observable at the date of this Consolidated Financial Statement. Therefore, there were no significant impacts in terms of the impairment of recognised assets.
The impairment and recoverability testing of the deferred tax assets recognised in the financial statements as at 31 December 2025, with particular reference to the prior years\u2019 tax losses generated under the Italian tax consolidation arrangement, took into consideration the taxable income on the basis of the five-year plans (2026-2030) used for impairment testing for the explicit forecast period and, through extrapolation from the latter of the expected taxable income for the subsequent periods. Impairment testing also took into consideration the effects of the temporary differences on which deferred tax liabilities are recorded. In light of the tests conducted on this basis, the recovery period has been set at six/seven years.
The estimates and assumptions above are periodically revised and the impacts of each change are recognised in the income statement.
For the purposes of the consolidated financial statements, the assets and liabilities of any fully consolidated subsidiary whose functional currency is not the euro are translated at the exchange rate in force at the balance sheet date. Shareholders' equity items are converted at historical exchange rates, whereas revenues and costs are converted by applying the average exchange rate during the year.
Any exchange differences that arise from converting the financial statements of foreign subsidiaries are initially recognised in a foreign exchange reserve within shareholders' equity. Where the Group ceases to have a controlling stake in an investment, these cumulative differences are reclassified to the income statement and recognised as an integral part of the net gain or loss from the disposal.
The following exchange rates were used to convert major currencies into the reporting currency.
| Currency | Exchange rate at 31 December 2025 | Average exchange rate in 2025 |
| Great Britain | GBP | 0.8726 | 0.8568 |
| Switzerland | CHF | 0.9314 | 0.9370 |
| United States | USD | 1.1750 | 1.1300 |
3. SUMMARY OF ACCOUNTING STANDARDS AND MEASUREMENT BASIS ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS APPLIED AS FROM 1 JANUARY 2025 Since 1 January 2025, the following new accounting standards and/or amendments and interpretations of standards previously in force have become applicable.
As reported in the Consolidated Annual Report for the year ended 31 January 2024, the MFE Group (as a Multinational Group that has exceeded the revenues threshold of EUR 750 million for two of the previous four years) falls within the Pillar Two income tax bracket provided for in Directive 2022/2523 and adopted in Italy by Legislative Decree 209/2023, which aims to ensure a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the Union. The Group has applied the mandatory temporary exception provided for by the Amendment to IAS 12 \u201cInternational Tax Reform-Pillar Two Model Rules\u201d, which provides that information on deferred tax assets and liabilities relating to Pillar-Two income taxes are not hereby recognised and disclosed.
Moreover, Pillar Two legislation provides the option (for the first periods in which they are in effect; i.e. the \u201ctransitional\u201d rules valid for periods beginning before 31 December 2026 and ending no later than 30 June 2028) to apply simplified \u201csafe harbour\u201d rules (granting an exception from country-by-country reporting) based primarily on the accounting information available for each relevant jurisdiction which, if at least one of three tests is passed will decrease compliance costs and reduce Pillar-Two taxes to nil.
In addition, the following updates have been introduced based on the OECD\u2019s \u201cSide-by-Side\u201d package published on 5 January 2026:
\u2212one-year extension of the transitional safe harbour for the purposes of country-by-country reporting \u2013 i.e. to the 2027 financial year;
\u2212simplification measures, including the \u201cPermanent ETR Safe Harbour\u201d;
\u2212the \u201cSubstance-based Tax Incentive Safe Harbour\u201d, enabling multinational groups to benefit from incentives closely linked to economic substance in a jurisdiction.
Based on known or reasonably estimable information for the Group, there are no issues in this area which could significantly affect these Consolidated Financial Statements.
On 15 August 2023, the IASB published an amendment entitled \u201cAmendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability\u201d. These amendments require entities to ensure that a methodology is consistently used to ascertain whether one currency can be exchanged into another and, when this is not possible, how the exchange rate should be determined and disclosed in the notes to the financial statements. The adoption of this amendment has had no impact on these consolidated financial statements.
Financial statements The Consolidated Statement of Financial Position has been prepared according to the requirements of presenting current and non-current assets and liabilities separately. An asset is defined as current when it satisfies any of the following criteria:
\u2212it is expected to be realised, or intended to be sold or consumed, in its normal operating cycle;
\u2212it is held primarily for the purpose of trading;
\u2212it is due to be realised within twelve months after the end of the reporting period; or
\u2212it is cash or a cash equivalent, unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period
All assets other than those meeting one of the criteria set out above are classed as non-current.
A liability is defined as current when it satisfies any of the following criteria:
\u2212it is expected to be settled in its normal operating cycle;
\u2212it is held primarily for the purpose of trading;
\u2212it is due to be settled within twelve months after the end of the reporting period; or
\u2212the entity does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period.
The Group classifies all other liabilities as non-current.
Deferred tax assets (liabilities) are classified as non-current assets (liabilities).
The Statement of Income has been prepared by allocating costs based on their nature, using the same methodology as the Group\u2019s internal reporting and in line with the prevailing international practices in the industry. Income is presented as Operating result and Profit before tax. Operating result is the difference between Revenues from sales of goods and services, other income and operating costs (the latter of which include non-monetary costs relating to amortisation, depreciation and impairments of current and non-current assets, net of any reversal).
The Statement of Comprehensive Income shows the cost and revenue items, after tax, which are posted directly to shareholders\u2019 equity reserves as required or permitted by the various International Accounting Standards. These items are further divided into those that may be reclassified to the income statement in the future and those that cannot be reclassified. Each type of significant shareholders' equity reserve shown in the statement is accompanied by a reference to the explanatory notes below, which contain related information and breakdowns, and changes on the previous fiscal year.
The Statement of Cash Flow has been prepared using the indirect method, whereby Operating Result is adjusted to take into account non-cash revenue, deferrals or accruals of past or future operating cash receipts or payments, and revenues or expense items associated with investing or financing cash flows. Investments in television broadcasting rights are included within investment activities. Similarly, receipts and payments from the hedging of cash flows for foreign currency payments of television broadcasting rights are given the same classification as the hedged item, falling under cash flow from investments activities. Income and expenses relating to medium/long-term financing transactions and related hedging derivatives, as well as dividends paid, are included within financing activities.
The Statement of Changes in Shareholders' Equity shows the changes that have taken place in shareholders' equity items in relation to:\u2212allocation of the profit of the parent company and subsidiaries for the period to shareholders;
\u2212breakdown of comprehensive income/loss;
\u2212amounts relating to transactions with shareholders;
\u2212purchases and sales of treasury shares;
\u2212impact from any changes to accounting standards.
PRINCIPLES AND SCOPE OF CONSOLIDATION
These consolidated financial statements include the financial information of MFE-MEDIAFOREUROPE N.V. and of the Italian and foreign companies over which MFE is entitled to exercise direct or indirect control, meaning that the investor is able to influence its returns (exposure or rights to variable returns) by exercising power, meaning that it is able to direct the relevant activities of the subsidiary - i.e. the activities that significantly affect the investee's returns.
Generally, the majority of the voting rights entails control. In support of this presumption and when the Group holds less than a majority of the voting rights (or similar rights), the Group considers other relevant facts and circumstances to determine whether it controls the investee, including:
\u2212contractual agreements with other holders of voting rights;
\u2212rights arising from contractual agreements;
\u2212voting rights and potential voting rights held by the Group.
The assets and liabilities, and the expenses and income of the subsidiaries, are consolidated line-by-line, meaning that they are included in their entirety in the consolidated financial statements. The carrying amount of these investments is offset against the corresponding portion of shareholders\u2019 equity of the investee companies, giving each individual asset and liability item its current value at the date of acquisition of control (Purchase Method), or when the Full Goodwill Method is applied (an option that can be exercised separately for each individual business combination) by also recognising the amount of goodwill not belonging to the Group with an offsetting entry of the non-controlling interest in shareholders\u2019 equity. The Group has not yet taken up this option. Any remaining difference, if positive, is recorded under the non-current asset item \u201cGoodwill\u201d and, if negative, is recognised as income in profit and loss.
In cases of acquisitions of controlling investments with the same ultimate parent company (business combination under common control), which are excluded from the scope of obligatory application of IFRS 3, and in the absence of specific IAS/IFRS standards or interpretations for these types of operations, the carry-over method is generally considered to apply, taking into account the provisions of IAS 8. According to that principle, the assets and liabilities must be transferred to the acquirer\u2019s financial statements for the amounts recorded in the consolidated financial statements as at the date of the transfer of the ultimate parent company of the parties that carry out the business combination, with any difference between the consideration paid for the investment and the carrying amount of the assets recognised in the relevant Group shareholders\u2019 equity reserve.
In preparing the consolidated financial statements, all receivables, payables, costs and revenues between consolidated companies, as well as unrealised profits on intercompany operations, have been eliminated.
The portions of non-controlling shareholders with respect to the shareholders\u2019 equity and profit for the period of consolidated companies are identified and shown separately in the Consolidated Statement of Financial Position and the Consolidated Statement of Income. In the event of a loss of control, the difference between the fair value of consideration received and the carrying amount of consolidated net assets is recognised in profit and loss. If the set of activities discontinued constitutes a major line of business (a business sector or a business unit), this difference is posted to Net profit/(loss) from discontinued operations., together with the profit or loss generated by the discontinued activities up until the date of deconsolidation. Changes resulting from purchases or sales of non-controlling interests held in subsidiary companies are treated as transactions with shareholders, as long as they do not result in a loss of control. Consequently, the difference between the fair value of the consideration paid or received for these transactions and the adjustment made to minority interests is recognised under Reserve for transactions with non-controlling interests (including under \u201cOther Reserves\u201d) of the shareholders\u2019 equity of the parent company. Likewise, in accordance with IAS 32, transaction costs must also be recognised in shareholders\u2019 equity.
The assets and liabilities of foreign companies that fall within the scope of consolidation and that originate in currencies other than the Euro, including goodwill and fair value adjustments of the assets and liabilities identified at the time of allocation of the price paid in a business combination, are translated using the spot exchange rates at the reporting date; income and costs, on the other hand, are translated at the average exchange rate for the year. Any translation differences that arise from applying these methods are recognised under a special shareholders\u2019 equity reserve until the investment is sold. The accounts of associates and joint ventures are recognised in the consolidated financial statements using the equity method, as described in the Equity Investments item below.
In accordance with IAS 28, an associate is a company in which the Group is able to exercise significant influence, but not control or joint control, by participating in decisions regarding the financial and operational policies of the investee.
On the other hand, with reference to IFRS 11, a joint venture is an arrangement whereby the parties that have joint control have rights to the net assets of the arrangement (shareholders' equity).
Joint control is defined as the contractually agreed sharing of control of an arrangement, which exists only when the significant decisions relating to the activity require the unanimous consensus of all parties sharing control.
Goodwill
The goodwill resulting from the acquisition of control of an investment or of a business unit is the excess of the acquisition cost, understood as being the consideration transferred in the business combination, plus the fair value of any investment that was previously owned in the acquired business, over the fair value of the identifiable assets, liabilities and contingent liabilities of the acquired business at the date of acquisition.
For the purposes of calculating goodwill, the consideration transferred in the business combination is calculated as the sum of the fair values of the assets transferred and the liabilities assumed by the Group at the date of acquisition and of the capital instruments issued in exchange for the control of the acquired entity, also including the fair value of any contingent considerations subject to conditions established in the acquisition agreement.
Any goodwill adjustments may be recognised in the measurement period (which cannot be more than one year from the date of acquisition) that are due to either subsequent changes in the fair value of the contingent considerations or to the calculation of the fair value of the assets and liabilities acquired, if recognised only provisionally at the date of acquisition and when these changes are calculated as adjustments based on additional information regarding facts and circumstances existing at the date of the business combination.
Any subsequent differences compared to the initial estimate of the fair value of liabilities for contingent considerations are recognised in the income statement, unless they derive from additional information existing at the acquisition date (in which case they can be adjusted within 12 months from the acquisition date). Likewise, any rights to receive back some parts of the consideration paid if certain conditions arise must be classified as assets by the acquirer.The transaction costs for business combinations are recognised in the accounting period when they are incurred, with the exception of those incurred for issuances of debt securities or shares that must be recognised in accordance with IAS 32 and IFRS 9.
In the case of acquisition of controlling interests of less than 100%, the goodwill and the corresponding non controlling interest in the goodwill can be calculated at the acquisition date either with respect to the percentage control acquired (partial goodwill) or by measuring the fair value of the non-controlling interests (full goodwill method).
The measurement method can be chosen from time to time for each transaction.
For step acquisitions of controlling interests the acquirer must recalculate the fair value of the previously held interest, up till that time, recognised, depending on the case, in accordance with IFRS 9 \u2013 Financial Instruments, in accordance with IAS 28 \u2013 Investments in Associates and Joint Ventures or in accordance with IFRS 11 \u2013 Joint arrangements, as if it had been sold and reacquired at the date when control was acquired, recognising any gains or losses resulting from that measurement in the income statement. In addition, in these circumstances any amount previously recognised in shareholders\u2019 equity as Other comprehensive income and losses must be reclassified to the income statement, except where the investment is designated as a financial asset measured at FVOCI without recycling to profit and loss.
In the case of disposal of controlling interests, the remaining amount of goodwill attributable to the interests is included in the calculation of the gain or loss from disposal.
The goodwill recognised as a result of business combinations taking place before 1 January 2010 has been treated in accordance with the criteria laid down in the previous version of IFRS 3, which required:
- for acquisition of controlling interests of less than 100%, calculation of goodwill based on the proportional amount of the fair value of the identifiable net assets acquired;
- for step acquisitions of controlling interests, the calculation of goodwill as the sum of the fair values generated separately with each transaction;
- the inclusion of transaction costs in the amount of the acquisition cost;
- the recognition of contingent considerations at the acquisition date only if their payment was considered probable and their amount could be reliably determined; if detected later, these were recognised as an increase in goodwill.
CHANGES IN ACCOUNTING ESTIMATES
In accordance with IAS 8, these items are recognised in the income statement on a prospective basis starting from the accounting period in which they are adopted.
NEW EU-ENDORSED IFRS ACCOUNTING STANDARDS, INTERPRETATIONS AND AMENDMENTS NOT YET MANDATORY AND NOT ADOPTED EARLY BY THE GROUP As at the reporting date, the competent bodies of the European Union have approved the adoption of the following amendments and standards, but they are not yet mandatorily applicable and the Group has not adopted them early in its reporting at 31 December 2025.
On 30 May 2024, the IASB published the document entitled \u201cAmendments to the Classification and Measurement of Financial Instruments\u2014Amendments to IFRS 9 and IFRS 7\u2033. This document address some matters identified during the post-implementation review of IFRS 9, including the accounting treatment of variable-yield financial assets linked to ESG objectives (green bonds). More specifically, these amendments aim to:
\u2212clarify the classification of variable-yield financial assets linked to environmental, social and corporate governance (ESG) objectives and the criteria applicable to SPPI tests;
\u2212indicate that the settlement of liabilities through electronic payment systems occurs on the date on which the liability is extinguished. However, entities are permitted to adopt an accounting policy whereby it can derecognise a financial liability before it delivers liquidity on the settlement date if specified criteria are met.
With these amendments, the IASB has also introduced additional disclosure requirements, particularly regarding investments in equity instruments designated at fair value through other comprehensive income.
The amendments are effective for annual reporting periods beginning on or after 1 January 2026.
The directors are currently evaluating the possible effects of introducing these amendments on the Group's consolidated financial statements.
On 18 December 2024, the IASB published an amendment document entitled \u201cContracts Referencing Nature-dependent Electricity \u2013 Amendment to IFRS 9 and IFRS 7\u201d. The amendments are aimed at supporting entities in their reporting of the financial effects of contracts for the purchase of renewable electricity (often structured as PPAs). Uncontrollable factors such as weather conditions may affect the quantity of electricity generated and purchased under these contracts. The IASB introduced amendments to IFRS 9 and IFRS 7, including:
\u2212clarification as to whether \u201cown use\u201d requirements apply to contracts of that kind;
\u2212conditions for such contracts to be subject to hedge accounting treatment; and
\u2212new disclosure requirements to enable the users of financial statements to understand how these contracts affect an entity\u2019s financial performance and cash flow.
The amendments apply from 1 January 2026, but early adoption is permitted. The directors are currently evaluating the possible effects of the introducing this amendment on the Group's consolidated financial statements.
On 18 July 2024, the IASB published a document entitled \u201cAnnual Improvements Volume 11\u201d. The document contains clarifications, simplifications, corrections and amendments to improve the consistency of various IFRS accounting standards.
It amended the following standards:
\u2212IFRS 1 First-time Adoption of International Financial Reporting Standards;
\u2212IFRS 7 Financial Instruments: Disclosures and Guidance on implementing IFRS 7;
\u2212IFRS 9 Financial Instruments;
\u2212IFRS 10 Consolidated Financial Statements; and
\u2212IAS 7 Statement of Cash Flows.
The amendments will apply from 1 January 2026, but early adoption is permitted. The directors are currently evaluating the possible effects of introducing these amendments on the Group's consolidated financial statements.
New IFRS accounting standards, interpretations and amendments not yet endorsed by the European Union
The standards issued but not yet endorsed by the relevant EU bodies at the date of preparation of the Group\u2019s financial statements are listed below. The Group is still assessing the impact of these amendments on its financial position or operating results, in so far as they are applicable.
On 9 April 2024, the IASB issued new standard IFRS 18 Presentation and Disclosure in Financial Statements, which will replace standard IAS 1 Presentation of Financial Statements. The new standard aims to improve the presentation of the main financial statements, with particular reference to the income statement. More specifically, the new standard requires companies to:
\u2212Classify revenues and expenses into three new categories (operating, investing and financing), in addition to the income taxes and discontinued operations categories already present in the income statement.
\u2212show two new subtotals: (i) Net operating profit or loss, and (ii) profit or loss before financing and income taxes ( EBIT).
In addition, the new standard: requires more information about the performance indicators defined by management; introduces new criteria for the aggregation and disaggregation of information; and introduces changes to the presentation of the cash flow statement, including the requirement to use net operating profit or loss as the starting point for presenting cash flow statements drawn up using the indirect method and the removal of some options for classifying certain currently existing items (e.g. interest paid, interest received, dividends paid and dividends received).
The new standard will enter into operation on 1 January 2027, but early adoption is permitted.
The directors are currently evaluating the possible effects of the introducing this amendment on the Group's consolidated financial statements.
On 9 May 2024, the IASB published IFRS 19 Subsidiaries without Public Accountability: Disclosures. The new standard simplifies some of the disclosures required by IFRS accounting standards in the individual financial statements of any subsidiary that:
\u2212has not issued debt or equity instruments for trading in a public market and is not in the process of issuing such instruments for trading in a public market;
\u2212has a parent company that produces consolidated financial statements that comply with IFRS standards.
The new standard will enter into operation on 1 January 2027, but early adoption is permitted. The directors do not expect the adoption of this amendment to have any significant effect on the Group's consolidated financial statements.
On 13 November 2025 the IASB published a document called \u201cTranslation to a Hyperinflationary Presentation Currency \u2013 Amendment to IAS 21\u201d, which specifies the translation procedures for an entity whose presentation currency is that of a hyperinflationary economy. The entity applies the amendments if:
\u2212its functional currency is that of a non-hyperinflationary economy and it is translating its financial results and financial position into the currency of a hyperinflationary economy; or
\u2212it is translating into the currency of a hyperinflationary economy the financial results and financial position of a foreign operation whose functional currency is that of a non-hyperinflationary economy.
The amendments will apply to the financial statements of reporting periods beginning on 1 January 2027. The directors do not expect the adoption of this amendment to have any significant effect on the Group's consolidated financial statements.
The revenues from sales and services are recognised, respectively, when control is actually transferred as a result of the transfer of ownership or provision of the service.
In particular, the main streams of revenue generated by the Group's activities are recognised and reported according to the following criteria:
Advertising revenues generated by the sale of advertising time are recognised at the moment the advertisement or commercial spot appears; revenues from the sale of advertising under barter operations and, correspondingly, the costs of the merchandise, are recognised at fair value to take into account the estimated realisable value of the merchandise.
Sale of goods and merchandise are recognised at the moment they are shipped or delivered (depending on how the actual transfer of control is governed by specific contractual provisions and terms of trade);
Marketing of television broadcasting rights and productions, even for limited use periods, which result in the transfer of control of the asset to the sub-licensee, are fully recognised from the start of the period of the transferred use (or when the sub-licensee can start benefitting from the right to use them);
Distribution revenues refferred to fees received from third-party providers for the retransmission of the Group\u2019s channels and content to their end customers are recognized over time.
Revenues from streaming offerings and other pay digital services refer to income from subscriptions, recognised as accrued on a time basis from the contract start date.
Revenues from pay digital services:refer to amounts billed to users for pay-per-use ancillary services that temporarily increase profile visibility on dating platforms, and for purchases of credits and digital gifts used in live interactions on social and video platforms. These revenues are recognised on a point-in-time basis, when the service is made available to the user.
Commissions (included in the Other revenues stream) earned from service providers following the conclusion of contracts with end users through online platforms are recognised on a point-in-time basis, upon completion of the intermediation service. In particular, revenues from the sale of experiential vouchers are accounted for on an intermediation basis. The amount received is recognised as a liability at the time of sale of the voucher. Commissions are recognised as revenue only upon the voucher\u2019s redemption. If the voucher is not used within its validity period, its outstanding value is recognised as revenue at that date.
Revenues are shown net of returns, discounts, allowances and premiums, as well as any directly linked tax charges.
The main types of activities that fall within each major revenue stream are given below.
Advertising revenues, reported net of agency discounts, refer to the sale of advertising time on television and other media (radio, digital and DOOH) owned by the Group and third parties, and managed by the Group\u2019s advertising sales companies.
In particular:
-TV advertising sales revenues, managed by the Group\u2019s sales houses (Publitalia \u201980, Publiespana S.A. and Seven.One Media) in Italy, Spain and German-speaking countries respectively, mainly refer to the Group\u2019s free-to-air generalist and semi-generalist channels, kids channels operated in Italy under joint venture (Boing) and third-party advertising sales managed in Italy by the concessionaire Digitalia \u201908 on behalf of third parties (in relation to Serie A broadcasting rights held by DAZN).
-Other media advertising sales revenues refer to Italian advertising revenues from radio stations managed in Italy by concessionaire Digitalia \u201808 for radio broadcasters owned by the Group and third parties, digital advertising (websites and web properties), Group and third-party DOOH inventory and data-driven services provided by Beintoo.
Sale of TV rights and television productions revenues mainly include revenues from the multi-platform sale of content and the licensing of movie rights for home video and television.
Distribution revenues refer to fees received from third-party providers (free-to-air/pay tv, satellite, cable and IPTV) for the retransmission of the Group\u2019s channels and content to their end customers.
Pay streaming service revenues mainly refer to the non-linear content and services on Infinity streaming platforms in Italy and in Spain.
Other pay digital services revenues refer to content and services provided through B2C direct-to-consumer platforms, attributable to the Group\u2019s Dating and Video activities within P7S1.
Construction and maintenance of television equipment revenues mainly relate to the income for the use of transmission capacity on digital terrestrial television networks. This item also includes revenues from the sale of equipment by Elettronica Industriale S.p.A. to external customers.
Film distribution revenues refer to fees received by Medusa Film (Italy) and Telecinco Cinema (Spain) from cinema exhibitors cinema exhibitors for the exploitation of theatrical rights to films.
Other revenues mainly comprise: royalties from merchandising; income from telephone traffic generated by interactions with television productions; teletext-related commercial services; commissions from intermediation activities linked to third-party advertising sales; and commissions from P7S1\u2019s Digital Platform & Commerce activities (consumer advice and experiential vouchers), relating to digital intermediation and vertical platforms.
Other income are recognised when control is actually transferred as a result of the transfer of ownership or provision of the service. This item mainly includes non-core revenues and income, revenues from leases, property rentals, capital gains on disposal of fixed assets or activities, contingent assets and government grants (grants related to income) obtained for investments in cinema installations and productions, which are recognised in the financial statements when there is reasonable certainty that the company will satisfy all the conditions required to obtain them and that they will actually be received. The grants are recognised in the income statement over the same period in which the related costs are recognised.
Personnel expenses consist of the remuneration in cash or in kind paid to employees for the services provided (other than retirement or post employment benefits). In particular, this item comprises: Wages, salaries and productivity bonuses accrued during the year, holidays accrued and not taken by employees, one-off bonuses, social security and welfare contributions. Personnel expenses are defined by employment contracts. No actuarial assumptions are required to determine their amount. As \"short-term\" labour costs, these must be entirely recognised for the year to which they refer.
The average headcount figure is determined using the full-time equivalent (FTE) methodology, expressed as the number of full-time equivalent employees based on total hours worked.
Medium/long-term incentive plans include share-based payments recognised pursuant to IFRS 2, as indicated in Note 14 Share-based payments.
Costs are recognised in the income statement when they refer to goods and services used during the year.
Financial expenses are recognised on an accrual basis in the income statement during the year in which they occur, by accruing interests, discounts and other financial expenses even if not paid at the reporting date, and deferring those already paid in the period but pertaining to future years.
Financial expenses include:
\u2212interest expense on financial liabilities, measured at amortised cost;
\u2212financial expenses for leases recognised under IFRS 16 \u2018Leases\u2019;
\u2212exchange differences arising from hedges of assets and liabilities denominated in foreign currencies;
Financial income is recognised on an accruals basis in the income statement for the year in which it is made.
Dividends are recognised in the accounting period in which the resolution approving their distribution is passed.
This item includes the portion of net result of companies accounted for by using the equity method, including any impairment or reversal, impairment of financial receivables for these investments recognised as other non-current financial assets, and gains/losses on equity investments not classified as FVTOCI instruments.
Current income taxes are accrued, for each company, on the basis of the taxable income determined in accordance with current tax rates and laws currently in force, or essentially approved, at the end of the reporting period in the various countries, taking into account any applicable exemptions and tax credits due.
Earnings per share are calculated by dividing the Group net profit by the weighted average of the number of outstanding shares, net of the treasury shares.
Plant, machinery, equipment, buildings and land are recognised at purchase, production or transfer cost, including any transaction costs, any dismantling costs and direct costs necessary to make the asset available for use. These fixed assets, with the exception of land, which is not subject to depreciation, are depreciated on a straight-line basis in each financial year using depreciation rates set according to the remaining useful life of the assets.
Depreciation is calculated on a straight-line basis on the cost of the assets, net of any residual values (where significant), according to their estimated useful lives, with the following rates applied:
| Type of property plan and equipment | Financial statement category | Amortisation rate |
| Buildings | Land and building | 2% -3% |
| Plant and equipment | Plant and equipment | 10%- 20% |
| Constructions and equipment | Technical and commercial equipment | 5% - 16% |
| Office furniture and machines | Other tangible assets | 8% - 20% |
| Motor vehicles and other means of transport | Other tangible assets | 10% - 25% |
The recoverable value of the above is measured based on the criteria laid down in IAS 36, described in the note below \u201cAssessment of recoverability of goodwill and other non-current assets (Impairment test)\u201d
Ordinary maintenance costs are recognised in full in profit and loss. Incremental maintenance costs are allocated to each asset and depreciated over its remaining useful life.
Leasehold improvements are allocated to each class of assets and depreciated at the residual life of the lease contract or the residual useful life of the type of asset improved, whichever is lower.
Whenever individual components of a complex tangible fixed asset have different useful lives, they are recognised separately in order to be depreciated according to their individual useful lives (component approach).
In particular, according to this principle, the value of land and of the buildings on it are kept separate, and only the buildings are depreciated.
Gains and losses resulting from sales or disposals of assets are calculated as the difference between the sales price and the net book value of the asset, and are posted to the income statement under Other revenues and Other operating costs, respectively. Assets under the control of the Group through leasing contracts are classified as tangible assets in the caption \u201cRight-of-use property, plant and equipment\u201d at the value of the related financial liability, calculated based on the current value of future payments, discounted at the incremental borrowing rate for each contract. The payable is progressively reduced according to the repayment schedule for the amounts of principal included in the contractual instalments. The interest amount, on the other hand, is recognised in the income statement under financial expenses. The value of the asset recognised under tangible assets is depreciated on a straight-line basis according to the lease term, while also taking into account the likelihood of renewal of the agreement where an enforceable renewal option exists.
Fees for leasing contracts with a duration of 12 months or less and for contracts with a low-value underlying asset are accrued on a straight-line basis through profit or loss according to the duration of the contract.Television broadcasting rights are mainly amortised on a straight-line basis, based on the contractually stipulated license period. This criteria reflects a reliable relationship between the various broadcasting opportunities available, the number of screenings permitted by contract and their actual broadcast. Based on the respective business model, for the programming asset (related to multi-year licenses for feature films and series) pertaining to P7S1, assumed in the consolidation scope starting from the last quarter of 2025, the declining-balance method amortization criterion over the number of contractual or planned broadcasts runs according with standardized metrixes was maintained.
When, irrespective of the amortisation already recognized, all runs made available under the related television broadcasting rights contracts have been broadcasted, the carrying amount is impaired in full. The recoverable value of such assets is assessed according to the criteria established in IAS 36, as described in the Impairment of assets explanatory note above.
The rights for sporting events, news and entertainment programmes are amortised entirely (100%) when the event is broadcast.
Rights available for multiple means of use, to be utilised in distribution activities, are amortised according to international accounting best practice based on the ratio between the actual revenues achieved and the estimated total overall revenues from use of the right. This estimate is periodically revised to determine the amortisation to be recognised during the year.
The carrying amounts of tangible and intangible fixed assets are periodically reviewed in accordance with IAS 36, which requires the assessment of the existence of any impairment loss, where indicators suggest that impairment may exist. In the case of goodwill, intangible assets with indefinite useful lives and intangible assets not available for use, impairment testing is carried out at least yearly, normally at the time of the preparation of the annual financial statements, but also at any time when there is an indication of potential impairment.
The recoverability of the carrying amounts is assessed by comparing them to the higher of their value in use in their current condition or the fair value of the assets (the price that would be received from their sale) less costs of disposal.
Value in use is measured by discounting the future cash flows expected from the use of the individual asset or the cash generating unit to which the asset belongs and from its disposal at the end of its useful life, based on the most recently approved business plans.
Fair value (less costs to sell) is measured in accordance with IFRS 13 (Fair value measurement) by quantifying the price that would be received to sell the asset or group of assets in an orderly transaction between market participants at the measurement date, taking into account any restrictions on the sale or use of the asset that such market participants would take into consideration.
In the case of impairment, the loss is charged to the income statement, first by reducing goodwill and then recognising any excess amounts, using criteria generally proportional to the value of the other assets of the CGU concerned. With the exception of goodwill, impairment can be reversed for other assets when the conditions that resulted in the impairment loss have changed. In such case, the carrying amount of the asset can be increased within the limits of the new estimated recoverable amount, but no more than the value that would have been calculated if there had been no previous impairment losses.
This testing is carried out on the cash-generating units (CGU) to which goodwill and the other assets are allocated. The cash generating units are identified, in line with the organisational and business structures of the Group, as homogeneous aggregations that generate autonomous cash inflows from the continuous use of the assets attributable to them.
In accordance with the Group\u2019s organisational business structure at 31 December 2025, the CGUs are aligned with the operating segments set forth in IFRS 8 (Grupo Audiovisual Mediaset Espa\u00f1a and the P7S1 Group) or with business lines that can be identified within the Italian segment (\u201cFree-to-air Television\u201d, \u201cPay/SVoD series and movie rights library\u201d, \u201cRadio\u201d and \u201cOther advertising sales\u201d). \u201cOther advertising sales\u201d mainly refer to advertising sales on radio, websites and DOOH inventory owned by the Group and third parties.
Intangible fixed assets are assets without an identifiable physically form, which are controlled by the company and able to generate future economic benefits.
These assets are recorded at purchase or production cost, including transaction costs, according to the criteria described above for property, plant and equipment.
For purchased intangible assets whose availability for use and related payments are deferred beyond ordinary periods, the purchase value and the related payable are discounted by recognising the financial expenses implicit in the original price.
Internally generated intangible assets, where relating to research costs, are recognised in the income statement during the period in which they are incurred. Development costs, which mainly relate to software, are capitalised and amortised on a straight-line basis over their estimated useful lives (3 years on average), provided they can be identified, that their cost can be reliably calculated, and that the asset is likely to generate future economic benefits.
Intangible assets with definite useful lives are amortised on a straight-line basis, starting from the time when the asset is available for utilization and throughout the period of its expected usefulness. The recoverable value of such assets is assessed according to the criteria established in IAS 36, as described in the Impairment of assets explanatory note above.
Intangible assets under construction and advances include (acquisitions) advance payments for the acquisition of TV rights, which are subsequently reclassified (other changes) to \u201cTV and movie rights\u201d when the rights are acquired by contract.
Costs relating to rights for the utilization of television frequencies, to be used for setting up digital terrestrial networks acquired from third parties in accordance with applicable legislation, are amortised on a straight-line basis according to the expected duration of their use, beginning at the time the service is activated and ending 30 June 2032, based on the validity period of the definitive assignment order of right of utilization in Italy dated 28 June 2012.
The television broadcasting license of the \u201cCuatro multiplex\u201d was identified in the purchase price allocation process of the Prisa\u2019s Group television operations acquisition made by Mediaset Espana in 2010 as an intangible asset with an indefinite useful life in absence of objective elements relating to the legal duration of this license; accordingly, it is not systematically amortised, but is subject to impairment testing, at least every year.
As of 1 January 2016, rights for the utilization of radio frequencies are amortised on a straight-line basis over a period of 25 years. The useful life of these rights was estimated as part of the evaluation processes for business combinations concerning the Group\u2019s radio broadcasting operations.
A remaining useful life of up to June 2035 is envisaged for the authorisation to provide audiovisual services nationwide and for the consequent automatic numbering of generalist channels, with a view to the procedures and requirements for the authorisation\u2019s renewal.
Investments in associates and joint ventures are recognised using equity method in the consolidated financial statements. At the time of acquisition, the difference between the cost of the equity investment, including any transaction costs, and the acquirer\u2019s interest in the net fair value of the assets, liabilities and identifiable contingent liabilities of the investee is accounted for according to IAS 28, with the recognition of goodwill if it is positive (included in the carrying amount of the equity investment) or of income in the consolidated income statement if it is negative.
The carrying amounts of these equity investments are adjusted after initial recognition, based on the pro-rata changes in the equity of the investee based on the financial information of those companies.
When there are losses attributable to the Group that are higher than the carrying amount of the equity investment, the carrying amount is impaired and appropriate provisions or liabilities are recognised for the amount of any additional losses, but only if the investor is committed to fulfilling legal or implicit obligations towards the investee or, in any case, to cover its losses. If no further losses are identified and the investee subsequently realises gains, the investor will only recognise the amount of the gains attributable to it after these have offset the losses not recognised.
After measurement using the equity method, the carrying amount of these equity investments, also including any implicit goodwill, if the conditions established by IAS 36 apply, must be tested for impairment.
In the case of impairment losses, the related cost is charged to the income statement. The original value can be reinstated in the following fiscal years if the conditions for the impairment no longer apply.
Equity investments other than investments in associates or joint ventures are posted to the \u201cother financial assets\u201d item in non-current assets, are measured pursuant to IFRS 9 and are designated to the category of financial assets measured at fair value with changes in fair value recognised through other comprehensive income without recycling to profit and loss
The risk resulting from any losses exceeding the shareholders\u2019 equity value is recognised in a specific provision to the extent that the investor is committed to fulfilling legal or implicit obligations towards the investee or, in any case, to cover its losses.
Dividends relating to equity investments are recognised in profit and loss.
This category also includes non-controlling interests acquired by the Group within \u201cAd4Ventures\", a venture capital with the aim of making medium-term non-speculative investments in new Italian and Spanish businesses with high growth potential, operating in the technology and digital field. The fair value of these investments can be determined based on special valuation models, by taking account of the prices of recent transactions on the capital of those companies or by referring to market valuation in the event of investments in listed companies.
Financial receivables included in this caption are recognised at their amortised cost, using the actual interest rate method.
Deferred tax assets and liabilities are calculated based on the temporary differences between the carrying amounts of assets and liabilities and the corresponding tas base, on the basis of the tax rates that will be in force at the time when the temporary differences will reverse. When the results are recognised directly within equity, the current taxes, the deferred taxes assets and the deferred taxes liabilities are also recognised within equity. The Group also recognises deferred tax assets on tax losses if future taxable income is expected which will allow the Group to use these amounts.
The recognition of deferred tax assets is based on the forecasts of expected taxable income for future years.
The impairment and recoverability testing of the deferred tax assets posted in the financial statements, with particular reference to the tax losses generated in the Italian consolidated tax return, took into consideration the taxable income on the basis of the five-year plans used for impairment testing for the explicit forecast period and, through extrapolation from the latter of the expected taxable income for the subsequent periods.
In the case of any changes in the carrying amount of deferred tax assets and liabilities arising from a change in tax rates or the related legislation, rules or regulations, the resulting deferred taxes are recognised in the income statement, unless they relate to items that have previously been directly recognised withi equity. Deferred tax assets and liabilities are offset when it is lawful to offset current tax assets and liabilities, and when they refer to taxes due to the same Tax Authority and the Group intends to settle the current tax assets and liabilities on a net basis.
The inventories of raw materials, semi-finished and finished products are measured at the acquisition or production cost, including transaction charges (FIFO method), or their estimated net realisable value based on market conditions, whichever is lower. Inventories also include television broadcasting rights acquired for use periods of less than 12 months and the costs of already completed television productions, as these rights are intended to be expoited in full on their first broadcast. These inventories are recognised at actual cost of purchase or production.
Receivables are posted at their fair value, which \u2014 except where customers have been granted significantly extended payment terms \u2014 is the same as the value calculated using the amortised cost method. Pursuant to IFRS 9, trade receivables are classified within the categories provided for in the \u201cheld to collect\u201d or \u201chold to collect and sell\u201d business models. Their value at year-end is adjusted to their estimated realisable value and written down in the event of impairment, with expected credit loss measured using a time horizon of 12 months in the absence of any evidence of a significant increase in credit risk. For trade receivable, the simplified approach was applied. Receivables originating in non-EMU currencies are measured at the year-end spot rates issued by the European Central Bank.
The recognition of the sale of receivables is subject to the requirements laid down by IFRS 9 regarding the derecognition of financial assets. As a result, all receivables sold to factoring companies, with or without recourse, if the latter include clauses that entail maintaining a significant exposure to the performance of the cash flows from the receivables sold, remain in the financial statements, even if they have been legally sold, with a corresponding recognition of a financial liability for the same amount. Factoring fees are classified under the item \u201cPurchases, services, miscellaneous costs\u201d.
Financial assets are recognised in the financial statements based on their transaction date and they are initially measured at cost, including the expenses directly connected with their acquisition.
At subsequent reporting dates, the financial assets (except for derivative financial instruments) are recognised at amortised cost, according to the actual interest rate method, net of impairment losses.
Financial assets not classed with the categories provided for in the \u201chold to collect\u201d or \u201chold to collect and sell\u201d business models are measured at fair value in each accounting period with their impacts recognised in profit and loss under the item \u201cFinancial (Expenses)/Income\u201d or to a specific shareholders\u2019 equity reserve and until they are realised or have suffered an impairment (this reserve is classified under \u201cValuation reserve\u201d).
The fair value of securities listed on an active market is based on market prices at the reporting date.
The fair value of securities that are not listed on an active market and of trading derivatives is calculated by using the measurement models and techniques most widely adopted in the market, or by using the price supplied by several independent counterparts.
This item includes petty cash, bank current accounts and deposits that are repayable on demand and other short-term and highly liquid financial investments that are readily convertible into cash, with an insignificant risk of a change in value.
Treasury shares are recognised at cost and recorded as a reduction of shareholders' equity.
The Revaluation reserve for investments measured at FVTOCI (fair value through other comprehensive income) consists of the fair value measurement of equity investments included in the caption Other financial assets in non-current assets and classified as \u201cFVTOCI financial assets\u201d, as provided for in IFRS 9. This valuation is entered with changes recognised in the other items of the comprehensive income statement without recycling to profit and loss.
The Revaluation reserve for cash flow hedges is connected with valuations of derivative instruments designated as hedges against the foreign exchange risk associated with the acquisition of television and movie broadcasting rights in foreign currencies, or as hedges against the interest rate risk associated with medium and long-term financial liabilities. This valuation is entered with changes recognised in other comprehensive income, within the items that may be subsequently reclassified to profit and loss.
The Time value reserve and Options intrinsic value reserve were created for measuring instruments hedging the fair value of equity derivatives; they provide - in line with the rules for the hedged item - that changes in other items of the comprehensive income statement should be recognised without reversal to the income statementThe Reserve from equity investments accounted for using the equity method refers to the components directly recognised equity by associates and joint ventures accounted for by using the equity method
The Consolidation reserve refers to the effects of the business combinations under common control.
The Reserve for transactions with non-controlling interests refers to the differences between the considerations paid or received for the purchase or sale of minority shares held in subsidiaries with respect to the corresponding portion of their accounting net equity.
The Stock option and incentive plans reserve consisted of the contra-entries for costs accrued, measured in accordance with IFRS 2, relating to medium-long term incentive plans for the allocation of MFE A-class and B-class shares.
The Reserve for actuarial gains/(losses) consists of components arising from the actuarial valuation of defined benefit plans, recognised directly through shareholders' equity. This valuation is entered with changes recognised in the other items of the comprehensive income statement without recycling to profit and loss.
The Translation reserve relates to exchange differences on the translation of financial statements of foreign subsidiaries whose functional currency is not the euro. Where the Group ceases to have a controlling stake in an investment, these cumulative differences are reclassified to the income statement and recognised as an integral part of the net gain or loss from the disposal.
Post-employment benefit plans
The Employee Leaving Indemnity (ELI), which is obligatory for Italian companies pursuant to article 2120 of the Italian Civil Code, is a type of deferred remuneration and is related to the length of the working lives of the employees and the remuneration received.
As a result of the Supplementary Pension Reform, amounts of ELI accrued up to 31 December 2006 will continue to remain within the company as a defined benefit plan (with the obligation of actuarial valuation of the accrued benefits). Amounts accruing from 1 January 2007 (except for employees in companies with less than 50 employees), according to the choice made by the employees, are either allocated to supplementary pension funds or transferred by the Company to the treasury fund managed by the Italian National Social Security Institute (INPS) and, from the time when the employees make their choice, shall constitute defined contribution plans no longer subject to actuarial valuation.
Employee benefits, which by Italian law are classified as leaving entitlements (TFR), are considered by IAS 19 to be post-employment benefits and must be recognised in the financial statements using actuarial valuations.
For the benefits subject to actuarial valuation, the ELI liability must be calculated by projecting forward the already accrued amount up to the future date of dissolution of the employment relationship and then discounting the amount to its present value, at the reporting date, using the actuarial \u201cProjected Unit Credit Method\u201d. The discount rate used to determine the liability is the \u201cComposite\u201d interest rate curve for securities issued by corporate issuers with an AA rating.
From an accounting perspective, the actuarial valuation results in recognition in profit and loss under the item \u201cFinancial Expenses/Income\u201d, which represents the theoretical charge that the Company would incur if it requested a market loan for the amount of the ELI, and a current service cost under the item \u201cPersonnel expenses\u201d, which establishes the amount of the benefits accrued by the employees during the financial year, but only for companies of the Group with less than 50 employees that, consequently, have not transferred the amounts accrued from 1 January 2007 to supplementary pension schemes. The actuarial gains and losses that reflect the impacts from changes in the actuarial assumptions used are recognised directly in shareholders\u2019 equity without ever going through profit and loss and they are shown in the comprehensive income statement.
The valuation of the Group\u2019s obligations to its employees was carried out with the support of an independent actuarial:
oProjected estimate of the cost of employee leaving entitlements already accrued at the valuation date up to the moment at which employment contracts will terminate or the accrued amounts are paid in part as advances on entitlements.
oDiscounting, at the valuation date, of the expected cash flows the Group will have pay to its employees in the future.
oRe-proportioning of the accrued benefits discounted based on length of service at the valuation date compared to the length of service expected at the hypothetical date of payment by the Group.
The valuation of employee leaving entitlements in accordance with IAS 19 was conducted specifically for the specific population of current employees, i.e. detailed calculations were made for each Group employee, without taking into account any future hires.
The actuarial valuation model is based on \u201ctechnical bases\u201d consisting of demographic, economic and financial assumptions relating to the valuation parameters.
The assumptions used are summarised below:
Financial payables and liabilities are recognised at amortised cost, using the actual interest rate method. Financial liabilities related to IFRS 16 debt are recognised pursuant to international accounting standard IFRS 16 - \u2018Leases\u2019.
Provisions for risks and charges are costs and charges whose existence is either certain or probable, whose amount or date of occurrence cannot be determined as at the reporting date. These provisions have been made only when there is a current obligation, resulting from past events, that can be of a legal or contractual nature, or arising from declarations or behaviour by the companies of the Group that create valid expectations in the persons concerned (implicit obligations). Provisions represent our best estimate of the amount that the enterprise would have to pay in order to settle the obligation; When they are significant, and the payment dates can be reliably estimated, the provisions are recognised at present values with the charges resulting from the passage of time posted to the income statement under the item \u201cFinancial (Expenses)/Income\u201d.
Financial payables (current and non-current) are recognised at amortised cost, using the actual interest rate method.
Trade and other payables are measured at their nominal amount, which is usually close to their amortised cost; those originating in non-UEM currencies are translated at the year-end spot rates issued by the European Central Bank.
The Group is exposed to financial risks linked to:
-Exchange rate fluctuations, primarily in relation to the acquisition of television broadcasting rights in currencies other than the Euro and secondarily in relation to merchandise acquisitions;
-Interest rate fluctuations for long-term variable-rate loans;
-Fair value fluctuations for equity instruments.
As mentioned on the section on Accounting standards, amendments and interpretations applied from 1 January 2019, the hedge accounting provisions in IFRS 9 became applicable at the start of the year.
Financial risks and related hedging instruments
MFE has defined specific policies for the management of the Group\u2019s financial risks, aimed at reducing its exposure to exchange rate risks, interest rate risks and liquidity risks. To optimise the structure of operating costs and resources, this activity is centralised within the group parent MFE, which has been entrusted with the task of collecting the information regarding the positions exposed to risk and hedging them.
MFE directly operates in its own specific markets, controlling and managing financial risk for its subsidiaries. The selection of the financial counterparts focuses on those with a high credit standing while, at the same time, ensuring a limited concentration of exposures towards them.
Exchange rate hedging
The Group uses derivatives - mainly forwards - to hedge risks arising from foreign currency fluctuations both for highly probable future purchases and for payables relating to purchases already made.
For the MFE Group, the exchange risk is linked to the possibility of the currency rates changing from the time the acquisition of assets in a foreign currency has become highly probable (authorised purchase negotiations over broadcasting rights) to the moment when those assets are recorded in the financial statements; therefore, the hedging goal is to set the exchange rate of the price in euro at the approval date of the transaction (hedge accounting as set out in the IAS/IFRS). The hedging of merchandise purchase orders is treated the same way as, like with the case above, the hedging goal is to set the equivalent price of the merchandise in euro at the time the order was issued. Hedge accounting is therefore maintained, over all payables, until the payables are settled. In this case, the exchange rate hedging objective is to set the equivalent euro price of the non-euro denominated payable so as to eliminate the effects of exchange rate fluctuations and pre-determine the settlement value of the non-euro denominated payables.
Derivatives are classified under current financial assets and liabilities, and are recognised at fair value.
Fair value of the currency forwards is calculated as the present value of the difference between the notional amount measured at the forward contract rate and the notional amount measured at the fair forward rate (the end exchange rate calculated at the reporting date).
Fair value is adjusted to take account of the creditworthiness of the counterparty risk in the event of positive fair value and of the creditworthiness of MFE in the event of negative fair value. Lastly, please note that the adjustment for creditworthiness is only calculated for derivatives with maturity more than 4 months from the measurement date.
For the purposes of hedge accounting, MFE designates hedging instruments as those related to the hedging of currency exposures linked primarily to commitments for future purchases of television broadcasting rights to be made in foreign currency (forecast transactions), for which the relationship between the derivative and the hedged item, as well as the high level of probability/effectiveness connected to the actual occurrence of the hedged event is formally documented. This relationship is also documented for the hedging of non-euro payables.
The effective portion of the fair value adjustment of the derivative that has been designated and that can be qualified as a hedging instrument is recognised directly in shareholders\u2019 equity, while the ineffective part is recognised in profit and loss.
The accounting treatment of these operations is the cash flow hedge. According to this rule, the effective portion of the change in value of the derivative is recognized in a shareholders\u2019 equity reserve. In the case of hedging of commitments for rights purchases, this reserve is used to subsequently adjust the cost of the asset (basis adjustment). Cash flow hedges are also established to hedge payables denominated in foreign currencies. In this event, the hedged item (the payable in foreign currencies) is converted at the spot exchange rate on the reporting date, with the effect recognised in the income statement in accordance with the change in the spot value.
Interest rate hedging
Interest rate risk arises from adverse movements in the interest rates that are applicable to the interest flows associated with the Group\u2019s medium-to-long term financial liabilities. The derivatives used to hedge this risk include Interest Rate Swaps and Options.
The fair value of interest rate swaps is calculated based on the current value of the expected future cash flows and the fair value of collar derivatives is calculated using the Black & Scholes formula.
For the purposes of hedge accounting, MFE designates hedging instruments as those instruments for which the relationship between the derivative and the hedged item is formally documented. As required by IFRS 9, hedge accounting can be applied where an economic relationship exists between the hedged item and the hedging instrument and where the effect of the credit risk is not greater than the fluctuations in the value of the economic relationship at the time the hedge is established and during the lifetime of the hedging relationship.
Equity instrument fair value hedging
To hedge the risk of fair value changes caused by fluctuations in equity instrument market price, MFE uses put and call options (hedging instruments) which are stipulated within a fair value hedge relationship
Pursuant to accounting principle IFRS 9, paragraph 6.5.15, and in order to determine the fair value, the intrinsic value (hedge relationship) and the time value of the option (cost of hedging) are separately identified. The hedge relationship is \u201ctime period-related\u201d, whereby the time period is allocated throughout the duration of the contract.
Having chosen to recognise the fair value changes of the hedged item in the oher comprehensive income statement without recyclingl to profit or loss, the fair value changes attributable to the time value and, if appropriate, the ineffectiveness of the hedge relationship will \u2013 as for the hedged item - not classified within the income statement but through the other comprehensive income statement..
In accordance with IFRS 2, the Group classifies stock option plans and medium/long-term incentive plans as \"share-based payments\". Those that are \"equity-settled\", i.e. involving the physical delivery of the shares, are measured at the fair value at the grant date of the option rights (which is calculated on the basis of the share price) assigned and recognised as a personnel expense to be spread evenly over the vesting period of the rights, with a corresponding reserve booked to shareholders' equity. This allocation is carried out based on the estimate of the rights that will actually allot to the person entitled, in consideration of their vesting conditions not based on the market value of the rights.
At the end of the period in which the rights can be exercised the related shareholders\u2019 equity reserve is reclassified within retained earnings.
Guarantees include both the guarantees given and those received by the company. The guarantees given refer to those provided by the Group for the its own or third-party obligations. The guarantees received refer to those provided by third parties for the benefit or in the interest of the Group. The guarantees given and received by the company include personal guarantees (sureties, endorsements) and real guarantees (liens, mortgages). Guarantees given are recognised at the moment the company gives the guarantee.
Commitments are obligations assumed by the company towards third parties, which originate from legal transactions that have certain mandatory effects but have not yet been performed by either party (so-called deferred performance contracts). Nevertheless, these can significantly affect the company's equity and financial position, and it is useful to bear them in mind when evaluating this position. Commitments include future commitments of certain performance and amount, and future commitments of certain performance but uncertain amount. Commitments are initially recognised at the nominal value inferred from the transaction documents.
The amounts of guarantees and commitments are re-determined at each reporting date.
",
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"v1-page297-cflshid_110060-tag138138": {
"value": "These consolidated financial statements have been:
prepared in accordance with the International Financial Reporting Standards (IAS/IFRS) as adopted by the European Union (EU) and satisfy the financial reporting obligations contained in Part 9 of Book 2 of the Dutch Civil Code. All standards and interpretations issued by the International Accounting Standards Board (IASB) and the International Financing Reporting Interpretations Committee (IFRIC) effective year-end 2023 have been
adopted by the EU. Consequently, the accounting policies applied by the Company also fully comply with IFRS as issued by the IASB.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"v1-page298-cflshid_110442-tag138275": {
"value": "prepared by the Board of Directors of the Company and authorised for issue on 15 April 2026 and will be submitted for adoption to the Annual General Meeting of Shareholders on 24 June 2026;
",
"dimensions": {
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"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page298-cflshid_110484-tag138143": {
"value": "prepared on the historical costs basis unless certain financial instruments which have been measured at fair value in accordance with IFRS 9 and IFRS 13",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"v1-page298-cflshid_110502-tag138142": {
"value": "presented on a going-concern basis, having the Directors verified that there are no financial, operational or other indications pointing to any critical issues that could affect the Group\u2019s ability to meet its obligations in the foreseeable future. The risks and uncertainties regarding the business are described in the Directors\u2019 Report on Operations. The way in which the Group manages its financial risks, including liquidity and capital risk, is described in the section entitled \u201cDisclosure on financial instruments and risk management policies\u201d in these Explanatory Notes",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"v1-page298-cflshid_110442-tag138145": {
"value": "presented in Euro, which is the functional currency used for the majority of the Group\u2019s operations.
The amounts shown in this note are expressed in millions of euro.
2.1 ACCOUNTING ESTIMATES AND JUDGMENTS
In preparing the consolidated financial statements and the explanatory notes to the consolidated financial statements, management is required to make estimates and judgements mainly necessary to measure certain assets and liabilities and evaluate contingent assets and liabilities. The application of accounting policies requires judgments that impact the amount recognised. Additionally amounts recognised are based on factors that are by default associates with uncertainty. Where applicable, the estimates and judgments are described per note within the consolidated financial statements.
On the other hand, the most significant areas of the financial statements that required estimates and the related notes to be made were as follows:
\u2212assumptions used in impairment testing (note 8.4 Assessment of recoverability of goodwill and other non-current assets, Note 8.6 Investments in associates and joint ventures)
\u2212estimating the useful life of tangible and intangible assets (note 8.1 Property, plant and equipment; 8.2 TV and Movie Rights; 8.5 Other intangibles assets)
\u2212assessment of the recoverability period of carried forward tax losses (note 8.8 Deferred tax assets and liabilities)
\u2212assessment of credit risk for trade and financial receivables (note 9.2 Trade receivables)
\u2212assumptions for discount rates, future salary increase and life expectancy to calculate the employees defined benefit plan (note 11.1 Post Employment Benefits Plans)
",
"dimensions": {
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"v1-page298-cflshid_110442-tag138144": {
"value": "presented in Euro, which is the functional currency used for the majority of the Group\u2019s operations.
",
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"language": "en",
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"v1-page298-cflshid_110442-tag138146": {
"value": "2.1 ACCOUNTING ESTIMATES AND JUDGMENTS
In preparing the consolidated financial statements and the explanatory notes to the consolidated financial statements, management is required to make estimates and judgements mainly necessary to measure certain assets and liabilities and evaluate contingent assets and liabilities. The application of accounting policies requires judgments that impact the amount recognised. Additionally amounts recognised are based on factors that are by default associates with uncertainty. Where applicable, the estimates and judgments are described per note within the consolidated financial statements.
On the other hand, the most significant areas of the financial statements that required estimates and the related notes to be made were as follows:
\u2212assumptions used in impairment testing (note 8.4 Assessment of recoverability of goodwill and other non-current assets, Note 8.6 Investments in associates and joint ventures)
\u2212estimating the useful life of tangible and intangible assets (note 8.1 Property, plant and equipment; 8.2 TV and Movie Rights; 8.5 Other intangibles assets)
\u2212assessment of the recoverability period of carried forward tax losses (note 8.8 Deferred tax assets and liabilities)
\u2212assessment of credit risk for trade and financial receivables (note 9.2 Trade receivables)
\u2212assumptions for discount rates, future salary increase and life expectancy to calculate the employees defined benefit plan (note 11.1 Post Employment Benefits Plans)
\u2212assessment of the likelihood and estimating timing and potential cash flow relating to legal proceedings and litigation (note 11.3 Provisions and contingent liabilities)
The estimates used in preparing these consolidated financial statements have mainly been used to appraise the recoverable amount of the cash generating units (CGUs) to which goodwill or other assets with definite or indefinite useful lives are allocated for the purposes of periodic testing as required by IAS 36. In accordance with IAS 36, these assets should be measured at their recoverable amount, using the higher of (i) their value in use or (ii) their fair value net of disposal costs. Estimating the value in use involves, first, identifying the expected future cash flows that each asset or cash generating unit (CGU) will produce in its current condition, based on the five-
year plans (2026-2030) drawn up on the basis of the guidelines approved by the Board of Directors on 11 March 2026, and, second, determining an appropriate discount rate. The main uncertainties that could influence this estimate relate to determining the Weighted Average Cost of Capital (WACC) and the growth rate (g-rate) of the cash flows beyond the explicit forecast period, the development of the industry markets and, therefore, the assumptions made in appraising the expected cash flows for the years explicitly forecast and the cash flows used to determine the Terminal Value. Estimating fair value, on the other hand, involves applying the measurement criteria and techniques envisaged by IFRS 13 to determine - using one or more measurement techniques designed to maxi the observable inputs - the price that would be received, as at the measurement date, from the sale of an asset or a group of assets in an orderly transaction between market participants on the main market for those assets.
In preparing these consolidated financial statements, the acquisition of the controlling interest in ProsiebenSat1 at the end of the third quarter made it particularly necessary to measure the following under IFRS 3 at the date of acquisition of control: (i) the fair value of the consideration transferred under the Offer to acquire control, in particular of the price component consisting of equity instruments in MFE; (ii) the fair value of the interest held prior to the acquisition of control; and (iii) provisional goodwill (measured on a proportional basis) relating to the net assets acquired, and the criteria for allocating these carrying amounts (including goodwill) to CGUs for impairment testing.
The carrying amount of the provisionally determined goodwill at 31 December 2025 was tested for impairment by allocating it to the CGU corresponding to the P7S1 Group. To determine the value in use, management used P7S1\u2019s multi-year forecasts (2026 budget and 2027\u20132030 strategic plan). Following impairment testing, the carrying amount of the CGU was confirmed. For more information, see Note 8.6.
As regards the main financial assets measured under IFRS 9, the general creditworthiness of the counterparties was not seen to have deteriorated significantly enough as to significantly impact the Expected Credit Losses, which have also been updated based on the market parameters observable at the date of this Consolidated Financial Statement. Therefore, there were no significant impacts in terms of the impairment of recognised assets.
The impairment and recoverability testing of the deferred tax assets recognised in the financial statements as at 31 December 2025, with particular reference to the prior years\u2019 tax losses generated under the Italian tax consolidation arrangement, took into consideration the taxable income on the basis of the five-year plans (2026-2030) used for impairment testing for the explicit forecast period and, through extrapolation from the latter of the expected taxable income for the subsequent periods. Impairment testing also took into consideration the effects of the temporary differences on which deferred tax liabilities are recorded. In light of the tests conducted on this basis, the recovery period has been set at six/seven years.
The estimates and assumptions above are periodically revised and the impacts of each change are recognised in the income statement.
For the purposes of the consolidated financial statements, the assets and liabilities of any fully consolidated subsidiary whose functional currency is not the euro are translated at the exchange rate in force at the balance sheet date. Shareholders' equity items are converted at historical exchange rates, whereas revenues and costs are converted by applying the average exchange rate during the year.
Any exchange differences that arise from converting the financial statements of foreign subsidiaries are initially recognised in a foreign exchange reserve within shareholders' equity. Where the Group ceases to have a controlling stake in an investment, these cumulative differences are reclassified to the income statement and recognised as an integral part of the net gain or loss from the disposal.
",
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"v1-page302-cflshid_111966-tag138147": {
"value": "The Statement of Cash Flow has been prepared using the indirect method, whereby Operating Result is adjusted to take into account non-cash revenue, deferrals or accruals of past or future operating cash receipts or payments, and revenues or expense items associated with investing or financing cash flows. Investments in television broadcasting rights are included within investment activities. Similarly, receipts and payments from the hedging of cash flows for foreign currency payments of television broadcasting rights are given the same classification as the hedged item, falling under cash flow from investments activities. Income and expenses relating to medium/long-term financing transactions and related hedging derivatives, as well as dividends paid, are included within financing activities.
",
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"v1-page303-cflshid_112357-tag138148": {
"value": "The assets and liabilities, and the expenses and income of the subsidiaries, are consolidated line-by-line, meaning that they are included in their entirety in the consolidated financial statements. The carrying amount of these investments is offset against the corresponding portion of shareholders\u2019 equity of the investee companies, giving each individual asset and liability item its current value at the date of acquisition of control (Purchase Method), or when the Full Goodwill Method is applied (an option that can be exercised separately for each individual business combination) by also recognising the amount of goodwill not belonging to the Group with an offsetting entry of the non-controlling interest in shareholders\u2019 equity. The Group has not yet taken up this option. Any remaining difference, if positive, is recorded under the non-current asset item \u201cGoodwill\u201d and, if negative, is recognised as income in profit and loss.
In cases of acquisitions of controlling investments with the same ultimate parent company (business combination under common control), which are excluded from the scope of obligatory application of IFRS 3, and in the absence of specific IAS/IFRS standards or interpretations for these types of operations, the carry-over method is generally considered to apply, taking into account the provisions of IAS 8. According to that principle, the assets and liabilities must be transferred to the acquirer\u2019s financial statements for the amounts recorded in the consolidated financial statements as at the date of the transfer of the ultimate parent company of the parties that carry out the business combination, with any difference between the consideration paid for the investment and the carrying amount of the assets recognised in the relevant Group shareholders\u2019 equity reserve.
In preparing the consolidated financial statements, all receivables, payables, costs and revenues between consolidated companies, as well as unrealised profits on intercompany operations, have been eliminated.
The portions of non-controlling shareholders with respect to the shareholders\u2019 equity and profit for the period of consolidated companies are identified and shown separately in the Consolidated Statement of Financial Position and the Consolidated Statement of Income. In the event of a loss of control, the difference between the fair value of consideration received and the carrying amount of consolidated net assets is recognised in profit and loss. If the set of activities discontinued constitutes a major line of business (a business sector or a business unit), this difference is posted to Net profit/(loss) from discontinued operations., together with the profit or loss generated by the discontinued activities up until the date of deconsolidation. Changes resulting from purchases or sales of non-controlling interests held in subsidiary companies are treated as transactions with shareholders, as long as they do not result in a loss of control. Consequently, the difference between the fair value of the consideration paid or received for these transactions and the adjustment made to minority interests is recognised under Reserve for transactions with non-controlling interests (including under \u201cOther Reserves\u201d) of the shareholders\u2019 equity of the parent company. Likewise, in accordance with IAS 32, transaction costs must also be recognised in shareholders\u2019 equity.
The assets and liabilities of foreign companies that fall within the scope of consolidation and that originate in currencies other than the Euro, including goodwill and fair value adjustments of the assets and liabilities identified at the time of allocation of the price paid in a business combination, are translated using the spot exchange rates at the reporting date; income and costs, on the other hand, are translated at the average exchange rate for the year. Any translation differences that arise from applying these methods are recognised under a special shareholders\u2019 equity reserve until the investment is sold. ",
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"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page304-cflshid_112823-tag138149": {
"value": "Changes resulting from purchases or sales of non-controlling interests held in subsidiary companies are treated as transactions with shareholders, as long as they do not result in a loss of control. Consequently, the difference between the fair value of the consideration paid or received for these transactions and the adjustment made to minority interests is recognised under Reserve for transactions with non-controlling interests (including under \u201cOther Reserves\u201d) of the shareholders\u2019 equity of the parent company. Likewise, in accordance with IAS 32, transaction costs must also be recognised in shareholders\u2019 equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page304-cflshid_112788-tag138150": {
"value": "The assets and liabilities of foreign companies that fall within the scope of consolidation and that originate in currencies other than the Euro, including goodwill and fair value adjustments of the assets and liabilities identified at the time of allocation of the price paid in a business combination, are translated using the spot exchange rates at the reporting date; income and costs, on the other hand, are translated at the average exchange rate for the year. Any translation differences that arise from applying these methods are recognised under a special shareholders\u2019 equity reserve until the investment is sold. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page304-cflshid_112788-tag138152": {
"value": "Goodwill
The goodwill resulting from the acquisition of control of an investment or of a business unit is the excess of the acquisition cost, understood as being the consideration transferred in the business combination, plus the fair value of any investment that was previously owned in the acquired business, over the fair value of the identifiable assets, liabilities and contingent liabilities of the acquired business at the date of acquisition.
For the purposes of calculating goodwill, the consideration transferred in the business combination is calculated as the sum of the fair values of the assets transferred and the liabilities assumed by the Group at the date of acquisition and of the capital instruments issued in exchange for the control of the acquired entity, also including the fair value of any contingent considerations subject to conditions established in the acquisition agreement.
