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The financial statements on pages 77 to 206 were approved and authorised for issue by the Board of Directors on 25 March 2026. The financial statements were signed on behalf of the Company\u2019s Board of Directors by Lass\u00e2ad Ben Dhiab and Faker Hnid as per the Directors\u2019 Declaration on ESEF Annual Financial Report submitted in conjunction with the Annual Financial Report 2025.
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1.Summary of material accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
1.1 Basis of preparation
The consolidated financial statements include the financial statements of GO p.l.c. (GO) and its subsidiaries and are prepared in accordance with the requirements of International Financial Reporting Standards (IFRSs) as adopted by the EU and with the requirements of the Maltese Companies Act (Cap. 386). They have been prepared under the historical cost convention, except as modified by the fair valuation of certain financial instruments and the land and buildings class within property, plant and equipment. Unless otherwise stated, all financial information presented has been rounded to the nearest thousand.
\u00a0
The preparation of financial statements in conformity with IFRSs as adopted by the EU requires the use of certain accounting estimates. It also requires Directors to exercise their judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 3.
Financial position of the Group and the Group\u2019s cash flow forecasting process
As at 31 December 2025, the Group\u2019s and the Company\u2019s current liabilities exceeded its current assets by \u20ac46.6 million and \u20ac20 million, respectively (Group 2024: \u20ac42.1 million, Company 2024: \u20ac9.5 million). Management of the Group and Company attribute part of this position due to the structuring of the cost base of the Group\u2019s and Company\u2019s operations, whereby a portion of expenses are committed to in advance and hence are captured in the payables as at year-end. These liabilities include current lease liabilities amounting to \u20ac7.3m and \u20ac3.6m for Group and Company respectively (Group 2024: \u20ac7.8 million, Company 2024: \u20ac4.5 million), as well as payments relating to broadcasting rights classified as intangible assets amounting to \u20ac5.6 million for the Group and \u20ac1.4 million for the Company.
Furthermore, the Group and Company have significant unfulfilled performance obligations, in relation to contracted revenue, to be recognised within the next 12 months amounting to \u20ac100.8 million for the Group and \u20ac47.1 million for the Company (Group 2024: \u20ac78.3 million, Company 2024: \u20ac38.2 million). Upon fulfilment, these obligations are expected to generate cash inflows of the same amount which will enable the Group and Company to manage effectively its forecasted cash flows and liquidity needs.
\u00a0
The above-mentioned factors have been reflected in base case projections for profitability and cashflows prepared by Management extending beyond the 12 months from the date of reporting of these financial statements. Furthermore, as disclosed in Note 18, the Group and Company have unutilised banking facilities amounting to \u20ac11 million, which are considered in the context of the Group\u2019s liquidity management programme. These factors are embedded within the Group and Company\u2019s cash flow forecasts.
\u00a0
The Group and Company\u2019s profitability and cashflow projections indicate that enough resources are available to cover their commitments, including the bond coupon for the next 12 months and to continue operating as a going-concern.
Standards, interpretations and amendments to published standards effective in 2025
In 2025, the Group and Company adopted amendments to existing standards that are mandatory for the Group and Company\u2019s accounting period beginning on 1 January 2025. The adoption of these revisions to the requirements of IFRSs as adopted by the EU did not result in changes to the Group and Company\u2019s accounting policies impacting the financial performance and position.
Standards, interpretations and amendments to published standards that are not yet adopted
Certain new standards, amendments and interpretations to existing standards have been published by the date of authorisation for issue of these financial statements but are mandatory for the Group\u2019s accounting periods beginning after 1 January 2025.
The Group has not early adopted these revisions to the requirements of IFRSs as adopted by the EU and the Directors are of the opinion that there are no requirements which will have a possible material impact on the Group\u2019s and Company\u2019s financial statements in the period of initial application, other than what is described below.
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 (effective for annual periods beginning
on or after 1 January 2027)
IFRS 18 (issued on 9 April 2024) was endorsed for use in the European Union on 16 February 2026 and is set to replace IAS 1 Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related to the statement of financial performance. IFRS 18 will also require the disclosure of management-defined performance measures within the financial statements.
Management is currently assessing the detailed implications of applying the new standard on the Group\u2019s and Company\u2019s financial statements.
The new standard will be applicable from its mandatory effective date of 1 January 2027, with retrospective application, meaning that comparative information will be restated to reflect the new presentation and disclosure requirements introduced.
1.2Consolidation
(a)Subsidiaries
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. The Group also assesses existence of control where it does not have more than 50% of the voting power but is able to govern the financial and operating policies by virtue of de-facto control. De-facto control may arise in circumstances where, for instance the size of the Group\u2019s voting rights relative to the size and dispersion of holdings of other shareholders give the Group the power to govern the financial and operating policies. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases.
The Group applies the acquisition method of accounting to account for business combinations that fall within the scope of IFRS 3. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed (identifiable net assets) in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets.
Goodwill is initially measured as the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired. If this is less than the fair value of the identifiable net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in profit or loss.
Upon consolidation, inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated but considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries are changed where necessary to ensure consistency with the policies adopted by the Group.
(b)Transactions with non-controlling interests
The Group treats transactions with non-controlling interests, where the acquisition or disposal of partial interests in a subsidiary has no impact on the Group\u2019s ability to control the subsidiary\u2019s financial and operating policies, as transactions with equity owners of the Group. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of the identifiable net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
Put options written over non-controlling interests
When the Company (as parent) writes a put option that gives a non-controlling interest (NCI) holder the right to require the Company to purchase its shares in a subsidiary for cash or another financial asset, the Company recognises a financial liability for the present value of the redemption amount. This liability is recognised from inception of the contract, even if settlement is conditional on the option being exercised by the holder.
In accordance with IFRS 10, the initial recognition of this redemption liability is recorded as a deduction from equity attributable to owners of the parent, to the extent that the risks and rewards of ownership of the NCI shares are assessed to remain with the NCI. Where the risks and rewards of ownership are assessed to transfer to the parent, the liability is recognised as a reduction of NCI.
The liability is subsequently measured in accordance with IFRS 9, with finance costs (including the unwinding of discount) recognised in profit or loss. Adjustments to the liability that relate to changes in the parent\u2019s ownership interest in the subsidiary, without loss of control, are recognised directly in equity in accordance with IFRS 10.
(c) Disposal of subsidiaries
When the Group ceases to have control, any retained interest in the entity is remeasured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.
(d) Associates
Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting in the consolidated financial statements. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss of the investee after the date of acquisition. The Group\u2019s investment in associates includes goodwill identified on acquisition.
If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income is reclassified to profit or loss where appropriate.
The Group\u2019s share of post-acquisition profit or loss is recognised in the income statement, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment.
When the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate.
The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognises the amount adjacent to \u2018share of profit/(loss) of associates\u2019 in the income statement.
Profits and losses resulting from upstream and downstream transactions between the Group and its associates are recognised in the Group\u2019s financial statements only to the extent of unrelated investor\u2019s interests in the associates. Unrealised losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group.
Dilution gains and losses arising in investments in associates are recognised in the income statement.
1.3Segment reporting
The Group determines and presents operating segments based on the information that internally is provided to the Board of Directors, which is the Group\u2019s chief operating decision-maker in accordance with the requirements of IFRS 8, Operating Segments.
An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group\u2019s other components, and for which discrete financial information is available. An operating segment\u2019s operating results are reviewed regularly by the Board of Directors to make decisions about resources to be allocated to the segment and to assess its performance executing the function of the chief operating decision-maker.
1.4Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in euro, which is the Company\u2019s functional and presentation currency.
1.5Property, plant and equipment
All property, plant and equipment is initially recorded at historical cost. Land and buildings comprise various exchanges, offices and outlets around the Maltese islands. Land and buildings are shown at fair value based on periodic, but at least triennial, valuations by external independent valuers, less subsequent depreciation for buildings. Valuations are carried out on a regular basis such that the carrying amount of property does not differ materially from that which would be determined using fair values at the end of the reporting period. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset, and the net amount is restated to the revalued amount of the asset.
All other property, plant and equipment is stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are located, and capitalised borrowing costs. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.
Borrowing costs which are incurred for the purpose of acquiring or constructing a qualifying asset are capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction is actively underway. Capitalisation of borrowing costs is ceased once the asset is substantially complete, and is suspended if the development of the asset is suspended.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred.
Costs related to customer premises equipment (set-top boxes and modems) and TV installations provided for free to subscribers are capitalised within property, plant and equipment.
Increases in the carrying amount arising on revaluation of land and buildings are credited to other comprehensive income and shown as a revaluation reserve in shareholders\u2019 equity. Decreases that offset previous increases of the same individual asset are charged in other comprehensive income and debited against the revaluation reserve directly in equity; all other decreases are charged to profit or loss. Any subsequent increases are recognised in profit or loss up to the amount previously charged to profit or loss, and then reflected in other comprehensive income and shown as a revaluation reserve.
An external, independent valuer, having appropriate recognised professional qualifications and recent experience in the location and category of property being valued, values the Group\u2019s property portfolio at periodical intervals. The fair values are based on market values, being the estimated amount or price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. In the absence of current prices in an active market, the valuations are prepared by considering the aggregate of the estimated cash flows expected to be received from renting out the property. A yield that reflects the specific risk inherent in the net cash flows is then applied to the net annual cash flows to arrive at the property valuation.
Land is not depreciated as it is deemed to have an indefinite life. Depreciation on other assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful life. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term.
The rates of depreciation used for the current and comparative periods are as follows:
%
Land and buildings2 - 3
Buildings3 \u2013 10
Improvements to leasehold premises
Plant and equipment
Cable, wireless and mobile networks4 \u2013 33.33
Subscribers\u2019 equipment and line8 - 20
Exchange and junction equipment8.33 - 20
Radio plant and equipment6 \u2013 20
Other plant, machinery and equipment7 - 30
Office furniture and equipment10 - 25
Air conditioning equipment10 - 20
Earth station6.7 - 7
Computer equipment20 \u2013 33.33
DTTV platform10 - 50
Customer premises equipment and related assets25 - 50
Motor vehicles10 - 35
The assets\u2019 residual values and useful lives are reviewed and adjusted if appropriate, at the end of each reporting period. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount (Note 1.7). Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount and are recognised in profit or loss.
When revalued assets are sold, the amounts included in the revaluation reserve relating to the asset are transferred to retained earnings.
1.6Intangible assets
(a)Indefeasible rights of use
Indefeasible rights of use (IRUs) and Droit de Passage (DDPs) correspond to the right to use a portion of the capacity of a terrestrial or submarine transmission cable granted for a fixed period. IRUs are recognised as an asset when the Group has the specific indefeasible right to use an identified portion of the underlying asset, generally optic fibres, or dedicated wavelength bandwidth, and the duration of the right is for the major part of the underlying asset\u2019s economic life. They are depreciated over the shorter of the expected period of use and the life of the contract.
(b)Computer software
The Group\u2019s computer software comprises software developed by Group entities and software acquired by Group entities. Costs associated with maintaining computer software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets when the following criteria are met:
-it is technically feasible to complete the software product so that it will be available for use;
-management intends to complete the software product and use or sell it;
-there is an ability to use or sell the software product;
-it can be demonstrated how the software product will generate probable future economic benefits;
-adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and
-the expenditure attributable to the software product during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the software product include the software development employee costs and an appropriate portion of relevant overheads.
Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.
Computer software development costs recognised as assets are amortised over their estimated useful lives.
(c)Goodwill
Goodwill represents the excess of the consideration transferred over the fair value of the Group\u2019s share of the identifiable net assets of the acquired subsidiary at the date of acquisition. Goodwill on acquisitions of subsidiaries is included in \u2018intangible assets\u2019.
Goodwill that is recognised separately within \u2018intangible assets\u2019 is carried at cost less accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units (CGUs) or groups of CGUs that are expected to benefit from the synergies of the business combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes.
A cash-generating unit to which goodwill has been allocated is tested for impairment annually, and also whenever there is an indication that the unit may be impaired, by comparing the carrying amount of the unit, including the goodwill, with the recoverable amount of the unit. The recoverable amount is the higher of fair value less costs to sell and value in use. Impairment losses on goodwill are not reversed.
(d)Licences
Separately acquired licences are shown at historical cost. Licences acquired in a business combination are recognised at fair value at the acquisition date. Licences have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost of licences over their estimated useful lives. Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortised over their estimated useful lives.
(e)Brand names
Brand names acquired in a business combination are recognised at fair value at the acquisition date. These assets have a finite useful life and are carried at cost less accumulated amortisation, which amortisation is calculated using the straight-line method over the expected life of the brand. The fair value of the brand names acquired in a business combination is based on the discounted estimated royalty payments that have been avoided as a result of the trademark being owned.
(f)Customer relationships
Contractual customer relationships acquired in a business combination are recognised at fair value at the acquisition date. The contractual customer relations have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method over the expected life of the customer relationship. The fair value of customer relationships acquired in a business combination is determined using the multi-period excess earnings method, whereby the subject asset is valued after deducting a fair return on all other assets that are part of creating the related cash flows.
(g) Broadcasting rights
Broadcasting rights represent the payments made in relation to acquiring rights to broadcast various television networks or events. Amortisation is calculated using the straight-line method to allocate the cost of these rights over their contractual life. Premium TV content such as film or sports broadcasting rights are recognised in the statement of financial position when they are contracted and expensed when broadcast. The cost of premium TV content is recognised in profit or loss on the first broadcast, or where the rights are for a period, seasons or competitions, such rights are principally recognised on a straight-line basis across the period, seasons or competitions.
These intangible assets are initially recognised including the fair value of the future contingent payments at acquisition, and a financial liability is recognised at the same fair value, under the financial liability model. Subsequently, the financial liability is measured at amortised cost, under the requirements of IFRS 9. The Group adjusts the carrying amount of the financial liability to reflect actual and updated estimated cash flows whenever the cash flow estimates are revised. The Group recalculates the carrying amount of the liability by computing the present value of estimated future cash flows at the financial instrument\u2019s original effective interest rate. Subsequent changes in the measurement of the liability are unrelated to the cost of the asset and accordingly, the adjustment is recognised in profit or loss.
(h) Technical knowledge
Technical knowledge acquired or developed to a plan or design for the production of new or substantially improved products and processes is capitalised if the product or process is technically and commercially feasible and the Group has sufficient resources to complete development. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Capitalised expenditure on technical knowledge is stated at cost less accumulated amortisation and accumulated impairment losses.
(i)Other intangible assets
Other intangibles include the customer bases acquired by the Group. They have finite useful lives and are measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation
Amortisation is calculated using the straight-line method to allocate the cost of the intangible assets to their residual value over their estimated useful lives as follows:
Years
Indefeasible rights of use (IRUs)4.75 - 25
Computer software3 - 10
Licences2 - 15
Brand names6 - 15
Customer relationships5
Technical knowledge2 - 15
Broadcasting rightsover the period of rights
The assets\u2019 residual values and useful lives are reviewed and adjusted as appropriate, at the end of each reporting period.
1.7Impairment of non-financial assets
Assets that have an indefinite useful life, for example goodwill or certain intangible assets, are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period.
Goodwill that forms part of the carrying amount of an investment in a joint venture is not recognised separately, and therefore is not tested for impairment separately. Instead, the entire amount of the investment in a joint venture is tested for impairment as a single asset when there is objective evidence that the investment in a joint venture may be impaired.
1.8Financial assets
Classification
The Group classifies its financial assets in the following measurement categories:
-those to be measured subsequently at fair value (either through Other Comprehensive Income, or through profit or loss), and
-those to be measured at amortised cost.
The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or Other Comprehensive Income (OCI). For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments when and only when its business model for managing those assets changes.
Recognition and derecognition
The Group recognises a financial asset in its statement of financial position when it becomes a party to the contractual provisions of the instrument.
Regular way purchases and sales of financial assets are recognised on settlement date, the date on which an asset is delivered to or by the Group. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership or has not retained control of the asset.
Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.
Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.
Debt instruments
Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the Group classifies its debt instruments:
-Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the statement of profit or loss, subject to materiality.
-FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets\u2019 cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are recognised in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in other gains/(losses).
Interest income from these financial assets is included in finance income using the effective interest rate method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment losses are presented as a separate line item in the statement of profit or loss.
-FVPL: assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognised in profit or loss and presented net within other gains/(losses) in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group\u2019s management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss when the Group\u2019s right to receive payments is established.
Changes in the fair value of financial assets at FVPL are recognised in other gains/(losses) in the income statement as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value.
Impairment
The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables and contract assets, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
For all other financial assets that are subject to impairment under IFRS 9, the Group applies a three-stage model for impairment, based on changes in credit quality since initial recognition. A financial asset that is not credit impaired on initial recognition is classified in stage 1.
Financial assets in stage 1, have their expected credit loss measured at an amount equal to the portion of lifetime expected credit loss that results from default events possible within the next 12 months, or until contractual maturity if shorter. If the Group identifies a significant increase in credit risk since initial recognition, the asset is transferred to stage 2 and its expected credit loss is measured on a lifetime basis, that is up until contractual maturity. If the Group determines that a financial asset is credit impaired, the asset is transferred to stage 3 and the expected credit loss is measured on a lifetime credit loss basis.
1.8.1Trade and other receivables
Trade receivables comprise amounts due from customers for services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less expected credit loss allowances.
Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.
1.8.2Cash and cash equivalents
In the statement of cash flows, cash and cash equivalents includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the statement of financial position.
1.9Inventories
Goods held for resale and other inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted-average cost method, and comprises the invoiced value of goods, including transport and handling costs. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.
1.10Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.
1.11Financial liabilities
The Group recognises a financial liability in its statement of financial position when it becomes a party to the contractual provisions of the instrument. The Group\u2019s financial liabilities, other than derivative contracts, are classified as financial liabilities measured at amortised cost, i.e. not at fair value through profit or loss under IFRS 9. Financial liabilities not at fair value through profit or loss are recognised initially at fair value, being the fair value of consideration received, net of transaction costs that are directly attributable to the acquisition or the issue of the financial liability. These liabilities are subsequently measured at amortised cost. The Group derecognises a financial liability from its statement of financial position when the obligation specified in the contract or arrangement is discharged, is cancelled or expires.
1.11.1 Trade and other payables
Trade payables comprise obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the Group\u2019s expectations or events after the reporting date
\u00a0
Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
1.11.2 Borrowings
Borrowings are recognised initially at the fair value of proceeds received, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the period of the borrowings using the effective interest method. Borrowings are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the Group\u2019s expectations or events after the reporting date
1.12Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously.
1.13Current and deferred tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
The current tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date.
Deferred tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realised, or the deferred tax liability is settled.
Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
1.14Provisions for legal and other claims
Provisions for legal and other claims are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses.
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
1.15Revenue recognition
Revenues include all revenues from the ordinary business activities of GO. Ordinary activities do not only refer to the core business but also to other recurring sales of goods or rendering of services. Revenues are recorded net of value added tax. GO\u2019s business includes mobile services, broadband access to the fixed network and the internet, television, connection, and roaming fees billed to other mobile operators (wholesale business), and sales of mobile handsets, other telecommunications equipment, and accessories.
(a)Sale of goods and services
Revenues are recognised in accordance with the provision of goods or services, provided that collectability of the consideration is probable.
IFRS 15 requires that at contract inception the goods or services promised in a contract with a customer are assessed and each promise to transfer to the customer the good or service is identified as a performance obligation. Promises in a contract can be explicit or implicit if the promises create a valid expectation to provide a good or service based on the customary business practices, published policies, or specific statements.
A contract asset must be recognised if GO recorded revenue for fulfillment of a contractual performance obligation before the customer paid consideration or before \u2013 irrespective of when payment is due \u2013 the requirements for billing and thus the recognition of a receivable exist.
A contract liability must be recognised when the customer paid consideration or a receivable from the customer was due before GO fulfilled a contractual performance obligation and thus recognised revenue.
Multiple-element arrangements involving the delivery or provision of multiple products or services must be separated into distinct performance obligations, each with its own separate revenue contribution that is recognised as revenue on fulfillment of the obligation to the customer. This especially concerns the sale of a mobile handset or other telecommunications equipment combined with the conclusion of a mobile or fixed-network telecommunications contract. The total transaction price of the bundled contract is allocated among the individual performance obligations based on their relative \u2013 possibly estimated \u2013 stand-alone selling prices, i.e., based on a ratio of the stand-alone selling price of each separate element to the aggregated stand-alone selling prices of the contractual performance obligations. As a result, the revenue to be recognised for products (often delivered in advance) such as mobile handsets that are sold at a subsidised or nil price in combination with a long-term service contract is higher than the amount billed or collected.
This leads to the recognition of a contract asset \u2013 a receivable arising from the customer contract that has not yet legally come into existence \u2013 in the statement of financial position. The contract asset is reversed and reduced over the remaining minimum contract period, lowering revenue from the other performance obligations (in this case mobile service revenues) compared with the amounts billed. In contrast to the amounts billed, this results in higher revenue from the sale of goods and lower revenue from the provision of services.
Customer activation fees and other advance one-time payments by the customer that do not constitute consideration for a separate performance obligation are classified as contract liabilities and are deferred and recognised as revenue over the minimum contract term or, in exceptional cases (e.g., in the case of contracts that can be terminated at any time) over the expected contract period. The same applies to fees for installation and set-up activities that do not have an independent value for the customer.
As distinct from promotional offers, options to purchase additional goods or services free of charge or at a discount are separate performance obligations (material rights) for which part of the revenue is deferred as a contract liability until the option is exercised or expires, providing the discount on future purchases is an implicit component of the consideration for the current contract and is also significant. The measure of significance is whether the decision by the (average) customer to enter into the current contract is likely to have been significantly influenced by their right to the future discount.
IFRS 15 provides more detailed guidance on how to account for contract modifications. Changes must be accounted for either as a retrospective change (creating either a catch-up or deferral of previously recorded revenues), prospectively with a reallocation of revenues amongst identified performance obligations, or prospectively as separate contracts which will not require any reallocation.
Service offers
GO proposes to customers a range of fixed and mobile telephone services, fixed and mobile internet access services and content offers (TV). Contracts are for a fixed term (generally 24 months). Revenue generated from the use of voice and data communications (comprising fixed and wireless traffic) as well as television is recognised upon rendering of the agreed service, based on use by customers (e.g. call minutes, minutes of traffic or bytes of data processed) or availability over time period (e.g. monthly service costs).
Revenue from calls and messaging is recognised at the time the call or message is effected over the Group\u2019s network. For prepaid traffic, the amount of unused traffic generates deferred revenue presented in \u2018Contract liabilities\u2019 on the statement of financial position. Revenue from the sale of prepaid credit is deferred until such time as the customer uses the credit or credit expires.
Revenues from traffic sales and services at a fixed rate over a specified period of time (flat rate) are recognised on a straight-line basis over the term covered by the rate paid by the customer. For service contracts with a continuous service provision, the contractually agreed total consideration is generally recognised as revenue on a straight-line basis over the minimum contract term, regardless of the payment pattern.
Fees consisting primarily of monthly charges for access to broadband, other internet access and connected services, TV, and voice services, are recognised as revenue as the service is provided.
Contracts with customers generally do not include a material right, as the price invoiced for contracts and the services purchased and consumed by the customer beyond the specific scope (e.g. additional consumption and options) generally reflect their stand-alone selling prices. Service obligations transferred to the customer at the same pace are treated as a single obligation.
When contracts include contractual clauses covering commercial discounts (initial discount on signature of the contract) or free offers (e.g. three months of subscription free of charge), the Group defers these discounts or free offers over the enforceable period of the contract (period during which the Group and the customer have a firm commitment).
If the performance obligations are not classified as distinct, the offer revenue is recognised on a straight-line over the contract term.
Wholesale services offers
Where contract services are not covered by a firm volume commitment, revenue is recognised as the services are provided (which corresponds to transfer of control) over the contractual term. Where under contracts, the price, volume, and term are defined, related revenue is recognised progressively based on actual traffic during the period, to reflect transfer of control to the customer. Revenue arising from the interconnection of voice and data traffic between other telecommunications operators is recognised at the time of transit across the Group\u2019s network. Interconnection revenues are recognised in the period in which the calls are made or traffic used.
Separate equipment and device sales
Equipment and devices sales (including mobile phones, solar panels and other home products) may be separate from, or bundled with, a service offer. When separate from a service offer, the amount invoiced is recognised in revenue on delivery and receivable immediately. Revenue and expenses associated with the sale of equipment are recognised when the products are delivered, provided there are no unfulfilled Company obligations that affect the customer\u2019s final acceptance of the arrangement.
GO does not propose bundled offers to its customers comprising equipment (e.g. a mobile handset) and services (e.g. a communication contract) whereby one of the components in the offer is not at its separate selling price. In such agreements, revenue is allocated to each component in proportion to their individual selling prices.
Sale of equipment and devices with deferred payment terms
The Group sells mobile devices and other equipment to customers under arrangements whereby control of the device transfers to the customer at contract inception, while payment for the device is deferred and collected in instalments over a contractual period of up to 36 months. Revenue from the sale of devices is recognised at a point in time, being when control of the device passes to the customer, which generally occurs upon delivery or installation, as this is when the customer obtains the ability to direct the use of, and obtain substantially all of the remaining benefits from, the device.
The Group recognises a contract asset for the amount of consideration allocated to the device, representing its unconditional right to consideration, which is subsequently settled through monthly customer billings over the contractual payment term.
Although consideration for the device is collected over a period of up to 36 months, the Group has assessed that the contract does not contain a significant financing component within the meaning of IFRS 15. This assessment is based on the following factors:
\u2022the device is sold at a price that is consistent with its cash selling price;
\u2022the payment terms are primarily intended to provide customers with payment flexibility and affordability rather than to provide financing; and
\u2022the difference between the amount of consideration promised and the cash selling price of the device is not significant.
Accordingly, no adjustment is made to the transaction price for the effects of the time value of money, and no interest income is recognised over the financing period.
Financing
The Group does not expect to have a significant number of contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for the time value of money.
Sale of licences
Revenue from sale of software licences is recognised upon activation. Sales are recognised as revenue when control of a software licence is transferred to the customer, upon activation, when the customer becomes able to direct the use of the software licence and obtains substantially all of the benefits from the licence.
The Group is the principal in a transaction with an end consumer if it obtains control of the specified good or service before it is transferred to the end consumer. When another party is involved in providing goods or services to the end consumer, the Group obtains control of one of the following:
-a good or another asset from the other party that it then transfers to the customers;
-a right to a service to be performed by the other party, which gives the Group the ability to direct that party to provide the service to the customer on the Group\u2019s behalf; or
-a good or service from the other party that it then combines with other goods or services in providing the specific good or service to the customer.
Payment of the transaction price is generally due immediately upon activation of the software licence. When the entire transaction price is not due immediately upon activation, a contract asset is recognised for that portion of the transaction price that has not yet been invoiced.
Sale of Data centre services
Revenue from providing services is recognised in the accounting period in which the services are rendered. For fixed-price service arrangements that require the Group to assume a stand-ready obligation to perform over a period of time, revenue is recognised on a straight-line basis over the contract period. For other fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously.
In relation to sale of services, the Group includes in the transaction price at contract inception, the amount of variable consideration to which it expects to be entitled. The Group includes some or all of an amount of variable consideration only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved.
If contracts for services include the installation of hardware, revenue for the hardware is recognised at a point in time when the hardware is delivered, the legal title has passed, and the customer has accepted the hardware.
In the case of contracts that give rise to stand-ready obligations, payment terms are generally structured in a manner to coincide with the delivery of the service. When payments exceed the services rendered, a contract liability is recognised.
In the case of other fixed-price contracts, the customer pays the fixed amount based on a payment schedule. If the services rendered exceed the payments, a contract asset is recognised. If the payments exceed the services rendered, a contract liability is recognised.
Estimates of revenues, costs or extent of progress towards completion are revised if circumstances change. Any resulting increases or decreases in estimated revenues or costs are reflected in profit or loss in the period in which the circumstances that give rise to the revision become known by management.
(b)Rental income
Rental income from investment property is recognised in profit or loss on a straight-line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the total rental income, over the term of the lease.
(c)Interest income
Interest income is recognised using the effective interest method.
(d)Dividend income
Dividend income is recognised when the right to receive payment is established.
1.16Contract costs
Contract costs comprise the incremental costs of obtaining a contract (mainly sales commission paid to employees and third-party resellers) and the costs to fulfill a contract. These must be capitalised if it can be assumed that the costs will be compensated by future revenue from the contract. Incremental costs of obtaining a contract are additional costs that would have not been incurred had the contract not been concluded. Costs to fulfill a contract are costs relating directly to a contract that are incurred after contract inception and serve the purpose of fulfilling the contract but are incurred prior to fulfillment and cannot be capitalised under any other standard. GO makes use of the option to immediately recognise contract costs as an expense if the amortisation period of the asset it would have recognised in respect of them, would not have exceeded a year.
The costs of obtaining service contracts are capitalised and released to profit or loss on a straight-line basis over the enforceable contract term or over the estimated period of the customer relationship, if shorter.
Costs to fulfil a contract, when they qualify as non-distinct from the performance obligation, are capitalised and costs incurred are recorded on a time-apportioned basis over the effective period of the contract. The assumptions underlying the period over which the costs of fulfilling a contract are expensed are periodically reviewed and adjusted in line with observations; termination of the contractual relationship with the customer results in the immediate expensing of the remaining deferred costs. Where the carrying amount of deferred costs exceeds the remaining consideration expected to be received for the transfer of the related goods and services, less expected costs relating directly to the transfer of these goods and services still to be incurred, the excess amount is similarly immediately expensed.
1.17Customer contract assets and liabilities
The timing of revenue recognition may differ from customer invoicing. Trade receivables presented in the statement of financial position represent an unconditional right to receive consideration (primarily cash), i.e. the services and goods promised to the customer have been transferred.
By contrast, contract assets mainly refer to amounts allocated per IFRS 15 as compensation for goods or services provided to customers for which the right to collect payment is subject to providing other services or goods under that same contract. This is the case in a bundled offer combining the sale of a mobile phone and mobile communication services for a fixed-period, where the mobile phone is invoiced at a reduced or nil price leading to the reallocation of a portion of amounts invoiced for telephone communication services to the supply of the mobile phone. The excess of the amount allocated to the mobile phone over the price invoiced is recognised as a contract asset and transferred to trade receivables as the service is invoiced. Contract assets, like trade receivables, are subject to impairment for credit risk. The recoverability of contract assets is also verified, especially to cover the risk of impairment should the contract be interrupted.
Contract liabilities represent amounts paid by customers before receiving the goods and/or services promised in the contract. This is typically the case for advances received from customers or amounts invoiced and paid for goods or services not transferred yet, such as contracts payable in advance or prepaid packages (previously recognised in deferred income).
1.18Leases
The Group is the lessee
At inception of a contract, an entity shall assess whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:
-fixed payments (including in-substance fixed payments), less any lease incentives receivable
-variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date
-amounts expected to be payable by the Group under residual value guarantees
-the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and
-payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.
Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, the Group:
-where possible, uses recent third-party financing received by the lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received;
-uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group, where there is no third party financing; and
-makes adjustments specific to the lease, e.g. term, country, currency and security.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Right-of-use assets are measured at cost comprising the following:
-the amount of the initial measurement of lease liability;
-any lease payments made at or before the commencement date less any lease incentives received; and
-any initial direct costs.
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life.
Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).
For leases of properties, the following factors are normally the most relevant:
-if there are significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate);
-if any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate);
-otherwise, the Group considers other factors including historical lease durations and the costs and business disruption required to replace the leased asset.
The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee.
The Group is the lessor
Operating leases
Assets leased out under operating leases are included in property, plant and equipment in the statement of financial position and are accounted for in accordance with Note 1.5. They are depreciated over their expected useful lives on a basis consistent with similar owned property, plant and equipment. Rental income from operating leases is recognised in profit or loss on a straight-line basis over the lease term.
Finance leases
When assets are leased out under finance leases, the present value of the lease payments is recognised as a receivable. The difference between the gross receivable and the present value of the receivable is recognised as unearned finance income.
The method for allocating gross earnings to the accounting period is referred to as the \u2018actuarial method\u2019. The actuarial method allocates rentals between finance income and repayment of capital in each accounting period in such a way that finance income will emerge as a constant rate of return on the lessor\u2019s net investment in the lease.
1.19Employee benefits
(a)Provisions for pensions
As explained in Note 20, following a judgement by the Court of Appeal on 7 July 2008, the Group was required to set up a pension scheme in favour of its eligible employees and former employees within three months of the judgement on a basis similar to that prescribed by the Pensions Ordinance, 1937. Such a scheme is in the form of a defined benefit plan.
A defined benefit plan defines an amount of pension benefit that an employee will receive on retirement. In the Group\u2019s case, this amount is dependent on an employee\u2019s final compensation upon retirement, as well as completed months of service. Eligibility to the scheme is also dependent on a minimum of 10 years\u2019 service and vests only if at retirement date the employee is still in the employment of the Group.
The liability recognised in the statement of financial position in respect of a defined benefit plan is the present value of the defined benefit obligation at the end of the reporting period, together with adjustments for unrecognised past-service costs. A defined benefit obligation is calculated annually using the projected unit credit method. The present value of a defined benefit obligation is determined by discounting the estimated future cash outflows using interest rate yields of government or high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Past-service costs are recognised immediately in profit or loss.
(b)Termination benefits
Termination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognised as an expense if the Group has made an offer encouraging voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably.
(c)Share-based compensation
A subsidiary operates a share-based compensation plan under which the company receives services from its CEO as consideration for equity instruments (shares) of the company with the obligation to take them back upon exercise of the CEO's option. The share-based compensation plan is classified as a cash-settled plan in the company's financial statements. The fair value of the employee services received in exchange for the grant of the shares is recognised as an expense over the vesting period in the statement of comprehensive income based on the contractual terms at the grant date. The service and non-market vesting conditions are included in the estimate of the number of awards expected to vest and the fair value of the cash-settled share-based payment liability is remeasured at each reporting date and at the date of settlement. Any changes in fair value are recognised in profit or loss for the period.
1.20Dividend distribution
Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Company\u2019s financial statements in the period in which the dividends are approved by the Company\u2019s shareholders.
The Company measures a liability to distribute non-cash assets as a dividend to its owners at the fair value of the assets to be distributed. Upon settlement of the dividend payable the Company recognises the difference between the carrying amount of the assets to be distributed and the carrying amount of the dividend payable in profit or loss.
1.21Borrowing costs
Borrowing costs which are incurred for the purpose of acquiring or constructing qualifying property, plant and equipment or investment property are capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction is actively underway, during the period of time that is required to complete and prepare the asset for its intended use. Capitalisation of borrowing costs is ceased once the asset is substantially complete and is suspended if the development of the asset is suspended. All other borrowing costs are expensed. Borrowing costs are recognised for all interest-bearing instruments on an accrual basis using the effective interest method. Interest costs include the effect of amortising any difference between initial net proceeds and redemption value in respect of the Group\u2019s interest-bearing borrowings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686897": { "value": "
1.Summary of material accounting policies
1.2Consolidation
(a)Subsidiaries
In the Company\u2019s separate financial statements, investments in subsidiaries are accounted for by the cost method of accounting, i.e. at cost less impairment. Cost is adjusted to reflect changes in consideration arising from contingent consideration amendments. Cost also includes directly attributable costs of acquiring the investment. Provisions are recorded where, in the opinion of the Directors, there is an impairment in value. Where there has been an impairment in the value of an investment, it is recognised as an expense in the period in which the diminution is identified. The results of subsidiaries are reflected in the Company\u2019s separate financial statements only to the extent of dividends receivable. On disposal of an investment, the difference between the net disposal proceeds and the carrying amount is charged or credited to profit or loss.
(d) Associates
In the Company\u2019s separate financial statements, investments in associates are accounted for by the cost method of accounting, i.e. at cost less impairment. Provisions are recorded where, in the opinion of the Directors, there is impairment in value. Where there has been impairment in the value of an investment, it is recognised as an expense in the period in which the diminution is identified. The results of the associate are reflected in the Company\u2019s separate financial statements only to the extent of dividends receivable. On disposal of an investment, the difference between the net disposal proceeds and the carrying amount is charged or credited to profit or loss.
8.Investments in subsidiaries The subsidiaries at 31 December 2025 and 2024 are shown below:
SubsidiaryRegistered officePercentage of shares heldNature of business
20252024
%%
BMIT Technologies p.l.c (with listed ordinary share capital)Building SCM02, Level 2 Smart City, Ricasoli, Kalkara, SCM1001, Malta53.852.5Investment holding and operation of the passive mobile tower infrastructure
Cablenet Communication Systems p.l.c (with listed debt securities)41 - 49, Agiou Nicolau Street, Block A, Nimeli Court, 3rd floor, 2408, Egkomi, Nicosia, Cyprus70.670.6Provision of: broadband, cable television and telephone services
Connectedcare LimitedGO, Triq Hal Tarxien, Zejtun, ZTN 3000, Malta51.051.0Electronic and mobile care solutions
GO Ventures LimitedGO, Triq Hal Tarxien, Zejtun, ZTN 3000, Malta100.0100.0Investment holding
Sens Innovation Group Limited115, Gardenia, Vjal il-Qalbiena, Mostin, Mosta, MST2354, Malta76.076.0Energy management IoT solutions
SubsidiaryRegistered officePercentage of shares heldNature of business
20252024
%%
Cybersift Holdings15, Sali, Triq iz-Zebbuga, Iklin, IKL 1960, Malta51.051.0Cybersecurity services
GO Infrastructure Services LimitedGO, Triq Hal Tarxien, Zejtun, ZTN 3000, Malta100.0100.0Provision of passive network infrastructure services
AQS Med Limited9, Triq FS Caruana, Birkirkara, BKR 1231, Malta51.051.0Renewable energy products and generation
Klikk Finance p.l.c9, Triq FS Caruana, Birkirkara, BKR 1231, Malta100.0100.0Electronic equipment retailer
GO IP Holdings LimitedGO, Triq Hal Tarxien, Zejtun, ZTN 3000, Malta100.0100.0Intellectual property holding company
BMITT holds 99.9% (2024: 99.9%) in Bellnet Limited, BM IT Limited and BM Support Services Limited. The companies provide co-location and internet services, technical assistance and IT solutions. The registered office of all the companies is Building SCM 02, Level 2 SmartCity, Ricasoli, Kalkara, SCM1001, Malta. During the current financial year BMITT acquired 51% in 56Bit Ltd whose registered office is 32, Triq l-Gewwinija, Ghaxaq GXQ1970, Malta.
9. Investments in associates
Set out below are the associates of the Group as at 31 December 2025. The entities listed below have share capital consisting principally of ordinary shares, which are held directly by the Group. The country of incorporation or registration is also their principal place of business, and unless otherwise stated, the proportion of ownership interest is the same as the proportion of voting rights held.
AssociatePercentage of shares heldNature of business
20252024
%%
Malta Properties Company p.l.c.49%-Owning and leasing out a portfolio of commercial properties across Malta
EBO Ltd15%15%Provision of AI driven virtual agents in the Healthcare, iGaming and Financial services sector.
Mindbeat Global Limited34%34%Operation of a SaaS platform for mobile coaching and e-learning.
BA2 Limited33.3%33.3%Operation of a solar farm
Bubaqra Solar Farm Limited50%50%Operation of a solar farm
Xewkija Solar Farm Limited33.3%33.3%Operation of a solar farm
", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686896": { "value": "
1.Summary of material accounting policies
1.5Property, plant and equipment
The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686889": { "value": "
1.Summary of material accounting policies
1.4Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in euro, which is the Company\u2019s functional and presentation currency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686880": { "value": "
1.Summary of material accounting policies
1.8Financial assets
1.8.2Cash and cash equivalents
In the statement of cash flows, cash and cash equivalents includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686859": { "value": "
1.Summary of material accounting policies
1.4Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in euro, which is the Company\u2019s functional and presentation currency.