Any goodwill adjustments may be recognised in the measurement period (which cannot be more than one year from the date of acquisition) that are due to either subsequent changes in the fair value of the contingent considerations or to the calculation of the fair value of the assets and liabilities acquired, if recognised only provisionally at the date of acquisition and when these changes are calculated as adjustments based on additional information regarding facts and circumstances existing at the date of the business combination.
Any subsequent differences compared to the initial estimate of the fair value of liabilities for contingent considerations are recognised in the income statement, unless they derive from additional information existing at the acquisition date (in which case they can be adjusted within 12 months from the acquisition date). Likewise, any rights to receive back some parts of the consideration paid if certain conditions arise must be classified as assets by the acquirer.The transaction costs for business combinations are recognised in the accounting period when they are incurred, with the exception of those incurred for issuances of debt securities or shares that must be recognised in accordance with IAS 32 and IFRS 9.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page304-cflshid_112788-tag138151": {
"value": "Goodwill
The goodwill resulting from the acquisition of control of an investment or of a business unit is the excess of the acquisition cost, understood as being the consideration transferred in the business combination, plus the fair value of any investment that was previously owned in the acquired business, over the fair value of the identifiable assets, liabilities and contingent liabilities of the acquired business at the date of acquisition.
For the purposes of calculating goodwill, the consideration transferred in the business combination is calculated as the sum of the fair values of the assets transferred and the liabilities assumed by the Group at the date of acquisition and of the capital instruments issued in exchange for the control of the acquired entity, also including the fair value of any contingent considerations subject to conditions established in the acquisition agreement.
Any goodwill adjustments may be recognised in the measurement period (which cannot be more than one year from the date of acquisition) that are due to either subsequent changes in the fair value of the contingent considerations or to the calculation of the fair value of the assets and liabilities acquired, if recognised only provisionally at the date of acquisition and when these changes are calculated as adjustments based on additional information regarding facts and circumstances existing at the date of the business combination.
Any subsequent differences compared to the initial estimate of the fair value of liabilities for contingent considerations are recognised in the income statement, unless they derive from additional information existing at the acquisition date (in which case they can be adjusted within 12 months from the acquisition date). Likewise, any rights to receive back some parts of the consideration paid if certain conditions arise must be classified as assets by the acquirer.The transaction costs for business combinations are recognised in the accounting period when they are incurred, with the exception of those incurred for issuances of debt securities or shares that must be recognised in accordance with IAS 32 and IFRS 9.
In the case of acquisition of controlling interests of less than 100%, the goodwill and the corresponding non controlling interest in the goodwill can be calculated at the acquisition date either with respect to the percentage control acquired (partial goodwill) or by measuring the fair value of the non-controlling interests (full goodwill method).
The measurement method can be chosen from time to time for each transaction.
For step acquisitions of controlling interests the acquirer must recalculate the fair value of the previously held interest, up till that time, recognised, depending on the case, in accordance with IFRS 9 \u2013 Financial Instruments, in accordance with IAS 28 \u2013 Investments in Associates and Joint Ventures or in accordance with IFRS 11 \u2013 Joint arrangements, as if it had been sold and reacquired at the date when control was acquired, recognising any gains or losses resulting from that measurement in the income statement. In addition, in these circumstances any amount previously recognised in shareholders\u2019 equity as Other comprehensive income and losses must be reclassified to the income statement, except where the investment is designated as a financial asset measured at FVOCI without recycling to profit and loss.
In the case of disposal of controlling interests, the remaining amount of goodwill attributable to the interests is included in the calculation of the gain or loss from disposal.
The goodwill recognised as a result of business combinations taking place before 1 January 2010 has been treated in accordance with the criteria laid down in the previous version of IFRS 3, which required:
- for acquisition of controlling interests of less than 100%, calculation of goodwill based on the proportional amount of the fair value of the identifiable net assets acquired;
- for step acquisitions of controlling interests, the calculation of goodwill as the sum of the fair values generated separately with each transaction;
- the inclusion of transaction costs in the amount of the acquisition cost;
- the recognition of contingent considerations at the acquisition date only if their payment was considered probable and their amount could be reliably determined; if detected later, these were recognised as an increase in goodwill.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page305-cflshid_113364-tag138131": {
"value": "Any subsequent differences compared to the initial estimate of the fair value of liabilities for contingent considerations are recognised in the income statement, unless they derive from additional information existing at the acquisition date (in which case they can be adjusted within 12 months from the acquisition date). Likewise, any rights to receive back some parts of the consideration paid if certain conditions arise must be classified as assets by the acquirer.The transaction costs for business combinations are recognised in the accounting period when they are incurred, with the exception of those incurred for issuances of debt securities or shares that must be recognised in accordance with IAS 32 and IFRS 9.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page305-cflshid_113364-tag138154": {
"value": "The goodwill recognised as a result of business combinations taking place before 1 January 2010 has been treated in accordance with the criteria laid down in the previous version of IFRS 3, which required:
- for acquisition of controlling interests of less than 100%, calculation of goodwill based on the proportional amount of the fair value of the identifiable net assets acquired;
- for step acquisitions of controlling interests, the calculation of goodwill as the sum of the fair values generated separately with each transaction;
- the inclusion of transaction costs in the amount of the acquisition cost;
- the recognition of contingent considerations at the acquisition date only if their payment was considered probable and their amount could be reliably determined; if detected later, these were recognised as an increase in goodwill.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page305-cflshid_113364-tag138153": {
"value": "CHANGES IN ACCOUNTING ESTIMATES
In accordance with IAS 8, these items are recognised in the income statement on a prospective basis starting from the accounting period in which they are adopted.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page309-cflshid_114685-tag138155": {
"value": "4. KEY INFORMATION RELATING TO THE SCOPE OF CONSOLIDATIONIFRS 10 requires an investor, when assessing whether it controls an investee, to focus on the activities that significantly affect the investee's returns and to take into account substantial rights only; i.e. rights that confer current ability to direct relevant activities of the subsidiary
As required by IFRS 10, paragraph B80 et seq., the control requirement was reassessed this year to verify the conditions that had led to classification of subsidiaries, associates and joint ventures.
No events or circumstances occurred during 2025 that would alter the conclusions reached in previous years with respect to the investments in companies Boing S.p.A. (51% shareholding), Fascino S.r.l. (50% shareholding), Tiv\u00f9 S.r.l. (48.16% shareholding) and European Broadcaster Exchange Ltd (EBX) (25% shareholding), all of which are accounted for using the equity method as they are classified as joint ventures where the parties with joint control over the arrangement have equal rights over the arrangement\u2019s net assets.
The most significant transactions regarding the scope of consolidation occurred during the year are listed below.
Incorporation, acquisition of new companies, capital increases and sale of subsidiaries or interests
Equity investment in ProsiebenSat1 Media SE (P7S1) On 26 March 2025, MFE-MEDIAFOREUROPE N.V. (\"MFE\") announced its intention to launch a voluntary takeover offer (the \u201cOffer\u201d) that would see it increase its shareholding in P7S1. With this Offer, MFE aims to gain increased flexibility and discretion as it proceeds to consolidate its position as the largest shareholder of P7S1 and contributes more actively in developing its strategic direction going forward.
The Offer, taking effect from 8 May, provides for P7S1 shareholders tendering their shares during the offer period to receive a consideration equal to EUR 5.75 per share as the volume-weighted average of ProSieben\u2019s share price over the previous three months (as calculated by the German Federal Financial Supervisory Authority, Bundesanstalt f\u00fcr Finanzdienstleistungsaufsicht, \"BaFin\"); this value was equal to the statutory minimum offer price. On this basis, MFE offered a price of EUR 4.48 in cash and 0.4 newly issued MFE \u201cA\u201d per share for each P7S1 share tendered by P7S1 shareholders.
Immediately before the initial phase for accepting the Offer commenced, MFE's shareholding in P7S1 amounted to 30.14% of share capital (30.95% of voting rights and economic interests, excluding investee treasury shares)
On 12 May 2025 PPF IM LTD, an indirect subsidiary of PPF Group N.V. (\"PPF\"), launched a partial takeover bid to acquire shares representing up to 29.99% of P7S1\u2019s share capital. The deadline was set for 13 August 2025. At the time of the bid, PPF held a stake of almost 15% in P7S1 in the form of shares and financial instruments. On 16 May, PPF notified BaFin that it had increased its stake in P7S1, in the form of shares and financial instruments, to 15.44% of share capital.
On 27 July 2025, MFE increased the consideration in its Offer to purchase shares in P7S1, with a cash component of EUR 4.48 (unchanged) and an in-kind component of 1.3 MFE A Shares. Shareholders had until 13 August 2025 to accept the offer.
A total of 97,694,331 P7S1 shares were tendered, equivalent to 41.93% of share capital and 41.96% of voting rights in P7S1. PPF, the second largest shareholder of P7S1, also tendered its shareholding (approximately 15.68% of outstanding share capital).
On settlement of the Offer on 16 September, MFE became the controlling shareholder of P7S1 with a stake of 75.61% of share capital, representing 75.67% of voting rights.Following completion of the Offer in the latter part of the third quarter, the interest in P7S1 was accounted for under the equity method up to 30 September in accordance with IAS 28 (Investments in Associates) and since 30 September has been fully consolidated in accordance with IFRS 3 (Business Combinations), as a business combination in stages.
From 30 September 2025, the P7S1 Group has been consolidated line-by-line in accordance with IFRS 3 (Business Combinations). Consequently, the MFE Group\u2019s statement of financial position has included the carrying amount of the investee's identifiable net assets on that date. Goodwill was provisionally recognised (in proportion to the 75.67% share in the investment) in respect of the consideration paid to acquire the controlling shareholding, plus the fair value of the investment previously held up to the acquisition date.
Full disclosure on IFRS 3 accounting for the acquisition of control in P7S1 is provided in Explanatory Note 5 \u201cBusiness Combinations\u201d.
On 21 May 2025, the subsidiary Publiespa\u00f1a SAU increased its stake Aninpro Creative SLU, from 52.5% to 100% of share capital.
On 25 June 2025, Publieurope Ltd acquired the remaining 30% stake in Dr Podcast Audio Factory Limited, increasing its stake from 70% to 100% of share capital.
On 30 June 2025, Publitalia '80 S.p.A. acquired the remaining 20% stake in Beintoo S.r.l., increasing its stake from 80% to 100% of share capital.
On 22 July 2025, the company Dr Podcast Audio Factory S.r.l was incorporated. The company specialises in the production, creation and distribution of original audio/video content.
During the third quarter of 2025, the companies El Desmarque Portal Deportivo SLU and Radical Change Contents SLU merged to become Megamedia Television SLU.
None of these corporate transactions did a significant impact on the Group's net results during the year.
In relation to the changes affecting the Prosieben Group during the fourth quarter, the company SOGS Inhouse Produktions GmBH was estabilished during the period and the wholly owned subsidiary Studio 71 UK Limited was liquidated.
Incorporation, acquisition of new companies, capital increases and sale of associatesDuring the third quarter of 2025, Unicorn Content SL acquired a 100% stake in Kaixo Unicorn SLU.
On 13 October 2025 Producciones Mandarina, SL, incorporated the company Nucleo TV S.L.
In the third quarter, Alea Media Estudio S.A., acquired a 100% stake in Alea Bilbao SL.
Incorporation, acquisition of new companies, capital increases, sale of and changes in non-controlling interests
The AD4Venture business was affected by the following corporate transactions:
In February 2025, RTI S.p.A. and Grupo Audiovisual Mediaset Espa\u00f1a S.A. acquired 1.32% and 1.35%, respectively, of the share capital in AJ Motor Europa S.L., a marketplace for the purchase, sale and hire of new and used motorcycles, following the conversion of a convertible loan.
In February 2025, Advertisement 4 Adventures SLU and RTI S.p.A. acquired 2.65% and 5.43%, respectively, of the share capital in Faba S.r.l., a startup in the Edutech sector, following the conversion of a convertible loan.
In the third quarter of 2025, Advertisement 4 Adventures, SLU, acquired a 0.84% stake in Pangealand S.L.
In the third quarter 2025, the subsidiary RTI S.p.A., acquired 0.48% of the share capital in Refurbed Gmbh, an online marketplace for reconditioned electronic products, following the conversion of a convertible loan.
In the third quarter of 2025, RTI S.p.A. acquired 6.23% of the share capital in Teachcorner S.r.l., a company operating in the design and provision of training services.
In the third quarter of 2025, Advertisement 4 Adventures SLU sold its 0.13% stake in the share capital of Westwing Group Gmbh.
In relation to the main changes affecting the Prosieben Group during the fourth quarter, the group acquired a 6.71% stake in Green Grizzly GmbH during the period.
Financial information of material associates and joint ventures
The table below shows the main figures from the 2025 income statement and statement of financial position pertaining to the Group\u2019s main associates, based on the carrying amount of the investments held in those companies and to their contribution to the Group\u2019s financial results, as required by IFRS 12, paragraph 20 and paragraphs B12 and B13 of the Operating Guide. | EI Towers Group |
| Current assets | 94.3 |
| Cash and cash equivalents | 52.9 |
| Non-current assets | 1,720.7 |
| Current liabilities | 45.6 |
| Current financial liabilities | 2.3 |
| Non-current liabilities | 868.1 |
| Non-current financial liabilities | 666.7 |
| Revenues | 268.0 |
| Profit or (loss) for the year | 17.7 |
| Other Comprehensive Income | 0.1 |
| Comprehensive income | 17.8 |
| Amortisation, depreciation and impairments | 91.8 |
| Interest income and expense | (35.5) |
| Income taxes | 10.2 |
| Dividends paid | (26.0) |
| ProsiebenSat.1Media SE | EI Towers Group |
| 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 |
| Net shareholders' equity of material associates | 0 | 1,318 | 894.8 | 907.3 |
| Group\u2019s shareholding (%) | | 30.80% | 40% | 40% |
| Group\u2019s shareholding in associate | 0.0 | 406.0 | 357.9 | 362.9 |
| Goodwill | | 44.2 | | |
| Other components | - | 0 | 0.3 | 0.3 |
| Carrying amount of the Group\u2019s shareholding in material associates | - | 450.2 | 358.2 | 363.2 |
EITowers is a subsidiary, based in Lissone (province of Monza-Brianza), of the F2iSGR private equity fund, which is 40%-owned by MFE-MEDIAFOREUROPE N.V. The EI Towers Group is one of the largest operators in integrated service network infrastructure for electronic communications, serving radio and television broadcasters and mobile and wireless telecommunications providers under long-term agreements. On 19 December 2024, the contract was renewed for a further seven years, valid from 1 July 2025 to 30 June 2032. Under this agreement, EI Towers offers hosting, assisting and maintenance services, the design of transmission equipment and broadcast contribution management to Elettronica Industriale, an MFE Group network operator, and provides hosting and maintenance services for the radio broadcasting equipment of the Group\u2019s broadcasters.The following table shows the carrying amount, the Group\u2019s share of profit and other comprehensive income of joint ventures and associates (on aggregate):
| 31/12/2025 | 31/12/2024 |
| Group\u2019s share of profit/(loss) | 9.6 | 9.1 |
| P7S1 2025 valuation effect | 202.0 | - |
| Group\u2019s share of other comprehensive income components | - | 0.1 |
| Group\u2019s share of comprehensive income in associates and joint ventures | 211.6 | 9.2 |
| Carrying amount of Group non material investments in associates and joint ventures | 58.5 | 49.4 |
The Group\u2019s share of profit/(loss) for the year includes (i) the effects of accounting for the investment held in P7S1 using the equity method up to 30 September; since that date, the investment has been consolidated on a line-by-line basis; (ii) income recognised as a partial reversal of prior-year impairment of notional goodwill included in the carrying amount, determined at the year-end; and non-recurring income under IFRS 3 for the acquisition of the controlling interest in P7S1 (revaluation at fair value of the previously held investment).
19. LIST OF EQUITY INVESTMENTS INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2025| Companies consolidated on a line-by-line basis | Registered Office | Currency | % held by the Group (*) |
| MFE-MEDIAFOREUROPE N.V. | | | |
| MFE Advertising S.p.A. | Milan IT | EUR | 100.00% |
| Publieurope SAS | Paris FR | EUR | 100.00% |
| Mediaset S.p.A. | Milan IT | EUR | 100.00% |
| Publitalia '80 S.p.A. | Milan IT | EUR | 100.00% |
| Adtech Ventures S.p.A. | Milan IT | EUR | 100.00% |
| Beintoo S.p.A. | Milan IT | EUR | 100.00% |
| Digitalia '08 S.r.l. | Milan IT | EUR | 100.00% |
| Dr Podcast Audio Factory S.r.l. | Milan IT | EUR | 100.00% |
| Mediamond S.p.A. | Milan IT | EUR | 100.00% |
| Videowall S.r.l. | Milan IT | EUR | 100.00% |
| Publieurope Ltd. | London GB | GBP | 100.00% |
| Dr Podcast Audio Factory Limited | London GB | GBP | 100.00% |
| RTI S.p.A. | Rome IT | EUR | 100.00% |
| Elettronica Industriale S.p.A. | Lissone IT | EUR | 100.00% |
| Medusa Film S.p.A. | Rome IT | EUR | 100.00% |
| Medset Film S.a.s. | Paris FR | EUR | 100.00% |
| Radio Mediaset S.p.A. | Milan IT | EUR | 100.00% |
| Monradio S.r.l. | Milan IT | EUR | 100.00% |
| Radio Aut S.r.l. | Loc.Colle Bensi IT | EUR | 100.00% |
| Radio Studio 105 S.p.A. | Milan IT | EUR | 100.00% |
| Radio Subasio S.r.l. | Assisi IT | EUR | 100.00% |
| RMC Italia S.p.A. | Milan IT | EUR | 100.00% |
| Virgin Radio Italy S.p.A. | Milan IT | EUR | 99.99% |
| Grupo Audiovisual Mediaset Espa\u00f1a Comunicaci\u00f2n SAU | Madrid ES | EUR | 100.00% |
| Advertisement 4 Adventure, SLU | Madrid ES | EUR | 100.00% |
| Conecta 5 Telecinco S.A.U. | Madrid ES | EUR | 100.00% |
| Grupo Editorial Tele 5 S.A.U. | Madrid ES | EUR | 100.00% |
| Mediacinco Cartera S.L. | Madrid ES | EUR | 100.00% |
| Produccion y Distribucio de Contenidos Audiovisuales Mediterraneo SLU | Madrid ES | EUR | 100.00% |
| Megamedia Television S.L. | Madrid ES | EUR | 100.00% |
| Supersport Television S.L. | Madrid ES | EUR | 62.50% |
| Telecinco Cinema S.A.U. | Madrid ES | EUR | 100.00% |
| Publiespa\u00f1a S.A.U | Madrid ES | EUR | 100.00% |
| Publimedia Gestion S.A.U. | Madrid ES | EUR | 100.00% |
| Netsonic S.L | Barcelona ES | EUR | 100.00% |
| Aninpro Creative SL | Madrid ES | EUR | 100.00% |
| Be a Iguana S.L.U. | Madrid ES | EUR | 100.00% |
| Be a Tiger S.L.U | Madrid ES | EUR | 100.00% |
| Engage 2021 SLU | Madrid ES | EUR | 100.00% |
| Social 15D 2021 SLU | Madrid ES | EUR | 100.00% |
| Social Halo 2021 SLU | Madrid ES | EUR | 100.00% |
| ProSiebenSat.1 MEDIA SE | Unterf\u00f6hring DE | EUR | 75.67% |
| Alpina Grundst\u00fccksverwaltungsgesellschaft mbH & Co. Objekt Unterf\u00f6hring KG | Mainz DE | EUR | 0.00% |
| Arktis Grundst\u00fccksverwaltungsgesellschaft mbH | Unterf\u00f6hring DE | EUR | 75.67% |
| Jochen Schweizer mydays Holding GmbH | M\u00fcnchen DE | EUR | 75.67% |
| Jochen Schweizer GmbH | M\u00fcnchen DE | EUR | 75.67% |
| mydays GmbH | M\u00fcnchen DE | EUR | 75.67% |
| JSMD Event GmbH | M\u00fcnchen DE | EUR | 75.67% |
| NCG - NUCOM GROUP GMBH | Unterf\u00f6hring DE | EUR | 75.67% |
| CamperDays GmbH | K\u00f6ln DE | EUR | 75.67% |
| CamperDays Technology, S.L. | Alicante ES | EUR | 75.67% |
| FLOYT mobility GmbH | K\u00f6ln DE | EUR | 75.67% |
| FLOYT technology S.L. | Alicante ES | EUR | 75.67% |
| NCG Commerce GmbH | Unterf\u00f6hring DE | EUR | 75.67% |
| be Around Holding GmbH | Berlin DE | EUR | 60.54% |
| Marketplace GmbH | Berlin DE | EUR | 60.54% |
| be Around GmbH | Berlin DE | EUR | 60.54% |
| Bottles GmbH | Berlin DE | EUR | 54.17% |
| Gesellschaftertreuhand GmbH bottles | Berlin DE | EUR | 54.17% |
| Flaconi Logistik GmbH & Co. KG | Berlin DE | EUR | 54.17% |
| Grizzly GmbH | M\u00fcnchen DE | EUR | 75.67% |
| P7S1 SBS Holding GmbH | Unterf\u00f6hring DE | EUR | 75.67% |
| P7S1 Broadcasting Holding I B.V. | Amsterdam NL | EUR | 75.67% |
| P7S1 Broadcasting (UK) Limited | London GB | EUR | 75.67% |
| ParshipMeet Holding GmbH | Hamburg DE | EUR | 75.67% |
| PARSHIP ELITE service GmbH | Hamburg DE | EUR | 75.67% |
| ParshipMeet US Holding Inc. | Wilmington DE | USD | 75.67% |
| eHarmony, Inc. | Wilmington DE | USD | 75.67% |
| eHarmony Australia Pty Limited | Sydney AU | AUD | 75.67% |
| eHarmony UK Limited | Altrincham GB | ILS | 75.67% |
| The Meet Group, Inc. | Wilmington DE | USD | 75.67% |
| Quepasa.com de Mexico, S.A. de C.V. | Hermosillo MX | USD | 74.91% |
| TMG Holding Germany GmbH | Dresden DE | EUR | 75.67% |
| PE Digital GmbH | Hamburg DE | EUR | 75.67% |
| ProSiebenSat.1 Achte Verwaltungsgesellschaft mbH | Unterf\u00f6hring DE | EUR | 75.67% |
| ProSiebenSat.1 Digital Data GmbH | Unterf\u00f6hring DE | EUR | 75.67% |
| ProSiebenSat.1 Erste Verwaltungsgesellschaft mbH | Unterf\u00f6hring DE | EUR | 75.67% |
| ProSiebenSat.1 F\u00fcnfzehnte Verwaltungsgesellschaft mbH | Unterf\u00f6hring DE | EUR | 75.67% |
| Seven.One Entertainment Group GmbH | Unterf\u00f6hring DE | EUR | 75.67% |
| esome advertising technologies GmbH | Hamburg DE | EUR | 75.67% |
| esome advertising technologies d.o.o. Beograd | Belgrade RS | EUR | 75.67% |
| Fem Media GmbH | Unterf\u00f6hring DE | EUR | 75.67% |
| Glomex GmbH | Unterf\u00f6hring DE | EUR | 75.67% |
| Glomex TOV | Kyiv UA | UAH | 75.67% |
| Kairion GmbH | Frankfurt am Main DE | EUR | 75.67% |
| MMP Event GmbH | K\u00f6ln DE | EUR | 75.67% |
| ProSiebenSat.1 Digital Content GmbH | Unterf\u00f6hring DE | GBP | 75.67% |
| ProSiebenSat.1 Digital Content LP | London GB | EUR | 75.03% |
| Studio 71 GmbH | Berlin DE | EUR | 75.67% |
| Studio 71 GP, LLC | Wilmington DE | USD | 75.03% |
| Studio 71, LP | Wilmington DE | USD | 75.03% |
| 8383 Productions, LLC | Beverly Hills, CA US | USD | 75.03% |
| Digital Air LLC | Beverly Hills, CA US | USD | 75.03% |
| Digital Atoms, LLC | Beverly Hills, CA US | USD | 75.03% |
| Digital Bytes, LLC | Beverly Hills, CA US | USD | 75.03% |
| Digital Cacophony, LLC | Beverly Hills, CA US | USD | 75.03% |
| Digital Diffusion, LLC | Beverly Hills, CA US | USD | 75.03% |
| Digital Echo, LLC | Beverly Hills, CA US | USD | 75.03% |
| Digital Fire LLC | Beverly Hills, CA US | USD | 75.03% |
| Fourteenth Hour Productions, LLC | Beverly Hills, CA US | USD | 75.03% |
| Node Productions, LLC | Beverly Hills, CA US | USD | 75.03% |
| Pave Network, LLC | Beverly Hills, CA US | USD | 75.03% |
| Prank Film, LLC | Beverly Hills, CA US | USD | 75.03% |
| Studio 71 (Canada), Inc. | Beverly Hills, CA US | USD | 75.03% |
| The Fred Channel, LLC | Beverly Hills, CA US | USD | 52.52% |
| ProSiebenSat.1 Digital Content GP Limited | London GB | GBP | 75.67% |
| ProSiebenSat.1 Entertainment Investment GmbH | Unterf\u00f6hring DE | EUR | 75.67% |
| ProSiebenSat.1 Services GmbH | Unterf\u00f6hring DE | EUR | 75.67% |
| ProSiebenSat.1Puls 4 GmbH | Wien AT | EUR | 75.67% |
| ATV Privat TV GmbH | Wien AT | EUR | 75.67% |
| ATV Privat TV GmbH & Co KG | Wien AT | EUR | 75.67% |
| ProSieben Austria GmbH | Wien AT | EUR | 75.67% |
| Puls 4 TV GmbH | Wien AT | EUR | 75.67% |
| PULS 4 TV GmbH & Co KG | Wien AT | EUR | 75.67% |
| Red Arrow Studios, Inc. | Wilmington, DE US | USD | 75.67% |
| Fabrik Entertainment, LLC | Wilmington, DE US | USD | 75.67% |
| SAM Sports - Starwatch Artist Management GmbH | Hamburg DE | EUR | 75.67% |
| Sat.1 Norddeutschland GmbH | Hannover DE | EUR | 75.67% |
| SAT.1 Privatrundfunk und Programmgesellschaft m.b.H. | Wien AT | EUR | 75.67% |
| Seven.One AdFactory GmbH | Unterf\u00f6hring DE | EUR | 75.67% |
| Studio Bummens GmbH | Berlin DE | EUR | 49.19% |
| Seven.One Entertainment Group Schweiz AG | Z\u00fcrich CH | EUR | 75.67% |
| Seven.One Media GmbH | Unterf\u00f6hring DE | EUR | 75.67% |
| marktguru Deutschland GmbH | M\u00fcnchen DE | EUR | 68.10% |
| Seven.One NewsTime Inc. | Wilmington, DE US | USD | 75.67% |
| Seven.One Production GmbH | Unterf\u00f6hring DE | EUR | 75.67% |
| ProSiebenSat.1 Tech & Services GmbH | Unterf\u00f6hring DE | EUR | 75.67% |
| ProSiebenSat.1 Tech & Services International Holding GmbH | Unterf\u00f6hring DE | EUR | 75.67% |
| 7.1 Tech Hub, Unipessoal Lda. | Porto PT | EUR | 75.67% |
| SevenOne Capital (Holding) GmbH | Unterf\u00f6hring DE | EUR | 75.67% |
| SevenPictures Film GmbH | Unterf\u00f6hring DE | EUR | 75.67% |
| SevenVentures GmbH | Unterf\u00f6hring DE | EUR | 75.67% |
| SevenVentures Austria GmbH | Wien AT | EUR | 75.67% |
| Visivo Consulting GmbH | Wien AT | EUR | 48.26% |
| Marktguru LLC | Yerevan AM | AMD | 48.26% |
| SNDC8 B.V. | Amsterdam NL | EUR | 75.67% |
| SMARTSTREAM.TV GmbH | M\u00fcnchen DE | EUR | 75.67% |
| tv weiss-blau Rundfunkprogrammanbieter GmbH | Unterf\u00f6hring DE | EUR | 75.67% |
| Virtual Minds GmbH | Freiburg im Breisgau DE | EUR | 75.67% |
| wetter.com GmbH | Konstanz DE | EUR | 75.67% |
| Seven.One Studios GmbH | Unterf\u00f6hring DE | EUR | 75.67% |
| Cheerio Entertainment GmbH | K\u00f6ln DE | EUR | 75.67% |
| July August Communications and Productions Ltd. | Tel Aviv IL | ILS | 75.67% |
| The Band\u00b4s Visit LP | Tel Aviv IL | ILS | 41.62% |
| Just Friends Productions GmbH | K\u00f6ln DE | EUR | 75.67% |
| Pyjama Pictures GmbH | Berlin DE | EUR | 41.62% |
| RedSeven Entertainment GmbH | Unterf\u00f6hring DE | EUR | 75.67% |
| Seven.One Studios International GmbH | Unterf\u00f6hring DE | EUR | 75.67% |
| Seven.One Studios Limited | London GB | GBP | 75.67% |
| Endor Productions Limited | London GB | GBP | 75.67% |
| Endor (Vienna 3) Limited | London GB | GBP | 75.67% |
| Endor (Vienna 4) Limited | London GB | GBP | 75.67% |
| Spider Pictures Limited | London GB | EUR | 75.67% |
| LHB Limited | London GB | GBP | 75.67% |
| CPL Productions Limited | London GB | GBP | 75.67% |
| CPL Good Vibrations Limited | London GB | GBP | 75.67% |
| CPL RB Limited | London GB | GBP | 75.67% |
| CPL Tiny Beast Limited | London GB | GBP | 75.67% |
| Snowman Productions AB | Stockholm SE | SEK | 75.67% |
| Snowman Productions ApS | Copenhagen DK | DKK | 75.67% |
| SOSG Inhouse Produktions GmbH | Unterf\u00f6hring DE | EUR | 75.67% |
| studio flitz GmbH | K\u00f6ln DE | EUR | 75.67% |
| Associates and joint ventures | Registered Office | Currency | % held by the Group (*) |
| Addressable TV Initiative GmbH | Frankfurt am Main DE | EUR | 37.84% |
| Agrupaci\u00f3n de Inter\u00e9s Econ\u00f3mico Furia de Titanes II A.I.E. | Santa Cruz de Tenerife ES | EUR | 34.00% |
| Alea Media Estudio SA | Madrid ES | EUR | 45.00% |
| Alma Productora Audiovisual S.L. | Madrid ES | EUR | 30.00% |
| Auditel S.r.l. | Milan IT | EUR | 26.67% |
| Boing S.p.A. | Milan IT | EUR | 51.00% |
| Bulldog TV Spain SL | Madrid ES | EUR | 30.00% |
| Corint Media GmbH | Berlin DE | EUR | 23.07% |
| d-force GmbH | Freiburg im Breisgau DE | EUR | 37.84% |
| EI Towers S.p.A. | Lissone IT | EUR | 40.00% |
| European Broadcaster Exchange (EBX) Limited | London GB | GBP | 43.92% |
| Fascino Produzione Gestione Teatro S.r.l. | Rome IT | EUR | 50.00% |
| Fenix Media Audiovisual SL | Madrid ES | EUR | 40.00% |
| Goldbach Audience AG | K\u00fcsnacht (ZH) CH | DKK | 18.88% |
| Goldbach Media AG | K\u00fcsnacht (ZH) CH | CHF | 17.37% |
| Horizon Media International Sarl | Luxembourg | EUR | 34.12% |
| Ivoox Global Podcasting Service SL | Barcelona | EUR | 30.83% |
| koakult GmbH | Berlin DE | EUR | 25.22% |
| Love my Pets S.r.l. | Milan IT | EUR | 49.00% |
| Nessma Broadcast S.A. | Tunis TN | DINARO | 32.27% |
| Nessma S.A. | Luxembourg LU | EUR | 34.12% |
| Nit Television Limited | London GB | GBP | 37.84% |
| Producciones Mandarina S.L. | Madrid ES | EUR | 30.00% |
| Remagine Media Ventures, L.P. | Wilmington, DE US | ILS | 22.89% |
| Sportority Germany GmbH | M\u00fcnchen DE | EUR | 30.27% |
| SPREE Interactive GmbH | N\u00fcrnberg DE | EUR | 14.36% |
| Superguidatv S.r.l. | Napoli IT | EUR | 49.00% |
| Swiss Radioworld AG | K\u00fcsnacht (ZH) CH | CHF | 17.37% |
| Titanus Elios S.p.A. | Rome IT | EUR | 30.00% |
| Tiv\u00f9 S.r.l. | Rome IT | EUR | 48.16% |
| Unicorn Content SL | Madrid ES | EUR | 30.00% |
| Other equity investments | Registered Office | Currency | % held by the Group (*) |
| AGF Videoforschung GmbH | Frankfurt am Main DE | EUR | 13.36% |
| AJ Motor Europa S.L. | Barcelon ES | EUR | 2.67% |
| AliphCom | San Francisco, CA | USD | 0.74% |
| Altania del Mar SL | Madrid ES | EUR | 12.48% |
| Anthem Sports & Entertainment Inc. | Wilmington DE | USD | 2.11% |
| Appscend Video Solutions GmbH | Berlin DE | EUR | 3.96% |
| Ares Film S.r.l. | Rome IT | EUR | 5.00% |
| Audiradio S.r.l. (in liquidation) | Milan IT | EUR | 10.00% |
| auxmedia GmbH | Jena DE | EUR | 4.06% |
| Blaue Helden GmbH | Bad Homburg v.d.H. DE | EUR | 5.01% |
| Blooming Experience SL in liquidation | Valencia ES | EUR | 4.44% |
| Borderless Fashion GmbH | Berlin DE | EUR | 2.61% |
| ByHours Travel S.L. | Madrid ES | EUR | 7.71% |
| carmoto tectum GmbH | Hamburg DE | EUR | 3.36% |
| circle concepts GmbH | Berlin DE | EUR | 3.78% |
| Clark Holding SE | Berlin DE | EUR | 0.73% |
| Deutscher Fernsehpreis GmbH | K\u00f6ln DE | EUR | 15.13% |
| DREAMA MEDIA UG (haftungsbeschr\u00e4nkt) | Unterf\u00f6hring DE | EUR | 3.81% |
| Editori Radiofonici Associati S.r.l. | Milan IT | EUR | 15.20% |
| Emmie Gray GmbH | D\u00fcsseldorf DE | EUR | 14.01% |
| Evolution Internet Fund GmbH | M\u00fcnchen DE | EUR | 8.97% |
| Faba S.r.l. | Vascon di Carbonera IT | EUR | 8.08% |
| FilmFernsehFonds Bayern GmbH, Gesellschaft zur F\u00f6rderung der Medien in Bayern (FFF Bayern) | M\u00fcnchen DE | EUR | 4.83% |
| Formo Bio GmbH | Berlin DE | EUR | 2.57% |
| Framily GmbH | Hamburg DE | EUR | 6.40% |
| frooggies AG | Vaduz CH | CHF | 7.07% |
| Genetiko Comunication S.p.A. | Conversano (Bari) | EUR | 15.00% |
| Gilda S.r.l. (in liquidation) | Milan IT | EUR | 10.31% |
| GREEN GRIZZLY GMBH | Berlin DE | EUR | 5.08% |
| Grover Group Gmbh | Berlin DE | EUR | 0.34% |
| HB Television Development, LLC | Wilmington, DE US | USD | 75.67% |
| Helpling Group Holding S.\u00e0.r.l. | Senningerberg LU | EUR | 1.08% |
| Hold Fast Productions, LLC | Wilmington, DE US | USD | 75.67% |
| Infinite Reality, Inc. | Wilmington, DE US | USD | 0.01% |
| Innovaci\u00f3n y desarrollo de Nuevos Canales Comerciales, SL | Madrid ES | EUR | 7.36% |
| Itravel Group SA | Luxembourg | EUR | 2.00% |
| Jaimie Jacobs GmbH | M\u00fcnchen DE | EUR | 6.23% |
| JOBOO! GmbH | Meerbusch DE | EUR | 11.65% |
| kaputt.de GmbH | Berlin DE | EUR | 2.63% |
| Kirch Media GmbH & Co. Kommanditgesellschaft auf Aktien | Unterf\u00f6hring (Germany) | EUR | 2.28% |
| KoRo Handels GmbH | Berlin DE | EUR | 4.56% |
| LemonSwan GmbH | Hamburg DE | EUR | 1.18% |
| Letisan S.r.l. | Milan IT | EUR | 8.30% |
| Matsmart in Scandinavia AB | Stockholm SE | SEK | 3.44% |
| Media4Care GmbH | Berlin DE | EUR | 1.35% |
| MEDIASCHOOL BAYERN GG\u0396 | Ismaning DE | EUR | 1.59% |
| Merula GmbH | Gau-Odernheim DE | EUR | 7.33% |
| Minute Media Inc. | Grand Cayman KY | KYD | 1.70% |
| MOROTAI GmbH | Pforzheim AT | EUR | 6.67% |
| mybacs AG | Zug CH | CHF | 2.25% |
| myrobin GmbH | Klagenfurt am W\u00f6rthersee AT | EUR | 6.42% |
| navabi GmbH | K\u00f6ln de | EUR | 4.36% |
| NEOH AG | Wien AT | EUR | 1.54% |
| Nepos GmbH | Berlin DE | EUR | 2.83% |
| New Horizon GmbH | Berlin DE | EUR | 1.80% |
| onbelle GmbH | K\u00f6ln DE | EUR | 3.78% |
| OONIQUE GmbH | M\u00fcnchen DE | EUR | 10.72% |
| octova Holding AG | M\u00fcnchen DE | EUR | 1.14% |
| Pangealand SL | Barcelona ES | EUR | 0.84% |
| Pascol S.r.l. (in liquidation) | Albosaggia IT | EUR | 6.89% |
| PDW Holdings, Inc. | Wilmington, DE US | USD | 0.06% |
| Pensium SL | Barcelona | EUR | 3.75% |
| ph. AG | Z\u00fcrich CH | CHF | 3.03% |
| Planted Foods AG | Lindau CH | CHF | 2.00% |
| Player Editori Radio S.r.l. | Milan IT | EUR | 15.40% |
| prepmymeal GmbH | Frankfurt am Main DE | EUR | 2.68% |
| Privatfernsehen in Bayern GmbH & Co. KG | M\u00fcnchen DE | EUR | 7.57% |
| Privatfernsehen in Bayern Verwaltungs - GmbH | M\u00fcnchen DE | EUR | 7.57% |
| Prolupin GmbH | Grimmen DE | EUR | 5.21% |
| Pumpkin Organics GmbH | M\u00fcnchen DE | EUR | 1.58% |
| Radio Digitale S.r.l. | Bergamo | EUR | 5.00% |
| Refurbed GmbH | Wien AT | EUR | 4.66% |
| Sanity Group GmbH | Berlin DE | EUR | 2.18% |
| Satispay S.p.A. | Milan IT | EUR | 0.28% |
| Scandinavian Biolabs ApS | Copenhagen DK | DKK | 1.59% |
| Screenforce Gattungsmarketing GmbH | Berlin DE | EUR | 4.73% |
| shape me GmbH | M\u00fcnchen DE | EUR | 11.14% |
| Smule, Inc. | Dover, DE US | USD | 0.26% |
| Speedinvest X GmbH & Co KG | Wien AT | EUR | 5.54% |
| Springlane Gmbh | Dusseldorf | EUR | 1.77% |
| StudyHelp GmbH | Paderborn DE | EUR | 4.96% |
| Talenthouse, Inc. | Dover, DE US | USD | 6.10% |
| Tax Down SL | Madrid ES | EUR | 3.71% |
| Teach corner S.r.l. | Milan IT | EUR | 6.23% |
| Telesia S.p.A. | Rome IT | EUR | 3.86% |
| Termo S.p.A. | Milan IT | EUR | 8.49% |
| The Dude Food Company GmbH | Hamburg DE | EUR | 5.23% |
| the nu company GmbH | Leipzig DE | EUR | 2.57% |
| Tiger Media International GmbH | Hamburg DE | EUR | 3.59% |
| tink GmbH | Berlin DE | EUR | 12.28% |
| Wellster Healthtech Group GmbH | Monheim am Rhein DE | EUR | 8.21% |
| Zandivio Ltd | Limassol (Cyprus) | EUR | 0.99% |
(*) The Group\u2019s shareholding is calculated by taking into account the stake directly and indirectly held by the Parent Company at 31 Decembre 2025, without taking into account the treasury shares of subsidiaries and investees.
Financial information of material associates and joint ventures
The table below shows the main figures from the 2025 income statement and statement of financial position pertaining to the Group\u2019s main associates, based on the carrying amount of the investments held in those companies and to their contribution to the Group\u2019s financial results, as required by IFRS 12, paragraph 20 and paragraphs B12 and B13 of the Operating Guide.
| EI Towers Group |
| Current assets | 94.3 |
| Cash and cash equivalents | 52.9 |
| Non-current assets | 1,720.7 |
| Current liabilities | 45.6 |
| Current financial liabilities | 2.3 |
| Non-current liabilities | 868.1 |
| Non-current financial liabilities | 666.7 |
| Revenues | 268.0 |
| Profit or (loss) for the year | 17.7 |
| Other Comprehensive Income | 0.1 |
| Comprehensive income | 17.8 |
| Amortisation, depreciation and impairments | 91.8 |
| Interest income and expense | (35.5) |
| Income taxes | 10.2 |
| Dividends paid | (26.0) |
| ProsiebenSat.1Media SE | EI Towers Group |
| 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 |
| Net shareholders' equity of material associates | 0 | 1,318 | 894.8 | 907.3 |
| Group\u2019s shareholding (%) | | 30.80% | 40% | 40% |
| Group\u2019s shareholding in associate | 0.0 | 406.0 | 357.9 | 362.9 |
| Goodwill | | 44.2 | | |
| Other components | - | 0 | 0.3 | 0.3 |
| Carrying amount of the Group\u2019s shareholding in material associates | - | 450.2 | 358.2 | 363.2 |
EITowers is a subsidiary, based in Lissone (province of Monza-Brianza), of the F2iSGR private equity fund, which is 40%-owned by MFE-MEDIAFOREUROPE N.V. The EI Towers Group is one of the largest operators in integrated service network infrastructure for electronic communications, serving radio and television broadcasters and mobile and wireless telecommunications providers under long-term agreements. On 19 December 2024, the contract was renewed for a further seven years, valid from 1 July 2025 to 30 June 2032. Under this agreement, EI Towers offers hosting, assisting and maintenance services, the design of transmission equipment and broadcast contribution management to Elettronica Industriale, an MFE Group network operator, and provides hosting and maintenance services for the radio broadcasting equipment of the Group\u2019s broadcasters.The following table shows the carrying amount, the Group\u2019s share of profit and other comprehensive income of joint ventures and associates (on aggregate):
| 31/12/2025 | 31/12/2024 |
| Group\u2019s share of profit/(loss) | 9.6 | 9.1 |
| P7S1 2025 valuation effect | 202.0 | - |
| Group\u2019s share of other comprehensive income components | - | 0.1 |
| Group\u2019s share of comprehensive income in associates and joint ventures | 211.6 | 9.2 |
| Carrying amount of Group non material investments in associates and joint ventures | 58.5 | 49.4 |
The Group\u2019s share of profit/(loss) for the year includes (i) the effects of accounting for the investment held in P7S1 using the equity method up to 30 September; since that date, the investment has been consolidated on a line-by-line basis; (ii) income recognised as a partial reversal of prior-year impairment of notional goodwill included in the carrying amount, determined at the year-end; and non-recurring income under IFRS 3 for the acquisition of the controlling interest in P7S1 (revaluation at fair value of the previously held investment).
8.6 EQUITY INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Investments in associates and joint ventures are recognised using equity method in the consolidated financial statements. At the time of acquisition, the difference between the cost of the equity investment, including any transaction costs, and the acquirer\u2019s interest in the net fair value of the assets, liabilities and identifiable contingent liabilities of the investee is accounted for according to IAS 28, with the recognition of goodwill if it is positive (included in the carrying amount of the equity investment) or of income in the consolidated income statement if it is negative.
The carrying amounts of these equity investments are adjusted after initial recognition, based on the pro-rata changes in the equity of the investee based on the financial information of those companies.
When there are losses attributable to the Group that are higher than the carrying amount of the equity investment, the carrying amount is impaired and appropriate provisions or liabilities are recognised for the amount of any additional losses, but only if the investor is committed to fulfilling legal or implicit obligations towards the investee or, in any case, to cover its losses. If no further losses are identified and the investee subsequently realises gains, the investor will only recognise the amount of the gains attributable to it after these have offset the losses not recognised.
After measurement using the equity method, the carrying amount of these equity investments, also including any implicit goodwill, if the conditions established by IAS 36 apply, must be tested for impairment.
In the case of impairment losses, the related cost is charged to the income statement. The original value can be reinstated in the following fiscal years if the conditions for the impairment no longer apply.
The following is a breakdown of equity investments, showing the economic interest held and the carrying amounts of the equity investments measured by using the equity method for the two years compared.
| 31/12/25 | 31/12/24 |
| Stake % | carrying amount | Stake % | carrying amount |
| Associates | | | | |
| EI Towers S.p.A. | 40.0% | 358.2 | 40.0% | 363.2 |
| Alea Media Estudio, S.A. | 45.0% | 0.8 | 45.0% | 0.6 |
| Alma Productora Audiovisual S.L. | 30.0% | 0.5 | 30.0% | 0.5 |
| Auditel S.p.A. | 26.7% | 1.2 | 26.7% | 1.2 |
| Bulldog Tv Spain S.L. | 30.0% | 1.3 | 30.0% | 1.4 |
| Corint Media GmbH | 30.5% | 0.1 | 0.0% | - |
| Goldbach Audience AG | 25.0% | 2.7 | 0.0% | - |
| Goldbach Media AG | 23.0% | 3.8 | 0.0% | - |
| Ivoox Global PodcastingService SL | 30.8% | 4.0 | 30.8% | 4.1 |
| Joko TV, S.L. | 30.0% | 0.1 | 30.0% | 0.1 |
| Producciones Mandarina S.L. | 30.0% | 2.9 | 30.0% | 3.0 |
| ProSiebenSat.1 MEDIA SE | 0.0% | - | 30.8% | 450.2 |
| Sportority Germany GmbH | 40.0% | 0.9 | 0.0% | - |
| Superguida Tv S.r.l. | 49.0% | 0.9 | 49.0% | 1.0 |
| Swiss Radioworld AG | 23.0% | 0.7 | 0.0% | - |
| Titanus Elios S.p.A. | 30.0% | 2.8 | 30.0% | 2.7 |
| Unicorn Content S.L. | 30.0% | 3.6 | 30.0% | 3.4 |
| Total | | 384.5 | | 831.4 |
| Joint ventures: | | | | |
| Addressable TV Initiative GmbH | 50.0% | 0.3 | 0.0% | - |
| Boing S.p.A. | 51.0% | 5.2 | 51.0% | 5.6 |
| d-force GmbH | 50.0% | 0.6 | 0.0% | - |
| European Broadcaster Exchange (EBX) Ltd. (**) | 43.9% | 2.1 | 25.0% | 0.9 |
| Fascino P.G.T. S.r.l. | 50.0% | 22.2 | 50.0% | 23.3 |
| Nit Television Limited | 50.0% | 0.1 | 0.0% | - |
| Tiv\u00f9 S.r.l. | 48.2% | 1.7 | 48.2% | 1.6 |
| Total | | 32.2 | | 31.4 |
| Final balance | | 416.7 | | 862.8 |
(*) excluding treasury shares
The reduction in this item mainly refers to the line-by-line consolidation of the equity investment in P7S1 from 30 September 2025, which until that date had been recognised as an associate.
Increases in this item mainly refer to the inclusion of associates and joint ventures belonging to the P7S1 Group.
The carrying amounts of other investments in associates and joint ventures incorporated notional goodwill totalling EUR 2.6 million at 31 December 2025. For other investments in associates, no specific impairment indicators have been identified.
The recoverability of the goodwill and of the other assets recognized in the consolidated statement of financial position of the EI Towers Group at 31 December 2025 has been confirmed in preparing the consolidated financial statements of the associate through the calculation of the relative value in use determined in line with IAS 36 based on the company\u2019s best estimate of the cash flows for the period 2026-2032. The recoverable amount calculated on this basis \u2013 in the light, among other things, of the sensitivity analyses carried out with respect to the financial parameters and assumptions of the key variables \u2013 shows significant positive headroom with respect to the carrying amount of the goodwill and of the other assets tested.
For details on the economic effects for the year, reference should be made to Note 7.8 Result from investments accounted for using the equity method. The measurements have been made based on data from the financial statements and reporting packages available as at the approval date of these Consolidated Financial Statements.
The following table provides key figures from the income statement and balance sheet for associates and joint ventures, as taken from the financial statements and reporting packages available as at the approval date of these Consolidated Financial Statements.
| FY 2025 | Assets | Shareholders' equity | Liabilities and minorities | Revenues | Net Result |
| EI Towers S.p.A. (*) | 1,815.0 | 899.0 | 916.0 | 268.0 | 17.7 |
| Addressable TV Initiative GmbH(***) | 0.2 | 0.1 | 0.1 | - | (0.4) |
| Alea Asalto, S.L. | - | - | - | 6.7 | - |
| Alea Media Estudio S.A. | 1.7 | 1.2 | 0.5 | 3.8 | 0.6 |
| Alea L\u00e1grimas, S.L. | 0.3 | - | 0.3 | 0.5 | - |
| Alea Salvador, S.L. | 2.7 | - | 2.7 | 4.8 | - |
| Alma Productora Audiovisual S.L. | 2.7 | 1.7 | 1.0 | 6.1 | 0.7 |
| Auditel S.r.l.(***) | 14.4 | 4.6 | 9.8 | 30.1 | - |
| Boing S.p.A. | 20.7 | 10.2 | 10.5 | 25.8 | (1.0) |
| Bulldog Tv Spain S.L. | 5.5 | 4.5 | 1.0 | 12.8 | 1.1 |
| Corint Media GmbH(***) | 71.3 | 0.4 | 70.9 | 66.4 | - |
| d-force GmbH(***) | 1.1 | 0.9 | 0.2 | 1.6 | 0.3 |
| European Broadcaster Exchange (EBX) Ltd.(**) | 6.4 | 3.5 | 2.9 | 8.2 | 0.2 |
| Fascino P.G.T S.r.l. | 54.1 | 41.4 | 12.7 | 76.7 | 8.0 |
| F\u00e9nix Media Audiovisual,S.L. | 1.3 | (0.1) | 1.4 | 1.7 | (0.5) |
| Furia TV,S.L. | 0.6 | - | 0.6 | (1.4) | - |
| Goldbach Audience AG(***) | 18.2 | 4.8 | 13.4 | 66.1 | 3.1 |
| Goldbach Media AG(***) | 72.6 | 19.3 | 53.3 | 296.5 | 18.6 |
| Ivoox Global Podcasting Service, S.L. | 8.2 | 5.5 | 2.7 | 5.1 | (0.6) |
| Joko TV, S.L. | 0.5 | 0.2 | 0.3 | 0.1 | - |
| koakult GmbH(***) | 4.1 | - | 4.1 | 8.8 | (0.2) |
| Love My Pets S.r.l. | 0.1 | 0.1 | - | 0.1 | - |
| Nit Television Limited(***) | 0.3 | 0.1 | 0.2 | - | - |
| N\u00facleo TV, S.L. | - | - | - | 0.5 | - |
| Producciones Mandarina S.L. | 12.8 | 9.8 | 3.0 | 28.9 | 3.5 |
| Sportority Germany GmbH(****) | 2.1 | 1.0 | 1.1 | 0.6 | - |
| SPREE Interactive GmbH(****) | 6.4 | 1.8 | 4.6 | 2.1 | (1.5) |
| Superguida Tv S.r.l. | 1.9 | 1.8 | 0.1 | 0.9 | (0.1) |
| Swiss Radioworld AG(***) | 8.8 | 3.4 | 5.4 | 35.5 | 2.7 |
| Titanus Elios S.p.A. | 14.2 | 9.2 | 5.0 | 4.8 | 2.5 |
| Tiv\u00f9 S.r.l. | 5.8 | 3.5 | 2.4 | 9.7 | 2.0 |
| Unicorn Content S.L. | 14.5 | 11.4 | 3.2 | 39.8 | 3.4 |
(*) Consolidated figures
(**) Values expressed in pounds sterling
(***) Values as at 31/12/2024
(****) Values as at 31/12/2023
| FY 2024 | Assets | Shareholders' equity | Liabilities and minorities | Revenues | Net Result |
| EI Towers S.p.A. (*) | 1,851.1 | 907.3 | 943.8 | 275.9 | 14.0 |
| Alea Media Estudio S.A. | 1.7 | 1.2 | 0.5 | 5.8 | 0.7 |
| Alea Yo Adicto | - | - | - | 0.6 | - |
| Alea L\u00e1grimas, S.L. | 0.3 | - | 0.3 | - | - |
| Alea Salvador, S.L. | 2.7 | - | 2.7 | 12.2 | - |
| Alma Productora Audiovisual S.L. | 2.7 | 1.7 | 1.0 | 6.0 | 0.8 |
| Auditel S.r.l.(***) | 12.3 | 4.6 | 7.7 | 35.1 | 0.3 |
| Boing SpA | 22.6 | 11.1 | 11.5 | 25.7 | (0.4) |
| Bulldog Tv Spain S.L. | 5.5 | 4.5 | 1.0 | 13.3 | 1.4 |
| European Broadcaster Exchange (EBX) Ltd.(**) | 5.5 | 3.3 | 2.2 | 6.3 | 0.3 |
| Fascino P.G.T S.rl. (***) | 56.7 | 44.2 | 12.5 | 75.8 | 10.8 |
| F\u00e9nix Media Audiovisual,S.L. | 1.3 | (0.1) | 1.4 | 3.5 | (0.4) |
| Furia TV,S.L. | 0.6 | - | 0.6 | 6.2 | - |
| Ivoox Global Podcasting Service, S.L. | 9.1 | 5.9 | 3.2 | 5.0 | 0.2 |
| Joko TV, S.L. | 0.5 | 0.2 | 0.3 | 12.5 | 0.6 |
| Love My Pets S.r.l. | 0.1 | 0.1 | - | 0.1 | - |
| Producciones Mandarina S.L. | 14.0 | 10.0 | 4.0 | 26.7 | 3.7 |
| ProsiebenSat.1 Media SE (*) | 5,608.0 | 1,318.0 | 4,290.0 | 3,918.0 | 51.0 |
| Superguida Tv S.r.l. | 2.2 | 1.9 | 0.3 | 0.9 | (0.2) |
| Titanus Elios S.p.A. | 14.6 | 9.0 | 5.6 | 4.8 | 2.4 |
| Tiv\u00f9 S.r.l. | 5.9 | 3.5 | 2.5 | 10.0 | 1.9 |
| Unicorn Content S.L. | 14.5 | 11.4 | 3.2 | 42.7 | 4.8 |
(*) Consolidated figures
(**) Values expressed in pounds sterling
(***) Values as at 31/12/2023
Financial information of material associates and joint ventures
The table below shows the main figures from the 2025 income statement and statement of financial position pertaining to the Group\u2019s main associates, based on the carrying amount of the investments held in those companies and to their contribution to the Group\u2019s financial results, as required by IFRS 12, paragraph 20 and paragraphs B12 and B13 of the Operating Guide.
| EI Towers Group |
| Current assets | 94.3 |
| Cash and cash equivalents | 52.9 |
| Non-current assets | 1,720.7 |
| Current liabilities | 45.6 |
| Current financial liabilities | 2.3 |
| Non-current liabilities | 868.1 |
| Non-current financial liabilities | 666.7 |
| Revenues | 268.0 |
| Profit or (loss) for the year | 17.7 |
| Other Comprehensive Income | 0.1 |
| Comprehensive income | 17.8 |
| Amortisation, depreciation and impairments | 91.8 |
| Interest income and expense | (35.5) |
| Income taxes | 10.2 |
| Dividends paid | (26.0) |
| ProsiebenSat.1Media SE | EI Towers Group |
| 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 |
| Net shareholders' equity of material associates | 0 | 1,318 | 894.8 | 907.3 |
| Group\u2019s shareholding (%) | | 30.80% | 40% | 40% |
| Group\u2019s shareholding in associate | 0.0 | 406.0 | 357.9 | 362.9 |
| Goodwill | | 44.2 | | |
| Other components | - | 0 | 0.3 | 0.3 |
| Carrying amount of the Group\u2019s shareholding in material associates | - | 450.2 | 358.2 | 363.2 |
EITowers is a subsidiary, based in Lissone (province of Monza-Brianza), of the F2iSGR private equity fund, which is 40%-owned by MFE-MEDIAFOREUROPE N.V. The EI Towers Group is one of the largest operators in integrated service network infrastructure for electronic communications, serving radio and television broadcasters and mobile and wireless telecommunications providers under long-term agreements. On 19 December 2024, the contract was renewed for a further seven years, valid from 1 July 2025 to 30 June 2032. Under this agreement, EI Towers offers hosting, assisting and maintenance services, the design of transmission equipment and broadcast contribution management to Elettronica Industriale, an MFE Group network operator, and provides hosting and maintenance services for the radio broadcasting equipment of the Group\u2019s broadcasters.The following table shows the carrying amount, the Group\u2019s share of profit and other comprehensive income of joint ventures and associates (on aggregate):
| 31/12/2025 | 31/12/2024 |
| Group\u2019s share of profit/(loss) | 9.6 | 9.1 |
| P7S1 2025 valuation effect | 202.0 | - |
| Group\u2019s share of other comprehensive income components | - | 0.1 |
| Group\u2019s share of comprehensive income in associates and joint ventures | 211.6 | 9.2 |
| Carrying amount of Group non material investments in associates and joint ventures | 58.5 | 49.4 |
The Group\u2019s share of profit/(loss) for the year includes (i) the effects of accounting for the investment held in P7S1 using the equity method up to 30 September; since that date, the investment has been consolidated on a line-by-line basis; (ii) income recognised as a partial reversal of prior-year impairment of notional goodwill included in the carrying amount, determined at the year-end; and non-recurring income under IFRS 3 for the acquisition of the controlling interest in P7S1 (revaluation at fair value of the previously held investment).
8.6 EQUITY INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Investments in associates and joint ventures are recognised using equity method in the consolidated financial statements. At the time of acquisition, the difference between the cost of the equity investment, including any transaction costs, and the acquirer\u2019s interest in the net fair value of the assets, liabilities and identifiable contingent liabilities of the investee is accounted for according to IAS 28, with the recognition of goodwill if it is positive (included in the carrying amount of the equity investment) or of income in the consolidated income statement if it is negative.
The carrying amounts of these equity investments are adjusted after initial recognition, based on the pro-rata changes in the equity of the investee based on the financial information of those companies.
When there are losses attributable to the Group that are higher than the carrying amount of the equity investment, the carrying amount is impaired and appropriate provisions or liabilities are recognised for the amount of any additional losses, but only if the investor is committed to fulfilling legal or implicit obligations towards the investee or, in any case, to cover its losses. If no further losses are identified and the investee subsequently realises gains, the investor will only recognise the amount of the gains attributable to it after these have offset the losses not recognised.
After measurement using the equity method, the carrying amount of these equity investments, also including any implicit goodwill, if the conditions established by IAS 36 apply, must be tested for impairment.
In the case of impairment losses, the related cost is charged to the income statement. The original value can be reinstated in the following fiscal years if the conditions for the impairment no longer apply.
The following is a breakdown of equity investments, showing the economic interest held and the carrying amounts of the equity investments measured by using the equity method for the two years compared.
| 31/12/25 | 31/12/24 |
| Stake % | carrying amount | Stake % | carrying amount |
| Associates | | | | |
| EI Towers S.p.A. | 40.0% | 358.2 | 40.0% | 363.2 |
| Alea Media Estudio, S.A. | 45.0% | 0.8 | 45.0% | 0.6 |
| Alma Productora Audiovisual S.L. | 30.0% | 0.5 | 30.0% | 0.5 |
| Auditel S.p.A. | 26.7% | 1.2 | 26.7% | 1.2 |
| Bulldog Tv Spain S.L. | 30.0% | 1.3 | 30.0% | 1.4 |
| Corint Media GmbH | 30.5% | 0.1 | 0.0% | - |
| Goldbach Audience AG | 25.0% | 2.7 | 0.0% | - |
| Goldbach Media AG | 23.0% | 3.8 | 0.0% | - |
| Ivoox Global PodcastingService SL | 30.8% | 4.0 | 30.8% | 4.1 |
| Joko TV, S.L. | 30.0% | 0.1 | 30.0% | 0.1 |
| Producciones Mandarina S.L. | 30.0% | 2.9 | 30.0% | 3.0 |
| ProSiebenSat.1 MEDIA SE | 0.0% | - | 30.8% | 450.2 |
| Sportority Germany GmbH | 40.0% | 0.9 | 0.0% | - |
| Superguida Tv S.r.l. | 49.0% | 0.9 | 49.0% | 1.0 |
| Swiss Radioworld AG | 23.0% | 0.7 | 0.0% | - |
| Titanus Elios S.p.A. | 30.0% | 2.8 | 30.0% | 2.7 |
| Unicorn Content S.L. | 30.0% | 3.6 | 30.0% | 3.4 |
| Total | | 384.5 | | 831.4 |
| Joint ventures: | | | | |
| Addressable TV Initiative GmbH | 50.0% | 0.3 | 0.0% | - |
| Boing S.p.A. | 51.0% | 5.2 | 51.0% | 5.6 |
| d-force GmbH | 50.0% | 0.6 | 0.0% | - |
| European Broadcaster Exchange (EBX) Ltd. (**) | 43.9% | 2.1 | 25.0% | 0.9 |
| Fascino P.G.T. S.r.l. | 50.0% | 22.2 | 50.0% | 23.3 |
| Nit Television Limited | 50.0% | 0.1 | 0.0% | - |
| Tiv\u00f9 S.r.l. | 48.2% | 1.7 | 48.2% | 1.6 |
| Total | | 32.2 | | 31.4 |
| Final balance | | 416.7 | | 862.8 |
(*) excluding treasury shares
The reduction in this item mainly refers to the line-by-line consolidation of the equity investment in P7S1 from 30 September 2025, which until that date had been recognised as an associate.
Increases in this item mainly refer to the inclusion of associates and joint ventures belonging to the P7S1 Group.
The carrying amounts of other investments in associates and joint ventures incorporated notional goodwill totalling EUR 2.6 million at 31 December 2025. For other investments in associates, no specific impairment indicators have been identified.
The recoverability of the goodwill and of the other assets recognized in the consolidated statement of financial position of the EI Towers Group at 31 December 2025 has been confirmed in preparing the consolidated financial statements of the associate through the calculation of the relative value in use determined in line with IAS 36 based on the company\u2019s best estimate of the cash flows for the period 2026-2032. The recoverable amount calculated on this basis \u2013 in the light, among other things, of the sensitivity analyses carried out with respect to the financial parameters and assumptions of the key variables \u2013 shows significant positive headroom with respect to the carrying amount of the goodwill and of the other assets tested.
For details on the economic effects for the year, reference should be made to Note 7.8 Result from investments accounted for using the equity method. The measurements have been made based on data from the financial statements and reporting packages available as at the approval date of these Consolidated Financial Statements.