26.Other income
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Rent receivable 259299283299
Unrealised and realised operating exchange
gains64516445
Late payment charges541463541463
Others2,1852,6441,9631,925
3,0493,4572,8512,732
27.Other expenses
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Unrealised and realised operating exchange
losses92713814
Loss on disposal of assets232---
Others-22-19
324933833
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686800": { "value": "
1.Summary of material accounting policies
1.4Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in euro, which is the Company\u2019s functional and presentation currency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686798": { "value": "
1.Summary of material accounting policies
1.19Employee benefits
(c)Share-based compensation
A subsidiary operates a share-based compensation plan under which the company receives services from its CEO as consideration for equity instruments (shares) of the company with the obligation to take them back upon exercise of the CEO's option. The share-based compensation plan is classified as a cash-settled plan in the company's financial statements. The fair value of the employee services received in exchange for the grant of the shares is recognised as an expense over the vesting period in the statement of comprehensive income based on the contractual terms at the grant date. The service and non-market vesting conditions are included in the estimate of the number of awards expected to vest and the fair value of the cash-settled share-based payment liability is remeasured at each reporting date and at the date of settlement. Any changes in fair value are recognised in profit or loss for the period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686797": { "value": "
1.Summary of material accounting policies
1.12Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686796": { "value": "
1.Summary of material accounting policies
1.1 Basis of preparation
The consolidated financial statements include the financial statements of GO p.l.c. (GO) and its subsidiaries and are prepared in accordance with the requirements of International Financial Reporting Standards (IFRSs) as adopted by the EU and with the requirements of the Maltese Companies Act (Cap. 386).
1.4Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in euro, which is the Company\u2019s functional and presentation currency.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686795": { "value": "
1.Summary of material accounting policies
1.5Property, plant and equipment
Capitalisation of borrowing costs is ceased once the asset is substantially complete, and is suspended if the development of the asset is suspended. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred. Decreases that offset previous increases of the same individual asset are charged in other comprehensive income and debited against the revaluation reserve directly in equity; all other decreases are charged to profit or loss.
Land is not depreciated as it is deemed to have an indefinite life. Depreciation on other assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful life. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term.
The rates of depreciation used for the current and comparative periods are as follows:
%
Land and buildings2 - 3
Buildings3 \u2013 10
Improvements to leasehold premises
Plant and equipment
Cable, wireless and mobile networks4 \u2013 33.33
Subscribers\u2019 equipment and line8 - 20
Exchange and junction equipment8.33 - 20
Radio plant and equipment6 \u2013 20
Other plant, machinery and equipment7 - 30
Office furniture and equipment10 - 25
Air conditioning equipment10 - 20
Earth station6.7 - 7
Computer equipment20 \u2013 33.33
DTTV platform10 - 50
Customer premises equipment and related assets25 - 50
Motor vehicles10 - 35
The assets\u2019 residual values and useful lives are reviewed and adjusted if appropriate, at the end of each reporting period. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount (Note 1.7). Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount and are recognised in profit or loss.
1.6Intangible assets
(b)Computer software
Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.
Computer software development costs recognised as assets are amortised over their estimated useful lives.
Amortisation
Amortisation is calculated using the straight-line method to allocate the cost of the intangible assets to their residual value over their estimated useful lives as follows:
Years
Indefeasible rights of use (IRUs)4.75 - 25
Computer software3 - 10
Licences2 - 15
Brand names6 - 15
Customer relationships5
Technical knowledge2 - 15
Broadcasting rightsover the period of rights
The assets\u2019 residual values and useful lives are reviewed and adjusted as appropriate, at the end of each reporting period.
1.7Impairment of non-financial assets
Assets that have an indefinite useful life, for example goodwill or certain intangible assets, are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period.
Goodwill that forms part of the carrying amount of an investment in a joint venture is not recognised separately, and therefore is not tested for impairment separately. Instead, the entire amount of the investment in a joint venture is tested for impairment as a single asset when there is objective evidence that the investment in a joint venture may be impaired.
1.8Financial assets
Debt instruments
Amortised cost: Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the statement of profit or loss, subject to materiality. FVOCI: Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are recognised in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in other gains/(losses). Foreign exchange gains and losses are presented in other gains/(losses) and impairment losses are presented as a separate line item in the statement of profit or loss. FVPL: A gain or loss on a debt investment that is subsequently measured at FVPL is recognised in profit or loss and presented net within other gains/(losses) in the period in which it arises.
Equity instruments
Changes in the fair value of financial assets at FVPL are recognised in other gains/(losses) in the income statement as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value.
Impairment
The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables and contract assets, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
For all other financial assets that are subject to impairment under IFRS 9, the Group applies a three-stage model for impairment, based on changes in credit quality since initial recognition. A financial asset that is not credit impaired on initial recognition is classified in stage 1.
Financial assets in stage 1, have their expected credit loss measured at an amount equal to the portion of lifetime expected credit loss that results from default events possible within the next 12 months, or until contractual maturity if shorter. If the Group identifies a significant increase in credit risk since initial recognition, the asset is transferred to stage 2 and its expected credit loss is measured on a lifetime basis, that is up until contractual maturity. If the Group determines that a financial asset is credit impaired, the asset is transferred to stage 3 and the expected credit loss is measured on a lifetime credit loss basis.
1.13Current and deferred tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
The current tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date.
Deferred tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realised, or the deferred tax liability is settled.
Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
1.14Provisions for legal and other claims
Provisions for legal and other claims are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses.
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
1.16Contract costs
Contract costs comprise the incremental costs of obtaining a contract (mainly sales commission paid to employees and third-party resellers) and the costs to fulfill a contract. These must be capitalised if it can be assumed that the costs will be compensated by future revenue from the contract. Incremental costs of obtaining a contract are additional costs that would have not been incurred had the contract not been concluded. Costs to fulfill a contract are costs relating directly to a contract that are incurred after contract inception and serve the purpose of fulfilling the contract but are incurred prior to fulfillment and cannot be capitalised under any other standard. GO makes use of the option to immediately recognise contract costs as an expense if the amortisation period of the asset it would have recognised in respect of them, would not have exceeded a year.
The costs of obtaining service contracts are capitalised and released to profit or loss on a straight-line basis over the enforceable contract term or over the estimated period of the customer relationship, if shorter.
Costs to fulfil a contract, when they qualify as non-distinct from the performance obligation, are capitalised and costs incurred are recorded on a time-apportioned basis over the effective period of the contract. The assumptions underlying the period over which the costs of fulfilling a contract are expensed are periodically reviewed and adjusted in line with observations; termination of the contractual relationship with the customer results in the immediate expensing of the remaining deferred costs. Where the carrying amount of deferred costs exceeds the remaining consideration expected to be received for the transfer of the related goods and services, less expected costs relating directly to the transfer of these goods and services still to be incurred, the excess amount is similarly immediately expensed.
1.18Leases
The Group is the lessee
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, the Group:
-where possible, uses recent third-party financing received by the lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received;
-uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group, where there is no third party financing; and
-makes adjustments specific to the lease, e.g. term, country, currency and security.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life.
Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss.
1.19Employee benefits
(a)Provisions for pensions
As explained in Note 20, following a judgement by the Court of Appeal on 7 July 2008, the Group was required to set up a pension scheme in favour of its eligible employees and former employees within three months of the judgement on a basis similar to that prescribed by the Pensions Ordinance, 1937. Such a scheme is in the form of a defined benefit plan.
A defined benefit plan defines an amount of pension benefit that an employee will receive on retirement. In the Group\u2019s case, this amount is dependent on an employee\u2019s final compensation upon retirement, as well as completed months of service. Eligibility to the scheme is also dependent on a minimum of 10 years\u2019 service and vests only if at retirement date the employee is still in the employment of the Group.
The liability recognised in the statement of financial position in respect of a defined benefit plan is the present value of the defined benefit obligation at the end of the reporting period, together with adjustments for unrecognised past-service costs. A defined benefit obligation is calculated annually using the projected unit credit method. The present value of a defined benefit obligation is determined by discounting the estimated future cash outflows using interest rate yields of government or high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Past-service costs are recognised immediately in profit or loss.
(b)Termination benefits
Termination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognised as an expense if the Group has made an offer encouraging voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably.
(c)Share-based compensation
A subsidiary operates a share-based compensation plan under which the company receives services from its CEO as consideration for equity instruments (shares) of the company with the obligation to take them back upon exercise of the CEO's option. The share-based compensation plan is classified as a cash-settled plan in the company's financial statements. The fair value of the employee services received in exchange for the grant of the shares is recognised as an expense over the vesting period in the statement of comprehensive income based on the contractual terms at the grant date. The service and non-market vesting conditions are included in the estimate of the number of awards expected to vest and the fair value of the cash-settled share-based payment liability is remeasured at each reporting date and at the date of settlement. Any changes in fair value are recognised in profit or loss for the period.
1.21Borrowing costs
Borrowing costs which are incurred for the purpose of acquiring or constructing qualifying property, plant and equipment or investment property are capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction is actively underway, during the period of time that is required to complete and prepare the asset for its intended use. Capitalisation of borrowing costs is ceased once the asset is substantially complete and is suspended if the development of the asset is suspended. All other borrowing costs are expensed. Borrowing costs are recognised for all interest-bearing instruments on an accrual basis using the effective interest method. Interest costs include the effect of amortising any difference between initial net proceeds and redemption value in respect of the Group\u2019s interest-bearing borrowings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686794": { "value": "
1.Summary of material accounting policies
1.9Inventories
Goods held for resale and other inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted-average cost method, and comprises the invoiced value of goods, including transport and handling costs. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.
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1.Summary of material accounting policies
1.19Employee benefits
(b)Termination benefits
Termination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognised as an expense if the Group has made an offer encouraging voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably.
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1.Summary of material accounting policies
1.21Borrowing costs
Borrowing costs which are incurred for the purpose of acquiring or constructing qualifying property, plant and equipment or investment property are capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction is actively underway, during the period of time that is required to complete and prepare the asset for its intended use. Capitalisation of borrowing costs is ceased once the asset is substantially complete and is suspended if the development of the asset is suspended. All other borrowing costs are expensed. Borrowing costs are recognised for all interest-bearing instruments on an accrual basis using the effective interest method. Interest costs include the effect of amortising any difference between initial net proceeds and redemption value in respect of the Group\u2019s interest-bearing borrowings.
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1.Summary of material accounting policies
1.20Dividend distribution
Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Company\u2019s financial statements in the period in which the dividends are approved by the Company\u2019s shareholders.
The Company measures a liability to distribute non-cash assets as a dividend to its owners at the fair value of the assets to be distributed. Upon settlement of the dividend payable the Company recognises the difference between the carrying amount of the assets to be distributed and the carrying amount of the dividend payable in profit or loss.
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1.Summary of material accounting policies
1.19Employee benefits
(a)Provisions for pensions
As explained in Note 20, following a judgement by the Court of Appeal on 7 July 2008, the Group was required to set up a pension scheme in favour of its eligible employees and former employees within three months of the judgement on a basis similar to that prescribed by the Pensions Ordinance, 1937. Such a scheme is in the form of a defined benefit plan.
A defined benefit plan defines an amount of pension benefit that an employee will receive on retirement. In the Group\u2019s case, this amount is dependent on an employee\u2019s final compensation upon retirement, as well as completed months of service. Eligibility to the scheme is also dependent on a minimum of 10 years\u2019 service and vests only if at retirement date the employee is still in the employment of the Group.
The liability recognised in the statement of financial position in respect of a defined benefit plan is the present value of the defined benefit obligation at the end of the reporting period, together with adjustments for unrecognised past-service costs. A defined benefit obligation is calculated annually using the projected unit credit method. The present value of a defined benefit obligation is determined by discounting the estimated future cash outflows using interest rate yields of government or high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Past-service costs are recognised immediately in profit or loss.
(b)Termination benefits
Termination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognised as an expense if the Group has made an offer encouraging voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably.
(c)Share-based compensation
A subsidiary operates a share-based compensation plan under which the company receives services from its CEO as consideration for equity instruments (shares) of the company with the obligation to take them back upon exercise of the CEO's option. The share-based compensation plan is classified as a cash-settled plan in the company's financial statements. The fair value of the employee services received in exchange for the grant of the shares is recognised as an expense over the vesting period in the statement of comprehensive income based on the contractual terms at the grant date. The service and non-market vesting conditions are included in the estimate of the number of awards expected to vest and the fair value of the cash-settled share-based payment liability is remeasured at each reporting date and at the date of settlement. Any changes in fair value are recognised in profit or loss for the period.
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1.Summary of material accounting policies
1.18Leases
The Group is the lessee
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, the Group:
-where possible, uses recent third-party financing received by the lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received;
-uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group, where there is no third party financing; and
-makes adjustments specific to the lease, e.g. term, country, currency and security.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
1.21Borrowing costs
Borrowing costs which are incurred for the purpose of acquiring or constructing qualifying property, plant and equipment or investment property are capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction is actively underway, during the period of time that is required to complete and prepare the asset for its intended use. Capitalisation of borrowing costs is ceased once the asset is substantially complete and is suspended if the development of the asset is suspended. All other borrowing costs are expensed. Borrowing costs are recognised for all interest-bearing instruments on an accrual basis using the effective interest method. Interest costs include the effect of amortising any difference between initial net proceeds and redemption value in respect of the Group\u2019s interest-bearing borrowings.
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1.Summary of material accounting policies
1.5Property, plant and equipment
Land is not depreciated as it is deemed to have an indefinite life. Depreciation on other assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful life. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term.
The rates of depreciation used for the current and comparative periods are as follows:
%
Land and buildings2 - 3
Buildings3 \u2013 10
Improvements to leasehold premises
Plant and equipment
Cable, wireless and mobile networks4 \u2013 33.33
Subscribers\u2019 equipment and line8 - 20
Exchange and junction equipment8.33 - 20
Radio plant and equipment6 \u2013 20
Other plant, machinery and equipment7 - 30
Office furniture and equipment10 - 25
Air conditioning equipment10 - 20
Earth station6.7 - 7
Computer equipment20 \u2013 33.33
DTTV platform10 - 50
Customer premises equipment and related assets25 - 50
Motor vehicles10 - 35
1.18Leases
The Group is the lessee
At inception of a contract, an entity shall assess whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:
-fixed payments (including in-substance fixed payments), less any lease incentives receivable
-variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date
-amounts expected to be payable by the Group under residual value guarantees
-the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and
-payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.
Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, the Group:
-where possible, uses recent third-party financing received by the lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received;
-uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group, where there is no third party financing; and
-makes adjustments specific to the lease, e.g. term, country, currency and security.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Right-of-use assets are measured at cost comprising the following:
-the amount of the initial measurement of lease liability;
-any lease payments made at or before the commencement date less any lease incentives received; and
-any initial direct costs.
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life.
Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).
For leases of properties, the following factors are normally the most relevant:
-if there are significant penalties to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate);
-if any leasehold improvements are expected to have a significant remaining value, the Group is typically reasonably certain to extend (or not terminate);
-otherwise, the Group considers other factors including historical lease durations and the costs and business disruption required to replace the leased asset.
The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee.
The Group is the lessor
Operating leases
Assets leased out under operating leases are included in property, plant and equipment in the statement of financial position and are accounted for in accordance with Note 1.5. They are depreciated over their expected useful lives on a basis consistent with similar owned property, plant and equipment. Rental income from operating leases is recognised in profit or loss on a straight-line basis over the lease term.
Finance leases
When assets are leased out under finance leases, the present value of the lease payments is recognised as a receivable. The difference between the gross receivable and the present value of the receivable is recognised as unearned finance income.
The method for allocating gross earnings to the accounting period is referred to as the \u2018actuarial method\u2019. The actuarial method allocates rentals between finance income and repayment of capital in each accounting period in such a way that finance income will emerge as a constant rate of return on the lessor\u2019s net investment in the lease.
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1.Summary of material accounting policies
1.15Revenue recognition
(c)Interest income
Interest income is recognised using the effective interest method.
(d)Dividend income
Dividend income is recognised when the right to receive payment is established.
1.18Leases
The Group is the lessee
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, the Group:
-where possible, uses recent third-party financing received by the lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received;
-uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group, where there is no third party financing; and
-makes adjustments specific to the lease, e.g. term, country, currency and security.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
The Group is the lessor
Finance leases
When assets are leased out under finance leases, the present value of the lease payments is recognised as a receivable. The difference between the gross receivable and the present value of the receivable is recognised as unearned finance income.
The method for allocating gross earnings to the accounting period is referred to as the \u2018actuarial method\u2019. The actuarial method allocates rentals between finance income and repayment of capital in each accounting period in such a way that finance income will emerge as a constant rate of return on the lessor\u2019s net investment in the lease.
1.21Borrowing costs
Borrowing costs which are incurred for the purpose of acquiring or constructing qualifying property, plant and equipment or investment property are capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction is actively underway, during the period of time that is required to complete and prepare the asset for its intended use. Capitalisation of borrowing costs is ceased once the asset is substantially complete and is suspended if the development of the asset is suspended. All other borrowing costs are expensed. Borrowing costs are recognised for all interest-bearing instruments on an accrual basis using the effective interest method. Interest costs include the effect of amortising any difference between initial net proceeds and redemption value in respect of the Group\u2019s interest-bearing borrowings.
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1.Summary of material accounting policies
1.16Contract costs
Contract costs comprise the incremental costs of obtaining a contract (mainly sales commission paid to employees and third-party resellers) and the costs to fulfill a contract. These must be capitalised if it can be assumed that the costs will be compensated by future revenue from the contract. Incremental costs of obtaining a contract are additional costs that would have not been incurred had the contract not been concluded. Costs to fulfill a contract are costs relating directly to a contract that are incurred after contract inception and serve the purpose of fulfilling the contract but are incurred prior to fulfillment and cannot be capitalised under any other standard. GO makes use of the option to immediately recognise contract costs as an expense if the amortisation period of the asset it would have recognised in respect of them, would not have exceeded a year.
The costs of obtaining service contracts are capitalised and released to profit or loss on a straight-line basis over the enforceable contract term or over the estimated period of the customer relationship, if shorter.
Costs to fulfil a contract, when they qualify as non-distinct from the performance obligation, are capitalised and costs incurred are recorded on a time-apportioned basis over the effective period of the contract. The assumptions underlying the period over which the costs of fulfilling a contract are expensed are periodically reviewed and adjusted in line with observations; termination of the contractual relationship with the customer results in the immediate expensing of the remaining deferred costs. Where the carrying amount of deferred costs exceeds the remaining consideration expected to be received for the transfer of the related goods and services, less expected costs relating directly to the transfer of these goods and services still to be incurred, the excess amount is similarly immediately expensed.
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1.Summary of material accounting policies
1.15Revenue recognition
(c)Interest income
Interest income is recognised using the effective interest method.
1.18Leases
The Group is the lessee
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, the Group:
-where possible, uses recent third-party financing received by the lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received;
-uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group, where there is no third party financing; and
-makes adjustments specific to the lease, e.g. term, country, currency and security.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
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1.Summary of material accounting policies
1.15Revenue recognition
(a)Sale of goods and services
Service offers
When contracts include contractual clauses covering commercial discounts (initial discount on signature of the contract) or free offers (e.g. three months of subscription free of charge), the Group defers these discounts or free offers over the enforceable period of the contract (period during which the Group and the customer have a firm commitment).
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1.Summary of material accounting policies
1.14Provisions for legal and other claims
Provisions for legal and other claims are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses.
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
1.19Employee benefits
(a)Provisions for pensions
As explained in Note 20, following a judgement by the Court of Appeal on 7 July 2008, the Group was required to set up a pension scheme in favour of its eligible employees and former employees within three months of the judgement on a basis similar to that prescribed by the Pensions Ordinance, 1937. Such a scheme is in the form of a defined benefit plan.
A defined benefit plan defines an amount of pension benefit that an employee will receive on retirement. In the Group\u2019s case, this amount is dependent on an employee\u2019s final compensation upon retirement, as well as completed months of service. Eligibility to the scheme is also dependent on a minimum of 10 years\u2019 service and vests only if at retirement date the employee is still in the employment of the Group.
The liability recognised in the statement of financial position in respect of a defined benefit plan is the present value of the defined benefit obligation at the end of the reporting period, together with adjustments for unrecognised past-service costs. A defined benefit obligation is calculated annually using the projected unit credit method. The present value of a defined benefit obligation is determined by discounting the estimated future cash outflows using interest rate yields of government or high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.
Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Past-service costs are recognised immediately in profit or loss.
(b)Termination benefits
Termination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognised as an expense if the Group has made an offer encouraging voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably.
(c)Share-based compensation
A subsidiary operates a share-based compensation plan under which the company receives services from its CEO as consideration for equity instruments (shares) of the company with the obligation to take them back upon exercise of the CEO's option. The share-based compensation plan is classified as a cash-settled plan in the company's financial statements. The fair value of the employee services received in exchange for the grant of the shares is recognised as an expense over the vesting period in the statement of comprehensive income based on the contractual terms at the grant date. The service and non-market vesting conditions are included in the estimate of the number of awards expected to vest and the fair value of the cash-settled share-based payment liability is remeasured at each reporting date and at the date of settlement. Any changes in fair value are recognised in profit or loss for the period.
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1.Summary of material accounting policies
1.15Revenue recognition
Revenues include all revenues from the ordinary business activities of GO. Ordinary activities do not only refer to the core business but also to other recurring sales of goods or rendering of services. Revenues are recorded net of value added tax. GO\u2019s business includes mobile services, broadband access to the fixed network and the internet, television, connection, and roaming fees billed to other mobile operators (wholesale business), and sales of mobile handsets, other telecommunications equipment, and accessories.
(a)Sale of goods and services
Revenues are recognised in accordance with the provision of goods or services, provided that collectability of the consideration is probable.
IFRS 15 requires that at contract inception the goods or services promised in a contract with a customer are assessed and each promise to transfer to the customer the good or service is identified as a performance obligation. Promises in a contract can be explicit or implicit if the promises create a valid expectation to provide a good or service based on the customary business practices, published policies, or specific statements.
A contract asset must be recognised if GO recorded revenue for fulfillment of a contractual performance obligation before the customer paid consideration or before \u2013 irrespective of when payment is due \u2013 the requirements for billing and thus the recognition of a receivable exist.
A contract liability must be recognised when the customer paid consideration or a receivable from the customer was due before GO fulfilled a contractual performance obligation and thus recognised revenue.
Multiple-element arrangements involving the delivery or provision of multiple products or services must be separated into distinct performance obligations, each with its own separate revenue contribution that is recognised as revenue on fulfillment of the obligation to the customer. This especially concerns the sale of a mobile handset or other telecommunications equipment combined with the conclusion of a mobile or fixed-network telecommunications contract. The total transaction price of the bundled contract is allocated among the individual performance obligations based on their relative \u2013 possibly estimated \u2013 stand-alone selling prices, i.e., based on a ratio of the stand-alone selling price of each separate element to the aggregated stand-alone selling prices of the contractual performance obligations. As a result, the revenue to be recognised for products (often delivered in advance) such as mobile handsets that are sold at a subsidised or nil price in combination with a long-term service contract is higher than the amount billed or collected.
This leads to the recognition of a contract asset \u2013 a receivable arising from the customer contract that has not yet legally come into existence \u2013 in the statement of financial position. The contract asset is reversed and reduced over the remaining minimum contract period, lowering revenue from the other performance obligations (in this case mobile service revenues) compared with the amounts billed. In contrast to the amounts billed, this results in higher revenue from the sale of goods and lower revenue from the provision of services.
Customer activation fees and other advance one-time payments by the customer that do not constitute consideration for a separate performance obligation are classified as contract liabilities and are deferred and recognised as revenue over the minimum contract term or, in exceptional cases (e.g., in the case of contracts that can be terminated at any time) over the expected contract period. The same applies to fees for installation and set-up activities that do not have an independent value for the customer.
As distinct from promotional offers, options to purchase additional goods or services free of charge or at a discount are separate performance obligations (material rights) for which part of the revenue is deferred as a contract liability until the option is exercised or expires, providing the discount on future purchases is an implicit component of the consideration for the current contract and is also significant. The measure of significance is whether the decision by the (average) customer to enter into the current contract is likely to have been significantly influenced by their right to the future discount.
IFRS 15 provides more detailed guidance on how to account for contract modifications. Changes must be accounted for either as a retrospective change (creating either a catch-up or deferral of previously recorded revenues), prospectively with a reallocation of revenues amongst identified performance obligations, or prospectively as separate contracts which will not require any reallocation.
Service offers
GO proposes to customers a range of fixed and mobile telephone services, fixed and mobile internet access services and content offers (TV). Contracts are for a fixed term (generally 24 months). Revenue generated from the use of voice and data communications (comprising fixed and wireless traffic) as well as television is recognised upon rendering of the agreed service, based on use by customers (e.g. call minutes, minutes of traffic or bytes of data processed) or availability over time period (e.g. monthly service costs).
Revenue from calls and messaging is recognised at the time the call or message is effected over the Group\u2019s network. For prepaid traffic, the amount of unused traffic generates deferred revenue presented in \u2018Contract liabilities\u2019 on the statement of financial position. Revenue from the sale of prepaid credit is deferred until such time as the customer uses the credit or credit expires.
Revenues from traffic sales and services at a fixed rate over a specified period of time (flat rate) are recognised on a straight-line basis over the term covered by the rate paid by the customer. For service contracts with a continuous service provision, the contractually agreed total consideration is generally recognised as revenue on a straight-line basis over the minimum contract term, regardless of the payment pattern.
Fees consisting primarily of monthly charges for access to broadband, other internet access and connected services, TV, and voice services, are recognised as revenue as the service is provided.
Contracts with customers generally do not include a material right, as the price invoiced for contracts and the services purchased and consumed by the customer beyond the specific scope (e.g. additional consumption and options) generally reflect their stand-alone selling prices. Service obligations transferred to the customer at the same pace are treated as a single obligation.
When contracts include contractual clauses covering commercial discounts (initial discount on signature of the contract) or free offers (e.g. three months of subscription free of charge), the Group defers these discounts or free offers over the enforceable period of the contract (period during which the Group and the customer have a firm commitment).
If the performance obligations are not classified as distinct, the offer revenue is recognised on a straight-line over the contract term.
Wholesale services offers
Where contract services are not covered by a firm volume commitment, revenue is recognised as the services are provided (which corresponds to transfer of control) over the contractual term. Where under contracts, the price, volume, and term are defined, related revenue is recognised progressively based on actual traffic during the period, to reflect transfer of control to the customer. Revenue arising from the interconnection of voice and data traffic between other telecommunications operators is recognised at the time of transit across the Group\u2019s network. Interconnection revenues are recognised in the period in which the calls are made or traffic used.
Separate equipment and device sales
Equipment and devices sales (including mobile phones, solar panels and other home products) may be separate from, or bundled with, a service offer. When separate from a service offer, the amount invoiced is recognised in revenue on delivery and receivable immediately. Revenue and expenses associated with the sale of equipment are recognised when the products are delivered, provided there are no unfulfilled Company obligations that affect the customer\u2019s final acceptance of the arrangement.
GO does not propose bundled offers to its customers comprising equipment (e.g. a mobile handset) and services (e.g. a communication contract) whereby one of the components in the offer is not at its separate selling price. In such agreements, revenue is allocated to each component in proportion to their individual selling prices.
Sale of equipment and devices with deferred payment terms
The Group sells mobile devices and other equipment to customers under arrangements whereby control of the device transfers to the customer at contract inception, while payment for the device is deferred and collected in instalments over a contractual period of up to 36 months. Revenue from the sale of devices is recognised at a point in time, being when control of the device passes to the customer, which generally occurs upon delivery or installation, as this is when the customer obtains the ability to direct the use of, and obtain substantially all of the remaining benefits from, the device.
The Group recognises a contract asset for the amount of consideration allocated to the device, representing its unconditional right to consideration, which is subsequently settled through monthly customer billings over the contractual payment term.
Although consideration for the device is collected over a period of up to 36 months, the Group has assessed that the contract does not contain a significant financing component within the meaning of IFRS 15. This assessment is based on the following factors:
\u2022the device is sold at a price that is consistent with its cash selling price;
\u2022the payment terms are primarily intended to provide customers with payment flexibility and affordability rather than to provide financing; and
\u2022the difference between the amount of consideration promised and the cash selling price of the device is not significant.
Accordingly, no adjustment is made to the transaction price for the effects of the time value of money, and no interest income is recognised over the financing period.
Financing
The Group does not expect to have a significant number of contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for the time value of money.
Sale of licences
Revenue from sale of software licences is recognised upon activation. Sales are recognised as revenue when control of a software licence is transferred to the customer, upon activation, when the customer becomes able to direct the use of the software licence and obtains substantially all of the benefits from the licence.
The Group is the principal in a transaction with an end consumer if it obtains control of the specified good or service before it is transferred to the end consumer. When another party is involved in providing goods or services to the end consumer, the Group obtains control of one of the following:
-a good or another asset from the other party that it then transfers to the customers;
-a right to a service to be performed by the other party, which gives the Group the ability to direct that party to provide the service to the customer on the Group\u2019s behalf; or
-a good or service from the other party that it then combines with other goods or services in providing the specific good or service to the customer.
Payment of the transaction price is generally due immediately upon activation of the software licence. When the entire transaction price is not due immediately upon activation, a contract asset is recognised for that portion of the transaction price that has not yet been invoiced.
Sale of Data centre services
Revenue from providing services is recognised in the accounting period in which the services are rendered. For fixed-price service arrangements that require the Group to assume a stand-ready obligation to perform over a period of time, revenue is recognised on a straight-line basis over the contract period. For other fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously.
In relation to sale of services, the Group includes in the transaction price at contract inception, the amount of variable consideration to which it expects to be entitled. The Group includes some or all of an amount of variable consideration only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved.
If contracts for services include the installation of hardware, revenue for the hardware is recognised at a point in time when the hardware is delivered, the legal title has passed, and the customer has accepted the hardware.
In the case of contracts that give rise to stand-ready obligations, payment terms are generally structured in a manner to coincide with the delivery of the service. When payments exceed the services rendered, a contract liability is recognised.
In the case of other fixed-price contracts, the customer pays the fixed amount based on a payment schedule. If the services rendered exceed the payments, a contract asset is recognised. If the payments exceed the services rendered, a contract liability is recognised.
Estimates of revenues, costs or extent of progress towards completion are revised if circumstances change. Any resulting increases or decreases in estimated revenues or costs are reflected in profit or loss in the period in which the circumstances that give rise to the revision become known by management.
(b)Rental income
Rental income from investment property is recognised in profit or loss on a straight-line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the total rental income, over the term of the lease.
(c)Interest income
Interest income is recognised using the effective interest method.
(d)Dividend income
Dividend income is recognised when the right to receive payment is established.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686781": { "value": "
1.Summary of material accounting policies
1.11Financial liabilities
1.11.2 Borrowings
Borrowings are recognised initially at the fair value of proceeds received, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the period of the borrowings using the effective interest method. Borrowings are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the Group\u2019s expectations or events after the reporting date
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686780": { "value": "
1.Summary of material accounting policies
1.13Current and deferred tax
Deferred tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realised, or the deferred tax liability is settled.
Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
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1.Summary of material accounting policies
1.13Current and deferred tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
The current tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date.
Deferred tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred tax asset is realised, or the deferred tax liability is settled.
Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686778": { "value": "
1.Summary of material accounting policies
1.8Financial assets
1.8.1Trade and other receivables
Trade receivables comprise amounts due from customers for services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less expected credit loss allowances.
Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.
1.16Contract costs
Contract costs comprise the incremental costs of obtaining a contract (mainly sales commission paid to employees and third-party resellers) and the costs to fulfill a contract. These must be capitalised if it can be assumed that the costs will be compensated by future revenue from the contract. Incremental costs of obtaining a contract are additional costs that would have not been incurred had the contract not been concluded. Costs to fulfill a contract are costs relating directly to a contract that are incurred after contract inception and serve the purpose of fulfilling the contract but are incurred prior to fulfillment and cannot be capitalised under any other standard. GO makes use of the option to immediately recognise contract costs as an expense if the amortisation period of the asset it would have recognised in respect of them, would not have exceeded a year.
The costs of obtaining service contracts are capitalised and released to profit or loss on a straight-line basis over the enforceable contract term or over the estimated period of the customer relationship, if shorter.
Costs to fulfil a contract, when they qualify as non-distinct from the performance obligation, are capitalised and costs incurred are recorded on a time-apportioned basis over the effective period of the contract. The assumptions underlying the period over which the costs of fulfilling a contract are expensed are periodically reviewed and adjusted in line with observations; termination of the contractual relationship with the customer results in the immediate expensing of the remaining deferred costs. Where the carrying amount of deferred costs exceeds the remaining consideration expected to be received for the transfer of the related goods and services, less expected costs relating directly to the transfer of these goods and services still to be incurred, the excess amount is similarly immediately expensed.
1.17Customer contract assets and liabilities
The timing of revenue recognition may differ from customer invoicing. Trade receivables presented in the statement of financial position represent an unconditional right to receive consideration (primarily cash), i.e. the services and goods promised to the customer have been transferred.
By contrast, contract assets mainly refer to amounts allocated per IFRS 15 as compensation for goods or services provided to customers for which the right to collect payment is subject to providing other services or goods under that same contract. This is the case in a bundled offer combining the sale of a mobile phone and mobile communication services for a fixed-period, where the mobile phone is invoiced at a reduced or nil price leading to the reallocation of a portion of amounts invoiced for telephone communication services to the supply of the mobile phone. The excess of the amount allocated to the mobile phone over the price invoiced is recognised as a contract asset and transferred to trade receivables as the service is invoiced. Contract assets, like trade receivables, are subject to impairment for credit risk. The recoverability of contract assets is also verified, especially to cover the risk of impairment should the contract be interrupted.
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1.Summary of material accounting policies
1.11Financial liabilities
The Group recognises a financial liability in its statement of financial position when it becomes a party to the contractual provisions of the instrument. The Group\u2019s financial liabilities, other than derivative contracts, are classified as financial liabilities measured at amortised cost, i.e. not at fair value through profit or loss under IFRS 9. Financial liabilities not at fair value through profit or loss are recognised initially at fair value, being the fair value of consideration received, net of transaction costs that are directly attributable to the acquisition or the issue of the financial liability. These liabilities are subsequently measured at amortised cost. The Group derecognises a financial liability from its statement of financial position when the obligation specified in the contract or arrangement is discharged, is cancelled or expires.
1.11.1 Trade and other payables
Trade payables comprise obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the Group\u2019s expectations or events after the reporting date
\u00a0
Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
1.11.2 Borrowings
Borrowings are recognised initially at the fair value of proceeds received, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the period of the borrowings using the effective interest method. Borrowings are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the Group\u2019s expectations or events after the reporting date
1.12Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously.
1.18Leases
The Group is the lessee
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:
-fixed payments (including in-substance fixed payments), less any lease incentives receivable
-variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date
-amounts expected to be payable by the Group under residual value guarantees
-the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and
-payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.
Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, the Group:
-where possible, uses recent third-party financing received by the lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received;
-uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group, where there is no third party financing; and
-makes adjustments specific to the lease, e.g. term, country, currency and security.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
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1.Summary of material accounting policies
1.11Financial liabilities
1.11.1 Trade and other payables
Trade payables comprise obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the Group\u2019s expectations or events after the reporting date
\u00a0
Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
1.17Customer contract assets and liabilities
Contract liabilities represent amounts paid by customers before receiving the goods and/or services promised in the contract. This is typically the case for advances received from customers or amounts invoiced and paid for goods or services not transferred yet, such as contracts payable in advance or prepaid packages (previously recognised in deferred income).
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1.Summary of material accounting policies
1.10Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.
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1.Summary of material accounting policies
1.8Financial assets
1.8.2Cash and cash equivalents
In the statement of cash flows, cash and cash equivalents includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the statement of financial position.
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1.Summary of material accounting policies
1.8Financial assets
Impairment
The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables and contract assets, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
For all other financial assets that are subject to impairment under IFRS 9, the Group applies a three-stage model for impairment, based on changes in credit quality since initial recognition. A financial asset that is not credit impaired on initial recognition is classified in stage 1.
Financial assets in stage 1, have their expected credit loss measured at an amount equal to the portion of lifetime expected credit loss that results from default events possible within the next 12 months, or until contractual maturity if shorter. If the Group identifies a significant increase in credit risk since initial recognition, the asset is transferred to stage 2 and its expected credit loss is measured on a lifetime basis, that is up until contractual maturity. If the Group determines that a financial asset is credit impaired, the asset is transferred to stage 3 and the expected credit loss is measured on a lifetime credit loss basis.
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1.Summary of material accounting policies
1.7Impairment of non-financial assets
Assets that have an indefinite useful life, for example goodwill or certain intangible assets, are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period.
Goodwill that forms part of the carrying amount of an investment in a joint venture is not recognised separately, and therefore is not tested for impairment separately. Instead, the entire amount of the investment in a joint venture is tested for impairment as a single asset when there is objective evidence that the investment in a joint venture may be impaired.
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1.Summary of material accounting policies
1.8Financial assets
Classification
The Group classifies its financial assets in the following measurement categories:
-those to be measured subsequently at fair value (either through Other Comprehensive Income, or through profit or loss), and
-those to be measured at amortised cost.
The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or Other Comprehensive Income (OCI). For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments when and only when its business model for managing those assets changes.
Recognition and derecognition
The Group recognises a financial asset in its statement of financial position when it becomes a party to the contractual provisions of the instrument.
Regular way purchases and sales of financial assets are recognised on settlement date, the date on which an asset is delivered to or by the Group. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership or has not retained control of the asset.
Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.
Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.
Debt instruments
Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the Group classifies its debt instruments:
-Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the statement of profit or loss, subject to materiality.
-FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets\u2019 cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are recognised in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in other gains/(losses).
Interest income from these financial assets is included in finance income using the effective interest rate method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment losses are presented as a separate line item in the statement of profit or loss.
-FVPL: assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognised in profit or loss and presented net within other gains/(losses) in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group\u2019s management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss when the Group\u2019s right to receive payments is established.
Changes in the fair value of financial assets at FVPL are recognised in other gains/(losses) in the income statement as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value.
Impairment
The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables and contract assets, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
For all other financial assets that are subject to impairment under IFRS 9, the Group applies a three-stage model for impairment, based on changes in credit quality since initial recognition. A financial asset that is not credit impaired on initial recognition is classified in stage 1.
Financial assets in stage 1, have their expected credit loss measured at an amount equal to the portion of lifetime expected credit loss that results from default events possible within the next 12 months, or until contractual maturity if shorter. If the Group identifies a significant increase in credit risk since initial recognition, the asset is transferred to stage 2 and its expected credit loss is measured on a lifetime basis, that is up until contractual maturity. If the Group determines that a financial asset is credit impaired, the asset is transferred to stage 3 and the expected credit loss is measured on a lifetime credit loss basis.
1.8.1Trade and other receivables
Trade receivables comprise amounts due from customers for services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less expected credit loss allowances.
Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.
1.8.2Cash and cash equivalents
In the statement of cash flows, cash and cash equivalents includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the statement of financial position.
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1.Summary of material accounting policies
1.8Financial assets
Classification
The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or Other Comprehensive Income (OCI). For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments when and only when its business model for managing those assets changes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686769": { "value": "
1.Summary of material accounting policies
1.7Impairment of non-financial assets
Assets that have an indefinite useful life, for example goodwill or certain intangible assets, are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period.
Goodwill that forms part of the carrying amount of an investment in a joint venture is not recognised separately, and therefore is not tested for impairment separately. Instead, the entire amount of the investment in a joint venture is tested for impairment as a single asset when there is objective evidence that the investment in a joint venture may be impaired.
1.8Financial assets
Impairment
The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables and contract assets, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
For all other financial assets that are subject to impairment under IFRS 9, the Group applies a three-stage model for impairment, based on changes in credit quality since initial recognition. A financial asset that is not credit impaired on initial recognition is classified in stage 1.
Financial assets in stage 1, have their expected credit loss measured at an amount equal to the portion of lifetime expected credit loss that results from default events possible within the next 12 months, or until contractual maturity if shorter. If the Group identifies a significant increase in credit risk since initial recognition, the asset is transferred to stage 2 and its expected credit loss is measured on a lifetime basis, that is up until contractual maturity. If the Group determines that a financial asset is credit impaired, the asset is transferred to stage 3 and the expected credit loss is measured on a lifetime credit loss basis.
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1.Summary of material accounting policies
1.8Financial assets
Classification
The Group classifies its financial assets in the following measurement categories:
-those to be measured subsequently at fair value (either through Other Comprehensive Income, or through profit or loss), and
-those to be measured at amortised cost.
The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or Other Comprehensive Income (OCI). For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments when and only when its business model for managing those assets changes.
Recognition and derecognition
The Group recognises a financial asset in its statement of financial position when it becomes a party to the contractual provisions of the instrument.
Regular way purchases and sales of financial assets are recognised on settlement date, the date on which an asset is delivered to or by the Group. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership or has not retained control of the asset.
Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.
Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.
Debt instruments
Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the Group classifies its debt instruments:
-Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the statement of profit or loss, subject to materiality.
-FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets\u2019 cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are recognised in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in other gains/(losses).
Interest income from these financial assets is included in finance income using the effective interest rate method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment losses are presented as a separate line item in the statement of profit or loss.
-FVPL: assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognised in profit or loss and presented net within other gains/(losses) in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group\u2019s management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss when the Group\u2019s right to receive payments is established.
Changes in the fair value of financial assets at FVPL are recognised in other gains/(losses) in the income statement as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value.
Impairment
The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables and contract assets, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
For all other financial assets that are subject to impairment under IFRS 9, the Group applies a three-stage model for impairment, based on changes in credit quality since initial recognition. A financial asset that is not credit impaired on initial recognition is classified in stage 1.
Financial assets in stage 1, have their expected credit loss measured at an amount equal to the portion of lifetime expected credit loss that results from default events possible within the next 12 months, or until contractual maturity if shorter. If the Group identifies a significant increase in credit risk since initial recognition, the asset is transferred to stage 2 and its expected credit loss is measured on a lifetime basis, that is up until contractual maturity. If the Group determines that a financial asset is credit impaired, the asset is transferred to stage 3 and the expected credit loss is measured on a lifetime credit loss basis.
1.8.1Trade and other receivables
Trade receivables comprise amounts due from customers for services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less expected credit loss allowances.
Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.
1.8.2Cash and cash equivalents
In the statement of cash flows, cash and cash equivalents includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the statement of financial position.
1.11Financial liabilities
The Group recognises a financial liability in its statement of financial position when it becomes a party to the contractual provisions of the instrument. The Group\u2019s financial liabilities, other than derivative contracts, are classified as financial liabilities measured at amortised cost, i.e. not at fair value through profit or loss under IFRS 9. Financial liabilities not at fair value through profit or loss are recognised initially at fair value, being the fair value of consideration received, net of transaction costs that are directly attributable to the acquisition or the issue of the financial liability. These liabilities are subsequently measured at amortised cost. The Group derecognises a financial liability from its statement of financial position when the obligation specified in the contract or arrangement is discharged, is cancelled or expires.
1.11.1 Trade and other payables
Trade payables comprise obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the Group\u2019s expectations or events after the reporting date
\u00a0
Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
1.11.2 Borrowings
Borrowings are recognised initially at the fair value of proceeds received, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the period of the borrowings using the effective interest method. Borrowings are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the Group\u2019s expectations or events after the reporting date
1.12Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously.
1.15Revenue recognition
(c)Interest income
Interest income is recognised using the effective interest method.
(d)Dividend income
Dividend income is recognised when the right to receive payment is established.
1.18Leases
The Group is the lessee
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:
-fixed payments (including in-substance fixed payments), less any lease incentives receivable
-variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date
-amounts expected to be payable by the Group under residual value guarantees
-the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and
-payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.
Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, the Group:
-where possible, uses recent third-party financing received by the lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received;
-uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group, where there is no third party financing; and
-makes adjustments specific to the lease, e.g. term, country, currency and security.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
The Group is the lessor
Finance leases
When assets are leased out under finance leases, the present value of the lease payments is recognised as a receivable. The difference between the gross receivable and the present value of the receivable is recognised as unearned finance income.
The method for allocating gross earnings to the accounting period is referred to as the \u2018actuarial method\u2019. The actuarial method allocates rentals between finance income and repayment of capital in each accounting period in such a way that finance income will emerge as a constant rate of return on the lessor\u2019s net investment in the lease.
1.21Borrowing costs
Borrowing costs which are incurred for the purpose of acquiring or constructing qualifying property, plant and equipment or investment property are capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction is actively underway, during the period of time that is required to complete and prepare the asset for its intended use. Capitalisation of borrowing costs is ceased once the asset is substantially complete and is suspended if the development of the asset is suspended. All other borrowing costs are expensed. Borrowing costs are recognised for all interest-bearing instruments on an accrual basis using the effective interest method. Interest costs include the effect of amortising any difference between initial net proceeds and redemption value in respect of the Group\u2019s interest-bearing borrowings.
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1.Summary of material accounting policies
1.8Financial assets
Classification
The Group classifies its financial assets in the following measurement categories:
-those to be measured subsequently at fair value (either through Other Comprehensive Income, or through profit or loss), and
-those to be measured at amortised cost.
The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or Other Comprehensive Income (OCI). For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments when and only when its business model for managing those assets changes.
Recognition and derecognition
The Group recognises a financial asset in its statement of financial position when it becomes a party to the contractual provisions of the instrument.
Regular way purchases and sales of financial assets are recognised on settlement date, the date on which an asset is delivered to or by the Group. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership or has not retained control of the asset.
Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.
Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.
Debt instruments
FVPL: assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognised in profit or loss and presented net within other gains/(losses) in the period in which it arises.
Equity instruments
Changes in the fair value of financial assets at FVPL are recognised in other gains/(losses) in the income statement as applicable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686766": { "value": "
1.Summary of material accounting policies
1.8Financial assets
Classification
The Group classifies its financial assets in the following measurement categories:
-those to be measured subsequently at fair value (either through Other Comprehensive Income, or through profit or loss), and
-those to be measured at amortised cost.
The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or Other Comprehensive Income (OCI). For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). The Group reclassifies debt investments when and only when its business model for managing those assets changes.
Recognition and derecognition
The Group recognises a financial asset in its statement of financial position when it becomes a party to the contractual provisions of the instrument.
Regular way purchases and sales of financial assets are recognised on settlement date, the date on which an asset is delivered to or by the Group. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership or has not retained control of the asset.
Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.
Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.
Debt instruments
Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the Group classifies its debt instruments:
-Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the statement of profit or loss, subject to materiality.
-FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets\u2019 cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are recognised in profit or loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in other gains/(losses).
Interest income from these financial assets is included in finance income using the effective interest rate method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment losses are presented as a separate line item in the statement of profit or loss.
-FVPL: assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognised in profit or loss and presented net within other gains/(losses) in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group\u2019s management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss when the Group\u2019s right to receive payments is established.
Changes in the fair value of financial assets at FVPL are recognised in other gains/(losses) in the income statement as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value.
Impairment
The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables and contract assets, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
For all other financial assets that are subject to impairment under IFRS 9, the Group applies a three-stage model for impairment, based on changes in credit quality since initial recognition. A financial asset that is not credit impaired on initial recognition is classified in stage 1.
Financial assets in stage 1, have their expected credit loss measured at an amount equal to the portion of lifetime expected credit loss that results from default events possible within the next 12 months, or until contractual maturity if shorter. If the Group identifies a significant increase in credit risk since initial recognition, the asset is transferred to stage 2 and its expected credit loss is measured on a lifetime basis, that is up until contractual maturity. If the Group determines that a financial asset is credit impaired, the asset is transferred to stage 3 and the expected credit loss is measured on a lifetime credit loss basis.
1.8.1Trade and other receivables
Trade receivables comprise amounts due from customers for services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less expected credit loss allowances.
Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.
1.8.2Cash and cash equivalents
In the statement of cash flows, cash and cash equivalents includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the statement of financial position.
1.12Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously.
1.18Leases
The Group is the lessor
Finance leases
When assets are leased out under finance leases, the present value of the lease payments is recognised as a receivable. The difference between the gross receivable and the present value of the receivable is recognised as unearned finance income.
The method for allocating gross earnings to the accounting period is referred to as the \u2018actuarial method\u2019. The actuarial method allocates rentals between finance income and repayment of capital in each accounting period in such a way that finance income will emerge as a constant rate of return on the lessor\u2019s net investment in the lease.
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1.Summary of material accounting policies
1.8Financial assets
Recognition and derecognition
Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership or has not retained control of the asset.
1.11Financial liabilities
The Group derecognises a financial liability from its statement of financial position when the obligation specified in the contract or arrangement is discharged, is cancelled or expires.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686764": { "value": "
1.Summary of material accounting policies
1.6Intangible assets
(a)Indefeasible rights of use
Indefeasible rights of use (IRUs) and Droit de Passage (DDPs) correspond to the right to use a portion of the capacity of a terrestrial or submarine transmission cable granted for a fixed period. IRUs are recognised as an asset when the Group has the specific indefeasible right to use an identified portion of the underlying asset, generally optic fibres, or dedicated wavelength bandwidth, and the duration of the right is for the major part of the underlying asset\u2019s economic life. They are depreciated over the shorter of the expected period of use and the life of the contract.
(b)Computer software
The Group\u2019s computer software comprises software developed by Group entities and software acquired by Group entities. Costs associated with maintaining computer software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets when the following criteria are met:
-it is technically feasible to complete the software product so that it will be available for use;
-management intends to complete the software product and use or sell it;
-there is an ability to use or sell the software product;
-it can be demonstrated how the software product will generate probable future economic benefits;
-adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and
-the expenditure attributable to the software product during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the software product include the software development employee costs and an appropriate portion of relevant overheads.
Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.
Computer software development costs recognised as assets are amortised over their estimated useful lives.
(d)Licences
Separately acquired licences are shown at historical cost. Licences acquired in a business combination are recognised at fair value at the acquisition date. Licences have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost of licences over their estimated useful lives. Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortised over their estimated useful lives.
(e)Brand names
Brand names acquired in a business combination are recognised at fair value at the acquisition date. These assets have a finite useful life and are carried at cost less accumulated amortisation, which amortisation is calculated using the straight-line method over the expected life of the brand. The fair value of the brand names acquired in a business combination is based on the discounted estimated royalty payments that have been avoided as a result of the trademark being owned.
(f)Customer relationships
Contractual customer relationships acquired in a business combination are recognised at fair value at the acquisition date. The contractual customer relations have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method over the expected life of the customer relationship. The fair value of customer relationships acquired in a business combination is determined using the multi-period excess earnings method, whereby the subject asset is valued after deducting a fair return on all other assets that are part of creating the related cash flows.
(g) Broadcasting rights
Broadcasting rights represent the payments made in relation to acquiring rights to broadcast various television networks or events. Amortisation is calculated using the straight-line method to allocate the cost of these rights over their contractual life. Premium TV content such as film or sports broadcasting rights are recognised in the statement of financial position when they are contracted and expensed when broadcast. The cost of premium TV content is recognised in profit or loss on the first broadcast, or where the rights are for a period, seasons or competitions, such rights are principally recognised on a straight-line basis across the period, seasons or competitions.
These intangible assets are initially recognised including the fair value of the future contingent payments at acquisition, and a financial liability is recognised at the same fair value, under the financial liability model. Subsequently, the financial liability is measured at amortised cost, under the requirements of IFRS 9. The Group adjusts the carrying amount of the financial liability to reflect actual and updated estimated cash flows whenever the cash flow estimates are revised. The Group recalculates the carrying amount of the liability by computing the present value of estimated future cash flows at the financial instrument\u2019s original effective interest rate. Subsequent changes in the measurement of the liability are unrelated to the cost of the asset and accordingly, the adjustment is recognised in profit or loss.
(h) Technical knowledge
Technical knowledge acquired or developed to a plan or design for the production of new or substantially improved products and processes is capitalised if the product or process is technically and commercially feasible and the Group has sufficient resources to complete development. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Capitalised expenditure on technical knowledge is stated at cost less accumulated amortisation and accumulated impairment losses.
(i)Other intangible assets
Other intangibles include the customer bases acquired by the Group. They have finite useful lives and are measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation
Amortisation is calculated using the straight-line method to allocate the cost of the intangible assets to their residual value over their estimated useful lives as follows:
Years
Indefeasible rights of use (IRUs)4.75 - 25
Computer software3 - 10
Licences2 - 15
Brand names6 - 15
Customer relationships5
Technical knowledge2 - 15
Broadcasting rightsover the period of rights
The assets\u2019 residual values and useful lives are reviewed and adjusted as appropriate, at the end of each reporting period.
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1.Summary of material accounting policies
1.5Property, plant and equipment
Land is not depreciated as it is deemed to have an indefinite life. Depreciation on other assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful life. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term.
The rates of depreciation used for the current and comparative periods are as follows:
%
Land and buildings2 - 3
Buildings3 \u2013 10
Improvements to leasehold premises
Plant and equipment
Cable, wireless and mobile networks4 \u2013 33.33
Subscribers\u2019 equipment and line8 - 20
Exchange and junction equipment8.33 - 20
Radio plant and equipment6 \u2013 20
Other plant, machinery and equipment7 - 30
Office furniture and equipment10 - 25
Air conditioning equipment10 - 20
Earth station6.7 - 7
Computer equipment20 \u2013 33.33
DTTV platform10 - 50
Customer premises equipment and related assets25 - 50
Motor vehicles10 - 35
1.18Leases
The Group is the lessee
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686762": { "value": "
1.Summary of material accounting policies
1.5Property, plant and equipment
All property, plant and equipment is initially recorded at historical cost. Land and buildings comprise various exchanges, offices and outlets around the Maltese islands. Land and buildings are shown at fair value based on periodic, but at least triennial, valuations by external independent valuers, less subsequent depreciation for buildings. Valuations are carried out on a regular basis such that the carrying amount of property does not differ materially from that which would be determined using fair values at the end of the reporting period. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset, and the net amount is restated to the revalued amount of the asset.
All other property, plant and equipment is stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are located, and capitalised borrowing costs. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.
Borrowing costs which are incurred for the purpose of acquiring or constructing a qualifying asset are capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction is actively underway. Capitalisation of borrowing costs is ceased once the asset is substantially complete, and is suspended if the development of the asset is suspended.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred.
Costs related to customer premises equipment (set-top boxes and modems) and TV installations provided for free to subscribers are capitalised within property, plant and equipment.
Increases in the carrying amount arising on revaluation of land and buildings are credited to other comprehensive income and shown as a revaluation reserve in shareholders\u2019 equity. Decreases that offset previous increases of the same individual asset are charged in other comprehensive income and debited against the revaluation reserve directly in equity; all other decreases are charged to profit or loss. Any subsequent increases are recognised in profit or loss up to the amount previously charged to profit or loss, and then reflected in other comprehensive income and shown as a revaluation reserve.
An external, independent valuer, having appropriate recognised professional qualifications and recent experience in the location and category of property being valued, values the Group\u2019s property portfolio at periodical intervals. The fair values are based on market values, being the estimated amount or price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. In the absence of current prices in an active market, the valuations are prepared by considering the aggregate of the estimated cash flows expected to be received from renting out the property. A yield that reflects the specific risk inherent in the net cash flows is then applied to the net annual cash flows to arrive at the property valuation.
Land is not depreciated as it is deemed to have an indefinite life. Depreciation on other assets is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful life. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term.
The rates of depreciation used for the current and comparative periods are as follows:
%
Land and buildings2 - 3
Buildings3 \u2013 10
Improvements to leasehold premises
Plant and equipment
Cable, wireless and mobile networks4 \u2013 33.33
Subscribers\u2019 equipment and line8 - 20
Exchange and junction equipment8.33 - 20
Radio plant and equipment6 \u2013 20
Other plant, machinery and equipment7 - 30
Office furniture and equipment10 - 25
Air conditioning equipment10 - 20
Earth station6.7 - 7
Computer equipment20 \u2013 33.33
DTTV platform10 - 50
Customer premises equipment and related assets25 - 50
Motor vehicles10 - 35
The assets\u2019 residual values and useful lives are reviewed and adjusted if appropriate, at the end of each reporting period. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount (Note 1.7). Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount and are recognised in profit or loss.
When revalued assets are sold, the amounts included in the revaluation reserve relating to the asset are transferred to retained earnings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686761": { "value": "
1.Summary of material accounting policies
1.3Segment reporting
The Group determines and presents operating segments based on the information that internally is provided to the Board of Directors, which is the Group\u2019s chief operating decision-maker in accordance with the requirements of IFRS 8, Operating Segments.
An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group\u2019s other components, and for which discrete financial information is available. An operating segment\u2019s operating results are reviewed regularly by the Board of Directors to make decisions about resources to be allocated to the segment and to assess its performance executing the function of the chief operating decision-maker.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686760": { "value": "
1.Summary of material accounting policies
1.2Consolidation
(d) Associates
Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting in the consolidated financial statements. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss of the investee after the date of acquisition. The Group\u2019s investment in associates includes goodwill identified on acquisition.
If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income is reclassified to profit or loss where appropriate.
The Group\u2019s share of post-acquisition profit or loss is recognised in the income statement, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment.
When the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate.
The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognises the amount adjacent to \u2018share of profit/(loss) of associates\u2019 in the income statement.
Profits and losses resulting from upstream and downstream transactions between the Group and its associates are recognised in the Group\u2019s financial statements only to the extent of unrelated investor\u2019s interests in the associates. Unrealised losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group.
Dilution gains and losses arising in investments in associates are recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686759": { "value": "
1.Summary of material accounting policies
1.2Consolidation
(d) Associates
Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting in the consolidated financial statements. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss of the investee after the date of acquisition. The Group\u2019s investment in associates includes goodwill identified on acquisition.
If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income is reclassified to profit or loss where appropriate.
The Group\u2019s share of post-acquisition profit or loss is recognised in the income statement, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment.
When the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate.
The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognises the amount adjacent to \u2018share of profit/(loss) of associates\u2019 in the income statement.
Profits and losses resulting from upstream and downstream transactions between the Group and its associates are recognised in the Group\u2019s financial statements only to the extent of unrelated investor\u2019s interests in the associates. Unrealised losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group.
Dilution gains and losses arising in investments in associates are recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686758": { "value": "
1.Summary of material accounting policies
1.2Consolidation
(b)Transactions with non-controlling interests
The Group treats transactions with non-controlling interests, where the acquisition or disposal of partial interests in a subsidiary has no impact on the Group\u2019s ability to control the subsidiary\u2019s financial and operating policies, as transactions with equity owners of the Group. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of the identifiable net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
Put options written over non-controlling interests
When the Company (as parent) writes a put option that gives a non-controlling interest (NCI) holder the right to require the Company to purchase its shares in a subsidiary for cash or another financial asset, the Company recognises a financial liability for the present value of the redemption amount. This liability is recognised from inception of the contract, even if settlement is conditional on the option being exercised by the holder.
In accordance with IFRS 10, the initial recognition of this redemption liability is recorded as a deduction from equity attributable to owners of the parent, to the extent that the risks and rewards of ownership of the NCI shares are assessed to remain with the NCI. Where the risks and rewards of ownership are assessed to transfer to the parent, the liability is recognised as a reduction of NCI.
The liability is subsequently measured in accordance with IFRS 9, with finance costs (including the unwinding of discount) recognised in profit or loss. Adjustments to the liability that relate to changes in the parent\u2019s ownership interest in the subsidiary, without loss of control, are recognised directly in equity in accordance with IFRS 10.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686757": { "value": "
1.Summary of material accounting policies
1.2Consolidation
(a)Subsidiaries
The Group applies the acquisition method of accounting to account for business combinations that fall within the scope of IFRS 3. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed (identifiable net assets) in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686756": { "value": "
1.Summary of material accounting policies
1.2Consolidation
(a)Subsidiaries
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. The Group also assesses existence of control where it does not have more than 50% of the voting power but is able to govern the financial and operating policies by virtue of de-facto control. De-facto control may arise in circumstances where, for instance the size of the Group\u2019s voting rights relative to the size and dispersion of holdings of other shareholders give the Group the power to govern the financial and operating policies. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases.
The Group applies the acquisition method of accounting to account for business combinations that fall within the scope of IFRS 3. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed (identifiable net assets) in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets.
Goodwill is initially measured as the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired. If this is less than the fair value of the identifiable net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in profit or loss.
Upon consolidation, inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated but considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries are changed where necessary to ensure consistency with the policies adopted by the Group.
(c) Disposal of subsidiaries
When the Group ceases to have control, any retained interest in the entity is remeasured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686755": { "value": "
1.Summary of material accounting policies
1.2Consolidation
(a)Subsidiaries
The Group applies the acquisition method of accounting to account for business combinations that fall within the scope of IFRS 3. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed (identifiable net assets) in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets.
Goodwill is initially measured as the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired. If this is less than the fair value of the identifiable net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in profit or loss.
1.6Intangible assets
(c)Goodwill
Goodwill represents the excess of the consideration transferred over the fair value of the Group\u2019s share of the identifiable net assets of the acquired subsidiary at the date of acquisition. Goodwill on acquisitions of subsidiaries is included in \u2018intangible assets\u2019.
Goodwill that is recognised separately within \u2018intangible assets\u2019 is carried at cost less accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units (CGUs) or groups of CGUs that are expected to benefit from the synergies of the business combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes.
A cash-generating unit to which goodwill has been allocated is tested for impairment annually, and also whenever there is an indication that the unit may be impaired, by comparing the carrying amount of the unit, including the goodwill, with the recoverable amount of the unit. The recoverable amount is the higher of fair value less costs to sell and value in use. Impairment losses on goodwill are not reversed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686754": { "value": "
1.Summary of material accounting policies
1.2Consolidation
(a)Subsidiaries
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. The Group also assesses existence of control where it does not have more than 50% of the voting power but is able to govern the financial and operating policies by virtue of de-facto control. De-facto control may arise in circumstances where, for instance the size of the Group\u2019s voting rights relative to the size and dispersion of holdings of other shareholders give the Group the power to govern the financial and operating policies. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases.
The Group applies the acquisition method of accounting to account for business combinations that fall within the scope of IFRS 3. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed (identifiable net assets) in a business combination are measured initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets.
Goodwill is initially measured as the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired. If this is less than the fair value of the identifiable net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in profit or loss.
Upon consolidation, inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated but considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries are changed where necessary to ensure consistency with the policies adopted by the Group.
(b)Transactions with non-controlling interests
The Group treats transactions with non-controlling interests, where the acquisition or disposal of partial interests in a subsidiary has no impact on the Group\u2019s ability to control the subsidiary\u2019s financial and operating policies, as transactions with equity owners of the Group. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of the identifiable net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.
Put options written over non-controlling interests
When the Company (as parent) writes a put option that gives a non-controlling interest (NCI) holder the right to require the Company to purchase its shares in a subsidiary for cash or another financial asset, the Company recognises a financial liability for the present value of the redemption amount. This liability is recognised from inception of the contract, even if settlement is conditional on the option being exercised by the holder.
In accordance with IFRS 10, the initial recognition of this redemption liability is recorded as a deduction from equity attributable to owners of the parent, to the extent that the risks and rewards of ownership of the NCI shares are assessed to remain with the NCI. Where the risks and rewards of ownership are assessed to transfer to the parent, the liability is recognised as a reduction of NCI.
The liability is subsequently measured in accordance with IFRS 9, with finance costs (including the unwinding of discount) recognised in profit or loss. Adjustments to the liability that relate to changes in the parent\u2019s ownership interest in the subsidiary, without loss of control, are recognised directly in equity in accordance with IFRS 10.
(c) Disposal of subsidiaries
When the Group ceases to have control, any retained interest in the entity is remeasured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.
(d) Associates
Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting in the consolidated financial statements. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss of the investee after the date of acquisition. The Group\u2019s investment in associates includes goodwill identified on acquisition.
If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income is reclassified to profit or loss where appropriate.
The Group\u2019s share of post-acquisition profit or loss is recognised in the income statement, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment.
When the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate.
The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognises the amount adjacent to \u2018share of profit/(loss) of associates\u2019 in the income statement.
Profits and losses resulting from upstream and downstream transactions between the Group and its associates are recognised in the Group\u2019s financial statements only to the extent of unrelated investor\u2019s interests in the associates. Unrealised losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group.
Dilution gains and losses arising in investments in associates are recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686753": { "value": "
1.Summary of material accounting policies
1.2Consolidation
(a)Subsidiaries
Goodwill is initially measured as the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired. If this is less than the fair value of the identifiable net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in profit or loss.
1.6Intangible assets
(a)Indefeasible rights of use
Indefeasible rights of use (IRUs) and Droit de Passage (DDPs) correspond to the right to use a portion of the capacity of a terrestrial or submarine transmission cable granted for a fixed period. IRUs are recognised as an asset when the Group has the specific indefeasible right to use an identified portion of the underlying asset, generally optic fibres, or dedicated wavelength bandwidth, and the duration of the right is for the major part of the underlying asset\u2019s economic life. They are depreciated over the shorter of the expected period of use and the life of the contract.
(b)Computer software
The Group\u2019s computer software comprises software developed by Group entities and software acquired by Group entities. Costs associated with maintaining computer software programmes are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets when the following criteria are met:
-it is technically feasible to complete the software product so that it will be available for use;
-management intends to complete the software product and use or sell it;
-there is an ability to use or sell the software product;
-it can be demonstrated how the software product will generate probable future economic benefits;
-adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and
-the expenditure attributable to the software product during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the software product include the software development employee costs and an appropriate portion of relevant overheads.
Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period.
Computer software development costs recognised as assets are amortised over their estimated useful lives.
(c)Goodwill
Goodwill represents the excess of the consideration transferred over the fair value of the Group\u2019s share of the identifiable net assets of the acquired subsidiary at the date of acquisition. Goodwill on acquisitions of subsidiaries is included in \u2018intangible assets\u2019.
Goodwill that is recognised separately within \u2018intangible assets\u2019 is carried at cost less accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units (CGUs) or groups of CGUs that are expected to benefit from the synergies of the business combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes.
A cash-generating unit to which goodwill has been allocated is tested for impairment annually, and also whenever there is an indication that the unit may be impaired, by comparing the carrying amount of the unit, including the goodwill, with the recoverable amount of the unit. The recoverable amount is the higher of fair value less costs to sell and value in use. Impairment losses on goodwill are not reversed.
(d)Licences
Separately acquired licences are shown at historical cost. Licences acquired in a business combination are recognised at fair value at the acquisition date. Licences have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost of licences over their estimated useful lives. Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortised over their estimated useful lives.
(e)Brand names
Brand names acquired in a business combination are recognised at fair value at the acquisition date. These assets have a finite useful life and are carried at cost less accumulated amortisation, which amortisation is calculated using the straight-line method over the expected life of the brand. The fair value of the brand names acquired in a business combination is based on the discounted estimated royalty payments that have been avoided as a result of the trademark being owned.
(f)Customer relationships
Contractual customer relationships acquired in a business combination are recognised at fair value at the acquisition date. The contractual customer relations have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method over the expected life of the customer relationship. The fair value of customer relationships acquired in a business combination is determined using the multi-period excess earnings method, whereby the subject asset is valued after deducting a fair return on all other assets that are part of creating the related cash flows.
(g) Broadcasting rights
Broadcasting rights represent the payments made in relation to acquiring rights to broadcast various television networks or events. Amortisation is calculated using the straight-line method to allocate the cost of these rights over their contractual life. Premium TV content such as film or sports broadcasting rights are recognised in the statement of financial position when they are contracted and expensed when broadcast. The cost of premium TV content is recognised in profit or loss on the first broadcast, or where the rights are for a period, seasons or competitions, such rights are principally recognised on a straight-line basis across the period, seasons or competitions.
These intangible assets are initially recognised including the fair value of the future contingent payments at acquisition, and a financial liability is recognised at the same fair value, under the financial liability model. Subsequently, the financial liability is measured at amortised cost, under the requirements of IFRS 9. The Group adjusts the carrying amount of the financial liability to reflect actual and updated estimated cash flows whenever the cash flow estimates are revised. The Group recalculates the carrying amount of the liability by computing the present value of estimated future cash flows at the financial instrument\u2019s original effective interest rate. Subsequent changes in the measurement of the liability are unrelated to the cost of the asset and accordingly, the adjustment is recognised in profit or loss.
(h) Technical knowledge
Technical knowledge acquired or developed to a plan or design for the production of new or substantially improved products and processes is capitalised if the product or process is technically and commercially feasible and the Group has sufficient resources to complete development. The expenditure capitalised includes the cost of materials, direct labour and an appropriate proportion of overheads. Capitalised expenditure on technical knowledge is stated at cost less accumulated amortisation and accumulated impairment losses.
(i)Other intangible assets
Other intangibles include the customer bases acquired by the Group. They have finite useful lives and are measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation
Amortisation is calculated using the straight-line method to allocate the cost of the intangible assets to their residual value over their estimated useful lives as follows:
Years
Indefeasible rights of use (IRUs)4.75 - 25
Computer software3 - 10
Licences2 - 15
Brand names6 - 15
Customer relationships5
Technical knowledge2 - 15
Broadcasting rightsover the period of rights
The assets\u2019 residual values and useful lives are reviewed and adjusted as appropriate, at the end of each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686752": { "value": "
1.Summary of material accounting policies
1.2Consolidation
(a)Subsidiaries
Goodwill is initially measured as the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired. If this is less than the fair value of the identifiable net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in profit or loss.
1.6Intangible assets
(c)Goodwill
Goodwill represents the excess of the consideration transferred over the fair value of the Group\u2019s share of the identifiable net assets of the acquired subsidiary at the date of acquisition. Goodwill on acquisitions of subsidiaries is included in \u2018intangible assets\u2019.
Goodwill that is recognised separately within \u2018intangible assets\u2019 is carried at cost less accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash-generating units (CGUs) or groups of CGUs that are expected to benefit from the synergies of the business combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes.
A cash-generating unit to which goodwill has been allocated is tested for impairment annually, and also whenever there is an indication that the unit may be impaired, by comparing the carrying amount of the unit, including the goodwill, with the recoverable amount of the unit. The recoverable amount is the higher of fair value less costs to sell and value in use. Impairment losses on goodwill are not reversed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686751": { "value": "
1.Summary of material accounting policies
1.1 Basis of preparation
The consolidated financial statements include the financial statements of GO p.l.c. (GO) and its subsidiaries and are prepared in accordance with the requirements of International Financial Reporting Standards (IFRSs) as adopted by the EU and with the requirements of the Maltese Companies Act (Cap. 386). They have been prepared under the historical cost convention, except as modified by the fair valuation of certain financial instruments and the land and buildings class within property, plant and equipment. Unless otherwise stated, all financial information presented has been rounded to the nearest thousand.
\u00a0
The preparation of financial statements in conformity with IFRSs as adopted by the EU requires the use of certain accounting estimates. It also requires Directors to exercise their judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 3.
Financial position of the Group and the Group\u2019s cash flow forecasting process
As at 31 December 2025, the Group\u2019s and the Company\u2019s current liabilities exceeded its current assets by \u20ac46.6 million and \u20ac20 million, respectively (Group 2024: \u20ac42.1 million, Company 2024: \u20ac9.5 million). Management of the Group and Company attribute part of this position due to the structuring of the cost base of the Group\u2019s and Company\u2019s operations, whereby a portion of expenses are committed to in advance and hence are captured in the payables as at year-end. These liabilities include current lease liabilities amounting to \u20ac7.3m and \u20ac3.6m for Group and Company respectively (Group 2024: \u20ac7.8 million, Company 2024: \u20ac4.5 million), as well as payments relating to broadcasting rights classified as intangible assets amounting to \u20ac5.6 million for the Group and \u20ac1.4 million for the Company.
Furthermore, the Group and Company have significant unfulfilled performance obligations, in relation to contracted revenue, to be recognised within the next 12 months amounting to \u20ac100.8 million for the Group and \u20ac47.1 million for the Company (Group 2024: \u20ac78.3 million, Company 2024: \u20ac38.2 million). Upon fulfilment, these obligations are expected to generate cash inflows of the same amount which will enable the Group and Company to manage effectively its forecasted cash flows and liquidity needs.
\u00a0
The above-mentioned factors have been reflected in base case projections for profitability and cashflows prepared by Management extending beyond the 12 months from the date of reporting of these financial statements. Furthermore, as disclosed in Note 18, the Group and Company have unutilised banking facilities amounting to \u20ac11 million, which are considered in the context of the Group\u2019s liquidity management programme. These factors are embedded within the Group and Company\u2019s cash flow forecasts.
\u00a0
The Group and Company\u2019s profitability and cashflow projections indicate that enough resources are available to cover their commitments, including the bond coupon for the next 12 months and to continue operating as a going-concern.
Standards, interpretations and amendments to published standards effective in 2025
In 2025, the Group and Company adopted amendments to existing standards that are mandatory for the Group and Company\u2019s accounting period beginning on 1 January 2025. The adoption of these revisions to the requirements of IFRSs as adopted by the EU did not result in changes to the Group and Company\u2019s accounting policies impacting the financial performance and position.
Standards, interpretations and amendments to published standards that are not yet adopted
Certain new standards, amendments and interpretations to existing standards have been published by the date of authorisation for issue of these financial statements but are mandatory for the Group\u2019s accounting periods beginning after 1 January 2025.
The Group has not early adopted these revisions to the requirements of IFRSs as adopted by the EU and the Directors are of the opinion that there are no requirements which will have a possible material impact on the Group\u2019s and Company\u2019s financial statements in the period of initial application, other than what is described below.
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 (effective for annual periods beginning
on or after 1 January 2027)
IFRS 18 (issued on 9 April 2024) was endorsed for use in the European Union on 16 February 2026 and is set to replace IAS 1 Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related to the statement of financial performance. IFRS 18 will also require the disclosure of management-defined performance measures within the financial statements.
Management is currently assessing the detailed implications of applying the new standard on the Group\u2019s and Company\u2019s financial statements.
The new standard will be applicable from its mandatory effective date of 1 January 2027, with retrospective application, meaning that comparative information will be restated to reflect the new presentation and disclosure requirements introduced.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686750": { "value": "
1.Summary of material accounting policies
1.1 Basis of preparation
Standards, interpretations and amendments to published standards effective in 2025
In 2025, the Group and Company adopted amendments to existing standards that are mandatory for the Group and Company\u2019s accounting period beginning on 1 January 2025. The adoption of these revisions to the requirements of IFRSs as adopted by the EU did not result in changes to the Group and Company\u2019s accounting policies impacting the financial performance and position.
Standards, interpretations and amendments to published standards that are not yet adopted
Certain new standards, amendments and interpretations to existing standards have been published by the date of authorisation for issue of these financial statements but are mandatory for the Group\u2019s accounting periods beginning after 1 January 2025.
The Group has not early adopted these revisions to the requirements of IFRSs as adopted by the EU and the Directors are of the opinion that there are no requirements which will have a possible material impact on the Group\u2019s and Company\u2019s financial statements in the period of initial application, other than what is described below.
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 (effective for annual periods beginning
on or after 1 January 2027)
IFRS 18 (issued on 9 April 2024) was endorsed for use in the European Union on 16 February 2026 and is set to replace IAS 1 Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related to the statement of financial performance. IFRS 18 will also require the disclosure of management-defined performance measures within the financial statements.
Management is currently assessing the detailed implications of applying the new standard on the Group\u2019s and Company\u2019s financial statements.
The new standard will be applicable from its mandatory effective date of 1 January 2027, with retrospective application, meaning that comparative information will be restated to reflect the new presentation and disclosure requirements introduced.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686749": { "value": "
1.Summary of material accounting policies
1.1 Basis of preparation
Standards, interpretations and amendments to published standards effective in 2025
In 2025, the Group and Company adopted amendments to existing standards that are mandatory for the Group and Company\u2019s accounting period beginning on 1 January 2025. The adoption of these revisions to the requirements of IFRSs as adopted by the EU did not result in changes to the Group and Company\u2019s accounting policies impacting the financial performance and position.
Standards, interpretations and amendments to published standards that are not yet adopted
Certain new standards, amendments and interpretations to existing standards have been published by the date of authorisation for issue of these financial statements but are mandatory for the Group\u2019s accounting periods beginning after 1 January 2025.
The Group has not early adopted these revisions to the requirements of IFRSs as adopted by the EU and the Directors are of the opinion that there are no requirements which will have a possible material impact on the Group\u2019s and Company\u2019s financial statements in the period of initial application, other than what is described below.
IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 (effective for annual periods beginning
on or after 1 January 2027)
IFRS 18 (issued on 9 April 2024) was endorsed for use in the European Union on 16 February 2026 and is set to replace IAS 1 Presentation of financial statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related to the statement of financial performance. IFRS 18 will also require the disclosure of management-defined performance measures within the financial statements.
Management is currently assessing the detailed implications of applying the new standard on the Group\u2019s and Company\u2019s financial statements.
The new standard will be applicable from its mandatory effective date of 1 January 2027, with retrospective application, meaning that comparative information will be restated to reflect the new presentation and disclosure requirements introduced.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686748": { "value": "
1.Summary of material accounting policies
1.1 Basis of preparation
The preparation of financial statements in conformity with IFRSs as adopted by the EU requires the use of certain accounting estimates. It also requires Directors to exercise their judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 3.
3.Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. These estimates and assumptions present a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. The Group\u2019s management also makes judgements, apart from those involving estimations, in the process of applying the entity's accounting policies that may have a significant effect on the amounts recognised in the financial statements.
3.1Impairment testing
IFRSs require management to undertake an annual test for impairment of goodwill and non-financial assets having an indefinite useful life, and require management to test for impairment if events or changes in circumstances indicate that the carrying amount of a non-financial asset having a finite useful life may not be recoverable. For the purposes of assessing impairment, non-financial assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). The Group also assesses at the end of each reporting period whether there is objective evidence that a financial asset or a group of financial assets is impaired.
Impairment testing is an area involving management judgement, requiring assessment as to whether the carrying value of assets or cash-generating units can be supported by the net present value of future cash flows derived from such assets or cash-generating units using cash flow projections, which have been discounted at an appropriate rate. In calculating the net present value of the future cash flows, in particular those derived from the Group\u2019s cash-generating units, certain assumptions are required to be made in respect of highly uncertain matters including management\u2019s expectations of growth in earnings before interest, taxation, depreciation and amortisation (EBITDA); developments in number of subscribers and average revenue per user (ARPU); long-term growth rates; and the selection of discount rates to reflect the risks involved. Changing the assumptions selected by management, in particular the discount rate and growth rate assumptions used in the cash flow projections, could significantly affect the Group\u2019s impairment evaluation and hence results.
At Company level, management makes reference to the same net present value of cashflows to assess whether impairments are required to the carrying value of investments in subsidiaries.
Details surrounding critical judgements and assumptions are further disclosed in Note 7.
3.2Business combinations
The definition of control encompasses three distinct principles, which, if present, identify the existence of control by the Group over an investee, hence forming a parent-subsidiary relationship: power over the investee; exposure, or rights, to variable returns from its involvement with the investee; and the ability to use its power over the investee to affect the amount of the investor\u2019s returns. When the Group assesses whether it has power over an investee, it needs to assess whether any rights it has are protective (rather than substantive), whether rights held by other investors are protective, or whether other parties have substantive rights that can prevent the Group from directing the relevant investee's activities (for example, veto rights). Protective rights are different to substantive rights. Protective rights are considered as rights designed to protect the interest of the party holding those rights without giving that party power over the entity to which those rights relate. Given that power is required to control an investee, if the Group only has protective rights it will not control the investee.