The following table provides key figures from the income statement and balance sheet for associates and joint ventures, as taken from the financial statements and reporting packages available as at the approval date of these Consolidated Financial Statements.
| FY 2025 | Assets | Shareholders' equity | Liabilities and minorities | Revenues | Net Result |
| EI Towers S.p.A. (*) | 1,815.0 | 899.0 | 916.0 | 268.0 | 17.7 |
| Addressable TV Initiative GmbH(***) | 0.2 | 0.1 | 0.1 | - | (0.4) |
| Alea Asalto, S.L. | - | - | - | 6.7 | - |
| Alea Media Estudio S.A. | 1.7 | 1.2 | 0.5 | 3.8 | 0.6 |
| Alea L\u00e1grimas, S.L. | 0.3 | - | 0.3 | 0.5 | - |
| Alea Salvador, S.L. | 2.7 | - | 2.7 | 4.8 | - |
| Alma Productora Audiovisual S.L. | 2.7 | 1.7 | 1.0 | 6.1 | 0.7 |
| Auditel S.r.l.(***) | 14.4 | 4.6 | 9.8 | 30.1 | - |
| Boing S.p.A. | 20.7 | 10.2 | 10.5 | 25.8 | (1.0) |
| Bulldog Tv Spain S.L. | 5.5 | 4.5 | 1.0 | 12.8 | 1.1 |
| Corint Media GmbH(***) | 71.3 | 0.4 | 70.9 | 66.4 | - |
| d-force GmbH(***) | 1.1 | 0.9 | 0.2 | 1.6 | 0.3 |
| European Broadcaster Exchange (EBX) Ltd.(**) | 6.4 | 3.5 | 2.9 | 8.2 | 0.2 |
| Fascino P.G.T S.r.l. | 54.1 | 41.4 | 12.7 | 76.7 | 8.0 |
| F\u00e9nix Media Audiovisual,S.L. | 1.3 | (0.1) | 1.4 | 1.7 | (0.5) |
| Furia TV,S.L. | 0.6 | - | 0.6 | (1.4) | - |
| Goldbach Audience AG(***) | 18.2 | 4.8 | 13.4 | 66.1 | 3.1 |
| Goldbach Media AG(***) | 72.6 | 19.3 | 53.3 | 296.5 | 18.6 |
| Ivoox Global Podcasting Service, S.L. | 8.2 | 5.5 | 2.7 | 5.1 | (0.6) |
| Joko TV, S.L. | 0.5 | 0.2 | 0.3 | 0.1 | - |
| koakult GmbH(***) | 4.1 | - | 4.1 | 8.8 | (0.2) |
| Love My Pets S.r.l. | 0.1 | 0.1 | - | 0.1 | - |
| Nit Television Limited(***) | 0.3 | 0.1 | 0.2 | - | - |
| N\u00facleo TV, S.L. | - | - | - | 0.5 | - |
| Producciones Mandarina S.L. | 12.8 | 9.8 | 3.0 | 28.9 | 3.5 |
| Sportority Germany GmbH(****) | 2.1 | 1.0 | 1.1 | 0.6 | - |
| SPREE Interactive GmbH(****) | 6.4 | 1.8 | 4.6 | 2.1 | (1.5) |
| Superguida Tv S.r.l. | 1.9 | 1.8 | 0.1 | 0.9 | (0.1) |
| Swiss Radioworld AG(***) | 8.8 | 3.4 | 5.4 | 35.5 | 2.7 |
| Titanus Elios S.p.A. | 14.2 | 9.2 | 5.0 | 4.8 | 2.5 |
| Tiv\u00f9 S.r.l. | 5.8 | 3.5 | 2.4 | 9.7 | 2.0 |
| Unicorn Content S.L. | 14.5 | 11.4 | 3.2 | 39.8 | 3.4 |
(*) Consolidated figures
(**) Values expressed in pounds sterling
(***) Values as at 31/12/2024
(****) Values as at 31/12/2023
| FY 2024 | Assets | Shareholders' equity | Liabilities and minorities | Revenues | Net Result |
| EI Towers S.p.A. (*) | 1,851.1 | 907.3 | 943.8 | 275.9 | 14.0 |
| Alea Media Estudio S.A. | 1.7 | 1.2 | 0.5 | 5.8 | 0.7 |
| Alea Yo Adicto | - | - | - | 0.6 | - |
| Alea L\u00e1grimas, S.L. | 0.3 | - | 0.3 | - | - |
| Alea Salvador, S.L. | 2.7 | - | 2.7 | 12.2 | - |
| Alma Productora Audiovisual S.L. | 2.7 | 1.7 | 1.0 | 6.0 | 0.8 |
| Auditel S.r.l.(***) | 12.3 | 4.6 | 7.7 | 35.1 | 0.3 |
| Boing SpA | 22.6 | 11.1 | 11.5 | 25.7 | (0.4) |
| Bulldog Tv Spain S.L. | 5.5 | 4.5 | 1.0 | 13.3 | 1.4 |
| European Broadcaster Exchange (EBX) Ltd.(**) | 5.5 | 3.3 | 2.2 | 6.3 | 0.3 |
| Fascino P.G.T S.rl. (***) | 56.7 | 44.2 | 12.5 | 75.8 | 10.8 |
| F\u00e9nix Media Audiovisual,S.L. | 1.3 | (0.1) | 1.4 | 3.5 | (0.4) |
| Furia TV,S.L. | 0.6 | - | 0.6 | 6.2 | - |
| Ivoox Global Podcasting Service, S.L. | 9.1 | 5.9 | 3.2 | 5.0 | 0.2 |
| Joko TV, S.L. | 0.5 | 0.2 | 0.3 | 12.5 | 0.6 |
| Love My Pets S.r.l. | 0.1 | 0.1 | - | 0.1 | - |
| Producciones Mandarina S.L. | 14.0 | 10.0 | 4.0 | 26.7 | 3.7 |
| ProsiebenSat.1 Media SE (*) | 5,608.0 | 1,318.0 | 4,290.0 | 3,918.0 | 51.0 |
| Superguida Tv S.r.l. | 2.2 | 1.9 | 0.3 | 0.9 | (0.2) |
| Titanus Elios S.p.A. | 14.6 | 9.0 | 5.6 | 4.8 | 2.4 |
| Tiv\u00f9 S.r.l. | 5.9 | 3.5 | 2.5 | 10.0 | 1.9 |
| Unicorn Content S.L. | 14.5 | 11.4 | 3.2 | 42.7 | 4.8 |
(*) Consolidated figures
(**) Values expressed in pounds sterling
(***) Values as at 31/12/2023
5. BUSINESS COMBINATIONSThe main business combinations that took place during the year, and which are described in the section entitled Key information relating to the scope of consolidation, are reported below.
In the final part of the third quarter of year, MFE completed the acquisition of control of P7S1 through the completion of the mixed voluntary public tender offer (the \"Offer\") (cash consideration of \u20ac4.48 and an in-kind component equal to 1.3 MFE Category \"A\" ordinary shares for each P7S1 share) launched for the shares not already held.
The completion of the Offer for P7S1 represents a decisive step in the implementation of MFE's pan-European consolidation industrial project, aiming to realize significant strategic advantages and create value for the Group, primarily in the advertising, technology, and data areas.
Prior to the expiration of the Offer, MFE directly held 78,466,748 P7S1 shares, equal to 33.68% of the share capital and 33.70% of the voting rights and economic interests of P7S1.
The Offer was tendered by 97,694,331 P7S1 shares, equivalent to 41.93% of the share capital and 41.96% of the voting rights in P7S1.
Following the settlement of the Offer on September 16, 2025 (control acquisition date), MFE became the controlling shareholder of P7S1 with a stake equal to 75.61% of the share capital, equivalent to 75.67% of the voting rights.
The total consideration transferred for the acquisition of the controlling stake was EUR 906.1 million, the sum of the cash consideration paid of EUR 437.7 million and the fair value of EUR 468.4 million of the equity instruments, consisting of 127,002,630 newly issued MFE A shares, determined on the basis of the market price of such instruments on the control acquisition date.
In light of the outcome and completion of the Offer, which occurred in the latter part of the third quarter of the financial year, the P7S1 investment was accounted for using the equity method until September 30, 2025, in accordance with IAS 28 (Investments in Associates), and from that date it was fully consolidated in accordance with IFRS 3 (Business Combinations). Although control was obtained on 16 September, for accounting purposes the Group identified 30 September as the acquisition date, being the first date for which reliable publicly available financial information of the acquiree was available. This approach ensured a reliable application of the acquisition method and did not result in significant effects on the representation of the economic substance of the transaction.
The accounting for the acquisition of control of P7S1 under IFRS 3, falling within the scope of a business combination achieved in multiple stages, also required (i) the remeasurement at fair value of the 33.7% stake held prior to the acquisition of control (non-controlling interest), recognizing in the income statement the difference compared to the last carrying amount of that stake determined pursuant to IAS 28 and (ii) to recycle to profit and loss the accumulated other comprehensive income (OCI) on the previously accounted associate. As a result of these measurements and reclassifications non-recurring income totalling EUR 126.6 million was recognized to the Result of investments accounted for using the equity method line item in the income statement for the year.
Since at the acquisition MFE held less than 100% of the net equity interests of the acquiree, the Group accounted for the acquisition according with the options provided for by IFRS 3 and with previous acquisitions, using the partial goodwill method. Therefore non-controlling interests has been measured at the proportionate share of the acquiree\u2019s identifiable net assets, equal to EUR 50.3 million and accordingly the difference between (i) the fair value of the consideration paid by MFE to the P7S1 shareholders who accepted the Offer, totalling EUR 906.1
million, increased by the fair value of the previously held interest in P7S1 equal to EUR 727.7 million, and (ii) the net carrying amount as of September 30 for the share of interest held by MFE (75.67%) of the identifiable net assets acquired assumed of P7S1, resulted in the recognition of provisional goodwill of EUR 1,790.3 million.The following table summarizes the consideration paid, the proportional carrying amount of the assets and liabilities acquired at the transaction date and the provisional purchase price allocation.
| Net acquired assets | Carrying amount recorded in the acquired company at the acquisition date (provisional allocation) |
| Property, plan and equipment | 586.0 |
| Other intangible assets | 665.0 |
| Programming assets | 801.9 |
| Deferred tax assets/(liabilities) | (3.5) |
| Trade receivables/(payables) | (486.5) |
| Other assets/(liabilities) | 82.2 |
| Financial assets/(liabilities | (2,424.0) |
| Cash and cash equivalent | 593.1 |
| Minority interests | -20.9 |
| Total net asset acquired (a) | (206.8) |
| Non-controlling interests (b) | -50.3 |
| Own stake on net assets acquired (a) - (b) | (156.5) |
| Fair value recognized to the shareholders of P7S1 | 906.1 |
| Remeasuring of non-controlling equity interest previously held | 727.7 |
| Total consideration | 1,633.8 |
| Provisional goodwill | 1,790.3 |
As at the reporting date, the Purchase Price Allocation (PPA) relating to the acquisition completed at the end of the third quarter of the year has not yet been finalised.
As required by IFRS 3, any goodwill adjustments may be recognized within 12 months of the acquisition date, as a result of any remeasurement of the fair value of the assets acquired and liabilities assumed, including
contingent liabilities (so-called Purchase Price Allocation \u2013 \u201cPPA\u201d) identifiable based on additional and/or different information on facts and circumstances existing at the combination date. If the goodwill amount is adjusted upon completion of the PPA, the accounting effects of the allocation of part of the price to the assets and liabilities of the subsidiary must be reflected retrospectively starting from September 30, 2025. Given the complexity of the acquired Group, the PPA process will require all the information needed to identify and measure the various components of the business combination and will therefore be completed within 12 months of the acquisition date in accordance with IFRS 3.
In the absence of a finalized PPA process, for the purposes of the impairment test of goodwill provisionally determined as of December 31, 2025, pursuant to IAS 36, the whole acquired P7S1 group was considered a single cash-generating unit, consistent with the process for determining the acquisition price for the controlling interest, and with the Group's current organizational structure and management reporting. Specifically, the consolidated P7S1 figures constitute an operating segment pursuant to IFRS 8.
This classification may be reassessed upon completion of the purchase price allocation process.
The transaction costs directly attributable to the business combination incurred during the year totalled EUR 7.4 million and are recognized in the income statement in the \"Purchases, services, and other costs.\" line item. These costs mainly relate to legal and financial advisory services.
The economic contribution deriving from the full consolidation of P7S1 for the final quarter of the financial year can be summarized as follows:
- Consolidated net revenues for EUR 1,170 million;
- Net profit attributable to shareholders of the Parent Company of EUR 32.1 million.
Assuming the business combination occurred at the beginning of the financial year, MFE Group's consolidated net revenues in 2025 would have been at EUR 6,562.3 million, and net profit attributable to shareholders of the Parent Company would have been equal to EUR 258.6 million. This pro forma financial information is presented for informational purposes only and does not represent a forecast of the Group's future results.
This pro forma information was prepared assuming the following:
- replacing the pro-rata result accounted in the first nine months of the year based on the economic interest held in P7S1 at the various interim reporting dates in accordance with IAS 28 and recognized in the \u201cResult of investments accounted for using the equity method \" line item with the P7S1 9 months profit and loss line by line consolidation determining the net profit attributable to shareholders of the Parent Company assuming the controlling 75.7% interest;
- restating the remeasurement of the fair value of the equity interest (33.7%) held prior to the acquisition of control and the recycling to profit and loss of the Other comprehensive income and losses, assuming the acquisitions of the P7S1 shares that occurred during the year prior to the acquisition of the controlling interest as if they had occurred at the beginning of the year;
- aligning the accounting policies of the acquired company with those of the Group;
- considering the financial expenses associated with the financing of the acquisition starting from the beginning of the year
- eliminating intragroup transactions.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
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}
},
"v1-page317-cflshid_117939-tag138159": {
"value": "6. SEGMENT REPORTINGAs required under IFRS 8, the following information relates to the operating segments identified on the basis of the Group\u2019s present organisational structure and internal reporting system.
The Group\u2019s main operating segments, are the same as the geographical areas (Italy, Spain and Germany) identified according to the location of operations. The \u201cGermany\u201d refers to the German-speaking countries (DACH) and companies belonging to the P7S1 Group.
The following paragraphs contain the information and reconciliations required under IFRS 8 in relation to profits, losses, assets and liabilities, based on this segmentation process. The information can be extrapolated from the three sub-consolidated financial statements prepared at that level.
Geographical sectors
The following tables report key financial information for the geographical operational areas of Italy and Spain, as at 31 December 2025 and 2024 respectively, and for Germany as at 31 December 2025 only.
The tables have been prepared on the basis of specific sub-consolidated financial statements in which the carrying amounts of the equity investments held by companies belonging to a segment in companies belonging to another segment have been kept at their respective purchase cost and eliminated upon consolidation. In particular, the inter-segment assets figures relate to the elimination of the equity investment recognised under the assets of the Italy geographic sector in Grupo Audiovisual Mediaset Espa\u00f1a and in P7S1.
The net consolidated revenues of the three sectors are given without any specific breakdown of their nature since this information, already reported at Group level (see note 7.1 and 7.2). The breakdown between net advertising revenues and other revenues streams, more useful for understanding the business trend, is however already reported in the Directors' Report on Operations. Non-monetary expenses relate to the provisions for risks and charges and the costs of medium/long-term incentive plans.
The \u201cGermany\u201d column refers to the German-speaking countries (DACH) and companies belonging to the P7S1 Group
",
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"v1-page317-cflshid_117939-tag138158": {
"value": "6. SEGMENT REPORTINGAs required under IFRS 8, the following information relates to the operating segments identified on the basis of the Group\u2019s present organisational structure and internal reporting system.
The Group\u2019s main operating segments, are the same as the geographical areas (Italy, Spain and Germany) identified according to the location of operations. The \u201cGermany\u201d refers to the German-speaking countries (DACH) and companies belonging to the P7S1 Group.
The following paragraphs contain the information and reconciliations required under IFRS 8 in relation to profits, losses, assets and liabilities, based on this segmentation process. The information can be extrapolated from the three sub-consolidated financial statements prepared at that level.
Geographical sectors
The following tables report key financial information for the geographical operational areas of Italy and Spain, as at 31 December 2025 and 2024 respectively, and for Germany as at 31 December 2025 only.
The tables have been prepared on the basis of specific sub-consolidated financial statements in which the carrying amounts of the equity investments held by companies belonging to a segment in companies belonging to another segment have been kept at their respective purchase cost and eliminated upon consolidation. In particular, the inter-segment assets figures relate to the elimination of the equity investment recognised under the assets of the Italy geographic sector in Grupo Audiovisual Mediaset Espa\u00f1a and in P7S1.
The net consolidated revenues of the three sectors are given without any specific breakdown of their nature since this information, already reported at Group level (see note 7.1 and 7.2). The breakdown between net advertising revenues and other revenues streams, more useful for understanding the business trend, is however already reported in the Directors' Report on Operations. Non-monetary expenses relate to the provisions for risks and charges and the costs of medium/long-term incentive plans.
The \u201cGermany\u201d column refers to the German-speaking countries (DACH) and companies belonging to the P7S1 Group
| 2025 | ITALY | SPAIN | GERMANY | Eliminations/Adjustments | MFEGROUP |
| MAIN INCOME STATEMENTFIGURES | | | | | |
| Revenues from external customers | 2,090.2 | 770.9 | 1,169.9 | - | 4,031.1 |
| Inter-segment revenues | 4.4 | (1.1) | 0.1 | (3.4) | - |
| Consolidated net revenues | 2,094.6 | 769.8 | 1,170.0 | (3.4) | 4,031.1 |
| % | 52% | 19% | 29% | 0% | 100% |
| Operating Result (EBIT) | 61.1 | 76.9 | 100.5 | 0.0 | 238.6 |
| Financial income/(losses) | | | | | (47.8) |
| Income/(expenses) from equity investmentsvalued with the equity method | | | | | 9.4 |
| (Impairment)/Reversal of equityinvestments | | | | | 82.8 |
| Revaluations of equity investments method | | | | | 126.6 |
| PROFIT BEFORE TAX | | | | | 409.5 |
| Income taxes | | | | | (92.5) |
| NET PROFIT FOR THE PERIOD | | | | | 317.0 |
| Attributable to:- Equity shareholders of the parent company | | | | | 300.7 |
| - Non-controlling Interests | | | | | 16.3 |
| OTHER INFORMATION | | | | | |
| Property, plant and equipment | 243.3 | 36.9 | 577.0 | - | 857.2 |
| TV and movie rights | 591.1 | 140.7 | 541.0 | (0.5) | 1,272.2 |
| Goodwill | 151.5 | 294.9 | - | 2,153.5 | 2,599.9 |
| Other intangible assets | 265.1 | 155.1 | 682.7 | - | 1,102.9 |
| Investments in associates and joint venture | 393.2 | 13.6 | 10.4 | (0.5) | 416.7 |
| Non-Current Assets (*) | 1,644.2 | 641.3 | 1,811.0 | 2,152.5 | 6,249.0 |
| Assets | 5,399.2 | 912.1 | 3,562.9 | (360.8) | 9,513.4 |
| Liabilities | 1,991.8 | 377.1 | 3,727.8 | (48.4) | 6,048.5 |
| Investments in tangible and intangible non-current assets (*) | 302.6 | 134.5 | 122.9 | (0.4) | 559.6 |
| Amortisation and depreciation | 331.8 | 109.9 | 187.0 | (0.4) | 628.3 |
| Other non-monetary expenses | 43.5 | (1.4) | 1.6 | - | 43.8 |
(*) Includes the change in \u201cAdvances for television rights acquisitions\u201d, excludes other financial assets and deferred tax assets
| 2024 | ITALY | SPAIN | Eliminations/Adjustments | MFEGROUP |
| MAIN INCOME STATEMENT FIGURES | | | | |
| Revenues from external customers | 2,121.1 | 828.4 | | 2,949.5 |
| Inter-segment revenues | 3.8 | (1.1) | (2.7) | - |
| Consolidated net revenues | 2,124.9 | 827.3 | (2.7) | 2,949.5 |
| % | 72% | 28% | | 100% |
| Operating Result (EBIT) | 209.4 | 146.3 | 0.0 | 355.8 |
| Financial income/(losses) | | | | (23.8) |
| Income/(expenses) from equity investments valued with the equity method | | | | 30.1 |
| (Impairment)/Reversal of equityinvestments | | | | (128.2) |
| Gain/(loss) from sale of equity investments | | | | (0.4) |
| PROFIT BEFORE TAX | | | | 233.5 |
| Income taxes | | | | (93.1) |
| NET PROFIT FOR THE PERIOD | | | | 140.4 |
| Attributable to:- Equity shareholders of the parent company | | | | 137.9 |
| - Non-controlling Interests | | | | 2.4 |
| OTHER INFORMATION | | | | |
| Property, plant and equipment | 246.9 | 38.1 | - | 285.0 |
| TV and movie rights | 603.1 | 114.3 | (0.6) | 716.8 |
| Goodwill | 151.5 | 294.9 | 363.2 | 809.6 |
| Other intangible assets | 288.0 | 160.2 | - | 448.2 |
| Investments in associates and joint venture | 849.9 | 13.3 | (0.4) | 862.8 |
| Non-Current Assets (*) | 2,139.4 | 620.9 | 362.2 | 3,122.5 |
| Assets | 4,361.2 | 999.4 | (572.5) | 4,788.2 |
| Liabilities | 1,685.6 | 334.5 | (104.6) | 1,915.5 |
| Investments in tangible and intangible non-current assets (*) | 254.3 | 120.3 | (0.1) | 374.5 |
| Amortisation and depreciation | 326.1 | 110.6 | (0.4) | 436.3 |
| Other non-monetary expenses | 7.3 | (5.4) | - | 1.8 |
(*) Includes the change in \u201cAdvances for television rights acquisitions\u201d, excludes other financial assets and deferred tax assets
The following table shows the cash flow statement for each geographical area. | Cash Flow Statement(geographical breakdown) | ITALIA | SPAGNA | GERMANIA |
| 2025 | 2024 | 2025 | 2024 | 2025 |
| Operating result | 61.1 | 209.4 | 76.9 | 146.3 | 100.5 |
| + Depreciation and amortisation | 331.8 | 326.1 | 109.9 | 110.6 | 187.0 |
| + Other provisions and non-cash movements | 54.1 | 4.7 | (7.1) | 5.0 | (1.8) |
| + Change in working capital/ other assets and liabilities | 71.6 | 71.2 | 72.9 | (22.5) | 77.8 |
| - Income tax paid | (23.9) | (8.5) | (10.7) | (27.3) | (0.6) |
| Net cash flow from/(used in) operating activities [A] | 494.8 | 603.0 | 241.9 | 212.2 | 362.9 |
| CASH FLOW FROM INVESTING ACTIVITIES: | | | | | |
| Proceeds from the sale of fixed assets | - | 0.4 | - | 2.5 | 0.1 |
| Proceeds from the sale of equity investments | | | | | 0.6 |
| Payments for investments in TV and movie broadcasting rights | (263.9) | (293.5) | (112.6) | (116.8) | (98.3) |
| Payments in investments in property, plant and equipment and intangible assets | (39.9) | (34.1) | (9.0) | (10.9) | (35.5) |
| Proceeds from government grants | 9.5 | 5.4 | | | 2.7 |
| Proceeds/(Payments) for hedging derivatives on financial assets | - | 9.7 | - | - | - |
| Payments for equity investments in associates and joint ventures | (41.8) | (16.2) | - | (6.2) | (0.1) |
| Proceeds/(Payments) for other financial assets | (464.3) | (4.7) | 78.2 | 162.3 | - |
| Dividends received | 216.1 | 318.6 | 2.6 | 9.2 | 0.4 |
| Business combinations net of cash and cash equivalents acquired | - | 1.5 | - | 4.5 | - |
| Net cash flow from/(used in) investing activities [B] | (584.3) | (13.0) | (40.8) | 44.7 | (130.2) |
| CASH FLOW FROM FINANCING ACTIVITIES: | | | | | |
| Proceeds from financing | 753.6 | - | - | - | - |
| Financing repayments | (396.2) | (231.9) | | | (227.2) |
| Dividends paid | (151.5) | (140.0) | (192.1) | (303.4) | - |
| Changes in other financial assets/liabilities | (111.8) | (193.7) | - | (0.3) | (32.5) |
| Interest paid | (18.9) | (23.8) | (2.3) | 2.8 | (22.4) |
| Changes in controlling interest | (4.8) | - | (13.3) | - | (1.1) |
| Net cash flow from/(used in) financing activities [C] | 70.4 | (588.6) | (207.7) | (300.9) | (283.3) |
| CHANGE IN CASH AND CASH EQUIVALENTS (D=A+B+C) | (19.1) | 1.3 | (6.6) | (44.0) | (50.5) |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD [E] | 105.1 | 103.8 | 27.4 | 71.5 | 593.1 |
| Cash and cash equivalents classified under assets held for sale at end of reporting period | - | | - | | (1.2) |
| CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (F=D+E) | 86.0 | 105.1 | 20.9 | 27.4 | 541.4 |
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"value": "7.1 REVENUES FROM SALES OF GOODS AND SERVICES
The revenues from sales and services are recognised, respectively, when control is actually transferred as a result of the transfer of ownership or provision of the service.
In particular, the main streams of revenue generated by the Group's activities are recognised and reported according to the following criteria:
Advertising revenues generated by the sale of advertising time are recognised at the moment the advertisement or commercial spot appears; revenues from the sale of advertising under barter operations and, correspondingly, the costs of the merchandise, are recognised at fair value to take into account the estimated realisable value of the merchandise.
Sale of goods and merchandise are recognised at the moment they are shipped or delivered (depending on how the actual transfer of control is governed by specific contractual provisions and terms of trade);
Marketing of television broadcasting rights and productions, even for limited use periods, which result in the transfer of control of the asset to the sub-licensee, are fully recognised from the start of the period of the transferred use (or when the sub-licensee can start benefitting from the right to use them);
Distribution revenues refferred to fees received from third-party providers for the retransmission of the Group\u2019s channels and content to their end customers are recognized over time.
Revenues from streaming offerings and other pay digital services refer to income from subscriptions, recognised as accrued on a time basis from the contract start date.
Revenues from pay digital services:refer to amounts billed to users for pay-per-use ancillary services that temporarily increase profile visibility on dating platforms, and for purchases of credits and digital gifts used in live interactions on social and video platforms. These revenues are recognised on a point-in-time basis, when the service is made available to the user.
Commissions (included in the Other revenues stream) earned from service providers following the conclusion of contracts with end users through online platforms are recognised on a point-in-time basis, upon completion of the intermediation service. In particular, revenues from the sale of experiential vouchers are accounted for on an intermediation basis. The amount received is recognised as a liability at the time of sale of the voucher. Commissions are recognised as revenue only upon the voucher\u2019s redemption. If the voucher is not used within its validity period, its outstanding value is recognised as revenue at that date.
Revenues are shown net of returns, discounts, allowances and premiums, as well as any directly linked tax charges.
The main types of activities that fall within each major revenue stream are given below.
Advertising revenues, reported net of agency discounts, refer to the sale of advertising time on television and other media (radio, digital and DOOH) owned by the Group and third parties, and managed by the Group\u2019s advertising sales companies.
In particular:
-TV advertising sales revenues, managed by the Group\u2019s sales houses (Publitalia \u201980, Publiespana S.A. and Seven.One Media) in Italy, Spain and German-speaking countries respectively, mainly refer to the Group\u2019s free-to-air generalist and semi-generalist channels, kids channels operated in Italy under joint venture (Boing) and third-party advertising sales managed in Italy by the concessionaire Digitalia \u201908 on behalf of third parties (in relation to Serie A broadcasting rights held by DAZN).
-Other media advertising sales revenues refer to Italian advertising revenues from radio stations managed in Italy by concessionaire Digitalia \u201808 for radio broadcasters owned by the Group and third parties, digital advertising (websites and web properties), Group and third-party DOOH inventory and data-driven services provided by Beintoo.
Sale of TV rights and television productions revenues mainly include revenues from the multi-platform sale of content and the licensing of movie rights for home video and television.
Distribution revenues refer to fees received from third-party providers (free-to-air/pay tv, satellite, cable and IPTV) for the retransmission of the Group\u2019s channels and content to their end customers.
Pay streaming service revenues mainly refer to the non-linear content and services on Infinity streaming platforms in Italy and in Spain.
Other pay digital services revenues refer to content and services provided through B2C direct-to-consumer platforms, attributable to the Group\u2019s Dating and Video activities within P7S1.
Construction and maintenance of television equipment revenues mainly relate to the income for the use of transmission capacity on digital terrestrial television networks. This item also includes revenues from the sale of equipment by Elettronica Industriale S.p.A. to external customers.
Film distribution revenues refer to fees received by Medusa Film (Italy) and Telecinco Cinema (Spain) from cinema exhibitors cinema exhibitors for the exploitation of theatrical rights to films.
Other revenues mainly comprise: royalties from merchandising; income from telephone traffic generated by interactions with television productions; teletext-related commercial services; commissions from intermediation activities linked to third-party advertising sales; and commissions from P7S1\u2019s Digital Platform & Commerce activities (consumer advice and experiential vouchers), relating to digital intermediation and vertical platforms.
The breakdown of these revenues is provided below, highlighting the main types at a consolidated level. The breakdown between net advertising revenues and the other revenues (as aggregate of all the other revenues stream), is reported in the Directors' Report on Operations, to show the business performance in Italy, Spain and the DACH region where P7S1 primarily operates. The impact on revenues from sales and services arising from the line-by-line consolidation of P7S1 commencing the fourth quarter of 2025 amounted to EUR 1,160.5 million. | 2025 | 2024 |
| Advertising revenues | 3,234.7 | 2,697.8 |
| Sale of TV rights and productions | 117.7 | 67.6 |
| Distribution revenues | 76.2 | 27.9 |
| Pay streaming service | 17.9 | 25.0 |
| Other pay digital services | 64.0 | - |
| Sales of goods and merchandise | 287.2 | - |
| Construction, rental and maintenance of TV equipment | 18.8 | 24.1 |
| Movie distribution revenues | 32.3 | 21.9 |
| Other revenues | 144.2 | 49.3 |
| Total | 3,992.9 | 2,913.6 |
The result for advertising revenues, on a like-for-like basis, mainly reflects the decline in advertising sales in Spain. The contribution from the consolidation of P7S1 commencing the fourth quarter of 2025 was EUR 621.6 million.
Sale of rights and television productions revenues included EUR 39 million generated by P7S1.
Distribution revenues mainly relate to the carriage fees earned by P7S1 in the fourth quarter 2025 for the distribution of the channels and content by cable, satellite, IPTV, and OTT operators.
The change in Pay streaming service revenues, relating to income generated from subscriptions to the Group\u2019s OTT services and content, reflects the different composition of Infinity platform packages, which in Italy included rights to UEFA Champions League matches in the early part of 2024.
Other pay digital service revenues refer to B2C digital content and services provided through digital platforms attributable to the Group\u2019s Dating (Parship/Elite, LOVOO, eHarmony) and Video (Meet Group) activities within P7S1, amounting to EUR 64.0 million for the fourth quarter of the year.
Sales of goods and merchandise revenues include EUR 287.2 million generated by P7S1 Group\u2019s Beauty & Lifestyle product sales in the fourth quarter of 2025.
The increase in Movie distribution revenues reflects the higher income generated by Medusa\u2019s film distribution activities in Italy.
Other revenues in 2025 include EUR 85.4 million in commission revenues from P7S1\u2019s experiential voucher and consumer advice activities, consolidated commencing the fourth quarter of the year.
Revenue breakdown by geographical area
Below is a breakdown of revenues by geographical area, according to the customer\u2019s country of residence:
| 2025 | 2024 |
| Italy | 1,964.6 | 1,991.0 |
| Spain | 710.4 | 770.9 |
| Germany | 965.0 | 11.0 |
| EU countries | 122.4 | 56.7 |
| North America | 126.4 | 18.4 |
| Other countries | 104.2 | 65.6 |
| Total | 3,992.9 | 2,913.6 |
Concentration of revenues
None of the revenues generated from individual customers amounts to or exceeds 10% of the net consolidated revenues.
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"v1-page321-cflshid_120400-tag138161": {
"value": "7.1 REVENUES FROM SALES OF GOODS AND SERVICES
The revenues from sales and services are recognised, respectively, when control is actually transferred as a result of the transfer of ownership or provision of the service.
In particular, the main streams of revenue generated by the Group's activities are recognised and reported according to the following criteria:
Advertising revenues generated by the sale of advertising time are recognised at the moment the advertisement or commercial spot appears; revenues from the sale of advertising under barter operations and, correspondingly, the costs of the merchandise, are recognised at fair value to take into account the estimated realisable value of the merchandise.
Sale of goods and merchandise are recognised at the moment they are shipped or delivered (depending on how the actual transfer of control is governed by specific contractual provisions and terms of trade);
Marketing of television broadcasting rights and productions, even for limited use periods, which result in the transfer of control of the asset to the sub-licensee, are fully recognised from the start of the period of the transferred use (or when the sub-licensee can start benefitting from the right to use them);
Distribution revenues refferred to fees received from third-party providers for the retransmission of the Group\u2019s channels and content to their end customers are recognized over time.
Revenues from streaming offerings and other pay digital services refer to income from subscriptions, recognised as accrued on a time basis from the contract start date.
Revenues from pay digital services:refer to amounts billed to users for pay-per-use ancillary services that temporarily increase profile visibility on dating platforms, and for purchases of credits and digital gifts used in live interactions on social and video platforms. These revenues are recognised on a point-in-time basis, when the service is made available to the user.
Commissions (included in the Other revenues stream) earned from service providers following the conclusion of contracts with end users through online platforms are recognised on a point-in-time basis, upon completion of the intermediation service. In particular, revenues from the sale of experiential vouchers are accounted for on an intermediation basis. The amount received is recognised as a liability at the time of sale of the voucher. Commissions are recognised as revenue only upon the voucher\u2019s redemption. If the voucher is not used within its validity period, its outstanding value is recognised as revenue at that date.
Revenues are shown net of returns, discounts, allowances and premiums, as well as any directly linked tax charges.
The main types of activities that fall within each major revenue stream are given below.
Advertising revenues, reported net of agency discounts, refer to the sale of advertising time on television and other media (radio, digital and DOOH) owned by the Group and third parties, and managed by the Group\u2019s advertising sales companies.
In particular:
-TV advertising sales revenues, managed by the Group\u2019s sales houses (Publitalia \u201980, Publiespana S.A. and Seven.One Media) in Italy, Spain and German-speaking countries respectively, mainly refer to the Group\u2019s free-to-air generalist and semi-generalist channels, kids channels operated in Italy under joint venture (Boing) and third-party advertising sales managed in Italy by the concessionaire Digitalia \u201908 on behalf of third parties (in relation to Serie A broadcasting rights held by DAZN).
-Other media advertising sales revenues refer to Italian advertising revenues from radio stations managed in Italy by concessionaire Digitalia \u201808 for radio broadcasters owned by the Group and third parties, digital advertising (websites and web properties), Group and third-party DOOH inventory and data-driven services provided by Beintoo.
Sale of TV rights and television productions revenues mainly include revenues from the multi-platform sale of content and the licensing of movie rights for home video and television.
Distribution revenues refer to fees received from third-party providers (free-to-air/pay tv, satellite, cable and IPTV) for the retransmission of the Group\u2019s channels and content to their end customers.
Pay streaming service revenues mainly refer to the non-linear content and services on Infinity streaming platforms in Italy and in Spain.
Other pay digital services revenues refer to content and services provided through B2C direct-to-consumer platforms, attributable to the Group\u2019s Dating and Video activities within P7S1.
Construction and maintenance of television equipment revenues mainly relate to the income for the use of transmission capacity on digital terrestrial television networks. This item also includes revenues from the sale of equipment by Elettronica Industriale S.p.A. to external customers.
Film distribution revenues refer to fees received by Medusa Film (Italy) and Telecinco Cinema (Spain) from cinema exhibitors cinema exhibitors for the exploitation of theatrical rights to films.
Other revenues mainly comprise: royalties from merchandising; income from telephone traffic generated by interactions with television productions; teletext-related commercial services; commissions from intermediation activities linked to third-party advertising sales; and commissions from P7S1\u2019s Digital Platform & Commerce activities (consumer advice and experiential vouchers), relating to digital intermediation and vertical platforms.
The breakdown of these revenues is provided below, highlighting the main types at a consolidated level. The breakdown between net advertising revenues and the other revenues (as aggregate of all the other revenues stream), is reported in the Directors' Report on Operations, to show the business performance in Italy, Spain and the DACH region where P7S1 primarily operates. The impact on revenues from sales and services arising from the line-by-line consolidation of P7S1 commencing the fourth quarter of 2025 amounted to EUR 1,160.5 million. | 2025 | 2024 |
| Advertising revenues | 3,234.7 | 2,697.8 |
| Sale of TV rights and productions | 117.7 | 67.6 |
| Distribution revenues | 76.2 | 27.9 |
| Pay streaming service | 17.9 | 25.0 |
| Other pay digital services | 64.0 | - |
| Sales of goods and merchandise | 287.2 | - |
| Construction, rental and maintenance of TV equipment | 18.8 | 24.1 |
| Movie distribution revenues | 32.3 | 21.9 |
| Other revenues | 144.2 | 49.3 |
| Total | 3,992.9 | 2,913.6 |
The result for advertising revenues, on a like-for-like basis, mainly reflects the decline in advertising sales in Spain. The contribution from the consolidation of P7S1 commencing the fourth quarter of 2025 was EUR 621.6 million.
Sale of rights and television productions revenues included EUR 39 million generated by P7S1.
Distribution revenues mainly relate to the carriage fees earned by P7S1 in the fourth quarter 2025 for the distribution of the channels and content by cable, satellite, IPTV, and OTT operators.
The change in Pay streaming service revenues, relating to income generated from subscriptions to the Group\u2019s OTT services and content, reflects the different composition of Infinity platform packages, which in Italy included rights to UEFA Champions League matches in the early part of 2024.
Other pay digital service revenues refer to B2C digital content and services provided through digital platforms attributable to the Group\u2019s Dating (Parship/Elite, LOVOO, eHarmony) and Video (Meet Group) activities within P7S1, amounting to EUR 64.0 million for the fourth quarter of the year.
Sales of goods and merchandise revenues include EUR 287.2 million generated by P7S1 Group\u2019s Beauty & Lifestyle product sales in the fourth quarter of 2025.
The increase in Movie distribution revenues reflects the higher income generated by Medusa\u2019s film distribution activities in Italy.
Other revenues in 2025 include EUR 85.4 million in commission revenues from P7S1\u2019s experiential voucher and consumer advice activities, consolidated commencing the fourth quarter of the year.
Revenue breakdown by geographical area
Below is a breakdown of revenues by geographical area, according to the customer\u2019s country of residence:
| 2025 | 2024 |
| Italy | 1,964.6 | 1,991.0 |
| Spain | 710.4 | 770.9 |
| Germany | 965.0 | 11.0 |
| EU countries | 122.4 | 56.7 |
| North America | 126.4 | 18.4 |
| Other countries | 104.2 | 65.6 |
| Total | 3,992.9 | 2,913.6 |
Concentration of revenues
None of the revenues generated from individual customers amounts to or exceeds 10% of the net consolidated revenues.
",
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"v1-page321-cflshid_120400-tag138160": {
"value": "The revenues from sales and services are recognised, respectively, when control is actually transferred as a result of the transfer of ownership or provision of the service.
In particular, the main streams of revenue generated by the Group's activities are recognised and reported according to the following criteria:
Advertising revenues generated by the sale of advertising time are recognised at the moment the advertisement or commercial spot appears; revenues from the sale of advertising under barter operations and, correspondingly, the costs of the merchandise, are recognised at fair value to take into account the estimated realisable value of the merchandise.
Sale of goods and merchandise are recognised at the moment they are shipped or delivered (depending on how the actual transfer of control is governed by specific contractual provisions and terms of trade);
Marketing of television broadcasting rights and productions, even for limited use periods, which result in the transfer of control of the asset to the sub-licensee, are fully recognised from the start of the period of the transferred use (or when the sub-licensee can start benefitting from the right to use them);
Distribution revenues refferred to fees received from third-party providers for the retransmission of the Group\u2019s channels and content to their end customers are recognized over time.
Revenues from streaming offerings and other pay digital services refer to income from subscriptions, recognised as accrued on a time basis from the contract start date.
Revenues from pay digital services:refer to amounts billed to users for pay-per-use ancillary services that temporarily increase profile visibility on dating platforms, and for purchases of credits and digital gifts used in live interactions on social and video platforms. These revenues are recognised on a point-in-time basis, when the service is made available to the user.
Commissions (included in the Other revenues stream) earned from service providers following the conclusion of contracts with end users through online platforms are recognised on a point-in-time basis, upon completion of the intermediation service. In particular, revenues from the sale of experiential vouchers are accounted for on an intermediation basis. The amount received is recognised as a liability at the time of sale of the voucher. Commissions are recognised as revenue only upon the voucher\u2019s redemption. If the voucher is not used within its validity period, its outstanding value is recognised as revenue at that date.
Revenues are shown net of returns, discounts, allowances and premiums, as well as any directly linked tax charges.
The main types of activities that fall within each major revenue stream are given below.
Advertising revenues, reported net of agency discounts, refer to the sale of advertising time on television and other media (radio, digital and DOOH) owned by the Group and third parties, and managed by the Group\u2019s advertising sales companies.
In particular:
-TV advertising sales revenues, managed by the Group\u2019s sales houses (Publitalia \u201980, Publiespana S.A. and Seven.One Media) in Italy, Spain and German-speaking countries respectively, mainly refer to the Group\u2019s free-to-air generalist and semi-generalist channels, kids channels operated in Italy under joint venture (Boing) and third-party advertising sales managed in Italy by the concessionaire Digitalia \u201908 on behalf of third parties (in relation to Serie A broadcasting rights held by DAZN).
-Other media advertising sales revenues refer to Italian advertising revenues from radio stations managed in Italy by concessionaire Digitalia \u201808 for radio broadcasters owned by the Group and third parties, digital advertising (websites and web properties), Group and third-party DOOH inventory and data-driven services provided by Beintoo.
Sale of TV rights and television productions revenues mainly include revenues from the multi-platform sale of content and the licensing of movie rights for home video and television.
Distribution revenues refer to fees received from third-party providers (free-to-air/pay tv, satellite, cable and IPTV) for the retransmission of the Group\u2019s channels and content to their end customers.
Pay streaming service revenues mainly refer to the non-linear content and services on Infinity streaming platforms in Italy and in Spain.
Other pay digital services revenues refer to content and services provided through B2C direct-to-consumer platforms, attributable to the Group\u2019s Dating and Video activities within P7S1.
Construction and maintenance of television equipment revenues mainly relate to the income for the use of transmission capacity on digital terrestrial television networks. This item also includes revenues from the sale of equipment by Elettronica Industriale S.p.A. to external customers.
Film distribution revenues refer to fees received by Medusa Film (Italy) and Telecinco Cinema (Spain) from cinema exhibitors cinema exhibitors for the exploitation of theatrical rights to films.
Other revenues mainly comprise: royalties from merchandising; income from telephone traffic generated by interactions with television productions; teletext-related commercial services; commissions from intermediation activities linked to third-party advertising sales; and commissions from P7S1\u2019s Digital Platform & Commerce activities (consumer advice and experiential vouchers), relating to digital intermediation and vertical platforms.
Other income are recognised when control is actually transferred as a result of the transfer of ownership or provision of the service. This item mainly includes non-core revenues and income, revenues from leases, property rentals, capital gains on disposal of fixed assets or activities, contingent assets and government grants (grants related to income) obtained for investments in cinema installations and productions, which are recognised in the financial statements when there is reasonable certainty that the company will satisfy all the conditions required to obtain them and that they will actually be received. The grants are recognised in the income statement over the same period in which the related costs are recognised.
",
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"v1-page323-cflshid_121456-tag138265": {
"value": "7.2 OTHER INCOME
Other income are recognised when control is actually transferred as a result of the transfer of ownership or provision of the service. This item mainly includes non-core revenues and income, revenues from leases, property rentals, capital gains on disposal of fixed assets or activities, contingent assets and government grants (grants related to income) obtained for investments in cinema installations and productions, which are recognised in the financial statements when there is reasonable certainty that the company will satisfy all the conditions required to obtain them and that they will actually be received. The grants are recognised in the income statement over the same period in which the related costs are recognised.
| 2025 | 2024 |
| Gain from disposal of fixed assets | 4.1 | 0.1 |
| Income from rentals | 3.2 | 2.4 |
| Government grants | 0.0 | 4.2 |
| Other income | 30.8 | 29.1 |
\u201cGain from disposal of fixed assets\u201d mainly relates to a EUR 3.8 million gain on the sale of transmission equipment (transmitters, radio links and related switches). This equipment was transferred on 1 July 2025 by the subsidiary Elettronica Industriale to the EI Towers Group following the renewal of the multi-year full service agreement for the distribution and transmission of television signals across Italy.
Government grants referred to the recognition of the tax credit for film distribution activities under Italian Law 244/2007 and following the entry into force of the Italian Ministerial Decree of 15 March 2018 implementing new cinema law No. 220/2016 of 14 November 2016.
Other income mainly refers EUR 14.0 million of previous years income and EUR 1.8 million technical services to third parties. In 2024, comprised the damages paid by third parties to some Group companies after it was found in legal proceedings that they had illegally used and enjoyed copyrighted video content.",
"dimensions": {
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"v1-page324-cflshid_121873-tag138262": {
"value": "Government grants referred to the recognition of the tax credit for film distribution activities under Italian Law 244/2007 and following the entry into force of the Italian Ministerial Decree of 15 March 2018 implementing new cinema law No. 220/2016 of 14 November 2016.
",
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"v1-page325-cflshid_122033-tag138165": {
"value": "7.3 PERSONNEL EXPENSES Personnel expenses consist of the remuneration in cash or in kind paid to employees for the services provided (other than retirement or post employment benefits). In particular, this item comprises: Wages, salaries and productivity bonuses accrued during the year, holidays accrued and not taken by employees, one-off bonuses, social security and welfare contributions. Personnel expenses are defined by employment contracts. No actuarial assumptions are required to determine their amount. As \"short-term\" labour costs, these must be entirely recognised for the year to which they refer.
The average headcount figure is determined using the full-time equivalent (FTE) methodology, expressed as the number of full-time equivalent employees based on total hours worked.
Medium/long-term incentive plans include share-based payments recognised pursuant to IFRS 2, as indicated in Note 14 Share-based payments.
| 2025 | 2024 |
| Ordinary remuneration | 418.5 | 291.9 |
| Overtime | 11.1 | 11.7 |
| Special benefits | 34.1 | 23.2 |
| Additional salary period (13th and 14th salary period) | 39.8 | 39.2 |
| Accrued and unused holiday | 1.3 | 1.0 |
| Total wages and salary | 504.8 | 366.9 |
| Social security contributions | 133.5 | 108.3 |
| Post-employment benefit plans | 0.4 | 0.5 |
| MLT incentive plans | 7.8 | 5.1 |
| Other personnel expenses | 103.0 | 37.6 |
| Total personnel expenses | 749.5 | 518.4 |
MLT incentive plans includes expenses accruing to the year 2025 for medium/long-term incentive plans awarded by the parent company in 2023, 2024 and 2025.
The change in Other personnel expenses mainly refer to lay-off costs and restructuring expenses, and includes leaving incentives and short-term benefits for employees (other than wages, salaries, contributions and paid leave), such as medical assistance, company cars, meal services and other free or subsidised goods and services.
The following table shows the details of the Group\u2019s average workforce, determined on a full time equivalent (FTA) basis based on the business sector to which they belong attributable to the main geographical areas, Italy, Spain and German-speaking regions (Germany, Austria and Switzerland) in which the Group's activities are carried out. No employees work at companies with registered offices in the Netherlands, as the Group's actual and operating headquarters continue to be located in Italy, Spain and Germany.
| AVERAGE FTE | 2025 | 2024 |
| Italy | 3,509 | 3,441 |
| Germany (*) (**) | 6,698 | - |
| Spain | 1,668 | 1,670 |
| Total | 11,875 | 5,111 |
\u00a0\u00a0
(*) The \u201cGermany\u201d line refers to the German-speaking countries (DACH) and companies belonging to the P7S1 Group.
(**) Fourth quarter Average workforce",
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"v1-page325-cflshid_122033-tag138164": {
"value": "7.3 PERSONNEL EXPENSES Personnel expenses consist of the remuneration in cash or in kind paid to employees for the services provided (other than retirement or post employment benefits). In particular, this item comprises: Wages, salaries and productivity bonuses accrued during the year, holidays accrued and not taken by employees, one-off bonuses, social security and welfare contributions. Personnel expenses are defined by employment contracts. No actuarial assumptions are required to determine their amount. As \"short-term\" labour costs, these must be entirely recognised for the year to which they refer.
The average headcount figure is determined using the full-time equivalent (FTE) methodology, expressed as the number of full-time equivalent employees based on total hours worked.
Medium/long-term incentive plans include share-based payments recognised pursuant to IFRS 2, as indicated in Note 14 Share-based payments.
| 2025 | 2024 |
| Ordinary remuneration | 418.5 | 291.9 |
| Overtime | 11.1 | 11.7 |
| Special benefits | 34.1 | 23.2 |
| Additional salary period (13th and 14th salary period) | 39.8 | 39.2 |
| Accrued and unused holiday | 1.3 | 1.0 |
| Total wages and salary | 504.8 | 366.9 |
| Social security contributions | 133.5 | 108.3 |
| Post-employment benefit plans | 0.4 | 0.5 |
| MLT incentive plans | 7.8 | 5.1 |
| Other personnel expenses | 103.0 | 37.6 |
| Total personnel expenses | 749.5 | 518.4 |
MLT incentive plans includes expenses accruing to the year 2025 for medium/long-term incentive plans awarded by the parent company in 2023, 2024 and 2025.
The change in Other personnel expenses mainly refer to lay-off costs and restructuring expenses, and includes leaving incentives and short-term benefits for employees (other than wages, salaries, contributions and paid leave), such as medical assistance, company cars, meal services and other free or subsidised goods and services.
The following table shows the details of the Group\u2019s average workforce, determined on a full time equivalent (FTA) basis based on the business sector to which they belong attributable to the main geographical areas, Italy, Spain and German-speaking regions (Germany, Austria and Switzerland) in which the Group's activities are carried out. No employees work at companies with registered offices in the Netherlands, as the Group's actual and operating headquarters continue to be located in Italy, Spain and Germany.
| AVERAGE FTE | 2025 | 2024 |
| Italy | 3,509 | 3,441 |
| Germany (*) (**) | 6,698 | - |
| Spain | 1,668 | 1,670 |
| Total | 11,875 | 5,111 |
\u00a0\u00a0
(*) The \u201cGermany\u201d line refers to the German-speaking countries (DACH) and companies belonging to the P7S1 Group.
(**) Fourth quarter Average workforce
7.4 PURCHASES, SERVICES AND OTHER COSTS
Costs are recognised in the income statement when they refer to goods and services used during the year.
| 2025 | 2024 |
| Purchases | 441.3 | 109.1 |
| Change in inventories of raw materials, semi-finished and finished products and increase in internal work | 18.8 | (22.7) |
| Consultants, contractors and services | 273.4 | 232.8 |
| Making and purchases of productions | 542.2 | 510.3 |
| Broadcaster fees and guaranteed minimums | 131.8 | 136.3 |
| Advertising space and external relations | 92.8 | 23.2 |
| EDP Services | 30.5 | 16.7 |
| Research, training and travel expenses | 16.1 | 12.9 |
| Other services | 580.7 | 405.4 |
| Services | 1,667.4 | 1,337.6 |
| Rentals | 170.1 | 160.6 |
| Accruals/(Reversal) of provisions | 35.9 | (3.2) |
| Other operating expenses | 81.2 | 57.6 |
| Total purchases, services, other costs | 2,414.7 | 1,639.0 |
Purchases includes expenditures for the purchase of the raw materials and consumables used in staff and production activities (such as sets, costumes, awards) as well as those relating to the acquisition of TV rights licences with a duration of less than one year (such as rights to news and events) in the amount of EUR 178.7 million (EUR 54.2 million at 31 December 2024). An amount of EUR 155.3 milion is referred to rights purchase of P7S1 Group. In addition includes EUR 206.4 milion of products and merchandise related to Flaconi (beauty products) and Camperdays (travel products and services).In terms of Total purchases, services, other costs, EUR 713.6 million relate to P7S1.
With reference to Cost for services:
oConsultants, contractors and services refers to professional service and advisor, corporate bodies fees, collaborators and temporary work expenses, artistic and journalistic collaborations.
oThe item Making and purchases of production refers to direct costs related to the creation of in-house productions and for purchase of productions from third parties.
oOther services mainly refers to EUR 94.9 million in trade association costs for the use of intellectual property rights (EUR 94.5 million in 2024), EUR 64.4 million in costs of maintaining networks, broadcasting equipment, property and IT systems (EUR 82.6 million in 2024) EUR 23.2 million in utilities (EUR 27.4 million in 2024), EUR 209.0 million in marketing service fees and costs (EUR 86.2 million in 2024), and EUR 189.4 million in other technical service, security and transportation fees (EUR 114.7 million in 2024). The increase in commissions and marketing services costs mainly related to commissions incurred by the P7S1 Group.
Rentals includes EUR 86.9 million in costs relating to television signal transmission and the rental of tower for the three geographical areas of business (EUR 96.8 million at 31 December 2024), EUR 25.4 million in royalties (EUR 13.2 million in 2024) and EUR 32.3 million relating to rents mainly for television studios and equipment and office space (EUR 25.5 million in 2024).
Accruals/(Utilizations) of provisions includes accruals (net of the reversal of the excess funds accrued in previous years) for onerous contracts in relation to some television productions or to reflect future expenses.
Other operating expenses include indirect tax charges, donations and associative contributions and concession fees of which the main part relating to the contribution of 3% of the gross advertising sales of GA Mediaset Espa\u00f1a in accordance with the industry sector law on funding public television.
7.5 AMORTISATION, DEPRECIATION AND IMPAIRMENTS | 2025 | 2024 |
| Amortisation of TV and movie rights | 438.7 | 347.5 |
| Amortisation of other intangible assets | 70.7 | 40.1 |
| Depreciation of tangible assets | 61.0 | 46.7 |
| (Impairments) /Reversal of TV and movies rights | (1.9) | 0.6 |
| (Impairment)/Reversal of property, plant and equipment and intangible fixed assets | 54.9 | - |
| (Impairments)/Reversal of receivables | 4.8 | 1.4 |
| Total amortisation, depreciation and impairments | 628.3 | 436.3 |
For commentary on changes in amortisation, depreciation and impairments, see the explanatory notes related to Property, plant and equipment, TV and movie rights and Intangible fixed assets below.
The change in this item mainly reflects the consolidation of the P7S1 Group commencing the fourth quarter of the year.
(Impairment)/Reversal of property, plant and equipment and intangible fixed assets mainly includes EUR 29.9 million for impairment of assets of the P7S1 Group reclassified under Assets held for sale and related to the disposal of assets expected to be completed in 2026 as indicated in the Note 9.6, EUR 14 million for impairment of trademarks with an indefinite useful life and EUR 4 million for impairment of internally generated intangible assets.
",
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"value": "7.3 PERSONNEL EXPENSES Personnel expenses consist of the remuneration in cash or in kind paid to employees for the services provided (other than retirement or post employment benefits). In particular, this item comprises: Wages, salaries and productivity bonuses accrued during the year, holidays accrued and not taken by employees, one-off bonuses, social security and welfare contributions. Personnel expenses are defined by employment contracts. No actuarial assumptions are required to determine their amount. As \"short-term\" labour costs, these must be entirely recognised for the year to which they refer.
The average headcount figure is determined using the full-time equivalent (FTE) methodology, expressed as the number of full-time equivalent employees based on total hours worked.
Medium/long-term incentive plans include share-based payments recognised pursuant to IFRS 2, as indicated in Note 14 Share-based payments.
| 2025 | 2024 |
| Ordinary remuneration | 418.5 | 291.9 |
| Overtime | 11.1 | 11.7 |
| Special benefits | 34.1 | 23.2 |
| Additional salary period (13th and 14th salary period) | 39.8 | 39.2 |
| Accrued and unused holiday | 1.3 | 1.0 |
| Total wages and salary | 504.8 | 366.9 |
| Social security contributions | 133.5 | 108.3 |
| Post-employment benefit plans | 0.4 | 0.5 |
| MLT incentive plans | 7.8 | 5.1 |
| Other personnel expenses | 103.0 | 37.6 |
| Total personnel expenses | 749.5 | 518.4 |
MLT incentive plans includes expenses accruing to the year 2025 for medium/long-term incentive plans awarded by the parent company in 2023, 2024 and 2025.
The change in Other personnel expenses mainly refer to lay-off costs and restructuring expenses, and includes leaving incentives and short-term benefits for employees (other than wages, salaries, contributions and paid leave), such as medical assistance, company cars, meal services and other free or subsidised goods and services.
The following table shows the details of the Group\u2019s average workforce, determined on a full time equivalent (FTA) basis based on the business sector to which they belong attributable to the main geographical areas, Italy, Spain and German-speaking regions (Germany, Austria and Switzerland) in which the Group's activities are carried out. No employees work at companies with registered offices in the Netherlands, as the Group's actual and operating headquarters continue to be located in Italy, Spain and Germany.
| AVERAGE FTE | 2025 | 2024 |
| Italy | 3,509 | 3,441 |
| Germany (*) (**) | 6,698 | - |
| Spain | 1,668 | 1,670 |
| Total | 11,875 | 5,111 |
\u00a0\u00a0
(*) The \u201cGermany\u201d line refers to the German-speaking countries (DACH) and companies belonging to the P7S1 Group.
(**) Fourth quarter Average workforce
11.1 POST-EMPLOYMENT BENEFIT PLANS Employee benefits
Post-employment benefit plans
The Employee Leaving Indemnity (ELI), which is obligatory for Italian companies pursuant to article 2120 of the Italian Civil Code, is a type of deferred remuneration and is related to the length of the working lives of the employees and the remuneration received.
As a result of the Supplementary Pension Reform, amounts of ELI accrued up to 31 December 2006 will continue to remain within the company as a defined benefit plan (with the obligation of actuarial valuation of the accrued benefits). Amounts accruing from 1 January 2007 (except for employees in companies with less than 50 employees), according to the choice made by the employees, are either allocated to supplementary pension funds or transferred by the Company to the treasury fund managed by the Italian National Social Security Institute (INPS) and, from the time when the employees make their choice, shall constitute defined contribution plans no longer subject to actuarial valuation.
Employee benefits, which by Italian law are classified as leaving entitlements (TFR), are considered by IAS 19 to be post-employment benefits and must be recognised in the financial statements using actuarial valuations.
For the benefits subject to actuarial valuation, the ELI liability must be calculated by projecting forward the already accrued amount up to the future date of dissolution of the employment relationship and then discounting the amount to its present value, at the reporting date, using the actuarial \u201cProjected Unit Credit Method\u201d. The discount rate used to determine the liability is the \u201cComposite\u201d interest rate curve for securities issued by corporate issuers with an AA rating.
From an accounting perspective, the actuarial valuation results in recognition in profit and loss under the item \u201cFinancial Expenses/Income\u201d, which represents the theoretical charge that the Company would incur if it requested a market loan for the amount of the ELI, and a current service cost under the item \u201cPersonnel expenses\u201d, which establishes the amount of the benefits accrued by the employees during the financial year, but only for companies of the Group with less than 50 employees that, consequently, have not transferred the amounts accrued from 1 January 2007 to supplementary pension schemes. The actuarial gains and losses that reflect the impacts from changes in the actuarial assumptions used are recognised directly in shareholders\u2019 equity without ever going through profit and loss and they are shown in the comprehensive income statement.
The valuation of the Group\u2019s obligations to its employees was carried out with the support of an independent actuarial:
oProjected estimate of the cost of employee leaving entitlements already accrued at the valuation date up to the moment at which employment contracts will terminate or the accrued amounts are paid in part as advances on entitlements.
oDiscounting, at the valuation date, of the expected cash flows the Group will have pay to its employees in the future.
oRe-proportioning of the accrued benefits discounted based on length of service at the valuation date compared to the length of service expected at the hypothetical date of payment by the Group.
The valuation of employee leaving entitlements in accordance with IAS 19 was conducted specifically for the specific population of current employees, i.e. detailed calculations were made for each Group employee, without taking into account any future hires.
The actuarial valuation model is based on \u201ctechnical bases\u201d consisting of demographic, economic and financial assumptions relating to the valuation parameters.
The assumptions used are summarised below:
| Demographic assumptions | |
| Death probability | ISTAT life expectancy table broken down by age and sex, current as at 2024 |
| Probability of leaving the Group | Retirement, resignation, termination and contract expiration percentages were taken from the observation of the company's historical data. The employee attrition probabilities used were broken down by age, sex and contractual job title (office workers, managers and executives/journalists). The actuarial valuations took account of start dates for pension benefits specified by Decree Law 201 of 6 December 2011 \"Urgent Provisions for the Growth, Fairness and Consolidation of the State Budget,\" (converted with amendments by Law 214 of 22 December 2011) and the regulations governing adjustment of requirements to access the pension system for increases in life expectancy pursuant to Article 12 of Decree Law 78 of 31 May 2010 converted, with amendments, by Law 122 of 30 July 2010. |
| TFR advances | Frequencies of advances and average percentage of TFR requested in advance have been taken from the observation of historical data for each company of the Group |
| Supplementary pensions | Those who fully transfer their TFR to supplementary pensions release the company from TFR obligations, and thus, are not the subject of valuation. For other employees, valuations were made taking into account the decisions actually made by employees, current as at 31 December 2025. |
| Economic/financial assumptions | |
| Inflation rate | With reference to inflation, reference was made to the macroeconomic overview contained in the most recent \"Economy and Finance Document and Notes\" as at the reporting date, using an inflation rate of 1.7% for the period 2026, 1.9% for the period 2027-2028 and 2.0% for 2029 onwards. |
| Discounting rates | The discount rate used was determined in relation to market returns on prime corporate bonds on the valuation date. In this regard, the \"Composite\" interest rate curve was used for securities issued by corporate issues with an AA rating in the \"Investment Grade\" category in the eurozone as of 31 December 2025 (source: Bloomberg). |
The change in the post-employment benefits plans is as follows: | 2025 | 2024 |
| Balance at 1/1 | 46.4 | 49.3 |
| Service Cost | 0.4 | 0.5 |
| Actuarial (gains)/losses | (0.8) | (1.9) |
| Interest Cost | 1.2 | 1.8 |
| Indemnities paid | (5.3) | (5.2) |
| Business combinations | - | 1.9 |
| Balance at 31/12 | 41.9 | 46.4 |
The table below shows a sensitivity analysis on the amount of the liabilities following the change in the main demographic and economic and financial assumptions relating to the parameters involved in the calculation.
| Sensitivity analysis | | | |
| Economic and financial assumptions | | DBO | Service cost |
| +50 b.p. | 41.0 | 0.4 |
| Discount rate curve | | | |
| -50 b.p. | 42.9 | 0.4 |
| +50 b.p. | 42.6 | 0.4 |
| Inflation rate | | | |
| -50 b.p. | 41.3 | 0.4 |
| Demographic/Actuarial assumptions | | DBO | Service cost |
| +50 b.p. | 42.0 | 0.4 |
| Wage increases | | | |
| -50 b.p. | 41.9 | 0.4 |
| +50% | 42.3 | 0.4 |
| Probability of termination of the employment relationship | | | |
| -50% | 41.2 | 0.4 |
| +50% | 42.1 | 0.4 |
| Change in employee leaving entitlements | | | |
| -50% | 41.8 | 0.4 |
",
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"value": "Personnel expenses consist of the remuneration in cash or in kind paid to employees for the services provided (other than retirement or post employment benefits). In particular, this item comprises: Wages, salaries and productivity bonuses accrued during the year, holidays accrued and not taken by employees, one-off bonuses, social security and welfare contributions. Personnel expenses are defined by employment contracts. No actuarial assumptions are required to determine their amount. As \"short-term\" labour costs, these must be entirely recognised for the year to which they refer.
The average headcount figure is determined using the full-time equivalent (FTE) methodology, expressed as the number of full-time equivalent employees based on total hours worked.
Medium/long-term incentive plans include share-based payments recognised pursuant to IFRS 2, as indicated in Note 14 Share-based payments.
Post-employment benefit plans
The Employee Leaving Indemnity (ELI), which is obligatory for Italian companies pursuant to article 2120 of the Italian Civil Code, is a type of deferred remuneration and is related to the length of the working lives of the employees and the remuneration received.
As a result of the Supplementary Pension Reform, amounts of ELI accrued up to 31 December 2006 will continue to remain within the company as a defined benefit plan (with the obligation of actuarial valuation of the accrued benefits). Amounts accruing from 1 January 2007 (except for employees in companies with less than 50 employees), according to the choice made by the employees, are either allocated to supplementary pension funds or transferred by the Company to the treasury fund managed by the Italian National Social Security Institute (INPS) and, from the time when the employees make their choice, shall constitute defined contribution plans no longer subject to actuarial valuation.
Employee benefits, which by Italian law are classified as leaving entitlements (TFR), are considered by IAS 19 to be post-employment benefits and must be recognised in the financial statements using actuarial valuations.
For the benefits subject to actuarial valuation, the ELI liability must be calculated by projecting forward the already accrued amount up to the future date of dissolution of the employment relationship and then discounting the amount to its present value, at the reporting date, using the actuarial \u201cProjected Unit Credit Method\u201d. The discount rate used to determine the liability is the \u201cComposite\u201d interest rate curve for securities issued by corporate issuers with an AA rating.
From an accounting perspective, the actuarial valuation results in recognition in profit and loss under the item \u201cFinancial Expenses/Income\u201d, which represents the theoretical charge that the Company would incur if it requested a market loan for the amount of the ELI, and a current service cost under the item \u201cPersonnel expenses\u201d, which establishes the amount of the benefits accrued by the employees during the financial year, but only for companies of the Group with less than 50 employees that, consequently, have not transferred the amounts accrued from 1 January 2007 to supplementary pension schemes. The actuarial gains and losses that reflect the impacts from changes in the actuarial assumptions used are recognised directly in shareholders\u2019 equity without ever going through profit and loss and they are shown in the comprehensive income statement.
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"v1-page326-cflshid_122472-tag138168": {
"value": "7.4 PURCHASES, SERVICES AND OTHER COSTS
Costs are recognised in the income statement when they refer to goods and services used during the year.
| 2025 | 2024 |
| Purchases | 441.3 | 109.1 |
| Change in inventories of raw materials, semi-finished and finished products and increase in internal work | 18.8 | (22.7) |
| Consultants, contractors and services | 273.4 | 232.8 |
| Making and purchases of productions | 542.2 | 510.3 |
| Broadcaster fees and guaranteed minimums | 131.8 | 136.3 |
| Advertising space and external relations | 92.8 | 23.2 |
| EDP Services | 30.5 | 16.7 |
| Research, training and travel expenses | 16.1 | 12.9 |
| Other services | 580.7 | 405.4 |
| Services | 1,667.4 | 1,337.6 |
| Rentals | 170.1 | 160.6 |
| Accruals/(Reversal) of provisions | 35.9 | (3.2) |
| Other operating expenses | 81.2 | 57.6 |
| Total purchases, services, other costs | 2,414.7 | 1,639.0 |
In terms of Total purchases, services, other costs, EUR 713.6 million relate to P7S1.