The recognition of business combinations requires the excess of the purchase price of acquisitions over the net book value of assets acquired to be allocated to the assets and liabilities of the acquired entity. The Group makes judgements and estimates in relation to the fair value allocation of the purchase price. The amount of goodwill initially recognised as a result of a business combination is dependent on the allocation of the purchase price to the fair value of the identifiable assets acquired and the liabilities assumed. The determination of the fair value of the assets and liabilities is based, to a considerable extent, on management\u2019s judgement. Allocation of the purchase price affects the results of the Group as intangible assets with a finite life are amortised, whereas intangible assets with an indefinite life and goodwill are not amortised. Identifiable intangible assets may include customer bases and brands. The fair value of these assets is determined by discounting estimated future net cash flows generated by the asset where no active market for the assets exist. The use of different assumptions for the expectations of future cash flows and the discount rate would change the valuation of the intangible assets.
These acquisition agreements typically include:
(i)variable payments payable in a future period based on certain targets being met in the predetermined period. Management applies judgement in determining whether such payments are deemed to constitute contingent payment for the consideration of the acquisition of the controlling stake or whether such payment relates to compensation to management based on future performance.
(ii)Furthermore, acquisition agreements where the Group does not obtain a 100% controlling stake, might include put options to the minority shareholders giving them the right to oblige the Group to acquire the remaining non-controlling stake at a predetermined price subject to the achievement of preset targets within a predetermined period.
The Group makes judgements and estimates in relation to the probability of targets being met which typically takes in consideration future performance and cashflows of the acquired entity. The fair value of these liabilities is determined by discounting estimated future net cash outflows which is based on Management\u2019s estimate of the discount rate to be used.
Details surrounding critical judgements and assumptions are further disclosed in Note 8.
3.3Provisions for pension obligations
Following the significant reduction in the Group\u2019s defined benefit obligation during the year, arising from the curtailment of the pension scheme and resolution of related legal cases, management has reassessed the nature of the judgements and estimates involved.
The remaining obligation relates to a limited number of potential beneficiaries and is no longer considered to give rise to significant estimation uncertainty. Accordingly, pension obligations are no longer included within the Group\u2019s critical accounting estimates. However, judgement continues to be applied in assessing the existence of obligations, including the impact of applicable prescription periods.
Details surrounding critical judgements and assumptions are further disclosed in Note 20.
3.4Determination of extension for right-of-use assets and liabilities
The Group leases various properties, motor vehicles and IT equipment. Rental contracts may have extension options to renew the lease after the original period. Determination of the lease term considered is deemed to be a critical accounting estimate in view of the magnitude of lease payments considered in the extension periods. Details surrounding critical judgements and assumptions are further disclosed in Note 6 and Note 19.
3.5Estimation of useful life
The useful life used to amortise intangible assets relates to the future performance of the assets acquired and management\u2019s judgement of the period over which economic benefit will be derived from the asset. The useful lives and residual values of the Group\u2019s property, plant and equipment are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on historical experience with similar assets as well as anticipation of future events which may impact their life such as changes in technology.
3.6Recoverability of loan receivable by GO p.l.c. from GO IP Holdings Limited
The recoverability of the loan of \u20ac155,100,000 by the Company from GO IP Holdings Limited (as further detailed in Note 2.1 (b)) and related expected credit loss assessment is heavily dependent on the reasonableness of the assumptions and judgements underlying the valuation of IP transaction from which this receivable originated in late December 2025 as detailed in Note 37.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686747": { "value": "
1.Summary of material accounting policies
1.1 Basis of preparation
The consolidated financial statements include the financial statements of GO p.l.c. (GO) and its subsidiaries and are prepared in accordance with the requirements of International Financial Reporting Standards (IFRSs) as adopted by the EU and with the requirements of the Maltese Companies Act (Cap. 386). ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page89-cflshid_36647-tag11686744": { "value": "
1.Summary of material accounting policies
1.1 Basis of preparation
Financial position of the Group and the Group\u2019s cash flow forecasting process
As at 31 December 2025, the Group\u2019s and the Company\u2019s current liabilities exceeded its current assets by \u20ac46.6 million and \u20ac20 million, respectively (Group 2024: \u20ac42.1 million, Company 2024: \u20ac9.5 million). Management of the Group and Company attribute part of this position due to the structuring of the cost base of the Group\u2019s and Company\u2019s operations, whereby a portion of expenses are committed to in advance and hence are captured in the payables as at year-end. These liabilities include current lease liabilities amounting to \u20ac7.3m and \u20ac3.6m for Group and Company respectively (Group 2024: \u20ac7.8 million, Company 2024: \u20ac4.5 million), as well as payments relating to broadcasting rights classified as intangible assets amounting to \u20ac5.6 million for the Group and \u20ac1.4 million for the Company.
Furthermore, the Group and Company have significant unfulfilled performance obligations, in relation to contracted revenue, to be recognised within the next 12 months amounting to \u20ac100.8 million for the Group and \u20ac47.1 million for the Company (Group 2024: \u20ac78.3 million, Company 2024: \u20ac38.2 million). Upon fulfilment, these obligations are expected to generate cash inflows of the same amount which will enable the Group and Company to manage effectively its forecasted cash flows and liquidity needs.
\u00a0
The above-mentioned factors have been reflected in base case projections for profitability and cashflows prepared by Management extending beyond the 12 months from the date of reporting of these financial statements. Furthermore, as disclosed in Note 18, the Group and Company have unutilised banking facilities amounting to \u20ac11 million, which are considered in the context of the Group\u2019s liquidity management programme. These factors are embedded within the Group and Company\u2019s cash flow forecasts.
\u00a0
The Group and Company\u2019s profitability and cashflow projections indicate that enough resources are available to cover their commitments, including the bond coupon for the next 12 months and to continue operating as a going-concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page114-cflshid_47201-tag11686803": { "value": "
2.Financial risk management
2.1Financial risk factors
The Group\u2019s activities potentially expose it to a variety of financial risks: market risk (including foreign exchange risk, cash flow and fair value interest rate risk), credit risk, and liquidity risk. The Group\u2019s overall risk management, covering risk exposures for all subsidiaries, focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the respective companies\u2019 financial performance. The Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. Accordingly, the Company\u2019s Board of Directors provides principles for overall Group risk management, as well as risk management policies covering risks referred to above and specific areas such as investment of excess liquidity. The Group sometimes uses derivative financial instruments to hedge certain risk exposures. The Group\u2019s risk policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group\u2019s activities.
(a)Market risk
(i)Foreign exchange risk
Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities which are denominated in a currency that is not the respective entity\u2019s functional currency, which would be considered a foreign currency. The Group\u2019s and the Company\u2019s revenues, purchases and operating expenditure, financial assets and liabilities, including financing, are mainly denominated in euro. However, a portion of the Group\u2019s revenues and purchases, including interconnect traffic, and certain capital expenditure are denominated in foreign currencies, including US Dollar (\u2018USD\u2019) and Great Britain Pound (\u2018GBP\u2019). Accordingly, the Group is potentially exposed to foreign exchange risk arising from such transactions.
The Group\u2019s main risk exposures reflecting the carrying amount of receivables and payables denominated in foreign currencies at the end of the reporting periods were as follows:
\u00a0\u00a0
31 December 202531 December 2024
USDGBPUSDGBP
Group\u20ac000\u20ac000\u20ac000\u20ac000
Trade receivables4422771-
Trade payables(807)(102)(479)(135)
Net recognised
payables denominated
in foreign currency(763)125(408)(135)
Available funds in foreign
currency10629378644
Net exposure(657)418(330)509
Management does not consider foreign exchange risk attributable to recognised assets and liabilities arising from transactions denominated in foreign currencies, presented within the tables above, to be significant. Accordingly, the impact of any reasonable sensitivities to changes in these foreign currencies is not deemed to be material to the Group at the end of the reporting period.
(ii)Cash flow and fair value interest rate risk
The interest rate profile of the Group\u2019s and the Company\u2019s interest-bearing financial instruments at the end of the reporting periods is analysed below:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Financial assets measured at amortised cost
Subject to floating rates
Bank balances (Note 15)15,87614,7768,4104,283
15,87614,7768,4104,283
Subject to fixed rates
Loans receivable from subsidiaries (Note 10)--176,499171,177
Loans receivable from associates (Note 10)184184--
Other receivables *6011560115
244299176,559171,292
Total 16,12015,075184,969175,575
* The amounts attributable to other receivables disclosed above, are stated gross of provisions for impairment
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Financial liabilities measured at amortised
cost
Subject to floating rates
Bank overdrafts(12,636)(7,145)(9,102)(4,860)
Bank loans (73,414)(61,682)(22,891)(29,982)
(86,050)(68,827)(31,993)(34,842)
Subject to fixed ratesBank loans(2,601)(3,170)--
Private borrowings(736)(406)--
Bonds(100,701)(100,595)(59,520)(59,433)
(104,038)(104,171)(59,520)(59,433)
Total (190,088)(172,998)(91,513)(94,275)
The Group\u2019s significant instruments which are subject to fixed interest rates consist principally of bonds issued and bank loans. In this respect, the Group is potentially exposed to fair value interest rate risk in view of the fixed interest nature of these instruments, which are however measured at amortised cost.
The Group\u2019s interest rate risk principally arises from bank borrowings issued at variable rates that are partially offset by balances held with banks subject to floating interest rates, which expose the Group to cash flow interest rate risk. Floating interest rates on these financial instruments are linked to reference rates such as Euribor or the respective banker\u2019s base rate. Management monitors the impact of changes in market interest rates on amounts reported in profit or loss in respect of these instruments taking into consideration refinancing, renewal of existing positions, alternative financing, and hedging techniques.
Based on the analysis referred to above, management considers the potential impact on profit or loss of a defined interest rate shift that is reasonably possible at the end of the reporting period as a measure of cash flow interest rate risk. An increase/(decrease) of 250 basis points (2024: 250 basis points) would have (decreased)/increased the profit for the Group and Company by \u20ac1,934,000 and \u20ac573,000 respectively (2024: (decreased)/increased the profit by \u20ac752,000 and \u20ac877,000), which principally takes into account the impact of this shift on the interest amounts arising on variable interest borrowings as at 31 December 2025. Accordingly, the Group\u2019s financial results are substantially independent of changes in market interest rates and the level of interest risk to the Group is deemed to be quite contained.
(iii)Price risk
The Group is not materially exposed to equity securities price risk attributable to investments held by the Group taking into account the carrying amount of the investments held in the context of the Group\u2019s total assets.
(b)Credit risk
Credit risk principally arises from cash and cash equivalents comprising deposits with financial institutions, and loans to related parties, as well as credit exposures to wholesale and retail customers, including outstanding receivables and committed transactions. The Group\u2019s and the Company\u2019s principal exposures to credit risk as at the end of the reporting period are analysed as follows:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Carrying amount
Financial assets measured at
amortised cost:
Loans receivables from subsidiaries (Note 10)--176,499171,177
Trade and other receivables (Note 14)42,15135,88640,78434,194
Cash and cash equivalents (Note 15)15,87614,7768,4104,283
58,02750,662225,693209,654
The maximum exposure to credit risk at the end of the reporting period in respect of the financial assets mentioned above is equivalent to their carrying amount as disclosed in the respective notes to the financial statements. The Group does not hold any significant collateral as security in this respect. The figures disclosed in the table above in respect of trade and other receivables exclude prepayments.
Trade and other receivables (including contract assets)
The Group assesses the credit quality of its trade customers, the majority of which are unrated, taking into account financial position, past experience and other factors. The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. It has policies in place to ensure that sales of services are affected to customers with an appropriate credit history. Standard credit terms are in place for individual clients, however, wherever possible, new corporate customers are analysed individually for creditworthiness before the Group\u2019s standard payment and service delivery terms and conditions are offered. The creditworthiness analysis for new customers includes a review through external creditworthiness databases when available. The Group monitors the performance of its trade and other receivables on a regular basis to identify incurred collection losses, which are inherent in the Group\u2019s debtors, taking into account historical experience in collection of accounts receivable.
In view of the nature of the Group\u2019s activities and the market in which it operates, a limited number of customers account for a certain percentage of the Group\u2019s trade and other receivables. Whilst no individual customer or group of dependent customers is considered by management as a significant concentration of credit risk with respect to contractual debts, these material exposures are monitored and reported more frequently and rigorously. These customers trade frequently with the respective Group undertaking and are deemed by management to have positive credit standing, usually taking cognisance of the performance history without defaults.
The Group manages credit limits and exposures actively in a practicable manner such that past due amounts receivable from customers are within controlled parameters. The Group\u2019s trade and other receivables, which are not credit impaired financial assets, are principally debts in respect of transactions with customers for whom there is no recent history of default. Management does not expect any significant losses from non-performance by these customers.
Impairment of trade and other receivables (including contract assets)
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.
To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. Contract assets have substantially the same risk characteristics as the trade receivables for the same types of contracts. The Group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for contract assets.
The expected loss rates are based on the payment profiles of sales over a period of time before the reporting date and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The Group adjusts the historical loss rates based on expected changes in these factors. On that basis, the loss allowance as at 31 December 2025 and 31 December 2024 was determined as follows:
Group
31 December 2025CurrentUp to 30 days past dueUp to 60 days past dueUp to 90 days past dueUp to 120 days past due+120 days past dueTotal
Weighted average expected loss rate2%7%9%12%7%81%
Trade receivables at gross carrying amount (\u20ac000)10,7281,8571,2559661,81616,15232,774
Contract assets (\u20ac000)21,190-----21,190
Loss allowance (\u20ac000)52413311911412913,13914,158
31 December 2024CurrentUp to 30 days past dueUp to 60 days past dueUp to 90 days past dueUp to 120 days past due+120 days past dueTotal
Weighted average expected loss rate1%6%23%14%14%90%
Trade receivables at gross carrying amount (\u20ac000)12,7833,0822,5281,3561,15013,89534,794
Contract assets (\u20ac000)12,111-----12,111
Loss allowance (\u20ac000)27118957418916112,43913,823
Credit loss allowances include specific provisions against credit impaired individual exposures with the amount of the provisions being equivalent to the balances attributable to credit impaired receivables. The Group considers that there is evidence of impairment if any of the following indicators is present:
- significant financial difficulties of the debtor,
- probability that the debtor will enter bankruptcy or financial reorganisation, and
- default or late payments (more than 90 days overdue).
The closing loss allowances for trade and other receivables and contract assets as at 31 December reconcile to the opening loss allowances as follows:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Trade receivables and contact assets
Balance at 1 January 13,82313,20010,26310,485
Change in loss allowances recognised in profit or loss during the year335623(80)(222)
Balance at 31 December14,15813,82310,18310,263
Other receivables
Balance at 1 January 395361114114
Change in loss allowances recognised in profit or loss during the year-34--
Balance at 31 December 395395114114
The Group established an allowance for impairment that represented its estimate of expected credit losses in respect of trade and other receivables. The individually credit impaired trade receivables mainly relate to a number of independent customers which are in unexpectedly difficult economic situations, and which are accordingly not meeting repayment obligations. Hence, provisions for impairment in respect of credit impaired balances with corporate trade customers relate to entities which are in adverse trading and operational circumstances. Reversals of provisions for impairment of credit impaired receivables arise in those situations where customers recover from unfavourable circumstances and accordingly start meeting repayment obligations. The Group and the Company do not hold any significant collateral as security in respect of the credit impaired assets.
Trade receivables and contract assets are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a period greater than that reflecting status as 180 days past due.
Impairment losses on trade receivables and contract assets are presented as net impairment losses in \u2018administrative and other related expenses\u2019 within operating profit. Subsequent recoveries of amounts written off are credited against the same line item.
Past due debtors mainly relate to a number of independent customers for whom there is no recent history of default. Whilst a limited number of customers account for a certain percentage of the Group\u2019s past due debts, management has not identified any major concerns with respect to concentration of credit risk as outlined above. Categorisation of receivables as past due is determined by the Group on the basis of the nature of the credit terms in place and credit arrangements actually utilised in managing exposures with customers.
At 31 December 2024 and 2023, the carrying amount of trade receivables that would otherwise be past due or credit impaired and whose terms have been renegotiated is not deemed material in the context of the Group\u2019s trade receivables figures.
Cash and cash equivalents
The Group principally banks with local and European financial institutions with high-quality standing or rating.
While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss is insignificant.
(c)Liquidity risk
The Group is exposed to liquidity risk in relation to meeting future obligations associated with its financial liabilities, which comprise borrowings (Note 18), lease liabilities (Note 19) and trade and other payables (Note 21). Prudent liquidity risk management includes maintaining sufficient cash and committed credit lines to ensure the availability of an adequate amount of funding to meet the Group\u2019s obligations.
Management monitors liquidity risk by reviewing expected cash flows through cash flow forecasts, and ensures that no additional financing facilities are expected to be required over the coming year. This is performed at a central treasury function, which controls the overall liquidity requirements of the Group within certain parameters.
As further detailed in note 1.1, management prepares and monitors cashflow forecasts to ensure that the Group has sufficient cash on demand, within pre-established benchmarks, to meet expected operational expenses and servicing of financial obligations over specific short-term periods, excluding the potential impact of extreme circumstances that cannot reasonably be predicted. The Group\u2019s liquidity risk is actively managed taking cognisance of the matching of cash inflows and outflows arising from expected maturities of financial instruments, together with the Group\u2019s committed bank borrowing facilities and other financing that it can access to meet liquidity needs. In this respect, management does not consider liquidity risk to the Group as significant taking into account the liquidity management process referred to above. The tables below analyse the Group\u2019s and the Company\u2019s financial liabilities, which expose the reporting entity to liquidity risk, into relevant maturity groupings based on the remaining term at the end of the reporting period to the contractual maturity date. The amounts disclosed in the tables are the contractual undiscounted cash flows. Balances due within twelve months equal their carrying balances, as the impact of discounting is not significant.
Group
Carrying Amount Contractual cash-flowsWithin 1 year1 to 2 years2 to 5 yearsAfter 5 years
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
Bank loans76,015113,10011,95511,33138,54351,270
Bonds100,701119,5063,5322,02950,83863,106
Other Borrowings736609282879686
Bank overdrafts12,63612,63612,636---
Other financial liability2,8072,807-1,0291,778-
Lease liabilities41,72844,4077,6405,39311,95617,701
Trade and other payables105,530105,53074,8746,73616,1497,771
31 December 2025340,153398,595110,66526,546119,343140,534
Bank loans64,85280,50411,46010,00025,32433,720
Bonds100,595124,1503,6973,69712,482104,274
Other Borrowings406624282881487
Bank overdrafts7,1457,1457,145---
Other financial liability1,3151,315--1,315-
Lease liabilities46,80855,1798,8208,11614,56923,674
Trade and other payables95,77995,77974,5815,7797,4447,975
31 December 2024316,900364,696105,73127,62061,215170,130
2.2Capital risk management
The Group\u2019s objectives when managing capital are to safeguard the Company\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Company may issue new shares or adjust the amount of dividends paid to shareholders.
The Group monitors the level of capital on the basis of the ratio of aggregated net debt to total capital. Net debt is calculated as total borrowings (as shown in the statement of financial position) less cash and cash equivalents. Total capital is calculated as equity, as shown in the respective statement of financial position, plus net debt.
The figures in respect of the Group\u2019s and the Company\u2019s equity and borrowings are reflected below
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Borrowings (Note 18)190,491172,99891,51394,275
Lease liabilities (Note 19)41,72846,80830,05832,668
Less: Cash and cash equivalents (Note 15)(15,876)(14,776)(8,410)(4,283)
Net debt216,343205,030113,161122,660
Total equity88,90186,198286,619286,609
Total capital305,244291,228400,412409,269
Net debt ratio71%70%28%30%
The Group manages the relationship between equity injections and borrowings, being the constituent elements of capital as reflected above, with a view to managing the cost of capital. The level of capital, as reflected in the consolidated statement of financial position, is maintained by reference to the Group\u2019s respective financial obligations and commitments arising from operational requirements. In view of the nature of the Group\u2019s activities and the extent of borrowings or debt, the capital level at the end of the reporting period determined by reference to the consolidated financial statements is deemed adequate by the Directors.
2.3Fair values of financial instruments and non-recurring fair value measurements
Fair value estimation in relation to financial instruments measured at fair value
The Group is required to disclose fair value measurements by level of a fair value measurement hierarchy for financial instruments that are measured in the statement of financial position at fair value (Level 1, 2 or 3). The different levels of the fair value hierarchy are defined as fair value measurements using:
-quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
-inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly i.e. as prices, or indirectly i.e. derived from prices (Level 2); and
-inputs for the asset or liability that are not based on observable market data i.e. unobservable inputs (Level 3).
The fair value of financial assets traded in active markets is based on quoted market prices at the end of the reporting period. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer or broker and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by the Group is the current bid price. The fair value of financial assets and other financial instruments (e.g. over-the-counter derivatives) that are not traded in an active market, is determined by using valuation techniques, principally discounted cash flow models. When the Group uses valuation techniques, it makes assumptions that are based on market conditions existing at the end of each reporting period. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.
The Group\u2019s financial instruments, which are carried at fair value, include the Group\u2019s other investments. The fair value measurements in this respect are considered to be Level 3. More information is disclosed in Note 11 to the financial statements.
Fair values of financial instruments not carried at fair value
At 31 December 2025 and 2024, the carrying amounts of certain financial instruments not carried at fair value comprising cash at bank, receivables, payables, accrued expenses and short-term borrowings reflected in the financial statements are reasonable estimates of fair value in view of the nature of these instruments or the relatively short period of time between the origination of the instruments and their expected realisation. The fair value of advances to related parties and other balances with related parties, which are short-term or repayable on demand, is equivalent to their carrying amount. The fair value of non-current financial instruments for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. The carrying amount of the Company\u2019s non-current loans and other amounts receivable from subsidiaries fairly approximates the estimated fair value of these assets based on discounted cash flows. The fair value of the Group\u2019s non-current bank borrowings at the end of the reporting period is not significantly different from the carrying amounts. The current market interest rates utilised for discounting purposes, which were almost equivalent to the respective instruments\u2019 contractual interest rates, are deemed observable and accordingly these fair value estimates have been categorised as Level 2.
Information on the fair value of the bonds issued to the public is disclosed in the respective note to the financial statements. The fair value estimate in this respect is deemed Level 1 as it constitutes a quoted price in active market.
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2.Financial risk management
2.1Financial risk factors
The Group\u2019s activities potentially expose it to a variety of financial risks: market risk (including foreign exchange risk, cash flow and fair value interest rate risk), credit risk, and liquidity risk. The Group\u2019s overall risk management, covering risk exposures for all subsidiaries, focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the respective companies\u2019 financial performance. The Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. Accordingly, the Company\u2019s Board of Directors provides principles for overall Group risk management, as well as risk management policies covering risks referred to above and specific areas such as investment of excess liquidity. The Group sometimes uses derivative financial instruments to hedge certain risk exposures. The Group\u2019s risk policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group\u2019s activities.
(a)Market risk
(i)Foreign exchange risk
Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities which are denominated in a currency that is not the respective entity\u2019s functional currency, which would be considered a foreign currency. The Group\u2019s and the Company\u2019s revenues, purchases and operating expenditure, financial assets and liabilities, including financing, are mainly denominated in euro. However, a portion of the Group\u2019s revenues and purchases, including interconnect traffic, and certain capital expenditure are denominated in foreign currencies, including US Dollar (\u2018USD\u2019) and Great Britain Pound (\u2018GBP\u2019). Accordingly, the Group is potentially exposed to foreign exchange risk arising from such transactions.
The Group\u2019s main risk exposures reflecting the carrying amount of receivables and payables denominated in foreign currencies at the end of the reporting periods were as follows:
\u00a0\u00a0
31 December 202531 December 2024
USDGBPUSDGBP
Group\u20ac000\u20ac000\u20ac000\u20ac000
Trade receivables4422771-
Trade payables(807)(102)(479)(135)
Net recognised
payables denominated
in foreign currency(763)125(408)(135)
Available funds in foreign
currency10629378644
Net exposure(657)418(330)509
Management does not consider foreign exchange risk attributable to recognised assets and liabilities arising from transactions denominated in foreign currencies, presented within the tables above, to be significant. Accordingly, the impact of any reasonable sensitivities to changes in these foreign currencies is not deemed to be material to the Group at the end of the reporting period.
(ii)Cash flow and fair value interest rate risk
The interest rate profile of the Group\u2019s and the Company\u2019s interest-bearing financial instruments at the end of the reporting periods is analysed below:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Financial assets measured at amortised cost
Subject to floating rates
Bank balances (Note 15)15,87614,7768,4104,283
15,87614,7768,4104,283
Subject to fixed rates
Loans receivable from subsidiaries (Note 10)--176,499171,177
Loans receivable from associates (Note 10)184184--
Other receivables *6011560115
244299176,559171,292
Total 16,12015,075184,969175,575
* The amounts attributable to other receivables disclosed above, are stated gross of provisions for impairment
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Financial liabilities measured at amortised
cost
Subject to floating rates
Bank overdrafts(12,636)(7,145)(9,102)(4,860)
Bank loans (73,414)(61,682)(22,891)(29,982)
(86,050)(68,827)(31,993)(34,842)
Subject to fixed ratesBank loans(2,601)(3,170)--
Private borrowings(736)(406)--
Bonds(100,701)(100,595)(59,520)(59,433)
(104,038)(104,171)(59,520)(59,433)
Total (190,088)(172,998)(91,513)(94,275)
The Group\u2019s significant instruments which are subject to fixed interest rates consist principally of bonds issued and bank loans. In this respect, the Group is potentially exposed to fair value interest rate risk in view of the fixed interest nature of these instruments, which are however measured at amortised cost.
The Group\u2019s interest rate risk principally arises from bank borrowings issued at variable rates that are partially offset by balances held with banks subject to floating interest rates, which expose the Group to cash flow interest rate risk. Floating interest rates on these financial instruments are linked to reference rates such as Euribor or the respective banker\u2019s base rate. Management monitors the impact of changes in market interest rates on amounts reported in profit or loss in respect of these instruments taking into consideration refinancing, renewal of existing positions, alternative financing, and hedging techniques.
Based on the analysis referred to above, management considers the potential impact on profit or loss of a defined interest rate shift that is reasonably possible at the end of the reporting period as a measure of cash flow interest rate risk. An increase/(decrease) of 250 basis points (2024: 250 basis points) would have (decreased)/increased the profit for the Group and Company by \u20ac1,934,000 and \u20ac573,000 respectively (2024: (decreased)/increased the profit by \u20ac752,000 and \u20ac877,000), which principally takes into account the impact of this shift on the interest amounts arising on variable interest borrowings as at 31 December 2025. Accordingly, the Group\u2019s financial results are substantially independent of changes in market interest rates and the level of interest risk to the Group is deemed to be quite contained.
(iii)Price risk
The Group is not materially exposed to equity securities price risk attributable to investments held by the Group taking into account the carrying amount of the investments held in the context of the Group\u2019s total assets.
(b)Credit risk
Credit risk principally arises from cash and cash equivalents comprising deposits with financial institutions, and loans to related parties, as well as credit exposures to wholesale and retail customers, including outstanding receivables and committed transactions. The Group\u2019s and the Company\u2019s principal exposures to credit risk as at the end of the reporting period are analysed as follows:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Carrying amount
Financial assets measured at
amortised cost:
Loans receivables from subsidiaries (Note 10)--176,499171,177
Trade and other receivables (Note 14)42,15135,88640,78434,194
Cash and cash equivalents (Note 15)15,87614,7768,4104,283
58,02750,662225,693209,654
The maximum exposure to credit risk at the end of the reporting period in respect of the financial assets mentioned above is equivalent to their carrying amount as disclosed in the respective notes to the financial statements. The Group does not hold any significant collateral as security in this respect. The figures disclosed in the table above in respect of trade and other receivables exclude prepayments.
Trade and other receivables (including contract assets)
The Group assesses the credit quality of its trade customers, the majority of which are unrated, taking into account financial position, past experience and other factors. The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. It has policies in place to ensure that sales of services are affected to customers with an appropriate credit history. Standard credit terms are in place for individual clients, however, wherever possible, new corporate customers are analysed individually for creditworthiness before the Group\u2019s standard payment and service delivery terms and conditions are offered. The creditworthiness analysis for new customers includes a review through external creditworthiness databases when available. The Group monitors the performance of its trade and other receivables on a regular basis to identify incurred collection losses, which are inherent in the Group\u2019s debtors, taking into account historical experience in collection of accounts receivable.
In view of the nature of the Group\u2019s activities and the market in which it operates, a limited number of customers account for a certain percentage of the Group\u2019s trade and other receivables. Whilst no individual customer or group of dependent customers is considered by management as a significant concentration of credit risk with respect to contractual debts, these material exposures are monitored and reported more frequently and rigorously. These customers trade frequently with the respective Group undertaking and are deemed by management to have positive credit standing, usually taking cognisance of the performance history without defaults.
The Group manages credit limits and exposures actively in a practicable manner such that past due amounts receivable from customers are within controlled parameters. The Group\u2019s trade and other receivables, which are not credit impaired financial assets, are principally debts in respect of transactions with customers for whom there is no recent history of default. Management does not expect any significant losses from non-performance by these customers.
Impairment of trade and other receivables (including contract assets)
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.
To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. Contract assets have substantially the same risk characteristics as the trade receivables for the same types of contracts. The Group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for contract assets.
The expected loss rates are based on the payment profiles of sales over a period of time before the reporting date and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The Group adjusts the historical loss rates based on expected changes in these factors. On that basis, the loss allowance as at 31 December 2025 and 31 December 2024 was determined as follows:
Group
31 December 2025CurrentUp to 30 days past dueUp to 60 days past dueUp to 90 days past dueUp to 120 days past due+120 days past dueTotal
Weighted average expected loss rate2%7%9%12%7%81%
Trade receivables at gross carrying amount (\u20ac000)10,7281,8571,2559661,81616,15232,774
Contract assets (\u20ac000)21,190-----21,190
Loss allowance (\u20ac000)52413311911412913,13914,158
31 December 2024CurrentUp to 30 days past dueUp to 60 days past dueUp to 90 days past dueUp to 120 days past due+120 days past dueTotal
Weighted average expected loss rate1%6%23%14%14%90%
Trade receivables at gross carrying amount (\u20ac000)12,7833,0822,5281,3561,15013,89534,794
Contract assets (\u20ac000)12,111-----12,111
Loss allowance (\u20ac000)27118957418916112,43913,823
Credit loss allowances include specific provisions against credit impaired individual exposures with the amount of the provisions being equivalent to the balances attributable to credit impaired receivables. The Group considers that there is evidence of impairment if any of the following indicators is present:
- significant financial difficulties of the debtor,
- probability that the debtor will enter bankruptcy or financial reorganisation, and
- default or late payments (more than 90 days overdue).
The closing loss allowances for trade and other receivables and contract assets as at 31 December reconcile to the opening loss allowances as follows:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Trade receivables and contact assets
Balance at 1 January 13,82313,20010,26310,485
Change in loss allowances recognised in profit or loss during the year335623(80)(222)
Balance at 31 December14,15813,82310,18310,263
Other receivables
Balance at 1 January 395361114114
Change in loss allowances recognised in profit or loss during the year-34--
Balance at 31 December 395395114114
The Group established an allowance for impairment that represented its estimate of expected credit losses in respect of trade and other receivables. The individually credit impaired trade receivables mainly relate to a number of independent customers which are in unexpectedly difficult economic situations, and which are accordingly not meeting repayment obligations. Hence, provisions for impairment in respect of credit impaired balances with corporate trade customers relate to entities which are in adverse trading and operational circumstances. Reversals of provisions for impairment of credit impaired receivables arise in those situations where customers recover from unfavourable circumstances and accordingly start meeting repayment obligations. The Group and the Company do not hold any significant collateral as security in respect of the credit impaired assets.
Trade receivables and contract assets are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a period greater than that reflecting status as 180 days past due.
Impairment losses on trade receivables and contract assets are presented as net impairment losses in \u2018administrative and other related expenses\u2019 within operating profit. Subsequent recoveries of amounts written off are credited against the same line item.
Past due debtors mainly relate to a number of independent customers for whom there is no recent history of default. Whilst a limited number of customers account for a certain percentage of the Group\u2019s past due debts, management has not identified any major concerns with respect to concentration of credit risk as outlined above. Categorisation of receivables as past due is determined by the Group on the basis of the nature of the credit terms in place and credit arrangements actually utilised in managing exposures with customers.
At 31 December 2024 and 2023, the carrying amount of trade receivables that would otherwise be past due or credit impaired and whose terms have been renegotiated is not deemed material in the context of the Group\u2019s trade receivables figures.
Cash and cash equivalents
The Group principally banks with local and European financial institutions with high-quality standing or rating.
While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss is insignificant.
(c)Liquidity risk
The Group is exposed to liquidity risk in relation to meeting future obligations associated with its financial liabilities, which comprise borrowings (Note 18), lease liabilities (Note 19) and trade and other payables (Note 21). Prudent liquidity risk management includes maintaining sufficient cash and committed credit lines to ensure the availability of an adequate amount of funding to meet the Group\u2019s obligations.
Management monitors liquidity risk by reviewing expected cash flows through cash flow forecasts, and ensures that no additional financing facilities are expected to be required over the coming year. This is performed at a central treasury function, which controls the overall liquidity requirements of the Group within certain parameters.
As further detailed in note 1.1, management prepares and monitors cashflow forecasts to ensure that the Group has sufficient cash on demand, within pre-established benchmarks, to meet expected operational expenses and servicing of financial obligations over specific short-term periods, excluding the potential impact of extreme circumstances that cannot reasonably be predicted. The Group\u2019s liquidity risk is actively managed taking cognisance of the matching of cash inflows and outflows arising from expected maturities of financial instruments, together with the Group\u2019s committed bank borrowing facilities and other financing that it can access to meet liquidity needs. In this respect, management does not consider liquidity risk to the Group as significant taking into account the liquidity management process referred to above. The tables below analyse the Group\u2019s and the Company\u2019s financial liabilities, which expose the reporting entity to liquidity risk, into relevant maturity groupings based on the remaining term at the end of the reporting period to the contractual maturity date. The amounts disclosed in the tables are the contractual undiscounted cash flows. Balances due within twelve months equal their carrying balances, as the impact of discounting is not significant.
Group
Carrying Amount Contractual cash-flowsWithin 1 year1 to 2 years2 to 5 yearsAfter 5 years
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
Bank loans76,015113,10011,95511,33138,54351,270
Bonds100,701119,5063,5322,02950,83863,106
Other Borrowings736609282879686
Bank overdrafts12,63612,63612,636---
Other financial liability2,8072,807-1,0291,778-
Lease liabilities41,72844,4077,6405,39311,95617,701
Trade and other payables105,530105,53074,8746,73616,1497,771
31 December 2025340,153398,595110,66526,546119,343140,534
Bank loans64,85280,50411,46010,00025,32433,720
Bonds100,595124,1503,6973,69712,482104,274
Other Borrowings406624282881487
Bank overdrafts7,1457,1457,145---
Other financial liability1,3151,315--1,315-
Lease liabilities46,80855,1798,8208,11614,56923,674
Trade and other payables95,77995,77974,5815,7797,4447,975
31 December 2024316,900364,696105,73127,62061,215170,130
2.3Fair values of financial instruments and non-recurring fair value measurements
Fair values of financial instruments not carried at fair value
At 31 December 2025 and 2024, the carrying amounts of certain financial instruments not carried at fair value comprising cash at bank, receivables, payables, accrued expenses and short-term borrowings reflected in the financial statements are reasonable estimates of fair value in view of the nature of these instruments or the relatively short period of time between the origination of the instruments and their expected realisation. The fair value of advances to related parties and other balances with related parties, which are short-term or repayable on demand, is equivalent to their carrying amount. The fair value of non-current financial instruments for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. The carrying amount of the Company\u2019s non-current loans and other amounts receivable from subsidiaries fairly approximates the estimated fair value of these assets based on discounted cash flows. 8.Investments in subsidiaries
Acquisition of AQS Med Limited
On 27 March 2024, the Company announced that it had signed a share purchase agreement that will result in GO purchasing 51% shareholding in AQS Med Limited (C50569) (\u2018AQS\u2019). On 28 June 2024, the agreement was agreed upon and 51% of the shares in AQS were transferred to GO.
The total consideration paid for the acquisition of the shares was \u20ac1,203,000 with the possibility of a management earnout capped at \u20ac1,984,000, based on actual and forecasted performance of AQS over a four-year period, from 2023 up till 2027. Given that the awarding of this earnout is intrinsically linked on the continued employment of key management personnel for the above-mentioned period, this eventual payment is treated as management remuneration and will be accrued for at its fair value on an annual basis. Movement in the fair value of this liability will be taken to profit and loss as employee benefit expense.
Purchase consideration \u2013 net cash outflow
GO and the minority shareholders have also entered into a shareholder\u2019s agreement. Through this agreement the minority shareholders and GO have mutual call and put options regarding the minority interest\u2019s shares in AQS, exercisable upon the achievement of an agreed performance threshold. These rights remain valid for one year from the approval of the AQS Group\u2019s consolidated financial statements for the financial year 2027:
-Minority Shareholders Option: They may require GO to acquire its shares, with the Company valued at 6x the average EBITDA (2023-2027), net of non-current liabilities. Other AQS Group entities will be valued using a market-based net present value approach with a 5% discount rate, adjusted for net debt as at 31 December 2027.
-GO\u2019s Option: GO may require the minority shareholders to sell its shares, with the Company valued at 7x the average EBITDA (2023-2027), net of non-current liabilities. Other AQS Group entities will be valued similarly using a market-based net present value approach with a 5% discount rate, adjusted for net debt as at 31 December 2027.
The combination of this written put option with a strike price that is variable depending on future performance of AQS was not deemed to expose the Group to risks and rewards associated with a present ownership interest of the underlying shares. Consequently, the fair value of the estimated strike price of \u20ac1,315,000 has been recognised as a financial liability at the time of the business combination. Given that the ownership interest associated with these shares has been attributed to non-controlling interests, upon initial recognition the Group and Company recognised a negative reserve in its equity for the same amount.
As at 31 December 2025, management determined that the fair value of the estimated strike price and related liability amounted to \u20ac728,000. The movement in liability has been taken directly to equity.
Acquisition of Klikk Finance p.l.c.
On 11 November 2024, the Company announced that it had acquired 100% of the shares in Klikk Finance p.l.c. (\u2018Klikk\u2019). Klikk holds 100% in Klikk Limited (C30425). The companies operate electronic retail outlets. The registered office of both companies is GO, Triq Hal-Tarxien, Zejtun, ZTN 3000, Malta.
The total consideration paid for the acquisition of the shares was \u20ac600,000 with the possibility of a further maximum earnout of \u20ac300,000 depending on the performance of Klikk over a three-year period. The fair value of the equity is reflective of the discounted future cashflows under the purchase agreement.
Acquisition of 56Bit Ltd
On 25 March 2025, BMITT signed a Share Purchase Agreement to acquire a 51% shareholding in 56Bit Ltd (C 92422) (\u201c56Bit\u201d). The acquisition was completed on 30 May 2025, resulting in BMITT obtaining majority voting rights and control over 56Bit in terms of IFRS 10.
Under the agreement, BMITT may increase its shareholding over a five-year period, depending on 56Bit\u2019s performance and subject to certain put options held by minority shareholders during the same period.
The total consideration paid, including amounts paid to sellers and other acquisition costs, amounted to \u20ac602,000.
Purchase consideration \u2013 net cash outflow
BMITT and the minority shareholders have also entered into a shareholder\u2019s agreement whereby the minority shareholders were granted written put options enabling them to sell their remaining shares to BMITT in two tranches of 29% in 2027 and 20% in 2029. These written put options are exercisable subject to the achievement of agreed performance thresholds for each year respectively. The exercise price of the options is determined based on a formula linked to 56Bit\u2019s EBITDA, multiplied by a pre-defined multiple that varies depending on performance thresholds. The maximum consideration for the option exercisable is \u20ac400,000 and \u20ac500,000 for the 2027 and 2029 put option tranches, respectively.
In assessing the appropriate accounting treatment, management has considered the nature of the pricing mechanism stipulated in the agreement. The variability in the exercise price, which is contingent on the future performance of 56Bit Limited, indicates that the non-controlling shareholders retain exposure to the risks and rewards associated with their shareholding. Although the presence of a cap may suggest an element of fixed pricing, management has assessed that the cap is not substantive enough to result in a transfer of risks and rewards to the Group at the inception of the options.
Management exercised significant judgement in determining the value of the liability through reference to management\u2019s estimate of the future payout in respect of the put options, taking into consideration the projected growth of the acquired entity and related EBITDA projections. Accordingly, BMITT has recognised a financial liability of \u20ac2,040,000 with a corresponding negative reserve within equity. This accounting treatment is consistent with the Group\u2019s past transactions and reflects the fact that the non-controlling interest continues to bear the risks and rewards of ownership until such time as the options are exercised and the shares are transferred. Subsequent changes in the value of the financial liability will be recognised directly in equity as changes in the parent\u2019s ownership interest that do not result in a loss of control.
10.Loans receivable from subsidiaries and associates
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Loans receivable from subsidiaries--176,499171,177
Loans receivable from associates184184--
Carrying amount at end of year184184176,499171,177
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Carrying amount at beginning of year--171,17710,100
Advances effected during the year--1,950162,000
Converted from amounts receivables6,872
Acquired through acquisition of
subsidiary184184--
Loan repayments--(3,500)(923)
Carrying amount at end of year184184176,499171,177
Non-current184184172,799166,410
Current --3,7004,767
11.Other investments
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Financial assets at fair value through
other comprehensive income
Cost3,1853,1261,7701,770
Gains from changes in fair value 2,2812,826--
Accumulated impairment losses(2,382)(2,238)(1,770)(1,770)
3,0843,714--
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Carrying amount at beginning of year3,7145,190--
Acquisitions95205--
Net changes in fair value gains or Impairment losses 445(14)--
Disposals(1,170)(1,667)--
Carrying amount at end of year3,0843,714--
The above investments classified as financial assets at fair value through other comprehensive income (FVOCI) comprise equity securities which are not held for trading, and which the Group has irrevocably elected for classification within this category at initial recognition. These are strategic investments and the Group considers this classification to be more relevant.
At 31 December 2025 and 2024, the Company\u2019s FVOCI financial assets included:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Listed securities
Loqus Holdings p.l.c.----
Unlisted securities
Leading Edge Only Ltd-115--
Service Lee Technologies Private Ltd1,2441,244--
AirGSM Holdings Inc1,1521,732--
Enternships Ltd120150--
Raylo Group Ltd256263--
Ikue Limited10598--
VR Entertainment Ltd6262--
Toum Al5050--
Bondio95--
3,0843,714--
The equity investment in Loqus Holdings p.l.c. is deemed to be impaired and accordingly its carrying amount had been written down to \u20acNil. The carrying amount of loans receivable from this investee, included in other receivables, had been written down to nil in preceding financial years. The loans were partly settled during 2024, and accordingly the credit loss allowance as at 31 December 2024 was partially reversed to cover the unpaid residual of \u20ac114,000 which remained unchanged as at year end 31 December 2025 (Note 14).
During 2024 and 2025, the Group revised the carrying value of its investment in AirGSM Holdings Inc at its fair value based on equity transactions that the Group had undertaken during the year. The movement in the investment for the year-ended 31 December 2025 reflects a further disposal of the Group\u2019s equity stake in the company. The fair value as at 31 December 2025 reflects the fair value of the remaining shares, based on the most recent equity transaction value.
Gains from changes in fair value primarily relate to investments in Service Lee Technologies Private Limited was measured based on recent transaction prices of the investees\u2019 equity instruments. For the Group\u2019s other investments, management lacks sufficient access to information due to the small shareholding size, making an accurate fair value assessment with undue cost and effort. Instead, management assessed fair value based on funding rounds, and where no further funding rounds are expected in the near future, an impairment was recognized. Given the immaterial impact of these gains and losses, the disclosures required under IFRS 13 were not deemed necessary.
14.Trade and other receivables
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-current
Trade receivables \u2013 net of provisions 535468--
Amounts owed by subsidiaries--2,8482,848
Contract assets 4,0123,5024,01203,488
Costs incurred in obtaining contracts383329383329
Costs incurred to fulfil contracts255263--
Prepayments1,611951--
Other assets170154170154
6,9665,6677,4136,819
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Current
Trade receivables \u2013 net of provisions 18,61720,5529,7879,244
Amounts owed by subsidiaries \u2013 net of provisions--7,0378,887
Other receivables \u2013 net of provisions827876684664
Indirect taxation----
Contract assets17,6469,60016,1688,734
Costs incurred in obtaining contracts1,1951,0541,1951,054
Costs incurred to fulfil contracts38240536113
Prepayments 16,42313,14512,1828,964
Other assets89667862
55,17945,69847,16737,722
Receivables, disclosed in the table above, are stated net of credit loss allowances as follows:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Trade receivables13,86313,8239,88810,263
Other receivables395395114114
Amounts owed by subsidiaries--1,230-
Contract assets295-295-
Total credit loss allowances14,55314,21811,52710,377
The following tables analyse the changes in contract assets, costs incurred in obtaining contracts and costs incurred to fulfil contracts during the year ended 31 December 2025 and 2024:
As at 1 January 2024Business related variationsAs at 31 December 2024
\u20ac000\u20ac000\u20ac000
OriginationsAmortisation recognition in profit or loss
\u20ac000\u20ac000
Revenue allocated to subsidised
handsets3,9883,623(2,802)4,809
Revenue allocated to discounted part
of contract term9832,538(1,888)1,633
Free credits under subscriber
agreements1,9661,529(1,568)1,927
As at 1 January 2025Business related variationsAs at 31 December 2025
\u20ac000\u20ac000\u20ac000
OriginationsAmortisation recognition in profit or loss
\u20ac000\u20ac000
Revenue allocated to subsidised
handsets4,8097,422(5,397)6,834
Revenue allocated to discounted part
of contract term1,6332,373(1,130)2,876
Free credits under subscriber
agreements1,9271,902(1,636)2,193
15.Cash and cash equivalents
For the purposes of the statements of cash flows, cash and cash equivalents comprise the following:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Cash at bank and in hand15,87614,7768,4104,283
Bank overdrafts (Note 18)(12,636)(7,145)(9,102)(4,860)
Cash pledged as guarantees(5,045)(3,072)(1,746)(1,400)
(1,805)4,559(2,438)(1,977)
Cash pledged as guarantees includes:
-\u20ac315,000 (2024: \u20ac640,000) cash collateral in respect of Good Payment Letters of Guarantee expiring on 15 June 2026, in favour of Cypriot regulatory authorities, relating to 4G radio spectrum frequencies.
-\u20ac683,000 (2024: \u20ac683,000) cash collateral in respect of Good Payment Letters of Guarantee expiring on 20 July 2026, in favour of Cypriot regulatory authorities, relating to 5G radio spectrum frequencies.
-\u20ac350,000 (2024: \u20ac350,000) and another \u20ac175,000 (2024: \u20acNil) representing cash collateral in respect of a Letter of Guarantee in favour of a third party expiring on 15 June 2026 and 7 August 2026 respectively, relating to the RAN Sharing agreement signed with this third party.
-\u20ac1,220,000 (2024: \u20ac1,220,000) in respect of a Letter of Guarantee in favour of a third party expiring on 31 December 2029, relating to football rights.
18. Borrowings
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-current liabilities
Bonds (i)100,701100,59559,52059,433
Secured bank loans (ii)67,38056,02516,85122,888
Shareholder\u2019s loans403---
Other private borrowings736406--
169,220157,02676,37182,321
Current liabilities
Secured bank loans (ii)8,6358,8276,0407,094
Bank overdrafts (iii)12,6367,1459,1024,860
21,27115,97215,14211,954
Total borrowings190,491172,99891,51394,275
Group
20252024
CurrencyYear of maturityFace valueCarrying amountFace valueCarrying amount
\u20ac000\u20ac000\u20ac000\u20ac000
5.25% Bondeuro20271,5251,5191,6221,595
4% Bondeuro203040,00039,66240,00039,567
3.5% Bondeuro203160,00059,52060,00059,433
101,525100,701101,622100,595
Bank loans
Loan 1euro20261,0641,0643,1893,189
Loan 2euro203010,62510,60013,12513,087
Loan 3euro203011,25011,22613,75013,707
Loan 4euro20302,6222,5903,1873,148
Loan 5stg202611112222
Loan 6euro204329,89429,70030,00029,795
Loan 7euro2033323323366367
Loan 8euro203420202323
Loan 9euro203147475757
Loan 10euro203025253131
Loan 11euro202931314141
Loan 12euro203273738585
Loan 13euro202615153838
Loan 14euro203381819292
Loan 15euro203215151717
Loan 16euro202710101616
Loan 17euro2025--1,0201,020
Loan 18euro2025--117117
Loan 19euro204519,89719,734--
Loan 20euro20312424--
Loan 21euro20359797--
Loan 22euro2037329329--
76,45376,01565,17664,852
The grossed-up effects of proceeds from bank loans and repayments of bank loans are reflected on the face of the statements of cash flows.
(i)Bonds
The \u20ac40,000,000 bonds issued by the Group\u2019s Cypriot subsidiary Cablenet, in terms of the Prospectus dated 21 July 2020, comprise 40,000 bonds with a nominal value of \u20ac1,000 each. The carrying amount as at 31 December 2024 is net of unamortised issue costs amounting to \u20ac490,000, with the gross amount of issue costs of \u20ac700,000. These bonds are unsecured, subject to a fixed interest rate of 4% and are repayable on 19 August 2030. On 21 August 2020 the bonds have been admitted to listing on the official list of the Malta Stock Exchange and trading commenced as from 24 August 2020. The quoted market price of the bonds as at 31 December 2025 was \u20ac96.50 (2024: \u20ac95).
On 25 May 2021, GO secured the approval by the Malta Financial Services Authority of the prospectus relating to the Bond Issue to the public in Malta, of 3.5% unsecured bonds with an aggregate principal amount of \u20ac60 million which comprise 60,000 bonds with a nominal value of \u20ac1,000 each, and of the admissibility to listing of the Bonds pursuant to the Capital Market Rules. The carrying amount as at 31 December 2024 is net of unamortised issue costs amounting to \u20ac567,000, with the gross amount of issue costs of \u20ac872,000. The bond is repayable on 25 June 2031. On 25 June 2021 the bonds have been admitted to listing on the official list of the Malta Stock Exchange and trading commenced on 6 July 2021. The quoted market price of the bonds as at 31 December 2025 was \u20ac95 (2023: \u20ac98).
On 3 July 2017, Klikk Finance p.l.c. issued a \u20ac2,000,000 unsecured bond with a 5.25% interest rate and a nominal value of \u20ac100 per bond. The bond is set to mature on 31 July 2027. As part of its treasury management policy, the company conducts bond buy-backs and, as of December 2025, has repurchased \u20ac85,200 in bonds from its bondholders in line with this policy. The carrying amount as at 31 December 2024 is net of unamortised issue costs amounting to \u20ac1,519,000 with the gross amount of issue costs of \u20ac85,371.
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Gross proceeds
40,000 4% bonds 203040,00040,000--
60,000 3.5% bonds 203160,00060,00060,00060,000
2,000 5.25% bonds 20271,5251,622--
Balance at 31 December 101,525101,62260,00060,000
Issue costs: gross amounts1,6571,657872872
Accumulated amortisation
Balance at 1 January630457305218
Amortisation for the year2031738787
Balance at 31 December 833630392305
Unamortised issue costs8241,027480567
Carrying amount as at 31 December100,701100,59559,52059,433
(ii)Secured bank loans
All the Group\u2019s bank loans are term loans with scheduled repayments. The Company\u2019s bank loans are subject to financial covenants and are secured by hypothecs over the present and future assets of the Company.
Loans 1, 2 and 3 are subject to a floating interest rate computed using 3-month Euribor. Loan 6 to Loan 18 bear an interest at a variable rate which comprises a fixed margin over the bank\u2019s base rate.
Loans 4 and 5 are subject to fixed rates of interest.
Loans 4, 6 and 19 are attributable to a subsidiary, that are subject to financial covenants, are secured by the current and future assets (including the owned property) of the subsidiary and other group entities and by guarantees by these entities, whereas Loan 5 is unsecured.
The weighted average effective interest rates of the bank loans as at the end of the reporting period are as follows:
GroupCompany
2025202420252024
%%%%
Bank loans4.004.184.404.50
(iii)Private borrowings
A subsidiary has private unsecured borrowings totalling \u20ac736,000 as of year-end, with fixed interest rates ranging from 6% to 8%. These borrowings are held with different private lenders, each having its own repayment terms. The earliest borrowing matures in 2029, while the latest is set to expire in 2037.
(iv)Bank overdrafts
Bank overdrafts also include factoring facilities of a subsidiary. The Group\u2019s and Company\u2019s overdraft banking facilities at 31 December 2025 amounted to \u20ac24,530,000 (2024: \u20ac24,530,000) and \u20ac20,000,000 (2024: \u20ac20,000,000) respectively. The Company\u2019s facilities are secured by hypothecs over the present and future assets of the Company. The subsidiary\u2019s facilities are secured by guarantees and mortgages on the immovable property rights pertaining to the subsidiary.
As at 31 December 2025 and 2024, the Group\u2019s and Company\u2019s facilities were mainly subject to a floating interest rate linked to the bank\u2019s base rate.
The weighted average effective interest rates as at 31 December are as follows:
GroupCompany
2025202420252024
%%%%
Bank overdrafts4.54 5.364.404.76
19.Lease liabilities
The lease liabilities associated with the recognised right-of-use assets are analysed below:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-current
Properties22,07725,62120,73421,822
Equipment and motor vehicles3611,269314336
Spectrum licences11,99012,0875,3716,033
34,42838,97726,41928,191
Current
Properties2,2842,8011,6801,618
Equipment and motor vehicles162686323477
Spectrum licences4,8544,3441,6362,382
7,3007,8313,6394,477
Total lease liabilities41,72846,80830,05832,668
Specific extension options in property and motor vehicle leases have been included in the lease liability as the lease term reflects the exercise of such options. As at 31 December 2025, potential future cash outflows of \u20ac3,232,000 (2024: \u20ac4,849,000) (undiscounted) have not been included in the lease liability because it is not reasonably certain that the leases will be extended.
The total cash outflows for leases in 2025 was \u20ac9,215,000 and \u20ac5,033,000 (2024: \u20ac11,597,000 and \u20ac7,705,000) for the Group and the Company respectively. The contractual undiscounted cash flows attributable to lease liabilities as at 31 December 2025 and 2024 are analysed in Note 2.1.c.
Included in lease liabilities for properties are amounts of \u20ac21,720,000 (2024: \u20ac22,773,000) and \u20ac20,713,000 (2024: \u20ac21,692,000) for the Group and Company respectively, which are attributable to arrangements with associates and other related parties.
The movement in the carrying amount of these liabilities is analysed in the following table:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
At 1 January 46,80849,20432,66835,290
Additions (see Note 6)2,0013,617260425
Additions from acquisitions-516--
Payments (9,215)(11,597)(5,033)(7,705)
Impacts of reassessment of lease
term, reflecting inclusion of
extension period (see Note 6)3792,2395472,162
Impacts of termination of lease
Arrangements(304)(77))--
Impacts of reassessment of lease
payments based on an index5851,4235911,423
Interest charge1,4741,4831,0251,073
At 31 December 41,72846,80830,05832,668
21. Trade and other payables
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-current
Trade payables27,08420,9031,294-
Contract liabilities520295520295
Accruals120-79
27,72421,1981,893295
Current
Trade payables33,45833,41812,6149,653
Amounts owed to related party2,2122,4538,780-
Other payables4,2873,5143,5773,065
Indirect tax payable10,9339,4125,3314,576
Contract liabilities 20,43314,80413,0406,710
Accruals 27,43823,90622,97922,074
98,76187,50766,32146,078
Included within non-current and current trade payables are amounts of \u20ac25,790,000 and \u20ac4,219,000 (2024: \u20ac20,859,000 and \u20ac4,264,000) respectively in relation to broadcasting rights for sports activities pertaining to Cablenet. These liabilities represent the present value of the estimated future contractual payments to football clubs in Cyprus for the provision of their home football matches recognised as a financial liability at amortised cost. On initial recognition the weighted average incremental borrowing rate applied to football broadcasting rights liability was 4%. Subsequent additions (see Note 7) until 31 December 2023 have been recognised using a weighted average incremental borrowing rate of 4.25%. The July 2024 additions have been recognised using a weighted average incremental borrowing rate of 6.11%, the September 2024 additions using a rate of 6.02% and the December 2024 additions using a rate of 5.46%. The September 2025 additions, have been recognised using an incremental borrowing rate of 4.23% and the November 2025 additions, using a rate of 4.15%.
28.Finance income
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Dividend income from subsidiaries--5,0493,923
Interest receivable from subsidiaries--7,1041,071
Late payment interest receivable224246224246
Other interest receivable11018222122
33442812,3995,362
29.Finance costs
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Bank loan interest2,3652,6131,2071,496
Other bank interest and charges52333022887
Bond interest3,7803,7762,1002,100
Interest charges on lease liabilities1,4741,4831,0251,073
Other1,500723161144
9,6428,9254,7214,900
36.Contingencies
The contingencies of the Group and the Company are listed below:
(a)Contingent liabilities arising in the ordinary course of business
(i)As a result of its operations and activities in the ordinary course of the Group\u2019s business, the Group has, as at 31 December 2025, contingent liabilities arising from:
-guarantees in favour of third parties and performance bonds given amounting to \u20ac6,382,000 (2024: \u20ac5,716,000);
(b)Guarantees to secure banking facilities
A subsidiary of the Company has given guarantees to bankers in favour of another party so as to secure the party\u2019s banking facilities. The maximum exposure arising from these guarantees amounts to \u20ac1,207,000 (2023: \u20ac1,207,000). The Directors do not expect any losses to occur in this respect.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page114-cflshid_47215-tag11686887": { "value": "2.Financial risk management
2.1Financial risk factors
(b)Credit risk
Impairment of trade and other receivables (including contract assets)
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.
To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. Contract assets have substantially the same risk characteristics as the trade receivables for the same types of contracts. The Group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for contract assets.
The expected loss rates are based on the payment profiles of sales over a period of time before the reporting date and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The Group adjusts the historical loss rates based on expected changes in these factors. On that basis, the loss allowance as at 31 December 2025 and 31 December 2024 was determined as follows:
Group
31 December 2025CurrentUp to 30 days past dueUp to 60 days past dueUp to 90 days past dueUp to 120 days past due+120 days past dueTotal
Weighted average expected loss rate2%7%9%12%7%81%
Trade receivables at gross carrying amount (\u20ac000)10,7281,8571,2559661,81616,15232,774
Contract assets (\u20ac000)21,190-----21,190
Loss allowance (\u20ac000)52413311911412913,13914,158
31 December 2024CurrentUp to 30 days past dueUp to 60 days past dueUp to 90 days past dueUp to 120 days past due+120 days past dueTotal
Weighted average expected loss rate1%6%23%14%14%90%
Trade receivables at gross carrying amount (\u20ac000)12,7833,0822,5281,3561,15013,89534,794
Contract assets (\u20ac000)12,111-----12,111
Loss allowance (\u20ac000)27118957418916112,43913,823
Credit loss allowances include specific provisions against credit impaired individual exposures with the amount of the provisions being equivalent to the balances attributable to credit impaired receivables. The Group considers that there is evidence of impairment if any of the following indicators is present:
- significant financial difficulties of the debtor,
- probability that the debtor will enter bankruptcy or financial reorganisation, and
- default or late payments (more than 90 days overdue).
The closing loss allowances for trade and other receivables and contract assets as at 31 December reconcile to the opening loss allowances as follows:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Trade receivables and contact assets
Balance at 1 January 13,82313,20010,26310,485
Change in loss allowances recognised in profit or loss during the year335623(80)(222)
Balance at 31 December14,15813,82310,18310,263
Other receivables
Balance at 1 January 395361114114
Change in loss allowances recognised in profit or loss during the year-34--
Balance at 31 December 395395114114
The Group established an allowance for impairment that represented its estimate of expected credit losses in respect of trade and other receivables. The individually credit impaired trade receivables mainly relate to a number of independent customers which are in unexpectedly difficult economic situations, and which are accordingly not meeting repayment obligations. Hence, provisions for impairment in respect of credit impaired balances with corporate trade customers relate to entities which are in adverse trading and operational circumstances. Reversals of provisions for impairment of credit impaired receivables arise in those situations where customers recover from unfavourable circumstances and accordingly start meeting repayment obligations. The Group and the Company do not hold any significant collateral as security in respect of the credit impaired assets.
Trade receivables and contract assets are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a period greater than that reflecting status as 180 days past due.
Impairment losses on trade receivables and contract assets are presented as net impairment losses in \u2018administrative and other related expenses\u2019 within operating profit. Subsequent recoveries of amounts written off are credited against the same line item.
Past due debtors mainly relate to a number of independent customers for whom there is no recent history of default. Whilst a limited number of customers account for a certain percentage of the Group\u2019s past due debts, management has not identified any major concerns with respect to concentration of credit risk as outlined above. Categorisation of receivables as past due is determined by the Group on the basis of the nature of the credit terms in place and credit arrangements actually utilised in managing exposures with customers.
At 31 December 2024 and 2023, the carrying amount of trade receivables that would otherwise be past due or credit impaired and whose terms have been renegotiated is not deemed material in the context of the Group\u2019s trade receivables figures.
Cash and cash equivalents
While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss is insignificant.
14.Trade and other receivables
Receivables, disclosed in the table above, are stated net of credit loss allowances as follows:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Trade receivables13,86313,8239,88810,263
Other receivables395395114114
Amounts owed by subsidiaries--1,230-
Contract assets295-295-
Total credit loss allowances14,55314,21811,52710,377
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page114-cflshid_47215-tag11686848": { "value": "2.Financial risk management
2.1Financial risk factors
(b)Credit risk
Impairment of trade and other receivables (including contract assets)
The closing loss allowances for trade and other receivables and contract assets as at 31 December reconcile to the opening loss allowances as follows:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Trade receivables and contact assets
Balance at 1 January 13,82313,20010,26310,485
Change in loss allowances recognised in profit or loss during the year335623(80)(222)
Balance at 31 December14,15813,82310,18310,263
Other receivables
Balance at 1 January 395361114114
Change in loss allowances recognised in profit or loss during the year-34--
Balance at 31 December 395395114114
5.Property, plant and equipment
Group
Land and buildingsPlant and equipmentCustomer premises equipment and related assetsMotor vehiclesPayments on account and assets in course of constructionTotal
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
At 1 January 2024
Cost or valuation13,997423,10543,8981,0402,404484,444
Accumulated depreciation and impairment charges(2,383)(263,291)(30,390)(771)-(296,835)
Net book amount11,614159,81413,5082692,404187,609
Year ended 31 December 2024
Opening net book amount11,614159,81413,5082692,404187,609
Additions5035,7446,10861667943,197
Acquisition of subsidiaries (Note 8)-1,009-10-1,019
Disposals and write-offs-(51,357)(66)-(135)(51,558)
Transfers542,302--(2,356)-
Reclassification to intangible assets:
- cost----(84)(84)
- accumulated depreciation------
Depreciation charge(371)(26,554)(6,681)(132)-(33,738)
Depreciation/impairment
released on disposals and write-offs-51,35046--51,396
Closing net book amount11,347172,30812,915763508197,841
At 31 December 2024
Cost or valuation14,101410,80349,9401,666508477,018
Accumulated depreciation and impairment charges(2,754)(238,495)(37,025)(903)-(279,177)
Net book amount11,347172,30812,915763508197,841
Land and buildingsPlant and equipmentCustomer premises equipment and related assetsMotor vehiclesPayments on account and assets in course of constructionTotal
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
Year ended 31 December 2025
Opening net book amount11,347172,30812,915763508197,841
Additions1,11825,0853,41017928430,076
Disposals and write-offs(744)(21,730)(1,054)(62) -(23,590)
Transfers-261--(261)-
Depreciation charge(338)(27,215)(6,061)(160) -(33,774)
Depreciation/impairment
released on disposals and write-offs50521,7011,05425-23,285
Closing net book amount11,888170,41010,264745531193,838
At 31 December 2025
Cost or valuation14,475414,41952,2961,783531483,504
Accumulated depreciation and impairment charges(2,587)(244,009)(42,032)(1,038)-(289,666)
Net book amount11,888170,41010,264745531193,838
Depreciation and impairment charge
The depreciation charge for the year is recognised in profit or loss as follows:
GroupCompany
2025202420252024
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Cost of sales 33,29633,09322,31122,311
Administrative and other related expenses478645--
33,77433,73822,31122,311
Recoverability of the telecommunications and data centre infrastructure
At 31 December 2025, the Group\u2019s telecommunications infrastructure and licences together with related tangible, intangible and other assets, attributable to the Malta Telecommunications, Data Centre and Cyprus Telecommunications CGUs, were carried at an aggregate amount of \u20ac168,206,000 (2024: \u20ac163,121,000), \u20ac9,974,000 (2024: \u20ac10,713,000) and \u20ac72,631,000 (2024: \u20ac74,534,000) respectively. No impairment indicators were identified by management in respect of these CGUs as at the end of the reporting period (Note 7).
6. Right-of-use assets
The Group\u2019s leasing activities
The income statement includes the following amounts relating to leases:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Depreciation charge of right-of
use assets
Properties3,3384,3081,8983,002
Equipment and motor vehicles837946586649
Spectrum licences4,1123,9112,3412,329
8,2879,1654,8255,980
Interest expense (included in
finance costs)1,4741,4831,0251,073
Expenses relating to short-term
leases793761413400
7.Intangible assets
Group
IRUs and DDPSComputer softwareBrand names, customer relationships and related assetsBroad -casting rightsPayments on account and assets in the course of constructionGoodwillTotal
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
At 1 January 2024
Cost36,76514,72730,27141,82835528,702152,648
Accumulated
amortisation and
impairment charges(12,840)(6,874)(23,437)(25,657)-(349)(69,157)
Net book amount23,9257,8536,83416,17135528,35383,491
Year ended
31 December 2024
Opening net book
amount23,9257,8536,83416,17135528,35383,491
Additions591-11916,5632,391-19,664
Development-2,035----2,035
Acquisition of
subsidiary (Note 8)-1511,399--1,8003,350
Transfers-355--(355)--
Amortisation charge(1,763)(3,539)(690)(6,422)--(12,434)
Closing net book amount22,7536,8557,66226,3122,39130,15396,126
At 31 December 2024
Cost37,35617,26831,78958,3912,39130,502177,697
Accumulated
amortisation and
impairment charges(14,603)(10,413)(24,127)(32,079)-(349)(81,571)
Net book amount22,7536,8557,66226,3122,39130,15396,126
IRUs and DDPSComputer softwareBrand names, customer relationships and related assetsBroad -casting rightsPayment on account and assets in the course of constructionGoodwillTotal
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
Year ended
31 December 2025
Opening net book22,7536,8557,66226,3122,39130,15396,126
amount
Additions1161,532-14,44927537916,751
Development-1,429----1,429
Acquisition of
subsidiary (Note 8)--526--102628
Disposals, write-offs and
expiration of rights(642)(1,912)(8)(29,402)--(31,964)
Transfers-178--(178)--
Amortisation charge(1,671)(2,737)(684)(6,899)--(11,991)
Amortisation released on
disposal6421,912-29,402--31,956
Closing net book amount21,1987,2577,49633,8622,48830,634102,935
At 31 December 2025
Cost36,83018,49532,30743,4382,48830,983164,541
Accumulated
amortisation and(15,632)(11,238)(24,811)(9,576)-(349)(61,606)
impairment charges
Net book amount21,1987,2577,49633,8622,48830,634102,935
13.Inventories
The cost of inventories recognised as expense is disclosed in Note 23. During the current financial year, an increase in provisions for obsolescence of inventories amounting to \u20ac770,000 (2024: \u20ac95,000) for the Group and an increase of \u20ac523,000 (2024: \u20ac78,000) for the Company, have been reflected in these financial statements. Inventory write-downs during the year amounted to \u20ac325,000 (2024: \u20ac3,000) and \u20ac317,000 (2024: \u20ac3,000) for the Group and Company respectively.
19.Lease liabilities
The movement in the carrying amount of these liabilities is analysed in the following table:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
At 1 January 46,80849,20432,66835,290
Additions (see Note 6)2,0013,617260425
Additions from acquisitions-516--
Payments (9,215)(11,597)(5,033)(7,705)
Impacts of reassessment of lease
term, reflecting inclusion of
extension period (see Note 6)3792,2395472,162
Impacts of termination of lease
Arrangements(304)(77))--
Impacts of reassessment of lease
payments based on an index5851,4235911,423
Interest charge1,4741,4831,0251,073
At 31 December 41,72846,80830,05832,668
20.Provisions for pensions
The amounts recognised in profit or loss are as follows:
Group and Company
20252024
\u20ac000\u20ac000
Reversal of provisions no longer required2,254-
23.Expenses by nature
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Cost of goods sold32,78227,05814,18218,347
Third party network charges, content costs and
other direct costs74,19570,33632,92533,708
Employee benefit expense
(Note 24 and Note below)38,77541,63422,15325,219
Depreciation of property, plant and
equipment (Note 5)33,77433,73822,31122,311
Depreciation of right-of-use assets (Note 6)8,2879,1654,8255,980
Amortisation of intangible assets (Note 7)11,99112,4342,6123,498
Movement in provisions and write-offs
relating to inventories (Note 13)7709552378
Movement in credit loss allowances in respect
of trade and other receivables (Note 14)3356571,150(222)
Bad debts written off1,1411,741713751
Expense relating to short-term leases793761413400
Royalty fee--15,820808
Other16,32815,3858,1447,816
Total cost of sales, administrative and other related expenses219,171213,004125,771118,694
23.1 Items of an unusual nature, size or incidence reflected within profit or loss
The following items of an unusual nature, size or incidence have been reflected within profit or loss during the current year:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-recurring items within:
Administrative and other related expenses
voluntary retirement costs (Note 24)1,8622,2861,8622,286
Movement in provisions for pensions (Note 20)(2,254)-(2,254)-
The Company continued with its right-sizing programme by offering voluntary retirement schemes to its employees.
Auditor\u2019s fees
Fees charged by the parent company auditor for services rendered during the financial years ended 31 December 2025 and 2024 relate to the following:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Annual statutory audit356273244207
Other assurance services30803080
Other non-audit services16161
402354280288
No non-audit fees have been provided by the auditor to the Company.
During the current year fees in relation to statutory audit/assurance and non-assurance services amounting to \u20ac100,000 and \u20acNil (2024: to \u20ac71,000 and \u20ac14,000) respectively have been charged by another member firm belonging to the same network of the Company\u2019s auditor, and fees amounting to \u20ac110,500 and \u20ac102,650 (2024: \u20ac188,000 and \u20ac150,000) respectively have been charged by connected undertakings of the Company\u2019s auditor to the Group and the Company respectively, in respect of advisory services attributable to capital markets transactions and tax advisory and compliance services.
Audit fees attributable to subsidiaries charged by other auditors during the year ended 31 December 2025 amounted to \u20ac4,700 (2024: \u20ac18,000).
24.Employee benefit expense
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Wages and salaries45,61345,35925,46626,344
Share-based compensation-99--
Social security costs3,0493,2221,4411,509
Capitalised labour costs(9,495)(9,332)(4,362)(4,920)
39,16739,34822,54522,933
Voluntary retirement costs1,8622,2861,8622,286
Movement in provisions for pensions(2,254)-(2,254)-
Total employee benefit expense38,77541,63422,15325,219
Wages, salaries and social security costs, other than those relating to capital projects, are allocated between operational expenses (included within \u2018cost of sales\u2019) and \u2018administrative expenses\u2019 as follows:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Operational expenses8,3818,1343,0103,276
Administrative and other related expenses30,39433,50019,14321,943
38,77541,63422,15325,219
25.Directors\u2019 emoluments
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Fees280280280280
During the current year, subsidiary companies paid remuneration to their directors who do not form part of the Company\u2019s Board of Directors amounting to \u20ac354,000 (2024: \u20ac430,000), whereas amounts paid by such entities to directors who are also Directors of GO amounted to \u20ac151,000 (2024: \u20ac130,000).
Directors\u2019 emoluments are included within \u2018administrative and other related expenses\u2019.
27.Other expenses
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Unrealised and realised operating exchange
losses92713814
Loss on disposal of assets232---
Others-22-19
324933833
29.Finance costs
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Bank loan interest2,3652,6131,2071,496
Other bank interest and charges52333022887
Bond interest3,7803,7762,1002,100
Interest charges on lease liabilities1,4741,4831,0251,073
Other1,500723161144
9,6428,9254,7214,900
30.Tax expense
The Group\u2019s and the Company\u2019s tax expense recognised in profit or loss is analysed below:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Current tax
Current tax expense7,4368,1235,6616,113
Deferred tax
Deferred tax expense 6862,9271,6412,925
Total tax expense8,12211,0507,3029,038
The tax impacts, which are entirely attributable to deferred taxation, relating to components of other comprehensive income and accordingly presented directly in equity are as follows:
20252024
Before taxTax (charge)/creditNet of TaxBefore taxTax (charge)/creditNet of tax
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
Group
Movements from changes
in fair value of equity
investments at fair value
through other
comprehensive income66(23)431,707(544)1,163
Release of fair value
of available for sale
investments(1,136)398(738)---
The tax recognised in profit or loss on the Group\u2019s and the Company\u2019s profit before tax differs from the theoretical amount that would arise by applying the basic tax rate in Malta to the results of the consolidated entities as follows:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Profit before tax28,78926,73821,921178,929
Tax on profit at 35% applicable to taxable
profits in Malta10,0769,3587,67362,625
Tax effect of:
Expenses and losses disallowed for tax
purposes81787490103
Different tax rate applied to taxable income
attributable to subsidiary (see below)94864--
Income taxed at different rate(5)24(5)(10)
Income not subject to tax(606)(222)(529)(53,725)
Others969527345
Remeasured deferred tax (note 12)(401)---
Unrecognised deferred tax in current period210---
Unrecognised deferred tax in previous period (note 12)(3,013)---
Tax expense8,12211,0507,3029,038
The tax rate applied to taxable profits attributable to a subsidiary registered in Cyprus, Cablenet, is 12.5% (Note 12).
34.Commitments with respect to leases to which the short-term exemption under IFRS 16 was applied and other related commitments
(a)Short-term leases \u2013 where the Group/the Company is the lessee
During the current year, operating lease payments amounting to \u20ac1,702,000 (2024: \u20ac761,000) for the Group and \u20ac413,000 (2024: \u20ac400,000) for the Company, were recognised as an operating expense in profit or loss in respect of such short-term contracts.
37.Related party transactions
Transactions with key management personnel
The Group defines key management personnel to include directors and senior management. Remuneration paid by the Group to directors and senior management during the year amounted to \u20ac405,546 and \u20ac3,116,305 respectively (2024: \u20ac410,269 and \u20ac2,829,239 respectively).
Except for remuneration disclosed above, the Group has not entered into material transactions with key management personnel which would warrant disclosure thereof for the purpose of understanding the Group\u2019s financial results or its financial position. Also, the Group has not entered into material transactions with entities in which the Group\u2019s key management personnel directly or indirectly have an interest or over which they have direct or indirect influence. Any such transactions would constitute normal operating transactions under normal market and commercial terms relating to provision of operational services by the Group, and would not comprise financing transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page114-cflshid_47215-tag11686806": { "value": "2.Financial risk management
2.1Financial risk factors
(c)Liquidity risk
The Group is exposed to liquidity risk in relation to meeting future obligations associated with its financial liabilities, which comprise borrowings (Note 18), lease liabilities (Note 19) and trade and other payables (Note 21). Prudent liquidity risk management includes maintaining sufficient cash and committed credit lines to ensure the availability of an adequate amount of funding to meet the Group\u2019s obligations.
Management monitors liquidity risk by reviewing expected cash flows through cash flow forecasts, and ensures that no additional financing facilities are expected to be required over the coming year. This is performed at a central treasury function, which controls the overall liquidity requirements of the Group within certain parameters.
As further detailed in note 1.1, management prepares and monitors cashflow forecasts to ensure that the Group has sufficient cash on demand, within pre-established benchmarks, to meet expected operational expenses and servicing of financial obligations over specific short-term periods, excluding the potential impact of extreme circumstances that cannot reasonably be predicted. The Group\u2019s liquidity risk is actively managed taking cognisance of the matching of cash inflows and outflows arising from expected maturities of financial instruments, together with the Group\u2019s committed bank borrowing facilities and other financing that it can access to meet liquidity needs. In this respect, management does not consider liquidity risk to the Group as significant taking into account the liquidity management process referred to above. The tables below analyse the Group\u2019s and the Company\u2019s financial liabilities, which expose the reporting entity to liquidity risk, into relevant maturity groupings based on the remaining term at the end of the reporting period to the contractual maturity date. The amounts disclosed in the tables are the contractual undiscounted cash flows. Balances due within twelve months equal their carrying balances, as the impact of discounting is not significant.
Group
Carrying Amount Contractual cash-flowsWithin 1 year1 to 2 years2 to 5 yearsAfter 5 years
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
Bank loans76,015113,10011,95511,33138,54351,270
Bonds100,701119,5063,5322,02950,83863,106
Other Borrowings736609282879686
Bank overdrafts12,63612,63612,636---
Other financial liability2,8072,807-1,0291,778-
Lease liabilities41,72844,4077,6405,39311,95617,701
Trade and other payables105,530105,53074,8746,73616,1497,771
31 December 2025340,153398,595110,66526,546119,343140,534
Bank loans64,85280,50411,46010,00025,32433,720
Bonds100,595124,1503,6973,69712,482104,274
Other Borrowings406624282881487
Bank overdrafts7,1457,1457,145---
Other financial liability1,3151,315--1,315-
Lease liabilities46,80855,1798,8208,11614,56923,674
Trade and other payables95,77995,77974,5815,7797,4447,975
31 December 2024316,900364,696105,73127,62061,215170,130
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page114-cflshid_47215-tag11686805": { "value": "2.Financial risk management
2.1Financial risk factors
(b)Credit risk
Credit risk principally arises from cash and cash equivalents comprising deposits with financial institutions, and loans to related parties, as well as credit exposures to wholesale and retail customers, including outstanding receivables and committed transactions. The Group\u2019s and the Company\u2019s principal exposures to credit risk as at the end of the reporting period are analysed as follows:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Carrying amount
Financial assets measured at
amortised cost:
Loans receivables from subsidiaries (Note 10)--176,499171,177
Trade and other receivables (Note 14)42,15135,88640,78434,194
Cash and cash equivalents (Note 15)15,87614,7768,4104,283
58,02750,662225,693209,654
The maximum exposure to credit risk at the end of the reporting period in respect of the financial assets mentioned above is equivalent to their carrying amount as disclosed in the respective notes to the financial statements. The Group does not hold any significant collateral as security in this respect. The figures disclosed in the table above in respect of trade and other receivables exclude prepayments.
Trade and other receivables (including contract assets)
The Group assesses the credit quality of its trade customers, the majority of which are unrated, taking into account financial position, past experience and other factors. The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. It has policies in place to ensure that sales of services are affected to customers with an appropriate credit history. Standard credit terms are in place for individual clients, however, wherever possible, new corporate customers are analysed individually for creditworthiness before the Group\u2019s standard payment and service delivery terms and conditions are offered. The creditworthiness analysis for new customers includes a review through external creditworthiness databases when available. The Group monitors the performance of its trade and other receivables on a regular basis to identify incurred collection losses, which are inherent in the Group\u2019s debtors, taking into account historical experience in collection of accounts receivable.