With reference to Cost for services:
oConsultants, contractors and services refers to professional service and advisor, corporate bodies fees, collaborators and temporary work expenses, artistic and journalistic collaborations.
oThe item Making and purchases of production refers to direct costs related to the creation of in-house productions and for purchase of productions from third parties.
oOther services mainly refers to EUR 94.9 million in trade association costs for the use of intellectual property rights (EUR 94.5 million in 2024), EUR 64.4 million in costs of maintaining networks, broadcasting equipment, property and IT systems (EUR 82.6 million in 2024) EUR 23.2 million in utilities (EUR 27.4 million in 2024), EUR 209.0 million in marketing service fees and costs (EUR 86.2 million in 2024), and EUR 189.4 million in other technical service, security and transportation fees (EUR 114.7 million in 2024). The increase in commissions and marketing services costs mainly related to commissions incurred by the P7S1 Group.
Rentals includes EUR 86.9 million in costs relating to television signal transmission and the rental of tower for the three geographical areas of business (EUR 96.8 million at 31 December 2024), EUR 25.4 million in royalties (EUR 13.2 million in 2024) and EUR 32.3 million relating to rents mainly for television studios and equipment and office space (EUR 25.5 million in 2024).
Accruals/(Utilizations) of provisions includes accruals (net of the reversal of the excess funds accrued in previous years) for onerous contracts in relation to some television productions or to reflect future expenses.
Other operating expenses include indirect tax charges, donations and associative contributions and concession fees of which the main part relating to the contribution of 3% of the gross advertising sales of GA Mediaset Espa\u00f1a in accordance with the industry sector law on funding public television.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page326-cflshid_122472-tag138167": {
"value": "7.4 PURCHASES, SERVICES AND OTHER COSTS
Costs are recognised in the income statement when they refer to goods and services used during the year.
| 2025 | 2024 |
| Purchases | 441.3 | 109.1 |
| Change in inventories of raw materials, semi-finished and finished products and increase in internal work | 18.8 | (22.7) |
| Consultants, contractors and services | 273.4 | 232.8 |
| Making and purchases of productions | 542.2 | 510.3 |
| Broadcaster fees and guaranteed minimums | 131.8 | 136.3 |
| Advertising space and external relations | 92.8 | 23.2 |
| EDP Services | 30.5 | 16.7 |
| Research, training and travel expenses | 16.1 | 12.9 |
| Other services | 580.7 | 405.4 |
| Services | 1,667.4 | 1,337.6 |
| Rentals | 170.1 | 160.6 |
| Accruals/(Reversal) of provisions | 35.9 | (3.2) |
| Other operating expenses | 81.2 | 57.6 |
| Total purchases, services, other costs | 2,414.7 | 1,639.0 |
In terms of Total purchases, services, other costs, EUR 713.6 million relate to P7S1.
With reference to Cost for services:
oConsultants, contractors and services refers to professional service and advisor, corporate bodies fees, collaborators and temporary work expenses, artistic and journalistic collaborations.
oThe item Making and purchases of production refers to direct costs related to the creation of in-house productions and for purchase of productions from third parties.
oOther services mainly refers to EUR 94.9 million in trade association costs for the use of intellectual property rights (EUR 94.5 million in 2024), EUR 64.4 million in costs of maintaining networks, broadcasting equipment, property and IT systems (EUR 82.6 million in 2024) EUR 23.2 million in utilities (EUR 27.4 million in 2024), EUR 209.0 million in marketing service fees and costs (EUR 86.2 million in 2024), and EUR 189.4 million in other technical service, security and transportation fees (EUR 114.7 million in 2024). The increase in commissions and marketing services costs mainly related to commissions incurred by the P7S1 Group.
Rentals includes EUR 86.9 million in costs relating to television signal transmission and the rental of tower for the three geographical areas of business (EUR 96.8 million at 31 December 2024), EUR 25.4 million in royalties (EUR 13.2 million in 2024) and EUR 32.3 million relating to rents mainly for television studios and equipment and office space (EUR 25.5 million in 2024).
Accruals/(Utilizations) of provisions includes accruals (net of the reversal of the excess funds accrued in previous years) for onerous contracts in relation to some television productions or to reflect future expenses.
Other operating expenses include indirect tax charges, donations and associative contributions and concession fees of which the main part relating to the contribution of 3% of the gross advertising sales of GA Mediaset Espa\u00f1a in accordance with the industry sector law on funding public television.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page326-cflshid_122472-tag138166": {
"value": "Costs are recognised in the income statement when they refer to goods and services used during the year.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page327-cflshid_123165-tag138170": {
"value": "Other operating expenses include indirect tax charges, donations and associative contributions and concession fees of which the main part relating to the contribution of 3% of the gross advertising sales of GA Mediaset Espa\u00f1a in accordance with the industry sector law on funding public television.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page327-cflshid_123165-tag138169": {
"value": "Other operating expenses include indirect tax charges, donations and associative contributions and concession fees of which the main part relating to the contribution of 3% of the gross advertising sales of GA Mediaset Espa\u00f1a in accordance with the industry sector law on funding public television.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page328-cflshid_123200-tag138266": {
"value": "7.5 AMORTISATION, DEPRECIATION AND IMPAIRMENTS | 2025 | 2024 |
| Amortisation of TV and movie rights | 438.7 | 347.5 |
| Amortisation of other intangible assets | 70.7 | 40.1 |
| Depreciation of tangible assets | 61.0 | 46.7 |
| (Impairments) /Reversal of TV and movies rights | (1.9) | 0.6 |
| (Impairment)/Reversal of property, plant and equipment and intangible fixed assets | 54.9 | - |
| (Impairments)/Reversal of receivables | 4.8 | 1.4 |
| Total amortisation, depreciation and impairments | 628.3 | 436.3 |
For commentary on changes in amortisation, depreciation and impairments, see the explanatory notes related to Property, plant and equipment, TV and movie rights and Intangible fixed assets below.
The change in this item mainly reflects the consolidation of the P7S1 Group commencing the fourth quarter of the year.
(Impairment)/Reversal of property, plant and equipment and intangible fixed assets mainly includes EUR 29.9 million for impairment of assets of the P7S1 Group reclassified under Assets held for sale and related to the disposal of assets expected to be completed in 2026 as indicated in the Note 9.6, EUR 14 million for impairment of trademarks with an indefinite useful life and EUR 4 million for impairment of internally generated intangible assets.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page329-cflshid_123442-tag138174": {
"value": "7.6 FINANCIAL EXPENSES Financial expenses are recognised on an accrual basis in the income statement during the year in which they occur, by accruing interests, discounts and other financial expenses even if not paid at the reporting date, and deferring those already paid in the period but pertaining to future years.
Financial expenses include:
\u2212interest expense on financial liabilities, measured at amortised cost;
\u2212financial expenses for leases recognised under IFRS 16 \u2018Leases\u2019;
\u2212exchange differences arising from hedges of assets and liabilities denominated in foreign currencies;
| 2025 | 2024 |
| Interest on financial liabilities | (42.0) | (23.6) |
| From derivative instruments | (0.6) | (0.3) |
| Other financial charges | (16.4) | (10.0) |
| Foreign exchange losses | (31.3) | (27.7) |
| Total | (90.4) | (61.6) |
Interest on financial liabilities includes the financial charges relating to financial liabilities accounted for in accordance with IFRS 16 (Lease) for an amount of EUR 4.5 million (EUR 3.5 million at 31 December 2024). The change compared with the previous year is attributable to the consolidation of the P7S1 Group commencing the fourth quarter of 2025.
Other financial chargesfor 2025 included EUR 1.2 million in costs for discounting of post-employment benefit plans (EUR 1.8 million at 31 December 2024) and EUR 7.3 million in ancillary costs on loans. 7.7 FINANCIAL INCOME
Financial income is recognised on an accruals basis in the income statement for the year in which it is made.
Dividends are recognised in the accounting period in which the resolution approving their distribution is passed.
| 2025 | 2024 |
| Interests on financial assets | 4.1 | 3.6 |
| Other financial income | 1.6 | 3.2 |
| Dividends from FVTOCI investments | 0.3 | |
| Foreign exchange gains | 36.6 | 31.0 |
| Total | (42.6) | (37.8) |
Foreign exchange gains and losses include the effects of derivatives relating to the hedging of foreign currency exposure connected to commitments for the future acquisition of rights (for the component not included in the hedging relationship), and the effect of derivatives used to hedge against fluctuations in the exchange rates on financial statement items (receivables and payables denominated in foreign currencies).7.7.1 Financial Income/Expenses recognised according to IFRS 9
The table below summarises the financial income and expenses recognised in the income statement, classified by IFRS 9 category
| IFRS 9 CATEGORIESAT 31 DECEMBER 2025 | From interest | From changes in fair value | From equity reserve | Foreign exchange gains/losses | Net income/(costs) |
| Financial derivatives | 0.9 | - | (0.5) | (0.4) | (0.1) |
| Liabilities at amortised cost | (46.1) | - | - | 5.3 | (40.8) |
| Financial activities at amortized cost | 2.9 | - | - | 0.2 | 3.1 |
| Total IFRS 9 Category | (42.4) | - | (0.5) | 5.1 | (37.8) |
| Other financial income/(expenses) | | | | | (10.0) |
| Total financial income (expenses) | | | | | (47.8) |
| IFRS 9 CATEGORIES AT 31 DECEMBER 2024 | From interest | From changes in fair value | From equity reserve | Foreign exchange gains/losses | Net income/(costs) |
| Financial derivatives | - | - | (0.3) | 5.6 | 5.3 |
| Liabilities at amortised cost | (21.7) | - | - | (2.3) | (24.0) |
| Financial activities at amortized cost | 3.5 | (5.9) | - | - | (2.4) |
| Total IFRS 9 Category | (18.2) | (5.9) | (0.3) | 3.3 | 21.1 |
| Other financial income/(expenses) | | | | | (2.7) |
| Total financial income (expenses) | | | | | (23.8) |
Financial derivatives include net financial income and charges relating to derivatives used to hedge against the risk of fluctuating interest rates for medium/long term financial liabilities and against fluctuating exchange rates.Other financial income (expenses) primarily includes the effects of the time discounting of post-employment benefit plans, interest relating to the time discounting of provisions for risks expiring after 12 months, financial expenses on leases accounted for under IFRS 16.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page329-cflshid_123442-tag138173": {
"value": "7.6 FINANCIAL EXPENSES Financial expenses are recognised on an accrual basis in the income statement during the year in which they occur, by accruing interests, discounts and other financial expenses even if not paid at the reporting date, and deferring those already paid in the period but pertaining to future years.
Financial expenses include:
\u2212interest expense on financial liabilities, measured at amortised cost;
\u2212financial expenses for leases recognised under IFRS 16 \u2018Leases\u2019;
\u2212exchange differences arising from hedges of assets and liabilities denominated in foreign currencies;
| 2025 | 2024 |
| Interest on financial liabilities | (42.0) | (23.6) |
| From derivative instruments | (0.6) | (0.3) |
| Other financial charges | (16.4) | (10.0) |
| Foreign exchange losses | (31.3) | (27.7) |
| Total | (90.4) | (61.6) |
Interest on financial liabilities includes the financial charges relating to financial liabilities accounted for in accordance with IFRS 16 (Lease) for an amount of EUR 4.5 million (EUR 3.5 million at 31 December 2024). The change compared with the previous year is attributable to the consolidation of the P7S1 Group commencing the fourth quarter of 2025.
Other financial chargesfor 2025 included EUR 1.2 million in costs for discounting of post-employment benefit plans (EUR 1.8 million at 31 December 2024) and EUR 7.3 million in ancillary costs on loans. 7.7 FINANCIAL INCOME
Financial income is recognised on an accruals basis in the income statement for the year in which it is made.
Dividends are recognised in the accounting period in which the resolution approving their distribution is passed.
| 2025 | 2024 |
| Interests on financial assets | 4.1 | 3.6 |
| Other financial income | 1.6 | 3.2 |
| Dividends from FVTOCI investments | 0.3 | |
| Foreign exchange gains | 36.6 | 31.0 |
| Total | (42.6) | (37.8) |
Foreign exchange gains and losses include the effects of derivatives relating to the hedging of foreign currency exposure connected to commitments for the future acquisition of rights (for the component not included in the hedging relationship), and the effect of derivatives used to hedge against fluctuations in the exchange rates on financial statement items (receivables and payables denominated in foreign currencies).7.7.1 Financial Income/Expenses recognised according to IFRS 9
The table below summarises the financial income and expenses recognised in the income statement, classified by IFRS 9 category
| IFRS 9 CATEGORIESAT 31 DECEMBER 2025 | From interest | From changes in fair value | From equity reserve | Foreign exchange gains/losses | Net income/(costs) |
| Financial derivatives | 0.9 | - | (0.5) | (0.4) | (0.1) |
| Liabilities at amortised cost | (46.1) | - | - | 5.3 | (40.8) |
| Financial activities at amortized cost | 2.9 | - | - | 0.2 | 3.1 |
| Total IFRS 9 Category | (42.4) | - | (0.5) | 5.1 | (37.8) |
| Other financial income/(expenses) | | | | | (10.0) |
| Total financial income (expenses) | | | | | (47.8) |
| IFRS 9 CATEGORIES AT 31 DECEMBER 2024 | From interest | From changes in fair value | From equity reserve | Foreign exchange gains/losses | Net income/(costs) |
| Financial derivatives | - | - | (0.3) | 5.6 | 5.3 |
| Liabilities at amortised cost | (21.7) | - | - | (2.3) | (24.0) |
| Financial activities at amortized cost | 3.5 | (5.9) | - | - | (2.4) |
| Total IFRS 9 Category | (18.2) | (5.9) | (0.3) | 3.3 | 21.1 |
| Other financial income/(expenses) | | | | | (2.7) |
| Total financial income (expenses) | | | | | (23.8) |
Financial derivatives include net financial income and charges relating to derivatives used to hedge against the risk of fluctuating interest rates for medium/long term financial liabilities and against fluctuating exchange rates.Other financial income (expenses) primarily includes the effects of the time discounting of post-employment benefit plans, interest relating to the time discounting of provisions for risks expiring after 12 months, financial expenses on leases accounted for under IFRS 16.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page329-cflshid_123447-tag138176": {
"value": "7.6 FINANCIAL EXPENSES Financial expenses are recognised on an accrual basis in the income statement during the year in which they occur, by accruing interests, discounts and other financial expenses even if not paid at the reporting date, and deferring those already paid in the period but pertaining to future years.
Financial expenses include:
\u2212interest expense on financial liabilities, measured at amortised cost;
\u2212financial expenses for leases recognised under IFRS 16 \u2018Leases\u2019;
\u2212exchange differences arising from hedges of assets and liabilities denominated in foreign currencies;
| 2025 | 2024 |
| Interest on financial liabilities | (42.0) | (23.6) |
| From derivative instruments | (0.6) | (0.3) |
| Other financial charges | (16.4) | (10.0) |
| Foreign exchange losses | (31.3) | (27.7) |
| Total | (90.4) | (61.6) |
Interest on financial liabilities includes the financial charges relating to financial liabilities accounted for in accordance with IFRS 16 (Lease) for an amount of EUR 4.5 million (EUR 3.5 million at 31 December 2024). The change compared with the previous year is attributable to the consolidation of the P7S1 Group commencing the fourth quarter of 2025.
Other financial chargesfor 2025 included EUR 1.2 million in costs for discounting of post-employment benefit plans (EUR 1.8 million at 31 December 2024) and EUR 7.3 million in ancillary costs on loans. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page329-cflshid_123447-tag138175": {
"value": "7.6 FINANCIAL EXPENSES Financial expenses are recognised on an accrual basis in the income statement during the year in which they occur, by accruing interests, discounts and other financial expenses even if not paid at the reporting date, and deferring those already paid in the period but pertaining to future years.
Financial expenses include:
\u2212interest expense on financial liabilities, measured at amortised cost;
\u2212financial expenses for leases recognised under IFRS 16 \u2018Leases\u2019;
\u2212exchange differences arising from hedges of assets and liabilities denominated in foreign currencies;
| 2025 | 2024 |
| Interest on financial liabilities | (42.0) | (23.6) |
| From derivative instruments | (0.6) | (0.3) |
| Other financial charges | (16.4) | (10.0) |
| Foreign exchange losses | (31.3) | (27.7) |
| Total | (90.4) | (61.6) |
Interest on financial liabilities includes the financial charges relating to financial liabilities accounted for in accordance with IFRS 16 (Lease) for an amount of EUR 4.5 million (EUR 3.5 million at 31 December 2024). The change compared with the previous year is attributable to the consolidation of the P7S1 Group commencing the fourth quarter of 2025.
Other financial chargesfor 2025 included EUR 1.2 million in costs for discounting of post-employment benefit plans (EUR 1.8 million at 31 December 2024) and EUR 7.3 million in ancillary costs on loans. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page329-cflshid_123447-tag138172": {
"value": "Financial expenses are recognised on an accrual basis in the income statement during the year in which they occur, by accruing interests, discounts and other financial expenses even if not paid at the reporting date, and deferring those already paid in the period but pertaining to future years.
Financial expenses include:
\u2212interest expense on financial liabilities, measured at amortised cost;
\u2212financial expenses for leases recognised under IFRS 16 \u2018Leases\u2019;
\u2212exchange differences arising from hedges of assets and liabilities denominated in foreign currencies;
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page329-cflshid_123447-tag138171": {
"value": "Financial expenses are recognised on an accrual basis in the income statement during the year in which they occur, by accruing interests, discounts and other financial expenses even if not paid at the reporting date, and deferring those already paid in the period but pertaining to future years.
Financial expenses include:
\u2212interest expense on financial liabilities, measured at amortised cost;
\u2212financial expenses for leases recognised under IFRS 16 \u2018Leases\u2019;
\u2212exchange differences arising from hedges of assets and liabilities denominated in foreign currencies;
Financial income is recognised on an accruals basis in the income statement for the year in which it is made.
Dividends are recognised in the accounting period in which the resolution approving their distribution is passed.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page329-cflshid_123447-tag138268": {
"value": "7.7 FINANCIAL INCOME
Financial income is recognised on an accruals basis in the income statement for the year in which it is made.
Dividends are recognised in the accounting period in which the resolution approving their distribution is passed.
| 2025 | 2024 |
| Interests on financial assets | 4.1 | 3.6 |
| Other financial income | 1.6 | 3.2 |
| Dividends from FVTOCI investments | 0.3 | |
| Foreign exchange gains | 36.6 | 31.0 |
| Total | (42.6) | (37.8) |
7.7 FINANCIAL INCOME
Financial income is recognised on an accruals basis in the income statement for the year in which it is made.
Dividends are recognised in the accounting period in which the resolution approving their distribution is passed.
| 2025 | 2024 |
| Interests on financial assets | 4.1 | 3.6 |
| Other financial income | 1.6 | 3.2 |
| Dividends from FVTOCI investments | 0.3 | |
| Foreign exchange gains | 36.6 | 31.0 |
| Total | (42.6) | (37.8) |
Financial income is recognised on an accruals basis in the income statement for the year in which it is made.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page329-cflshid_123447-tag138177": {
"value": "Dividends are recognised in the accounting period in which the resolution approving their distribution is passed.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page331-cflshid_124344-tag138180": {
"value": "7.8 RESULT FROM INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
This item includes the portion of net result of companies accounted for by using the equity method, including any impairment or reversal, impairment of financial receivables for these investments recognised as other non-current financial assets, and gains/losses on equity investments not classified as FVTOCI instruments.
| 2025 | 2024 |
| Result of equity investments accounted for using the equity method | 9.4 | 30.1 |
| (Impairment)/reversal of equity investments accounted for using the equity method | 82.8 | (128.2) |
| Non controlling interest remeasurement and OCI reclassification | 126.6 | |
| Gain/(loss) from sale of equity investments | - | (0.4) |
| Total | 218.8 | (98.5) |
The result of Equity investments accounted for using the equity method mainly included expenses and income related to the pro-quota recording of the results of equity investments in associates and joint ventures. In particular:
oincome of EUR 7.2 million for the equity investment in EI Towers (income of EUR 5.5 million at 31 December 2024);
oincome of EUR 4.3 million for the equity investment in Fascino PGT S.r.l. (income of EUR 6.5 million at 31 December 2024);
oincome of EUR 1.0 million for the equity investment in Unicorn Content S.L. (income of EUR 1.4 million at 31 December 2024);
oincome of EUR 1.1 million for the equity investment in Produciones Mandarina S.L. (income of EUR 1.1 million at 31 December 2024);
oincome of EUR 1.0 million for the equity investment in Tiv\u00f9 S.r.l. (income of EUR 0.9 million at 31 December 2024);
oexpense of EUR 7.3 million for the equity investment held until 30 September 2025 in P7S1 (income of EUR 15.5 million at 31 December 2024).
(Impairment)/reversal on equity investments accounted for using the equity method includes in 2025 the effects of a partial reversal of the investment in P7S1, recognised in the first half of the year to realign the carrying amount of the investment, based on information and evidence publicly available at that date, with its new recoverable amount of EUR 7.0 per share unit price proposed by PPF in its cash voluntary public takeover offer (for up to 29.99% of share capital) during the second quarter of the year.
Non controlling interest remeasurement and OCI reclassification refers to the non-recurring income of EUR 126.6 million recognised under IFRS 3 following the acquisition of control of the P7S1 Group at the end of the third quarter, including (i) the remeasurement of the fair value of MFE\u2019s previously held non-controlling investment (33.7%) compared to the last carrying amount measured for that interest in accordance with IAS 28; and (ii) the recycling to Profit and loss of accumulated other comprehensive income (OCI) on previous accounted associate.8.6 EQUITY INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Investments in associates and joint ventures are recognised using equity method in the consolidated financial statements. At the time of acquisition, the difference between the cost of the equity investment, including any transaction costs, and the acquirer\u2019s interest in the net fair value of the assets, liabilities and identifiable contingent liabilities of the investee is accounted for according to IAS 28, with the recognition of goodwill if it is positive (included in the carrying amount of the equity investment) or of income in the consolidated income statement if it is negative.
The carrying amounts of these equity investments are adjusted after initial recognition, based on the pro-rata changes in the equity of the investee based on the financial information of those companies.
When there are losses attributable to the Group that are higher than the carrying amount of the equity investment, the carrying amount is impaired and appropriate provisions or liabilities are recognised for the amount of any additional losses, but only if the investor is committed to fulfilling legal or implicit obligations towards the investee or, in any case, to cover its losses. If no further losses are identified and the investee subsequently realises gains, the investor will only recognise the amount of the gains attributable to it after these have offset the losses not recognised.
After measurement using the equity method, the carrying amount of these equity investments, also including any implicit goodwill, if the conditions established by IAS 36 apply, must be tested for impairment.
In the case of impairment losses, the related cost is charged to the income statement. The original value can be reinstated in the following fiscal years if the conditions for the impairment no longer apply.
The following is a breakdown of equity investments, showing the economic interest held and the carrying amounts of the equity investments measured by using the equity method for the two years compared.
| 31/12/25 | 31/12/24 |
| Stake % | carrying amount | Stake % | carrying amount |
| Associates | | | | |
| EI Towers S.p.A. | 40.0% | 358.2 | 40.0% | 363.2 |
| Alea Media Estudio, S.A. | 45.0% | 0.8 | 45.0% | 0.6 |
| Alma Productora Audiovisual S.L. | 30.0% | 0.5 | 30.0% | 0.5 |
| Auditel S.p.A. | 26.7% | 1.2 | 26.7% | 1.2 |
| Bulldog Tv Spain S.L. | 30.0% | 1.3 | 30.0% | 1.4 |
| Corint Media GmbH | 30.5% | 0.1 | 0.0% | - |
| Goldbach Audience AG | 25.0% | 2.7 | 0.0% | - |
| Goldbach Media AG | 23.0% | 3.8 | 0.0% | - |
| Ivoox Global PodcastingService SL | 30.8% | 4.0 | 30.8% | 4.1 |
| Joko TV, S.L. | 30.0% | 0.1 | 30.0% | 0.1 |
| Producciones Mandarina S.L. | 30.0% | 2.9 | 30.0% | 3.0 |
| ProSiebenSat.1 MEDIA SE | 0.0% | - | 30.8% | 450.2 |
| Sportority Germany GmbH | 40.0% | 0.9 | 0.0% | - |
| Superguida Tv S.r.l. | 49.0% | 0.9 | 49.0% | 1.0 |
| Swiss Radioworld AG | 23.0% | 0.7 | 0.0% | - |
| Titanus Elios S.p.A. | 30.0% | 2.8 | 30.0% | 2.7 |
| Unicorn Content S.L. | 30.0% | 3.6 | 30.0% | 3.4 |
| Total | | 384.5 | | 831.4 |
| Joint ventures: | | | | |
| Addressable TV Initiative GmbH | 50.0% | 0.3 | 0.0% | - |
| Boing S.p.A. | 51.0% | 5.2 | 51.0% | 5.6 |
| d-force GmbH | 50.0% | 0.6 | 0.0% | - |
| European Broadcaster Exchange (EBX) Ltd. (**) | 43.9% | 2.1 | 25.0% | 0.9 |
| Fascino P.G.T. S.r.l. | 50.0% | 22.2 | 50.0% | 23.3 |
| Nit Television Limited | 50.0% | 0.1 | 0.0% | - |
| Tiv\u00f9 S.r.l. | 48.2% | 1.7 | 48.2% | 1.6 |
| Total | | 32.2 | | 31.4 |
| Final balance | | 416.7 | | 862.8 |
(*) excluding treasury shares
The reduction in this item mainly refers to the line-by-line consolidation of the equity investment in P7S1 from 30 September 2025, which until that date had been recognised as an associate.
Increases in this item mainly refer to the inclusion of associates and joint ventures belonging to the P7S1 Group.
The carrying amounts of other investments in associates and joint ventures incorporated notional goodwill totalling EUR 2.6 million at 31 December 2025. For other investments in associates, no specific impairment indicators have been identified.
The recoverability of the goodwill and of the other assets recognized in the consolidated statement of financial position of the EI Towers Group at 31 December 2025 has been confirmed in preparing the consolidated financial statements of the associate through the calculation of the relative value in use determined in line with IAS 36 based on the company\u2019s best estimate of the cash flows for the period 2026-2032. The recoverable amount calculated on this basis \u2013 in the light, among other things, of the sensitivity analyses carried out with respect to the financial parameters and assumptions of the key variables \u2013 shows significant positive headroom with respect to the carrying amount of the goodwill and of the other assets tested.
For details on the economic effects for the year, reference should be made to Note 7.8 Result from investments accounted for using the equity method. The measurements have been made based on data from the financial statements and reporting packages available as at the approval date of these Consolidated Financial Statements.
The following table provides key figures from the income statement and balance sheet for associates and joint ventures, as taken from the financial statements and reporting packages available as at the approval date of these Consolidated Financial Statements.
| FY 2025 | Assets | Shareholders' equity | Liabilities and minorities | Revenues | Net Result |
| EI Towers S.p.A. (*) | 1,815.0 | 899.0 | 916.0 | 268.0 | 17.7 |
| Addressable TV Initiative GmbH(***) | 0.2 | 0.1 | 0.1 | - | (0.4) |
| Alea Asalto, S.L. | - | - | - | 6.7 | - |
| Alea Media Estudio S.A. | 1.7 | 1.2 | 0.5 | 3.8 | 0.6 |
| Alea L\u00e1grimas, S.L. | 0.3 | - | 0.3 | 0.5 | - |
| Alea Salvador, S.L. | 2.7 | - | 2.7 | 4.8 | - |
| Alma Productora Audiovisual S.L. | 2.7 | 1.7 | 1.0 | 6.1 | 0.7 |
| Auditel S.r.l.(***) | 14.4 | 4.6 | 9.8 | 30.1 | - |
| Boing S.p.A. | 20.7 | 10.2 | 10.5 | 25.8 | (1.0) |
| Bulldog Tv Spain S.L. | 5.5 | 4.5 | 1.0 | 12.8 | 1.1 |
| Corint Media GmbH(***) | 71.3 | 0.4 | 70.9 | 66.4 | - |
| d-force GmbH(***) | 1.1 | 0.9 | 0.2 | 1.6 | 0.3 |
| European Broadcaster Exchange (EBX) Ltd.(**) | 6.4 | 3.5 | 2.9 | 8.2 | 0.2 |
| Fascino P.G.T S.r.l. | 54.1 | 41.4 | 12.7 | 76.7 | 8.0 |
| F\u00e9nix Media Audiovisual,S.L. | 1.3 | (0.1) | 1.4 | 1.7 | (0.5) |
| Furia TV,S.L. | 0.6 | - | 0.6 | (1.4) | - |
| Goldbach Audience AG(***) | 18.2 | 4.8 | 13.4 | 66.1 | 3.1 |
| Goldbach Media AG(***) | 72.6 | 19.3 | 53.3 | 296.5 | 18.6 |
| Ivoox Global Podcasting Service, S.L. | 8.2 | 5.5 | 2.7 | 5.1 | (0.6) |
| Joko TV, S.L. | 0.5 | 0.2 | 0.3 | 0.1 | - |
| koakult GmbH(***) | 4.1 | - | 4.1 | 8.8 | (0.2) |
| Love My Pets S.r.l. | 0.1 | 0.1 | - | 0.1 | - |
| Nit Television Limited(***) | 0.3 | 0.1 | 0.2 | - | - |
| N\u00facleo TV, S.L. | - | - | - | 0.5 | - |
| Producciones Mandarina S.L. | 12.8 | 9.8 | 3.0 | 28.9 | 3.5 |
| Sportority Germany GmbH(****) | 2.1 | 1.0 | 1.1 | 0.6 | - |
| SPREE Interactive GmbH(****) | 6.4 | 1.8 | 4.6 | 2.1 | (1.5) |
| Superguida Tv S.r.l. | 1.9 | 1.8 | 0.1 | 0.9 | (0.1) |
| Swiss Radioworld AG(***) | 8.8 | 3.4 | 5.4 | 35.5 | 2.7 |
| Titanus Elios S.p.A. | 14.2 | 9.2 | 5.0 | 4.8 | 2.5 |
| Tiv\u00f9 S.r.l. | 5.8 | 3.5 | 2.4 | 9.7 | 2.0 |
| Unicorn Content S.L. | 14.5 | 11.4 | 3.2 | 39.8 | 3.4 |
(*) Consolidated figures
(**) Values expressed in pounds sterling
(***) Values as at 31/12/2024
(****) Values as at 31/12/2023
| FY 2024 | Assets | Shareholders' equity | Liabilities and minorities | Revenues | Net Result |
| EI Towers S.p.A. (*) | 1,851.1 | 907.3 | 943.8 | 275.9 | 14.0 |
| Alea Media Estudio S.A. | 1.7 | 1.2 | 0.5 | 5.8 | 0.7 |
| Alea Yo Adicto | - | - | - | 0.6 | - |
| Alea L\u00e1grimas, S.L. | 0.3 | - | 0.3 | - | - |
| Alea Salvador, S.L. | 2.7 | - | 2.7 | 12.2 | - |
| Alma Productora Audiovisual S.L. | 2.7 | 1.7 | 1.0 | 6.0 | 0.8 |
| Auditel S.r.l.(***) | 12.3 | 4.6 | 7.7 | 35.1 | 0.3 |
| Boing SpA | 22.6 | 11.1 | 11.5 | 25.7 | (0.4) |
| Bulldog Tv Spain S.L. | 5.5 | 4.5 | 1.0 | 13.3 | 1.4 |
| European Broadcaster Exchange (EBX) Ltd.(**) | 5.5 | 3.3 | 2.2 | 6.3 | 0.3 |
| Fascino P.G.T S.rl. (***) | 56.7 | 44.2 | 12.5 | 75.8 | 10.8 |
| F\u00e9nix Media Audiovisual,S.L. | 1.3 | (0.1) | 1.4 | 3.5 | (0.4) |
| Furia TV,S.L. | 0.6 | - | 0.6 | 6.2 | - |
| Ivoox Global Podcasting Service, S.L. | 9.1 | 5.9 | 3.2 | 5.0 | 0.2 |
| Joko TV, S.L. | 0.5 | 0.2 | 0.3 | 12.5 | 0.6 |
| Love My Pets S.r.l. | 0.1 | 0.1 | - | 0.1 | - |
| Producciones Mandarina S.L. | 14.0 | 10.0 | 4.0 | 26.7 | 3.7 |
| ProsiebenSat.1 Media SE (*) | 5,608.0 | 1,318.0 | 4,290.0 | 3,918.0 | 51.0 |
| Superguida Tv S.r.l. | 2.2 | 1.9 | 0.3 | 0.9 | (0.2) |
| Titanus Elios S.p.A. | 14.6 | 9.0 | 5.6 | 4.8 | 2.4 |
| Tiv\u00f9 S.r.l. | 5.9 | 3.5 | 2.5 | 10.0 | 1.9 |
| Unicorn Content S.L. | 14.5 | 11.4 | 3.2 | 42.7 | 4.8 |
(*) Consolidated figures
(**) Values expressed in pounds sterling
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"value": "This item includes the portion of net result of companies accounted for by using the equity method, including any impairment or reversal, impairment of financial receivables for these investments recognised as other non-current financial assets, and gains/losses on equity investments not classified as FVTOCI instruments",
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"value": "7.9 INCOME TAXES
Current income taxes are accrued, for each company, on the basis of the taxable income determined in accordance with current tax rates and laws currently in force, or essentially approved, at the end of the reporting period in the various countries, taking into account any applicable exemptions and tax credits due.
| 2025 | 2024 |
| Irap tax | 8.0 | 10.2 |
| Ires tax | 9.6 | 10.7 |
| Prior year tax | 0.4 | (0.9) |
| Substitute tax | (0.5) | |
| Tax expenses (foreign companies) | 22.1 | 19.5 |
| Total current tax | 39.5 | 39.4 |
| Accruals of deferred tax assets | (29.5) | (12.5) |
| Reversal from tax asset | 89.4 | 60.6 |
| Total deferred tax asset | 60.0 | 48.1 |
| Deferred tax liabilities | 9.6 | 12.1 |
| Reversal from deferred tax liabilities | (16.6) | (6.5) |
| Total deferred tax liabilities | (7.0) | 5.6 |
| Total | 92.5 | 93.1 |
Current taxes comprises the IRAP taxes levied against Italian companies and the IRES taxes levied during the year against Italian companies belonging to the Group\u2019s tax consolidation scheme following the generation of taxable income during the period (for the portion exceeding the income deducible from prior year losses)
Prior year tax mainly includes expense generated as a result of the recalculation of taxes upon submission of the income tax return with respect to the amount recognised in the financial statements for previous years. Deferred tax assets and liabilities mainly show the economical movements for the year for the allocations and/or uses generated as a result of changes in the temporary differences between the taxable base and the carrying amount of assets and liabilities. Deferred tax assets included utilisations of EUR 25.3 million as a result of the generation during the year of positive taxable income by companies that adhere to the Italian tax consolidation arrangement.Tax expenses (foreign companies) mainly relate to the taxes for the year recorded by the companies belonging to Grupo Audiovisual Mediaset Espa\u00f1a and the P7S1 Group.
On 24 July 2024, the Spanish tax authorities (Delegaci\u00f3n Central de Grandes Contribuyentes) initiated a tax audit covering direct taxes, VAT and withholding tax in respect of certain GAM Group companies pertaining to the Spanish tax Group of which MFE branch is head for the tax years 2019 to 2022. On 4 March 2026, the audit was concluded with the signing of a EUR 10.5 million settlement report. The proceedings were thereby settled.
The table below shows a reconciliation between the standard tax rate in force in Italy on companies taxable income for the tax years 2025 and 2024, and the effective tax rate of the Group.
| 2025 | 2024 |
| Current tax rate | 27.90% | 27.90% |
| IRAP tax non deductible expenses | -0.43% | 2.9% |
| Effects of companies with different tax rate | 6.39% | -3.8% |
| Substitutive tax | 0.12% | - |
| Non deductible expenses and consolidation adjustment with no tax effect | -11.20% | 12.8 |
| Effective tax rate | 22.78% | 39.88% |
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"value": "Current income taxes are accrued, for each company, on the basis of the taxable income determined in accordance with current tax rates and laws currently in force, or essentially approved, at the end of the reporting period in the various countries, taking into account any applicable exemptions and tax credits due",
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"value": "7.10 EARNINGS PER SHARE Earnings per share are calculated by dividing the Group net profit by the weighted average of the number of outstanding shares, net of the treasury shares.
The calculation of basic and diluted earnings per share is based on the following data:
| 2025 | 2024 |
| Net result for the period (millions of euro) | 300.7 | 137.9 |
| Number of ordinary shares (without treasury shares) | 699,630,116 | 561,129,302 |
| Basic EPS | 0.43 | 0.25 |
| Number of ordinary shares (without treasury shares) for diluted EPS purposes | 701,317,847 | 563,010,537 |
| Diluted EPS | 0.43 | 0.24 |
Earnings per share are calculated by dividing the Group net profit by the number of outstanding shares, net of the treasury shares. The figure for diluted earnings per share is calculated using the number of shares in circulation and the potential diluting effect from the allocation of treasury shares to the beneficiaries of vested incentive plans, which will be allocated during the next year.
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"value": "Earnings per share are calculated by dividing the Group net profit by the weighted average of the number of outstanding shares, net of the treasury shares.
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"v1-page335-cflshid_125652-tag138187": {
"value": "The tables below show the changes over the last two years in the historical cost, accumulated amortisation and depreciation, impairments and the carrying amount of all main non-current assets. The Business combinations column for 2025 reflects the carrying amount of the assets assumed through the line-by-line consolidation of the P7S1 Group at 30 September 2025.
8.2 TELEVISION AND MOVIE RIGHTSTelevision broadcasting rights are mainly amortised on a straight-line basis, based on the contractually stipulated license period. This criteria reflects a reliable relationship between the various broadcasting opportunities available, the number of screenings permitted by contract and their actual broadcast. Based on the respective business model, for the programming asset (related to multi-year licenses for feature films and series) pertaining to P7S1, assumed in the consolidation scope starting from the last quarter of 2025, the declining-balance method amortization criterion over the number of contractual or planned broadcasts runs according with standardized metrixes was maintained.
When, irrespective of the amortisation already recognized, all runs made available under the related television broadcasting rights contracts have been broadcasted, the carrying amount is impaired in full. The recoverable value of such assets is assessed according to the criteria established in IAS 36, as described in the Impairment of assets explanatory note above.
The rights for sporting events, news and entertainment programmes are amortised entirely (100%) when the event is broadcast.
Rights available for multiple means of use, to be utilised in distribution activities, are amortised according to international accounting best practice based on the ratio between the actual revenues achieved and the estimated total overall revenues from use of the right. This estimate is periodically revised to determine the amortisation to be recognised during the year.
| ORIGINAL COST | ACCUMULATED DEPRECIATION | ACCUMULATED IMPAIRMENTS | NET AMOUNT |
| Opening balance at 01/01/2024 | 8,048.5 | (7,182.2) | (113.6) | 752.6 |
| Change in the consolidation area | - | - | - | - |
| Additions | 290.6 | - | - | 290.6 |
| Reclassification from tangible assets in progress | 24.2 | - | - | 24.2 |
| Other changes | (225.8) | 201.0 | 24.7 | (0.1) |
| Disposals | (76.4) | 73.9 | - | (2.5) |
| Amortisation | - | (347.5) | - | (347.5) |
| (Impairments)/Reversals | - | - | (0.5) | (0.5) |
| Closing balance at 31/12/2024 | 8,061.0 | (7,254,8) | (89.4) | 716.8 |
| Change in the consolidation area | 2,291.1 | (1,307.6) | (417.4) | 566.0 |
| Additions | 395.3 | - | - | 395.3 |
| Reclassification from tangible assets in progress | 37.2 | - | - | 37.2 |
| Other changes | (438.2) | 381.3 | 56.1 | (0.8) |
| Disposals | (61.6) | 58.6 | - | (3.0) |
| Amortisation | - | (434.8) | - | (434.8) |
| (Impairments)/Reversals | - | - | (4.6) | (4.6) |
| Balance at 31/12/2025 | 10,284.9 | (8,557,3) | (455.3) | 1,272.2 |
Additions for 2025 totalled EUR 432.5 million (EUR 314.8 million in 2024) and consisted of EUR 395.3 million in purchases for the year (EUR 290.6 million at 31 December 2024) and EUR 37.2 million (EUR 24.2 million at 31 December 2024) in reclassification of capitalisations of advances paid to suppliers (recognised as assets in progress and advances at 31 December 2024). Italian sector investments during the year accounted for EUR 234.3 million of all purchases, while EUR 106.3 million referred to purchases made by GAM. The remaining. EUR 54.7 million referred to investments made by the P7S1 Group.
Other changes included changes relating to the cancellation of contractually expired rights and residual payables and contract cancellations.Purchases for the year include EUR 22.5 million for broadcasting rights that will be available for broadcasting by the Group after 31 December. At 31 December 2025, broadcasting rights that had yet to commence totalled approximately EUR 24.9 million (EUR 41.2 million at 31 December 2024) and mainly consisted of free-to-air and pay television rights to broadcast drama, cinema and entertainment productions.
It should be noted that starting from the current financial year, as result of the new circumstances observable mainly concerning the consolidated evolution of content consumption models and the Group's organizational and operational evolution towards a cross-country perspective, the expected methods of use of future economic benefits reflected in the methodology for calculating the amortization quota for the current financial year and future financial years of the residual useful life of these assets have been revised for some types of television rights held by the Group in Spain. This change in accounting estimate resulted in the recording of lower amortization in the period amounting to 9.1 million euros.
8.5 OTHER INTANGIBLE ASSETS
Intangible fixed assets are assets without an identifiable physically form, which are controlled by the company and able to generate future economic benefits.
These assets are recorded at purchase or production cost, including transaction costs, according to the criteria described above for property, plant and equipment.
For purchased intangible assets whose availability for use and related payments are deferred beyond ordinary periods, the purchase value and the related payable are discounted by recognising the financial expenses implicit in the original price.
Internally generated intangible assets, where relating to research costs, are recognised in the income statement during the period in which they are incurred. Development costs, which mainly relate to software, are capitalised and amortised on a straight-line basis over their estimated useful lives (3 years on average), provided they can be identified, that their cost can be reliably calculated, and that the asset is likely to generate future economic benefits.
Intangible assets with definite useful lives are amortised on a straight-line basis, starting from the time when the asset is available for utilization and throughout the period of its expected usefulness. The recoverable value of such assets is assessed according to the criteria established in IAS 36, as described in the Impairment of assets explanatory note above.
Intangible assets under construction and advances include (acquisitions) advance payments for the acquisition of TV rights, which are subsequently reclassified (other changes) to \u201cTV and movie rights\u201d when the rights are acquired by contract.
Costs relating to rights for the utilization of television frequencies, to be used for setting up digital terrestrial networks acquired from third parties in accordance with applicable legislation, are amortised on a straight-line basis according to the expected duration of their use, beginning at the time the service is activated and ending 30 June 2032, based on the validity period of the definitive assignment order of right of utilization in Italy dated 28 June 2012.
The television broadcasting license of the \u201cCuatro multiplex\u201d was identified in the purchase price allocation process of the Prisa\u2019s Group television operations acquisition made by Mediaset Espana in 2010 as an intangible asset with an indefinite useful life in absence of objective elements relating to the legal duration of this license; accordingly, it is not systematically amortised, but is subject to impairment testing, at least every year.
As of 1 January 2016, rights for the utilization of radio frequencies are amortised on a straight-line basis over a period of 25 years. The useful life of these rights was estimated as part of the evaluation processes for business combinations concerning the Group\u2019s radio broadcasting operations.
A remaining useful life of up to June 2035 is envisaged for the authorisation to provide audiovisual services nationwide and for the consequent automatic numbering of generalist channels, with a view to the procedures and requirements for the authorisation\u2019s renewal.
| ORIGINAL COST | Patents and intellectual property rights | Trademarks | Rights/licenses of use and authorisations | Intangible assets in progress and advances | Other intangible assets | Total |
| Opening balance at 01/01/2024 | 313.9 | 342.7 | 745.7 | 70.9 | 91.2 | 1,564.4 |
| Additions | 3.4 | - | 0.0 | 37.1 | 1.2 | 41.7 |
| Other changes | 9.2 | 0.0 | - | (27.1) | (0.0) | (17.9) |
| Disposals | (1.8) | (0.1) | - | - | - | (1.9) |
| Balance at 31/12/2024 | 324.7 | 342.6 | 745.7 | 80.9 | 92.4 | 1,586.2 |
| Business combination | 283.5 | 438.0 | 75.6 | 142.1 | 531.7 | 1,470.9 |
| Additions | 8.3 | - | 1.0 | 56.3 | 22.1 | 87.8 |
| Other changes | 9.1 | (0.0) | - | (82.6) | 9.2 | (64.3) |
| Disposals | (18.9) | - | (2.2) | - | (14,0) | (35.1) |
| Write-downs | | - | - | (2.0) | - | (2.0) |
| Reclassification to assets held for sale | (22.9) | (28.8) | (8.1) | (4.8) | (75.1) | (139.6) |
| Balance at 31/12/2025 | 583.8 | 751.9 | 812.0 | 190.0 | 566.3 | 2,903.9 |
| ACCUMULATED AMORTISATION AND IMPAIRMENTS | Patents and intellectual property rights | Trademarks | Rights/licenses of use and authorisations | Intangible assets in progress and advances | Other intangible assets | Total |
| Opening balance at 01/01/2024 | (306.3) | (243.1) | (419.3) | (42.5) | (88.0) | (1,099.8) |
| Other changes | 0.0 | 0.0 | 0.0 | - | (0.0) | 0.0 |
| Disposals | 1.8 | - | - | - | - | 1.8 |
| Amortisation | (7.1) | (10.8) | (21.2) | | (1.0) | (40.1) |
| (Impairments)/Reversals | - | - | - | (0.1) | - | (0.1) |
| Balance at 31/12/2024 | (311.6) | (254.0) | (440.6) | (42.7) | (89.1) | (1,138.0) |
| Business combination | (221.0) | (71.8) | (56.0) | - | (360.9) | (709.6) |
| Other changes | 0.2 | 0.0 | 0.0 | (0.2) | 0.0 | 0.1 |
| Disposals | 18.8 | 0.0 | 2.2 | | 14.0 | 35.0 |
| Amortisation | (13.7) | (13.6) | (23.3) | | (20.1) | (70.7) |
| (Impairments)/Reversals | (1.1) | (14.1) | (0.2) | (0.0) | (6.8) | (22.2) |
| Reclassification to assets held for sale | 20.2 | 18.9 | 7.6 | 0.5 | 57.5 | 104.6 |
| Balance at 31/12/2025 | (508.2) | (334.5) | (510.3) | (42.5) | (405.4) | (1,800.9) |
| CARRYING AMOUNT | Patents and intellectual property rights | Trademarks | Rights/licenses of use and authorisations | Intangible assets in progress and advances | Other intangible assets | Total |
| Opening balance at 01/01/2024 | 7.5 | 99.4 | 326.3 | 28.4 | 3.1 | 464.6 |
| Additions | 3.4 | - | 0.0 | 37.1 | 1.2 | 41.7 |
| Other changes | 9.2 | 0.0 | 0.0 | (27.1) | (0.0) | (17.9) |
| Disposals | - | (0.1) | - | - | - | (0.1) |
| Amortisation | (7.1) | (10.8) | (21.2) | - | (1.0) | (40.1) |
| (Impairments)/Reversals | - | - | - | (0.1) | - | (0.1) |
| Balance at 31/12/2024 | 13.0 | 88.5 | 305.1 | 38.2 | 3.4 | 448.2 |
| Business combination | 62.5 | 366.3 | 19.6 | 142.1 | 170.8 | 761.2 |
| Additions | 8.3 | - | 1.0 | 56.3 | 22.1 | 87.8 |
| Other changes | 9.3 | (0.0) | 0.0 | (82.8) | 9.3 | (64.3) |
| Disposals | (0.0) | 0.0 | (0.0) | (0.0) | 0.0 | (0.1) |
| Amortisation | (13.7) | (13.6) | (23.3) | - | (20.1) | (70.7) |
| (Impairments)/Reversals | (1.1) | (14.1) | (0.2) | (2.1) | (6.8) | (24.3) |
| Reclassification to assets held for sale | (2.8) | (9.8) | (0.5) | (4.3) | (17.6) | (35.0) |
| Balance at 31/12/2025 | 75.4 | 417.3 | 301.7 | 147.4 | 161.1 | 1,102.9 |
The amount of 37.2 million euros relating to the item Other changes refers to the reclassification in the item Television and movie rights of advances paid to suppliers recognised as assets in progress and advances at 31 December 2024.
The EUR 80.1 million in additions to the item Patents and intellectual property rights (of which EUR 62.5 million relating to the consolidation of the P7S1 Group) relate to EUR 17.6 million in investments, of which EUR 9.3 million recognised in the previous year under Intangible assets in progress and advances mainly refer to acquisitions for the development of applications, and EUR 5.7 million relating to investments in new software of the P7S1 Group.
The change in Trademarks mainly refers to the effect of the consolidation of the P7S1 Group from 30 September 2025. This item mainly includes:
othe trademark of Spanish television broadcaster Cuatro for EUR 48.0 million. This asset was recognised following the allocation of the purchase price paid for the acquisition of the television business from Gruppo Prisa by Mediaset Espa\u00f1a Comunicaci\u00f3n S.A. in 2011. The amortisation period has been determinated in 20 years.
oindefinite useful life trademarks of the P7S1 Group amounting to EUR 224 million, mainly relating to Parship/ElitePartner for EUR 141.3 million, eHarmony for EUR 54.4 million and ATV Privat TV for EUR 11.4 million;
othe trademark of the radio broadcaster Radio 105, valued for EUR 26.7 million. This asset was recognised following the final purchase price allocation of the acquisition of the radio broadcasting assets of the Finelco Group in 2016. The amortisation period has been determined in 25 years;
o the trademark of the radio broadcaster Radio Subasio, for a residual value of EUR 3.3 million, which was recognised following the final allocation of the purchase price paid for the acquisition of the radio broadcasting assets of the companies Radio Subasio and Radio Aut in 2017. The amortisation period has been estimated at 25 years from the date of acquisition.
othe Zelig trademark, acquired in 2022 for a fee of EUR 5.1 million, which has an amortisation schedule estimated at 20 years.
Rights/Licences of use and authorisations includes EUR 79.4 million for the utilization of television frequencies held by the subsidiary Elettronica Industriale S.p.A., used in Italy for the operation of domestic channels using digital terrestrial technology, as well as the television broadcasting license of the Cuatro Multiplex, measured at EUR 85.0 million during the allocation of the purchase price paid by the subsidiary Mediaset Espa\u00f1a (GAM) in 2010, in relation to the acquisition of Prisa Group\u2019s television operations. The revoverablity of the carrying amount of the rights for the utilization of frequencies held by Elettronica Industriale S.p.A. was confirmed in the impairment testing on the Free TV Italy CGU, as reported in Note 8.4 above. The recoverability of the carrying amount of the television broadcasting licence for the Cuatro Spanish Multiplex was confirmed in the impairment testing on the GAM CGU, as also reported in Note 8.4.
The item also includes EUR 84.7 million in rights for the utilization of radio broadcasting frequencies held by MFE Group radio broadcasters (Monradio S.r.l., Radio Studio 105, Virgin Radio, Radio Monte Carlo, Radio Subasio and Radio Aut). As at 31 December 2025, the residual carrying amount of these finite-life intangible assets was measured during the non-financial assets recoverability testing carried out under IAS 36 and reported in Note 8.4. Other Intangible assets mainly refer to internally developed software for E-business solutions, Internet portals, internally customizing software and complex program databases.
8.1 PROPERTY, PLANT AND EQUIPMENT
Plant, machinery, equipment, buildings and land are recognised at purchase, production or transfer cost, including any transaction costs, any dismantling costs and direct costs necessary to make the asset available for use. These fixed assets, with the exception of land, which is not subject to depreciation, are depreciated on a straight-line basis in each financial year using depreciation rates set according to the remaining useful life of the assets.
Depreciation is calculated on a straight-line basis on the cost of the assets, net of any residual values (where significant), according to their estimated useful lives, with the following rates applied:
| Type of property plan and equipment | Financial statement category | Amortisation rate |
| Buildings | Land and building | 2% -3% |
| Plant and equipment | Plant and equipment | 10%- 20% |
| Constructions and equipment | Technical and commercial equipment | 5% - 16% |
| Office furniture and machines | Other tangible assets | 8% - 20% |
| Motor vehicles and other means of transport | Other tangible assets | 10% - 25% |
The recoverable value of the above is measured based on the criteria laid down in IAS 36, described in the note below \u201cAssessment of recoverability of goodwill and other non-current assets (Impairment test)\u201d
Ordinary maintenance costs are recognised in full in profit and loss. Incremental maintenance costs are allocated to each asset and depreciated over its remaining useful life.
Leasehold improvements are allocated to each class of assets and depreciated at the residual life of the lease contract or the residual useful life of the type of asset improved, whichever is lower.
Whenever individual components of a complex tangible fixed asset have different useful lives, they are recognised separately in order to be depreciated according to their individual useful lives (component approach).
In particular, according to this principle, the value of land and of the buildings on it are kept separate, and only the buildings are depreciated.
Gains and losses resulting from sales or disposals of assets are calculated as the difference between the sales price and the net book value of the asset, and are posted to the income statement under Other revenues and Other operating costs, respectively.| ORIGINAL COST | Land and building | Plant and equipment | Technical and commercial equipment | Other tangible assets | Tangible assets in progress and advances | Owned property, plant and equipment | Property, plant and equipment - Right of use | Total |
| Opening balance at 1/1/2024 | 239.0 | 625.7 | 83.4 | 119.7 | 41.3 | 1,109.0 | 173.9 | 1,283.0 |
| Business combination | - | 3.4 | 0.3 | 0.0 | - | 3.6 | 0.4 | 4.0 |
| Additions | 1.4 | 10.6 | 0.5 | 2.1 | 21.0 | 35.6 | 6.4 | 42.0 |
| Other changes | 1.3 | (62.3) | (1.8) | 1.1 | (28.0) | (89.7) | (5.3) | (95.0) |
| Disposals | - | (10.7) | (0.3) | (3.2) | - | (14.2) | (0.5) | (14.7) |
| Reclassification to assets held for sale | | (53.5) | | | | (53.5) | | (53.5) |
| Balance at 31/12/2024 | 241.7 | 513.1 | 82.1 | 119.7 | 34.3 | 990.8 | 174.9 | 1,165.8 |
| Business combination | 348.9 | 157.5 | - | 47.2 | 222.0 | 775.6 | 233.7 | 1,009.3 |
| Additions | 2.2 | 9.6 | 1.1 | 3.5 | 26.6 | 43.1 | 30.1 | 73.3 |
| Other changes | 9.0 | (4.6) | 0.7 | 1.5 | (37.4) | (30.8) | (3.0) | (33.8) |
| Disposals | (2.2) | (5.9) | (0.5) | (1.0) | (0.0) | (9.6) | (9.7) | (19.3) |
| Reclassification to assets held for sale | (1.9) | (1.3) | - | (5.4) | (0.0) | (8.7) | (35.4) | (44.0) |
| Balance at 31/12/2025 | 597.8 | 668.4 | 83.5 | 165.6 | 245.4 | 1,760.6 | 390.7 | 2,151.3 |
| ACCUMULATED AMORTISATION AND IMPAIRMENTS | Land and building | Plant and equipment | Technical and commercial equipment | Other tangible assets | Tangible assets in progress and advances | Owned property, plant and equipment | Property, plant and equipment - Right of use | Total |
| Opening balance at 1/1/2024 | (160.4) | (558.7) | (77.2) | (107.0) | | (903.2) | (68.4) | (971.8) |
| Business combination | - | (1.2) | (0.3) | (0.0) | | (1.5) | (0.3) | (1.8) |
| Other changes | (0.0) | 73.5 | 2.0 | 1.6 | | 77.1 | 6.4 | 83.5 |
| Disposals | - | 10.7 | 0.3 | 3.1 | | 14.1 | 0.4 | 14.5 |
| Amortisation | (5.3) | (20.0) | (1.5) | (4.0) | | (30.8) | (16.4) | (47.2) |
| Reclassification to assets held for sale | | 42.0 | | | | 42.0 | | 42.0 |
| Balance at 31/12/2024 | (165.7) | (453.8) | (76.7) | (106.3) | | (802.5) | (78.3) | (880.8) |
| Business combination | (120.4) | (129.2) | - | (32.4) | | (281.9) | (141.6) | (423.5) |
| Other changes | (0.1) | 16.9 | 0.1 | 1.4 | | 18.3 | 2.4 | 20.8 |
| Disposals | 2.4 | 3.7 | 0.5 | 0.9 | | 7.5 | 9.4 | 17.0 |
| Amortisation | (9.2) | (20.6) | (1.4) | (5.3) | | (36.5) | (25.5) | (61.9) |
| (Impairments)/Reversals | - | | | | | | (0.5) | (0.5) |
| Reclassification to assets held for sale | 1.4 | 1.2 | - | 4.6 | - | 7.3 | 27.5 | 34.8 |
| Balance at 31/12/2025 | (291.4) | (581.6) | (77.5) | (137.0) | - | (1,087.7) | (206.4) | 1,294.1 |
| CARRYING AMOUNT | Land and building | Plant and equipment | Technical and commercial equipment | Other tangible assets | Tangible assets in progress and advances | Owned property, plant and equipment | Property, plant and equipment - Right of use | Total |
| Opening balance at 1/1/2024 | 78.5 | 66.8 | 6.4 | 12.7 | 41.2 | 205.7 | 105.4 | 311.2 |
| Business combination | - | 2.1 | 0.0 | 0.0 | - | 2.1 | 0.1 | 2.2 |
| Additions | 1.4 | 10.6 | 0.5 | 2.1 | 21.0 | 35.6 | 6.4 | 42.0 |
| Other changes | 1.3 | 11.2 | 0.1 | 2.7 | (28.0) | (12.6) | 1.1 | (11.5) |
| Disposals | - | - | - | (0.1) | - | (0.1) | (0.1) | (0.2) |
| Amortisation | (5.3) | (20.0) | (1.5) | (4.0) | - | (30.8) | (16.4) | (47.2) |
| Reclassification to assets held for sale | - | (11.5) | - | - | - | (11.5) | - | (11.5) |
| Balance at 31/12/2024 | 76.0 | 59.3 | 5.5 | 13.5 | 34.3 | 188.5 | 96.5 | 285.0 |
| Business combination | 228.6 | 28.3 | - | 14.9 | 222.0 | 493.7 | 92.1 | 585.8 |
| Additions | 2.2 | 9.6 | 1.1 | 3.5 | 26.6 | 43.1 | 30.1 | 73.3 |
| Other changes | 8.9 | 12.3 | 0.7 | 2.9 | (37.3) | (12.5) | 0.7 | (11.7) |
| Disposals | 0.2 | (2.2) | (0.0) | (0.1) | (0.0) | (2.1) | (1.5) | (3.5) |
| Amortisation | (9.2) | (20.6) | (1.4) | (5.3) | - | (36.5) | (25.5) | (61.9) |
| (Impairments)/Reversals | - | - | - | - | - | - | (0.5) | (0.5) |
| Reclassification to assets held for sale | (0.5) | (0.1) | - | (0.8) | (0.0) | (1.4) | (7.9) | (9.2) |
| Balance at 31/12/2025 | 306.3 | 86.7 | 5.9 | 28.7 | 245.4 | 673.0 | 184.2 | 857.2 |
Additions for the period to the classes of assets forming own property, plant and equipment, include EUR 493.7 million for the line-by-line consolidation of the P7S1 Group from 30 September 2025, EUR 43.1 million in purchases for the year and EUR 24.9 million for reclassifications of payments classified as assets in progress and advances at the end of the previous year.
The main categories of additions can be summarised as follows:
oEUR 11.1 million for Land and buildings mainly reflects reclassifications from assets under construction and advances relating to workspace developments at Viale Europa in Cologno Monzese and, for the P7S1 Group, works on the new Unterf\u00f6hring campus;
oEUR 21.8 million for Plant and equipment includes EUR 3.4 million of additions by the P7S1 Group related to technical and broadcasting equipment for the new campus and EUR 6.9 million for implementing the new playout project aimed at unifying archiving and broadcasting systems in Segrate; EUR 1.8 million relating to a new control room at the Elios studios in Rome IT;
oEUR 8.2 million referred to Technical and commercial equipment and Other assets, mainly relating to purchase and replacement of hardware;
oEUR 248.6 million for Tangible assets in progress and advances mainly reflects EUR 222.0 million from the consolidation of the P7S1 Group. Additions for the period mainly include EUR 2.2 million for the conversion of the HD/IP production infrastructure at the Cologno production centre, EUR 1.9 million for the making of virtual Studio 3, EUR 3.0 million for workspace upgrades at Cologno Monzese and EUR 6.4 million for maintenance of the technological infrastructure of production centres in Milan IT, Rome IT and other locations.
Decreases for the year, mainly recognised in Other changes reflecting the EUR 10.2 million reduction of the carrying amount due to the payment, on 13 June 2024, to some Group companies which in December 2023 submitted applications to receive public funding under the \u201cExtraordinary Fund for Actions to Support Publishing\u201d, established in Italy by Law No. 234 of 30 December 2021. The funding covers 70% of eligible expenses of private broadcasters (national audiovisual media services providers that have an allocated LCN, digital radio providers and consortiums of audio digital broadcasters) that in 2022 had made capital expenditures in innovative digital transition technologies for upgrading infrastructure and production processes with a view to enhancing the quality of content and its enjoyment by users. The carrying amount was adjusted in the manner set forth in IAS 20 \u201cAccounting for Government Grants and Disclosure of Government Assistance\u201d.Under Reclassification to assets held for sale, EUR 1.4 million in decreases for other movements relate to the reclassification of the net carrying amount of certain assets by the P7S1 Group to \u201cNon-current assets held for sale\u201d, in accordance with IFRS 5.
8.1.1 Right-of-use property, plant and equipment
Assets under the control of the Group through leasing contracts are classified as tangible assets in the caption \u201cRight-of-use property, plant and equipment\u201d at the value of the related financial liability, calculated based on the current value of future payments, discounted at the incremental borrowing rate for each contract. The payable is progressively reduced according to the repayment schedule for the amounts of principal included in the contractual instalments. The interest amount, on the other hand, is recognised in the income statement under financial expenses. The value of the asset recognised under tangible assets is depreciated on a straight-line basis according to the lease term, while also taking into account the likelihood of renewal of the agreement where an enforceable renewal option exists.
Fees for leasing contracts with a duration of 12 months or less and for contracts with a low-value underlying asset are accrued on a straight-line basis through profit or loss according to the duration of the contract.
Property, plant and equipment - Right of use include lease agreements recognised under IFRS 16 for leases of real estate and television studios and rentals of staff company cars and the rental of plant and machinery. Additions mainly reflect EUR 92.1 million from the consolidation of the P7S1 Group from 30 September 2025 and the renewal and extension of real estate lease agreements during the period. Right-of-use depreciation rates were calculated based on the established lease terms.
Reclassification to assets held for sale includes EUR 7.9 million in decreases for the reclassification of the net carrying amount of certain assets by the P7S1 Group to \u201cNon-current assets held for sale\u201d, in accordance with IFRS 5.
The item \u201cRight-of-use property, plant and equipment\u201c is broken down below.
| Right-of-use of buildings | Right-of-use of cars | Right-of-use of plant | Total |
| Balance at 31/12/2023 | 97.5 | 7.9 | | 105.4 |
| Business combinations | | 0.1 | | 0.1 |
| Additions | 0.4 | 6.0 | | 6.4 |
| Disposals | (0.0) | (0.1) | | (0.1) |
| Amortisation and depreciation | (12.6) | (3.9) | | (16.4) |
| Other changes | 1.1 | 0.0 | | 1.1 |
| Balance at 31/12/2024 | 86.5 | 10.0 | | 96.5 |
| Business combinations | 79.6 | 4.0 | 8.5 | 92.1 |
| Additions | 23.3 | 4.1 | 2.7 | 30.1 |
| Other changes | 0.9 | (0.0) | (0.1) | 0.8 |
| Disposals | (1.4) | (0.1) | (0.0) | (1.5) |
| Amortisation, depreciation and impairment | (18.8) | (4.8) | (2.3) | (25.9) |
| Reclassification to assets held for sale | (7.9) | | | (7.9) |
| Balance at 31/12/2025 | 162.1 | 13.3 | 8.8 | 184.2 |
8.1 PROPERTY, PLANT AND EQUIPMENT
Plant, machinery, equipment, buildings and land are recognised at purchase, production or transfer cost, including any transaction costs, any dismantling costs and direct costs necessary to make the asset available for use. These fixed assets, with the exception of land, which is not subject to depreciation, are depreciated on a straight-line basis in each financial year using depreciation rates set according to the remaining useful life of the assets.
Depreciation is calculated on a straight-line basis on the cost of the assets, net of any residual values (where significant), according to their estimated useful lives, with the following rates applied:
| Type of property plan and equipment | Financial statement category | Amortisation rate |
| Buildings | Land and building | 2% -3% |
| Plant and equipment | Plant and equipment | 10%- 20% |
| Constructions and equipment | Technical and commercial equipment | 5% - 16% |
| Office furniture and machines | Other tangible assets | 8% - 20% |
| Motor vehicles and other means of transport | Other tangible assets | 10% - 25% |
The recoverable value of the above is measured based on the criteria laid down in IAS 36, described in the note below \u201cAssessment of recoverability of goodwill and other non-current assets (Impairment test)\u201d
Ordinary maintenance costs are recognised in full in profit and loss. Incremental maintenance costs are allocated to each asset and depreciated over its remaining useful life.
Leasehold improvements are allocated to each class of assets and depreciated at the residual life of the lease contract or the residual useful life of the type of asset improved, whichever is lower.
Whenever individual components of a complex tangible fixed asset have different useful lives, they are recognised separately in order to be depreciated according to their individual useful lives (component approach).
In particular, according to this principle, the value of land and of the buildings on it are kept separate, and only the buildings are depreciated.
Gains and losses resulting from sales or disposals of assets are calculated as the difference between the sales price and the net book value of the asset, and are posted to the income statement under Other revenues and Other operating costs, respectively.",
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}
},
"v1-page335-cflshid_125652-tag138186": {
"value": "Ordinary maintenance costs are recognised in full in profit and loss. Incremental maintenance costs are allocated to each asset and depreciated over its remaining useful life.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page338-cflshid_128110-tag138259": {
"value": "Other changes reflecting the EUR 10.2 million reduction of the carrying amount due to the payment, on 13 June 2024, to some Group companies which in December 2023 submitted applications to receive public funding under the \u201cExtraordinary Fund for Actions to Support Publishing\u201d, established in Italy by Law No. 234 of 30 December 2021. The funding covers 70% of eligible expenses of private broadcasters (national audiovisual media services providers that have an allocated LCN, digital radio providers and consortiums of audio digital broadcasters) that in 2022 had made capital expenditures in innovative digital transition technologies for upgrading infrastructure and production processes with a view to enhancing the quality of content and its enjoyment by users. The carrying amount was adjusted in the manner set forth in IAS 20 \u201cAccounting for Government Grants and Disclosure of Government Assistance\u201d.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"v1-page338-cflshid_128110-tag138258": {
"value": "Under Reclassification to assets held for sale, EUR 1.4 million in decreases for other movements relate to the reclassification of the net carrying amount of certain assets by the P7S1 Group to \u201cNon-current assets held for sale\u201d, in accordance with IFRS 5.
9.6 ASSETS AND LIABILITIES HELD FOR SALE
At the reporting date, the Group classified certain assets (and/or groups of assets and liabilities) as held for sale in accordance with IFRS 5 \u2013 Non-current Assets Held for Sale and Discontinued Operations.
This item refers to assets (EUR 46.6 million) and liabilities (EUR 45.1 million) classified as held for sale in connection with disposals expected to be completed in 2026 in respect of the following Group companies:
\u2212Wetter.com GmbH (wetter.com),
\u2212FLOYT Mobility GmbH, FLOYT Technology S.L, CamperDays GmbH, CamperDays Technology S.L.(Commerce segment), Glomex GmbH e Glomex TOV (Entertainment segment),
\u2212esome advertising technologies GmbH, esome advertising technologies d.o.o. and Kairion GmbH (Entertainment segment)
\u2212Around Holding GmbH and subsidiaries, Marketplace GmbH and be Around GmbH (Commerce segment)
\u2212Xplora Technologies AS.
Assets were measured at the lower of the carrying amount and the fair value less costs of sale.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"v1-page338-cflshid_128110-tag138190": {
"value": "8.1.1 Right-of-use property, plant and equipment
Assets under the control of the Group through leasing contracts are classified as tangible assets in the caption \u201cRight-of-use property, plant and equipment\u201d at the value of the related financial liability, calculated based on the current value of future payments, discounted at the incremental borrowing rate for each contract. The payable is progressively reduced according to the repayment schedule for the amounts of principal included in the contractual instalments. The interest amount, on the other hand, is recognised in the income statement under financial expenses. The value of the asset recognised under tangible assets is depreciated on a straight-line basis according to the lease term, while also taking into account the likelihood of renewal of the agreement where an enforceable renewal option exists.
Fees for leasing contracts with a duration of 12 months or less and for contracts with a low-value underlying asset are accrued on a straight-line basis through profit or loss according to the duration of the contract.
Property, plant and equipment - Right of use include lease agreements recognised under IFRS 16 for leases of real estate and television studios and rentals of staff company cars and the rental of plant and machinery. Additions mainly reflect EUR 92.1 million from the consolidation of the P7S1 Group from 30 September 2025 and the renewal and extension of real estate lease agreements during the period. Right-of-use depreciation rates were calculated based on the established lease terms.
Reclassification to assets held for sale includes EUR 7.9 million in decreases for the reclassification of the net carrying amount of certain assets by the P7S1 Group to \u201cNon-current assets held for sale\u201d, in accordance with IFRS 5.
The item \u201cRight-of-use property, plant and equipment\u201c is broken down below.
| Right-of-use of buildings | Right-of-use of cars | Right-of-use of plant | Total |
| Balance at 31/12/2023 | 97.5 | 7.9 | | 105.4 |
| Business combinations | | 0.1 | | 0.1 |
| Additions | 0.4 | 6.0 | | 6.4 |
| Disposals | (0.0) | (0.1) | | (0.1) |
| Amortisation and depreciation | (12.6) | (3.9) | | (16.4) |
| Other changes | 1.1 | 0.0 | | 1.1 |
| Balance at 31/12/2024 | 86.5 | 10.0 | | 96.5 |
| Business combinations | 79.6 | 4.0 | 8.5 | 92.1 |
| Additions | 23.3 | 4.1 | 2.7 | 30.1 |
| Other changes | 0.9 | (0.0) | (0.1) | 0.8 |
| Disposals | (1.4) | (0.1) | (0.0) | (1.5) |
| Amortisation, depreciation and impairment | (18.8) | (4.8) | (2.3) | (25.9) |
| Reclassification to assets held for sale | (7.9) | | | (7.9) |
| Balance at 31/12/2025 | 162.1 | 13.3 | 8.8 | 184.2 |
Assets under the control of the Group through leasing contracts are classified as tangible assets in the caption \u201cRight-of-use property, plant and equipment\u201d at the value of the related financial liability, calculated based on the current value of future payments, discounted at the incremental borrowing rate for each contract. The payable is progressively reduced according to the repayment schedule for the amounts of principal included in the contractual instalments. The interest amount, on the other hand, is recognised in the income statement under financial expenses. The value of the asset recognised under tangible assets is depreciated on a straight-line basis according to the lease term, while also taking into account the likelihood of renewal of the agreement where an enforceable renewal option exists.
Fees for leasing contracts with a duration of 12 months or less and for contracts with a low-value underlying asset are accrued on a straight-line basis through profit or loss according to the duration of the contract.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"v1-page340-cflshid_128931-tag138192": {
"value": "Television broadcasting rights are mainly amortised on a straight-line basis, based on the contractually stipulated license period. This criteria reflects a reliable relationship between the various broadcasting opportunities available, the number of screenings permitted by contract and their actual broadcast. Based on the respective business model, for the programming asset (related to multi-year licenses for feature films and series) pertaining to P7S1, assumed in the consolidation scope starting from the last quarter of 2025, the declining-balance method amortization criterion over the number of contractual or planned broadcasts runs according with standardized metrixes was maintained.
When, irrespective of the amortisation already recognized, all runs made available under the related television broadcasting rights contracts have been broadcasted, the carrying amount is impaired in full. The recoverable value of such assets is assessed according to the criteria established in IAS 36, as described in the Impairment of assets explanatory note above.
The rights for sporting events, news and entertainment programmes are amortised entirely (100%) when the event is broadcast.
Rights available for multiple means of use, to be utilised in distribution activities, are amortised according to international accounting best practice based on the ratio between the actual revenues achieved and the estimated total overall revenues from use of the right. This estimate is periodically revised to determine the amortisation to be recognised during the year.
Intangible fixed assets are assets without an identifiable physically form, which are controlled by the company and able to generate future economic benefits.
These assets are recorded at purchase or production cost, including transaction costs, according to the criteria described above for property, plant and equipment.
For purchased intangible assets whose availability for use and related payments are deferred beyond ordinary periods, the purchase value and the related payable are discounted by recognising the financial expenses implicit in the original price.
Internally generated intangible assets, where relating to research costs, are recognised in the income statement during the period in which they are incurred. Development costs, which mainly relate to software, are capitalised and amortised on a straight-line basis over their estimated useful lives (3 years on average), provided they can be identified, that their cost can be reliably calculated, and that the asset is likely to generate future economic benefits.
Intangible assets with definite useful lives are amortised on a straight-line basis, starting from the time when the asset is available for utilization and throughout the period of its expected usefulness. The recoverable value of such assets is assessed according to the criteria established in IAS 36, as described in the Impairment of assets explanatory note above.
Intangible assets under construction and advances include (acquisitions) advance payments for the acquisition of TV rights, which are subsequently reclassified (other changes) to \u201cTV and movie rights\u201d when the rights are acquired by contract.
Costs relating to rights for the utilization of television frequencies, to be used for setting up digital terrestrial networks acquired from third parties in accordance with applicable legislation, are amortised on a straight-line basis according to the expected duration of their use, beginning at the time the service is activated and ending 30 June 2032, based on the validity period of the definitive assignment order of right of utilization in Italy dated 28 June 2012.
The television broadcasting license of the \u201cCuatro multiplex\u201d was identified in the purchase price allocation process of the Prisa\u2019s Group television operations acquisition made by Mediaset Espana in 2010 as an intangible asset with an indefinite useful life in absence of objective elements relating to the legal duration of this license; accordingly, it is not systematically amortised, but is subject to impairment testing, at least every year.
As of 1 January 2016, rights for the utilization of radio frequencies are amortised on a straight-line basis over a period of 25 years. The useful life of these rights was estimated as part of the evaluation processes for business combinations concerning the Group\u2019s radio broadcasting operations.
A remaining useful life of up to June 2035 is envisaged for the authorisation to provide audiovisual services nationwide and for the consequent automatic numbering of generalist channels, with a view to the procedures and requirements for the authorisation\u2019s renewal.
",
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"v1-page340-cflshid_128931-tag138191": {
"value": "Television broadcasting rights are mainly amortised on a straight-line basis, based on the contractually stipulated license period. This criteria reflects a reliable relationship between the various broadcasting opportunities available, the number of screenings permitted by contract and their actual broadcast. Based on the respective business model, for the programming asset (related to multi-year licenses for feature films and series) pertaining to P7S1, assumed in the consolidation scope starting from the last quarter of 2025, the declining-balance method amortization criterion over the number of contractual or planned broadcasts runs according with standardized metrixes was maintained.
When, irrespective of the amortisation already recognized, all runs made available under the related television broadcasting rights contracts have been broadcasted, the carrying amount is impaired in full. The recoverable value of such assets is assessed according to the criteria established in IAS 36, as described in the Impairment of assets explanatory note above.
The rights for sporting events, news and entertainment programmes are amortised entirely (100%) when the event is broadcast.
Rights available for multiple means of use, to be utilised in distribution activities, are amortised according to international accounting best practice based on the ratio between the actual revenues achieved and the estimated total overall revenues from use of the right. This estimate is periodically revised to determine the amortisation to be recognised during the year.
Intangible fixed assets are assets without an identifiable physically form, which are controlled by the company and able to generate future economic benefits.
These assets are recorded at purchase or production cost, including transaction costs, according to the criteria described above for property, plant and equipment.
For purchased intangible assets whose availability for use and related payments are deferred beyond ordinary periods, the purchase value and the related payable are discounted by recognising the financial expenses implicit in the original price.
Internally generated intangible assets, where relating to research costs, are recognised in the income statement during the period in which they are incurred. Development costs, which mainly relate to software, are capitalised and amortised on a straight-line basis over their estimated useful lives (3 years on average), provided they can be identified, that their cost can be reliably calculated, and that the asset is likely to generate future economic benefits.
Intangible assets with definite useful lives are amortised on a straight-line basis, starting from the time when the asset is available for utilization and throughout the period of its expected usefulness. The recoverable value of such assets is assessed according to the criteria established in IAS 36, as described in the Impairment of assets explanatory note above.
Intangible assets under construction and advances include (acquisitions) advance payments for the acquisition of TV rights, which are subsequently reclassified (other changes) to \u201cTV and movie rights\u201d when the rights are acquired by contract.
Costs relating to rights for the utilization of television frequencies, to be used for setting up digital terrestrial networks acquired from third parties in accordance with applicable legislation, are amortised on a straight-line basis according to the expected duration of their use, beginning at the time the service is activated and ending 30 June 2032, based on the validity period of the definitive assignment order of right of utilization in Italy dated 28 June 2012.
The television broadcasting license of the \u201cCuatro multiplex\u201d was identified in the purchase price allocation process of the Prisa\u2019s Group television operations acquisition made by Mediaset Espana in 2010 as an intangible asset with an indefinite useful life in absence of objective elements relating to the legal duration of this license; accordingly, it is not systematically amortised, but is subject to impairment testing, at least every year.
As of 1 January 2016, rights for the utilization of radio frequencies are amortised on a straight-line basis over a period of 25 years. The useful life of these rights was estimated as part of the evaluation processes for business combinations concerning the Group\u2019s radio broadcasting operations.
A remaining useful life of up to June 2035 is envisaged for the authorisation to provide audiovisual services nationwide and for the consequent automatic numbering of generalist channels, with a view to the procedures and requirements for the authorisation\u2019s renewal.
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"v1-page341-cflshid_129628-tag138193": {
"value": "8.3 GOODWILL
| Total |
| Opening balance at 01/01/2024 | 804.7 |
| Additions from business combinations | 5.0 |
| Disposals | (0.1) |
| Balance at 31/12/2024 | 809.6 |
| Additions from business combinations | 1,790.3 |
| Balance at 31/12/2025 | 2,599.9 |
In 2025, EUR 1,790.3 million in increases refer to the provisional amount recorded upon the line-by-line consolidation of the P7S1 Group from 30 September 2025. In accordance with IFRS 3, any adjustments to goodwill resulting from a redetermination of the identifiable acquired assets and liabilities assumed, including contingent liabilities (Purchase Price Allocation, \"PPA\"), based on new or different information obtained about facts and circumstances that existed as of the acquisition date, must be recognised within 12 months following the acquisition date. If goodwill is adjusted at the end of the PPA, the accounting impacts of allocating part of the purchase price to the subsidiary\u2019s assets and liabilities must be reflected retroactively from 30 September 2025.
In the previous year, increases referred to the amount recorded upon the line-by-line consolidation of Mediamond and its subsidiary Videowall.
At 31 December 2025, goodwill was subject to the impairment testing procedure, required annually pursuant to IAS 36, as commented below.
",
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},
"v1-page342-cflshid_130022-tag138196": {
"value": "8.4 ASSESSMENT OF RECOVERABILITY OF GOODWILL AND OTHER NON-CURRENT ASSETS (IMPAIRMENT TEST) The carrying amounts of tangible and intangible fixed assets are periodically reviewed in accordance with IAS 36, which requires the assessment of the existence of any impairment loss, where indicators suggest that impairment may exist. In the case of goodwill, intangible assets with indefinite useful lives and intangible assets not available for use, impairment testing is carried out at least yearly, normally at the time of the preparation of the annual financial statements, but also at any time when there is an indication of potential impairment.
The recoverability of the carrying amounts is assessed by comparing them to the higher of their value in use in their current condition or the fair value of the assets (the price that would be received from their sale) less costs of disposal.
Value in use is measured by discounting the future cash flows expected from the use of the individual asset or the cash generating unit to which the asset belongs and from its disposal at the end of its useful life, based on the most recently approved business plans.
Fair value (less costs to sell) is measured in accordance with IFRS 13 (Fair value measurement) by quantifying the price that would be received to sell the asset or group of assets in an orderly transaction between market participants at the measurement date, taking into account any restrictions on the sale or use of the asset that such market participants would take into consideration.
In the case of impairment, the loss is charged to the income statement, first by reducing goodwill and then recognising any excess amounts, using criteria generally proportional to the value of the other assets of the CGU concerned. With the exception of goodwill, impairment can be reversed for other assets when the conditions that resulted in the impairment loss have changed. In such case, the carrying amount of the asset can be increased within the limits of the new estimated recoverable amount, but no more than the value that would have been calculated if there had been no previous impairment losses.
This testing is carried out on the cash-generating units (CGU) to which goodwill and the other assets are allocated. The cash generating units are identified, in line with the organisational and business structures of the Group, as homogeneous aggregations that generate autonomous cash inflows from the continuous use of the assets attributable to them.
In accordance with the Group\u2019s organisational business structure at 31 December 2025, the CGUs are aligned with the operating segments set forth in IFRS 8 (Grupo Audiovisual Mediaset Espa\u00f1a and the P7S1 Group) or with business lines that can be identified within the Italian segment (\u201cFree-to-air Television\u201d, \u201cPay/SVoD series and movie rights library\u201d, \u201cRadio\u201d and \u201cOther advertising sales\u201d). \u201cOther advertising sales\u201d mainly refer to advertising sales on radio, websites and DOOH inventory owned by the Group and third parties.
The following table shows the amounts and the allocation of goodwill to each CGU. The variation in this item in the last two years is shown in Note 8.3.
Goodwill of EUR 1,790.3 million refers to the provisional amount recorded upon the line-by-line consolidation of the P7S1 Group from 30 September 2025. As the PPA had not been completed at the reporting date, the provisional goodwill was allocated to P7S1 as a single cash-generating unit for goodwill impairment testing as at 31 December 2025 (as foreseen by IFRS 3).
Of the EUR 658.1 million in goodwill allocated to the Grupo Audiovisual Mediaset Espa\u00f1a CGU (\u201cGAM\u201d), EUR 363.2 million was generated following the takeover of the company by the Group in 2003 and EUR 294.5 million was generated from the business combinations later carried out by the Spanish company. The carrying amount of the GAM CGU also includes assets with an indefinite useful life amounting to EUR 85.2 million, classified under \u201cOther intangible assets\u201d (pertaining to the value allocated to the \u201cCuatro\u201d multiplex by the subsidiary Mediaset Espa\u00f1a in 2010 during the purchase price allocation process that followed the acquisition of the television operations of the Prisa Group).
| CGU | 31/12/2025 | 31/12/2024 |
| Grupo Audiovisual Mediaset Espa\u00f1a | 658.1 | 658.1 |
| P7S1 Group | 1,790.3 | - |
| Free TV Italy | 145.6 | 145.6 |
| Other advertising sales (Italy) | 5.9 | 5.9 |
| Total Goodwill | 2,599.9 | 809.6 |
The recoverability of the goodwill and other assets of the various Group CGUs have been tested on the basis of the methodology, the process and the guidelines for the five-year business plan 2026-2030 (being the input for the impairment model and thus a five year forecast period is used in the impairment models) approved by the Board of Directors of MFE on 11 March 2026, which also examined the main indicators and the external (market cap, macroeconomic indicators, target market forecasts) and internal evidence related to these assessments as available at the reporting date of these consolidated financial statements.
Observation of impairment indicators particularly revealed that the market caps of MFE, which had increased significantly throughout the year (+24% compared to 31 December 2024), was lower at the balance sheet than the consolidated net carrying amount, while from the point of view of the management trends of the CGUs being evaluated, the final results in 2025 highlighted a trend in advertising revenue and the results of the CGUs in Italy was in line with approved budget, while in Spain advertising revenue performance was lower than expected, but partially offset by lower costs. Recoverability assessments for these CGUs at the end of the previous year had highlighted significant differences between recoverable values and carrying amounts.
The recoverability of goodwill and other assets pertaining to the Free-to-Air TV CGU (mainly consisting of television and film rights and rights to use assets relating to television frequencies) and the Radio CGU (mainly consisting of intangible assets with a definite useful life relating to the rights to use radio frequencies) was verified by determining the value in use through the discounting of cash flows deducible from the respective plans.
The main key assumptions of both the above mentioned CGUs business plans mainly relates to the advertising revenues trend based on market expectation and assuming a substantial stability of the market shares, the evolution of the programming costs and (for the Free-to-air Television CGU) the TV rights investments, in the hypothesis of continuity of the current offer and editorial market positioning, taking into account the purchase commitments of tv rights, sport events and entertainment content, personnel turnover and cost of labour, inflation and energy costs projections.
These assumptions were based on management's best estimate, taking into account information available from external sources and forecasts of developments in the Group's markets as prepared by specialist observers mainly in terms of the expected performance of advertising revenues and the most recent economic outlooks available for the explicit forecast period. The nature of the Group's business means that in both the external forecast scenarios and the main assumptions made by management in preparing the plans to test the recoverable value of the CGUs, there are no expected material impacts directly relating to Climate Change risks.
The recoverability of the consolidated carrying amount of the GAM CGU was confirmed by estimating the total equity value of the Group\u2019s 100% interest, based on the value in use of those operating assets realisable based on the future cash flow of the CGU\u2019s operating activities, plus the current value attributable to equity investments, financial assets and liabilities and net financial position. The key assumptions of the business plan mainly relates to the expected future trends in advertising revenues over the projection period based on external information on macroeconomic trends and the advertising market, which assumes that market shares will largely remain stable.The recoverability of the consolidated carrying amount of CGU P7S1 was confirmed by estimating the pro-quota equity value of the Group's investment, based on the value in use of the CGU projected future cash flows based on the Company's most recent budget and approved plan, net of net financial debt. The key assumptions of the business plan primarily concerned the expected future performance of advertising revenues over the projection period, based on the main external evidence available regarding macroeconomic and advertising market trends, assuming substantial stability of the market shares.
The post-tax discount rates (WACC) used to discount future cash flows were as follows (the figure used in the recoverability assessment at December 31, 2024, is in brackets):
- Free TV Italy and Radio CGU: 6.8% (7.5%);
- Spain CGU: 7.3% (7.86%);
- P7S1 CGU: 7.7%
These rates were obtained by updating, at the reporting date, the financial and market parameters underlying the determination of the weighted average cost of capital after taxes (cost of debt, risk-free rate, and market risk premium), using indicators (beta) and financial structure (debt ratio) derived from a panel of comparables composed of the main FTA broadcasters operating in the euro area.
The % growth rate used to extrapolate cash flows beyond the planning horizon (the \"g-rate\") is consistent with the most recent medium- to long-term inflation forecasts for the various geographical areas in which the various CGUs operate.
On this basis, the assessments carried out at 31 December 2025 confirmed the recoverability of the carrying amounts (including goodwill) of all CGUs, highlighting in particular for the Free TV Italia CGU a significant headroom compared to the carrying amounts.
For the goodwill (EUR 5.9 million) attributable to the Other advertising sales CGU and for the EUR 22 million residual carrying amount of the Pay/SVoD series and movie rights library CGU, no impairment indicators or evidence of potential reversal were identified as at the reporting date of the consolidated financial statements.
For the CGUs for which the value in use confirmed the recoverability of the assets, specific sensitivity analyses were carried out for all the CGUs, identifying for each CGU, all other key variables being equal, (i) specific discount rates and (ii) year-on-year reductions in the EBIT margin resulting from lower advertising revenues for each of the CGUs compared to those contained in the baseline scenario, which, considering all other cash flow components being equal, i.e. prudentially assuming no change in costs and investments, eliminate the difference between recoverable value and carrying value, as reported below:
- Free TV Italy CGU: (i) WACC of 11.6%; (ii) -4.3% percentage points of advertising revenues
- Radio CGU: (i) WACC: 8.2%; (ii) -3% percentage points of advertising revenues;
- Spain CGU: (i) WACC: 8.1%; (ii) -1.1% percentage points of advertising revenues;
- P7S1 CGU: (i) WACC: 8.1%; (ii) \u2013 1.4% percentage points of advertising revenues;
8.5 OTHER INTANGIBLE ASSETS
Intangible fixed assets are assets without an identifiable physically form, which are controlled by the company and able to generate future economic benefits.
These assets are recorded at purchase or production cost, including transaction costs, according to the criteria described above for property, plant and equipment.
For purchased intangible assets whose availability for use and related payments are deferred beyond ordinary periods, the purchase value and the related payable are discounted by recognising the financial expenses implicit in the original price.
Internally generated intangible assets, where relating to research costs, are recognised in the income statement during the period in which they are incurred. Development costs, which mainly relate to software, are capitalised and amortised on a straight-line basis over their estimated useful lives (3 years on average), provided they can be identified, that their cost can be reliably calculated, and that the asset is likely to generate future economic benefits.
Intangible assets with definite useful lives are amortised on a straight-line basis, starting from the time when the asset is available for utilization and throughout the period of its expected usefulness. The recoverable value of such assets is assessed according to the criteria established in IAS 36, as described in the Impairment of assets explanatory note above.
Intangible assets under construction and advances include (acquisitions) advance payments for the acquisition of TV rights, which are subsequently reclassified (other changes) to \u201cTV and movie rights\u201d when the rights are acquired by contract.
Costs relating to rights for the utilization of television frequencies, to be used for setting up digital terrestrial networks acquired from third parties in accordance with applicable legislation, are amortised on a straight-line basis according to the expected duration of their use, beginning at the time the service is activated and ending 30 June 2032, based on the validity period of the definitive assignment order of right of utilization in Italy dated 28 June 2012.
The television broadcasting license of the \u201cCuatro multiplex\u201d was identified in the purchase price allocation process of the Prisa\u2019s Group television operations acquisition made by Mediaset Espana in 2010 as an intangible asset with an indefinite useful life in absence of objective elements relating to the legal duration of this license; accordingly, it is not systematically amortised, but is subject to impairment testing, at least every year.
As of 1 January 2016, rights for the utilization of radio frequencies are amortised on a straight-line basis over a period of 25 years. The useful life of these rights was estimated as part of the evaluation processes for business combinations concerning the Group\u2019s radio broadcasting operations.
A remaining useful life of up to June 2035 is envisaged for the authorisation to provide audiovisual services nationwide and for the consequent automatic numbering of generalist channels, with a view to the procedures and requirements for the authorisation\u2019s renewal.
| ORIGINAL COST | Patents and intellectual property rights | Trademarks | Rights/licenses of use and authorisations | Intangible assets in progress and advances | Other intangible assets | Total |
| Opening balance at 01/01/2024 | 313.9 | 342.7 | 745.7 | 70.9 | 91.2 | 1,564.4 |
| Additions | 3.4 | - | 0.0 | 37.1 | 1.2 | 41.7 |
| Other changes | 9.2 | 0.0 | - | (27.1) | (0.0) | (17.9) |
| Disposals | (1.8) | (0.1) | - | - | - | (1.9) |
| Balance at 31/12/2024 | 324.7 | 342.6 | 745.7 | 80.9 | 92.4 | 1,586.2 |
| Business combination | 283.5 | 438.0 | 75.6 | 142.1 | 531.7 | 1,470.9 |
| Additions | 8.3 | - | 1.0 | 56.3 | 22.1 | 87.8 |
| Other changes | 9.1 | (0.0) | - | (82.6) | 9.2 | (64.3) |
| Disposals | (18.9) | - | (2.2) | - | (14,0) | (35.1) |
| Write-downs | | - | - | (2.0) | - | (2.0) |
| Reclassification to assets held for sale | (22.9) | (28.8) | (8.1) | (4.8) | (75.1) | (139.6) |
| Balance at 31/12/2025 | 583.8 | 751.9 | 812.0 | 190.0 | 566.3 | 2,903.9 |
| ACCUMULATED AMORTISATION AND IMPAIRMENTS | Patents and intellectual property rights | Trademarks | Rights/licenses of use and authorisations | Intangible assets in progress and advances | Other intangible assets | Total |
| Opening balance at 01/01/2024 | (306.3) | (243.1) | (419.3) | (42.5) | (88.0) | (1,099.8) |
| Other changes | 0.0 | 0.0 | 0.0 | - | (0.0) | 0.0 |
| Disposals | 1.8 | - | - | - | - | 1.8 |
| Amortisation | (7.1) | (10.8) | (21.2) | | (1.0) | (40.1) |
| (Impairments)/Reversals | - | - | - | (0.1) | - | (0.1) |
| Balance at 31/12/2024 | (311.6) | (254.0) | (440.6) | (42.7) | (89.1) | (1,138.0) |
| Business combination | (221.0) | (71.8) | (56.0) | - | (360.9) | (709.6) |
| Other changes | 0.2 | 0.0 | 0.0 | (0.2) | 0.0 | 0.1 |
| Disposals | 18.8 | 0.0 | 2.2 | | 14.0 | 35.0 |
| Amortisation | (13.7) | (13.6) | (23.3) | | (20.1) | (70.7) |
| (Impairments)/Reversals | (1.1) | (14.1) | (0.2) | (0.0) | (6.8) | (22.2) |
| Reclassification to assets held for sale | 20.2 | 18.9 | 7.6 | 0.5 | 57.5 | 104.6 |
| Balance at 31/12/2025 | (508.2) | (334.5) | (510.3) | (42.5) | (405.4) | (1,800.9) |
| CARRYING AMOUNT | Patents and intellectual property rights | Trademarks | Rights/licenses of use and authorisations | Intangible assets in progress and advances | Other intangible assets | Total |
| Opening balance at 01/01/2024 | 7.5 | 99.4 | 326.3 | 28.4 | 3.1 | 464.6 |
| Additions | 3.4 | - | 0.0 | 37.1 | 1.2 | 41.7 |
| Other changes | 9.2 | 0.0 | 0.0 | (27.1) | (0.0) | (17.9) |
| Disposals | - | (0.1) | - | - | - | (0.1) |
| Amortisation | (7.1) | (10.8) | (21.2) | - | (1.0) | (40.1) |
| (Impairments)/Reversals | - | - | - | (0.1) | - | (0.1) |
| Balance at 31/12/2024 | 13.0 | 88.5 | 305.1 | 38.2 | 3.4 | 448.2 |
| Business combination | 62.5 | 366.3 | 19.6 | 142.1 | 170.8 | 761.2 |
| Additions | 8.3 | - | 1.0 | 56.3 | 22.1 | 87.8 |
| Other changes | 9.3 | (0.0) | 0.0 | (82.8) | 9.3 | (64.3) |
| Disposals | (0.0) | 0.0 | (0.0) | (0.0) | 0.0 | (0.1) |
| Amortisation | (13.7) | (13.6) | (23.3) | - | (20.1) | (70.7) |
| (Impairments)/Reversals | (1.1) | (14.1) | (0.2) | (2.1) | (6.8) | (24.3) |
| Reclassification to assets held for sale | (2.8) | (9.8) | (0.5) | (4.3) | (17.6) | (35.0) |
| Balance at 31/12/2025 | 75.4 | 417.3 | 301.7 | 147.4 | 161.1 | 1,102.9 |
The amount of 37.2 million euros relating to the item Other changes refers to the reclassification in the item Television and movie rights of advances paid to suppliers recognised as assets in progress and advances at 31 December 2024.
The EUR 80.1 million in additions to the item Patents and intellectual property rights (of which EUR 62.5 million relating to the consolidation of the P7S1 Group) relate to EUR 17.6 million in investments, of which EUR 9.3 million recognised in the previous year under Intangible assets in progress and advances mainly refer to acquisitions for the development of applications, and EUR 5.7 million relating to investments in new software of the P7S1 Group.
The change in Trademarks mainly refers to the effect of the consolidation of the P7S1 Group from 30 September 2025. This item mainly includes:
othe trademark of Spanish television broadcaster Cuatro for EUR 48.0 million. This asset was recognised following the allocation of the purchase price paid for the acquisition of the television business from Gruppo Prisa by Mediaset Espa\u00f1a Comunicaci\u00f3n S.A. in 2011. The amortisation period has been determinated in 20 years.
oindefinite useful life trademarks of the P7S1 Group amounting to EUR 224 million, mainly relating to Parship/ElitePartner for EUR 141.3 million, eHarmony for EUR 54.4 million and ATV Privat TV for EUR 11.4 million;
othe trademark of the radio broadcaster Radio 105, valued for EUR 26.7 million. This asset was recognised following the final purchase price allocation of the acquisition of the radio broadcasting assets of the Finelco Group in 2016. The amortisation period has been determined in 25 years;
o the trademark of the radio broadcaster Radio Subasio, for a residual value of EUR 3.3 million, which was recognised following the final allocation of the purchase price paid for the acquisition of the radio broadcasting assets of the companies Radio Subasio and Radio Aut in 2017. The amortisation period has been estimated at 25 years from the date of acquisition.
othe Zelig trademark, acquired in 2022 for a fee of EUR 5.1 million, which has an amortisation schedule estimated at 20 years.
Rights/Licences of use and authorisations includes EUR 79.4 million for the utilization of television frequencies held by the subsidiary Elettronica Industriale S.p.A., used in Italy for the operation of domestic channels using digital terrestrial technology, as well as the television broadcasting license of the Cuatro Multiplex, measured at EUR 85.0 million during the allocation of the purchase price paid by the subsidiary Mediaset Espa\u00f1a (GAM) in 2010, in relation to the acquisition of Prisa Group\u2019s television operations. The revoverablity of the carrying amount of the rights for the utilization of frequencies held by Elettronica Industriale S.p.A. was confirmed in the impairment testing on the Free TV Italy CGU, as reported in Note 8.4 above. The recoverability of the carrying amount of the television broadcasting licence for the Cuatro Spanish Multiplex was confirmed in the impairment testing on the GAM CGU, as also reported in Note 8.4.
The item also includes EUR 84.7 million in rights for the utilization of radio broadcasting frequencies held by MFE Group radio broadcasters (Monradio S.r.l., Radio Studio 105, Virgin Radio, Radio Monte Carlo, Radio Subasio and Radio Aut). As at 31 December 2025, the residual carrying amount of these finite-life intangible assets was measured during the non-financial assets recoverability testing carried out under IAS 36 and reported in Note 8.4. Other Intangible assets mainly refer to internally developed software for E-business solutions, Internet portals, internally customizing software and complex program databases.
8.4 ASSESSMENT OF RECOVERABILITY OF GOODWILL AND OTHER NON-CURRENT ASSETS (IMPAIRMENT TEST) The carrying amounts of tangible and intangible fixed assets are periodically reviewed in accordance with IAS 36, which requires the assessment of the existence of any impairment loss, where indicators suggest that impairment may exist. In the case of goodwill, intangible assets with indefinite useful lives and intangible assets not available for use, impairment testing is carried out at least yearly, normally at the time of the preparation of the annual financial statements, but also at any time when there is an indication of potential impairment.
The recoverability of the carrying amounts is assessed by comparing them to the higher of their value in use in their current condition or the fair value of the assets (the price that would be received from their sale) less costs of disposal.
Value in use is measured by discounting the future cash flows expected from the use of the individual asset or the cash generating unit to which the asset belongs and from its disposal at the end of its useful life, based on the most recently approved business plans.
Fair value (less costs to sell) is measured in accordance with IFRS 13 (Fair value measurement) by quantifying the price that would be received to sell the asset or group of assets in an orderly transaction between market participants at the measurement date, taking into account any restrictions on the sale or use of the asset that such market participants would take into consideration.
In the case of impairment, the loss is charged to the income statement, first by reducing goodwill and then recognising any excess amounts, using criteria generally proportional to the value of the other assets of the CGU concerned. With the exception of goodwill, impairment can be reversed for other assets when the conditions that resulted in the impairment loss have changed. In such case, the carrying amount of the asset can be increased within the limits of the new estimated recoverable amount, but no more than the value that would have been calculated if there had been no previous impairment losses.
This testing is carried out on the cash-generating units (CGU) to which goodwill and the other assets are allocated. The cash generating units are identified, in line with the organisational and business structures of the Group, as homogeneous aggregations that generate autonomous cash inflows from the continuous use of the assets attributable to them.
In accordance with the Group\u2019s organisational business structure at 31 December 2025, the CGUs are aligned with the operating segments set forth in IFRS 8 (Grupo Audiovisual Mediaset Espa\u00f1a and the P7S1 Group) or with business lines that can be identified within the Italian segment (\u201cFree-to-air Television\u201d, \u201cPay/SVoD series and movie rights library\u201d, \u201cRadio\u201d and \u201cOther advertising sales\u201d). \u201cOther advertising sales\u201d mainly refer to advertising sales on radio, websites and DOOH inventory owned by the Group and third parties.
The following table shows the amounts and the allocation of goodwill to each CGU. The variation in this item in the last two years is shown in Note 8.3.
Goodwill of EUR 1,790.3 million refers to the provisional amount recorded upon the line-by-line consolidation of the P7S1 Group from 30 September 2025. As the PPA had not been completed at the reporting date, the provisional goodwill was allocated to P7S1 as a single cash-generating unit for goodwill impairment testing as at 31 December 2025 (as foreseen by IFRS 3).
Of the EUR 658.1 million in goodwill allocated to the Grupo Audiovisual Mediaset Espa\u00f1a CGU (\u201cGAM\u201d), EUR 363.2 million was generated following the takeover of the company by the Group in 2003 and EUR 294.5 million was generated from the business combinations later carried out by the Spanish company. The carrying amount of the GAM CGU also includes assets with an indefinite useful life amounting to EUR 85.2 million, classified under \u201cOther intangible assets\u201d (pertaining to the value allocated to the \u201cCuatro\u201d multiplex by the subsidiary Mediaset Espa\u00f1a in 2010 during the purchase price allocation process that followed the acquisition of the television operations of the Prisa Group).
| CGU | 31/12/2025 | 31/12/2024 |
| Grupo Audiovisual Mediaset Espa\u00f1a | 658.1 | 658.1 |
| P7S1 Group | 1,790.3 | - |
| Free TV Italy | 145.6 | 145.6 |
| Other advertising sales (Italy) | 5.9 | 5.9 |
| Total Goodwill | 2,599.9 | 809.6 |
The recoverability of the goodwill and other assets of the various Group CGUs have been tested on the basis of the methodology, the process and the guidelines for the five-year business plan 2026-2030 (being the input for the impairment model and thus a five year forecast period is used in the impairment models) approved by the Board of Directors of MFE on 11 March 2026, which also examined the main indicators and the external (market cap, macroeconomic indicators, target market forecasts) and internal evidence related to these assessments as available at the reporting date of these consolidated financial statements.
Observation of impairment indicators particularly revealed that the market caps of MFE, which had increased significantly throughout the year (+24% compared to 31 December 2024), was lower at the balance sheet than the consolidated net carrying amount, while from the point of view of the management trends of the CGUs being evaluated, the final results in 2025 highlighted a trend in advertising revenue and the results of the CGUs in Italy was in line with approved budget, while in Spain advertising revenue performance was lower than expected, but partially offset by lower costs. Recoverability assessments for these CGUs at the end of the previous year had highlighted significant differences between recoverable values and carrying amounts.
The recoverability of goodwill and other assets pertaining to the Free-to-Air TV CGU (mainly consisting of television and film rights and rights to use assets relating to television frequencies) and the Radio CGU (mainly consisting of intangible assets with a definite useful life relating to the rights to use radio frequencies) was verified by determining the value in use through the discounting of cash flows deducible from the respective plans.
The main key assumptions of both the above mentioned CGUs business plans mainly relates to the advertising revenues trend based on market expectation and assuming a substantial stability of the market shares, the evolution of the programming costs and (for the Free-to-air Television CGU) the TV rights investments, in the hypothesis of continuity of the current offer and editorial market positioning, taking into account the purchase commitments of tv rights, sport events and entertainment content, personnel turnover and cost of labour, inflation and energy costs projections.
These assumptions were based on management's best estimate, taking into account information available from external sources and forecasts of developments in the Group's markets as prepared by specialist observers mainly in terms of the expected performance of advertising revenues and the most recent economic outlooks available for the explicit forecast period. The nature of the Group's business means that in both the external forecast scenarios and the main assumptions made by management in preparing the plans to test the recoverable value of the CGUs, there are no expected material impacts directly relating to Climate Change risks.
The recoverability of the consolidated carrying amount of the GAM CGU was confirmed by estimating the total equity value of the Group\u2019s 100% interest, based on the value in use of those operating assets realisable based on the future cash flow of the CGU\u2019s operating activities, plus the current value attributable to equity investments, financial assets and liabilities and net financial position. The key assumptions of the business plan mainly relates to the expected future trends in advertising revenues over the projection period based on external information on macroeconomic trends and the advertising market, which assumes that market shares will largely remain stable.The recoverability of the consolidated carrying amount of CGU P7S1 was confirmed by estimating the pro-quota equity value of the Group's investment, based on the value in use of the CGU projected future cash flows based on the Company's most recent budget and approved plan, net of net financial debt. The key assumptions of the business plan primarily concerned the expected future performance of advertising revenues over the projection period, based on the main external evidence available regarding macroeconomic and advertising market trends, assuming substantial stability of the market shares.
The post-tax discount rates (WACC) used to discount future cash flows were as follows (the figure used in the recoverability assessment at December 31, 2024, is in brackets):
- Free TV Italy and Radio CGU: 6.8% (7.5%);
- Spain CGU: 7.3% (7.86%);
- P7S1 CGU: 7.7%
These rates were obtained by updating, at the reporting date, the financial and market parameters underlying the determination of the weighted average cost of capital after taxes (cost of debt, risk-free rate, and market risk premium), using indicators (beta) and financial structure (debt ratio) derived from a panel of comparables composed of the main FTA broadcasters operating in the euro area.
The % growth rate used to extrapolate cash flows beyond the planning horizon (the \"g-rate\") is consistent with the most recent medium- to long-term inflation forecasts for the various geographical areas in which the various CGUs operate.
On this basis, the assessments carried out at 31 December 2025 confirmed the recoverability of the carrying amounts (including goodwill) of all CGUs, highlighting in particular for the Free TV Italia CGU a significant headroom compared to the carrying amounts.
For the goodwill (EUR 5.9 million) attributable to the Other advertising sales CGU and for the EUR 22 million residual carrying amount of the Pay/SVoD series and movie rights library CGU, no impairment indicators or evidence of potential reversal were identified as at the reporting date of the consolidated financial statements.
For the CGUs for which the value in use confirmed the recoverability of the assets, specific sensitivity analyses were carried out for all the CGUs, identifying for each CGU, all other key variables being equal, (i) specific discount rates and (ii) year-on-year reductions in the EBIT margin resulting from lower advertising revenues for each of the CGUs compared to those contained in the baseline scenario, which, considering all other cash flow components being equal, i.e. prudentially assuming no change in costs and investments, eliminate the difference between recoverable value and carrying value, as reported below:
- Free TV Italy CGU: (i) WACC of 11.6%; (ii) -4.3% percentage points of advertising revenues
- Radio CGU: (i) WACC: 8.2%; (ii) -3% percentage points of advertising revenues;
- Spain CGU: (i) WACC: 8.1%; (ii) -1.1% percentage points of advertising revenues;
- P7S1 CGU: (i) WACC: 8.1%; (ii) \u2013 1.4% percentage points of advertising revenues;
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page342-cflshid_130027-tag138270": {
"value": "The carrying amounts of tangible and intangible fixed assets are periodically reviewed in accordance with IAS 36, which requires the assessment of the existence of any impairment loss, where indicators suggest that impairment may exist. In the case of goodwill, intangible assets with indefinite useful lives and intangible assets not available for use, impairment testing is carried out at least yearly, normally at the time of the preparation of the annual financial statements, but also at any time when there is an indication of potential impairment.
The recoverability of the carrying amounts is assessed by comparing them to the higher of their value in use in their current condition or the fair value of the assets (the price that would be received from their sale) less costs of disposal.
Value in use is measured by discounting the future cash flows expected from the use of the individual asset or the cash generating unit to which the asset belongs and from its disposal at the end of its useful life, based on the most recently approved business plans.
Fair value (less costs to sell) is measured in accordance with IFRS 13 (Fair value measurement) by quantifying the price that would be received to sell the asset or group of assets in an orderly transaction between market participants at the measurement date, taking into account any restrictions on the sale or use of the asset that such market participants would take into consideration.
In the case of impairment, the loss is charged to the income statement, first by reducing goodwill and then recognising any excess amounts, using criteria generally proportional to the value of the other assets of the CGU concerned. With the exception of goodwill, impairment can be reversed for other assets when the conditions that resulted in the impairment loss have changed. In such case, the carrying amount of the asset can be increased within the limits of the new estimated recoverable amount, but no more than the value that would have been calculated if there had been no previous impairment losses.
This testing is carried out on the cash-generating units (CGU) to which goodwill and the other assets are allocated. The cash generating units are identified, in line with the organisational and business structures of the Group, as homogeneous aggregations that generate autonomous cash inflows from the continuous use of the assets attributable to them.
In accordance with the Group\u2019s organisational business structure at 31 December 2025, the CGUs are aligned with the operating segments set forth in IFRS 8 (Grupo Audiovisual Mediaset Espa\u00f1a and the P7S1 Group) or with business lines that can be identified within the Italian segment (\u201cFree-to-air Television\u201d, \u201cPay/SVoD series and movie rights library\u201d, \u201cRadio\u201d and \u201cOther advertising sales\u201d). \u201cOther advertising sales\u201d mainly refer to advertising sales on radio, websites and DOOH inventory owned by the Group and third parties.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page342-cflshid_130027-tag138269": {
"value": "The carrying amounts of tangible and intangible fixed assets are periodically reviewed in accordance with IAS 36, which requires the assessment of the existence of any impairment loss, where indicators suggest that impairment may exist. In the case of goodwill, intangible assets with indefinite useful lives and intangible assets not available for use, impairment testing is carried out at least yearly, normally at the time of the preparation of the annual financial statements, but also at any time when there is an indication of potential impairment.
The recoverability of the carrying amounts is assessed by comparing them to the higher of their value in use in their current condition or the fair value of the assets (the price that would be received from their sale) less costs of disposal.
Value in use is measured by discounting the future cash flows expected from the use of the individual asset or the cash generating unit to which the asset belongs and from its disposal at the end of its useful life, based on the most recently approved business plans.
Fair value (less costs to sell) is measured in accordance with IFRS 13 (Fair value measurement) by quantifying the price that would be received to sell the asset or group of assets in an orderly transaction between market participants at the measurement date, taking into account any restrictions on the sale or use of the asset that such market participants would take into consideration.
In the case of impairment, the loss is charged to the income statement, first by reducing goodwill and then recognising any excess amounts, using criteria generally proportional to the value of the other assets of the CGU concerned. With the exception of goodwill, impairment can be reversed for other assets when the conditions that resulted in the impairment loss have changed. In such case, the carrying amount of the asset can be increased within the limits of the new estimated recoverable amount, but no more than the value that would have been calculated if there had been no previous impairment losses.
This testing is carried out on the cash-generating units (CGU) to which goodwill and the other assets are allocated. The cash generating units are identified, in line with the organisational and business structures of the Group, as homogeneous aggregations that generate autonomous cash inflows from the continuous use of the assets attributable to them.
In accordance with the Group\u2019s organisational business structure at 31 December 2025, the CGUs are aligned with the operating segments set forth in IFRS 8 (Grupo Audiovisual Mediaset Espa\u00f1a and the P7S1 Group) or with business lines that can be identified within the Italian segment (\u201cFree-to-air Television\u201d, \u201cPay/SVoD series and movie rights library\u201d, \u201cRadio\u201d and \u201cOther advertising sales\u201d). \u201cOther advertising sales\u201d mainly refer to advertising sales on radio, websites and DOOH inventory owned by the Group and third parties.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page342-cflshid_130027-tag138194": {
"value": "The recoverability of the carrying amounts is assessed by comparing them to the higher of their value in use in their current condition or the fair value of the assets (the price that would be received from their sale) less costs of disposal.
Value in use is measured by discounting the future cash flows expected from the use of the individual asset or the cash generating unit to which the asset belongs and from its disposal at the end of its useful life, based on the most recently approved business plans.
Fair value (less costs to sell) is measured in accordance with IFRS 13 (Fair value measurement) by quantifying the price that would be received to sell the asset or group of assets in an orderly transaction between market participants at the measurement date, taking into account any restrictions on the sale or use of the asset that such market participants would take into consideration.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page345-cflshid_131656-tag138197": {
"value": "Internally generated intangible assets, where relating to research costs, are recognised in the income statement during the period in which they are incurred. Development costs, which mainly relate to software, are capitalised and amortised on a straight-line basis over their estimated useful lives (3 years on average), provided they can be identified, that their cost can be reliably calculated, and that the asset is likely to generate future economic benefits.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page348-cflshid_133804-tag138199": {
"value": "Investments in associates and joint ventures are recognised using equity method in the consolidated financial statements. At the time of acquisition, the difference between the cost of the equity investment, including any transaction costs, and the acquirer\u2019s interest in the net fair value of the assets, liabilities and identifiable contingent liabilities of the investee is accounted for according to IAS 28, with the recognition of goodwill if it is positive (included in the carrying amount of the equity investment) or of income in the consolidated income statement if it is negative.
The carrying amounts of these equity investments are adjusted after initial recognition, based on the pro-rata changes in the equity of the investee based on the financial information of those companies.
When there are losses attributable to the Group that are higher than the carrying amount of the equity investment, the carrying amount is impaired and appropriate provisions or liabilities are recognised for the amount of any additional losses, but only if the investor is committed to fulfilling legal or implicit obligations towards the investee or, in any case, to cover its losses. If no further losses are identified and the investee subsequently realises gains, the investor will only recognise the amount of the gains attributable to it after these have offset the losses not recognised.
After measurement using the equity method, the carrying amount of these equity investments, also including any implicit goodwill, if the conditions established by IAS 36 apply, must be tested for impairment.
In the case of impairment losses, the related cost is charged to the income statement. The original value can be reinstated in the following fiscal years if the conditions for the impairment no longer apply.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page348-cflshid_133804-tag138201": {
"value": "Investments in associates and joint ventures are recognised using equity method in the consolidated financial statements. At the time of acquisition, the difference between the cost of the equity investment, including any transaction costs, and the acquirer\u2019s interest in the net fair value of the assets, liabilities and identifiable contingent liabilities of the investee is accounted for according to IAS 28, with the recognition of goodwill if it is positive (included in the carrying amount of the equity investment) or of income in the consolidated income statement if it is negative.
The carrying amounts of these equity investments are adjusted after initial recognition, based on the pro-rata changes in the equity of the investee based on the financial information of those companies.
When there are losses attributable to the Group that are higher than the carrying amount of the equity investment, the carrying amount is impaired and appropriate provisions or liabilities are recognised for the amount of any additional losses, but only if the investor is committed to fulfilling legal or implicit obligations towards the investee or, in any case, to cover its losses. If no further losses are identified and the investee subsequently realises gains, the investor will only recognise the amount of the gains attributable to it after these have offset the losses not recognised",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page348-cflshid_133804-tag138200": {
"value": "Investments in associates and joint ventures are recognised using equity method in the consolidated financial statements. At the time of acquisition, the difference between the cost of the equity investment, including any transaction costs, and the acquirer\u2019s interest in the net fair value of the assets, liabilities and identifiable contingent liabilities of the investee is accounted for according to IAS 28, with the recognition of goodwill if it is positive (included in the carrying amount of the equity investment) or of income in the consolidated income statement if it is negative.
The carrying amounts of these equity investments are adjusted after initial recognition, based on the pro-rata changes in the equity of the investee based on the financial information of those companies.
When there are losses attributable to the Group that are higher than the carrying amount of the equity investment, the carrying amount is impaired and appropriate provisions or liabilities are recognised for the amount of any additional losses, but only if the investor is committed to fulfilling legal or implicit obligations towards the investee or, in any case, to cover its losses. If no further losses are identified and the investee subsequently realises gains, the investor will only recognise the amount of the gains attributable to it after these have offset the losses not recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page348-cflshid_133804-tag138198": {
"value": "After measurement using the equity method, the carrying amount of these equity investments, also including any implicit goodwill, if the conditions established by IAS 36 apply, must be tested for impairment.
In the case of impairment losses, the related cost is charged to the income statement. The original value can be reinstated in the following fiscal years if the conditions for the impairment no longer apply.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page352-cflshid_136351-tag138207": {
"value": "8.7 OTHER FINANCIAL ASSETSEquity investments other than investments in associates or joint ventures are posted to the \u201cother financial assets\u201d item in non-current assets, are measured pursuant to IFRS 9 and are designated to the category of financial assets measured at fair value with changes in fair value recognised through other comprehensive income without recycling to profit and loss
The risk resulting from any losses exceeding the shareholders\u2019 equity value is recognised in a specific provision to the extent that the investor is committed to fulfilling legal or implicit obligations towards the investee or, in any case, to cover its losses.
Dividends relating to equity investments are recognised in profit and loss.
This category also includes non-controlling interests acquired by the Group within \u201cAd4Ventures\", a venture capital with the aim of making medium-term non-speculative investments in new Italian and Spanish businesses with high growth potential, operating in the technology and digital field. The fair value of these investments can be determined based on special valuation models, by taking account of the prices of recent transactions on the capital of those companies or by referring to market valuation in the event of investments in listed companies.
Financial receivables included in this caption are recognised at their amortised cost, using the actual interest rate method.
| Balance at 31/12/2024 | Change in the consolidation area | Additions | Disposals | Fair Value Adjustments/ Impairment | Other changes | Balance at 31/12/2025 |
| Equity investments | 24.2 | 124.5 | 4.2 | (0.2) | (30.3) | 5.0 | 127.3 |
| Financial receivable (due over 12 months) | 7.9 | 1.0 | 11.5 | (0.1) | - | (4.0) | 16.2 |
| Other financial assets | 9.5 | 111.6 | 4.7 | (2.2) | (0.4) | (30.8) | 92.5 |
| Hedging derivatives | 8.9 | 6.1 | - | - | (7.6) | - | 7.4 |
| TOTAL | 50.5 | 243.2 | 20.4 | (2.6) | (38.2) | (29.9) | 243.4 |
Change in consolidation area includes the amounts of the P7S1 Group acquired at 30 September 2025.
Other financial assets includes investment funds held by the P7S1 Group.
The additions in Equity investments for the year refer to the acquisition of investments falling within the AD4Venture business. Other changes refers to the reclassification of convertible receivables.
Fair Value Adjustments/ Impairment include changes in the fair value (recognised in the revaluation reserve) of investments accounted for in accordance with IFRS 9 mainly for Equity investments.
Other changes reflects EUR 24.1 million in reclassifications of other financial assets to current assets and EUR 4.6 million in reclassifications to assets held for sale.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page352-cflshid_136351-tag138206": {
"value": "8.7 OTHER FINANCIAL ASSETSEquity investments other than investments in associates or joint ventures are posted to the \u201cother financial assets\u201d item in non-current assets, are measured pursuant to IFRS 9 and are designated to the category of financial assets measured at fair value with changes in fair value recognised through other comprehensive income without recycling to profit and loss
The risk resulting from any losses exceeding the shareholders\u2019 equity value is recognised in a specific provision to the extent that the investor is committed to fulfilling legal or implicit obligations towards the investee or, in any case, to cover its losses.
Dividends relating to equity investments are recognised in profit and loss.
This category also includes non-controlling interests acquired by the Group within \u201cAd4Ventures\", a venture capital with the aim of making medium-term non-speculative investments in new Italian and Spanish businesses with high growth potential, operating in the technology and digital field. The fair value of these investments can be determined based on special valuation models, by taking account of the prices of recent transactions on the capital of those companies or by referring to market valuation in the event of investments in listed companies.
Financial receivables included in this caption are recognised at their amortised cost, using the actual interest rate method.
| Balance at 31/12/2024 | Change in the consolidation area | Additions | Disposals | Fair Value Adjustments/ Impairment | Other changes | Balance at 31/12/2025 |
| Equity investments | 24.2 | 124.5 | 4.2 | (0.2) | (30.3) | 5.0 | 127.3 |
| Financial receivable (due over 12 months) | 7.9 | 1.0 | 11.5 | (0.1) | - | (4.0) | 16.2 |
| Other financial assets | 9.5 | 111.6 | 4.7 | (2.2) | (0.4) | (30.8) | 92.5 |
| Hedging derivatives | 8.9 | 6.1 | - | - | (7.6) | - | 7.4 |
| TOTAL | 50.5 | 243.2 | 20.4 | (2.6) | (38.2) | (29.9) | 243.4 |
Change in consolidation area includes the amounts of the P7S1 Group acquired at 30 September 2025.
Other financial assets includes investment funds held by the P7S1 Group.
The additions in Equity investments for the year refer to the acquisition of investments falling within the AD4Venture business. Other changes refers to the reclassification of convertible receivables.
Fair Value Adjustments/ Impairment include changes in the fair value (recognised in the revaluation reserve) of investments accounted for in accordance with IFRS 9 mainly for Equity investments.
Other changes reflects EUR 24.1 million in reclassifications of other financial assets to current assets and EUR 4.6 million in reclassifications to assets held for sale.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page352-cflshid_136356-tag138205": {
"value": "Equity investments other than investments in associates or joint ventures are posted to the \u201cother financial assets\u201d item in non-current assets, are measured pursuant to IFRS 9 and are designated to the category of financial assets measured at fair value with changes in fair value recognised through other comprehensive income without recycling to profit and loss
The risk resulting from any losses exceeding the shareholders\u2019 equity value is recognised in a specific provision to the extent that the investor is committed to fulfilling legal or implicit obligations towards the investee or, in any case, to cover its losses.
Dividends relating to equity investments are recognised in profit and loss.
This category also includes non-controlling interests acquired by the Group within \u201cAd4Ventures\", a venture capital with the aim of making medium-term non-speculative investments in new Italian and Spanish businesses with high growth potential, operating in the technology and digital field. The fair value of these investments can be determined based on special valuation models, by taking account of the prices of recent transactions on the capital of those companies or by referring to market valuation in the event of investments in listed companies.
Financial receivables included in this caption are recognised at their amortised cost, using the actual interest rate method.
Financial assets are recognised in the financial statements based on their transaction date and they are initially measured at cost, including the expenses directly connected with their acquisition.
At subsequent reporting dates, the financial assets (except for derivative financial instruments) are recognised at amortised cost, according to the actual interest rate method, net of impairment losses.
Financial assets not classed with the categories provided for in the \u201chold to collect\u201d or \u201chold to collect and sell\u201d business models are measured at fair value in each accounting period with their impacts recognised in profit and loss under the item \u201cFinancial (Expenses)/Income\u201d or to a specific shareholders\u2019 equity reserve and until they are realised or have suffered an impairment (this reserve is classified under \u201cValuation reserve\u201d).
The fair value of securities listed on an active market is based on market prices at the reporting date.
The fair value of securities that are not listed on an active market and of trading derivatives is calculated by using the measurement models and techniques most widely adopted in the market, or by using the price supplied by several independent counterparts.
This item includes petty cash, bank current accounts and deposits that are repayable on demand and other short-term and highly liquid financial investments that are readily convertible into cash, with an insignificant risk of a change in value.
The Group is exposed to financial risks linked to:
-Exchange rate fluctuations, primarily in relation to the acquisition of television broadcasting rights in currencies other than the Euro and secondarily in relation to merchandise acquisitions;
-Interest rate fluctuations for long-term variable-rate loans;
-Fair value fluctuations for equity instruments.
As mentioned on the section on Accounting standards, amendments and interpretations applied from 1 January 2019, the hedge accounting provisions in IFRS 9 became applicable at the start of the year.
Financial risks and related hedging instruments
MFE has defined specific policies for the management of the Group\u2019s financial risks, aimed at reducing its exposure to exchange rate risks, interest rate risks and liquidity risks. To optimise the structure of operating costs and resources, this activity is centralised within the group parent MFE, which has been entrusted with the task of collecting the information regarding the positions exposed to risk and hedging them.
MFE directly operates in its own specific markets, controlling and managing financial risk for its subsidiaries. The selection of the financial counterparts focuses on those with a high credit standing while, at the same time, ensuring a limited concentration of exposures towards them.
Exchange rate hedging
The Group uses derivatives - mainly forwards - to hedge risks arising from foreign currency fluctuations both for highly probable future purchases and for payables relating to purchases already made.
For the MFE Group, the exchange risk is linked to the possibility of the currency rates changing from the time the acquisition of assets in a foreign currency has become highly probable (authorised purchase negotiations over broadcasting rights) to the moment when those assets are recorded in the financial statements; therefore, the hedging goal is to set the exchange rate of the price in euro at the approval date of the transaction (hedge accounting as set out in the IAS/IFRS). The hedging of merchandise purchase orders is treated the same way as, like with the case above, the hedging goal is to set the equivalent price of the merchandise in euro at the time the order was issued. Hedge accounting is therefore maintained, over all payables, until the payables are settled. In this case, the exchange rate hedging objective is to set the equivalent euro price of the non-euro denominated payable so as to eliminate the effects of exchange rate fluctuations and pre-determine the settlement value of the non-euro denominated payables.
Derivatives are classified under current financial assets and liabilities, and are recognised at fair value.
Fair value of the currency forwards is calculated as the present value of the difference between the notional amount measured at the forward contract rate and the notional amount measured at the fair forward rate (the end exchange rate calculated at the reporting date).
Fair value is adjusted to take account of the creditworthiness of the counterparty risk in the event of positive fair value and of the creditworthiness of MFE in the event of negative fair value. Lastly, please note that the adjustment for creditworthiness is only calculated for derivatives with maturity more than 4 months from the measurement date.
For the purposes of hedge accounting, MFE designates hedging instruments as those related to the hedging of currency exposures linked primarily to commitments for future purchases of television broadcasting rights to be made in foreign currency (forecast transactions), for which the relationship between the derivative and the hedged item, as well as the high level of probability/effectiveness connected to the actual occurrence of the hedged event is formally documented. This relationship is also documented for the hedging of non-euro payables.
The effective portion of the fair value adjustment of the derivative that has been designated and that can be qualified as a hedging instrument is recognised directly in shareholders\u2019 equity, while the ineffective part is recognised in profit and loss.
The accounting treatment of these operations is the cash flow hedge. According to this rule, the effective portion of the change in value of the derivative is recognized in a shareholders\u2019 equity reserve. In the case of hedging of commitments for rights purchases, this reserve is used to subsequently adjust the cost of the asset (basis adjustment). Cash flow hedges are also established to hedge payables denominated in foreign currencies. In this event, the hedged item (the payable in foreign currencies) is converted at the spot exchange rate on the reporting date, with the effect recognised in the income statement in accordance with the change in the spot value.
Interest rate hedging
Interest rate risk arises from adverse movements in the interest rates that are applicable to the interest flows associated with the Group\u2019s medium-to-long term financial liabilities. The derivatives used to hedge this risk include Interest Rate Swaps and Options.
The fair value of interest rate swaps is calculated based on the current value of the expected future cash flows and the fair value of collar derivatives is calculated using the Black & Scholes formula.
For the purposes of hedge accounting, MFE designates hedging instruments as those instruments for which the relationship between the derivative and the hedged item is formally documented. As required by IFRS 9, hedge accounting can be applied where an economic relationship exists between the hedged item and the hedging instrument and where the effect of the credit risk is not greater than the fluctuations in the value of the economic relationship at the time the hedge is established and during the lifetime of the hedging relationship.
Equity instrument fair value hedging
To hedge the risk of fair value changes caused by fluctuations in equity instrument market price, MFE uses put and call options (hedging instruments) which are stipulated within a fair value hedge relationship
Pursuant to accounting principle IFRS 9, paragraph 6.5.15, and in order to determine the fair value, the intrinsic value (hedge relationship) and the time value of the option (cost of hedging) are separately identified. The hedge relationship is \u201ctime period-related\u201d, whereby the time period is allocated throughout the duration of the contract.
Having chosen to recognise the fair value changes of the hedged item in the oher comprehensive income statement without recyclingl to profit or loss, the fair value changes attributable to the time value and, if appropriate, the ineffectiveness of the hedge relationship will \u2013 as for the hedged item - not classified within the income statement but through the other comprehensive income statement..
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page352-cflshid_136356-tag138204": {
"value": "Equity investments other than investments in associates or joint ventures are posted to the \u201cother financial assets\u201d item in non-current assets, are measured pursuant to IFRS 9 and are designated to the category of financial assets measured at fair value with changes in fair value recognised through other comprehensive income without recycling to profit and loss
The risk resulting from any losses exceeding the shareholders\u2019 equity value is recognised in a specific provision to the extent that the investor is committed to fulfilling legal or implicit obligations towards the investee or, in any case, to cover its losses.
Dividends relating to equity investments are recognised in profit and loss.
This category also includes non-controlling interests acquired by the Group within \u201cAd4Ventures\", a venture capital with the aim of making medium-term non-speculative investments in new Italian and Spanish businesses with high growth potential, operating in the technology and digital field. The fair value of these investments can be determined based on special valuation models, by taking account of the prices of recent transactions on the capital of those companies or by referring to market valuation in the event of investments in listed companies.