In view of the nature of the Group\u2019s activities and the market in which it operates, a limited number of customers account for a certain percentage of the Group\u2019s trade and other receivables. Whilst no individual customer or group of dependent customers is considered by management as a significant concentration of credit risk with respect to contractual debts, these material exposures are monitored and reported more frequently and rigorously. These customers trade frequently with the respective Group undertaking and are deemed by management to have positive credit standing, usually taking cognisance of the performance history without defaults.
The Group manages credit limits and exposures actively in a practicable manner such that past due amounts receivable from customers are within controlled parameters. The Group\u2019s trade and other receivables, which are not credit impaired financial assets, are principally debts in respect of transactions with customers for whom there is no recent history of default. Management does not expect any significant losses from non-performance by these customers.
Impairment of trade and other receivables (including contract assets)
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets.
To measure the expected credit losses, trade receivables and contract assets have been grouped based on shared credit risk characteristics and the days past due. Contract assets have substantially the same risk characteristics as the trade receivables for the same types of contracts. The Group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for contract assets.
The expected loss rates are based on the payment profiles of sales over a period of time before the reporting date and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The Group adjusts the historical loss rates based on expected changes in these factors. On that basis, the loss allowance as at 31 December 2025 and 31 December 2024 was determined as follows:
Group
31 December 2025CurrentUp to 30 days past dueUp to 60 days past dueUp to 90 days past dueUp to 120 days past due+120 days past dueTotal
Weighted average expected loss rate2%7%9%12%7%81%
Trade receivables at gross carrying amount (\u20ac000)10,7281,8571,2559661,81616,15232,774
Contract assets (\u20ac000)21,190-----21,190
Loss allowance (\u20ac000)52413311911412913,13914,158
31 December 2024CurrentUp to 30 days past dueUp to 60 days past dueUp to 90 days past dueUp to 120 days past due+120 days past dueTotal
Weighted average expected loss rate1%6%23%14%14%90%
Trade receivables at gross carrying amount (\u20ac000)12,7833,0822,5281,3561,15013,89534,794
Contract assets (\u20ac000)12,111-----12,111
Loss allowance (\u20ac000)27118957418916112,43913,823
Credit loss allowances include specific provisions against credit impaired individual exposures with the amount of the provisions being equivalent to the balances attributable to credit impaired receivables. The Group considers that there is evidence of impairment if any of the following indicators is present:
- significant financial difficulties of the debtor,
- probability that the debtor will enter bankruptcy or financial reorganisation, and
- default or late payments (more than 90 days overdue).
The closing loss allowances for trade and other receivables and contract assets as at 31 December reconcile to the opening loss allowances as follows:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Trade receivables and contact assets
Balance at 1 January 13,82313,20010,26310,485
Change in loss allowances recognised in profit or loss during the year335623(80)(222)
Balance at 31 December14,15813,82310,18310,263
Other receivables
Balance at 1 January 395361114114
Change in loss allowances recognised in profit or loss during the year-34--
Balance at 31 December 395395114114
The Group established an allowance for impairment that represented its estimate of expected credit losses in respect of trade and other receivables. The individually credit impaired trade receivables mainly relate to a number of independent customers which are in unexpectedly difficult economic situations, and which are accordingly not meeting repayment obligations. Hence, provisions for impairment in respect of credit impaired balances with corporate trade customers relate to entities which are in adverse trading and operational circumstances. Reversals of provisions for impairment of credit impaired receivables arise in those situations where customers recover from unfavourable circumstances and accordingly start meeting repayment obligations. The Group and the Company do not hold any significant collateral as security in respect of the credit impaired assets.
Trade receivables and contract assets are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a period greater than that reflecting status as 180 days past due.
Impairment losses on trade receivables and contract assets are presented as net impairment losses in \u2018administrative and other related expenses\u2019 within operating profit. Subsequent recoveries of amounts written off are credited against the same line item.
Past due debtors mainly relate to a number of independent customers for whom there is no recent history of default. Whilst a limited number of customers account for a certain percentage of the Group\u2019s past due debts, management has not identified any major concerns with respect to concentration of credit risk as outlined above. Categorisation of receivables as past due is determined by the Group on the basis of the nature of the credit terms in place and credit arrangements actually utilised in managing exposures with customers.
At 31 December 2024 and 2023, the carrying amount of trade receivables that would otherwise be past due or credit impaired and whose terms have been renegotiated is not deemed material in the context of the Group\u2019s trade receivables figures.
Cash and cash equivalents
The Group principally banks with local and European financial institutions with high-quality standing or rating.
While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss is insignificant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page114-cflshid_47215-tag11686801": { "value": "2.Financial risk management
2.1Financial risk factors
(a)Market risk
(i)Foreign exchange risk
Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities which are denominated in a currency that is not the respective entity\u2019s functional currency, which would be considered a foreign currency. The Group\u2019s and the Company\u2019s revenues, purchases and operating expenditure, financial assets and liabilities, including financing, are mainly denominated in euro. However, a portion of the Group\u2019s revenues and purchases, including interconnect traffic, and certain capital expenditure are denominated in foreign currencies, including US Dollar (\u2018USD\u2019) and Great Britain Pound (\u2018GBP\u2019). Accordingly, the Group is potentially exposed to foreign exchange risk arising from such transactions.
The Group\u2019s main risk exposures reflecting the carrying amount of receivables and payables denominated in foreign currencies at the end of the reporting periods were as follows:
\u00a0\u00a0
31 December 202531 December 2024
USDGBPUSDGBP
Group\u20ac000\u20ac000\u20ac000\u20ac000
Trade receivables4422771-
Trade payables(807)(102)(479)(135)
Net recognised
payables denominated
in foreign currency(763)125(408)(135)
Available funds in foreign
currency10629378644
Net exposure(657)418(330)509
Management does not consider foreign exchange risk attributable to recognised assets and liabilities arising from transactions denominated in foreign currencies, presented within the tables above, to be significant. Accordingly, the impact of any reasonable sensitivities to changes in these foreign currencies is not deemed to be material to the Group at the end of the reporting period.
(ii)Cash flow and fair value interest rate risk
The interest rate profile of the Group\u2019s and the Company\u2019s interest-bearing financial instruments at the end of the reporting periods is analysed below:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Financial assets measured at amortised cost
Subject to floating rates
Bank balances (Note 15)15,87614,7768,4104,283
15,87614,7768,4104,283
Subject to fixed rates
Loans receivable from subsidiaries (Note 10)--176,499171,177
Loans receivable from associates (Note 10)184184--
Other receivables *6011560115
244299176,559171,292
Total 16,12015,075184,969175,575
* The amounts attributable to other receivables disclosed above, are stated gross of provisions for impairment
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Financial liabilities measured at amortised
cost
Subject to floating rates
Bank overdrafts(12,636)(7,145)(9,102)(4,860)
Bank loans (73,414)(61,682)(22,891)(29,982)
(86,050)(68,827)(31,993)(34,842)
Subject to fixed ratesBank loans(2,601)(3,170)--
Private borrowings(736)(406)--
Bonds(100,701)(100,595)(59,520)(59,433)
(104,038)(104,171)(59,520)(59,433)
Total (190,088)(172,998)(91,513)(94,275)
The Group\u2019s significant instruments which are subject to fixed interest rates consist principally of bonds issued and bank loans. In this respect, the Group is potentially exposed to fair value interest rate risk in view of the fixed interest nature of these instruments, which are however measured at amortised cost.
The Group\u2019s interest rate risk principally arises from bank borrowings issued at variable rates that are partially offset by balances held with banks subject to floating interest rates, which expose the Group to cash flow interest rate risk. Floating interest rates on these financial instruments are linked to reference rates such as Euribor or the respective banker\u2019s base rate. Management monitors the impact of changes in market interest rates on amounts reported in profit or loss in respect of these instruments taking into consideration refinancing, renewal of existing positions, alternative financing, and hedging techniques.
Based on the analysis referred to above, management considers the potential impact on profit or loss of a defined interest rate shift that is reasonably possible at the end of the reporting period as a measure of cash flow interest rate risk. An increase/(decrease) of 250 basis points (2024: 250 basis points) would have (decreased)/increased the profit for the Group and Company by \u20ac1,934,000 and \u20ac573,000 respectively (2024: (decreased)/increased the profit by \u20ac752,000 and \u20ac877,000), which principally takes into account the impact of this shift on the interest amounts arising on variable interest borrowings as at 31 December 2025. Accordingly, the Group\u2019s financial results are substantially independent of changes in market interest rates and the level of interest risk to the Group is deemed to be quite contained.
(iii)Price risk
The Group is not materially exposed to equity securities price risk attributable to investments held by the Group taking into account the carrying amount of the investments held in the context of the Group\u2019s total assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page114-cflshid_47215-tag11686809": { "value": "2.Financial risk management
2.3Fair values of financial instruments and non-recurring fair value measurements
Fair value estimation in relation to financial instruments measured at fair value
The Group is required to disclose fair value measurements by level of a fair value measurement hierarchy for financial instruments that are measured in the statement of financial position at fair value (Level 1, 2 or 3). The different levels of the fair value hierarchy are defined as fair value measurements using:
-quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
-inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly i.e. as prices, or indirectly i.e. derived from prices (Level 2); and
-inputs for the asset or liability that are not based on observable market data i.e. unobservable inputs (Level 3).
The fair value of financial assets traded in active markets is based on quoted market prices at the end of the reporting period. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer or broker and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by the Group is the current bid price. The fair value of financial assets and other financial instruments (e.g. over-the-counter derivatives) that are not traded in an active market, is determined by using valuation techniques, principally discounted cash flow models. When the Group uses valuation techniques, it makes assumptions that are based on market conditions existing at the end of each reporting period. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.
The Group\u2019s financial instruments, which are carried at fair value, include the Group\u2019s other investments. The fair value measurements in this respect are considered to be Level 3. More information is disclosed in Note 11 to the financial statements.
Fair values of financial instruments not carried at fair value
At 31 December 2025 and 2024, the carrying amounts of certain financial instruments not carried at fair value comprising cash at bank, receivables, payables, accrued expenses and short-term borrowings reflected in the financial statements are reasonable estimates of fair value in view of the nature of these instruments or the relatively short period of time between the origination of the instruments and their expected realisation. The fair value of advances to related parties and other balances with related parties, which are short-term or repayable on demand, is equivalent to their carrying amount. The fair value of non-current financial instruments for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. The carrying amount of the Company\u2019s non-current loans and other amounts receivable from subsidiaries fairly approximates the estimated fair value of these assets based on discounted cash flows. The fair value of the Group\u2019s non-current bank borrowings at the end of the reporting period is not significantly different from the carrying amounts. The current market interest rates utilised for discounting purposes, which were almost equivalent to the respective instruments\u2019 contractual interest rates, are deemed observable and accordingly these fair value estimates have been categorised as Level 2.
Information on the fair value of the bonds issued to the public is disclosed in the respective note to the financial statements. The fair value estimate in this respect is deemed Level 1 as it constitutes a quoted price in active market.
5.Property, plant and equipment
Group
Land and buildingsPlant and equipmentCustomer premises equipment and related assetsMotor vehiclesPayments on account and assets in course of constructionTotal
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
At 1 January 2024
Cost or valuation13,997423,10543,8981,0402,404484,444
Accumulated depreciation and impairment charges(2,383)(263,291)(30,390)(771)-(296,835)
Net book amount11,614159,81413,5082692,404187,609
Year ended 31 December 2024
Opening net book amount11,614159,81413,5082692,404187,609
Additions5035,7446,10861667943,197
Acquisition of subsidiaries (Note 8)-1,009-10-1,019
Disposals and write-offs-(51,357)(66)-(135)(51,558)
Transfers542,302--(2,356)-
Reclassification to intangible assets:
- cost----(84)(84)
- accumulated depreciation------
Depreciation charge(371)(26,554)(6,681)(132)-(33,738)
Depreciation/impairment
released on disposals and write-offs-51,35046--51,396
Closing net book amount11,347172,30812,915763508197,841
At 31 December 2024
Cost or valuation14,101410,80349,9401,666508477,018
Accumulated depreciation and impairment charges(2,754)(238,495)(37,025)(903)-(279,177)
Net book amount11,347172,30812,915763508197,841
Land and buildingsPlant and equipmentCustomer premises equipment and related assetsMotor vehiclesPayments on account and assets in course of constructionTotal
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
Year ended 31 December 2025
Opening net book amount11,347172,30812,915763508197,841
Additions1,11825,0853,41017928430,076
Disposals and write-offs(744)(21,730)(1,054)(62) -(23,590)
Transfers-261--(261)-
Depreciation charge(338)(27,215)(6,061)(160) -(33,774)
Depreciation/impairment
released on disposals and write-offs50521,7011,05425-23,285
Closing net book amount11,888170,41010,264745531193,838
At 31 December 2025
Cost or valuation14,475414,41952,2961,783531483,504
Accumulated depreciation and impairment charges(2,587)(244,009)(42,032)(1,038)-(289,666)
Net book amount11,888170,41010,264745531193,838
Fair valuation of land and buildings
The Company\u2019s land and buildings within property, plant and equipment, were revalued on 31 December 2023 by an independent firm of property valuers having appropriate recognised professional qualifications and experience in the location and category of the property being valued, and the carrying amounts were adjusted to reflect these valuations Management have reviewed the carrying amounts of the properties as at 31 December 2025, on the basis of the assessments by the independent property valuers and no adjustment to the carrying amount was required.
Valuations were made on the basis of open market value taking cognisance of the specific location of the properties, the size of the sites together with their development potential, the availability of similar properties in the area, and whenever possible, having regard to recent market transactions for similar properties in the same location.
A subsidiary\u2019s leasehold property, with a carrying amount of \u20ac1,355,000 (2024: \u20ac1,732,000) at the end of the reporting period, was revalued in prior years by an independent firm of property valuers having appropriate professional qualifications and experience in the category of the property being valued. Management has reviewed the carrying amount of the property as at 31 December 2025 and no adjustments to the carrying amounts were deemed necessary as at that date.
BMITT\u2019s property comprises a property acquired during the financial year ended 31 December 2020 for a consideration of \u20ac4,000,000, currently being used to host one of its data centres. In the opinion of the company\u2019s directors, as at 31 December 2025, no significant changes or developments have been experienced since the acquisition that impacted the property\u2019s fair value by giving rise to a material shift in its estimated market value. The current carrying value is also supported by an independent valuation carried out by an independent firm of architects during 2023, commissioned by the company to carry out an assessment of the fair value of the property, by considering the aggregate of the estimated cash flows expected to be received from renting out the property over a defined period.
The Group is required to analyse non-financial assets carried at fair value by level of the fair value hierarchy within which the recurring fair value measurements are categorised in their entirety (Level 1, 2 or 3). The different levels of the fair value hierarchy have been defined as fair value measurements using:
-Quoted prices (unadjusted) in active markets for identical assets (Level 1);
-Inputs other than quoted prices included within Level 1 that are observable for the asset, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2);
-Inputs for the asset that are not based on observable market data (that is, unobservable inputs) (Level 3).
The Group\u2019s land and buildings, within property, plant and equipment, comprise exchanges, data centres, warehouses, offices and retail outlets. All the recurring property fair value measurements at 31 December 2025 and 2024 use significant unobservable inputs and are accordingly categorised within Level 3 of the fair valuation hierarchy.
The Group\u2019s policy is to recognise transfers into and out of fair value hierarchy levels as of the beginning of the reporting period. There were no transfers between different levels of the fair value hierarchy during the years ended 31 December 2025 and 2024.
A reconciliation from the opening balance to the closing balance of land and buildings for recurring fair value measurements categorised within Level 3 of the value hierarchy, is reflected in the table above. The changes during the year are mainly attributable to additions, revaluation surplus and depreciation charge.
Valuation processes
The valuations of the properties are performed regularly on the basis of valuation reports prepared by independent and qualified valuers. These reports are based on both:
-information provided by the respective company which is derived from the company\u2019s financial systems and is subject to the company\u2019s overall control environment; and
-assumptions and valuation models used by the valuers \u2013 the assumptions are typically market-related. These are based on professional judgement and market observation.
The information provided to the valuers, together with the assumptions and the valuation models used by the valuers, are reviewed by the Chief Finance Officer (CFO). This includes a review of fair value movements over the period. When the CFO considers that the valuation report is appropriate, the valuation report is recommended to the Audit Committee. The Audit Committee considers the valuation report as part of its overall responsibilities.
At the end of every reporting period, the CFO assesses whether any significant changes or developments have been experienced since the last external valuation. This is supported by an assessment performed by the independent firm of property valuers. The CFO reports to the Audit Committee on the outcome of this assessment.
Valuation techniques
The external valuations of the Company\u2019s Level 3 property have been performed using an adjusted sales comparison approach or a discounted rental streams approach. In view of a limited number of similar sales or rentals in the local market, the valuations have been performed using unobservable inputs. The significant input to the adjusted sales comparison approach is generally a sales price per square metre related to transactions in comparable properties located in proximity to the Group\u2019s property, with significant adjustments for differences in the size, age, exact location and condition of the property. The significant inputs to the discounted rental streams approach comprise annual rental values per square metre (also related to comparable properties or transactions and adjusted as described above) and the discount rate.
Information about fair value measurements using significant unobservable inputs (Level 3)
Group
At 31 December 2025 and 2024
Description by class based on highest and best useValuation techniqueSignificant unobservable inputRange of unobservable inputs (weighted average)Fair value
\u20ac000\u20ac000\u20ac000\u20ac000
Current use as office premises and telephone exchanges*Adjusted sales comparison approachSales price per square metre1,000 \u2013 2,6504,860
(1,500)(2024: 4,860)
Current use as data centreDiscounted cash-flows rental streams approachRental streamsRental value p.a of \u20ac135/sqm \u20ac160/sqm; discount rate of 5.75%4,200 (2024: 4,200)
*The category of land and buildings with current use as office premises and telephone exchanges consists of a number of properties owned by the Company.
Due to the low carrying value per property, Management is of the opinion that a reasonable change in the key assumptions considered in the valuation will not have a material impact in the carrying value. The highest and best use of the properties referred to above is equivalent to their current use
If the land and buildings were stated on the historical cost basis, the carrying amounts would be as follows:
GroupCompany
2025202420252024
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Cost13,95913,5854,6833,722
Accumulated depreciation(3,724)(3,876)(818)(774)
Net book amount10,2359,7093,8652,948
7.Intangible assets
Group
IRUs and DDPSComputer softwareBrand names, customer relationships and related assetsBroad -casting rightsPayments on account and assets in the course of constructionGoodwillTotal
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
At 1 January 2024
Cost36,76514,72730,27141,82835528,702152,648
Accumulated
amortisation and
impairment charges(12,840)(6,874)(23,437)(25,657)-(349)(69,157)
Net book amount23,9257,8536,83416,17135528,35383,491
Year ended
31 December 2024
Opening net book
amount23,9257,8536,83416,17135528,35383,491
Additions591-11916,5632,391-19,664
Development-2,035----2,035
Acquisition of
subsidiary (Note 8)-1511,399--1,8003,350
Transfers-355--(355)--
Amortisation charge(1,763)(3,539)(690)(6,422)--(12,434)
Closing net book amount22,7536,8557,66226,3122,39130,15396,126
At 31 December 2024
Cost37,35617,26831,78958,3912,39130,502177,697
Accumulated
amortisation and
impairment charges(14,603)(10,413)(24,127)(32,079)-(349)(81,571)
Net book amount22,7536,8557,66226,3122,39130,15396,126
IRUs and DDPSComputer softwareBrand names, customer relationships and related assetsBroad -casting rightsPayment on account and assets in the course of constructionGoodwillTotal
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
Year ended
31 December 2025
Opening net book22,7536,8557,66226,3122,39130,15396,126
amount
Additions1161,532-14,44927537916,751
Development-1,429----1,429
Acquisition of
subsidiary (Note 8)--526--102628
Disposals, write-offs and
expiration of rights(642)(1,912)(8)(29,402)--(31,964)
Transfers-178--(178)--
Amortisation charge(1,671)(2,737)(684)(6,899)--(11,991)
Amortisation released on
disposal6421,912-29,402--31,956
Closing net book amount21,1987,2577,49633,8622,48830,634102,935
At 31 December 2025
Cost36,83018,49532,30743,4382,48830,983164,541
Accumulated
amortisation and(15,632)(11,238)(24,811)(9,576)-(349)(61,606)
impairment charges
Net book amount21,1987,2577,49633,8622,48830,634102,935
Brand names and customer relationships acquired in business combinations, and related assets
The RFR method was used to value Cablenet\u2019s brand. The RFR method assumes that the intangible asset has a fair value based on royalty income attributable to it. The royalty rate represents hypothetical savings enjoyed by the entity that owns the intangible asset, because that entity is relieved from having to license that intangible asset from another owner and pay royalties to use the intangible asset. In the valuation of the Cablenet brand, the cash flows were derived from the projected total revenues in conjunction with a royalty rate of 1.5%. A discount rate of 13.9% was used for the valuation of the brand As of 31 December 2025, the carrying amount of the Cablenet brand, recognised as an indefinite-lived intangible asset, is \u20ac4,295,000.
The assessment of the brand's indefinite useful life is based on several key factors. These include:
i.Market Position and Recognition: The brand holds a strong position in the market and enjoys high consumer recognition and loyalty. It is expected to continue contributing to revenue generation for the foreseeable future without foreseeable limits.
ii.Legal and Regulatory Environment: There are no legal, regulatory, or contractual factors that impose a finite limit on the brand's useful life. The trademark is registered and is renewable indefinitely at minimal cost.
iii.Economic and Industry Considerations: The industry in which the brand operates shows stable growth prospects, and there are no technological or market changes projected that would adversely affect the brand's value or sustainability.
iv.Historical Performance: Historically, the brand has demonstrated consistent financial performance and has been integral to the Group\u2019s strategy, indicating its resilience and ongoing relevance in the context of different changing economic environments.
Management will continue to monitor these factors and the brand is subject to regular impairment testing to ensure its carrying amount does not exceed its recoverable amount.
The intangibles acquired through the acquisition of the AQS which specialises renewable energy equipment and solar farm company have been allocated to the Malta Telecommunications CGU, constituting the aggregate of the assets allocated to this CGU.
The RFR method was used to value the acquired brand. The RFR method assumes that the intangible asset has a fair value based on the royalty income attributable to it. The royalty rate represents hypothetical savings enjoyed by the entity that owns the intangible asset, as it is relieved from having to license the intangible asset from another owner and pay royalties for its use. In the valuation of the acquired brand, the cash flows were derived from projected total revenues in conjunction with a royalty rate of 1%. A discount rate of 12.7% was applied for the valuation of the brand, and as at the end of 2025, the residual value was based on a terminal growth rate reflecting the long-term market outlook for renewable energy. An indefinite useful life was deemed appropriate for the acquired brand, considering the sustained demand for renewable energy solutions and established market presence.
8.Investments in subsidiaries
Acquisition of AQS Med Limited
On 27 March 2024, the Company announced that it had signed a share purchase agreement that will result in GO purchasing 51% shareholding in AQS Med Limited (C50569) (\u2018AQS\u2019). On 28 June 2024, the agreement was agreed upon and 51% of the shares in AQS were transferred to GO.
The total consideration paid for the acquisition of the shares was \u20ac1,203,000 with the possibility of a management earnout capped at \u20ac1,984,000, based on actual and forecasted performance of AQS over a four-year period, from 2023 up till 2027. Given that the awarding of this earnout is intrinsically linked on the continued employment of key management personnel for the above-mentioned period, this eventual payment is treated as management remuneration and will be accrued for at its fair value on an annual basis. Movement in the fair value of this liability will be taken to profit and loss as employee benefit expense.
Purchase consideration \u2013 net cash outflow
GO and the minority shareholders have also entered into a shareholder\u2019s agreement. Through this agreement the minority shareholders and GO have mutual call and put options regarding the minority interest\u2019s shares in AQS, exercisable upon the achievement of an agreed performance threshold. These rights remain valid for one year from the approval of the AQS Group\u2019s consolidated financial statements for the financial year 2027:
-Minority Shareholders Option: They may require GO to acquire its shares, with the Company valued at 6x the average EBITDA (2023-2027), net of non-current liabilities. Other AQS Group entities will be valued using a market-based net present value approach with a 5% discount rate, adjusted for net debt as at 31 December 2027.
-GO\u2019s Option: GO may require the minority shareholders to sell its shares, with the Company valued at 7x the average EBITDA (2023-2027), net of non-current liabilities. Other AQS Group entities will be valued similarly using a market-based net present value approach with a 5% discount rate, adjusted for net debt as at 31 December 2027.
The combination of this written put option with a strike price that is variable depending on future performance of AQS was not deemed to expose the Group to risks and rewards associated with a present ownership interest of the underlying shares. Consequently, the fair value of the estimated strike price of \u20ac1,315,000 has been recognised as a financial liability at the time of the business combination. Given that the ownership interest associated with these shares has been attributed to non-controlling interests, upon initial recognition the Group and Company recognised a negative reserve in its equity for the same amount.
As at 31 December 2025, management determined that the fair value of the estimated strike price and related liability amounted to \u20ac728,000. The movement in liability has been taken directly to equity.
Acquisition of Klikk Finance p.l.c.
On 11 November 2024, the Company announced that it had acquired 100% of the shares in Klikk Finance p.l.c. (\u2018Klikk\u2019). Klikk holds 100% in Klikk Limited (C30425). The companies operate electronic retail outlets. The registered office of both companies is GO, Triq Hal-Tarxien, Zejtun, ZTN 3000, Malta.
The total consideration paid for the acquisition of the shares was \u20ac600,000 with the possibility of a further maximum earnout of \u20ac300,000 depending on the performance of Klikk over a three-year period. The fair value of the equity is reflective of the discounted future cashflows under the purchase agreement.
Acquisition of 56Bit Ltd
On 25 March 2025, BMITT signed a Share Purchase Agreement to acquire a 51% shareholding in 56Bit Ltd (C 92422) (\u201c56Bit\u201d). The acquisition was completed on 30 May 2025, resulting in BMITT obtaining majority voting rights and control over 56Bit in terms of IFRS 10.
Under the agreement, BMITT may increase its shareholding over a five-year period, depending on 56Bit\u2019s performance and subject to certain put options held by minority shareholders during the same period.
The total consideration paid, including amounts paid to sellers and other acquisition costs, amounted to \u20ac602,000.
Purchase consideration \u2013 net cash outflow
BMITT and the minority shareholders have also entered into a shareholder\u2019s agreement whereby the minority shareholders were granted written put options enabling them to sell their remaining shares to BMITT in two tranches of 29% in 2027 and 20% in 2029. These written put options are exercisable subject to the achievement of agreed performance thresholds for each year respectively. The exercise price of the options is determined based on a formula linked to 56Bit\u2019s EBITDA, multiplied by a pre-defined multiple that varies depending on performance thresholds. The maximum consideration for the option exercisable is \u20ac400,000 and \u20ac500,000 for the 2027 and 2029 put option tranches, respectively.
In assessing the appropriate accounting treatment, management has considered the nature of the pricing mechanism stipulated in the agreement. The variability in the exercise price, which is contingent on the future performance of 56Bit Limited, indicates that the non-controlling shareholders retain exposure to the risks and rewards associated with their shareholding. Although the presence of a cap may suggest an element of fixed pricing, management has assessed that the cap is not substantive enough to result in a transfer of risks and rewards to the Group at the inception of the options.
Management exercised significant judgement in determining the value of the liability through reference to management\u2019s estimate of the future payout in respect of the put options, taking into consideration the projected growth of the acquired entity and related EBITDA projections. Accordingly, BMITT has recognised a financial liability of \u20ac2,040,000 with a corresponding negative reserve within equity. This accounting treatment is consistent with the Group\u2019s past transactions and reflects the fact that the non-controlling interest continues to bear the risks and rewards of ownership until such time as the options are exercised and the shares are transferred. Subsequent changes in the value of the financial liability will be recognised directly in equity as changes in the parent\u2019s ownership interest that do not result in a loss of control.
11.Other investments
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Financial assets at fair value through
other comprehensive income
Cost3,1853,1261,7701,770
Gains from changes in fair value 2,2812,826--
Accumulated impairment losses(2,382)(2,238)(1,770)(1,770)
3,0843,714--
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Carrying amount at beginning of year3,7145,190--
Acquisitions95205--
Net changes in fair value gains or Impairment losses 445(14)--
Disposals(1,170)(1,667)--
Carrying amount at end of year3,0843,714--
The above investments classified as financial assets at fair value through other comprehensive income (FVOCI) comprise equity securities which are not held for trading, and which the Group has irrevocably elected for classification within this category at initial recognition. These are strategic investments and the Group considers this classification to be more relevant.
During 2024 and 2025, the Group revised the carrying value of its investment in AirGSM Holdings Inc at its fair value based on equity transactions that the Group had undertaken during the year. The movement in the investment for the year-ended 31 December 2025 reflects a further disposal of the Group\u2019s equity stake in the company. The fair value as at 31 December 2025 reflects the fair value of the remaining shares, based on the most recent equity transaction value.
Gains from changes in fair value primarily relate to investments in Service Lee Technologies Private Limited was measured based on recent transaction prices of the investees\u2019 equity instruments. For the Group\u2019s other investments, management lacks sufficient access to information due to the small shareholding size, making an accurate fair value assessment with undue cost and effort. Instead, management assessed fair value based on funding rounds, and where no further funding rounds are expected in the near future, an impairment was recognized. Given the immaterial impact of these gains and losses, the disclosures required under IFRS 13 were not deemed necessary.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page114-cflshid_47215-tag11686808": { "value": "2.Financial risk management
2.3Fair values of financial instruments and non-recurring fair value measurements
Fair value estimation in relation to financial instruments measured at fair value
The Group is required to disclose fair value measurements by level of a fair value measurement hierarchy for financial instruments that are measured in the statement of financial position at fair value (Level 1, 2 or 3). The different levels of the fair value hierarchy are defined as fair value measurements using:
-quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
-inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly i.e. as prices, or indirectly i.e. derived from prices (Level 2); and
-inputs for the asset or liability that are not based on observable market data i.e. unobservable inputs (Level 3).
The fair value of financial assets traded in active markets is based on quoted market prices at the end of the reporting period. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer or broker and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by the Group is the current bid price. The fair value of financial assets and other financial instruments (e.g. over-the-counter derivatives) that are not traded in an active market, is determined by using valuation techniques, principally discounted cash flow models. When the Group uses valuation techniques, it makes assumptions that are based on market conditions existing at the end of each reporting period. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page114-cflshid_47215-tag11686807": { "value": "2.Financial risk management
2.3Fair values of financial instruments and non-recurring fair value measurements
Fair value estimation in relation to financial instruments measured at fair value
The Group is required to disclose fair value measurements by level of a fair value measurement hierarchy for financial instruments that are measured in the statement of financial position at fair value (Level 1, 2 or 3). The different levels of the fair value hierarchy are defined as fair value measurements using:
-quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
-inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly i.e. as prices, or indirectly i.e. derived from prices (Level 2); and
-inputs for the asset or liability that are not based on observable market data i.e. unobservable inputs (Level 3).
The fair value of financial assets traded in active markets is based on quoted market prices at the end of the reporting period. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer or broker and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. The quoted market price used for financial assets held by the Group is the current bid price. The fair value of financial assets and other financial instruments (e.g. over-the-counter derivatives) that are not traded in an active market, is determined by using valuation techniques, principally discounted cash flow models. When the Group uses valuation techniques, it makes assumptions that are based on market conditions existing at the end of each reporting period. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.
The Group\u2019s financial instruments, which are carried at fair value, include the Group\u2019s other investments. The fair value measurements in this respect are considered to be Level 3. More information is disclosed in Note 11 to the financial statements.
Fair values of financial instruments not carried at fair value
At 31 December 2025 and 2024, the carrying amounts of certain financial instruments not carried at fair value comprising cash at bank, receivables, payables, accrued expenses and short-term borrowings reflected in the financial statements are reasonable estimates of fair value in view of the nature of these instruments or the relatively short period of time between the origination of the instruments and their expected realisation. The fair value of advances to related parties and other balances with related parties, which are short-term or repayable on demand, is equivalent to their carrying amount. The fair value of non-current financial instruments for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. The carrying amount of the Company\u2019s non-current loans and other amounts receivable from subsidiaries fairly approximates the estimated fair value of these assets based on discounted cash flows. The fair value of the Group\u2019s non-current bank borrowings at the end of the reporting period is not significantly different from the carrying amounts. The current market interest rates utilised for discounting purposes, which were almost equivalent to the respective instruments\u2019 contractual interest rates, are deemed observable and accordingly these fair value estimates have been categorised as Level 2.
Information on the fair value of the bonds issued to the public is disclosed in the respective note to the financial statements. The fair value estimate in this respect is deemed Level 1 as it constitutes a quoted price in active market.
8.Investments in subsidiaries
Acquisition of AQS Med Limited
On 27 March 2024, the Company announced that it had signed a share purchase agreement that will result in GO purchasing 51% shareholding in AQS Med Limited (C50569) (\u2018AQS\u2019). On 28 June 2024, the agreement was agreed upon and 51% of the shares in AQS were transferred to GO.
The total consideration paid for the acquisition of the shares was \u20ac1,203,000 with the possibility of a management earnout capped at \u20ac1,984,000, based on actual and forecasted performance of AQS over a four-year period, from 2023 up till 2027. Given that the awarding of this earnout is intrinsically linked on the continued employment of key management personnel for the above-mentioned period, this eventual payment is treated as management remuneration and will be accrued for at its fair value on an annual basis. Movement in the fair value of this liability will be taken to profit and loss as employee benefit expense.
Purchase consideration \u2013 net cash outflow
GO and the minority shareholders have also entered into a shareholder\u2019s agreement. Through this agreement the minority shareholders and GO have mutual call and put options regarding the minority interest\u2019s shares in AQS, exercisable upon the achievement of an agreed performance threshold. These rights remain valid for one year from the approval of the AQS Group\u2019s consolidated financial statements for the financial year 2027:
-Minority Shareholders Option: They may require GO to acquire its shares, with the Company valued at 6x the average EBITDA (2023-2027), net of non-current liabilities. Other AQS Group entities will be valued using a market-based net present value approach with a 5% discount rate, adjusted for net debt as at 31 December 2027.
-GO\u2019s Option: GO may require the minority shareholders to sell its shares, with the Company valued at 7x the average EBITDA (2023-2027), net of non-current liabilities. Other AQS Group entities will be valued similarly using a market-based net present value approach with a 5% discount rate, adjusted for net debt as at 31 December 2027.
The combination of this written put option with a strike price that is variable depending on future performance of AQS was not deemed to expose the Group to risks and rewards associated with a present ownership interest of the underlying shares. Consequently, the fair value of the estimated strike price of \u20ac1,315,000 has been recognised as a financial liability at the time of the business combination. Given that the ownership interest associated with these shares has been attributed to non-controlling interests, upon initial recognition the Group and Company recognised a negative reserve in its equity for the same amount.
As at 31 December 2025, management determined that the fair value of the estimated strike price and related liability amounted to \u20ac728,000. The movement in liability has been taken directly to equity.
Acquisition of Klikk Finance p.l.c.
On 11 November 2024, the Company announced that it had acquired 100% of the shares in Klikk Finance p.l.c. (\u2018Klikk\u2019). Klikk holds 100% in Klikk Limited (C30425). The companies operate electronic retail outlets. The registered office of both companies is GO, Triq Hal-Tarxien, Zejtun, ZTN 3000, Malta.
The total consideration paid for the acquisition of the shares was \u20ac600,000 with the possibility of a further maximum earnout of \u20ac300,000 depending on the performance of Klikk over a three-year period. The fair value of the equity is reflective of the discounted future cashflows under the purchase agreement.
Acquisition of 56Bit Ltd
On 25 March 2025, BMITT signed a Share Purchase Agreement to acquire a 51% shareholding in 56Bit Ltd (C 92422) (\u201c56Bit\u201d). The acquisition was completed on 30 May 2025, resulting in BMITT obtaining majority voting rights and control over 56Bit in terms of IFRS 10.
Under the agreement, BMITT may increase its shareholding over a five-year period, depending on 56Bit\u2019s performance and subject to certain put options held by minority shareholders during the same period.
The total consideration paid, including amounts paid to sellers and other acquisition costs, amounted to \u20ac602,000.
Purchase consideration \u2013 net cash outflow
BMITT and the minority shareholders have also entered into a shareholder\u2019s agreement whereby the minority shareholders were granted written put options enabling them to sell their remaining shares to BMITT in two tranches of 29% in 2027 and 20% in 2029. These written put options are exercisable subject to the achievement of agreed performance thresholds for each year respectively. The exercise price of the options is determined based on a formula linked to 56Bit\u2019s EBITDA, multiplied by a pre-defined multiple that varies depending on performance thresholds. The maximum consideration for the option exercisable is \u20ac400,000 and \u20ac500,000 for the 2027 and 2029 put option tranches, respectively.
In assessing the appropriate accounting treatment, management has considered the nature of the pricing mechanism stipulated in the agreement. The variability in the exercise price, which is contingent on the future performance of 56Bit Limited, indicates that the non-controlling shareholders retain exposure to the risks and rewards associated with their shareholding. Although the presence of a cap may suggest an element of fixed pricing, management has assessed that the cap is not substantive enough to result in a transfer of risks and rewards to the Group at the inception of the options.
Management exercised significant judgement in determining the value of the liability through reference to management\u2019s estimate of the future payout in respect of the put options, taking into consideration the projected growth of the acquired entity and related EBITDA projections. Accordingly, BMITT has recognised a financial liability of \u20ac2,040,000 with a corresponding negative reserve within equity. This accounting treatment is consistent with the Group\u2019s past transactions and reflects the fact that the non-controlling interest continues to bear the risks and rewards of ownership until such time as the options are exercised and the shares are transferred. Subsequent changes in the value of the financial liability will be recognised directly in equity as changes in the parent\u2019s ownership interest that do not result in a loss of control.
11.Other investments
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Financial assets at fair value through
other comprehensive income
Cost3,1853,1261,7701,770
Gains from changes in fair value 2,2812,826--
Accumulated impairment losses(2,382)(2,238)(1,770)(1,770)
3,0843,714--
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Carrying amount at beginning of year3,7145,190--
Acquisitions95205--
Net changes in fair value gains or Impairment losses 445(14)--
Disposals(1,170)(1,667)--
Carrying amount at end of year3,0843,714--
The above investments classified as financial assets at fair value through other comprehensive income (FVOCI) comprise equity securities which are not held for trading, and which the Group has irrevocably elected for classification within this category at initial recognition. These are strategic investments and the Group considers this classification to be more relevant.
During 2024 and 2025, the Group revised the carrying value of its investment in AirGSM Holdings Inc at its fair value based on equity transactions that the Group had undertaken during the year. The movement in the investment for the year-ended 31 December 2025 reflects a further disposal of the Group\u2019s equity stake in the company. The fair value as at 31 December 2025 reflects the fair value of the remaining shares, based on the most recent equity transaction value.
Gains from changes in fair value primarily relate to investments in Service Lee Technologies Private Limited was measured based on recent transaction prices of the investees\u2019 equity instruments. For the Group\u2019s other investments, management lacks sufficient access to information due to the small shareholding size, making an accurate fair value assessment with undue cost and effort. Instead, management assessed fair value based on funding rounds, and where no further funding rounds are expected in the near future, an impairment was recognized. Given the immaterial impact of these gains and losses, the disclosures required under IFRS 13 were not deemed necessary.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page114-cflshid_47215-tag11686804": { "value": "2.Financial risk management
2.2Capital risk management
The Group\u2019s objectives when managing capital are to safeguard the Company\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Company may issue new shares or adjust the amount of dividends paid to shareholders.
The Group monitors the level of capital on the basis of the ratio of aggregated net debt to total capital. Net debt is calculated as total borrowings (as shown in the statement of financial position) less cash and cash equivalents. Total capital is calculated as equity, as shown in the respective statement of financial position, plus net debt.
The figures in respect of the Group\u2019s and the Company\u2019s equity and borrowings are reflected below
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Borrowings (Note 18)190,491172,99891,51394,275
Lease liabilities (Note 19)41,72846,80830,05832,668
Less: Cash and cash equivalents (Note 15)(15,876)(14,776)(8,410)(4,283)
Net debt216,343205,030113,161122,660
Total equity88,90186,198286,619286,609
Total capital305,244291,228400,412409,269
Net debt ratio71%70%28%30%
The Group manages the relationship between equity injections and borrowings, being the constituent elements of capital as reflected above, with a view to managing the cost of capital. The level of capital, as reflected in the consolidated statement of financial position, is maintained by reference to the Group\u2019s respective financial obligations and commitments arising from operational requirements. In view of the nature of the Group\u2019s activities and the extent of borrowings or debt, the capital level at the end of the reporting period determined by reference to the consolidated financial statements is deemed adequate by the Directors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page126-cflshid_53426-tag11686811": { "value": "3.Critical accounting estimates and judgements Estimates and judgements are continually evaluated and based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. These estimates and assumptions present a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. The Group\u2019s management also makes judgements, apart from those involving estimations, in the process of applying the entity's accounting policies that may have a significant effect on the amounts recognised in the financial statements.3.1Impairment testingIFRSs require management to undertake an annual test for impairment of goodwill and non-financial assets having an indefinite useful life, and require management to test for impairment if events or changes in circumstances indicate that the carrying amount of a non-financial asset having a finite useful life may not be recoverable. For the purposes of assessing impairment, non-financial assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). The Group also assesses at the end of each reporting period whether there is objective evidence that a financial asset or a group of financial assets is impaired.Impairment testing is an area involving management judgement, requiring assessment as to whether the carrying value of assets or cash-generating units can be supported by the net present value of future cash flows derived from such assets or cash-generating units using cash flow projections, which have been discounted at an appropriate rate. In calculating the net present value of the future cash flows, in particular those derived from the Group\u2019s cash-generating units, certain assumptions are required to be made in respect of highly uncertain matters including management\u2019s expectations of growth in earnings before interest, taxation, depreciation and amortisation (EBITDA); developments in number of subscribers and average revenue per user (ARPU); long-term growth rates; and the selection of discount rates to reflect the risks involved. Changing the assumptions selected by management, in particular the discount rate and growth rate assumptions used in the cash flow projections, could significantly affect the Group\u2019s impairment evaluation and hence results.At Company level, management makes reference to the same net present value of cashflows to assess whether impairments are required to the carrying value of investments in subsidiaries.Details surrounding critical judgements and assumptions are further disclosed in Note 7.3.2Business combinationsThe definition of control encompasses three distinct principles, which, if present, identify the existence of control by the Group over an investee, hence forming a parent-subsidiary relationship: power over the investee; exposure, or rights, to variable returns from its involvement with the investee; and the ability to use its power over the investee to affect the amount of the investor\u2019s returns. When the Group assesses whether it has power over an investee, it needs to assess whether any rights it has are protective (rather than substantive), whether rights held by other investors are protective, or whether other parties have substantive rights that can prevent the Group from directing the relevant investee's activities (for example, veto rights). Protective rights are different to substantive rights. Protective rights are considered as rights designed to protect the interest of the party holding those rights without giving that party power over the entity to which those rights relate. Given that power is required to control an investee, if the Group only has protective rights it will not control the investee. The recognition of business combinations requires the excess of the purchase price of acquisitions over the net book value of assets acquired to be allocated to the assets and liabilities of the acquired entity. The Group makes judgements and estimates in relation to the fair value allocation of the purchase price. The amount of goodwill initially recognised as a result of a business combination is dependent on the allocation of the purchase price to the fair value of the identifiable assets acquired and the liabilities assumed. The determination of the fair value of the assets and liabilities is based, to a considerable extent, on management\u2019s judgement. Allocation of the purchase price affects the results of the Group as intangible assets with a finite life are amortised, whereas intangible assets with an indefinite life and goodwill are not amortised. Identifiable intangible assets may include customer bases and brands. The fair value of these assets is determined by discounting estimated future net cash flows generated by the asset where no active market for the assets exist. The use of different assumptions for the expectations of future cash flows and the discount rate would change the valuation of the intangible assets.These acquisition agreements typically include:(i)variable payments payable in a future period based on certain targets being met in the predetermined period. Management applies judgement in determining whether such payments are deemed to constitute contingent payment for the consideration of the acquisition of the controlling stake or whether such payment relates to compensation to management based on future performance. (ii)Furthermore, acquisition agreements where the Group does not obtain a 100% controlling stake, might include put options to the minority shareholders giving them the right to oblige the Group to acquire the remaining non-controlling stake at a predetermined price subject to the achievement of preset targets within a predetermined period.The Group makes judgements and estimates in relation to the probability of targets being met which typically takes in consideration future performance and cashflows of the acquired entity. The fair value of these liabilities is determined by discounting estimated future net cash outflows which is based on Management\u2019s estimate of the discount rate to be used.Details surrounding critical judgements and assumptions are further disclosed in Note 8.3.3Provisions for pension obligationsFollowing the significant reduction in the Group\u2019s defined benefit obligation during the year, arising from the curtailment of the pension scheme and resolution of related legal cases, management has reassessed the nature of the judgements and estimates involved.The remaining obligation relates to a limited number of potential beneficiaries and is no longer considered to give rise to significant estimation uncertainty. Accordingly, pension obligations are no longer included within the Group\u2019s critical accounting estimates. However, judgement continues to be applied in assessing the existence of obligations, including the impact of applicable prescription periods.Details surrounding critical judgements and assumptions are further disclosed in Note 20.3.4Determination of extension for right-of-use assets and liabilitiesThe Group leases various properties, motor vehicles and IT equipment. Rental contracts may have extension options to renew the lease after the original period. Determination of the lease term considered is deemed to be a critical accounting estimate in view of the magnitude of lease payments considered in the extension periods. Details surrounding critical judgements and assumptions are further disclosed in Note 6 and Note 19.3.5Estimation of useful lifeThe useful life used to amortise intangible assets relates to the future performance of the assets acquired and management\u2019s judgement of the period over which economic benefit will be derived from the asset. The useful lives and residual values of the Group\u2019s property, plant and equipment are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on historical experience with similar assets as well as anticipation of future events which may impact their life such as changes in technology.3.6Recoverability of loan receivable by GO p.l.c. from GO IP Holdings LimitedThe recoverability of the loan of \u20ac155,100,000 by the Company from GO IP Holdings Limited (as further detailed in Note 2.1 (b)) and related expected credit loss assessment is heavily dependent on the reasonableness of the assumptions and judgements underlying the valuation of IP transaction from which this receivable originated in late December 2025 as detailed in Note 37.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page126-cflshid_53426-tag11686842": { "value": "
3.Critical accounting estimates and judgements
3.3Provisions for pension obligations
Following the significant reduction in the Group\u2019s defined benefit obligation during the year, arising from the curtailment of the pension scheme and resolution of related legal cases, management has reassessed the nature of the judgements and estimates involved.
The remaining obligation relates to a limited number of potential beneficiaries and is no longer considered to give rise to significant estimation uncertainty. Accordingly, pension obligations are no longer included within the Group\u2019s critical accounting estimates. However, judgement continues to be applied in assessing the existence of obligations, including the impact of applicable prescription periods.
Details surrounding critical judgements and assumptions are further disclosed in Note 20.
20.Provisions for pensions
The provision of telephone, telex, radio and cable services in Malta was nationalised in 1975 through the enactment of the Telemalta Corporation Act. The Company (in the form of Telemalta Corporation, its predecessor in title) committed itself to take over the employees of Cable and Wireless as part of this nationalisation process. As a result, the Company also committed itself to set up a pension scheme in favour of these employees. Additionally, this commitment was extended to some employees where a pension obligation was expressly agreed as part of their terms of employment.
Following a judgement by the Court of Appeal on 7 July 2008, the Company was required to set up the pension scheme in favour of ex-Cable and Wireless employees, with an effective date of 1 January 1975 and set up in a manner similar to that prescribed by the Pensions Ordinance, 1937. A pension scheme set up in accordance with this Ordinance falls under the category of a defined benefit plan within the scope of IAS 19, \u2018Employee Benefits\u2019.
During the year, the Group reassessed its pension obligations in light of the resolution of outstanding legal cases, settlements reached with beneficiaries and the lapse of prescription periods for certain claims. This resulted in a significant reduction in the number of beneficiaries covered by the scheme.
Accordingly, the Group recognised a curtailment of the defined benefit plan, leading to a reduction in the defined benefit obligation of \u20ac2.254 million, which has been recognised in profit or loss as part of past service cost.
As at 31 December 2025, the remaining obligation of \u20ac1,063,000 million to a limited number of potential beneficiaries for whom a legal obligation may still exist. Given the limited number of employees, the obligation has been measured using the principles applicable to defined benefit plans without the involvement of external actuaries.
The curtailment arises from a significant reduction in the expected future service of employees covered by the plan, following the settlement, extinguishment or expiry of claims. In accordance with IAS 19, the defined benefit obligation was remeasured at the date of curtailment using updated assumptions, with the resulting gain recognised immediately in profit or loss.
As at 31 December, the Company estimates the present value of the benefit obligation as follows:
Group and Company
20252024
\u20ac000\u20ac000
Carrying amount of pension obligations1,0633,317
The Company\u2019s scheme is unfunded and the amounts in the statement of financial position reflect essentially the present value of the unfunded obligations. The movement in the defined benefit obligations throughout the year is analysed as follows:
Group and Company
20252024
\u20ac000\u20ac000
At 1 January3,3173,317
Settlements paid--
Reversal of provisions no longer required(2,254)-
At 31 December1,0633,317
The provision is analysed in the statement of financial position as follows:
Group and Company
20252024
\u20ac000\u20ac000
Non-current106367
Current 9572,950
1,0633,317
The amounts recognised in profit or loss are as follows:
Group and Company
20252024
\u20ac000\u20ac000
Reversal of provisions no longer required2,254-
No amounts relating to actuarial gains were recognised in other comprehensive income in the years ended 31 December 2025 and 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page126-cflshid_53426-tag11686820": { "value": "
3.Critical accounting estimates and judgements
3.5Estimation of useful life
The useful life used to amortise intangible assets relates to the future performance of the assets acquired and management\u2019s judgement of the period over which economic benefit will be derived from the asset. The useful lives and residual values of the Group\u2019s property, plant and equipment are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on historical experience with similar assets as well as anticipation of future events which may impact their life such as changes in technology.
7.Intangible assets
Group
IRUs and DDPSComputer softwareBrand names, customer relationships and related assetsBroad -casting rightsPayments on account and assets in the course of constructionGoodwillTotal
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
At 1 January 2024
Cost36,76514,72730,27141,82835528,702152,648
Accumulated
amortisation and
impairment charges(12,840)(6,874)(23,437)(25,657)-(349)(69,157)
Net book amount23,9257,8536,83416,17135528,35383,491
Year ended
31 December 2024
Opening net book
amount23,9257,8536,83416,17135528,35383,491
Additions591-11916,5632,391-19,664
Development-2,035----2,035
Acquisition of
subsidiary (Note 8)-1511,399--1,8003,350
Transfers-355--(355)--
Amortisation charge(1,763)(3,539)(690)(6,422)--(12,434)
Closing net book amount22,7536,8557,66226,3122,39130,15396,126
At 31 December 2024
Cost37,35617,26831,78958,3912,39130,502177,697
Accumulated
amortisation and
impairment charges(14,603)(10,413)(24,127)(32,079)-(349)(81,571)
Net book amount22,7536,8557,66226,3122,39130,15396,126
IRUs and DDPSComputer softwareBrand names, customer relationships and related assetsBroad -casting rightsPayment on account and assets in the course of constructionGoodwillTotal
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
Year ended
31 December 2025
Opening net book22,7536,8557,66226,3122,39130,15396,126
amount
Additions1161,532-14,44927537916,751
Development-1,429----1,429
Acquisition of
subsidiary (Note 8)--526--102628
Disposals, write-offs and
expiration of rights(642)(1,912)(8)(29,402)--(31,964)
Transfers-178--(178)--
Amortisation charge(1,671)(2,737)(684)(6,899)--(11,991)
Amortisation released on
disposal6421,912-29,402--31,956
Closing net book amount21,1987,2577,49633,8622,48830,634102,935
At 31 December 2025
Cost36,83018,49532,30743,4382,48830,983164,541
Accumulated
amortisation and(15,632)(11,238)(24,811)(9,576)-(349)(61,606)
impairment charges
Net book amount21,1987,2577,49633,8622,48830,634102,935
Amortisation charge
The amortisation charge for the year is recognised in profit or loss within \u2018cost of sales\u2019.
Goodwill
Goodwill arising on business combinations is allocated to the different CGUs as follows:
20252024
\u20ac000\u20ac000
Cyprus Telecommunications23,56323,563
Malta Telecommunications3,7653,387
Malta Data Centre3,3053,203
Goodwill arising on the acquisition of Cablenet amounting to \u20ac23,563,000 has been allocated to the Cyprus Telecommunications CGU, whereas other goodwill arising on business combinations effected in the current and previous financial years has been allocated principally to the Data Centre and Malta Telecommunications CGU. The goodwill is attributable to the workforce and synergies available to the Group to cross-sell its products across a shared customer base, coupled with cost synergy opportunities.
The recoverable amount of the cash-generating units has been estimated by management on the basis of value in use (VIU) reflecting the net present value of future cash flows derived from such cash-generating units. The net present value of the future cash flows is based on the five-year cash flow forecast within the operational plan approved by the Board of Directors and the extrapolation of the cash flow forecast beyond the five-year period through the estimation of terminal values.
The key assumptions in the determination of the recoverable amount of the CGUs are the levels of forecast EBITDA, the terminal value growth rates applied to the estimated cash flows beyond the explicit forecast period and the discount rate.
Goodwill arising on the acquisition of Cybersift Holdings Limited amounting to \u20ac436,000, AQS Med Limited amounting to \u20ac1,002,000 and Klikk Finance p.l.c. amounting to \u20ac1,177,000 was also allocated to the Malta Telecommunications CGU (see Note 8).
Goodwill arising on the acquisition of 56Bit Ltd amounting to \u20ac102,000 was also allocated to the Data Centre CGU (see Note 8).
Forecasted EBITDA levels for the Cyprus Telecommunications CGU are mainly based on past experience modified for market developments, industry trends and other actions to be undertaken by management, taking cognisance of the following key factors throughout the forecast explicit period:
-forecasted overall growth in subscribers and revenue primarily driven by a strategy to focus on mobile driven revenue after Cablenet\u2019s investment in its own spectrum licence for 4G and 5G and the continued expansion of the fibre optic network;
-projected higher gross profit margins as a result of economies of scale and due to the fact that mobile operations will have a fixed cost of sale, with limited operating expenses, creating a potentially significant operating leverage impact; and
-actions to be undertaken by management to contain a number of costs above the EBITDA line.
Forecasted EBITDA levels for the Malta Data Centre CGU are based on past experience, adjusted for market developments and industry trends, in particular the following factors over a five-year period:
-forecasted overall steady turnover and profit margins over the five-year period, through the diversification of the portfolio offering by focusing on providing a full-suite technology advisor role to customers; and
-stable EBITDA margins mainly due to the fixed nature of certain key elements in the cost base of the CGU.
The estimated EBITDA and terminal growth rates and post-tax discount rates for CGUs, applied as at 31 December 2025 and 2024, are disclosed in the table below:
Cyprus Telecommunications CGUMalta Data Centre CGU
%%%%
2025202420252024
EBITDA growth rate7.04.01.01.0
Terminal growth rate2.53.01.01.0
Post-tax discount rate9.89.212.812.5
These parameters have been principally based on market observable data.
In 2025, for the Cyprus Telecommunications CGU, management estimated a normalised revenue growth rate (CAGR) of 7.5%. This rate excluded a number of one-offs which are inherently included in the base case scenario.
Management considers the timing of the future tax cash flows to have an immaterial impact on the impairment assessment performed. Accordingly, the pre-tax discount rate utilised can be derived from the post-tax discount rate utilised.
The two components of the discount rate are the cost of equity and the cost of debt. The cost of equity has been calculated by management by applying the Capital Asset Pricing Model (\u2018CAPM\u2019) formula (Ke=Rf+beta(Rm-Rf) where Rf is the risk-free rate of return and Rm is the market return). The cost of debt is the cost of raising debt finance through a financial intermediary.
Management\u2019s estimation of the VIU indicates that there is significant headroom between the estimated recoverable amount and the carrying amount of the CGU. This assessment, which considered relevant sensitivity analyses, is dependent on the achievement of the business plan, and the related assumptions. Amongst these sensitivities, management considered that if the revenue CAGR were to decrease less than 5.9%, impairment would most likely arise. This analysis does not incorporate any other potential changes in other assumptions used in the impairment assessment.
Furthermore, management performed an impairment assessment in respect of the goodwill attributable to the Malta Telecommunications CGU, amounting to \u20ac3,765,000 (2024: \u20ac3,387,000). No impairments were identified, and in view of the immateriality of these balances, disclosures surrounding the impairment assessment were not deemed necessary. Management will continue to monitor this position on an annual basis.
Brand names and customer relationships acquired in business combinations, and related assets
Brand names and customer relationships acquired in business combinations are allocated to CGUs as follows:
Brand namesCustomer relationships
Acquisition date fair valueYear-end carrying amountYear-end carrying amountAcquisition date fair valueYear-end carrying amountYear-end carrying amount
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
Cyprus CGU
Telecommunications4,2954,2954,29512,480-645
Malta Data Centre1,649--9,828--
Malta
Telecommunications1,4181,4181,418209209
The intangibles acquired through the Cablenet acquisition have been allocated to the Cyprus Telecommunications CGU, constituting the aggregate of the assets allocated to this CGU, whereas other intangible assets arising on business combinations effected in previous financial years relating to acquisition of entities now forming part of the BMITT Group have been allocated to the Data Centre CGU. Intangible assets acquired from other business combinations, including current year acquisitions have been allocated to the Malta Telecommunications CGU.
Brands acquired through business combinations incorporate trade names, trademarks, service marks, trade dress, branding and internet domain names. These have been generally valued using the Relief From Royalty method (\u2018RFR\u2019).
Customer bases comprise customer contracts (renewable), customer relationships and customer lists. These have been generally valued using the Multi-Period Excess Earnings method (\u2018MEEM\u2019).
The RFR method was used to value Cablenet\u2019s brand. The RFR method assumes that the intangible asset has a fair value based on royalty income attributable to it. The royalty rate represents hypothetical savings enjoyed by the entity that owns the intangible asset, because that entity is relieved from having to license that intangible asset from another owner and pay royalties to use the intangible asset. In the valuation of the Cablenet brand, the cash flows were derived from the projected total revenues in conjunction with a royalty rate of 1.5%. A discount rate of 13.9% was used for the valuation of the brand As of 31 December 2025, the carrying amount of the Cablenet brand, recognised as an indefinite-lived intangible asset, is \u20ac4,295,000.
The assessment of the brand's indefinite useful life is based on several key factors. These include:
i.Market Position and Recognition: The brand holds a strong position in the market and enjoys high consumer recognition and loyalty. It is expected to continue contributing to revenue generation for the foreseeable future without foreseeable limits.
ii.Legal and Regulatory Environment: There are no legal, regulatory, or contractual factors that impose a finite limit on the brand's useful life. The trademark is registered and is renewable indefinitely at minimal cost.
iii.Economic and Industry Considerations: The industry in which the brand operates shows stable growth prospects, and there are no technological or market changes projected that would adversely affect the brand's value or sustainability.
iv.Historical Performance: Historically, the brand has demonstrated consistent financial performance and has been integral to the Group\u2019s strategy, indicating its resilience and ongoing relevance in the context of different changing economic environments.
Management will continue to monitor these factors and the brand is subject to regular impairment testing to ensure its carrying amount does not exceed its recoverable amount.
The intangibles acquired through the acquisition of the AQS which specialises renewable energy equipment and solar farm company have been allocated to the Malta Telecommunications CGU, constituting the aggregate of the assets allocated to this CGU.
The RFR method was used to value the acquired brand. The RFR method assumes that the intangible asset has a fair value based on the royalty income attributable to it. The royalty rate represents hypothetical savings enjoyed by the entity that owns the intangible asset, as it is relieved from having to license the intangible asset from another owner and pay royalties for its use. In the valuation of the acquired brand, the cash flows were derived from projected total revenues in conjunction with a royalty rate of 1%. A discount rate of 12.7% was applied for the valuation of the brand, and as at the end of 2025, the residual value was based on a terminal growth rate reflecting the long-term market outlook for renewable energy. An indefinite useful life was deemed appropriate for the acquired brand, considering the sustained demand for renewable energy solutions and established market presence.
The intangibles acquired through the acquisition of Klikk have been allocated to the Malta Telecommunications CGU, constituting the aggregate of the assets allocated to this CGU.
In valuing the acquired brand, cash flows were derived from the projected total revenues of the business, applying a royalty rate of 1%. A discount rate of 14% was utilised in the valuation, reflecting the risk profile of the business within the consumer electronics retail sector. The valuation also considered the cost of debt at 5.3% in assessing the overall capital structure assumptions. As at the end of 2025, the residual value was based on a terminal growth rate in line with the long-term outlook for the electronics retail industry. Given the established market presence and brand recognition, an indefinite useful life was deemed appropriate for the acquired brand.
Other related intangible assets primarily comprise customer bases and IP addresses acquired by the Group.
35.Capital and other related commitments
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Contracted for:
Property, plant and equipment5,5705,9903,8684,953
Intangible assets471355--
Authorised but not contracted for:
Property, plant and equipment14,00016,80614,00016,806
Intangible assets-752-752
20,04123,90317,86822,511
37.Related party transactions
(i)Transaction in respect of transfer of Intellectual Property rights to GO IP Holdings Limited
As a result, in December 2024, GO entered into an assignment agreement with GO IP Holdings Limited (\u2018GOIP\u2019 - a subsidiary of GO), for the transfer of IP and Relevant Assets (as further detailed below), for a consideration of \u20ac158,600,000. The portion of the consideration allocated to the distinct intangible assets identified below has been determined on the basis of an independent expert valuation report. As further detailed below, the valuation of the distinct assets, consisting of the IP and Relevant Assets (which constitute amongst others, Trademarks, Domains, Copyright Works, Trade Secrets and Software), considers a combination of valuation methodologies including the Market Approach based on a Multiple of Revenue, Relief from Royalty (\u2018RFR\u2019) method, Multi-period Excess Earnings Method (\u2018MEEM\u2019) and asset depreciated replacement cost method.
The following table summarises the IP and Relevant Assets transferred, the valuation methodology applied for each asset and the key inputs considered:
Transferred asset(s)Fair Value (\u20ac\u2019000)Valuation methodologyKey inputs and assumptions
GO Brand67,090Multiple of Revenue and Relief from Royalty (RFR) as a cross-check-Branded revenue generated by GO in the last 12 months -Multiple of Revenue based on an analysis of Brand value to revenue multiples for comparable companies -Implied royalty rate -Tax adjustment -Discount rate, including a risk premium over basic WACC -Terminal value growth rate -Tax amortisation benefit (\u2018TAB\u2019)
Software5,100Depreciated replacement cost-Capitalised development costs of development employees and apportionment of the relevant overheads, reflecting increases in salaries and wages of software developers over the respective years
All other IP86,410Multi-period excess earnings method (MEEM)-Future cashflows to be generated by GO p.l.c.-Contribution factor of IP-Contributary asset charges (mainly for net working capital, PPE, GO brand and workforce)-Tax adjustment-Discount rate, including a risk premium over basic WACC-Tax amortisation benefit (\u2018TAB\u2019)
Total (including
TAB)158,600
Simultaneously, GOIP entered into a licencing agreement with GO, whereby GOIP grants GO (as the Licensee) a non-exclusive, sub-licensable, licence and a right of use over the IP and Relevant Assets for a market-based royalty fee based on the Licensee\u2019s annual gross revenue for an initial term of 5 years, automatically renewable for a further 5 years unless the agreement is terminated with the mutual consent of both parties.
The licencing agreement includes a clause that, to the extent permissible by any applicable law, GO shall offer GOIP the option to acquire any future IP in Content and Material created and/or developed by GO at is fair market value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page126-cflshid_53426-tag11686819": { "value": "
3.Critical accounting estimates and judgements
3.4Determination of extension for right-of-use assets and liabilities
The Group leases various properties, motor vehicles and IT equipment. Rental contracts may have extension options to renew the lease after the original period. Determination of the lease term considered is deemed to be a critical accounting estimate in view of the magnitude of lease payments considered in the extension periods. Details surrounding critical judgements and assumptions are further disclosed in Note 6 and Note 19.
6. Right-of-use assets
The Group\u2019s leasing activities
The Group leases various properties, motor vehicles and IT equipment. Rental contracts are typically made for periods of up to 25 years but may have extension options to renew the lease after the original period as described below. Lease terms are negotiated on an individual basis and contain a range of different terms and conditions. The lease agreements do not impose any covenants. Leased assets may not be used as security for borrowing purposes.
Spectrum licences are also treated as right-of-use assets taking into account prevailing market accounting practice and guidance in this respect in the context of the interpretation of IFRS 16 principles.
Extension and termination options are included in property and certain motor vehicles leases. These terms are used to maximise operational flexibility in respect of managing contracts. The extension and termination options held are exercisable only by the Group and not by the respective lessor. In respect of specific property lease arrangements, the extension periods have been included in determining lease term for the respective arrangement.
GroupAs at 31 December 2025
Right of use assetsNo of ROU assets leasedRange of remaining lease term (years)Average remaining lease term(years)Average extension option considered (years)No of leases with extension optionsNo of leases with option to purchaseNo of leases with termination options
Properties181-18101024515
Equipment and motor vehicles121-6224--
Spectrum licences131-104----
As at 31 December 2024
Properties441-205728516
Equipment and motor vehicles1471-5214--
Spectrum licences62-135----
The statement of financial position reflects the following assets relating to leases:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Properties25,68727,79721,19722,424
Equipment and motor vehicles1,8851,641641840
Spectrum licences18,48022,2406,7618,750
Total right-of-use assets46,05251,67828,59932,014
The movement in the carrying amount of these assets is analysed in the following table:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
At 1 January 51,67853,18932,01433,984
Additions2,0013,617260425
Additions through acquisition
of subsidiary-448--
Impacts of reassessment of lease
term, reflecting inclusion of
extension period3792,2395591,423
Impacts of termination of lease
arrangements(304)(73)--
Impacts of reassessment of lease
payments, determined on the
basis of an index5851,4235912,162
Depreciation(8,287)(9,165)(4,825)(5,980)
At 31 December 46,05251,67828,59932,014
Additions are analysed as follows:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Property8242,169260425
Equipment and motor vehicles1,177248--
Spectrum licences-1,200--
2,0013,617260425
The income statement includes the following amounts relating to leases:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Depreciation charge of right-of
use assets
Properties3,3384,3081,8983,002
Equipment and motor vehicles837946586649
Spectrum licences4,1123,9112,3412,329
8,2879,1654,8255,980
Interest expense (included in
finance costs)1,4741,4831,0251,073
Expenses relating to short-term
leases793761413400
19.Lease liabilities
The lease liabilities associated with the recognised right-of-use assets are analysed below:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-current
Properties22,07725,62120,73421,822
Equipment and motor vehicles3611,269314336
Spectrum licences11,99012,0875,3716,033
34,42838,97726,41928,191
Current
Properties2,2842,8011,6801,618
Equipment and motor vehicles162686323477
Spectrum licences4,8544,3441,6362,382
7,3007,8313,6394,477
Total lease liabilities41,72846,80830,05832,668
Specific extension options in property and motor vehicle leases have been included in the lease liability as the lease term reflects the exercise of such options. As at 31 December 2025, potential future cash outflows of \u20ac3,232,000 (2024: \u20ac4,849,000) (undiscounted) have not been included in the lease liability because it is not reasonably certain that the leases will be extended.
The total cash outflows for leases in 2025 was \u20ac9,215,000 and \u20ac5,033,000 (2024: \u20ac11,597,000 and \u20ac7,705,000) for the Group and the Company respectively. The contractual undiscounted cash flows attributable to lease liabilities as at 31 December 2025 and 2024 are analysed in Note 2.1.c.
Included in lease liabilities for properties are amounts of \u20ac21,720,000 (2024: \u20ac22,773,000) and \u20ac20,713,000 (2024: \u20ac21,692,000) for the Group and Company respectively, which are attributable to arrangements with associates and other related parties.
The movement in the carrying amount of these liabilities is analysed in the following table:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
At 1 January 46,80849,20432,66835,290
Additions (see Note 6)2,0013,617260425
Additions from acquisitions-516--
Payments (9,215)(11,597)(5,033)(7,705)
Impacts of reassessment of lease
term, reflecting inclusion of
extension period (see Note 6)3792,2395472,162
Impacts of termination of lease
Arrangements(304)(77))--
Impacts of reassessment of lease
payments based on an index5851,4235911,423
Interest charge1,4741,4831,0251,073
At 31 December 41,72846,80830,05832,668
34.Commitments with respect to leases to which the short-term exemption under IFRS 16 was applied and other related commitments
(a)Short-term leases \u2013 where the Group/the Company is the lessee
The Group and the Company lease various premises and other assets under short-term operating leases.
During the current year, operating lease payments amounting to \u20ac1,702,000 (2024: \u20ac761,000) for the Group and \u20ac413,000 (2024: \u20ac400,000) for the Company, were recognised as an operating expense in profit or loss in respect of such short-term contracts.
(b) Leases \u2013 where the Group/the Company is the lessor
The Group and the Company lease out certain assets under operating leases. As at 31 December 2025 and 2024, the Group and the Company were party to a non-cancellable operating lease agreement for an indefinite period with an annual lease amount receivable of \u20ac235,000 (2024: \u20ac235,000). During the current year, amounts of \u20ac259,000 (2024: \u20ac299,000) for the Group and \u20ac283,000 (2024: \u20ac299,000) for the Company, were recognised as rental income in profit or loss within other operating income.
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3.Critical accounting estimates and judgements
3.2Business combinations
The definition of control encompasses three distinct principles, which, if present, identify the existence of control by the Group over an investee, hence forming a parent-subsidiary relationship: power over the investee; exposure, or rights, to variable returns from its involvement with the investee; and the ability to use its power over the investee to affect the amount of the investor\u2019s returns. When the Group assesses whether it has power over an investee, it needs to assess whether any rights it has are protective (rather than substantive), whether rights held by other investors are protective, or whether other parties have substantive rights that can prevent the Group from directing the relevant investee's activities (for example, veto rights). Protective rights are different to substantive rights. Protective rights are considered as rights designed to protect the interest of the party holding those rights without giving that party power over the entity to which those rights relate. Given that power is required to control an investee, if the Group only has protective rights it will not control the investee.
The recognition of business combinations requires the excess of the purchase price of acquisitions over the net book value of assets acquired to be allocated to the assets and liabilities of the acquired entity. The Group makes judgements and estimates in relation to the fair value allocation of the purchase price. The amount of goodwill initially recognised as a result of a business combination is dependent on the allocation of the purchase price to the fair value of the identifiable assets acquired and the liabilities assumed. The determination of the fair value of the assets and liabilities is based, to a considerable extent, on management\u2019s judgement. Allocation of the purchase price affects the results of the Group as intangible assets with a finite life are amortised, whereas intangible assets with an indefinite life and goodwill are not amortised. Identifiable intangible assets may include customer bases and brands. The fair value of these assets is determined by discounting estimated future net cash flows generated by the asset where no active market for the assets exist. The use of different assumptions for the expectations of future cash flows and the discount rate would change the valuation of the intangible assets.
These acquisition agreements typically include:
(i)variable payments payable in a future period based on certain targets being met in the predetermined period. Management applies judgement in determining whether such payments are deemed to constitute contingent payment for the consideration of the acquisition of the controlling stake or whether such payment relates to compensation to management based on future performance.
(ii)Furthermore, acquisition agreements where the Group does not obtain a 100% controlling stake, might include put options to the minority shareholders giving them the right to oblige the Group to acquire the remaining non-controlling stake at a predetermined price subject to the achievement of preset targets within a predetermined period.
The Group makes judgements and estimates in relation to the probability of targets being met which typically takes in consideration future performance and cashflows of the acquired entity. The fair value of these liabilities is determined by discounting estimated future net cash outflows which is based on Management\u2019s estimate of the discount rate to be used.
Details surrounding critical judgements and assumptions are further disclosed in Note 8.
8.Investments in subsidiaries
Acquisition of AQS Med Limited
On 27 March 2024, the Company announced that it had signed a share purchase agreement that will result in GO purchasing 51% shareholding in AQS Med Limited (C50569) (\u2018AQS\u2019). On 28 June 2024, the agreement was agreed upon and 51% of the shares in AQS were transferred to GO.
AQS was established in 2010 when the renewable energy market in Malta was still an emerging one. It has since established itself as a market leader having been entrusted with some of the largest installations on the island. This strategic acquisition underlines the Company\u2019s commitment to renewable energy. Furthermore, the Company believes that through this acquisition it can help support the achievement of Malta\u2019s environmental targets which, at the same time, present an opportunity to grow in the energy vertical.
AQS holds 100% in AQS Solar Capital Limited (C54873) and Malta Solar Parks Limited (C96862). The companies provide solar energy solutions and jointly own solar farm with third parties. The registered office of both companies is 9, F.S. Caruana Street, Birkirkara, BKR1230, Malta. AQS owns 33% shareholding in BA2 Limited and through its subsidiary AQS Solar Capital, it owns 33% shareholding in Xewkija Solar Farm and 50% shareholding in Bubaqra Solar Farm. All these companies own and operate solar farms.
The total consideration paid for the acquisition of the shares was \u20ac1,203,000 with the possibility of a management earnout capped at \u20ac1,984,000, based on actual and forecasted performance of AQS over a four-year period, from 2023 up till 2027. Given that the awarding of this earnout is intrinsically linked on the continued employment of key management personnel for the above-mentioned period, this eventual payment is treated as management remuneration and will be accrued for at its fair value on an annual basis. Movement in the fair value of this liability will be taken to profit and loss as employee benefit expense.
Purchase consideration \u2013 net cash outflow
\u20ac000
Outflow of cash to acquire subsidiaries, net of cash acquired:
Cash consideration1,203
Less cash acquired(60)
Net outflow of cash \u2013 investing activities1,143
\u20ac000
Fair value of initial 51% equity holding in AQS as at acquisition date1,203
The estimated fair values of identifiable assets and liabilities of AQS as at date of acquisition were as follows:
\u20ac000
Non-current assets (principally Property, plant and equipment)876
Intangible assets (principally Brands and Customer Lists)757
Investment in associates50
Current assets (principally inventory and trade and other receivables)772
Liabilities(2,038)
Net identifiable assets acquired417
Attributable to non-controlling interests(216)
Goodwill1,002
1,203
Non-controlling interests have been measured at the related proportion of the net identifiable assets at acquisition.
GO and the minority shareholders have also entered into a shareholder\u2019s agreement. Through this agreement the minority shareholders and GO have mutual call and put options regarding the minority interest\u2019s shares in AQS, exercisable upon the achievement of an agreed performance threshold. These rights remain valid for one year from the approval of the AQS Group\u2019s consolidated financial statements for the financial year 2027:
-Minority Shareholders Option: They may require GO to acquire its shares, with the Company valued at 6x the average EBITDA (2023-2027), net of non-current liabilities. Other AQS Group entities will be valued using a market-based net present value approach with a 5% discount rate, adjusted for net debt as at 31 December 2027.
-GO\u2019s Option: GO may require the minority shareholders to sell its shares, with the Company valued at 7x the average EBITDA (2023-2027), net of non-current liabilities. Other AQS Group entities will be valued similarly using a market-based net present value approach with a 5% discount rate, adjusted for net debt as at 31 December 2027.
The combination of this written put option with a strike price that is variable depending on future performance of AQS was not deemed to expose the Group to risks and rewards associated with a present ownership interest of the underlying shares. Consequently, the fair value of the estimated strike price of \u20ac1,315,000 has been recognised as a financial liability at the time of the business combination. Given that the ownership interest associated with these shares has been attributed to non-controlling interests, upon initial recognition the Group and Company recognised a negative reserve in its equity for the same amount.
As at 31 December 2025, management determined that the fair value of the estimated strike price and related liability amounted to \u20ac728,000. The movement in liability has been taken directly to equity.
No further disclosures in respect of this acquisition were deemed necessary, in view of the fact that the acquired subsidiary is not deemed material to GO, as a reporting entity in terms of the requirements of IFRS 3 Business Combinations.
Acquisition of Klikk Finance p.l.c.
On 11 November 2024, the Company announced that it had acquired 100% of the shares in Klikk Finance p.l.c. (\u2018Klikk\u2019). Klikk holds 100% in Klikk Limited (C30425). The companies operate electronic retail outlets. The registered office of both companies is GO, Triq Hal-Tarxien, Zejtun, ZTN 3000, Malta.
Klikk was incorporated as a private limited company on 12 May 2011 as HMRD limited and on 2 January 2016 resolved to change its name to BOE Finance Limited. Subsequently on 14 June 2017, the Company resolved to convert to a public limited liability company and renamed Klikk Finance p.l.c. The Klikk group principal activity is to operate two electronic retail outlets servicing both retail and corporate clients. The Directors believe that this acquisition will create synergies between the two companies.
The total consideration paid for the acquisition of the shares was \u20ac600,000 with the possibility of a further maximum earnout of \u20ac300,000 depending on the performance of Klikk over a three-year period. The fair value of the equity is reflective of the discounted future cashflows under the purchase agreement.
During 2025, it transpired that certain assets and liabilities acquired had to be restated. These included (i) inventory items carried at cost despite having a lower net realisable value, (ii) trade receivables deemed unrecoverable but previously not impaired, and (iii) incorrect creditor balances due to incomplete records. As a result, the inventory, trade receivables, trade payables and goodwill were restated.
\u20ac000
Fair value of 100% equity holding in Klikk as at acquisition date600
The estimated fair values of identifiable assets and liabilities of Klikk as at date of acquisition were as follows:
\u20ac000
restated
Non-current assets (principally property plant and equipment and right-
of-use assets)591
Intangible assets (principally brands and software)659
Other assets (principally inventory and trade and other receivables)1,439
Liabilities (principally borrowings, lease liabilities and trade payables)(3,266)
Net identifiable assets acquired(577)
Goodwill1,177
600
No further disclosures in respect of this acquisition were deemed necessary, in view of the fact that the acquired subsidiary is not deemed material to GO, as a reporting entity in terms of the requirements of IFRS 3 Business Combinations.
Acquisition of 56Bit Ltd
On 25 March 2025, BMITT signed a Share Purchase Agreement to acquire a 51% shareholding in 56Bit Ltd (C 92422) (\u201c56Bit\u201d). The acquisition was completed on 30 May 2025, resulting in BMITT obtaining majority voting rights and control over 56Bit in terms of IFRS 10.
Under the agreement, BMITT may increase its shareholding over a five-year period, depending on 56Bit\u2019s performance and subject to certain put options held by minority shareholders during the same period.
56Bit is an AWS Advanced Tier Services Partner specialising in cloud solutions, DevOps and managed services, including cloud consulting, architecture, migration, security enhancement and cost optimisation, enabling businesses to scale and secure their digital environments.
The acquisition represents a strategic step to strengthen BMITT\u2019s cloud capabilities and reinforce its position as a leading provider of hybrid IT and cloud services in Malta. It enhances BMITT\u2019s AWS expertise, complements its existing offerings, and expands its ability to deliver vendor-agnostic, tailored cloud solutions, including AWS-focused migration, optimisation and managed services. It also provides access to specialised skills, certifications and customer relationships, improving competitiveness in hybrid and multi-cloud environments.