Financial receivables included in this caption are recognised at their amortised cost, using the actual interest rate method.
Financial assets are recognised in the financial statements based on their transaction date and they are initially measured at cost, including the expenses directly connected with their acquisition.
At subsequent reporting dates, the financial assets (except for derivative financial instruments) are recognised at amortised cost, according to the actual interest rate method, net of impairment losses.
Financial assets not classed with the categories provided for in the \u201chold to collect\u201d or \u201chold to collect and sell\u201d business models are measured at fair value in each accounting period with their impacts recognised in profit and loss under the item \u201cFinancial (Expenses)/Income\u201d or to a specific shareholders\u2019 equity reserve and until they are realised or have suffered an impairment (this reserve is classified under \u201cValuation reserve\u201d).
The fair value of securities listed on an active market is based on market prices at the reporting date.
The fair value of securities that are not listed on an active market and of trading derivatives is calculated by using the measurement models and techniques most widely adopted in the market, or by using the price supplied by several independent counterparts.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForAvailableforsaleFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page352-cflshid_136356-tag138202": {
"value": "Equity investments other than investments in associates or joint ventures are posted to the \u201cother financial assets\u201d item in non-current assets, are measured pursuant to IFRS 9 and are designated to the category of financial assets measured at fair value with changes in fair value recognised through other comprehensive income without recycling to profit and loss
The risk resulting from any losses exceeding the shareholders\u2019 equity value is recognised in a specific provision to the extent that the investor is committed to fulfilling legal or implicit obligations towards the investee or, in any case, to cover its losses.
Dividends relating to equity investments are recognised in profit and loss.
This category also includes non-controlling interests acquired by the Group within \u201cAd4Ventures\", a venture capital with the aim of making medium-term non-speculative investments in new Italian and Spanish businesses with high growth potential, operating in the technology and digital field. The fair value of these investments can be determined based on special valuation models, by taking account of the prices of recent transactions on the capital of those companies or by referring to market valuation in the event of investments in listed companies.
Financial receivables included in this caption are recognised at their amortised cost, using the actual interest rate method.
Financial assets are recognised in the financial statements based on their transaction date and they are initially measured at cost, including the expenses directly connected with their acquisition.
At subsequent reporting dates, the financial assets (except for derivative financial instruments) are recognised at amortised cost, according to the actual interest rate method, net of impairment losses.
Financial assets not classed with the categories provided for in the \u201chold to collect\u201d or \u201chold to collect and sell\u201d business models are measured at fair value in each accounting period with their impacts recognised in profit and loss under the item \u201cFinancial (Expenses)/Income\u201d or to a specific shareholders\u2019 equity reserve and until they are realised or have suffered an impairment (this reserve is classified under \u201cValuation reserve\u201d).
The fair value of securities listed on an active market is based on market prices at the reporting date.
The fair value of securities that are not listed on an active market and of trading derivatives is calculated by using the measurement models and techniques most widely adopted in the market, or by using the price supplied by several independent counterparts.
This item includes petty cash, bank current accounts and deposits that are repayable on demand and other short-term and highly liquid financial investments that are readily convertible into cash, with an insignificant risk of a change in value.
The Group is exposed to financial risks linked to:
-Exchange rate fluctuations, primarily in relation to the acquisition of television broadcasting rights in currencies other than the Euro and secondarily in relation to merchandise acquisitions;
-Interest rate fluctuations for long-term variable-rate loans;
-Fair value fluctuations for equity instruments.
As mentioned on the section on Accounting standards, amendments and interpretations applied from 1 January 2019, the hedge accounting provisions in IFRS 9 became applicable at the start of the year.
Financial risks and related hedging instruments
MFE has defined specific policies for the management of the Group\u2019s financial risks, aimed at reducing its exposure to exchange rate risks, interest rate risks and liquidity risks. To optimise the structure of operating costs and resources, this activity is centralised within the group parent MFE, which has been entrusted with the task of collecting the information regarding the positions exposed to risk and hedging them.
MFE directly operates in its own specific markets, controlling and managing financial risk for its subsidiaries. The selection of the financial counterparts focuses on those with a high credit standing while, at the same time, ensuring a limited concentration of exposures towards them.
Exchange rate hedging
The Group uses derivatives - mainly forwards - to hedge risks arising from foreign currency fluctuations both for highly probable future purchases and for payables relating to purchases already made.
For the MFE Group, the exchange risk is linked to the possibility of the currency rates changing from the time the acquisition of assets in a foreign currency has become highly probable (authorised purchase negotiations over broadcasting rights) to the moment when those assets are recorded in the financial statements; therefore, the hedging goal is to set the exchange rate of the price in euro at the approval date of the transaction (hedge accounting as set out in the IAS/IFRS). The hedging of merchandise purchase orders is treated the same way as, like with the case above, the hedging goal is to set the equivalent price of the merchandise in euro at the time the order was issued. Hedge accounting is therefore maintained, over all payables, until the payables are settled. In this case, the exchange rate hedging objective is to set the equivalent euro price of the non-euro denominated payable so as to eliminate the effects of exchange rate fluctuations and pre-determine the settlement value of the non-euro denominated payables.
Derivatives are classified under current financial assets and liabilities, and are recognised at fair value.
Fair value of the currency forwards is calculated as the present value of the difference between the notional amount measured at the forward contract rate and the notional amount measured at the fair forward rate (the end exchange rate calculated at the reporting date).
Fair value is adjusted to take account of the creditworthiness of the counterparty risk in the event of positive fair value and of the creditworthiness of MFE in the event of negative fair value. Lastly, please note that the adjustment for creditworthiness is only calculated for derivatives with maturity more than 4 months from the measurement date.
For the purposes of hedge accounting, MFE designates hedging instruments as those related to the hedging of currency exposures linked primarily to commitments for future purchases of television broadcasting rights to be made in foreign currency (forecast transactions), for which the relationship between the derivative and the hedged item, as well as the high level of probability/effectiveness connected to the actual occurrence of the hedged event is formally documented. This relationship is also documented for the hedging of non-euro payables.
The effective portion of the fair value adjustment of the derivative that has been designated and that can be qualified as a hedging instrument is recognised directly in shareholders\u2019 equity, while the ineffective part is recognised in profit and loss.
The accounting treatment of these operations is the cash flow hedge. According to this rule, the effective portion of the change in value of the derivative is recognized in a shareholders\u2019 equity reserve. In the case of hedging of commitments for rights purchases, this reserve is used to subsequently adjust the cost of the asset (basis adjustment). Cash flow hedges are also established to hedge payables denominated in foreign currencies. In this event, the hedged item (the payable in foreign currencies) is converted at the spot exchange rate on the reporting date, with the effect recognised in the income statement in accordance with the change in the spot value.
Interest rate hedging
Interest rate risk arises from adverse movements in the interest rates that are applicable to the interest flows associated with the Group\u2019s medium-to-long term financial liabilities. The derivatives used to hedge this risk include Interest Rate Swaps and Options.
The fair value of interest rate swaps is calculated based on the current value of the expected future cash flows and the fair value of collar derivatives is calculated using the Black & Scholes formula.
For the purposes of hedge accounting, MFE designates hedging instruments as those instruments for which the relationship between the derivative and the hedged item is formally documented. As required by IFRS 9, hedge accounting can be applied where an economic relationship exists between the hedged item and the hedging instrument and where the effect of the credit risk is not greater than the fluctuations in the value of the economic relationship at the time the hedge is established and during the lifetime of the hedging relationship.
Equity instrument fair value hedging
To hedge the risk of fair value changes caused by fluctuations in equity instrument market price, MFE uses put and call options (hedging instruments) which are stipulated within a fair value hedge relationship
Pursuant to accounting principle IFRS 9, paragraph 6.5.15, and in order to determine the fair value, the intrinsic value (hedge relationship) and the time value of the option (cost of hedging) are separately identified. The hedge relationship is \u201ctime period-related\u201d, whereby the time period is allocated throughout the duration of the contract.
Having chosen to recognise the fair value changes of the hedged item in the oher comprehensive income statement without recyclingl to profit or loss, the fair value changes attributable to the time value and, if appropriate, the ineffectiveness of the hedge relationship will \u2013 as for the hedged item - not classified within the income statement but through the other comprehensive income statement..
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page352-cflshid_136356-tag138203": {
"value": "Financial receivables included in this caption are recognised at their amortised cost, using the actual interest rate method.
The recognition of the sale of receivables is subject to the requirements laid down by IFRS 9 regarding the derecognition of financial assets. As a result, all receivables sold to factoring companies, with or without recourse, if the latter include clauses that entail maintaining a significant exposure to the performance of the cash flows from the receivables sold, remain in the financial statements, even if they have been legally sold, with a corresponding recognition of a financial liability for the same amount. Factoring fees are classified under the item \u201cPurchases, services, miscellaneous costs\u201d.
Financial assets are recognised in the financial statements based on their transaction date and they are initially measured at cost, including the expenses directly connected with their acquisition.
At subsequent reporting dates, the financial assets (except for derivative financial instruments) are recognised at amortised cost, according to the actual interest rate method, net of impairment losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page353-cflshid_136817-tag138209": {
"value": "8.8 DEFERRED TAX ASSETS AND LIABILITIESDeferred tax assets and liabilities are calculated based on the temporary differences between the carrying amounts of assets and liabilities and the corresponding tas base, on the basis of the tax rates that will be in force at the time when the temporary differences will reverse. When the results are recognised directly within equity, the current taxes, the deferred taxes assets and the deferred taxes liabilities are also recognised within equity. The Group also recognises deferred tax assets on tax losses if future taxable income is expected which will allow the Group to use these amounts.
The recognition of deferred tax assets is based on the forecasts of expected taxable income for future years.
The impairment and recoverability testing of the deferred tax assets posted in the financial statements, with particular reference to the tax losses generated in the Italian consolidated tax return, took into consideration the taxable income on the basis of the five-year plans used for impairment testing for the explicit forecast period and, through extrapolation from the latter of the expected taxable income for the subsequent periods.
In the case of any changes in the carrying amount of deferred tax assets and liabilities arising from a change in tax rates or the related legislation, rules or regulations, the resulting deferred taxes are recognised in the income statement, unless they relate to items that have previously been directly recognised withi equity. Deferred tax assets and liabilities are offset when it is lawful to offset current tax assets and liabilities, and when they refer to taxes due to the same Tax Authority and the Group intends to settle the current tax assets and liabilities on a net basis.
The table below shows net position between deferred tax assets and liabilities items as reported in Statement of Financial Position.
| 31/12/2025 | 31/12/2024 |
| Deferred tax assets | 393.9 | 281.1 |
| Deferred tax liabilities | (250.6) | (88.9) |
| Net position | 143.3 | 192.2 |
The deferred tax assets and liabilities reported above have been calculated based on temporary differences between the carrying amounts of assets and liabilities and their corresponding taxable base.
Deferred tax assets and liabilities are measured based on the current tax rates applicable at the time the differences will reverse.
Tax assets and liabilities arising from actuarial valuations of defined benefit plans, changes in cash flow hedge reserves and from the effects of consolidation adjustments directly recognised in OCI are coherently recognised directly in OCI.
The following tables show the breakdown of changes in deferred tax assets and deferred tax liabilities for the last two years.
| DEFERRED TAX ASSETS | Balance at 1/1 | (Charge)/credit to income statement | (Charge)/credit to OCI Statement | Business combinations/ | Other changes | Balance at 31/12 |
| FY 2024 | 327.2 | (48.1) | 1.0 | 0.6 | 0.3 | 281.1 |
| FY 2025 | 281.1 | (60.0) | 4.0 | 170.0 | (1.2) | 393.9 |
| DEFERRED TAX LIABILITIES | Balance at 1/1 | (Charge)/credit to income statement | (Charge)/credit to equity statement | Business combinations | Other changes | Balance at 31/12 |
| FY 2024 | (84.8) | (5.6) | 1.2 | (0.1) | 0.4 | (88.9) |
| FY 2025 | (88.9) | 7.0 | 3.6 | (174.5) | 2.2 | (250.6) |
The Credit/(charge) to income statement, relating to Deferred tax assets, reflects the utilisation of EUR 25.2 million as a consequence of the positive taxable income generated during the year by companies adhering to the Italian tax consolidation agreement, in addition to the accruals and releases carried out during the period for temporary differences. Amounts recognised to OCI includes the changes in deferred tax assets and liabilities in relation to the valuation reserves for cash flow hedging derivatives, derivatives hedging the fair value of financial assets and reserves for actuarial gains and losses.
\u201cBusiness combination\u201d relates to the effects (commencing the fourth quarter) of the consolidation of the P7S1 Group.
The tables below show the breakdown of the temporary differences that gave rise to the deferred tax assets and liabilities for the last two years.
| Temporary differences | Tax effect 31/12/2025 | Temporary differences | Tax effect 31/12/2024 |
| Deferred tax assets related to: | | | | |
| Property, plant and equipment | 41.8 | 10.3 | 39.9 | 9.7 |
| Intangible fixed assets | 208.9 | 50.6 | 231.7 | 53.7 |
| TV and movie rights | 189.2 | 49.3 | 69.7 | 19.3 |
| Provision for expected credit loss | 21.7 | 5.2 | 19.5 | 4.7 |
| Provisions for risk and charges | 462.3 | 118.4 | 27.9 | 6.9 |
| Post-employment benefit plans | 59.9 | 14.2 | 35.8 | 8.6 |
| Inventories | 34.8 | 9.5 | 6.7 | 1.9 |
| Tax losses carried forward | 976.9 | 252.5 | 617.3 | 148.2 |
| Other temporary differences | 111.8 | 21.9 | 13.8 | 3.3 |
| Consolidation adjustments | 1.5 | 0.4 | 89.4 | 24.9 |
| Netting | - | (139.8) | - | - |
| Total | 2,114.0 | 393.9 | 1,151.7 | 281.1 |
Deferred tax assets amount to EUR 393.9 million and include, in addition to the tax effects on the consolidation adjustments, EUR 18.5 million for temporary differences generated within the Grupo Audiovisual Mediaset Espa\u00f1a, EUR 138.7 million for temporary differences generated within the P7S1 Group and EUR 236.7 million related to the companies adhering to the Italian tax consolidation perimeter. With regard to the latter component, EUR 122.4 million relates to the totality of IRES tax losses that can be carried forward indefinitely from the tax consolidation (EUR 509.9 million), which is down on the figure from 31 December 2024 (EUR 615.2 million), a slight improvement on with the recoverability assessment estimates made at the end of the previous year. Tax losses carried forward also include the deferred tax assets from tax losses relating Beintoo, a company acquired in 2020 and therefore not part of the tax consolidationand includes deferred tax assets of EUR 129 million pertaining to P7S1 mainly referred to the tax loss carryforwards of Joyn GmbH recognized before the control acquisition by MFE as a result of the merger of Joyn GmbH into Seven.One Entertainment Group GmbH that made available for corporate income tax purposes for a total amount of EUR 460 million. The recoverability period of this deferred tax asset is expected within the more recent five years consolidated plan of the Company. It should be noted that no deferred tax assets have been recognized for the IRES tax losses carried forward (totalling to EUR 45.0 million) accrued by some companies prior to their acquisition by the Group and their inclusion in the Italian tax consolidation agreement. The recognition of deferred tax assets is based on the forecasts of expected taxable income for future years. With particular reference to deferred tax assets associated with the Italian tax consolidation arrangement containing IRES tax losses that can be carried forward indefinitely, the recognisability and recoverability for the period of the value of those deferred tax assets at 31 December 2025 was tested by estimating the future IRES-taxable income from the Italian tax consolidation arrangement based on the following assumptions: opre-tax profit/loss of Italian operations included in the tax consolidation in the 2026-2030 plans used in the context of the impairment tests based on the assumptions set forth by MFE-Mediaforeurope\u2019s Board of Directors on 11 March 2026;
oestimates of tax changes, primarily relating to dividend income from subsidiaries and investees, and other tax-insignificant components of profit/loss.
oextrapolation of the taxable income beyond the period covered by the business plans used for the impairment test considering hypotheses of growth and profit margins in line with the assumptions (long-term growth rate and cash flows used to determine the terminal value) adopted for impairment test purposes.
Based on this analysis, a recovery period of six/seven years was determined. | Temporary differences | Tax effect 31/12/2025 | Temporary differences | Tax effect 31/12/2024 |
| Deferred tax liabilities related to: | | | | |
| Property, plant and equipment | 388.1 | 96.6 | 14.0 | 3.9 |
| Intangible fixed assets | 867.7 | 251.3 | 279.5 | 72.3 |
| Provision for expected credit loss | 0.6 | 0.1 | 0.6 | 0.1 |
| Provisions for risk and charges | 53.3 | 15.2 | - | - |
| Post-employment benefit plans | 52.1 | 12.4 | 33.0 | 7.9 |
| Hedging derivatives | - | - | 17.4 | 4.2 |
| Other temporary differences | 7.8 | (2.2) | 1.7 | 0.4 |
| Consolidation adjustments | 0.5 | 0.1 | 0.1 | 0.0 |
| Netting | - | (139.8) | - | - |
| Total | 1,432.1 | 250.6 | 346.8 | 88.9 |
The item Intangible assets main includes the tax effects of the final allocation of the purchase price paid for the acquisition of the Finelco Group (now Radiomediaset) in 2016; of the final allocation of the purchase price paid in 2018 for the acquisition of the companies Radio Subasio S.r.l. and Radio Aut S.r.l. and of the acquisition of RMC Italia S.p.A. in 2019 and the effects of the purchase price allocation related to the business combination performed by the P7S1 Group for EUR 130 million.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page353-cflshid_136822-tag138208": {
"value": "Deferred tax assets and liabilities are calculated based on the temporary differences between the carrying amounts of assets and liabilities and the corresponding tas base, on the basis of the tax rates that will be in force at the time when the temporary differences will reverse. When the results are recognised directly within equity, the current taxes, the deferred taxes assets and the deferred taxes liabilities are also recognised within equity. The Group also recognises deferred tax assets on tax losses if future taxable income is expected which will allow the Group to use these amounts.
The recognition of deferred tax assets is based on the forecasts of expected taxable income for future years.
The impairment and recoverability testing of the deferred tax assets posted in the financial statements, with particular reference to the tax losses generated in the Italian consolidated tax return, took into consideration the taxable income on the basis of the five-year plans used for impairment testing for the explicit forecast period and, through extrapolation from the latter of the expected taxable income for the subsequent periods.
In the case of any changes in the carrying amount of deferred tax assets and liabilities arising from a change in tax rates or the related legislation, rules or regulations, the resulting deferred taxes are recognised in the income statement, unless they relate to items that have previously been directly recognised withi equity. Deferred tax assets and liabilities are offset when it is lawful to offset current tax assets and liabilities, and when they refer to taxes due to the same Tax Authority and the Group intends to settle the current tax assets and liabilities on a net basis.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page357-cflshid_138821-tag138211": {
"value": "9.1 INVENTORIES
The inventories of raw materials, semi-finished and finished products are measured at the acquisition or production cost, including transaction charges (FIFO method), or their estimated net realisable value based on market conditions, whichever is lower. Inventories also include television broadcasting rights acquired for use periods of less than 12 months and the costs of already completed television productions, as these rights are intended to be expoited in full on their first broadcast. These inventories are recognised at actual cost of purchase or production.
The item at the reporting date breaks down as follows:
| | 31/12/2025 | |
| Gross amount | Write-downs | Carrying amount |
| Raw and ancillary materials, consumables | 0.0 | - | 0.0 |
| Work in progress and semi-finished products | 4.0 | | 4.0 |
| Finished goods and products | 135.1 | (32.9) | 102.2 |
| TV and Movie Rights | 170.6 | | 170,6 |
| Total | 309.8 | (32.9) | 276.8 |
| | 31/12/2024 | |
| Gross amount | Write-downs | Carrying amount |
| Raw and ancillary materials, consumables | 0.0 | - | 0.0 |
| Work in progress and semi-finished products | 3.6 | | 3.6 |
| Finished goods and products | 83.4 | (6.9) | 76.5 |
| TV and Movie Rights | 0.7 | | 0.7 |
| Total | 87.7 | (6.9) | 80.8 |
oRaw materials, ancillary materials and consumables mainly include replacement parts for radio and television equipment.
oWork in progress and semi-finished goods mainly include production sets and television productions in progress.
oFinished goods and products mainly include television productions, attributable to RTI S.p.A. totalling EUR 10.2 million (EUR 32.9 million at 31 December 2024) and to Grupo Audiovisual Mediaset Espa\u00f1a Comunicaci\u00f3n for EUR 15.3 million (EUR 13.2 million at 31 December 2024). The increase in the
impairment provision includes the addition of EUR 8.6 million during the year for episodes produced but not aired.
oTV and Movie Rights mainly refer to P7S1 Group and include rights to local commissioned productions, digital content, sport rights as well as advance payments made on such rights.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page357-cflshid_138821-tag138210": {
"value": "The inventories of raw materials, semi-finished and finished products are measured at the acquisition or production cost, including transaction charges (FIFO method), or their estimated net realisable value based on market conditions, whichever is lower. Inventories also include television broadcasting rights acquired for use periods of less than 12 months and the costs of already completed television productions, as these rights are intended to be expoited in full on their first broadcast. These inventories are recognised at actual cost of purchase or production.
",
"dimensions": {
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"v1-page358-cflshid_139301-tag138214": {
"value": "Receivables are posted at their fair value, which \u2014 except where customers have been granted significantly extended payment terms \u2014 is the same as the value calculated using the amortised cost method. Pursuant to IFRS 9, trade receivables are classified within the categories provided for in the \u201cheld to collect\u201d or \u201chold to collect and sell\u201d business models. Their value at year-end is adjusted to their estimated realisable value and written down in the event of impairment, with expected credit loss measured using a time horizon of 12 months in the absence of any evidence of a significant increase in credit risk. For trade receivable, the simplified approach was applied. Receivables originating in non-EMU currencies are measured at the year-end spot rates issued by the European Central Bank.
The recognition of the sale of receivables is subject to the requirements laid down by IFRS 9 regarding the derecognition of financial assets. As a result, all receivables sold to factoring companies, with or without recourse, if the latter include clauses that entail maintaining a significant exposure to the performance of the cash flows from the receivables sold, remain in the financial statements, even if they have been legally sold, with a corresponding recognition of a financial liability for the same amount. Factoring fees are classified under the item \u201cPurchases, services, miscellaneous costs\u201d.
The item at the reporting date breaks down as follows:
| Balance at 31/12/2025 Due | Balance at 31/12/2024 |
| Total | In 1 year | After 1 year | |
| Receivables from customers | 1,110.6 | 1,100.5 | 10.1 | 777.6 |
| Receivables from related parties | 46.7 | 46.7 | | 6.3 |
| Total | 1,157.3 | 1,147.2 | 10.1 | 783.9 |
The receivables due after 1 year amount to EUR 10.1 million (EUR 11.2 million in 2024) are classified as current receivables because they are expected to be settled in normal operating cycle.
The breakdown of receivables from related parties is reported in Note 15 below (Related-party transactions).
Credit riskThe credit risk mainly originates from the advertising sales on the MFE Group\u2019s Italian and Spanish TV networks and, since the latter part of the year, German language TV network.
The Group, based on a specific policy, manages the credit risk relative to the advertising sales through a comprehensive customer credit rating procedure, with an analysis of their economic and financial situations both at the time of setting the initial credit limit and through the ongoing and continuous monitoring of observance of payment terms, updating, when necessary, the previously assigned credit limit.
Based on the above-mentioned credit rating procedure and its subsequent updates, it is possible to break down customer exposure into the following three classes of risk, which represent the summary of a wider and more complex subdivision:
Low risk
Customers with a standard risk index and a financial position that adequately supports their assigned credit limit.
Medium risk
Customers who have not regularly fulfilled their contractual commitments or have current economic/financial situations that are critical compared to those relative to their original credit limit. Based on these specifications of credit positions, an impairment loss is calculated based on the percentage impact of historically observed losses.
High risk
Customers with whom there are ongoing default situations, or there is objective insolvency regarding their receivables, for which specific write-downs are made and, in some cases, recovery plans agreed, or extended payment terms which, in any case, do not exceed 12 months.
The P7S1 Group is exposed to credit risk primarily arising from its operating activities; the clustering by segments reflects the allocation by business segments. The P7S1 Group recognizes expected credit losses on trade receivables, with specific impairment allowances recognized for individual customers where there is objective evidence of an increased risk of default. In assessing credit risk, the Group considers both quantitative and qualitative indicators, including over\u2011indebtedness, proximity to insolvency, payment difficulties, and a deterioration in the operating environment or in specific key performance indicators (KPIs), as well as forward\u2011looking information. For homogeneous customer portfolios, expected credit losses are measured on a collective basis. Overall, the credit risk at portfolio level is assessed as low.
Below is a table summarising the net balances and the provision for expected credit losses divided into the above classes. RISK CLASSES at 31 DECEMBER 2025
Provision for expected credit loss
ITALIAN ADVERTISING RECEIVABLES:
FOREIGN ADVERTISING RECEIVABLES:
RECEIVABLES FROM RELATED PARTIES:
RISK CLASSES AT 31 DECEMBER 2024
Provision for expected credit loss
ITALIAN ADVERTISING RECEIVABLES:
FOREIGN ADVERTISING RECEIVABLES:
RECEIVABLES FROM RELATED PARTIES:
TELCO operators mainly comprises receivables from the sale of content activities.
Regarding the main type of trade receivables generated by the advertising business in Italy, in terms of concentration, 19.1% of revenues were made with the top 10 customers.
| Balance at 1/1 | Additional provision in the year | Utilised during the year | Other changes | Business Combination/Change in the consolidation area | Balance at 31/12 |
| FY 2025 | 25.5 | 6.8 | (5.8) | (2.1) | 16.6 | 41.0 |
| FY 2024 | 25.1 | 3.2 | (4.8) | - | 2.0 | 25.5 |
In addition, below is a table showing a detailed analysis of other financial assets, whose maximum credit risk exposure corresponds to the carrying amount.
| 31/12/25 | 31/12/24 |
| Financial receivables | 50.9 | 25.6 |
| Hedging derivatives | 12.5 | 22.2 |
| Trade receivables | 1,157.3 | 783.9 |
| Factoring receivables | 160.5 | 186.8 |
| Bank and postal deposits | 648.1 | 132.5 |
| Total financial assets | 2,029.3 | 1,150.9 |
Receivables are posted at their fair value, which \u2014 except where customers have been granted significantly extended payment terms \u2014 is the same as the value calculated using the amortised cost method. Pursuant to IFRS 9, trade receivables are classified within the categories provided for in the \u201cheld to collect\u201d or \u201chold to collect and sell\u201d business models. Their value at year-end is adjusted to their estimated realisable value and written down in the event of impairment, with expected credit loss measured using a time horizon of 12 months in the absence of any evidence of a significant increase in credit risk. For trade receivable, the simplified approach was applied. Receivables originating in non-EMU currencies are measured at the year-end spot rates issued by the European Central Bank.
The recognition of the sale of receivables is subject to the requirements laid down by IFRS 9 regarding the derecognition of financial assets. As a result, all receivables sold to factoring companies, with or without recourse, if the latter include clauses that entail maintaining a significant exposure to the performance of the cash flows from the receivables sold, remain in the financial statements, even if they have been legally sold, with a corresponding recognition of a financial liability for the same amount. Factoring fees are classified under the item \u201cPurchases, services, miscellaneous costs\u201d.
",
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"v1-page358-cflshid_139399-tag138212": {
"value": " Their value at year-end is adjusted to their estimated realisable value and written down in the event of impairment, with expected credit loss measured using a time horizon of 12 months in the absence of any evidence of a significant increase in credit risk. For trade receivable, the simplified approach was applied. Receivables originating in non-EMU currencies are measured at the year-end spot rates issued by the European Central Bank.",
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"v1-page359-cflshid_139694-tag138215": {
"value": "Credit riskThe credit risk mainly originates from the advertising sales on the MFE Group\u2019s Italian and Spanish TV networks and, since the latter part of the year, German language TV network.
The Group, based on a specific policy, manages the credit risk relative to the advertising sales through a comprehensive customer credit rating procedure, with an analysis of their economic and financial situations both at the time of setting the initial credit limit and through the ongoing and continuous monitoring of observance of payment terms, updating, when necessary, the previously assigned credit limit.
Based on the above-mentioned credit rating procedure and its subsequent updates, it is possible to break down customer exposure into the following three classes of risk, which represent the summary of a wider and more complex subdivision:
Low risk
Customers with a standard risk index and a financial position that adequately supports their assigned credit limit.
Medium risk
Customers who have not regularly fulfilled their contractual commitments or have current economic/financial situations that are critical compared to those relative to their original credit limit. Based on these specifications of credit positions, an impairment loss is calculated based on the percentage impact of historically observed losses.
High risk
Customers with whom there are ongoing default situations, or there is objective insolvency regarding their receivables, for which specific write-downs are made and, in some cases, recovery plans agreed, or extended payment terms which, in any case, do not exceed 12 months.
The P7S1 Group is exposed to credit risk primarily arising from its operating activities; the clustering by segments reflects the allocation by business segments. The P7S1 Group recognizes expected credit losses on trade receivables, with specific impairment allowances recognized for individual customers where there is objective evidence of an increased risk of default. In assessing credit risk, the Group considers both quantitative and qualitative indicators, including over\u2011indebtedness, proximity to insolvency, payment difficulties, and a deterioration in the operating environment or in specific key performance indicators (KPIs), as well as forward\u2011looking information. For homogeneous customer portfolios, expected credit losses are measured on a collective basis. Overall, the credit risk at portfolio level is assessed as low.
Below is a table summarising the net balances and the provision for expected credit losses divided into the above classes. RISK CLASSES at 31 DECEMBER 2025
Provision for expected credit loss
ITALIAN ADVERTISING RECEIVABLES:
FOREIGN ADVERTISING RECEIVABLES:
RECEIVABLES FROM RELATED PARTIES:
RISK CLASSES AT 31 DECEMBER 2024
Provision for expected credit loss
ITALIAN ADVERTISING RECEIVABLES:
FOREIGN ADVERTISING RECEIVABLES:
RECEIVABLES FROM RELATED PARTIES:
TELCO operators mainly comprises receivables from the sale of content activities.
Regarding the main type of trade receivables generated by the advertising business in Italy, in terms of concentration, 19.1% of revenues were made with the top 10 customers.
| Balance at 1/1 | Additional provision in the year | Utilised during the year | Other changes | Business Combination/Change in the consolidation area | Balance at 31/12 |
| FY 2025 | 25.5 | 6.8 | (5.8) | (2.1) | 16.6 | 41.0 |
| FY 2024 | 25.1 | 3.2 | (4.8) | - | 2.0 | 25.5 |
In addition, below is a table showing a detailed analysis of other financial assets, whose maximum credit risk exposure corresponds to the carrying amount.
| 31/12/25 | 31/12/24 |
| Financial receivables | 50.9 | 25.6 |
| Hedging derivatives | 12.5 | 22.2 |
| Trade receivables | 1,157.3 | 783.9 |
| Factoring receivables | 160.5 | 186.8 |
| Bank and postal deposits | 648.1 | 132.5 |
| Total financial assets | 2,029.3 | 1,150.9 |
| Balance at 1/1 | Additional provision in the year | Utilised during the year | Other changes | Business Combination/Change in the consolidation area | Balance at 31/12 |
| FY 2025 | 25.5 | 6.8 | (5.8) | (2.1) | 16.6 | 41.0 |
| FY 2024 | 25.1 | 3.2 | (4.8) | - | 2.0 | 25.5 |
9.3 TAX CREDITS, OTHER RECEIVABLES AND CURRENT ASSETS 9.3.1 Tax receivables
This item, amounting to EUR 121.2 million (EUR 27.3 million at 31 December 2024) includes EUR 9.9 million relating to the net position towards the tax authorities to the Group\u2019s Italian companies adhering to the Italian tax consolidation agreement (EUR 18.7 million at 31 December 2024).
In addition, this item includes EUR 11.5 million (EUR 8.0 million at 31 December 2024) representing the net IRAP tax position for Group companies with respect to advances paid, and EUR 99.6 million (EUR 0.4 million at 31 December 2024) for the tax credits of the foreign subsidiaries (of which EUR 99.5 million for the P7S1 Group).
9.3.2 Other receivables and current assets
| 31/12/2025 | 31/12/2024 |
| Other receivables | 284.4 | 232.2 |
| Prepayments and accrued income | 73.9 | 44.4 |
| Total | 358.3 | 276.6 |
Other receivables mainly include:
oadvances totalling EUR 44.1 million to suppliers, contractors and agents, paid to advertising professionals and suppliers, and to suppliers, artists and professionals involved in television productions (EUR 15.6 million at 31 December 2024).
oReceivables from tax authorities totalling EUR 46.9 million (EUR 27.4 million at 31 December 2024):
oReceivables totalling EUR 160.5 million due from factoring companies for the transfer of trade receivables without recourse, for which settlement by the factor, not occurred at the reporting date, had been collected based on the contractual terms set for 2025. During the year the amount of receivables transferred to factoring companies with a non-recourse clause total of EUR 1,107.9 million (EUR 1,124.0 million in 2024); Prepayments and accrued income mainly refers to the already-incurred costs pertaining to the next financial year for the rights to broadcast matches from the Coppa Italia 2025/26 (EUR 12.0 million).
9.3.1 Tax receivables
This item, amounting to EUR 121.2 million (EUR 27.3 million at 31 December 2024) includes EUR 9.9 million relating to the net position towards the tax authorities to the Group\u2019s Italian companies adhering to the Italian tax consolidation agreement (EUR 18.7 million at 31 December 2024).
In addition, this item includes EUR 11.5 million (EUR 8.0 million at 31 December 2024) representing the net IRAP tax position for Group companies with respect to advances paid, and EUR 99.6 million (EUR 0.4 million at 31 December 2024) for the tax credits of the foreign subsidiaries (of which EUR 99.5 million for the P7S1 Group).
12.3 CURRENT TAX LIABILITIES
This item, amounting to EUR 113.9 million (EUR 21.0 million at 31 December 2024) includes payables to the tax authorities for companies not scoped into the tax consolidation arrangement, and taxes payable by foreign companies.
",
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"v1-page363-cflshid_141905-tag138219": {
"value": "Prepayments and accrued income mainly refers to the already-incurred costs pertaining to the next financial year for the rights to broadcast matches from the Coppa Italia 2025/26 (EUR 12.0 million).
",
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"v1-page364-cflshid_142106-tag138221": {
"value": "9.4 CURRENT FINANCIAL ASSETSFinancial assets are recognised in the financial statements based on their transaction date and they are initially measured at cost, including the expenses directly connected with their acquisition.
At subsequent reporting dates, the financial assets (except for derivative financial instruments) are recognised at amortised cost, according to the actual interest rate method, net of impairment losses.
Financial assets not classed with the categories provided for in the \u201chold to collect\u201d or \u201chold to collect and sell\u201d business models are measured at fair value in each accounting period with their impacts recognised in profit and loss under the item \u201cFinancial (Expenses)/Income\u201d or to a specific shareholders\u2019 equity reserve and until they are realised or have suffered an impairment (this reserve is classified under \u201cValuation reserve\u201d).
The fair value of securities listed on an active market is based on market prices at the reporting date.
The fair value of securities that are not listed on an active market and of trading derivatives is calculated by using the measurement models and techniques most widely adopted in the market, or by using the price supplied by several independent counterparts.
| 31/12/2025 | 31/12/2024 |
| Financial receivables (due within 12 months) | 13.4 | 8.2 |
| Financial assets for hedging derivatives | 4.9 | 12.8 |
| Financial assets for derivatives with no hedging purpose | 0.2 | 0.5 |
| Total | 18.5 | 21.4 |
Current financial receivables maturing within 12 months mainly include EUR 1.7 million in government grants for movie productions made by Medusa Film S.p.A., which had been approved but not paid at the reporting date (EUR 2.6 million at 31 December 2024); EUR 2.1 million in cash pooling accounts managed by MFE-MEDIAFOREUROPE N.V. on behalf of associates and joint ventures (EUR 1.8 million at 31 December 2024); EUR 1.2 million in receivables due from Alea Media; EUR 1.9 million in security deposits; and EUR 6.4 million in financial receivables relating to the P7S1 Group.
Financial assets for hedging derivatives consisted exclusively of the current portion of the fair value of foreign exchange derivatives both for the hedging of future commitments to purchase broadcasting rights and for items recognised in the financial statements, in particular receivables and payables denominated in foreign currencies.
12.6 NET FINANCIAL POSITIONBelow is a breakdown of the consolidated Net Financial Position in accordance with ESMA\u2019s \u201cGuidelines on disclosure requirements under the Prospectus Regulation\u201d of 4 March 2021, showing the net current and non-current financial debt of the Group. For each of the items reported, reference is given to the relative explanatory note.
For a breakdown of changes in the net financial position over the year, see the section on the Group's balance sheet and financial structure in the Directors\u2019 Report on Operations.
| | 31/12/2025 | 31/12/2024 |
| Cash in hand | 9.5 | 0.1 | 0.1 |
| Bank and postal deposits | 9.5 | 649.3 | 132.4 |
| Liquidity | | 649.5 | 132.5 |
| Current financial assets and receivables | 9.4 | 9.5 | 7.9 |
| Due to banks | 12.1 | (85.0) | (0.1) |
| Current portion of non current debt | | (147.5) | (409.5) |
| Other current payables and financial liabilities | 12.4 | (748.3) | (49.8) |
| Current financial debt | | (980.9) | (459.3) |
| Current Net Financial Position | | (321.9) | (318.9) |
| Due to banks | 11.2 | (2,000.2) | (285.3) |
| Non-current payables and other financial liabilities | 11.2 | (378.0) | (87.3) |
| Non current financial debt | | (2,378.2) | (372.6) |
| Net Financial Position | | (2,700.1) | (691.5) |
Below is a breakdown of certain Financial Position items; please refer as required to individual notes for comments on the main changes in figures.
Current financial assets and receivables includes EUR 5.5 million for the financial receivables indicated in note 9.4.
As indicated in note 12.4, Other current payables and financial liabilities includes cash pooling arrangements with associates and joint venture and loans received to finance movie development, distribution and production operations, and the EUR 45.5 million current portion of the leases liabilities recognised in accordance with IFRS 16 and EUR 657.5 million in promissory notes.
Current amounts of non-current financial debt includes the EUR 20.6 million current portion of medium/long-term bank loans.
As indicated in Note 11.2, Non-current financial liabilities and debt includes the non-current portion of lease liabilities recognised under IFRS 16 of EUR 152.7 million and EUR 178.6 million relating to financial debt incurred for the acquisition and refurbishment of the new headquarters of the P7S1 Group.",
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"v1-page364-cflshid_142111-tag138220": {
"value": "Financial assets for hedging derivatives consisted exclusively of the current portion of the fair value of foreign exchange derivatives both for the hedging of future commitments to purchase broadcasting rights and for items recognised in the financial statements, in particular receivables and payables denominated in foreign currencies.
Financial liabilities for hedging derivatives consisted exclusively of the current portion of the fair value of foreign exchange derivatives both for the hedging of future commitments to purchase broadcasting rights and for items recognised in the financial statements, in particular receivables and payables denominated in foreign currencies.
",
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"v1-page365-cflshid_142484-tag138223": {
"value": "9.5 CASH AND CASH EQUIVALENTS This item includes petty cash, bank current accounts and deposits that are repayable on demand and other short-term and highly liquid financial investments that are readily convertible into cash, with an insignificant risk of a change in value.
Below is a breakdown of the item:
| 31/12/2025 | 31/12/2024 |
| Bank and postal deposits | 648.1 | 132.4 |
| Cash and cash equivalents | 0.1 | 0.1 |
| Total | 648.3 | 132.5 |
Of the total amount, EUR 541.4 million refer to the P7S1 Group and EUR 20.8 million referred to Grupo Audiovisual Mediaset Espa\u00f1a.S.A.
A more detailed breakdown of changes in cash and cash equivalents is reported in the Consolidated Statement of Cash Flows.
",
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"value": "This item includes petty cash, bank current accounts and deposits that are repayable on demand and other short-term and highly liquid financial investments that are readily convertible into cash, with an insignificant risk of a change in value.
",
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"v1-page366-cflshid_142722-tag138224": {
"value": "10. SHARE CAPITAL AND RESERVES
\u00a0
At 31 December 2025, the fully subscribed share capital was EUR 169.9 million.
On 31 July 2025, 9,608,791 new Class A ordinary shares with a nominal value of EUR 0.06 per share were approved for issuance. Subsequently, on 8 September 2025, the share capital increase took effect through the issuance of 127,002,630 new ordinary \u201cA\u201d class shares, at a nominal amount of EUR 0.06 per share, to service the takeover offer for P7S1 shares, settled on 16 September 2025. Finally, on 1 October 2025 share capital was increased by way of a bonus issue using available reserves to service the Medium/Long\u2013Term Incentive Plan 2021-2023. In particular, 1,130,939 new ordinary \u201cA\u201d class shares were issued to be allocated to beneficiaries of the Plan.
As a result of these transactions, the Company's share capital increased from EUR 161.6 million to EUR 169.9 million. At 31 December 2025, share capital is formed by 469,897,609 MFE A shares each with a par value of EUR 0.06 and carrying 1 voting right per share, and 236,245,512 ordinary B shares each with a par value of EUR 0.60 and carrying 10 voting rights per share. Both classes of share are listed on Euronext Milan IT (EXM), a stock market organised and managed by Borsa Italiana S.p.A. Furthermore, since 14 June 2023, MFE A-class shares are also traded on the Spanish Stock Exchanges of Barcelona, Bilbao, Madrid ES and Valencia organised and managed by the relevant stock market management companies (Sociedades Rectoras de las Bolsas de Valores).
10.2 SHARE PREMIUM RESERVE At 31 December 2025, the Share premium reserve amounted to EUR 1,636.6 million (EUR 1,149.6 million at 31 December 2024). The change compared with the same period of the previous year is due to the recognition in this reserve of the difference between the value attributed to each new MFE A share issued as part of the share capital increases during the year and its nominal value.
Treasury shares are recognised at cost and recorded as a reduction of shareholders' equity.
This item includes the B-Class Shares of MFE-MEDIAFOREUROPE N.V. that were purchased pursuant to resolutions of ordinary shareholders' meetings of 16 April 2003, 27 April 2004, 29 April 2005, 20 April 2006 and
19 April 2007, and the A-Class Shares acquired during 2022 by resolution of the ordinary shareholders\u2019 meeting of 29 June 2022.At 31 December 2025, the carrying amount of shares in the portfolio totalled EUR 301.9 million for 6,513,005 MFE B shares.
The changes for the period by share class are shown below.
| FY 2025 | FY 2024 |
| B-class shares | Carrying amount | Number of shares | Carrying amount |
| Opening balance | 7,271,459 | 337.1 | 7,724,109 | 358.1 |
| Additions | | | 83,664 | - |
| Disposals | (758,454) | (35.2) | (536,314) | (21.0) |
| Final balance | 6,513,005 | 301.9 | 7,271,459 | 337.1 |
Disposals of B-class shares during the year refers to the reduction in the number of shares due to employees being allocated treasury shares following the maturation of their rights under the Medium/Long-Term Incentive Plan announced in 2022.
10.4 REVALUATION RESERVES The Revaluation reserve for investments measured at FVTOCI (fair value through other comprehensive income) consists of the fair value measurement of equity investments included in the caption Other financial assets in non-current assets and classified as \u201cFVTOCI financial assets\u201d, as provided for in IFRS 9. This valuation is entered with changes recognised in the other items of the comprehensive income statement without recycling to profit and loss.
The Revaluation reserve for cash flow hedges is connected with valuations of derivative instruments designated as hedges against the foreign exchange risk associated with the acquisition of television and movie broadcasting rights in foreign currencies, or as hedges against the interest rate risk associated with medium and long-term financial liabilities. This valuation is entered with changes recognised in other comprehensive income, within the items that may be subsequently reclassified to profit and loss.
The Time value reserve and Options intrinsic value reserve were created for measuring instruments hedging the fair value of equity derivatives; they provide - in line with the rules for the hedged item - that changes in other items of the comprehensive income statement should be recognised without reversal to the income statement.
| 31/12/2025 | 31/12/2024 |
| FVTOCI equity investments reserve | (36.5) | (13.7) |
| Cash flow hedge reserve | (6.1) | 13.2 |
| Options time value reserve | 0.2 | - |
| Options intrinsic value reserve | 0.9 | - |
| Total | (41.5) | (0.5) |
The table below shows the changes in these reserves over the year for equity attributable to shareholders of the parent company. | Revaluation reserve for investments measured at FVTOCI | Revaluation reserve for cash flow hedges | Options time value reserve | Options intrinsic value reserve | Total Valuation reserve |
| Opening balance at 31/12/2024 | (13.7) | 13.2 | - | - | (0.5) |
| Business combinations | - | (5.4) | - | - | (5.4) |
| Increase/(decrease) | - | (0.9) | - | - | (0.9) |
| Reclassification to profit or loss | - | (0.5) | - | - | (0.5) |
| Basis adjustment | - | 0.4 | - | - | 0.4 |
| Fair value changes | (24.6) | (18.7) | 1.2 | 0.3 | (41.8) |
| Deferred tax effects | - | 5.7 | (0.3) | (0.1) | 5.4 |
| Other changes | 1.8 | - | - | - | 1.8 |
| Balance at 31/12/2025 | (36.5) | (6.1) | 0.9 | 0.2 | (41.5) |
Business combinations refers to the effects of the consolidation of the P7S1 Group on 30 September.
Other changes relating to the Revaluation reserve for investments measured at FVTOCI refers to the reclassification to retained earnings of prior-year valuations relating to companies disposed of or liquidated.
10.5 RETAINED EARNINGS AND OTHER RESERVES The Reserve from equity investments accounted for using the equity method refers to the components directly recognised equity by associates and joint ventures accounted for by using the equity method
The Consolidation reserve refers to the effects of the business combinations under common control.
The Reserve for transactions with non-controlling interests refers to the differences between the considerations paid or received for the purchase or sale of minority shares held in subsidiaries with respect to the corresponding portion of their accounting net equity.
The Stock option and incentive plans reserve consisted of the contra-entries for costs accrued, measured in accordance with IFRS 2, relating to medium-long term incentive plans for the allocation of MFE A-class and B-class shares.
The Reserve for actuarial gains/(losses) consists of components arising from the actuarial valuation of defined benefit plans, recognised directly through shareholders' equity. This valuation is entered with changes recognised in the other items of the comprehensive income statement without recycling to profit and loss.
The Translation reserve relates to exchange differences on the translation of financial statements of foreign subsidiaries whose functional currency is not the euro. Where the Group ceases to have a controlling stake in an investment, these cumulative differences are reclassified to the income statement and recognised as an integral part of the net gain or loss from the disposal.
| 31/12/2025 | 31/12/2024 |
| Reserve from equity investments accounted for using the equity method | (15.5) | (7.7) |
| Consolidation reserve | (81.9) | (81.9) |
| Reserves for transaction with non-controlling interest | 251.1 | 249.7 |
| Stock option and incentive plans reserve | 11.6 | 9.8 |
| Translation reserve | 15.3 | |
| Reserve from actuarial gains/(losses) | (35.0) | (28.9) |
| Retained earnings | 1,574.1 | 1,616.1 |
| Total | 1,719.7 | 1,757.1 |
| 31/12/2024 | Business combinations | Increase/decrease | Tax effect | Reclassification | 31/12/2025 |
| Reserve from equity investments accounted for using the equity method | (7.7) | - | (7.8) | - | - | (15.5) |
| Consolidation reserve | (81.9) | - | - | - | - | (81.9) |
| Reserves for transaction with non-controlling interest | 249.7 | - | 1.4 | - | - | 251.1 |
| Stock option and incentive plans reserve | 9.8 | - | 6.5 | - | (4.7) | 11.6 |
| Reserve for actuarial gains/(losses) | (28.9) | (6.3) | (1.3) | 1.5 | - | (35.0) |
| Translation reserves | | 15.1 | 0.2 | - | - | 15.3 |
| Retained earnings | 1,616.1 | - | (156.1) | - | 114.1 | 1,574.1 |
| Retained earnings and other reserves | 1,757.1 | 8.7 | (157.1) | 1.5 | 109.4 | 1,719.7 |
Business combination relates to the effects of the line-by-line consolidation of the P7S1 Group, commencing the fourth quarter of 2025. The change in Reserve from equity investments accounted for using the equity method refers, in the context of investments measures using the equity method, to the pro-quota part of the components directly recognised in the net shareholders\u2019 equity of investees.
The increase in the Reserve for transactions with non-controlling interests relates to the purchase of outstanding shares of subsidiaries.
The year-on-year change in the Stock option and incentive plans reserve consisted of the contra-entries for costs accrued, measured in accordance with IFRS 2, relating to medium-long term incentive plans adopted by MFE-MEDIAFOREUROPE N.V. The year-on-year changes for the period relate to increases in the costs accruing under incentive plans issued by the Group in the 2023, 2024 and 2025 financial years and to the reclassification under Retained earnings following the allocation of the 2022 Plan.
The change in Retained earnings mainly reflects the recognition of the 2024 result, dividends of EUR 151.5 million paid on 25 June (as approved by the General Shareholders\u2019 Meeting of 18 June 2025) and reclassifications from other equity components.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page366-cflshid_142722-tag138225": {
"value": "At 31 December 2025, the fully subscribed share capital was EUR 169.9 million.
On 31 July 2025, 9,608,791 new Class A ordinary shares with a nominal value of EUR 0.06 per share were approved for issuance. Subsequently, on 8 September 2025, the share capital increase took effect through the issuance of 127,002,630 new ordinary \u201cA\u201d class shares, at a nominal amount of EUR 0.06 per share, to service the takeover offer for P7S1 shares, settled on 16 September 2025. Finally, on 1 October 2025 share capital was increased by way of a bonus issue using available reserves to service the Medium/Long\u2013Term Incentive Plan 2021-2023. In particular, 1,130,939 new ordinary \u201cA\u201d class shares were issued to be allocated to beneficiaries of the Plan.
As a result of these transactions, the Company's share capital increased from EUR 161.6 million to EUR 169.9 million. At 31 December 2025, share capital is formed by 469,897,609 MFE A shares each with a par value of EUR 0.06 and carrying 1 voting right per share, and 236,245,512 ordinary B shares each with a par value of EUR 0.60 and carrying 10 voting rights per share. Both classes of share are listed on Euronext Milan IT (EXM), a stock market organised and managed by Borsa Italiana S.p.A. Furthermore, since 14 June 2023, MFE A-class shares are also traded on the Spanish Stock Exchanges of Barcelona, Bilbao, Madrid ES and Valencia organised and managed by the relevant stock market management companies (Sociedades Rectoras de las Bolsas de Valores).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page366-cflshid_142722-tag138227": {
"value": "Treasury shares are recognised at cost and recorded as a reduction of shareholders' equity.
This item includes the B-Class Shares of MFE-MEDIAFOREUROPE N.V. that were purchased pursuant to resolutions of ordinary shareholders' meetings of 16 April 2003, 27 April 2004, 29 April 2005, 20 April 2006 and
19 April 2007, and the A-Class Shares acquired during 2022 by resolution of the ordinary shareholders\u2019 meeting of 29 June 2022.At 31 December 2025, the carrying amount of shares in the portfolio totalled EUR 301.9 million for 6,513,005 MFE B shares.
The changes for the period by share class are shown below.
| FY 2025 | FY 2024 |
| B-class shares | Carrying amount | Number of shares | Carrying amount |
| Opening balance | 7,271,459 | 337.1 | 7,724,109 | 358.1 |
| Additions | | | 83,664 | - |
| Disposals | (758,454) | (35.2) | (536,314) | (21.0) |
| Final balance | 6,513,005 | 301.9 | 7,271,459 | 337.1 |
Disposals of B-class shares during the year refers to the reduction in the number of shares due to employees being allocated treasury shares following the maturation of their rights under the Medium/Long-Term Incentive Plan announced in 2022.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page366-cflshid_142722-tag138226": {
"value": "Treasury shares are recognised at cost and recorded as a reduction of shareholders' equity.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
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}
},
"v1-page367-cflshid_143068-tag138229": {
"value": "10.4 REVALUATION RESERVES The Revaluation reserve for investments measured at FVTOCI (fair value through other comprehensive income) consists of the fair value measurement of equity investments included in the caption Other financial assets in non-current assets and classified as \u201cFVTOCI financial assets\u201d, as provided for in IFRS 9. This valuation is entered with changes recognised in the other items of the comprehensive income statement without recycling to profit and loss.
The Revaluation reserve for cash flow hedges is connected with valuations of derivative instruments designated as hedges against the foreign exchange risk associated with the acquisition of television and movie broadcasting rights in foreign currencies, or as hedges against the interest rate risk associated with medium and long-term financial liabilities. This valuation is entered with changes recognised in other comprehensive income, within the items that may be subsequently reclassified to profit and loss.
The Time value reserve and Options intrinsic value reserve were created for measuring instruments hedging the fair value of equity derivatives; they provide - in line with the rules for the hedged item - that changes in other items of the comprehensive income statement should be recognised without reversal to the income statement.
| 31/12/2025 | 31/12/2024 |
| FVTOCI equity investments reserve | (36.5) | (13.7) |
| Cash flow hedge reserve | (6.1) | 13.2 |
| Options time value reserve | 0.2 | - |
| Options intrinsic value reserve | 0.9 | - |
| Total | (41.5) | (0.5) |
The table below shows the changes in these reserves over the year for equity attributable to shareholders of the parent company. | Revaluation reserve for investments measured at FVTOCI | Revaluation reserve for cash flow hedges | Options time value reserve | Options intrinsic value reserve | Total Valuation reserve |
| Opening balance at 31/12/2024 | (13.7) | 13.2 | - | - | (0.5) |
| Business combinations | - | (5.4) | - | - | (5.4) |
| Increase/(decrease) | - | (0.9) | - | - | (0.9) |
| Reclassification to profit or loss | - | (0.5) | - | - | (0.5) |
| Basis adjustment | - | 0.4 | - | - | 0.4 |
| Fair value changes | (24.6) | (18.7) | 1.2 | 0.3 | (41.8) |
| Deferred tax effects | - | 5.7 | (0.3) | (0.1) | 5.4 |
| Other changes | 1.8 | - | - | - | 1.8 |
| Balance at 31/12/2025 | (36.5) | (6.1) | 0.9 | 0.2 | (41.5) |
Business combinations refers to the effects of the consolidation of the P7S1 Group on 30 September.
Other changes relating to the Revaluation reserve for investments measured at FVTOCI refers to the reclassification to retained earnings of prior-year valuations relating to companies disposed of or liquidated.
10.5 RETAINED EARNINGS AND OTHER RESERVES The Reserve from equity investments accounted for using the equity method refers to the components directly recognised equity by associates and joint ventures accounted for by using the equity method
The Consolidation reserve refers to the effects of the business combinations under common control.
The Reserve for transactions with non-controlling interests refers to the differences between the considerations paid or received for the purchase or sale of minority shares held in subsidiaries with respect to the corresponding portion of their accounting net equity.
The Stock option and incentive plans reserve consisted of the contra-entries for costs accrued, measured in accordance with IFRS 2, relating to medium-long term incentive plans for the allocation of MFE A-class and B-class shares.
The Reserve for actuarial gains/(losses) consists of components arising from the actuarial valuation of defined benefit plans, recognised directly through shareholders' equity. This valuation is entered with changes recognised in the other items of the comprehensive income statement without recycling to profit and loss.
The Translation reserve relates to exchange differences on the translation of financial statements of foreign subsidiaries whose functional currency is not the euro. Where the Group ceases to have a controlling stake in an investment, these cumulative differences are reclassified to the income statement and recognised as an integral part of the net gain or loss from the disposal.
| 31/12/2025 | 31/12/2024 |
| Reserve from equity investments accounted for using the equity method | (15.5) | (7.7) |
| Consolidation reserve | (81.9) | (81.9) |
| Reserves for transaction with non-controlling interest | 251.1 | 249.7 |
| Stock option and incentive plans reserve | 11.6 | 9.8 |
| Translation reserve | 15.3 | |
| Reserve from actuarial gains/(losses) | (35.0) | (28.9) |
| Retained earnings | 1,574.1 | 1,616.1 |
| Total | 1,719.7 | 1,757.1 |
| 31/12/2024 | Business combinations | Increase/decrease | Tax effect | Reclassification | 31/12/2025 |
| Reserve from equity investments accounted for using the equity method | (7.7) | - | (7.8) | - | - | (15.5) |
| Consolidation reserve | (81.9) | - | - | - | - | (81.9) |
| Reserves for transaction with non-controlling interest | 249.7 | - | 1.4 | - | - | 251.1 |
| Stock option and incentive plans reserve | 9.8 | - | 6.5 | - | (4.7) | 11.6 |
| Reserve for actuarial gains/(losses) | (28.9) | (6.3) | (1.3) | 1.5 | - | (35.0) |
| Translation reserves | | 15.1 | 0.2 | - | - | 15.3 |
| Retained earnings | 1,616.1 | - | (156.1) | - | 114.1 | 1,574.1 |
| Retained earnings and other reserves | 1,757.1 | 8.7 | (157.1) | 1.5 | 109.4 | 1,719.7 |
Business combination relates to the effects of the line-by-line consolidation of the P7S1 Group, commencing the fourth quarter of 2025. The change in Reserve from equity investments accounted for using the equity method refers, in the context of investments measures using the equity method, to the pro-quota part of the components directly recognised in the net shareholders\u2019 equity of investees.
The increase in the Reserve for transactions with non-controlling interests relates to the purchase of outstanding shares of subsidiaries.
The year-on-year change in the Stock option and incentive plans reserve consisted of the contra-entries for costs accrued, measured in accordance with IFRS 2, relating to medium-long term incentive plans adopted by MFE-MEDIAFOREUROPE N.V. The year-on-year changes for the period relate to increases in the costs accruing under incentive plans issued by the Group in the 2023, 2024 and 2025 financial years and to the reclassification under Retained earnings following the allocation of the 2022 Plan.
The change in Retained earnings mainly reflects the recognition of the 2024 result, dividends of EUR 151.5 million paid on 25 June (as approved by the General Shareholders\u2019 Meeting of 18 June 2025) and reclassifications from other equity components.
",
"dimensions": {
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},
"v1-page374-cflshid_146084-tag138233": {
"value": "11.2 FINANCIAL LIABILITIES AND PAYABLES Financial payables and liabilities are recognised at amortised cost, using the actual interest rate method. Financial liabilities related to IFRS 16 debt are recognised pursuant to international accounting standard IFRS 16 - \u2018Leases\u2019.
| 31/12/2025 | 31/12/2024 |
| Due to banks | 2,000.2 | 285.3 |
| Payables to other lenders | 229.8 | 0.1 |
| IFRS 16 lease financial liabilities (non current portion) | 152.7 | 87.3 |
| Financial liabilities for hedging derivatives (non current portion) | 7.7 | - |
| Financial liabilities for non hedging derivatives (non current portion) | 0.5 | |
| Other financial liabilities | 4.7 | - |
| Total | 2,395.6 | 372.6 |
Due to banks (non current portion) refers to the portion of committed credit facilities maturing beyond 12 months and attributable to MFE-MEDIAFOREUROPE N.V. These payables are recognised in the financial statements using the amortised cost method.
A breakdown of the change of EUR 1.714.9 million for the year is provided below: \u2212reclassification, under Current financial payables, of EUR 60,0 million nominal for one credit facility maturing in the next 12 months, and the reclassification of EUR 60.3 million as the current portion of two loans;
\u2212drawdown of three credit facilities with a nominal amount of EUR 200.0 million and drawdown of a club deal with a nominal amount of EUR 468.6 million;
\u2212additions of EUR 1,185.8 million relating to the P7S1 Group\u2019s committed financings refer to an unsecured syndicated loan entered into in the 2025 financial year, with a total nominal amount of EUR 2,100 million
Some MFE loan are subject to financial covenants on a consolidated basis (excluding P7S1) as shown in the table below. Net financial debt, in accordance with specific waivers obtained from counterparties, is calculated on the basis of IAS/IFRS accounting standards in force at 31 December 2018 (excluding liabilities recognised under IFRS 16).
The method used to calculate the covenants also applies to contracts signed during 2025.
| financing counterpart | covenant | checking period | waiver acceptance date |
| Net Financial Debt/EBITDA less than 2.5 | | 30/03/2022 |
| BNL 2021 | | 6 months |
| Net Financial Position/Equity less than 2 | |
| BNL 2022 | Net Financial Debt/EBITDA less than 2.5 | 6 months | 03/05/2023 |
| Club Deal 2022 | Net Financial Debt/EBITDA less than 2.5 | 6 months | 30/03/2022 |
| Net Financial Position/EBITDA less than 2.5 | | |
| BPER 2023 | | 6 months | |
| Net Financial Position/Equity less than 2 | | |
| Net Financial Position/EBITDA less than 2.5 | | |
| BPER 2023 | | 6 months | |
| Net Financial Position/Equity less than 2 | | |
| BPM 2023 | Net Financial Debt/EBITDA less than 2.5 | 6 months | |
| Club Deal 2025 | Net Financial Debt/EBITDA less than 2.5 | | |
| INTESA 2025 | Net Financial Debt/EBITDA less than 2.5 | 6 months | |
| MEDIOBANCA 2025 | Net Financial Debt/EBITDA less than 2.5 | 6 months | |
| UNICREDIT 2025 | Net Financial Debt/EBITDA less than 2.5 | 6 months | |
Please note that the figures shown in the table above are those defined by contract with each counterparty and, therefore, may not be fully aligned with the main alternative performance measures identified by the Group in the Directors\u2019 Report on Operations. If any financial covenants are breached, both for the loans and credit facilities, MFE-MediaForEurope N.V. could be called upon to repay all amounts drawn. These parameters were met at the reporting date of these financial statements. Based on the current forecasts these parameters will also be complied with at the next testing dates in the foreseeable future. At 31 December 2025, approximately 67.5% of total approved credit facilities were committed (62.9% at 31 December 2024).
At 31 December 2025, MFE had committed lines totalling EUR 1,216 million, of which EUR 250 million unutilised and readily available. As at the approval date of these Consolidated Financial Statements, the committed credit lines available to MFE are equal to EUR 250 million, including EUR 150 million falling due within the next 12 months.
The following table shows the effective interest rates and financial charges expensed in profit or loss for loans outstanding at 31 December 2025, recognised using the amortised cost method, and the fair value calculated on the basis of year-end markets rates.
| IRR | Financial charges | Fair value |
| CLUB DEAL 30/03/2022 | 3.27% | 6.1 | 176.3 |
| BNL 03/10/2022 | 3.40% | 2.1 | 62.9 |
| BPER 26/05/2023 | 3.43% | 2.8 | 62.9 |
| INTESA 19/06/2025 | 3.01% | 1.6 | 101.1 |
| MEDIOBANCA 25/06/2025 | 2.90% | 0.7 | 50.4 |
| UNICREDIT 19/06/2025 | 2.91% | 0.8 | 50.4 |
| Club Deal 15/09/2025 | 3.36% | 4.6 | 476.8 |
Payables to lenders includes EUR 178.6 million relating to financial debt for the acquisition and refurbishment of the P7S1 Group\u2019s new headquarters and EUR 43.5 million of financial debt for promissory notes relating to the P7S1 Group.
IFRS 16 leases liabilities refers to the non-current portion of payables for leasing recognised in accordance with IFRS 16. The change compared with the previous year is mainly attributable to the consolidation of the P7S1 Group from 30 September 2025.
Financial payables (current and non-current) are recognised at amortised cost, using the actual interest rate method.
| 31/12/2025 | 31/12/2024 |
| Current portion of non current loans | 147.5 | 409.5 |
| Credit facilities | 85.0 | - |
| Total | 232.5 | 409.5 |
Current portion of non current loans refers to the current portion of committed credit facilities. The change on the previous year was due to the reclassification of a total of EUR 60.0 million nominal in credit facilities falling due within 12 months, the reclassification of the EUR 60.3 million nominal current portion of medium-to-long term loans and the repayment of credit facilities totalling EUR 396.2 million.
All Credit facilities are subject to floating interest rates and refer to short-term loans with a due date set formally at one year and are renewable. The fair value of credit lines is in line with their carrying amount. During the year, new credit lines of 85.0 million euros were taken out.
12.6 NET FINANCIAL POSITIONBelow is a breakdown of the consolidated Net Financial Position in accordance with ESMA\u2019s \u201cGuidelines on disclosure requirements under the Prospectus Regulation\u201d of 4 March 2021, showing the net current and non-current financial debt of the Group. For each of the items reported, reference is given to the relative explanatory note.
For a breakdown of changes in the net financial position over the year, see the section on the Group's balance sheet and financial structure in the Directors\u2019 Report on Operations.
| | 31/12/2025 | 31/12/2024 |
| Cash in hand | 9.5 | 0.1 | 0.1 |
| Bank and postal deposits | 9.5 | 649.3 | 132.4 |
| Liquidity | | 649.5 | 132.5 |
| Current financial assets and receivables | 9.4 | 9.5 | 7.9 |
| Due to banks | 12.1 | (85.0) | (0.1) |
| Current portion of non current debt | | (147.5) | (409.5) |
| Other current payables and financial liabilities | 12.4 | (748.3) | (49.8) |
| Current financial debt | | (980.9) | (459.3) |
| Current Net Financial Position | | (321.9) | (318.9) |
| Due to banks | 11.2 | (2,000.2) | (285.3) |
| Non-current payables and other financial liabilities | 11.2 | (378.0) | (87.3) |
| Non current financial debt | | (2,378.2) | (372.6) |
| Net Financial Position | | (2,700.1) | (691.5) |
Below is a breakdown of certain Financial Position items; please refer as required to individual notes for comments on the main changes in figures.
Current financial assets and receivables includes EUR 5.5 million for the financial receivables indicated in note 9.4.
As indicated in note 12.4, Other current payables and financial liabilities includes cash pooling arrangements with associates and joint venture and loans received to finance movie development, distribution and production operations, and the EUR 45.5 million current portion of the leases liabilities recognised in accordance with IFRS 16 and EUR 657.5 million in promissory notes.
Current amounts of non-current financial debt includes the EUR 20.6 million current portion of medium/long-term bank loans.
As indicated in Note 11.2, Non-current financial liabilities and debt includes the non-current portion of lease liabilities recognised under IFRS 16 of EUR 152.7 million and EUR 178.6 million relating to financial debt incurred for the acquisition and refurbishment of the new headquarters of the P7S1 Group.",
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"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
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"v1-page374-cflshid_146084-tag138232": {
"value": "11.2 FINANCIAL LIABILITIES AND PAYABLES Financial payables and liabilities are recognised at amortised cost, using the actual interest rate method. Financial liabilities related to IFRS 16 debt are recognised pursuant to international accounting standard IFRS 16 - \u2018Leases\u2019.
| 31/12/2025 | 31/12/2024 |
| Due to banks | 2,000.2 | 285.3 |
| Payables to other lenders | 229.8 | 0.1 |
| IFRS 16 lease financial liabilities (non current portion) | 152.7 | 87.3 |
| Financial liabilities for hedging derivatives (non current portion) | 7.7 | - |
| Financial liabilities for non hedging derivatives (non current portion) | 0.5 | |
| Other financial liabilities | 4.7 | - |
| Total | 2,395.6 | 372.6 |
Due to banks (non current portion) refers to the portion of committed credit facilities maturing beyond 12 months and attributable to MFE-MEDIAFOREUROPE N.V. These payables are recognised in the financial statements using the amortised cost method.
A breakdown of the change of EUR 1.714.9 million for the year is provided below: \u2212reclassification, under Current financial payables, of EUR 60,0 million nominal for one credit facility maturing in the next 12 months, and the reclassification of EUR 60.3 million as the current portion of two loans;
\u2212drawdown of three credit facilities with a nominal amount of EUR 200.0 million and drawdown of a club deal with a nominal amount of EUR 468.6 million;
\u2212additions of EUR 1,185.8 million relating to the P7S1 Group\u2019s committed financings refer to an unsecured syndicated loan entered into in the 2025 financial year, with a total nominal amount of EUR 2,100 million
Some MFE loan are subject to financial covenants on a consolidated basis (excluding P7S1) as shown in the table below. Net financial debt, in accordance with specific waivers obtained from counterparties, is calculated on the basis of IAS/IFRS accounting standards in force at 31 December 2018 (excluding liabilities recognised under IFRS 16).
The method used to calculate the covenants also applies to contracts signed during 2025.
| financing counterpart | covenant | checking period | waiver acceptance date |
| Net Financial Debt/EBITDA less than 2.5 | | 30/03/2022 |
| BNL 2021 | | 6 months |
| Net Financial Position/Equity less than 2 | |
| BNL 2022 | Net Financial Debt/EBITDA less than 2.5 | 6 months | 03/05/2023 |
| Club Deal 2022 | Net Financial Debt/EBITDA less than 2.5 | 6 months | 30/03/2022 |
| Net Financial Position/EBITDA less than 2.5 | | |
| BPER 2023 | | 6 months | |
| Net Financial Position/Equity less than 2 | | |
| Net Financial Position/EBITDA less than 2.5 | | |
| BPER 2023 | | 6 months | |
| Net Financial Position/Equity less than 2 | | |
| BPM 2023 | Net Financial Debt/EBITDA less than 2.5 | 6 months | |
| Club Deal 2025 | Net Financial Debt/EBITDA less than 2.5 | | |
| INTESA 2025 | Net Financial Debt/EBITDA less than 2.5 | 6 months | |
| MEDIOBANCA 2025 | Net Financial Debt/EBITDA less than 2.5 | 6 months | |
| UNICREDIT 2025 | Net Financial Debt/EBITDA less than 2.5 | 6 months | |
Please note that the figures shown in the table above are those defined by contract with each counterparty and, therefore, may not be fully aligned with the main alternative performance measures identified by the Group in the Directors\u2019 Report on Operations. If any financial covenants are breached, both for the loans and credit facilities, MFE-MediaForEurope N.V. could be called upon to repay all amounts drawn. These parameters were met at the reporting date of these financial statements. Based on the current forecasts these parameters will also be complied with at the next testing dates in the foreseeable future. At 31 December 2025, approximately 67.5% of total approved credit facilities were committed (62.9% at 31 December 2024).
At 31 December 2025, MFE had committed lines totalling EUR 1,216 million, of which EUR 250 million unutilised and readily available. As at the approval date of these Consolidated Financial Statements, the committed credit lines available to MFE are equal to EUR 250 million, including EUR 150 million falling due within the next 12 months.
The following table shows the effective interest rates and financial charges expensed in profit or loss for loans outstanding at 31 December 2025, recognised using the amortised cost method, and the fair value calculated on the basis of year-end markets rates.
| IRR | Financial charges | Fair value |
| CLUB DEAL 30/03/2022 | 3.27% | 6.1 | 176.3 |
| BNL 03/10/2022 | 3.40% | 2.1 | 62.9 |
| BPER 26/05/2023 | 3.43% | 2.8 | 62.9 |
| INTESA 19/06/2025 | 3.01% | 1.6 | 101.1 |
| MEDIOBANCA 25/06/2025 | 2.90% | 0.7 | 50.4 |
| UNICREDIT 19/06/2025 | 2.91% | 0.8 | 50.4 |
| Club Deal 15/09/2025 | 3.36% | 4.6 | 476.8 |
Payables to lenders includes EUR 178.6 million relating to financial debt for the acquisition and refurbishment of the P7S1 Group\u2019s new headquarters and EUR 43.5 million of financial debt for promissory notes relating to the P7S1 Group.
IFRS 16 leases liabilities refers to the non-current portion of payables for leasing recognised in accordance with IFRS 16. The change compared with the previous year is mainly attributable to the consolidation of the P7S1 Group from 30 September 2025.
Financial payables and liabilities are recognised at amortised cost, using the actual interest rate method. Financial liabilities related to IFRS 16 debt are recognised pursuant to international accounting standard IFRS 16 - \u2018Leases\u2019.
Financial payables (current and non-current) are recognised at amortised cost, using the actual interest rate method.
Trade and other payables are measured at their nominal amount, which is usually close to their amortised cost; those originating in non-UEM currencies are translated at the year-end spot rates issued by the European Central Bank.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page374-cflshid_146089-tag138230": {
"value": "Financial payables and liabilities are recognised at amortised cost, using the actual interest rate method. Financial liabilities related to IFRS 16 debt are recognised pursuant to international accounting standard IFRS 16 - \u2018Leases\u2019.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page377-cflshid_147105-tag138237": {
"value": "11.3 PROVISIONS AND CONTINGENT LIABILITIES Provisions for risks and charges are costs and charges whose existence is either certain or probable, whose amount or date of occurrence cannot be determined as at the reporting date. These provisions have been made only when there is a current obligation, resulting from past events, that can be of a legal or contractual nature, or arising from declarations or behaviour by the companies of the Group that create valid expectations in the persons concerned (implicit obligations). Provisions represent our best estimate of the amount that the enterprise would have to pay in order to settle the obligation; When they are significant, and the payment dates can be reliably estimated, the provisions are recognised at present values with the charges resulting from the passage of time posted to the income statement under the item \u201cFinancial (Expenses)/Income\u201d.
The following is a breakdown of the provisions (current and non-current) and their changes compared to prior year:
| 31/12/2025 | 31/12/2024 |
| Balance at 1/1 | 93.0 | 98.4 |
| Accruals | 120.9 | 46.8 |
| Utilization | (63.4) | (57.7) |
| Financial charges | 0.2 | 0.1 |
| Business Combination | 111.0 | 5.4 |
| Balance at 31/12 | 261.7 | 93.0 |
| Of which: | | |
| Within 12 months | 184.3 | 60.8 |
| After 12 months | 77.4 | 32.2 |
| Total | 261.7 | 93.0 |
Provisions at 31 December 2025 mainly refer to legal proceedings totalling EUR 41.1 million (EUR 31.8 million at 31 December 2024), staff disputes and business restructuring plans totalling EUR 45.3 million (EUR 2.0 million at 31 December 2024) and contractual risks totalling EUR 81.5 million (EUR 49.1 million at 31 December 2024), of which risks relative to the under-utilisation of artistic resources compared to contractual agreements totalling EUR 25.7 million (EUR 7.8 million at 31 December 2024). In addition, relating only to P7S1 Group, provisions at 31 December 2025 are also referred to non-income taxes totalling EUR 17.4 million, interest on tax liability totalling EUR 14.2 million and value added tax totalling EUR 7.1 million.
Below is an update at 31 December 2025 of the main lawsuits pending and contingent liabilities associated with them, which were also reported in the financial statements of previous years and the interim statements for the year. No new facts or circumstances were recorded with regard to these lawsuits such as to require a provision to be created in these consolidated financial statements.
In Case No. 1181/10 brought by ITV against Mediaset Espa\u00f1a (now Grupo Audiovisual Mediaset Espa\u00f1a Comunicaci\u00f3n \u2013 \u201cGAM\u201d) regarding the use of the Pasapalabra format, no decision had been issued as at 31 December 2025 regarding the consideration payable by GAM to ITV for the post-contractual use of the format. In respect of this consideration, the Supreme Court had previously held that the amount payable by Mediaset to ITV for post-contractual use of the Pasapalabra format should be based on the profit generated by GAM from the
format, rather than on a hypothetical royalty that ITV would receive for its licensing. On 24 February 2025, the 6th Commercial Court of Madrid ES issued Order No 69/2025, requiring GAM to pay compensation of EUR 44.3 million to ITV. GAM filed an appeal against the first instance judgment with the Provincial Court of Madrid ES on the grounds of a discrepancy between the judgement of the court-appointed expert and the final judgement of the Court, as well as on the grounds of other serious defects found. On this basis, GAM expects the Provincial Court to significantly reduce the compensation awarded, bringing it closer to the previously recognised estimate of this legal risk.If ITV seeks to enforce the order, that enforcement may be stayed if GAM were to demonstrate that it would cause \u201cirreparable harm\u201d and offers to provide an on-demand bank guarantee. This circumstance is considered highly likely, as in its order of 22 December 2023 the Court had already stated that it was willing to stay the enforcement proceedings if GAM were to provide an on-demand guarantee for the full amount claimed in the enforcement action.
In proceedings CNMC S/DC/617/17, in which the CNMC (National Commission on Markets and Competition) initiated sanction proceedings in 2018 against GAM (formerly Mediaset Espa\u00f1a) and Atresmedia, alleging that certain contractual terms relating to television advertising could restrict competition in breach of Article 1 of the Spanish Competition Act (LDC) and Article 101 of the TFEU, appeals were filed before the competent courts. In particular, on 29 May 2019, GAM (formerly Mediaset Espa\u00f1a) filed an administrative appeal before the Audiencia Nacional against the adverse decision of 23 May 2019. By judgment of 27 October 2025, the Audiencia Nacional upheld GAM\u2019s appeal in full, annulling the decision and ordering the reopening of the administrative proceedings. No provision has been recognized in the accounts of Grupo Audiovisual in respect of this contingency, as the Group estimates that it is not probable that the risk will materialize.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page377-cflshid_147105-tag138236": {
"value": "11.3 PROVISIONS AND CONTINGENT LIABILITIES Provisions for risks and charges are costs and charges whose existence is either certain or probable, whose amount or date of occurrence cannot be determined as at the reporting date. These provisions have been made only when there is a current obligation, resulting from past events, that can be of a legal or contractual nature, or arising from declarations or behaviour by the companies of the Group that create valid expectations in the persons concerned (implicit obligations). Provisions represent our best estimate of the amount that the enterprise would have to pay in order to settle the obligation; When they are significant, and the payment dates can be reliably estimated, the provisions are recognised at present values with the charges resulting from the passage of time posted to the income statement under the item \u201cFinancial (Expenses)/Income\u201d.
The following is a breakdown of the provisions (current and non-current) and their changes compared to prior year:
| 31/12/2025 | 31/12/2024 |
| Balance at 1/1 | 93.0 | 98.4 |
| Accruals | 120.9 | 46.8 |
| Utilization | (63.4) | (57.7) |
| Financial charges | 0.2 | 0.1 |
| Business Combination | 111.0 | 5.4 |
| Balance at 31/12 | 261.7 | 93.0 |
| Of which: | | |
| Within 12 months | 184.3 | 60.8 |
| After 12 months | 77.4 | 32.2 |
| Total | 261.7 | 93.0 |
Provisions at 31 December 2025 mainly refer to legal proceedings totalling EUR 41.1 million (EUR 31.8 million at 31 December 2024), staff disputes and business restructuring plans totalling EUR 45.3 million (EUR 2.0 million at 31 December 2024) and contractual risks totalling EUR 81.5 million (EUR 49.1 million at 31 December 2024), of which risks relative to the under-utilisation of artistic resources compared to contractual agreements totalling EUR 25.7 million (EUR 7.8 million at 31 December 2024). In addition, relating only to P7S1 Group, provisions at 31 December 2025 are also referred to non-income taxes totalling EUR 17.4 million, interest on tax liability totalling EUR 14.2 million and value added tax totalling EUR 7.1 million.
Below is an update at 31 December 2025 of the main lawsuits pending and contingent liabilities associated with them, which were also reported in the financial statements of previous years and the interim statements for the year. No new facts or circumstances were recorded with regard to these lawsuits such as to require a provision to be created in these consolidated financial statements.
In Case No. 1181/10 brought by ITV against Mediaset Espa\u00f1a (now Grupo Audiovisual Mediaset Espa\u00f1a Comunicaci\u00f3n \u2013 \u201cGAM\u201d) regarding the use of the Pasapalabra format, no decision had been issued as at 31 December 2025 regarding the consideration payable by GAM to ITV for the post-contractual use of the format. In respect of this consideration, the Supreme Court had previously held that the amount payable by Mediaset to ITV for post-contractual use of the Pasapalabra format should be based on the profit generated by GAM from the
format, rather than on a hypothetical royalty that ITV would receive for its licensing. On 24 February 2025, the 6th Commercial Court of Madrid ES issued Order No 69/2025, requiring GAM to pay compensation of EUR 44.3 million to ITV. GAM filed an appeal against the first instance judgment with the Provincial Court of Madrid ES on the grounds of a discrepancy between the judgement of the court-appointed expert and the final judgement of the Court, as well as on the grounds of other serious defects found. On this basis, GAM expects the Provincial Court to significantly reduce the compensation awarded, bringing it closer to the previously recognised estimate of this legal risk.If ITV seeks to enforce the order, that enforcement may be stayed if GAM were to demonstrate that it would cause \u201cirreparable harm\u201d and offers to provide an on-demand bank guarantee. This circumstance is considered highly likely, as in its order of 22 December 2023 the Court had already stated that it was willing to stay the enforcement proceedings if GAM were to provide an on-demand guarantee for the full amount claimed in the enforcement action.
In proceedings CNMC S/DC/617/17, in which the CNMC (National Commission on Markets and Competition) initiated sanction proceedings in 2018 against GAM (formerly Mediaset Espa\u00f1a) and Atresmedia, alleging that certain contractual terms relating to television advertising could restrict competition in breach of Article 1 of the Spanish Competition Act (LDC) and Article 101 of the TFEU, appeals were filed before the competent courts. In particular, on 29 May 2019, GAM (formerly Mediaset Espa\u00f1a) filed an administrative appeal before the Audiencia Nacional against the adverse decision of 23 May 2019. By judgment of 27 October 2025, the Audiencia Nacional upheld GAM\u2019s appeal in full, annulling the decision and ordering the reopening of the administrative proceedings. No provision has been recognized in the accounts of Grupo Audiovisual in respect of this contingency, as the Group estimates that it is not probable that the risk will materialize.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
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},
"v1-page377-cflshid_147110-tag138235": {
"value": "Provisions for risks and charges are costs and charges whose existence is either certain or probable, whose amount or date of occurrence cannot be determined as at the reporting date. These provisions have been made only when there is a current obligation, resulting from past events, that can be of a legal or contractual nature, or arising from declarations or behaviour by the companies of the Group that create valid expectations in the persons concerned (implicit obligations). Provisions represent our best estimate of the amount that the enterprise would have to pay in order to settle the obligation; When they are significant, and the payment dates can be reliably estimated, the provisions are recognised at present values with the charges resulting from the passage of time posted to the income statement under the item \u201cFinancial (Expenses)/Income\u201d.
",
"dimensions": {
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"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page377-cflshid_147110-tag138234": {
"value": "Provisions for risks and charges are costs and charges whose existence is either certain or probable, whose amount or date of occurrence cannot be determined as at the reporting date. These provisions have been made only when there is a current obligation, resulting from past events, that can be of a legal or contractual nature, or arising from declarations or behaviour by the companies of the Group that create valid expectations in the persons concerned (implicit obligations). Provisions represent our best estimate of the amount that the enterprise would have to pay in order to settle the obligation; When they are significant, and the payment dates can be reliably estimated, the provisions are recognised at present values with the charges resulting from the passage of time posted to the income statement under the item \u201cFinancial (Expenses)/Income\u201d.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page377-cflshid_147110-tag138263": {
"value": "In Case No. 1181/10 brought by ITV against Mediaset Espa\u00f1a (now Grupo Audiovisual Mediaset Espa\u00f1a Comunicaci\u00f3n \u2013 \u201cGAM\u201d) regarding the use of the Pasapalabra format, no decision had been issued as at 31 December 2025 regarding the consideration payable by GAM to ITV for the post-contractual use of the format. In respect of this consideration, the Supreme Court had previously held that the amount payable by Mediaset to ITV for post-contractual use of the Pasapalabra format should be based on the profit generated by GAM from the
format, rather than on a hypothetical royalty that ITV would receive for its licensing. On 24 February 2025, the 6th Commercial Court of Madrid ES issued Order No 69/2025, requiring GAM to pay compensation of EUR 44.3 million to ITV. GAM filed an appeal against the first instance judgment with the Provincial Court of Madrid ES on the grounds of a discrepancy between the judgement of the court-appointed expert and the final judgement of the Court, as well as on the grounds of other serious defects found. On this basis, GAM expects the Provincial Court to significantly reduce the compensation awarded, bringing it closer to the previously recognised estimate of this legal risk.If ITV seeks to enforce the order, that enforcement may be stayed if GAM were to demonstrate that it would cause \u201cirreparable harm\u201d and offers to provide an on-demand bank guarantee. This circumstance is considered highly likely, as in its order of 22 December 2023 the Court had already stated that it was willing to stay the enforcement proceedings if GAM were to provide an on-demand guarantee for the full amount claimed in the enforcement action.
In proceedings CNMC S/DC/617/17, in which the CNMC (National Commission on Markets and Competition) initiated sanction proceedings in 2018 against GAM (formerly Mediaset Espa\u00f1a) and Atresmedia, alleging that certain contractual terms relating to television advertising could restrict competition in breach of Article 1 of the Spanish Competition Act (LDC) and Article 101 of the TFEU, appeals were filed before the competent courts. In particular, on 29 May 2019, GAM (formerly Mediaset Espa\u00f1a) filed an administrative appeal before the Audiencia Nacional against the adverse decision of 23 May 2019. By judgment of 27 October 2025, the Audiencia Nacional upheld GAM\u2019s appeal in full, annulling the decision and ordering the reopening of the administrative proceedings. No provision has been recognized in the accounts of Grupo Audiovisual in respect of this contingency, as the Group estimates that it is not probable that the risk will materialize.
",
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"entity": "scheme:213800DIFN7NR7B97A50",
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},
"v1-page379-cflshid_148022-tag138239": {
"value": "Financial payables (current and non-current) are recognised at amortised cost, using the actual interest rate method.
| 31/12/2025 | 31/12/2024 |
| Current portion of non current loans | 147.5 | 409.5 |
| Credit facilities | 85.0 | - |
| Total | 232.5 | 409.5 |
Current portion of non current loans refers to the current portion of committed credit facilities. The change on the previous year was due to the reclassification of a total of EUR 60.0 million nominal in credit facilities falling due within 12 months, the reclassification of the EUR 60.3 million nominal current portion of medium-to-long term loans and the repayment of credit facilities totalling EUR 396.2 million.
All Credit facilities are subject to floating interest rates and refer to short-term loans with a due date set formally at one year and are renewable. The fair value of credit lines is in line with their carrying amount. During the year, new credit lines of 85.0 million euros were taken out.
12.4 OTHER FINANCIAL LIABILITIES | 31/12/2025 | 31/12/2024 |
| Payables to other lenders | 695.7 | 47.3 |
| IFRS 16 financial payables | 45.5 | 16.9 |
| Financial liabilities for other hedging derivatives | 12.6 | 0.2 |
| Total | 753.7 | 64.4 |
Payables to other financial lenders mainly consist of EUR 657.5 million in financial payables of the P7S1 Group for promissory notes (repaid for EUR 647 million in January 2026), EUR 25.3 million in cash pooling with associates and joint ventures (EUR 32.6 million at 31 December 2024) and EUR 0.3 million in loans received to finance movie development, distribution and production operations (EUR 0.3 million at 31 December 2024). The change in IFRS 16 financial payables mainly refers to the consolidation of the P7S1Group on 30 September 2025.
Financial liabilities for hedging derivatives consisted exclusively of the current portion of the fair value of foreign exchange derivatives both for the hedging of future commitments to purchase broadcasting rights and for items recognised in the financial statements, in particular receivables and payables denominated in foreign currencies.
12.6 NET FINANCIAL POSITIONBelow is a breakdown of the consolidated Net Financial Position in accordance with ESMA\u2019s \u201cGuidelines on disclosure requirements under the Prospectus Regulation\u201d of 4 March 2021, showing the net current and non-current financial debt of the Group. For each of the items reported, reference is given to the relative explanatory note.
For a breakdown of changes in the net financial position over the year, see the section on the Group's balance sheet and financial structure in the Directors\u2019 Report on Operations.
| | 31/12/2025 | 31/12/2024 |
| Cash in hand | 9.5 | 0.1 | 0.1 |
| Bank and postal deposits | 9.5 | 649.3 | 132.4 |
| Liquidity | | 649.5 | 132.5 |
| Current financial assets and receivables | 9.4 | 9.5 | 7.9 |
| Due to banks | 12.1 | (85.0) | (0.1) |
| Current portion of non current debt | | (147.5) | (409.5) |
| Other current payables and financial liabilities | 12.4 | (748.3) | (49.8) |
| Current financial debt | | (980.9) | (459.3) |
| Current Net Financial Position | | (321.9) | (318.9) |
| Due to banks | 11.2 | (2,000.2) | (285.3) |
| Non-current payables and other financial liabilities | 11.2 | (378.0) | (87.3) |
| Non current financial debt | | (2,378.2) | (372.6) |
| Net Financial Position | | (2,700.1) | (691.5) |
Below is a breakdown of certain Financial Position items; please refer as required to individual notes for comments on the main changes in figures.
Current financial assets and receivables includes EUR 5.5 million for the financial receivables indicated in note 9.4.
As indicated in note 12.4, Other current payables and financial liabilities includes cash pooling arrangements with associates and joint venture and loans received to finance movie development, distribution and production operations, and the EUR 45.5 million current portion of the leases liabilities recognised in accordance with IFRS 16 and EUR 657.5 million in promissory notes.
Current amounts of non-current financial debt includes the EUR 20.6 million current portion of medium/long-term bank loans.
As indicated in Note 11.2, Non-current financial liabilities and debt includes the non-current portion of lease liabilities recognised under IFRS 16 of EUR 152.7 million and EUR 178.6 million relating to financial debt incurred for the acquisition and refurbishment of the new headquarters of the P7S1 Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
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"v1-page379-cflshid_148022-tag138238": {
"value": "Financial payables (current and non-current) are recognised at amortised cost, using the actual interest rate method.
| 31/12/2025 | 31/12/2024 |
| Current portion of non current loans | 147.5 | 409.5 |
| Credit facilities | 85.0 | - |
| Total | 232.5 | 409.5 |
Current portion of non current loans refers to the current portion of committed credit facilities. The change on the previous year was due to the reclassification of a total of EUR 60.0 million nominal in credit facilities falling due within 12 months, the reclassification of the EUR 60.3 million nominal current portion of medium-to-long term loans and the repayment of credit facilities totalling EUR 396.2 million.
All Credit facilities are subject to floating interest rates and refer to short-term loans with a due date set formally at one year and are renewable. The fair value of credit lines is in line with their carrying amount. During the year, new credit lines of 85.0 million euros were taken out.
12.4 OTHER FINANCIAL LIABILITIES | 31/12/2025 | 31/12/2024 |
| Payables to other lenders | 695.7 | 47.3 |
| IFRS 16 financial payables | 45.5 | 16.9 |
| Financial liabilities for other hedging derivatives | 12.6 | 0.2 |
| Total | 753.7 | 64.4 |
Payables to other financial lenders mainly consist of EUR 657.5 million in financial payables of the P7S1 Group for promissory notes (repaid for EUR 647 million in January 2026), EUR 25.3 million in cash pooling with associates and joint ventures (EUR 32.6 million at 31 December 2024) and EUR 0.3 million in loans received to finance movie development, distribution and production operations (EUR 0.3 million at 31 December 2024). The change in IFRS 16 financial payables mainly refers to the consolidation of the P7S1Group on 30 September 2025.
Financial liabilities for hedging derivatives consisted exclusively of the current portion of the fair value of foreign exchange derivatives both for the hedging of future commitments to purchase broadcasting rights and for items recognised in the financial statements, in particular receivables and payables denominated in foreign currencies.
12.5 OTHER CURRENT LIABILITIES
| 31/12/2025 | 31/12/2024 |
| Due to social security institutions | 22.4 | 21.0 |
| Withholding tax on employees' wages and salaries | 14.3 | 13.8 |
| VAT payables | 69.1 | 9.3 |
| Other tax payables | 29.0 | 14.5 |
| Advances | 7.8 | 11.7 |
| Other payables | 260.7 | 117.8 |
| Prepayments and accrued income | 86.5 | 13.7 |
| Total | 489.8 | 201.7 |
The change in Other current liabilities mainly refers to the consolidation of the P7S1 Group on 30 September 2025.
Other payables mainly includes EUR 41.0 million relating to fees payable for the use of licensed frequencies. On 22 December 2025, the MIMIT (Ministry of Enterprises and Made in Italy) published a decree determining the amount of fees for the rights to use digital terrestrial television frequencies.The item also includes EUR 162.5 million in payables to employees.
Prepayments and accrued income includes deferred income relating to subscriptions (mainly eHarmony and PE Digital of the P7S1 Group) of EUR 21.9 million, deferred income related to production costs (CPL and Studio71) of EUR 14.2 million, and deferred income relating to concessions for TV rights of EUR 1.2 million.
",
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"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page380-cflshid_148208-tag138271": {
"value": "12.2 TRADE AND OTHER PAYABLESTrade and other payables are measured at their nominal amount, which is usually close to their amortised cost; those originating in non-UEM currencies are translated at the year-end spot rates issued by the European Central Bank.
| Balance at 31/12/2025 Due | Balance at 31/12/2024 |
| Total | In 1 year | After 1 year | |
| Trade and other payables | 1,381.1 | 1,356.4 | 24.7 | 542.7 |
| Due to related parties | 82.4 | 82.4 | - | 75.2 |
| Total | 1,463.5 | 1,438.8 | 24.7 | 617.9 |
Trade and other payables mainly include payables to vendors for the licensing of television and movie broadcasting rights for EUR 425.4 million (EUR 161.8 million at 31 December 2024) and payables for the purchase and production of TV programmes and amounts due to television artists and professionals for EUR 930.1 million (EUR 349.7 million at 31 December 2024).
Payables due after more than 12 months, amounting to EUR 24.7 million (EUR 7.9 million at 31 December 2024) are classified as current payables because they are expected to be settled in the normal operating cycle.
Amounts due to related parties include payables to associates, affiliates and the parent company. Details of these payables are provided in Note 16 below (Related-Party Transactions).
",
"dimensions": {
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"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page380-cflshid_148208-tag138240": {
"value": "Trade and other payables are measured at their nominal amount, which is usually close to their amortised cost; those originating in non-UEM currencies are translated at the year-end spot rates issued by the European Central Bank.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
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}
},
"v1-page382-cflshid_148904-tag138241": {
"value": "Prepayments and accrued income includes deferred income relating to subscriptions (mainly eHarmony and PE Digital of the P7S1 Group) of EUR 21.9 million, deferred income related to production costs (CPL and Studio71) of EUR 14.2 million, and deferred income relating to concessions for TV rights of EUR 1.2 million.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"v1-page384-cflshid_149453-tag138242": {
"value": "Liquidity risk
Liquidity risk is related to the difficulty of finding funds to meet financial obligations.
This may be due to the unavailability of sufficient funds to satisfy financial commitments in accordance with the established terms and due dates upon the sudden revocation of uncommitted credit lines or in the event that the Company has to settle its financial liabilities before their natural maturity.
Through careful and prudent financial management, which is reflected in the policy adopted by the Group companies, and the constant monitoring of the relationship between granted credit lines and their use, as well as the balance between short-term debt and medium/long term debt, the MFE-MEDIAFOREUROPE N.V. has put in place sufficient credit lines, both in terms of quantity and quality. MFE-MEDIAFOREUROPE N.V. and Grupo Audiovisual Mediaset Espa\u00f1a Comunicaci\u00f2n operate in their respective domestic markets as well as internationally, through the use of automatic cash pooling movements used by almost all Group companies.
As part of its financial resource management, the P7S1 maintains an adequate level of liquidity despite seasonal revenue fluctuations. Medium-to-long term loans and promissory notes are the core components of the Group\u2019s corporate financing.
The management of the liquidity risk involves:
omaintaining an essential balance between the committed and uncommitted credit facilities to avoid a strain on liquidity if creditors request repayment;
okeeping the average financial exposure during the year to no more than 80% of the total value granted by the lenders;
ofinancial assets that can be readily available to meet any liquidity requirements.
In order to optimise the liquidity management, the Group concentrates the payment dates to almost all its suppliers at the same dates, close to the most significant cash inflows.
The table below shows the company\u2019s financial obligations, based on the contractual expiry date and considering the worst case scenario at undiscounted values. Depending on the type of finance, it shows the nearest date when the Group may be asked to make payment and explanatory notes are provided for each class.
At 31 December 2025, amounts due to banks (current portion) include the interest expense on term loans due within one year.
The Group expects to meet these obligations through the realisation of its financial assets and, specifically, through the collection of receivables connected to its various commercial activities.
The difference between the carrying amounts and the total cash flows is mainly due to the calculation of interest on the contractual duration of the financial payables. In addition, for loans measured at amortised cost, interest is calculated using the nominal rate instead of the actual yield rate. With reference to the section relating to financial derivatives, in the scenario of settlement of gross flows, the contractual exchange rate means the forward exchange rate set at the date of signing of the contract, while the year end rate means the spot rate at the reporting date.
| BALANCE SHEET at 31 DECEMBER 2025 | Carrying amount | Time band | Total financial flows | Notes |
| | Less 1 year | from 1 to 5 years | more than 5 years | | |
| FINANCIAL LIABILITIES: | | | | | | |
| Due to banks (non-current portion) | 2,000.2 | - | 2,254.3 | | 2,254.3 | 11.2 |
| Due to banks (current portion) | 232.5 | 234.9 | - | - | 234.9 | 12.1 |
| Financial payables to related parties | 25.3 | 25.3 | - | - | 25.3 | 12.4 |
| Due to suppliers for rights | 425.4 | 402.2 | 23.2 | - | 425.4 | 12.2 |
| Due to other suppliers | 955.7 | 954.2 | 1.5 | - | 955.7 | 12.2 |
| Due to related parties | 82.4 | 82.4 | - | - | 82.4 | 12.2 |
| Due to factoring companies | - | - | - | | - | 12.4 |
| Due to lessors | 196.4 | 46.0 | 88.1 | 66.8 | 200.8 | 12.4 |
| Other payables and financial liabilities | 904.9 | 671.9 | 265.9 | - | 937.,8 | 12.4 |
| Total | 4,824.6 | 2,416.9 | 2,633.0 | 66.8 | 5,116.7 | |
| DERIVATIVES: | | | | | | |
| Hedging derivatives (foreign currency purchases) | | | | | | |
| (measured at contract exchange rate) | 14.2 | 404.7 | 11.6 | | 416.3 | 8.7;9.4; 11.2;12.4 |
| Hedging derivatives (available foreign currency) | | | | | | |
| (measured at year-end exchange rate) | | (398.8) | (8.3) | | (407.1) | |
| Hedging derivatives (interest rate risk) | (8,5) | - | - | | - | 8.7;9.4; 11.2;12.4 |
| Total | 5.7 | 5.9 | 3.2 | - | 9.2 | |
| BALANCE SHEET at 31 DECEMBER 2024 | Carrying amount | Time band | Total financial flows | Notes |
| | Less 1 year | from 1 to 5 years | more than 5 years | | |
| FINANCIAL LIABILITIES: | | | | | | |
| Due to banks (non-current portion) | 285.3 | - | 313.4 | | 313.4 | 11.2 |
| Due to banks (current portion) | 409.5 | 412.5 | - | - | 412.5 | 12.1 |
| Financial payables to related parties | 32.6 | 32.6 | - | - | 32.6 | 12.4 |
| Due to suppliers for rights | 161.8 | 154.0 | 7.9 | - | 161.8 | 12.2 |
| Due to other suppliers | 423.0 | 423.0 | - | - | 423.0 | 12.2 |
| Due to related parties | 75.2 | 75.2 | - | - | 75.2 | 12.2 |
| Due to lessors | 104.2 | 16.9 | 33.3 | 54.0 | 104.2 | 12.4 |
| Other payables and financial liabilities | 14.7 | 14.7 | - | - | 14.7 | 12.4 |
| Total | 1,464.4 | 1,086.8 | 354.5 | 54.0 | 1,495.3 | |
| DERIVATIVES: | | | | | | |
| Hedging derivatives (foreign currency purchases) | | | | | | |
| (measured at contract exchange rate) | (16.7) | 112.7 | 80.4 | | 193.0 | 8.7;9.4; 11.2;12.4 |
| Hedging derivatives (available foreign currency) | | | | | | |
| (measured at year-end exchange rate) | | (122.1) | (90.2) | | (212.3) | |
| Hedging derivatives (interest rate risk) | (5.2) | - | - | | - | 8.7;9.4; 11.2;12.4 |
| Total | (21.9) | (9.4) | (9.8) | - | (19.2) | |
12.7 HEDGING DERIVATIVES The Group is exposed to financial risks linked to:
-Exchange rate fluctuations, primarily in relation to the acquisition of television broadcasting rights in currencies other than the Euro and secondarily in relation to merchandise acquisitions;
-Interest rate fluctuations for long-term variable-rate loans;
-Fair value fluctuations for equity instruments.
As mentioned on the section on Accounting standards, amendments and interpretations applied from 1 January 2019, the hedge accounting provisions in IFRS 9 became applicable at the start of the year.
Financial risks and related hedging instruments
MFE has defined specific policies for the management of the Group\u2019s financial risks, aimed at reducing its exposure to exchange rate risks, interest rate risks and liquidity risks. To optimise the structure of operating costs and resources, this activity is centralised within the group parent MFE, which has been entrusted with the task of collecting the information regarding the positions exposed to risk and hedging them.
MFE directly operates in its own specific markets, controlling and managing financial risk for its subsidiaries. The selection of the financial counterparts focuses on those with a high credit standing while, at the same time, ensuring a limited concentration of exposures towards them.
Exchange rate hedging
The Group uses derivatives - mainly forwards - to hedge risks arising from foreign currency fluctuations both for highly probable future purchases and for payables relating to purchases already made.
For the MFE Group, the exchange risk is linked to the possibility of the currency rates changing from the time the acquisition of assets in a foreign currency has become highly probable (authorised purchase negotiations over broadcasting rights) to the moment when those assets are recorded in the financial statements; therefore, the hedging goal is to set the exchange rate of the price in euro at the approval date of the transaction (hedge accounting as set out in the IAS/IFRS). The hedging of merchandise purchase orders is treated the same way as, like with the case above, the hedging goal is to set the equivalent price of the merchandise in euro at the time the order was issued. Hedge accounting is therefore maintained, over all payables, until the payables are settled. In this case, the exchange rate hedging objective is to set the equivalent euro price of the non-euro denominated payable so as to eliminate the effects of exchange rate fluctuations and pre-determine the settlement value of the non-euro denominated payables.
Derivatives are classified under current financial assets and liabilities, and are recognised at fair value.
Fair value of the currency forwards is calculated as the present value of the difference between the notional amount measured at the forward contract rate and the notional amount measured at the fair forward rate (the end exchange rate calculated at the reporting date).
Fair value is adjusted to take account of the creditworthiness of the counterparty risk in the event of positive fair value and of the creditworthiness of MFE in the event of negative fair value. Lastly, please note that the adjustment for creditworthiness is only calculated for derivatives with maturity more than 4 months from the measurement date.
For the purposes of hedge accounting, MFE designates hedging instruments as those related to the hedging of currency exposures linked primarily to commitments for future purchases of television broadcasting rights to be made in foreign currency (forecast transactions), for which the relationship between the derivative and the hedged item, as well as the high level of probability/effectiveness connected to the actual occurrence of the hedged event is formally documented. This relationship is also documented for the hedging of non-euro payables.
The effective portion of the fair value adjustment of the derivative that has been designated and that can be qualified as a hedging instrument is recognised directly in shareholders\u2019 equity, while the ineffective part is recognised in profit and loss.
The accounting treatment of these operations is the cash flow hedge. According to this rule, the effective portion of the change in value of the derivative is recognized in a shareholders\u2019 equity reserve. In the case of hedging of commitments for rights purchases, this reserve is used to subsequently adjust the cost of the asset (basis adjustment). Cash flow hedges are also established to hedge payables denominated in foreign currencies. In this event, the hedged item (the payable in foreign currencies) is converted at the spot exchange rate on the reporting date, with the effect recognised in the income statement in accordance with the change in the spot value.
Interest rate hedging
Interest rate risk arises from adverse movements in the interest rates that are applicable to the interest flows associated with the Group\u2019s medium-to-long term financial liabilities. The derivatives used to hedge this risk include Interest Rate Swaps and Options.
The fair value of interest rate swaps is calculated based on the current value of the expected future cash flows and the fair value of collar derivatives is calculated using the Black & Scholes formula.
For the purposes of hedge accounting, MFE designates hedging instruments as those instruments for which the relationship between the derivative and the hedged item is formally documented. As required by IFRS 9, hedge accounting can be applied where an economic relationship exists between the hedged item and the hedging instrument and where the effect of the credit risk is not greater than the fluctuations in the value of the economic relationship at the time the hedge is established and during the lifetime of the hedging relationship.
Equity instrument fair value hedging
To hedge the risk of fair value changes caused by fluctuations in equity instrument market price, MFE uses put and call options (hedging instruments) which are stipulated within a fair value hedge relationship
Pursuant to accounting principle IFRS 9, paragraph 6.5.15, and in order to determine the fair value, the intrinsic value (hedge relationship) and the time value of the option (cost of hedging) are separately identified. The hedge relationship is \u201ctime period-related\u201d, whereby the time period is allocated throughout the duration of the contract.
Having chosen to recognise the fair value changes of the hedged item in the oher comprehensive income statement without recyclingl to profit or loss, the fair value changes attributable to the time value and, if appropriate, the ineffectiveness of the hedge relationship will \u2013 as for the hedged item - not classified within the income statement but through the other comprehensive income statement..
The following is a breakdown of the financial assets and liabilities relating to hedging derivatives, reported earlier in Notes 8.7 (Other Financial Assets), 9.4 (Current Financial Assets), 11.2 (Financial Liabilities and Payables) and 12.4 (Other Financial Liabilities), showing the Group\u2019s net position.
| 31/12/2025 |
| Assets | Liabilities |
| Foreign currency forward contracts | 3.9 | (20.6) |
| IRS contracts | 1.8 | - |
| Interest rates collars | 1.5 | (0.1) |
| Rate options | 5.3 | (0.1) |
| Total | 12.5 | (20.8) |
| 31/12/2024 |
| Assets | Liabilities |
| Foreign currency forward contracts | 17.0 | (0.2) |
| IRS contracts | 5.2 | - |
| Total | 22.2 | (0.2) |
The table below shows the notional amount of derivatives designated as hedges against foreign exchange risk associated with future commitments for the acquisition of broadcasting rights and existing contracts.
| 31/12/2025 | 31/12/2024 |
| United States Dollars (USD) | 594.1 | 222.2 |
| Total | 594.1 | 222.2 |
With reference to the hedging of forecast acquisitions of broadcasting rights, the derivative contracts held at 31 December 2025 were subscribed with maturities reflecting the expected time period within which these intangible assets will be formalised by contract and recognised in the financial statements. The economic effect will be reflected in the amortisation of the assets as of the commencement date of the rights.
The following table shows the time-horizon for the reference currency (US dollars), when cash flows are expected to materialize.
| within 12 months | 12-24 months | after 24 months | Total |
| 2025 | 467.1 | 103.9 | 23.1 | 594.1 |
| 2024 | 128.5 | 93.7 | 0.0 | 222.2 |
Exchange Rate Risk
The Group\u2019s exposure to exchange rate risk mainly stems from the acquisition of television and movie broadcasting rights in currencies other than the Euro, mainly in US dollars, carried out in their respective areas of operation by RTI S.p.A., Grupo Audiovisual Mediaset Espa\u00f1a and the P7S1 Group.
In compliance with the policies of each Group, the companies adopt an approach to exchange rate risk management aimed at eliminating the effect of exchange rate fluctuations while setting in advance the cost which the rights will be recognized upon acquisition.
Exchange rate risk emerges from the early stages of negotiations for entering into any contract and continues up to payment of the amount due for the acquisition of the broadcasting rights. From an accounting standpoint, from the date the derivatives contract is entered into until the date the asset is recognized, the MFE Group applies the hedge accounting methodology documenting by way of the hedging relationship, the risk hedged and the purposes of the hedging, periodically checking the hedge effectiveness.
During the period between the date on which the purchase commitments were defined and the date on which the hedged television rights were recognised, the \u201ccash flow hedge\u201d method is used in accordance with IFRS 9. Based on this method, the effective portion of the change in the fair value of the derivative is accounted for in a reserve in Shareholders' Equity, which is used to adjust the initial cost of the TV right in the Financial Statements (basis adjustment), generating an impact on profit and loss when the hedged item, i.e. the TV right, is amortised.
Once the Group\u2019s broadcasting right is recognized, and after the date the payable is due but before it is settled, the Group takes out a cash flow hedge in which:
\u2212The hedged item (the payable in foreign currencies) is converted at the spot exchange rate at the reporting date, with the effect recognised in the income statement.
\u2212Changes in the intrinsic element of the hedging instrument are recognized in other comprehensive income and this change is then reversed to the profit or loss.
The types of derivatives mainly used are forward and option contracts. The fair value of forward contracts on currencies is determined as the discounted difference between the notional amount calculated using the contractual forward rate and the notional amount calculated using the forward exchange rate at the reporting date adjusted for creditworthiness.
The effectiveness test is intended to show the high correlation between the technical and financial characteristics of the hedged risk (maturity, amount, etc.) and those of the hedging instrument through the application of specific retrospective and prospective tests, using the dollar off-set and volatility reduction measure methods, respectively.
The expectation of future cash flows subject to hedging is shown in a specific table illustrating the changes in the cash flow hedge reserve.
Sensitivity analysisFinancial instruments exposed to EURO/USD exchange rate risk, mainly comprising payables for the acquisition of broadcasting rights and exchange rate derivatives, were the subject of a sensitivity analysis at the reporting date. The carrying amount of the financial instruments was adjusted by applying a symmetrical percentage change to the period-end exchange rate, equal to the 1-year implicit volatility of the reference currency published by Bloomberg, equal to 6.22% (7.89% for 2024).
This sensitivity analysis of the derivatives under cash flow hedge accounting had an impact on the changes in spot values posted to the Shareholders' Equity Reserve, while the change resulting from the forward points impacts the Income Statement Result, in compliance with the method defined by the hedging relationship.
The table below summarises the changes in the Net profit for the year and in the Consolidated Shareholders' Equity, deriving from the sensitivity analysis carried out net of the relevant taxes calculated on the basis of the standard tax rate in force at the reporting date:
| EUR/USD exchange rate at 31 December | change | rectified EUR/USD exchange rate | through Profit and Loss | through Equity | Total Shareholders' Equity |
| 2025 | 1.1750 | +6,221 | 1.2481 | (0.6) | 3.9 | 3.2 |
| -6.221 | 1.1019 | 0.6 | (2.5) | (1.9) |
| 2024 | 1.0389 | + 7.8925 | 1.1209 | 0.4 | (9.8) | (9.3) |
| - 7.8925 | 0.9569 | (0.8) | 11.5 | 10.7 |
Interest rate risk
The management of the financial resources of the Group (excluding the P7S1 Group) involves the centralised cash-pooling with the group parent MFE-MEDIAFOREUROPE N.V. These companies are tasked with obtaining funding from the market by entering into medium/long term loans and opening committed and uncommitted credit lines.
As part of its financial resource management, the P7S1 Group maintains an adequate level of liquidity despite seasonal revenue fluctuations. Medium-to-long term loans and promissory notes are the core components of the Group\u2019s corporate financing.
Interest rate risk mainly originates from variable rate financial payables, which expose the Group companies to cash flow risk. The management objective is to limit the fluctuation of financial expenses that impact the financial result, limiting the risk of a potential rise in interest rates.
Within this context, the Group pursues its objectives using derivatives entered into with third parties aimed at setting in advance or reducing, the change in cash flows due to the market change in interest rates on
medium/long-term debt. The timeframe considered significant for managing interest rate risk is defined as a minimum term of 18 months of residual duration of the operation.From an accounting standpoint, from the date the derivatives contract is entered into until the date the asset is recognized, the Mediaset Group applies the hedge accounting methodology documenting by way of the hedging relationship, the risk hedged and the purposes of the hedging, periodically checking the hedge effectiveness.
Specifically, the cash flow hedge methodology set out by IFRS 9 is used. According to this method, either the absolute change in the clean fair value of derivatives - that is, the fair value less accrued interest - or the fair value of the underlying, whichever is smaller, is charged to an equity reserve. The difference between this value and the total fair value is recognized in the Income Statement at each valuation date. Both the fair value and the clean fair value are adjusted to take account of creditworthiness.
The effectiveness test is intended to show the high correlation between the technical and financial characteristics of the hedged liabilities (maturity, amount, etc.) and those of the hedging instrument through the application of specific retrospective and prospective tests, using the dollar off-set and volatility reduction measure methods, respectively.
The fair value of the interest rate swaps (IRS) is calculated based on the present value of expected future cash flows.
The expectation of future cash flows subject to hedging is shown in a specific table illustrating the changes in the cash flow hedge reserve.
MFE-MEDIAFOREUROPE N.V. has in place interest rate swaps (IRS) hedging the medium-to-long term loans taken out in 2022 to fund the settlement of the Offer for Mediaset Espa\u00f1a shares, as well as rates collars with a total notional amount of EUR 400.0 million both to hedge new loans taken out during the year and to partially hedge the term loan taken out to fund the settlement of the Offer for P7S1 shares.
With respect to the P7S1 Group, interest rate risk arising from variable-rate financial liabilities and future financing transactions is hedged through the use of interest rate swaps and interest rate options. At 31 December 2025, the P7S1 Group held interest rate collars with a total notional amount of EUR 300 million to hedge interest rate risk until 2027, designated as cash flow hedges. It also holds interest rate caps with a notional amount of EUR 850 million to hedge interest rate risk until 2027.
Sensitivity analysis
Financial instruments exposed to interest rate risk were subjected to a sensitivity analysis at the reporting date. The assumptions upon which the model is based are illustrated below:
Medium-to-long term payables were subject to a symmetrical shift of +100 bps upwards and -100 bps downwards at the date of re-fixing the internal rate of return posted during the year.
Short and medium/long revolving payables and other current financial items were also subject to a recalculation of the amount of financial charges by applying a shift of 100 bps upwards and downwards to the values posted to the financial statements.
For interest rate swaps (IRS), fair value was recalculated by applying an symmetrical shift (+100 bps, -100 bps) to the interest rate curve at the reporting date. The ineffective portion was calculated based on the fair value recalculated using the adjusted interest rate curve.
The table below summarises the changes in the Profit for the year and in the Consolidated Shareholders' Equity, deriving from the sensitivity analysis carried out net of the relevant taxes calculated on the basis of the standard tax rate in force at the reporting date:
| change | through Profit and Loss | through Equity | Total Shareholders' Equity |
| 2025 | +100 b.p. | (6.1) | 7.6 | 1.5 |
| -100 b.p. | 4.0 | (8.2) | (4.3) |
| 2024 | +100 b.p. | (1.8) | 2.6 | 0.8 |
| -100 b.p. | 1.8 | (2.7) | (0.9) |
The Group is exposed to financial risks linked to:
-Exchange rate fluctuations, primarily in relation to the acquisition of television broadcasting rights in currencies other than the Euro and secondarily in relation to merchandise acquisitions;
-Interest rate fluctuations for long-term variable-rate loans;
-Fair value fluctuations for equity instruments.
As mentioned on the section on Accounting standards, amendments and interpretations applied from 1 January 2019, the hedge accounting provisions in IFRS 9 became applicable at the start of the year.
Financial risks and related hedging instruments
MFE has defined specific policies for the management of the Group\u2019s financial risks, aimed at reducing its exposure to exchange rate risks, interest rate risks and liquidity risks. To optimise the structure of operating costs and resources, this activity is centralised within the group parent MFE, which has been entrusted with the task of collecting the information regarding the positions exposed to risk and hedging them.
MFE directly operates in its own specific markets, controlling and managing financial risk for its subsidiaries. The selection of the financial counterparts focuses on those with a high credit standing while, at the same time, ensuring a limited concentration of exposures towards them.
Exchange rate hedging
The Group uses derivatives - mainly forwards - to hedge risks arising from foreign currency fluctuations both for highly probable future purchases and for payables relating to purchases already made.
For the MFE Group, the exchange risk is linked to the possibility of the currency rates changing from the time the acquisition of assets in a foreign currency has become highly probable (authorised purchase negotiations over broadcasting rights) to the moment when those assets are recorded in the financial statements; therefore, the hedging goal is to set the exchange rate of the price in euro at the approval date of the transaction (hedge accounting as set out in the IAS/IFRS). The hedging of merchandise purchase orders is treated the same way as, like with the case above, the hedging goal is to set the equivalent price of the merchandise in euro at the time the order was issued. Hedge accounting is therefore maintained, over all payables, until the payables are settled. In this case, the exchange rate hedging objective is to set the equivalent euro price of the non-euro denominated payable so as to eliminate the effects of exchange rate fluctuations and pre-determine the settlement value of the non-euro denominated payables.
Derivatives are classified under current financial assets and liabilities, and are recognised at fair value.
Fair value of the currency forwards is calculated as the present value of the difference between the notional amount measured at the forward contract rate and the notional amount measured at the fair forward rate (the end exchange rate calculated at the reporting date).
Fair value is adjusted to take account of the creditworthiness of the counterparty risk in the event of positive fair value and of the creditworthiness of MFE in the event of negative fair value. Lastly, please note that the adjustment for creditworthiness is only calculated for derivatives with maturity more than 4 months from the measurement date.
For the purposes of hedge accounting, MFE designates hedging instruments as those related to the hedging of currency exposures linked primarily to commitments for future purchases of television broadcasting rights to be made in foreign currency (forecast transactions), for which the relationship between the derivative and the hedged item, as well as the high level of probability/effectiveness connected to the actual occurrence of the hedged event is formally documented. This relationship is also documented for the hedging of non-euro payables.
The effective portion of the fair value adjustment of the derivative that has been designated and that can be qualified as a hedging instrument is recognised directly in shareholders\u2019 equity, while the ineffective part is recognised in profit and loss.
The accounting treatment of these operations is the cash flow hedge. According to this rule, the effective portion of the change in value of the derivative is recognized in a shareholders\u2019 equity reserve. In the case of hedging of commitments for rights purchases, this reserve is used to subsequently adjust the cost of the asset (basis adjustment). Cash flow hedges are also established to hedge payables denominated in foreign currencies. In this event, the hedged item (the payable in foreign currencies) is converted at the spot exchange rate on the reporting date, with the effect recognised in the income statement in accordance with the change in the spot value.
Interest rate hedging
Interest rate risk arises from adverse movements in the interest rates that are applicable to the interest flows associated with the Group\u2019s medium-to-long term financial liabilities. The derivatives used to hedge this risk include Interest Rate Swaps and Options.
The fair value of interest rate swaps is calculated based on the current value of the expected future cash flows and the fair value of collar derivatives is calculated using the Black & Scholes formula.
For the purposes of hedge accounting, MFE designates hedging instruments as those instruments for which the relationship between the derivative and the hedged item is formally documented. As required by IFRS 9, hedge accounting can be applied where an economic relationship exists between the hedged item and the hedging instrument and where the effect of the credit risk is not greater than the fluctuations in the value of the economic relationship at the time the hedge is established and during the lifetime of the hedging relationship.
Equity instrument fair value hedging
To hedge the risk of fair value changes caused by fluctuations in equity instrument market price, MFE uses put and call options (hedging instruments) which are stipulated within a fair value hedge relationship
Pursuant to accounting principle IFRS 9, paragraph 6.5.15, and in order to determine the fair value, the intrinsic value (hedge relationship) and the time value of the option (cost of hedging) are separately identified. The hedge relationship is \u201ctime period-related\u201d, whereby the time period is allocated throughout the duration of the contract.
Having chosen to recognise the fair value changes of the hedged item in the oher comprehensive income statement without recyclingl to profit or loss, the fair value changes attributable to the time value and, if appropriate, the ineffectiveness of the hedge relationship will \u2013 as for the hedged item - not classified within the income statement but through the other comprehensive income statement..
",
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"value": "The Group is exposed to financial risks linked to:
-Exchange rate fluctuations, primarily in relation to the acquisition of television broadcasting rights in currencies other than the Euro and secondarily in relation to merchandise acquisitions;
-Interest rate fluctuations for long-term variable-rate loans;
-Fair value fluctuations for equity instruments.
As mentioned on the section on Accounting standards, amendments and interpretations applied from 1 January 2019, the hedge accounting provisions in IFRS 9 became applicable at the start of the year.
Financial risks and related hedging instruments
MFE has defined specific policies for the management of the Group\u2019s financial risks, aimed at reducing its exposure to exchange rate risks, interest rate risks and liquidity risks. To optimise the structure of operating costs and resources, this activity is centralised within the group parent MFE, which has been entrusted with the task of collecting the information regarding the positions exposed to risk and hedging them.
MFE directly operates in its own specific markets, controlling and managing financial risk for its subsidiaries. The selection of the financial counterparts focuses on those with a high credit standing while, at the same time, ensuring a limited concentration of exposures towards them.
Exchange rate hedging
The Group uses derivatives - mainly forwards - to hedge risks arising from foreign currency fluctuations both for highly probable future purchases and for payables relating to purchases already made.
For the MFE Group, the exchange risk is linked to the possibility of the currency rates changing from the time the acquisition of assets in a foreign currency has become highly probable (authorised purchase negotiations over broadcasting rights) to the moment when those assets are recorded in the financial statements; therefore, the hedging goal is to set the exchange rate of the price in euro at the approval date of the transaction (hedge accounting as set out in the IAS/IFRS). The hedging of merchandise purchase orders is treated the same way as, like with the case above, the hedging goal is to set the equivalent price of the merchandise in euro at the time the order was issued. Hedge accounting is therefore maintained, over all payables, until the payables are settled. In this case, the exchange rate hedging objective is to set the equivalent euro price of the non-euro denominated payable so as to eliminate the effects of exchange rate fluctuations and pre-determine the settlement value of the non-euro denominated payables.
Derivatives are classified under current financial assets and liabilities, and are recognised at fair value.
Fair value of the currency forwards is calculated as the present value of the difference between the notional amount measured at the forward contract rate and the notional amount measured at the fair forward rate (the end exchange rate calculated at the reporting date).
Fair value is adjusted to take account of the creditworthiness of the counterparty risk in the event of positive fair value and of the creditworthiness of MFE in the event of negative fair value. Lastly, please note that the adjustment for creditworthiness is only calculated for derivatives with maturity more than 4 months from the measurement date.
For the purposes of hedge accounting, MFE designates hedging instruments as those related to the hedging of currency exposures linked primarily to commitments for future purchases of television broadcasting rights to be made in foreign currency (forecast transactions), for which the relationship between the derivative and the hedged item, as well as the high level of probability/effectiveness connected to the actual occurrence of the hedged event is formally documented. This relationship is also documented for the hedging of non-euro payables.
The effective portion of the fair value adjustment of the derivative that has been designated and that can be qualified as a hedging instrument is recognised directly in shareholders\u2019 equity, while the ineffective part is recognised in profit and loss.
The accounting treatment of these operations is the cash flow hedge. According to this rule, the effective portion of the change in value of the derivative is recognized in a shareholders\u2019 equity reserve. In the case of hedging of commitments for rights purchases, this reserve is used to subsequently adjust the cost of the asset (basis adjustment). Cash flow hedges are also established to hedge payables denominated in foreign currencies. In this event, the hedged item (the payable in foreign currencies) is converted at the spot exchange rate on the reporting date, with the effect recognised in the income statement in accordance with the change in the spot value.
Interest rate hedging
Interest rate risk arises from adverse movements in the interest rates that are applicable to the interest flows associated with the Group\u2019s medium-to-long term financial liabilities. The derivatives used to hedge this risk include Interest Rate Swaps and Options.
The fair value of interest rate swaps is calculated based on the current value of the expected future cash flows and the fair value of collar derivatives is calculated using the Black & Scholes formula.
For the purposes of hedge accounting, MFE designates hedging instruments as those instruments for which the relationship between the derivative and the hedged item is formally documented. As required by IFRS 9, hedge accounting can be applied where an economic relationship exists between the hedged item and the hedging instrument and where the effect of the credit risk is not greater than the fluctuations in the value of the economic relationship at the time the hedge is established and during the lifetime of the hedging relationship.
Equity instrument fair value hedging
To hedge the risk of fair value changes caused by fluctuations in equity instrument market price, MFE uses put and call options (hedging instruments) which are stipulated within a fair value hedge relationship
Pursuant to accounting principle IFRS 9, paragraph 6.5.15, and in order to determine the fair value, the intrinsic value (hedge relationship) and the time value of the option (cost of hedging) are separately identified. The hedge relationship is \u201ctime period-related\u201d, whereby the time period is allocated throughout the duration of the contract.
Having chosen to recognise the fair value changes of the hedged item in the oher comprehensive income statement without recyclingl to profit or loss, the fair value changes attributable to the time value and, if appropriate, the ineffectiveness of the hedge relationship will \u2013 as for the hedged item - not classified within the income statement but through the other comprehensive income statement..
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"value": "The Group is exposed to financial risks linked to:
-Exchange rate fluctuations, primarily in relation to the acquisition of television broadcasting rights in currencies other than the Euro and secondarily in relation to merchandise acquisitions;
-Interest rate fluctuations for long-term variable-rate loans;
-Fair value fluctuations for equity instruments.
As mentioned on the section on Accounting standards, amendments and interpretations applied from 1 January 2019, the hedge accounting provisions in IFRS 9 became applicable at the start of the year.
Financial risks and related hedging instruments
MFE has defined specific policies for the management of the Group\u2019s financial risks, aimed at reducing its exposure to exchange rate risks, interest rate risks and liquidity risks. To optimise the structure of operating costs and resources, this activity is centralised within the group parent MFE, which has been entrusted with the task of collecting the information regarding the positions exposed to risk and hedging them.
MFE directly operates in its own specific markets, controlling and managing financial risk for its subsidiaries. The selection of the financial counterparts focuses on those with a high credit standing while, at the same time, ensuring a limited concentration of exposures towards them.
Exchange rate hedging
The Group uses derivatives - mainly forwards - to hedge risks arising from foreign currency fluctuations both for highly probable future purchases and for payables relating to purchases already made.
For the MFE Group, the exchange risk is linked to the possibility of the currency rates changing from the time the acquisition of assets in a foreign currency has become highly probable (authorised purchase negotiations over broadcasting rights) to the moment when those assets are recorded in the financial statements; therefore, the hedging goal is to set the exchange rate of the price in euro at the approval date of the transaction (hedge accounting as set out in the IAS/IFRS). The hedging of merchandise purchase orders is treated the same way as, like with the case above, the hedging goal is to set the equivalent price of the merchandise in euro at the time the order was issued. Hedge accounting is therefore maintained, over all payables, until the payables are settled. In this case, the exchange rate hedging objective is to set the equivalent euro price of the non-euro denominated payable so as to eliminate the effects of exchange rate fluctuations and pre-determine the settlement value of the non-euro denominated payables.
Derivatives are classified under current financial assets and liabilities, and are recognised at fair value.
Fair value of the currency forwards is calculated as the present value of the difference between the notional amount measured at the forward contract rate and the notional amount measured at the fair forward rate (the end exchange rate calculated at the reporting date).
Fair value is adjusted to take account of the creditworthiness of the counterparty risk in the event of positive fair value and of the creditworthiness of MFE in the event of negative fair value. Lastly, please note that the adjustment for creditworthiness is only calculated for derivatives with maturity more than 4 months from the measurement date.
For the purposes of hedge accounting, MFE designates hedging instruments as those related to the hedging of currency exposures linked primarily to commitments for future purchases of television broadcasting rights to be made in foreign currency (forecast transactions), for which the relationship between the derivative and the hedged item, as well as the high level of probability/effectiveness connected to the actual occurrence of the hedged event is formally documented. This relationship is also documented for the hedging of non-euro payables.
The effective portion of the fair value adjustment of the derivative that has been designated and that can be qualified as a hedging instrument is recognised directly in shareholders\u2019 equity, while the ineffective part is recognised in profit and loss.
The accounting treatment of these operations is the cash flow hedge. According to this rule, the effective portion of the change in value of the derivative is recognized in a shareholders\u2019 equity reserve. In the case of hedging of commitments for rights purchases, this reserve is used to subsequently adjust the cost of the asset (basis adjustment). Cash flow hedges are also established to hedge payables denominated in foreign currencies. In this event, the hedged item (the payable in foreign currencies) is converted at the spot exchange rate on the reporting date, with the effect recognised in the income statement in accordance with the change in the spot value.
Interest rate hedging
Interest rate risk arises from adverse movements in the interest rates that are applicable to the interest flows associated with the Group\u2019s medium-to-long term financial liabilities. The derivatives used to hedge this risk include Interest Rate Swaps and Options.
The fair value of interest rate swaps is calculated based on the current value of the expected future cash flows and the fair value of collar derivatives is calculated using the Black & Scholes formula.
For the purposes of hedge accounting, MFE designates hedging instruments as those instruments for which the relationship between the derivative and the hedged item is formally documented. As required by IFRS 9, hedge accounting can be applied where an economic relationship exists between the hedged item and the hedging instrument and where the effect of the credit risk is not greater than the fluctuations in the value of the economic relationship at the time the hedge is established and during the lifetime of the hedging relationship.
Equity instrument fair value hedging
To hedge the risk of fair value changes caused by fluctuations in equity instrument market price, MFE uses put and call options (hedging instruments) which are stipulated within a fair value hedge relationship
Pursuant to accounting principle IFRS 9, paragraph 6.5.15, and in order to determine the fair value, the intrinsic value (hedge relationship) and the time value of the option (cost of hedging) are separately identified. The hedge relationship is \u201ctime period-related\u201d, whereby the time period is allocated throughout the duration of the contract.
Having chosen to recognise the fair value changes of the hedged item in the oher comprehensive income statement without recyclingl to profit or loss, the fair value changes attributable to the time value and, if appropriate, the ineffectiveness of the hedge relationship will \u2013 as for the hedged item - not classified within the income statement but through the other comprehensive income statement.",
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"value": "Exchange Rate Risk
The Group\u2019s exposure to exchange rate risk mainly stems from the acquisition of television and movie broadcasting rights in currencies other than the Euro, mainly in US dollars, carried out in their respective areas of operation by RTI S.p.A., Grupo Audiovisual Mediaset Espa\u00f1a and the P7S1 Group.
In compliance with the policies of each Group, the companies adopt an approach to exchange rate risk management aimed at eliminating the effect of exchange rate fluctuations while setting in advance the cost which the rights will be recognized upon acquisition.
Exchange rate risk emerges from the early stages of negotiations for entering into any contract and continues up to payment of the amount due for the acquisition of the broadcasting rights. From an accounting standpoint, from the date the derivatives contract is entered into until the date the asset is recognized, the MFE Group applies the hedge accounting methodology documenting by way of the hedging relationship, the risk hedged and the purposes of the hedging, periodically checking the hedge effectiveness.
During the period between the date on which the purchase commitments were defined and the date on which the hedged television rights were recognised, the \u201ccash flow hedge\u201d method is used in accordance with IFRS 9. Based on this method, the effective portion of the change in the fair value of the derivative is accounted for in a reserve in Shareholders' Equity, which is used to adjust the initial cost of the TV right in the Financial Statements (basis adjustment), generating an impact on profit and loss when the hedged item, i.e. the TV right, is amortised.
Once the Group\u2019s broadcasting right is recognized, and after the date the payable is due but before it is settled, the Group takes out a cash flow hedge in which:
\u2212The hedged item (the payable in foreign currencies) is converted at the spot exchange rate at the reporting date, with the effect recognised in the income statement.
\u2212Changes in the intrinsic element of the hedging instrument are recognized in other comprehensive income and this change is then reversed to the profit or loss.
The types of derivatives mainly used are forward and option contracts. The fair value of forward contracts on currencies is determined as the discounted difference between the notional amount calculated using the contractual forward rate and the notional amount calculated using the forward exchange rate at the reporting date adjusted for creditworthiness.
The effectiveness test is intended to show the high correlation between the technical and financial characteristics of the hedged risk (maturity, amount, etc.) and those of the hedging instrument through the application of specific retrospective and prospective tests, using the dollar off-set and volatility reduction measure methods, respectively.
The expectation of future cash flows subject to hedging is shown in a specific table illustrating the changes in the cash flow hedge reserve.
Sensitivity analysisFinancial instruments exposed to EURO/USD exchange rate risk, mainly comprising payables for the acquisition of broadcasting rights and exchange rate derivatives, were the subject of a sensitivity analysis at the reporting date. The carrying amount of the financial instruments was adjusted by applying a symmetrical percentage change to the period-end exchange rate, equal to the 1-year implicit volatility of the reference currency published by Bloomberg, equal to 6.22% (7.89% for 2024).
This sensitivity analysis of the derivatives under cash flow hedge accounting had an impact on the changes in spot values posted to the Shareholders' Equity Reserve, while the change resulting from the forward points impacts the Income Statement Result, in compliance with the method defined by the hedging relationship.
The table below summarises the changes in the Net profit for the year and in the Consolidated Shareholders' Equity, deriving from the sensitivity analysis carried out net of the relevant taxes calculated on the basis of the standard tax rate in force at the reporting date:
| EUR/USD exchange rate at 31 December | change | rectified EUR/USD exchange rate | through Profit and Loss | through Equity | Total Shareholders' Equity |
| 2025 | 1.1750 | +6,221 | 1.2481 | (0.6) | 3.9 | 3.2 |
| -6.221 | 1.1019 | 0.6 | (2.5) | (1.9) |
| 2024 | 1.0389 | + 7.8925 | 1.1209 | 0.4 | (9.8) | (9.3) |
| - 7.8925 | 0.9569 | (0.8) | 11.5 | 10.7 |
Interest rate risk
The management of the financial resources of the Group (excluding the P7S1 Group) involves the centralised cash-pooling with the group parent MFE-MEDIAFOREUROPE N.V. These companies are tasked with obtaining funding from the market by entering into medium/long term loans and opening committed and uncommitted credit lines.
As part of its financial resource management, the P7S1 Group maintains an adequate level of liquidity despite seasonal revenue fluctuations. Medium-to-long term loans and promissory notes are the core components of the Group\u2019s corporate financing.
Interest rate risk mainly originates from variable rate financial payables, which expose the Group companies to cash flow risk. The management objective is to limit the fluctuation of financial expenses that impact the financial result, limiting the risk of a potential rise in interest rates.
Within this context, the Group pursues its objectives using derivatives entered into with third parties aimed at setting in advance or reducing, the change in cash flows due to the market change in interest rates on
medium/long-term debt. The timeframe considered significant for managing interest rate risk is defined as a minimum term of 18 months of residual duration of the operation.From an accounting standpoint, from the date the derivatives contract is entered into until the date the asset is recognized, the Mediaset Group applies the hedge accounting methodology documenting by way of the hedging relationship, the risk hedged and the purposes of the hedging, periodically checking the hedge effectiveness.
Specifically, the cash flow hedge methodology set out by IFRS 9 is used. According to this method, either the absolute change in the clean fair value of derivatives - that is, the fair value less accrued interest - or the fair value of the underlying, whichever is smaller, is charged to an equity reserve. The difference between this value and the total fair value is recognized in the Income Statement at each valuation date. Both the fair value and the clean fair value are adjusted to take account of creditworthiness.
The effectiveness test is intended to show the high correlation between the technical and financial characteristics of the hedged liabilities (maturity, amount, etc.) and those of the hedging instrument through the application of specific retrospective and prospective tests, using the dollar off-set and volatility reduction measure methods, respectively.
The fair value of the interest rate swaps (IRS) is calculated based on the present value of expected future cash flows.
The expectation of future cash flows subject to hedging is shown in a specific table illustrating the changes in the cash flow hedge reserve.
MFE-MEDIAFOREUROPE N.V. has in place interest rate swaps (IRS) hedging the medium-to-long term loans taken out in 2022 to fund the settlement of the Offer for Mediaset Espa\u00f1a shares, as well as rates collars with a total notional amount of EUR 400.0 million both to hedge new loans taken out during the year and to partially hedge the term loan taken out to fund the settlement of the Offer for P7S1 shares.
With respect to the P7S1 Group, interest rate risk arising from variable-rate financial liabilities and future financing transactions is hedged through the use of interest rate swaps and interest rate options. At 31 December 2025, the P7S1 Group held interest rate collars with a total notional amount of EUR 300 million to hedge interest rate risk until 2027, designated as cash flow hedges. It also holds interest rate caps with a notional amount of EUR 850 million to hedge interest rate risk until 2027.
Sensitivity analysis
Financial instruments exposed to interest rate risk were subjected to a sensitivity analysis at the reporting date. The assumptions upon which the model is based are illustrated below:
Medium-to-long term payables were subject to a symmetrical shift of +100 bps upwards and -100 bps downwards at the date of re-fixing the internal rate of return posted during the year.
Short and medium/long revolving payables and other current financial items were also subject to a recalculation of the amount of financial charges by applying a shift of 100 bps upwards and downwards to the values posted to the financial statements.
For interest rate swaps (IRS), fair value was recalculated by applying an symmetrical shift (+100 bps, -100 bps) to the interest rate curve at the reporting date. The ineffective portion was calculated based on the fair value recalculated using the adjusted interest rate curve.
The table below summarises the changes in the Profit for the year and in the Consolidated Shareholders' Equity, deriving from the sensitivity analysis carried out net of the relevant taxes calculated on the basis of the standard tax rate in force at the reporting date:
| change | through Profit and Loss | through Equity | Total Shareholders' Equity |
| 2025 | +100 b.p. | (6.1) | 7.6 | 1.5 |
| -100 b.p. | 4.0 | (8.2) | (4.3) |
| 2024 | +100 b.p. | (1.8) | 2.6 | 0.8 |
| -100 b.p. | 1.8 | (2.7) | (0.9) |
NOTES ON MAIN CASH FLOW STATEMENT ITEMS13. NOTES ON MAIN CASH FLOW STATEMENT ITEMS 13.1 OTHER PROVISIONS AND NON-CASH MOVEMENTS
This item refers primarily to provisions (net of utilisations) for risks, employee leaving entitlements and incentive plan costs, and to gains/losses on the disposal of property, plant and equipment and other intangible assets and television and film broadcasting rights.
13.2 CHANGES IN OTHER ASSETS AND LIABILITIES
This item includes changes in Other receivables and current assets, Post-employment benefit plans, Other current liabilities and differences realised in the financial settlement of foreign exchange hedge for the ineffective portion of the hedging relationship as well as EUR 5.0 million as the exchange difference arising from the cash settlement of exchange rate hedges for the ineffective portion of the hedge.
13.3 PROCEEDS FROM GOVERNMENT GRANTS
The item mainly refers to government grants received under the \u201cExtraordinary Fund for Actions to Support Publishing\u201d, established in Italy by Law No. 234 of 30 December 2021 related to capital expenditures in innovative digital transition technologies for upgrading infrastructure and production processes with a view to enhancing the quality of content and its enjoyment by users.
13.4 PAYMENTS FOR EQUITY INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
For 2025 this item relates to the acquisition of P7S1 shares completed prior to the date on which MFE obtained control.
13.5 PROCEEDS/(PAYMENTS) FOR HEDGING DERIVATIVES ON FINANCIAL ASSETS
For 2024, this item included proceeds relating to the cash-settled unwinding of the outstanding hedging agreements over the 3.3% stake in the share capital of P7S1.
13.6 PROCEEDS/(PAYMENTS) IN OTHER FINANCIAL ASSETS
For the reporting year, this item refers to the acquisition of shares and the taking-out of convertible loans as part of the AD4Venture business and refers to the changes in cash pooling with associates and joint ventures and other financial receivables.
13.7 DIVIDENDS RECEIVED
This item refers to the EUR 10.4 million in dividends received from EITowers S.p,A. and the EUR 2.6 million in dividends received from P7S1. The item also includes the reimbursement of dividend withholdings paid out to P7S1 in previous years. The remainder referred to the dividends received from affiliates and joint ventures
13.8 BUSINESS COMBINATIONS NET OF CASH AND CASH EQUIVALENTS ACQUIRED
This item refers to the effects of acquiring a controlling interest in P7S1 Group; in the previous year refers to Mediamond S.p.A. (business combination under common control) and Radical Change Contents S.L. (previously La F\u00e1brica De La Tele S.L).
13.9 DIVIDENDS PAID
This item mainly refers to the payment of EUR 151.5 million in dividends approved at the shareholders' meeting of 18 June 2025.
13.10 CHANGES IN CONTROLLING INTEREST
For 2025, this item refers to the disbursements made by the Group for the purchase of the 20% stake in Beintoo, the 30% stake in Dr Podcast Audio Factory Limited and the 47.5% stake in Aninpro Creative SLU.
13.11 CHANGES IN FINANCIAL LIABILITIESAs required by IAS 7, the table below shows the changes in financial liabilities.
| CHANGE IN FINANCIAL LIABILITIES | 31/12/2024 | Cash flow (*) | Fair value changes | BusinessCombination | Other non-cash movements (**) | 31/12/2025 |
| Hedging derivatives (interest rate) | (5.2) | 4.3 | (2.4) | | | (3.3) |
| Loans | 409.5 | (311.2) | | | 134.2 | 232.6 |
| Credit facilities | | | | | | |
| Payables to other lenders | 47.3 | (252.1) | | 1,105.0 | | 900.2 |
| Lease payables IFRS 16 | 104.2 | (29.5) | | 99.0 | 24.5 | 198.1 |
| Non-current liabilities and payables to banks | 285.4 | 668.6 | | | (139.5) | 814.4 |
| Total financial liabilities | 841.3 | 80.1 | (2.4) | 1,204.0 | 19.2 | 2,142.1 |
(*) includes cash flow from interest paid
(**) includes measurement at amortised cost
| CHANGE IN FINANCIAL LIABILITIES | 31/12/2023 | Cash flow (*) | Fair value changes | Other non-cash movements (**) | 31/12/2024 |
| Hedging derivatives (interest rate) | (16.9) | 15.3 | (3.5) | - | (5.2) |
| Loans | 204.6 | (182.0) | | 386.9 | 409.5 |
| Credit facilities | 27.0 | (27.0) | | | - |
| Payables to other lenders | 43.7 | (9.3) | 5.9 | 7.0 | 47.3 |
| Lease payables IFRS 16 | 112.0 | (21.5) | | 13.6 | 104.2 |
| Non-current liabilities and payables to banks | 698.1 | (58.4) | | (354.3) | 285.4 |
| Total financial liabilities | 1,068.5 | (282.8) | (2.3) | 53.2 | 841.3 |
(*) includes cash flow from interest paid
(**) includes measurement at amortised cost
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"value": "13.7 DIVIDENDS RECEIVED
This item refers to the EUR 10.4 million in dividends received from EITowers S.p,A. and the EUR 2.6 million in dividends received from P7S1. The item also includes the reimbursement of dividend withholdings paid out to P7S1 in previous years. The remainder referred to the dividends received from affiliates and joint ventures
13.9 DIVIDENDS PAID
This item mainly refers to the payment of EUR 151.5 million in dividends approved at the shareholders' meeting of 18 June 2025.
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"value": "14. DISCLOSURES ON FINANCIAL INSTRUMENTS AND RISK MANAGEMENT POLICIES The tables below provide, separately for the two years being compared, the disclosures required by IFRS 7, for the purpose of evaluating the significance of the financial instruments with reference to the statement of financlal position, cash flows statement and income statement result for the Group.
Categories of financial assets and liabilities
Below is a breakdown of the carrying amounts of the financial assets and liabilities, as required by accounting standard IFRS 7.
| IFRS 9 CATEGORIES |
| FINANCIAL ASSETS at 31 DECEMBER 2025 | Derivative Instruments | Financial assets at amortised cost | Financial assets FVTPL | Financial assets FVTOCI | CARRYING AMOUNT | Notes |
| OTHER FINANCIAL ASSETS: | | | | | | |
| Equity investments | | | | 127.3 | 127.3 | 8.7 |
| Hedging derivatives (non-current portion) | 2.0 | | | | 2.0 |
| Non-hedging derivatives (non-current portion) | 5.4 | | | | 5.4 |
| Receivables and other financial assets | | 37.5 | 71.1 | | 108.7 |
| TRADE RECEIVABLES: | | | | | | |
| Due from customers | | 1,110.5 | | | 1,110.5 | 9.2 |
| Due from related parties | | 46.6 | | | 46.6 | |
| OTHER RECEIVABLES/CURRENT ASSETS: | | | | | | |
| Due from factoring companies | | 160.5 | | | 160.5 | |
| CURRENT FINANCIAL ASSETS: | | | | | | |
| Financial receivables (due within 12 months) | | 13.4 | | | 13.4 | 9.4 |
| Hedging derivatives (current portion) | 4.9 | | | | 4.9 | |
| Non-hedging derivatives (current portion) | 0.2 | | | | 0.2 | |
| CASH AND CASH EQUIVALENTS: | | | | | | |
| Bank and postal deposits | | 648.1 | | | 648.1 | 9.5 |
| TOTAL FINANCIAL ASSETS | 12.5 | 2,016.7 | 71.1 | 127.3 | 2,227.6 | |
| IFRS 9 CATEGORIES |
| FINANCIAL LIABILITIES at 31 DECEMBER 2025 | Derivative Instruments | Liabilities at amortised cost | CARRYING AMOUNT | Notes |
| NON CURRENT FINANCIAL LIABILITIES AND PAYABLES: | | | | |
| Due to banks | | 2,000.2 | 2,000.2 | 11.2 |
| Hedging derivatives (non-current portion) | 7.7 | | 7.7 |
| Non-hedging derivatives (non-current portion) | 0.5 | | |
| Other financial liabilities | | 234.5 | 234.5 |
| CURRENT LIABILITIES: | | | | |
| Due to banks | | 232.5 | 232.5 | 12.1 |
| Due to suppliers | | 1,381.1 | 1,381.1 | 12.2 |
| Due to related parties | | 82.4 | 82.4 |
| OTHER FINANCIAL LIABILITIES: | | | | |
| Due to factoring companies | | - | - | 12.4 |
| Other financial liabilities | | 670.3 | 670.3 |
| Hedging derivatives (non-current portion) | 6.9 | | 6.9 |
| Non-hedging derivatives (current portion) | 5.7 | | | |
| Financial payables to related parties | | 25.3 | 25.3 | |
| TOTAL FINANCIAL LIABILITIES | 20.8 | 4,626.4 | 4,641.0 | |
| IFRS 9 CATEGORIES |
| FINANCIAL ASSETS at 31 DECEMBER 2024 | Derivative Instruments | Financial assets at amortised cost | Financial assets FVTOCI | CARRYING AMOUNT | Notes |
| OTHER FINANCIAL ASSETS: | | | | | |
| Equity investments | | | 24.2 | 24.2 | 8.7 |
| Other hedging derivatives (non current portion) | 8.9 | | | 8.9 |
| Receivables and other financial assets | | 17.4 | | 17.4 |
| TRADE RECEIVABLES: | | | | | |
| Due from customers | | 777.6 | | 777.6 | 9.2 |
| Due from related parties | | 6.2 | | 6.2 | |
| OTHER RECEIVABLES/CURRENT ASSETS: | | | | | |
| Due from factoring companies | | 186.8 | | 186.8 | |
| CURRENT FINANCIAL ASSETS: | | | | | |
| Financial receivables (due within 12 months) | | 8.2 | | 8.2 | 9.4 |
| Hedging derivatives on equity instruments | | | | - | |
| Other hedging derivatives | 13.3 | | | 13.3 | |
| CASH AND CASH EQUIVALENTS: | | | | | |
| Bank and postal deposits | | 132.4 | | 132.4 | 9.5 |
| TOTAL FINANCIAL ASSETS | 22.2 | 1,128.6 | 24.2 | 1,174.9 | |
| IFRS 9 CATEGORIES |
| FINANCIAL LIABILITIES at 31 DECEMBER 2024 | Derivative Instruments | Liabilities at amortised cost | CARRYING AMOUNT | Notes |
| NON CURRENT FINANCIAL LIABILITIES AND PAYABLES: | | | | |
| Due to banks | | 285.3 | 285.3 | 11.2 |
| Other financial liabilities | | 0.1 | 0.1 |
| CURRENT LIABILITIES: | | | | |
| Due to banks | | 409.5 | 409.5 | 12.1 |
| Due to suppliers | | 542.7 | 542.7 | 12.2 |
| Due to related parties | | 75.2 | 75.2 |
| OTHER FINANCIAL LIABILITIES: | | | | |
| Due to factoring companies | | | - | 12.4 |
| Other financial liabilities | | 14.7 | 14.7 |
| Hedging derivatives on equity instruments | | | - |
| Other hedging derivatives | 0.2 | | 0.2 |
| Financial payables to related parties | | 32.6 | 32.6 | |
| TOTAL FINANCIAL LIABILITIES | 2.5 | 1,360.1 | 1,360.3 | |
Fair value of financial assets and liabilities, and calculation models and input data used
Below is an analysis of the amounts corresponding to the fair value of assets and liabilities broken down based on the methodologies and the calculation models used to calculate them.
Note that the tables do not show those financial assets and liabilities whose book value is very close to the fair value and that the fair value of derivatives represents the net position between assets and liabilities amounts.
The input data used to measure fair value at the reporting date, obtained from Bloomberg provider, were as follows:
oEuro curves for the estimation of forward rates and discount factors;
oSpot exchange rates of the ECB;
oForward exchange rates calculated by Bloomberg;
oThe fixing of the Euribor rate;
oThe \u201cmid\u201d credit default swap (CDS) spread listed by various counterparties (if available);
oCredit spread of MFE-MEDIAFOREUROPE N.V.
| BALANCE SHEET ITEM at 31 DECEMBER 2025 | CARRYING AMOUNT | Mark to Market | Mark to Model | TOTAL FAIR VALUE | Notes |
| | | Black&Scholes | Binomial model | DCF Model | | |
| Equity investments | 127.3 | 127.3 | | | | 127.3 | 8.7 |
| Financial assets (non-current) | 71.1 | 71.1 | | | | | |
| Trade receivables | 14.0 | | | | 13.7 | 13.7 | 9.4 |
| Due to banks | (2,237.5) | | | | (2,294.8) | (2,294.8) | 12.2 |
| M/L trade and other payables | (11.4) | | | | (11.3) | (11.3) | 13.2 |
| Financial payables | (885.1) | | | | (883.8) | (883.8) | |
| Hedging derivatives | | | | | | | |
| -Forward | (11.5) | | (6.1) | | (5.4) | (11.5) | 9.7;10.4;12.2;13.4 |
| - IRS and rates collars | 3.3 | | | | 3.3 | 3.3 |
| BALANCE SHEET ITEM at 31 DECEMBER 2024 | CARRYING AMOUNT | Mark to Market | Mark to Model | TOTAL FAIR VALUE |
| | | Black&Scholes | Binomial model | DCF Model | |
| Equity investments | 24.2 | 24.2 | | | | 24.2 |
| Trade receivables | 14.5 | | | | 14.5 | 14.5 |
| Due to banks | (694.7) | | | | (700.9) | (700.9) |
| M/L trade and other payables | (26.9) | | | | (26.2) | (26.2) |
| Hedging derivatives: | | | | | | |
| -Forward | 5.1 | | | | 5.1 | 5.1 |
| - IRS contracts | 16.9 | | | | 16.9 | 16.9 |
The fair value of securities listed on an active market is based on market prices at the reporting date. The fair value of securities not listed in an active market and trading derivatives is determined by using the most used valuation models and techniques on the market or using the price provided by several independent counterparties, with reference to comparable listed securities prices.
The fair value of non-current financial payables has been calculated considering the credit spread of MFE-MEDIAFOREUROPE N.V. and also including the short-term component of the medium/long term loans.
For the trade receivables and payables expiring within 12 months, the fair value was not calculated since is very close to their carrying amount. As a result, the carrying amount stated for the receivables and payables for which the fair value was calculated also includes the portion due within 12 months of the reporting date. The
calculation of the fair value of trade receivables only considers the creditworthiness of the counterparty when there is market information that can be used to determine it. For trade payables, fair value has been adjusted by considering the creditworthiness of MFE-MEDIAFOREUROPE N.V.The financial assets and liabilities measured at fair value are classified in the following table, based on the nature of financial parameters used in determining the fair value, on the basis of the fair value hierarchy envisaged by the standard:
oLevel I: listed prices on active markets for identical instruments;
oLevel II: variables other than listed prices in active markets that may be observed either directly (as in the case of prices) or indirectly (derived from the prices);
oLevel III: variables that are not based on observable market values.
| BALANCE SHEET ITEM at 31 DECEMBER 2025 | CARRYING AMOUNT | level I | level II | Level III | TOTAL FAIR VALUE | Notes |
| Equity investments | 127.3 | | 29.2 | 98.1 | 127.3 | 8.7 |
| Financial assets | 71.1 | | | 71.1 | 71.1 | |
| Hedging derivatives | | | | | | |
| -Forward | (11.5) | | (11.5) | | (11.5) | 8.7;9.4;12.2;13.4 |
| - IRS and rates collars | 3.3 | | 3.3 | | 3.3 |
| BALANCE SHEET ITEM at 31 DECEMBER 2024 | CARRYING AMOUNT | level I | level II | Level III | TOTAL FAIR VALUE |
| Equity investments | 24.2 | | 24.2 | | 24.2 |
| Other hedging derivatives | | | | | |
| -Forward | 5.1 | | 5.1 | | 5.1 |
| - IRS contracts | 16.9 | | 16.9 | | 16.9 |
",
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"value": "Fair value of financial assets and liabilities, and calculation models and input data used
Below is an analysis of the amounts corresponding to the fair value of assets and liabilities broken down based on the methodologies and the calculation models used to calculate them.
Note that the tables do not show those financial assets and liabilities whose book value is very close to the fair value and that the fair value of derivatives represents the net position between assets and liabilities amounts.
The input data used to measure fair value at the reporting date, obtained from Bloomberg provider, were as follows:
oEuro curves for the estimation of forward rates and discount factors;
oSpot exchange rates of the ECB;
oForward exchange rates calculated by Bloomberg;
oThe fixing of the Euribor rate;
oThe \u201cmid\u201d credit default swap (CDS) spread listed by various counterparties (if available);
oCredit spread of MFE-MEDIAFOREUROPE N.V.
| BALANCE SHEET ITEM at 31 DECEMBER 2025 | CARRYING AMOUNT | Mark to Market | Mark to Model | TOTAL FAIR VALUE | Notes |
| | | Black&Scholes | Binomial model | DCF Model | | |
| Equity investments | 127.3 | 127.3 | | | | 127.3 | 8.7 |
| Financial assets (non-current) | 71.1 | 71.1 | | | | | |
| Trade receivables | 14.0 | | | | 13.7 | 13.7 | 9.4 |
| Due to banks | (2,237.5) | | | | (2,294.8) | (2,294.8) | 12.2 |
| M/L trade and other payables | (11.4) | | | | (11.3) | (11.3) | 13.2 |
| Financial payables | (885.1) | | | | (883.8) | (883.8) | |
| Hedging derivatives | | | | | | | |
| -Forward | (11.5) | | (6.1) | | (5.4) | (11.5) | 9.7;10.4;12.2;13.4 |
| - IRS and rates collars | 3.3 | | | | 3.3 | 3.3 |
| BALANCE SHEET ITEM at 31 DECEMBER 2024 | CARRYING AMOUNT | Mark to Market | Mark to Model | TOTAL FAIR VALUE |
| | | Black&Scholes | Binomial model | DCF Model | |
| Equity investments | 24.2 | 24.2 | | | | 24.2 |
| Trade receivables | 14.5 | | | | 14.5 | 14.5 |
| Due to banks | (694.7) | | | | (700.9) | (700.9) |
| M/L trade and other payables | (26.9) | | | | (26.2) | (26.2) |
| Hedging derivatives: | | | | | | |
| -Forward | 5.1 | | | | 5.1 | 5.1 |
| - IRS contracts | 16.9 | | | | 16.9 | 16.9 |
The fair value of securities listed on an active market is based on market prices at the reporting date. The fair value of securities not listed in an active market and trading derivatives is determined by using the most used valuation models and techniques on the market or using the price provided by several independent counterparties, with reference to comparable listed securities prices.
The fair value of non-current financial payables has been calculated considering the credit spread of MFE-MEDIAFOREUROPE N.V. and also including the short-term component of the medium/long term loans.
For the trade receivables and payables expiring within 12 months, the fair value was not calculated since is very close to their carrying amount. As a result, the carrying amount stated for the receivables and payables for which the fair value was calculated also includes the portion due within 12 months of the reporting date. The
calculation of the fair value of trade receivables only considers the creditworthiness of the counterparty when there is market information that can be used to determine it. For trade payables, fair value has been adjusted by considering the creditworthiness of MFE-MEDIAFOREUROPE N.V.The financial assets and liabilities measured at fair value are classified in the following table, based on the nature of financial parameters used in determining the fair value, on the basis of the fair value hierarchy envisaged by the standard:
oLevel I: listed prices on active markets for identical instruments;
oLevel II: variables other than listed prices in active markets that may be observed either directly (as in the case of prices) or indirectly (derived from the prices);
oLevel III: variables that are not based on observable market values.
| BALANCE SHEET ITEM at 31 DECEMBER 2025 | CARRYING AMOUNT | level I | level II | Level III | TOTAL FAIR VALUE | Notes |
| Equity investments | 127.3 | | 29.2 | 98.1 | 127.3 | 8.7 |
| Financial assets | 71.1 | | | 71.1 | 71.1 | |
| Hedging derivatives | | | | | | |
| -Forward | (11.5) | | (11.5) | | (11.5) | 8.7;9.4;12.2;13.4 |
| - IRS and rates collars | 3.3 | | 3.3 | | 3.3 |
| BALANCE SHEET ITEM at 31 DECEMBER 2024 | CARRYING AMOUNT | level I | level II | Level III | TOTAL FAIR VALUE |
| Equity investments | 24.2 | | 24.2 | | 24.2 |
| Other hedging derivatives | | | | | |
| -Forward | 5.1 | | 5.1 | | 5.1 |
| - IRS contracts | 16.9 | | 16.9 | | 16.9 |
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"value": "15. SHARE-BASED PAYMENTSIn accordance with IFRS 2, the Group classifies stock option plans and medium/long-term incentive plans as \"share-based payments\". Those that are \"equity-settled\", i.e. involving the physical delivery of the shares, are measured at the fair value at the grant date of the option rights (which is calculated on the basis of the share price) assigned and recognised as a personnel expense to be spread evenly over the vesting period of the rights, with a corresponding reserve booked to shareholders' equity. This allocation is carried out based on the estimate of the rights that will actually allot to the person entitled, in consideration of their vesting conditions not based on the market value of the rights.
At the end of the period in which the rights can be exercised the related shareholders\u2019 equity reserve is reclassified within retained earnings.
At 31 December 2025, medium/long-term incentive plans allocated for the years 2023, 2024 and 2025 were recognised in the financial statements for the purposes of IFRS 2.
The plans that had an impact on the income statement are those that can be exercised and which, at the reporting date, have not yet been concluded, or those that have vested during the year.
All the plans are equity-settled, i.e., they involve the allocation of treasury shares bought back from the market. Options and the free allocation rights granted to the employee beneficiaries are linked to the Group's achievement of financial performance targets and the employee remaining with the Group for a certain length of time.
The details of incentive plans with free granting of shares to the beneficiaries can be summarised as follows:
| Incentive plan 2023 | Incentive plan 2024 | Incentive plan 2025 |
| Grant date | 01/08/2023 | 31/07/2024 | 31/07/2025 |
| Vesting Period | from 01/01/2023 to 31/12/2025 | from 01/01/2024 to 31/12/2026 | from 01/01/2025 to 31/12/2027 |
| Exercise period | from 01/09/2026 | from 01/08/2027 | from 01/08/2028 |
| Fair value | A-class shares EUR 2.3885B-class shares EUR 3.4625 | A-class shares EUR 3.1893 | A-class shares EUR 2.7772 |
On 31 July 2025, after having consulted the Nomination and Remuneration Committee, MFE\u2019s Board of Directors also determined the beneficiaries under the Medium/Long\u2013Term Incentive and Loyalty Plan (2024-2026) established by resolution of the Shareholders' Meeting of 19 June 2024. The Board allocated those same beneficiaries their entitlements for 2025, the quantity of which were determined based on the criteria established in the Plan regulations approved by the Board of Directors during the meeting held on 17 July 2024.
Below is a summary of the changes to the medium/long-term incentive plans:
| Incentive plan 2022 | Incentive plan 2023 | Incentive plan 2024 | Incentive plan 2025 | Total |
| A Shares | B Shares | A Shares | B Shares | A Shares | A Shares | |
| Options outstanding at 1/1/2024 | 1,125,129 | 756,106 | 1,014,065 | 726,010 | - | | 3,621,310 |
| Options issued during the year | - | - | - | - | 1,776,066 | | 1,776,066 |
| Options exercised during the year | - | - | - | - | | | - |
| Options not-exercised during the year | - | - | - | - | | | - |
| Options expired/cancelled during the year | - | - | - | - | | | - |
| Options outstanding at 31/12/2024 | 1,125,129 | 756,106 | 1,014,065 | 726,010 | 1,776,066 | 0 | 5,397,376 |
| | | | | | | - |
| Options outstanding at 1/1/2025 | 1,125,129 | 756,106 | 1,014,065 | 726,010 | 1,776,066 | | 5,397,376 |
| Options issued during the year | - | - | - | - | | 2,336,066 | 2,336,066 |
| Options exercised during the year | -1,125,129 | -756,106 | - | - | | | -1,881,235 |
| Options not-exercised during the year | - | - | - | - | | | 0 |
| Options expired/cancelled during the year | - | - | -30,504 | -21,840 | -28,844 | | -81,188 |
| Options outstanding at 31/12/2025 | 0 | 0 | 983,561 | 704,170 | 1,747,222 | 2,336,066 | 5,771,019 |
The incentive plans are recognised in the financial statements at their fair value:
o2023 Stock Option Plan: EUR 2.3885 per A-class share and EUR 3.4625 per B-class share
o2024 Stock Option Plan: EUR 3.1893 per A-class share
o2025 Stock Option Plan: EUR 2.7772 per A-class share
The fair value of the incentive plans was calculated based on the stock market price of MFE A-class and MFE B-class shares on the grant date, and was adjusted for the 2022 and 2023 Plans following the reverse stock split of 23 October 2023.
As for the P7S1 Group, the Performance Share Plan (PSP) has been designed as a long-term incentive mechanism for members of the Executive Board and selected executives of the P7S1 Group.
The plan beneficiaries were identified and the allocable Performance Share Units (PSUs) quantified by the Executive Board subject to the approval of the Supervisory Board or \u2013 where referring to the members of the Executive Board - by the Supervisory Board directly.
Structurally, the PSP is a component of multi-year variable remuneration, taking the form of virtual shares. Options are allocated annually and the duration of each cycle is four years. The Plan is settled in the fifth year, at the end of the performance period, by cash payment. P7S1 reserves the right to settle in equity rather than in cash, in which case it will deliver a corresponding number of treasury shares.
Pursuant to IFRS 2 \u2013 Share-based Payments, Performance Share Units (PSUs) are recognised and measured at their fair value on the grant date. The fair value is determined by applying a commonly recognised option valuation model. The pay-out depends on the share price performance of P7S1 as well as the achievement of the performance objectives, which are defined according to internal and external company performance indicators. | Incentive plan 2022 | Incentive plan 2023 | Incentive plan 2024 | Incentive plan 2025 |
| Grant date | 01/01/2022 | 01/01/2023 | 01/01/2024 | 01/01/2025 |
| Vesting Period | from 01/01/2022 to 31/12/2025 | from 01/01/2023 to 31/12/2026 | from 01/01/2024 to 31/12/2027 | from 01/01/2025 to 31/12/2028 |
| Exercise period | 2026 | 2027 | 2028 | 2029 |
| Fair value | 2.9 | 3.0 | 3.7 | 3.8 |
Below is a summary of the changes to the medium/long-term incentive plans for the P7S1 Group:
| Incentive plan 2022 | Incentive plan 2023 | Incentive plan 2024 | Incentive plan 2025 | Total |
| Options outstanding at 30/09/2025 | 212,580 | 329,381 | 431,145 | 499,853 | 1,472,959 |
| Options issued during the year | - | - | - | - | - |
| Options exercised during the year | - | - | - | - | - |
| Options not-exercised during the year | - | - | - | - | - |
| Options expired/cancelled during the year | - | - | - | -48.060 | -48.060 |
| Options outstanding at 31/12/2025 | 212,580 | 329,381 | 431,145 | 451,793 | 1,424,899 |
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"value": "In accordance with IFRS 2, the Group classifies stock option plans and medium/long-term incentive plans as \"share-based payments\". Those that are \"equity-settled\", i.e. involving the physical delivery of the shares, are measured at the fair value at the grant date of the option rights (which is calculated on the basis of the share price) assigned and recognised as a personnel expense to be spread evenly over the vesting period of the rights, with a corresponding reserve booked to shareholders' equity. This allocation is carried out based on the estimate of the rights that will actually allot to the person entitled, in consideration of their vesting conditions not based on the market value of the rights.
At the end of the period in which the rights can be exercised the related shareholders\u2019 equity reserve is reclassified within retained earnings.
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"v1-page405-cflshid_159865-tag138272": {
"value": "16. RELATED-PARTY TRANSACTIONSThe following summary table shows, for the main income statement and balance sheet items, the details of the companies that are the counterparts of these transactions.
| Revenues | Costs | Financial income / (expense) | Trade receivables | Trade payables | Other receivables/ (payables) |
| CONTROLLING ENTITY | | | | | | |
| Fininvest S.p.A. | 0.1 | 4.9 | - | 0.1 | (0.1) | 0.0 |
| AFFILIATED ENTITIES | | | | | | |
| Arnoldo Mondadori Editore S.p.A.* | 3.3 | 22.2 | - | 1.1 | (10.4) | (0.0) |
| Mediolanum S.p.A.* | 3.8 | - | - | 0.4 | - | - |
| Other affiliated entities | 0.1 | 1.6 | - | 0.0 | (1.0) | - |
| Total Affiliated Entities | 7.1 | 23.8 | - | 1.6 | (11.5) | (0.0) |
| ASSOCIATES AND JOINT VENTURES | | | | | | |
| Boing S.p.A. | 8.5 | 24.2 | 0.1 | 3.4 | (12.5) | 1.7 |
| Corint Media GmbH | 17.9 | - | 0.1 | 8.2 | - | - |
| d-force GmbH | 0.5 | - | 1.5 | 0.1 | (0.3) | - |
| Goldbach Audience AG | 2.7 | - | 0.8 | 0.5 | - | - |
| Goldbach Media AG | 84.9 | - | 17.3 | 6.8 | (0.3) | - |
| EI Towers Group ** | 5.3 | 148.4 | - | 24.4 | (1.6) | 0.0 |
| Fascino Produzione Gestione Teatro S.r.l. | 0.0 | 75.5 | (0.3) | 0.0 | (23.1) | (25.4) |
| Other joint ventures and associates | 6.4 | 97.1 | (0.0) | 1.6 | (33.2) | 3.5 |
| Total Joint ventures and associates | 126.1 | 345.3 | 19.4 | 44.9 | (70.9) | (20.1) |
| KEY MANAGEMENT PERSONNEL*** | - | 22.3 | - | - | - | (9.0) |
| SUPPLEMENTARY PENSION SCHEME (Mediafond) | - | (0.0) | - | 0.0 | - | (0.6) |
| OTHER RELATED PARTIES**** | 0.0 | (0.0) | - | 0.0 | - | - |
| TOTAL RELATED PARTIES | 133.4 | 396.3 | 19.4 | 46.7 | (82.4) | (29.7) |
* The figure includes the company and its subsidiaries, associates or jointly controlled companies
** The figure includes the company and its subsidiaries.
*** The figure refers to the directors of MFE MediaforEurope NV.
**** The figure include the relations with the directors of the parent company Fininvest S.p.A., their and the MFE directors\u2019 close family members and companies in which these persons exercise control, joint control or significant influence or in which they hold, either directly or indirectly, a significant stake of no less than 20%, of the voting rights and the relations with consortiums principally engaged in the management of television signal transmission.
Revenues and trade receivables due from associated entities mainly relate to the sales of television advertising space. All these transactions are carried out at market value conditions and on an arm\u2019s lengths basis.
The costs and the related trade payables mainly refer to purchases of television productions and broadcasting rights and to the fees paid to related parties for the sale of advertising space managed through exclusive concessions by Group companies. The costs paid to subsidiary EI Towers relate to those paid under the \u201cfull service\u201d contract for the hosting, support and maintenance of broadcasting equipment, the signal contribution services performed for Elettronica Industriale and the hosting and maintenance services performed for the Group\u2019s radio broadcasters. The item other receivables/(payables) mainly refers to payables for loans and credit facilities due to affiliate companies, intercompany current accounts and loans given to associates.
During the year, dividends were also collected from affiliates and jointly controlled entities, for a total of EUR 28.9 million.
For more information as required by IAS 24 on the compensation of MFE Directors, please see the table below and Remuneration Report annexed to this Annual Report.
| 2025 | Short-term benefits |
| Name | Position at MFE | Fixed compensation \u2013 Mediaset MFE | Compensation for participation in MFE committees | Fixed compensation \u2013 Subsidiaries and associates(1) | | Variable incentive scheme | In-kind benefits | Pension schemes (3) | Other Payments (4) | Fair value of equity compensation | Fixed compensation \u2013 P7S | In-kind benefits in P7S | Total |
| Pier Silvio Berlusconi | CHIEF EXECUTIVE OFFICER | 1,040,000 | - | 385,072 | (1) | 540,800 | 21,783 | 164,680 | - | 1,574,484 | - | - | 3,726,819 |
| Marco Angelo Giordani | EXECUTIVE DIRECTOR | 240,000 | - | 1,028,805 | (1) | 247,700 | 35,650 | 506,311 | 3,730,000 | 393,618 | 324,006 | 1,600 | 6,507,691 |
| Gina Nieri | EXECUTIVE DIRECTOR | 40,000 | - | 1,121,485 | (1) | 158,775 | 10,325 | 453,653 | - | 295,216 | - | - | 2,079,455 |
| Niccolo' Querci | EXECUTIVE DIRECTOR | 40,000 | - | 1,219,388 | (1) | 270,200 | 18,788 | 520,859 | - | 159,906 | - | - | 2,229,141 |
| Stefano Guido Sala | EXECUTIVE DIRECTOR | 40,000 | - | 2,371,107 | (1) | 952,650 | 23,065 | 1,057,641 | - | 590,433 | - | - | 5,034,896 |
| | 1,400,000 | - | 6,125,857 | | 2,170,125 | 109,613 | 2,703,144 | 3,730,000 | 3,013,656 | 324,006 | 1,600 | 19,578,001 |
| Fedele Confalonieri | NON-EXECUTIVE DIRECTOR (Chair) | 60,000 | - | 1,920,000 | - | - | 28,283 | 19,297 | - | - | - | - | 2,027,580 |
| Patrizia Arienti | NON-EXECUTIVE DIRECTOR | 40,000 | 40,000 | - | - | - | - | - | - | - | - | - | 80,000 |
| Stefania Bariatti | NON-EXECUTIVE DIRECTOR | 40,000 | 50,000 | - | - | - | - | 3,600 | - | - | - | - | 93,600 |
| Marina Berlusconi | NON-EXECUTIVE DIRECTOR | 40,000 | - | - | - | - | - | - | - | - | - | - | 40,000 |
| Marina Brogi | NON-EXECUTIVE DIRECTOR | 40,000 | 40,000 | - | - | - | - | 3,272 | - | - | - | - | 83,272 |
| Consuelo Crespo Bofill(5) | NON-EXECUTIVE DIRECTOR | 40,000 | 40,000 | - | - | - | - | 6,400 | - | - | - | - | 86,400 |
| Javier Diez de Polanco | NON-EXECUTIVE DIRECTOR | 40,000 | 40,000 | - | - | - | - | 6,400 | - | - | - | - | 86,400 |
| Giulio Gallazzi | NON-EXECUTIVE DIRECTOR | 40,000 | 40,000 | - | - | - | - | 14,016 | - | - | - | - | 94,016 |
| Danilo Pellegrino(2) | NON-EXECUTIVE DIRECTOR | 40,000 | - | - | - | - | - | - | - | - | - | - | 40,000 |
| Alessandra Piccinino | NON-EXECUTIVE DIRECTOR | 40,000 | 50,000 | - | - | - | - | 15,184 | - | - | - | - | 105,184 |
| | 420,000 | 300,000 | 1,920,000 | - | - | 28,283 | 68,169 | - | - | - | - | 2,736,452 |
| | 1,820,000 | 300,000 | 8,045,857 | | 2,170,125 | 137,896 | 2,771,313 | 3,730,000 | 3,013,656 | 324,006 | 1,600 | 22,314,453 |
| (1) Includes the Fixed Remuneration as an employee, the Non-Competition Agreement and the emoluments received in subsidiaries of MFE(2) Payment order in favour of Fininvest Spa(3) For Group employees, this includes a TFR severance indemnity equal to 6.90% of the total remuneration as established by Italian law(4) In relation to termination of Marco Giordani\u2019s employment relationship, a severance payment of approximately \u20ac3.73 million was made, equivalent to about 25 months of salary. This amount is therefore lower than what is provided for by MFE\u2019s Remuneration Policy, which establishes that the end-of-mandate indemnity granted in the event of termination of the directorship may not exceed 12 months of the fixed component; where applicable, are added also the amounts provided for by the legislation governing the termination of managerial employment applicable where there is an employment relationship with the Executive Director, which in the case of M. Giordani would correspond to 36 months. |
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| 2024 | | Short-term benefits | | | |
| Name | Position at MFE | Fixed compensation \u2013 Mediaset MFE | Compensation for participation in MFE committees | Fixed compensation \u2013 Subsidiaries and associates(1) | Variable incentive scheme | In-kind benefits | Pension Schemes (3) | Fair value of equity compensation | Total |
| Pier Silvio Berlusconi | CHIEF EXECUTIVE OFFICER | 1,040,000 | - | 386,203 | (1) | 992,400 | 20,850 | 131,068 | 516,490 | 3,087,011 |
| Marco Angelo Giordani | EXECUTIVE DIRECTOR | 40,000 | - | 1,174,081 | (1) | 248,100 | 9,919 | 451,002 | 129,122 | 2,052,224 |
| Gina Nieri | EXECUTIVE DIRECTOR | 40,000 | - | 1,123,477 | (1) | 165,825 | 9,930 | 411,327 | 96,842 | 1,847,401 |
| Niccolo' Querci | EXECUTIVE DIRECTOR | 40,000 | - | 1,221,563 | (1) | 270,078 | 18,148 | 476,311 | 52,455 | 2,078,555 |
| Stefano Guido Sala | EXECUTIVE DIRECTOR | 40,000 | - | 2,312,196 | (1) | 1,055,700 | 20,981 | 801,774 | 193,684 | 4,424,335 |
| | 1,200,000 | - | 6,217,520 | | 2,732,103 | 79,827 | 2,271,482 | 988,594 | 13,489,526 |
| Fedele Confalonieri | NON-EXECUTIVE DIRECTOR (Chair) | 60,000 | - | 1,920,000 | - | - | 20,470 | 19,144 | - | 2,019,614 |
| Patrizia Arienti (5) | NON-EXECUTIVE DIRECTOR | 20,000 | 20,000 | - | - | - | - | - | - | 40,000 |
| Stefania Bariatti | NON-EXECUTIVE DIRECTOR | 40,000 | 50,000 | - | - | - | - | 3,600 | - | 93,600 |
| Marina Berlusconi | NON-EXECUTIVE DIRECTOR | 40,000 | - | - | - | - | - | - | - | 40,000 |
| Marina Brogi | NON-EXECUTIVE DIRECTOR | 40,000 | 55,000 | - | - | - | - | 4,186 | - | 99,186 |
| Consuelo Crespo Bofill(5) | NON-EXECUTIVE DIRECTOR | 20,000 | 20,000 | 30,000 | - | - | - | - | - | 70,000 |
| Raffaele Cappiello(4) | NON-EXECUTIVE DIRECTOR | 20,000 | 10,000 | - | - | - | - | 2,400 | - | 32,400 |
| Javier Diez de Polanco(5) | NON-EXECUTIVE DIRECTOR | 20,000 | 20,000 | 30,000 | - | - | - | - | - | 70,000 |
| Costanza Esclapon De Villeneuve(4) | NON-EXECUTIVE DIRECTOR | 20,000 | 15,000 | - | - | - | - | - | - | 35,000 |
| Giulio Gallazzi | NON-EXECUTIVE DIRECTOR | 40,000 | 30,000 | - | - | - | - | 14,016 | - | 84,016 |
| Danilo Pellegrino(2) | NON-EXECUTIVE DIRECTOR | 40,000 | - | - | - | - | - | - | - | 40,000 |
| Alessandra Piccinino | NON-EXECUTIVE DIRECTOR | 40,000 | 50,000 | - | - | - | - | 18,400 | - | 108,400 |
| Carlo Secchi(4) | NON-EXECUTIVE DIRECTOR | 20,000 | 20,000 | - | - | - | - | 19,200 | - | 59,200 |
| | 420,000 | 290,000 | 1,980,000 | | - | 20,470 | 80,946 | - | 2,791,416 |
| | 1,620,000 | 290,000 | 8,197,520 | | 2,732,103 | 100,297 | 2,352,428 | 988,594 | 16,280,942 |
(1) Includes the Fixed Remuneration as an employee, the Non-Competition Agreement and the emoluments received in subsidiaries of MFE(2) Payment order in favour of Fininvest Spa(3) For Group employees, this includes a TFR (post-employment benefit plan) indemnity equal to 6.90% of the total remuneration as established by Italian law(4) In office until 19 June 2024(5) In office since 19 June 2024
| 2025 | Short-term benefits |
| Name | Position at MFE | Fixed compensation \u2013 Mediaset MFE | Compensation for participation in MFE committees | Fixed compensation \u2013 Subsidiaries and associates(1) | | Variable incentive scheme | In-kind benefits | Pension schemes (3) | Other Payments (4) | Fair value of equity compensation | Fixed compensation \u2013 P7S | In-kind benefits in P7S | Total |
| Pier Silvio Berlusconi | CHIEF EXECUTIVE OFFICER | 1,040,000 | - | 385,072 | (1) | 540,800 | 21,783 | 164,680 | - | 1,574,484 | - | - | 3,726,819 |
| Marco Angelo Giordani | EXECUTIVE DIRECTOR | 240,000 | - | 1,028,805 | (1) | 247,700 | 35,650 | 506,311 | 3,730,000 | 393,618 | 324,006 | 1,600 | 6,507,691 |
| Gina Nieri | EXECUTIVE DIRECTOR | 40,000 | - | 1,121,485 | (1) | 158,775 | 10,325 | 453,653 | - | 295,216 | - | - | 2,079,455 |
| Niccolo' Querci | EXECUTIVE DIRECTOR | 40,000 | - | 1,219,388 | (1) | 270,200 | 18,788 | 520,859 | - | 159,906 | - | - | 2,229,141 |
| Stefano Guido Sala | EXECUTIVE DIRECTOR | 40,000 | - | 2,371,107 | (1) | 952,650 | 23,065 | 1,057,641 | - | 590,433 | - | - | 5,034,896 |
| | 1,400,000 | - | 6,125,857 | | 2,170,125 | 109,613 | 2,703,144 | 3,730,000 | 3,013,656 | 324,006 | 1,600 | 19,578,001 |
| Fedele Confalonieri | NON-EXECUTIVE DIRECTOR (Chair) | 60,000 | - | 1,920,000 | - | - | 28,283 | 19,297 | - | - | - | - | 2,027,580 |
| Patrizia Arienti | NON-EXECUTIVE DIRECTOR | 40,000 | 40,000 | - | - | - | - | - | - | - | - | - | 80,000 |
| Stefania Bariatti | NON-EXECUTIVE DIRECTOR | 40,000 | 50,000 | - | - | - | - | 3,600 | - | - | - | - | 93,600 |
| Marina Berlusconi | NON-EXECUTIVE DIRECTOR | 40,000 | - | - | - | - | - | - | - | - | - | - | 40,000 |
| Marina Brogi | NON-EXECUTIVE DIRECTOR | 40,000 | 40,000 | - | - | - | - | 3,272 | - | - | - | - | 83,272 |
| Consuelo Crespo Bofill(5) | NON-EXECUTIVE DIRECTOR | 40,000 | 40,000 | - | - | - | - | 6,400 | - | - | - | - | 86,400 |
| Javier Diez de Polanco | NON-EXECUTIVE DIRECTOR | 40,000 | 40,000 | - | - | - | - | 6,400 | - | - | - | - | 86,400 |
| Giulio Gallazzi | NON-EXECUTIVE DIRECTOR | 40,000 | 40,000 | - | - | - | - | 14,016 | - | - | - | - | 94,016 |
| Danilo Pellegrino(2) | NON-EXECUTIVE DIRECTOR | 40,000 | - | - | - | - | - | - | - | - | - | - | 40,000 |
| Alessandra Piccinino | NON-EXECUTIVE DIRECTOR | 40,000 | 50,000 | - | - | - | - | 15,184 | - | - | - | - | 105,184 |
| | 420,000 | 300,000 | 1,920,000 | - | - | 28,283 | 68,169 | - | - | - | - | 2,736,452 |
| | 1,820,000 | 300,000 | 8,045,857 | | 2,170,125 | 137,896 | 2,771,313 | 3,730,000 | 3,013,656 | 324,006 | 1,600 | 22,314,453 |
| (1) Includes the Fixed Remuneration as an employee, the Non-Competition Agreement and the emoluments received in subsidiaries of MFE(2) Payment order in favour of Fininvest Spa(3) For Group employees, this includes a TFR severance indemnity equal to 6.90% of the total remuneration as established by Italian law(4) In relation to termination of Marco Giordani\u2019s employment relationship, a severance payment of approximately \u20ac3.73 million was made, equivalent to about 25 months of salary. This amount is therefore lower than what is provided for by MFE\u2019s Remuneration Policy, which establishes that the end-of-mandate indemnity granted in the event of termination of the directorship may not exceed 12 months of the fixed component; where applicable, are added also the amounts provided for by the legislation governing the termination of managerial employment applicable where there is an employment relationship with the Executive Director, which in the case of M. Giordani would correspond to 36 months. |
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| 2024 | | Short-term benefits | | | |
| Name | Position at MFE | Fixed compensation \u2013 Mediaset MFE | Compensation for participation in MFE committees | Fixed compensation \u2013 Subsidiaries and associates(1) | Variable incentive scheme | In-kind benefits | Pension Schemes (3) | Fair value of equity compensation | Total |
| Pier Silvio Berlusconi | CHIEF EXECUTIVE OFFICER | 1,040,000 | - | 386,203 | (1) | 992,400 | 20,850 | 131,068 | 516,490 | 3,087,011 |
| Marco Angelo Giordani | EXECUTIVE DIRECTOR | 40,000 | - | 1,174,081 | (1) | 248,100 | 9,919 | 451,002 | 129,122 | 2,052,224 |
| Gina Nieri | EXECUTIVE DIRECTOR | 40,000 | - | 1,123,477 | (1) | 165,825 | 9,930 | 411,327 | 96,842 | 1,847,401 |
| Niccolo' Querci | EXECUTIVE DIRECTOR | 40,000 | - | 1,221,563 | (1) | 270,078 | 18,148 | 476,311 | 52,455 | 2,078,555 |
| Stefano Guido Sala | EXECUTIVE DIRECTOR | 40,000 | - | 2,312,196 | (1) | 1,055,700 | 20,981 | 801,774 | 193,684 | 4,424,335 |
| | 1,200,000 | - | 6,217,520 | | 2,732,103 | 79,827 | 2,271,482 | 988,594 | 13,489,526 |
| Fedele Confalonieri | NON-EXECUTIVE DIRECTOR (Chair) | 60,000 | - | 1,920,000 | - | - | 20,470 | 19,144 | - | 2,019,614 |
| Patrizia Arienti (5) | NON-EXECUTIVE DIRECTOR | 20,000 | 20,000 | - | - | - | - | - | - | 40,000 |
| Stefania Bariatti | NON-EXECUTIVE DIRECTOR | 40,000 | 50,000 | - | - | - | - | 3,600 | - | 93,600 |
| Marina Berlusconi | NON-EXECUTIVE DIRECTOR | 40,000 | - | - | - | - | - | - | - | 40,000 |
| Marina Brogi | NON-EXECUTIVE DIRECTOR | 40,000 | 55,000 | - | - | - | - | 4,186 | - | 99,186 |
| Consuelo Crespo Bofill(5) | NON-EXECUTIVE DIRECTOR | 20,000 | 20,000 | 30,000 | - | - | - | - | - | 70,000 |
| Raffaele Cappiello(4) | NON-EXECUTIVE DIRECTOR | 20,000 | 10,000 | - | - | - | - | 2,400 | - | 32,400 |
| Javier Diez de Polanco(5) | NON-EXECUTIVE DIRECTOR | 20,000 | 20,000 | 30,000 | - | - | - | - | - | 70,000 |
| Costanza Esclapon De Villeneuve(4) | NON-EXECUTIVE DIRECTOR | 20,000 | 15,000 | - | - | - | - | - | - | 35,000 |
| Giulio Gallazzi | NON-EXECUTIVE DIRECTOR | 40,000 | 30,000 | - | - | - | - | 14,016 | - | 84,016 |
| Danilo Pellegrino(2) | NON-EXECUTIVE DIRECTOR | 40,000 | - | - | - | - | - | - | - | 40,000 |
| Alessandra Piccinino | NON-EXECUTIVE DIRECTOR | 40,000 | 50,000 | - | - | - | - | 18,400 | - | 108,400 |
| Carlo Secchi(4) | NON-EXECUTIVE DIRECTOR | 20,000 | 20,000 | - | - | - | - | 19,200 | - | 59,200 |
| | 420,000 | 290,000 | 1,980,000 | | - | 20,470 | 80,946 | - | 2,791,416 |
| | 1,620,000 | 290,000 | 8,197,520 | | 2,732,103 | 100,297 | 2,352,428 | 988,594 | 16,280,942 |
(1) Includes the Fixed Remuneration as an employee, the Non-Competition Agreement and the emoluments received in subsidiaries of MFE(2) Payment order in favour of Fininvest Spa(3) For Group employees, this includes a TFR (post-employment benefit plan) indemnity equal to 6.90% of the total remuneration as established by Italian law(4) In office until 19 June 2024(5) In office since 19 June 2024
17. GUARANTEES AND COMMITMENTSGuarantees include both the guarantees given and those received by the company. The guarantees given refer to those provided by the Group for the its own or third-party obligations. The guarantees received refer to those provided by third parties for the benefit or in the interest of the Group. The guarantees given and received by the company include personal guarantees (sureties, endorsements) and real guarantees (liens, mortgages). Guarantees given are recognised at the moment the company gives the guarantee.
Commitments are obligations assumed by the company towards third parties, which originate from legal transactions that have certain mandatory effects but have not yet been performed by either party (so-called deferred performance contracts). Nevertheless, these can significantly affect the company's equity and financial position, and it is useful to bear them in mind when evaluating this position. Commitments include future commitments of certain performance and amount, and future commitments of certain performance but uncertain amount. Commitments are initially recognised at the nominal value inferred from the transaction documents.
The amounts of guarantees and commitments are re-determined at each reporting date.
The overall amount of guarantees received, mainly bank guarantees, for receivables from third parties totalled EUR 8.5 million (EUR 7.1 million at 31 December 2024).
In addition, bank guarantees in favour of third-party companies were issued for a total amount of EUR 90.7 million (EUR 90.4 million at 31 December 2024), almost entirely referring to the Mediaset Espa\u00f1a Group. The main commitments of the Group companies can be summarised as follows:
\u2212commitments for the acquisition of television and movie broadcasting rights (free and pay), totalling EUR 1,880.9 million (EUR 579.4 million at 31 December 2024) of which EUR 1,518.6 million relate to P7S1. These future commitments relate mainly to volume deal contracts of the Group with some of the leading American TV producers.
\u2212EUR 13.4 million to associates for the acquisition of content, sport events and rental contracts (EUR 5.8 million at 31 December 2024).
\u2212commitments for artistic projects, television productions and press agency contracts of approximately EUR 146.9 million (EUR 210.3 million at 31 December 2024), of which EUR 93.3 million due to Related Parties;
\u2212commitments for digital broadcasting capacity services of EUR 32.6 million (EUR 10.4 million at 31 December 2024);
\u2212EUR 86.0 million in contractual commitments for satellite capacity use (EUR 7.9 million at 31 December 2024).
\u2212commitments to the EI Towers Group of approximately EUR 806.5 million (EUR 903.0 million at 31 December 2024) relating to the renewal of the long-term contract for hospitality, support and maintenance services (full service) in effect from 1 July 2025 to 30 June 2032, as reported in the significant events for the year;
\u2212commitments (out of scope of IFRS 16) for the purchase of new equipment, multi-year leases, rental of high-frequency towers, the supply of EDP services, cloud services, supply and service contracts in connection with the New Corporate Campus building in the Unterf\u00f6hring and commitments to trade associations for the use of intellectual property rights totalling EUR 337.6 million (EUR 129.3 million at 31 December 2024).
",
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"value": "Guarantees include both the guarantees given and those received by the company. The guarantees given refer to those provided by the Group for the its own or third-party obligations. The guarantees received refer to those provided by third parties for the benefit or in the interest of the Group. The guarantees given and received by the company include personal guarantees (sureties, endorsements) and real guarantees (liens, mortgages). Guarantees given are recognised at the moment the company gives the guarantee.
Commitments are obligations assumed by the company towards third parties, which originate from legal transactions that have certain mandatory effects but have not yet been performed by either party (so-called deferred performance contracts). Nevertheless, these can significantly affect the company's equity and financial position, and it is useful to bear them in mind when evaluating this position. Commitments include future commitments of certain performance and amount, and future commitments of certain performance but uncertain amount. Commitments are initially recognised at the nominal value inferred from the transaction documents.
The amounts of guarantees and commitments are re-determined at each reporting date.
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"v1-page409-cflshid_162994-tag138274": {
"value": "18. SUBSEQUENT EVENTS AFTER 31 DECEMBER 2025Starting January 1, 2026, under a strategic agreement with Squirrel, Publiespa\u00f1a, the advertising agency of Grupo Audiovisual Mediaset Espa\u00f1a, will exclusively manage the sale of advertising space for the three DTT channels produced by that company: Squirrel, Squirrel Dos, and BOM Cine. On February 16, 2026, Publiespa\u00f1a also reached an agreement with Warner Bros. to integrate the Discovery Channel, Eurosport 1, Eurosport 2, Warner TV, TCM, and DMAX channels into its commercial offering, starting June 1, 2026. These agreements enable the Group to further expand and diversify its commercial spanish portfolio of free-to-air television platforms, with the addition of new channels characterized by a specialized content strategy in cinema, fiction and entertainment, and to offer advertisers and media agencies new opportunities to optimize coverage, affinity and segmentation within the DTT (Digital Television) and Connected Television (CTV) ecosystems.
With the effective date of February 2, 2026, P7S1 completed the sale of the online weather portal wetter.com The sale resulted in a cash inflow of EUR 58 million. Furthermore, an agreement was signed on March 18, 2026, for the sale of all shares in Kairion and esome. In addition, during the period from January 2026 to March 2026, the ProSiebenSat.1 Group completed the sale of all shares held in Xplora with a cash inflow of EUR 4 million. The assets and liabilities pertaining to all these companies was reported as assets held for sale and liabilities related to assets held for sale at 31 December 2025.
On 10 March 2026, following the investment agreement previously entered into with Impresa \u2013 Sociedade Gestora de Participa\u00e7\u00f5es Sociais, S.A. (\u201cImpresa\u201d) and Impreger \u2013 Sociedade Gestora de Participa\u00e7\u00f5es Sociais, S.A. (\u201cImpreger\u201d), MFE-MEDIAFOREUROPE N.V. (\u201cMFE\u201d) subscribed for newly issued Impresa shares representing 32.934% of Impresa\u2019s share capital and voting rights (the \u201cInvestment Agreement\u201d and, taken together, the \u201cTransaction\u201d).
Impresa is a Portuguese media and entertainment group listed on Euronext Lisbon, with a leading position in Portugal and other Portuguese-speaking markets worldwide. Following the Transaction, Impresa will retain a diversified shareholder base.
Based on the latest publicly available annual accounts for the year ending 31 December 2025, Impresa achieved consolidated revenues of EUR 181.8 million and EBITDA of EUR 18.8 million, with total interest-bearing net debt of EUR 126.9 million.
The Transaction was subject to certain conditions, fulfilled on the same date, including formal confirmation from the CMVM that neither the Transaction nor the shareholders\u2019 agreement (as defined below) constitutes arrangements under which MFE and Impreger may be deemed to be acting in concert to exercise control over Impresa, and that, accordingly, no obligation arises to launch a mandatory public offer.
MFE and Impreger entered into a shareholders\u2019 agreement governing certain aspects of their rights and obligations as shareholders of Impresa, particularly in relation to the governance of the latter.
The share capital increase was reserved for MFE for approximately EUR 17.3 million, through the issue of 82,500,000 new shares at EUR 0.21 per share. This price equals the volume-weighted average price of Impresa shares for the six months to 15 October 2025 (inclusive), as set out in the Investment Agreement.
In accordance with the terms of the Investment Agreement and the Shareholders\u2019 Agreement, Impreger, led by the Balsem\u00e3o family and holding 33.738% of Impresa\u2019s share capital and voting rights, will retain control of Impresa, while the remaining shares and voting rights (33.328%) constitute the free float.
The Transaction marks the start of a close collaboration between Impresa and MFE, based on a shared industrial vision and a commitment to long-term value creation, with a focus on growth in the pan-European media and entertainment sector.
Following agreements entered into on 9 December 2025, RadioMediaset which already held a 15% stake, acquired an additional 68.76% interest in Genetiko Communication S.p.A. the company that controls Radio Norba a leading broadcaster in Southern Italy, recognised for its editorial quality and strong local presence, as well as, for organising music event such as Battiti Live. Upon completion of the transaction, Radio Mediaset therefore holds 83.76% of Genetiko, Montrone holds 10%, and the remaining stake (6.24%) is held by minority shareholders. Through this acquisition, the Group expands its radio network, which already includes Radio 105, Virgin Radio, R101, Radio Monte Carlo and Radio Subasio, becoming the leading Italian radio group by audience share, with 42.9% in average daily reach, and further strengthening its national positioning. The integration of the new broadcaster will enable the development of new editorial projects and the creation of operating synergies\u2014also supported by the longstanding experience of Marco Montrone, who will retain his operational role and position as Chief Executive Officer\u2014both in the optimisation of frequency management and in the more effective enhancement of commercial strategies for advertising sales. The consideration for the acquisition amounts to EUR 14.7 million, subject to adjustment based on the pro\u2011quota net financial position as reported in the Company\u2019s approved financial statements as at 31 December 2025.On 11 March 2026, Mediaset Espa\u00f1a reached agreement with DAZN (the Formula 1 rights holder) and MotoGP Sports Entertainment Group to broadcast some of the major races of the Spanish motorsport calendar on free-to-air television. The agreement will allow fans to watch, free of charge, the two Spanish rounds of the Formula 1 World Championship (the Madrid ES Grand Prix and the Spanish Grand Prix at the Barcelona-Catalunya Circuit) \u2013 among the most eagerly awaited races of the season \u2013 as well as three MotoGP World Championship races.
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