The total consideration paid, including amounts paid to sellers and other acquisition costs, amounted to \u20ac602,000.
Purchase consideration \u2013 net cash outflow
\u20ac000
Fair value of initial 51% equity holding in 56Bit at acquisition date602
The estimated fair values of identifiable assets and liabilities of 56Bit as at date of acquisition were as follows:
\u20ac000
Property, plant and equipment 11
Intangible assets (principally brands and AWS certification)515
Current assets (principally cash and trade and other receivables)507
Trade and other payables(141)
Net identifiable assets acquired892
Attributable to non-controlling interests(392)
Goodwill102
602
Non-controlling interests have been measured at the related proportion of the net identifiable assets at acquisition.
\u20ac000
Outflow of cash to acquire subsidiaries, net of cash acquired:
Cash consideration602
Less: cash acquired (incl. cash injection)(411)
Net outflow of cash \u2013 investing activities191
BMITT and the minority shareholders have also entered into a shareholder\u2019s agreement whereby the minority shareholders were granted written put options enabling them to sell their remaining shares to BMITT in two tranches of 29% in 2027 and 20% in 2029. These written put options are exercisable subject to the achievement of agreed performance thresholds for each year respectively. The exercise price of the options is determined based on a formula linked to 56Bit\u2019s EBITDA, multiplied by a pre-defined multiple that varies depending on performance thresholds. The maximum consideration for the option exercisable is \u20ac400,000 and \u20ac500,000 for the 2027 and 2029 put option tranches, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page126-cflshid_53426-tag11686813": { "value": "
3.Critical accounting estimates and judgements
3.1Impairment testing
IFRSs require management to undertake an annual test for impairment of goodwill and non-financial assets having an indefinite useful life, and require management to test for impairment if events or changes in circumstances indicate that the carrying amount of a non-financial asset having a finite useful life may not be recoverable. For the purposes of assessing impairment, non-financial assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). The Group also assesses at the end of each reporting period whether there is objective evidence that a financial asset or a group of financial assets is impaired.
3.2Business combinations
The recognition of business combinations requires the excess of the purchase price of acquisitions over the net book value of assets acquired to be allocated to the assets and liabilities of the acquired entity. The Group makes judgements and estimates in relation to the fair value allocation of the purchase price. The amount of goodwill initially recognised as a result of a business combination is dependent on the allocation of the purchase price to the fair value of the identifiable assets acquired and the liabilities assumed. The determination of the fair value of the assets and liabilities is based, to a considerable extent, on management\u2019s judgement. Allocation of the purchase price affects the results of the Group as intangible assets with a finite life are amortised, whereas intangible assets with an indefinite life and goodwill are not amortised. Identifiable intangible assets may include customer bases and brands. The fair value of these assets is determined by discounting estimated future net cash flows generated by the asset where no active market for the assets exist. The use of different assumptions for the expectations of future cash flows and the discount rate would change the valuation of the intangible assets.
3.5Estimation of useful life
The useful life used to amortise intangible assets relates to the future performance of the assets acquired and management\u2019s judgement of the period over which economic benefit will be derived from the asset. The useful lives and residual values of the Group\u2019s property, plant and equipment are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on historical experience with similar assets as well as anticipation of future events which may impact their life such as changes in technology.
7.Intangible assets
Group
IRUs and DDPSComputer softwareBrand names, customer relationships and related assetsBroad -casting rightsPayments on account and assets in the course of constructionGoodwillTotal
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
At 1 January 2024
Cost36,76514,72730,27141,82835528,702152,648
Accumulated
amortisation and
impairment charges(12,840)(6,874)(23,437)(25,657)-(349)(69,157)
Net book amount23,9257,8536,83416,17135528,35383,491
Year ended
31 December 2024
Opening net book
amount23,9257,8536,83416,17135528,35383,491
Additions591-11916,5632,391-19,664
Development-2,035----2,035
Acquisition of
subsidiary (Note 8)-1511,399--1,8003,350
Transfers-355--(355)--
Amortisation charge(1,763)(3,539)(690)(6,422)--(12,434)
Closing net book amount22,7536,8557,66226,3122,39130,15396,126
At 31 December 2024
Cost37,35617,26831,78958,3912,39130,502177,697
Accumulated
amortisation and
impairment charges(14,603)(10,413)(24,127)(32,079)-(349)(81,571)
Net book amount22,7536,8557,66226,3122,39130,15396,126
IRUs and DDPSComputer softwareBrand names, customer relationships and related assetsBroad -casting rightsPayment on account and assets in the course of constructionGoodwillTotal
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
Year ended
31 December 2025
Opening net book22,7536,8557,66226,3122,39130,15396,126
amount
Additions1161,532-14,44927537916,751
Development-1,429----1,429
Acquisition of
subsidiary (Note 8)--526--102628
Disposals, write-offs and
expiration of rights(642)(1,912)(8)(29,402)--(31,964)
Transfers-178--(178)--
Amortisation charge(1,671)(2,737)(684)(6,899)--(11,991)
Amortisation released on
disposal6421,912-29,402--31,956
Closing net book amount21,1987,2577,49633,8622,48830,634102,935
At 31 December 2025
Cost36,83018,49532,30743,4382,48830,983164,541
Accumulated
amortisation and(15,632)(11,238)(24,811)(9,576)-(349)(61,606)
impairment charges
Net book amount21,1987,2577,49633,8622,48830,634102,935
Amortisation charge
The amortisation charge for the year is recognised in profit or loss within \u2018cost of sales\u2019.
Goodwill
Goodwill arising on business combinations is allocated to the different CGUs as follows:
20252024
\u20ac000\u20ac000
Cyprus Telecommunications23,56323,563
Malta Telecommunications3,7653,387
Malta Data Centre3,3053,203
Goodwill arising on the acquisition of Cablenet amounting to \u20ac23,563,000 has been allocated to the Cyprus Telecommunications CGU, whereas other goodwill arising on business combinations effected in the current and previous financial years has been allocated principally to the Data Centre and Malta Telecommunications CGU. The goodwill is attributable to the workforce and synergies available to the Group to cross-sell its products across a shared customer base, coupled with cost synergy opportunities.
The recoverable amount of the cash-generating units has been estimated by management on the basis of value in use (VIU) reflecting the net present value of future cash flows derived from such cash-generating units. The net present value of the future cash flows is based on the five-year cash flow forecast within the operational plan approved by the Board of Directors and the extrapolation of the cash flow forecast beyond the five-year period through the estimation of terminal values.
The key assumptions in the determination of the recoverable amount of the CGUs are the levels of forecast EBITDA, the terminal value growth rates applied to the estimated cash flows beyond the explicit forecast period and the discount rate.
Goodwill arising on the acquisition of Cybersift Holdings Limited amounting to \u20ac436,000, AQS Med Limited amounting to \u20ac1,002,000 and Klikk Finance p.l.c. amounting to \u20ac1,177,000 was also allocated to the Malta Telecommunications CGU (see Note 8).
Goodwill arising on the acquisition of 56Bit Ltd amounting to \u20ac102,000 was also allocated to the Data Centre CGU (see Note 8).
Forecasted EBITDA levels for the Cyprus Telecommunications CGU are mainly based on past experience modified for market developments, industry trends and other actions to be undertaken by management, taking cognisance of the following key factors throughout the forecast explicit period:
-forecasted overall growth in subscribers and revenue primarily driven by a strategy to focus on mobile driven revenue after Cablenet\u2019s investment in its own spectrum licence for 4G and 5G and the continued expansion of the fibre optic network;
-projected higher gross profit margins as a result of economies of scale and due to the fact that mobile operations will have a fixed cost of sale, with limited operating expenses, creating a potentially significant operating leverage impact; and
-actions to be undertaken by management to contain a number of costs above the EBITDA line.
Forecasted EBITDA levels for the Malta Data Centre CGU are based on past experience, adjusted for market developments and industry trends, in particular the following factors over a five-year period:
-forecasted overall steady turnover and profit margins over the five-year period, through the diversification of the portfolio offering by focusing on providing a full-suite technology advisor role to customers; and
-stable EBITDA margins mainly due to the fixed nature of certain key elements in the cost base of the CGU.
The estimated EBITDA and terminal growth rates and post-tax discount rates for CGUs, applied as at 31 December 2025 and 2024, are disclosed in the table below:
Cyprus Telecommunications CGUMalta Data Centre CGU
%%%%
2025202420252024
EBITDA growth rate7.04.01.01.0
Terminal growth rate2.53.01.01.0
Post-tax discount rate9.89.212.812.5
These parameters have been principally based on market observable data.
In 2025, for the Cyprus Telecommunications CGU, management estimated a normalised revenue growth rate (CAGR) of 7.5%. This rate excluded a number of one-offs which are inherently included in the base case scenario.
Management considers the timing of the future tax cash flows to have an immaterial impact on the impairment assessment performed. Accordingly, the pre-tax discount rate utilised can be derived from the post-tax discount rate utilised.
The two components of the discount rate are the cost of equity and the cost of debt. The cost of equity has been calculated by management by applying the Capital Asset Pricing Model (\u2018CAPM\u2019) formula (Ke=Rf+beta(Rm-Rf) where Rf is the risk-free rate of return and Rm is the market return). The cost of debt is the cost of raising debt finance through a financial intermediary.
Management\u2019s estimation of the VIU indicates that there is significant headroom between the estimated recoverable amount and the carrying amount of the CGU. This assessment, which considered relevant sensitivity analyses, is dependent on the achievement of the business plan, and the related assumptions. Amongst these sensitivities, management considered that if the revenue CAGR were to decrease less than 5.9%, impairment would most likely arise. This analysis does not incorporate any other potential changes in other assumptions used in the impairment assessment.
Furthermore, management performed an impairment assessment in respect of the goodwill attributable to the Malta Telecommunications CGU, amounting to \u20ac3,765,000 (2024: \u20ac3,387,000). No impairments were identified, and in view of the immateriality of these balances, disclosures surrounding the impairment assessment were not deemed necessary. Management will continue to monitor this position on an annual basis.
Brand names and customer relationships acquired in business combinations, and related assets
Brand names and customer relationships acquired in business combinations are allocated to CGUs as follows:
Brand namesCustomer relationships
Acquisition date fair valueYear-end carrying amountYear-end carrying amountAcquisition date fair valueYear-end carrying amountYear-end carrying amount
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
Cyprus CGU
Telecommunications4,2954,2954,29512,480-645
Malta Data Centre1,649--9,828--
Malta
Telecommunications1,4181,4181,418209209
The intangibles acquired through the Cablenet acquisition have been allocated to the Cyprus Telecommunications CGU, constituting the aggregate of the assets allocated to this CGU, whereas other intangible assets arising on business combinations effected in previous financial years relating to acquisition of entities now forming part of the BMITT Group have been allocated to the Data Centre CGU. Intangible assets acquired from other business combinations, including current year acquisitions have been allocated to the Malta Telecommunications CGU.
Brands acquired through business combinations incorporate trade names, trademarks, service marks, trade dress, branding and internet domain names. These have been generally valued using the Relief From Royalty method (\u2018RFR\u2019).
Customer bases comprise customer contracts (renewable), customer relationships and customer lists. These have been generally valued using the Multi-Period Excess Earnings method (\u2018MEEM\u2019).
The RFR method was used to value Cablenet\u2019s brand. The RFR method assumes that the intangible asset has a fair value based on royalty income attributable to it. The royalty rate represents hypothetical savings enjoyed by the entity that owns the intangible asset, because that entity is relieved from having to license that intangible asset from another owner and pay royalties to use the intangible asset. In the valuation of the Cablenet brand, the cash flows were derived from the projected total revenues in conjunction with a royalty rate of 1.5%. A discount rate of 13.9% was used for the valuation of the brand As of 31 December 2025, the carrying amount of the Cablenet brand, recognised as an indefinite-lived intangible asset, is \u20ac4,295,000.
The assessment of the brand's indefinite useful life is based on several key factors. These include:
i.Market Position and Recognition: The brand holds a strong position in the market and enjoys high consumer recognition and loyalty. It is expected to continue contributing to revenue generation for the foreseeable future without foreseeable limits.
ii.Legal and Regulatory Environment: There are no legal, regulatory, or contractual factors that impose a finite limit on the brand's useful life. The trademark is registered and is renewable indefinitely at minimal cost.
iii.Economic and Industry Considerations: The industry in which the brand operates shows stable growth prospects, and there are no technological or market changes projected that would adversely affect the brand's value or sustainability.
iv.Historical Performance: Historically, the brand has demonstrated consistent financial performance and has been integral to the Group\u2019s strategy, indicating its resilience and ongoing relevance in the context of different changing economic environments.
Management will continue to monitor these factors and the brand is subject to regular impairment testing to ensure its carrying amount does not exceed its recoverable amount.
The intangibles acquired through the acquisition of the AQS which specialises renewable energy equipment and solar farm company have been allocated to the Malta Telecommunications CGU, constituting the aggregate of the assets allocated to this CGU.
The RFR method was used to value the acquired brand. The RFR method assumes that the intangible asset has a fair value based on the royalty income attributable to it. The royalty rate represents hypothetical savings enjoyed by the entity that owns the intangible asset, as it is relieved from having to license the intangible asset from another owner and pay royalties for its use. In the valuation of the acquired brand, the cash flows were derived from projected total revenues in conjunction with a royalty rate of 1%. A discount rate of 12.7% was applied for the valuation of the brand, and as at the end of 2025, the residual value was based on a terminal growth rate reflecting the long-term market outlook for renewable energy. An indefinite useful life was deemed appropriate for the acquired brand, considering the sustained demand for renewable energy solutions and established market presence.
The intangibles acquired through the acquisition of Klikk have been allocated to the Malta Telecommunications CGU, constituting the aggregate of the assets allocated to this CGU.
In valuing the acquired brand, cash flows were derived from the projected total revenues of the business, applying a royalty rate of 1%. A discount rate of 14% was utilised in the valuation, reflecting the risk profile of the business within the consumer electronics retail sector. The valuation also considered the cost of debt at 5.3% in assessing the overall capital structure assumptions. As at the end of 2025, the residual value was based on a terminal growth rate in line with the long-term outlook for the electronics retail industry. Given the established market presence and brand recognition, an indefinite useful life was deemed appropriate for the acquired brand.
Other related intangible assets primarily comprise customer bases and IP addresses acquired by the Group.
35.Capital and other related commitments
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Contracted for:
Property, plant and equipment5,5705,9903,8684,953
Intangible assets471355--
Authorised but not contracted for:
Property, plant and equipment14,00016,80614,00016,806
Intangible assets-752-752
20,04123,90317,86822,511
37.Related party transactions
(i)Transaction in respect of transfer of Intellectual Property rights to GO IP Holdings Limited
As a result, in December 2024, GO entered into an assignment agreement with GO IP Holdings Limited (\u2018GOIP\u2019 - a subsidiary of GO), for the transfer of IP and Relevant Assets (as further detailed below), for a consideration of \u20ac158,600,000. The portion of the consideration allocated to the distinct intangible assets identified below has been determined on the basis of an independent expert valuation report. As further detailed below, the valuation of the distinct assets, consisting of the IP and Relevant Assets (which constitute amongst others, Trademarks, Domains, Copyright Works, Trade Secrets and Software), considers a combination of valuation methodologies including the Market Approach based on a Multiple of Revenue, Relief from Royalty (\u2018RFR\u2019) method, Multi-period Excess Earnings Method (\u2018MEEM\u2019) and asset depreciated replacement cost method.
The following table summarises the IP and Relevant Assets transferred, the valuation methodology applied for each asset and the key inputs considered:
Transferred asset(s)Fair Value (\u20ac\u2019000)Valuation methodologyKey inputs and assumptions
GO Brand67,090Multiple of Revenue and Relief from Royalty (RFR) as a cross-check-Branded revenue generated by GO in the last 12 months -Multiple of Revenue based on an analysis of Brand value to revenue multiples for comparable companies -Implied royalty rate -Tax adjustment -Discount rate, including a risk premium over basic WACC -Terminal value growth rate -Tax amortisation benefit (\u2018TAB\u2019)
Software5,100Depreciated replacement cost-Capitalised development costs of development employees and apportionment of the relevant overheads, reflecting increases in salaries and wages of software developers over the respective years
All other IP86,410Multi-period excess earnings method (MEEM)-Future cashflows to be generated by GO p.l.c.-Contribution factor of IP-Contributary asset charges (mainly for net working capital, PPE, GO brand and workforce)-Tax adjustment-Discount rate, including a risk premium over basic WACC-Tax amortisation benefit (\u2018TAB\u2019)
Total (including
TAB)158,600
Simultaneously, GOIP entered into a licencing agreement with GO, whereby GOIP grants GO (as the Licensee) a non-exclusive, sub-licensable, licence and a right of use over the IP and Relevant Assets for a market-based royalty fee based on the Licensee\u2019s annual gross revenue for an initial term of 5 years, automatically renewable for a further 5 years unless the agreement is terminated with the mutual consent of both parties.
The licencing agreement includes a clause that, to the extent permissible by any applicable law, GO shall offer GOIP the option to acquire any future IP in Content and Material created and/or developed by GO at is fair market value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page126-cflshid_53426-tag11686812": { "value": "
3.Critical accounting estimates and judgements
3.1Impairment testing
IFRSs require management to undertake an annual test for impairment of goodwill and non-financial assets having an indefinite useful life, and require management to test for impairment if events or changes in circumstances indicate that the carrying amount of a non-financial asset having a finite useful life may not be recoverable. For the purposes of assessing impairment, non-financial assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). The Group also assesses at the end of each reporting period whether there is objective evidence that a financial asset or a group of financial assets is impaired.
Impairment testing is an area involving management judgement, requiring assessment as to whether the carrying value of assets or cash-generating units can be supported by the net present value of future cash flows derived from such assets or cash-generating units using cash flow projections, which have been discounted at an appropriate rate. In calculating the net present value of the future cash flows, in particular those derived from the Group\u2019s cash-generating units, certain assumptions are required to be made in respect of highly uncertain matters including management\u2019s expectations of growth in earnings before interest, taxation, depreciation and amortisation (EBITDA); developments in number of subscribers and average revenue per user (ARPU); long-term growth rates; and the selection of discount rates to reflect the risks involved. Changing the assumptions selected by management, in particular the discount rate and growth rate assumptions used in the cash flow projections, could significantly affect the Group\u2019s impairment evaluation and hence results.
3.2Business combinations
The recognition of business combinations requires the excess of the purchase price of acquisitions over the net book value of assets acquired to be allocated to the assets and liabilities of the acquired entity. The Group makes judgements and estimates in relation to the fair value allocation of the purchase price. The amount of goodwill initially recognised as a result of a business combination is dependent on the allocation of the purchase price to the fair value of the identifiable assets acquired and the liabilities assumed. The determination of the fair value of the assets and liabilities is based, to a considerable extent, on management\u2019s judgement. Allocation of the purchase price affects the results of the Group as intangible assets with a finite life are amortised, whereas intangible assets with an indefinite life and goodwill are not amortised. Identifiable intangible assets may include customer bases and brands. The fair value of these assets is determined by discounting estimated future net cash flows generated by the asset where no active market for the assets exist. The use of different assumptions for the expectations of future cash flows and the discount rate would change the valuation of the intangible assets.
7.Intangible assets
Group
IRUs and DDPSComputer softwareBrand names, customer relationships and related assetsBroad -casting rightsPayments on account and assets in the course of constructionGoodwillTotal
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
At 1 January 2024
Cost36,76514,72730,27141,82835528,702152,648
Accumulated
amortisation and
impairment charges(12,840)(6,874)(23,437)(25,657)-(349)(69,157)
Net book amount23,9257,8536,83416,17135528,35383,491
Year ended
31 December 2024
Opening net book
amount23,9257,8536,83416,17135528,35383,491
Additions591-11916,5632,391-19,664
Development-2,035----2,035
Acquisition of
subsidiary (Note 8)-1511,399--1,8003,350
Transfers-355--(355)--
Amortisation charge(1,763)(3,539)(690)(6,422)--(12,434)
Closing net book amount22,7536,8557,66226,3122,39130,15396,126
At 31 December 2024
Cost37,35617,26831,78958,3912,39130,502177,697
Accumulated
amortisation and
impairment charges(14,603)(10,413)(24,127)(32,079)-(349)(81,571)
Net book amount22,7536,8557,66226,3122,39130,15396,126
IRUs and DDPSComputer softwareBrand names, customer relationships and related assetsBroad -casting rightsPayment on account and assets in the course of constructionGoodwillTotal
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
Year ended
31 December 2025
Opening net book22,7536,8557,66226,3122,39130,15396,126
amount
Additions1161,532-14,44927537916,751
Development-1,429----1,429
Acquisition of
subsidiary (Note 8)--526--102628
Disposals, write-offs and
expiration of rights(642)(1,912)(8)(29,402)--(31,964)
Transfers-178--(178)--
Amortisation charge(1,671)(2,737)(684)(6,899)--(11,991)
Amortisation released on
disposal6421,912-29,402--31,956
Closing net book amount21,1987,2577,49633,8622,48830,634102,935
At 31 December 2025
Cost36,83018,49532,30743,4382,48830,983164,541
Accumulated
amortisation and(15,632)(11,238)(24,811)(9,576)-(349)(61,606)
impairment charges
Net book amount21,1987,2577,49633,8622,48830,634102,935
Goodwill
Goodwill arising on business combinations is allocated to the different CGUs as follows:
20252024
\u20ac000\u20ac000
Cyprus Telecommunications23,56323,563
Malta Telecommunications3,7653,387
Malta Data Centre3,3053,203
Goodwill arising on the acquisition of Cablenet amounting to \u20ac23,563,000 has been allocated to the Cyprus Telecommunications CGU, whereas other goodwill arising on business combinations effected in the current and previous financial years has been allocated principally to the Data Centre and Malta Telecommunications CGU. The goodwill is attributable to the workforce and synergies available to the Group to cross-sell its products across a shared customer base, coupled with cost synergy opportunities.
The recoverable amount of the cash-generating units has been estimated by management on the basis of value in use (VIU) reflecting the net present value of future cash flows derived from such cash-generating units. The net present value of the future cash flows is based on the five-year cash flow forecast within the operational plan approved by the Board of Directors and the extrapolation of the cash flow forecast beyond the five-year period through the estimation of terminal values.
The key assumptions in the determination of the recoverable amount of the CGUs are the levels of forecast EBITDA, the terminal value growth rates applied to the estimated cash flows beyond the explicit forecast period and the discount rate.
Goodwill arising on the acquisition of Cybersift Holdings Limited amounting to \u20ac436,000, AQS Med Limited amounting to \u20ac1,002,000 and Klikk Finance p.l.c. amounting to \u20ac1,177,000 was also allocated to the Malta Telecommunications CGU (see Note 8).
Goodwill arising on the acquisition of 56Bit Ltd amounting to \u20ac102,000 was also allocated to the Data Centre CGU (see Note 8).
Forecasted EBITDA levels for the Cyprus Telecommunications CGU are mainly based on past experience modified for market developments, industry trends and other actions to be undertaken by management, taking cognisance of the following key factors throughout the forecast explicit period:
-forecasted overall growth in subscribers and revenue primarily driven by a strategy to focus on mobile driven revenue after Cablenet\u2019s investment in its own spectrum licence for 4G and 5G and the continued expansion of the fibre optic network;
-projected higher gross profit margins as a result of economies of scale and due to the fact that mobile operations will have a fixed cost of sale, with limited operating expenses, creating a potentially significant operating leverage impact; and
-actions to be undertaken by management to contain a number of costs above the EBITDA line.
Forecasted EBITDA levels for the Malta Data Centre CGU are based on past experience, adjusted for market developments and industry trends, in particular the following factors over a five-year period:
-forecasted overall steady turnover and profit margins over the five-year period, through the diversification of the portfolio offering by focusing on providing a full-suite technology advisor role to customers; and
-stable EBITDA margins mainly due to the fixed nature of certain key elements in the cost base of the CGU.
The estimated EBITDA and terminal growth rates and post-tax discount rates for CGUs, applied as at 31 December 2025 and 2024, are disclosed in the table below:
Cyprus Telecommunications CGUMalta Data Centre CGU
%%%%
2025202420252024
EBITDA growth rate7.04.01.01.0
Terminal growth rate2.53.01.01.0
Post-tax discount rate9.89.212.812.5
These parameters have been principally based on market observable data.
In 2025, for the Cyprus Telecommunications CGU, management estimated a normalised revenue growth rate (CAGR) of 7.5%. This rate excluded a number of one-offs which are inherently included in the base case scenario.
Management considers the timing of the future tax cash flows to have an immaterial impact on the impairment assessment performed. Accordingly, the pre-tax discount rate utilised can be derived from the post-tax discount rate utilised.
The two components of the discount rate are the cost of equity and the cost of debt. The cost of equity has been calculated by management by applying the Capital Asset Pricing Model (\u2018CAPM\u2019) formula (Ke=Rf+beta(Rm-Rf) where Rf is the risk-free rate of return and Rm is the market return). The cost of debt is the cost of raising debt finance through a financial intermediary.
Management\u2019s estimation of the VIU indicates that there is significant headroom between the estimated recoverable amount and the carrying amount of the CGU. This assessment, which considered relevant sensitivity analyses, is dependent on the achievement of the business plan, and the related assumptions. Amongst these sensitivities, management considered that if the revenue CAGR were to decrease less than 5.9%, impairment would most likely arise. This analysis does not incorporate any other potential changes in other assumptions used in the impairment assessment.
Furthermore, management performed an impairment assessment in respect of the goodwill attributable to the Malta Telecommunications CGU, amounting to \u20ac3,765,000 (2024: \u20ac3,387,000). No impairments were identified, and in view of the immateriality of these balances, disclosures surrounding the impairment assessment were not deemed necessary. Management will continue to monitor this position on an annual basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page126-cflshid_53426-tag11686810": { "value": "
3.Critical accounting estimates and judgements
3.1Impairment testing
IFRSs require management to undertake an annual test for impairment of goodwill and non-financial assets having an indefinite useful life, and require management to test for impairment if events or changes in circumstances indicate that the carrying amount of a non-financial asset having a finite useful life may not be recoverable. For the purposes of assessing impairment, non-financial assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). The Group also assesses at the end of each reporting period whether there is objective evidence that a financial asset or a group of financial assets is impaired.
Impairment testing is an area involving management judgement, requiring assessment as to whether the carrying value of assets or cash-generating units can be supported by the net present value of future cash flows derived from such assets or cash-generating units using cash flow projections, which have been discounted at an appropriate rate. In calculating the net present value of the future cash flows, in particular those derived from the Group\u2019s cash-generating units, certain assumptions are required to be made in respect of highly uncertain matters including management\u2019s expectations of growth in earnings before interest, taxation, depreciation and amortisation (EBITDA); developments in number of subscribers and average revenue per user (ARPU); long-term growth rates; and the selection of discount rates to reflect the risks involved. Changing the assumptions selected by management, in particular the discount rate and growth rate assumptions used in the cash flow projections, could significantly affect the Group\u2019s impairment evaluation and hence results.
5.Property, plant and equipment
Group
Land and buildingsPlant and equipmentCustomer premises equipment and related assetsMotor vehiclesPayments on account and assets in course of constructionTotal
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
At 1 January 2024
Cost or valuation13,997423,10543,8981,0402,404484,444
Accumulated depreciation and impairment charges(2,383)(263,291)(30,390)(771)-(296,835)
Net book amount11,614159,81413,5082692,404187,609
Year ended 31 December 2024
Opening net book amount11,614159,81413,5082692,404187,609
Additions5035,7446,10861667943,197
Acquisition of subsidiaries (Note 8)-1,009-10-1,019
Disposals and write-offs-(51,357)(66)-(135)(51,558)
Transfers542,302--(2,356)-
Reclassification to intangible assets:
- cost----(84)(84)
- accumulated depreciation------
Depreciation charge(371)(26,554)(6,681)(132)-(33,738)
Depreciation/impairment
released on disposals and write-offs-51,35046--51,396
Closing net book amount11,347172,30812,915763508197,841
At 31 December 2024
Cost or valuation14,101410,80349,9401,666508477,018
Accumulated depreciation and impairment charges(2,754)(238,495)(37,025)(903)-(279,177)
Net book amount11,347172,30812,915763508197,841
Land and buildingsPlant and equipmentCustomer premises equipment and related assetsMotor vehiclesPayments on account and assets in course of constructionTotal
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
Year ended 31 December 2025
Opening net book amount11,347172,30812,915763508197,841
Additions1,11825,0853,41017928430,076
Disposals and write-offs(744)(21,730)(1,054)(62) -(23,590)
Transfers-261--(261)-
Depreciation charge(338)(27,215)(6,061)(160) -(33,774)
Depreciation/impairment
released on disposals and write-offs50521,7011,05425-23,285
Closing net book amount11,888170,41010,264745531193,838
At 31 December 2025
Cost or valuation14,475414,41952,2961,783531483,504
Accumulated depreciation and impairment charges(2,587)(244,009)(42,032)(1,038)-(289,666)
Net book amount11,888170,41010,264745531193,838
Depreciation and impairment charge
The depreciation charge for the year is recognised in profit or loss as follows:
GroupCompany
2025202420252024
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Cost of sales 33,29633,09322,31122,311
Administrative and other related expenses478645--
33,77433,73822,31122,311
Recoverability of the telecommunications and data centre infrastructure
At 31 December 2025, the Group\u2019s telecommunications infrastructure and licences together with related tangible, intangible and other assets, attributable to the Malta Telecommunications, Data Centre and Cyprus Telecommunications CGUs, were carried at an aggregate amount of \u20ac168,206,000 (2024: \u20ac163,121,000), \u20ac9,974,000 (2024: \u20ac10,713,000) and \u20ac72,631,000 (2024: \u20ac74,534,000) respectively. No impairment indicators were identified by management in respect of these CGUs as at the end of the reporting period (Note 7).
7.Intangible assets
Group
IRUs and DDPSComputer softwareBrand names, customer relationships and related assetsBroad -casting rightsPayments on account and assets in the course of constructionGoodwillTotal
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
At 1 January 2024
Cost36,76514,72730,27141,82835528,702152,648
Accumulated
amortisation and
impairment charges(12,840)(6,874)(23,437)(25,657)-(349)(69,157)
Net book amount23,9257,8536,83416,17135528,35383,491
Year ended
31 December 2024
Opening net book
amount23,9257,8536,83416,17135528,35383,491
Additions591-11916,5632,391-19,664
Development-2,035----2,035
Acquisition of
subsidiary (Note 8)-1511,399--1,8003,350
Transfers-355--(355)--
Amortisation charge(1,763)(3,539)(690)(6,422)--(12,434)
Closing net book amount22,7536,8557,66226,3122,39130,15396,126
At 31 December 2024
Cost37,35617,26831,78958,3912,39130,502177,697
Accumulated
amortisation and
impairment charges(14,603)(10,413)(24,127)(32,079)-(349)(81,571)
Net book amount22,7536,8557,66226,3122,39130,15396,126
IRUs and DDPSComputer softwareBrand names, customer relationships and related assetsBroad -casting rightsPayment on account and assets in the course of constructionGoodwillTotal
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
Year ended
31 December 2025
Opening net book22,7536,8557,66226,3122,39130,15396,126
amount
Additions1161,532-14,44927537916,751
Development-1,429----1,429
Acquisition of
subsidiary (Note 8)--526--102628
Disposals, write-offs and
expiration of rights(642)(1,912)(8)(29,402)--(31,964)
Transfers-178--(178)--
Amortisation charge(1,671)(2,737)(684)(6,899)--(11,991)
Amortisation released on
disposal6421,912-29,402--31,956
Closing net book amount21,1987,2577,49633,8622,48830,634102,935
At 31 December 2025
Cost36,83018,49532,30743,4382,48830,983164,541
Accumulated
amortisation and(15,632)(11,238)(24,811)(9,576)-(349)(61,606)
impairment charges
Net book amount21,1987,2577,49633,8622,48830,634102,935
Amortisation charge
The amortisation charge for the year is recognised in profit or loss within \u2018cost of sales\u2019.
Goodwill
Goodwill arising on business combinations is allocated to the different CGUs as follows:
20252024
\u20ac000\u20ac000
Cyprus Telecommunications23,56323,563
Malta Telecommunications3,7653,387
Malta Data Centre3,3053,203
Goodwill arising on the acquisition of Cablenet amounting to \u20ac23,563,000 has been allocated to the Cyprus Telecommunications CGU, whereas other goodwill arising on business combinations effected in the current and previous financial years has been allocated principally to the Data Centre and Malta Telecommunications CGU. The goodwill is attributable to the workforce and synergies available to the Group to cross-sell its products across a shared customer base, coupled with cost synergy opportunities.
The recoverable amount of the cash-generating units has been estimated by management on the basis of value in use (VIU) reflecting the net present value of future cash flows derived from such cash-generating units. The net present value of the future cash flows is based on the five-year cash flow forecast within the operational plan approved by the Board of Directors and the extrapolation of the cash flow forecast beyond the five-year period through the estimation of terminal values.
The key assumptions in the determination of the recoverable amount of the CGUs are the levels of forecast EBITDA, the terminal value growth rates applied to the estimated cash flows beyond the explicit forecast period and the discount rate.
Goodwill arising on the acquisition of Cybersift Holdings Limited amounting to \u20ac436,000, AQS Med Limited amounting to \u20ac1,002,000 and Klikk Finance p.l.c. amounting to \u20ac1,177,000 was also allocated to the Malta Telecommunications CGU (see Note 8).
Goodwill arising on the acquisition of 56Bit Ltd amounting to \u20ac102,000 was also allocated to the Data Centre CGU (see Note 8).
Forecasted EBITDA levels for the Cyprus Telecommunications CGU are mainly based on past experience modified for market developments, industry trends and other actions to be undertaken by management, taking cognisance of the following key factors throughout the forecast explicit period:
-forecasted overall growth in subscribers and revenue primarily driven by a strategy to focus on mobile driven revenue after Cablenet\u2019s investment in its own spectrum licence for 4G and 5G and the continued expansion of the fibre optic network;
-projected higher gross profit margins as a result of economies of scale and due to the fact that mobile operations will have a fixed cost of sale, with limited operating expenses, creating a potentially significant operating leverage impact; and
-actions to be undertaken by management to contain a number of costs above the EBITDA line.
Forecasted EBITDA levels for the Malta Data Centre CGU are based on past experience, adjusted for market developments and industry trends, in particular the following factors over a five-year period:
-forecasted overall steady turnover and profit margins over the five-year period, through the diversification of the portfolio offering by focusing on providing a full-suite technology advisor role to customers; and
-stable EBITDA margins mainly due to the fixed nature of certain key elements in the cost base of the CGU.
The estimated EBITDA and terminal growth rates and post-tax discount rates for CGUs, applied as at 31 December 2025 and 2024, are disclosed in the table below:
Cyprus Telecommunications CGUMalta Data Centre CGU
%%%%
2025202420252024
EBITDA growth rate7.04.01.01.0
Terminal growth rate2.53.01.01.0
Post-tax discount rate9.89.212.812.5
These parameters have been principally based on market observable data.
In 2025, for the Cyprus Telecommunications CGU, management estimated a normalised revenue growth rate (CAGR) of 7.5%. This rate excluded a number of one-offs which are inherently included in the base case scenario.
Management considers the timing of the future tax cash flows to have an immaterial impact on the impairment assessment performed. Accordingly, the pre-tax discount rate utilised can be derived from the post-tax discount rate utilised.
The two components of the discount rate are the cost of equity and the cost of debt. The cost of equity has been calculated by management by applying the Capital Asset Pricing Model (\u2018CAPM\u2019) formula (Ke=Rf+beta(Rm-Rf) where Rf is the risk-free rate of return and Rm is the market return). The cost of debt is the cost of raising debt finance through a financial intermediary.
Management\u2019s estimation of the VIU indicates that there is significant headroom between the estimated recoverable amount and the carrying amount of the CGU. This assessment, which considered relevant sensitivity analyses, is dependent on the achievement of the business plan, and the related assumptions. Amongst these sensitivities, management considered that if the revenue CAGR were to decrease less than 5.9%, impairment would most likely arise. This analysis does not incorporate any other potential changes in other assumptions used in the impairment assessment.
Furthermore, management performed an impairment assessment in respect of the goodwill attributable to the Malta Telecommunications CGU, amounting to \u20ac3,765,000 (2024: \u20ac3,387,000). No impairments were identified, and in view of the immateriality of these balances, disclosures surrounding the impairment assessment were not deemed necessary. Management will continue to monitor this position on an annual basis.
Brand names and customer relationships acquired in business combinations, and related assets
Brand names and customer relationships acquired in business combinations are allocated to CGUs as follows:
Brand namesCustomer relationships
Acquisition date fair valueYear-end carrying amountYear-end carrying amountAcquisition date fair valueYear-end carrying amountYear-end carrying amount
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
Cyprus CGU
Telecommunications4,2954,2954,29512,480-645
Malta Data Centre1,649--9,828--
Malta
Telecommunications1,4181,4181,418209209
The intangibles acquired through the Cablenet acquisition have been allocated to the Cyprus Telecommunications CGU, constituting the aggregate of the assets allocated to this CGU, whereas other intangible assets arising on business combinations effected in previous financial years relating to acquisition of entities now forming part of the BMITT Group have been allocated to the Data Centre CGU. Intangible assets acquired from other business combinations, including current year acquisitions have been allocated to the Malta Telecommunications CGU.
Brands acquired through business combinations incorporate trade names, trademarks, service marks, trade dress, branding and internet domain names. These have been generally valued using the Relief From Royalty method (\u2018RFR\u2019).
Customer bases comprise customer contracts (renewable), customer relationships and customer lists. These have been generally valued using the Multi-Period Excess Earnings method (\u2018MEEM\u2019).
The RFR method was used to value Cablenet\u2019s brand. The RFR method assumes that the intangible asset has a fair value based on royalty income attributable to it. The royalty rate represents hypothetical savings enjoyed by the entity that owns the intangible asset, because that entity is relieved from having to license that intangible asset from another owner and pay royalties to use the intangible asset. In the valuation of the Cablenet brand, the cash flows were derived from the projected total revenues in conjunction with a royalty rate of 1.5%. A discount rate of 13.9% was used for the valuation of the brand As of 31 December 2025, the carrying amount of the Cablenet brand, recognised as an indefinite-lived intangible asset, is \u20ac4,295,000.
The assessment of the brand's indefinite useful life is based on several key factors. These include:
i.Market Position and Recognition: The brand holds a strong position in the market and enjoys high consumer recognition and loyalty. It is expected to continue contributing to revenue generation for the foreseeable future without foreseeable limits.
ii.Legal and Regulatory Environment: There are no legal, regulatory, or contractual factors that impose a finite limit on the brand's useful life. The trademark is registered and is renewable indefinitely at minimal cost.
iii.Economic and Industry Considerations: The industry in which the brand operates shows stable growth prospects, and there are no technological or market changes projected that would adversely affect the brand's value or sustainability.
iv.Historical Performance: Historically, the brand has demonstrated consistent financial performance and has been integral to the Group\u2019s strategy, indicating its resilience and ongoing relevance in the context of different changing economic environments.
Management will continue to monitor these factors and the brand is subject to regular impairment testing to ensure its carrying amount does not exceed its recoverable amount.
The intangibles acquired through the acquisition of the AQS which specialises renewable energy equipment and solar farm company have been allocated to the Malta Telecommunications CGU, constituting the aggregate of the assets allocated to this CGU.
The RFR method was used to value the acquired brand. The RFR method assumes that the intangible asset has a fair value based on the royalty income attributable to it. The royalty rate represents hypothetical savings enjoyed by the entity that owns the intangible asset, as it is relieved from having to license the intangible asset from another owner and pay royalties for its use. In the valuation of the acquired brand, the cash flows were derived from projected total revenues in conjunction with a royalty rate of 1%. A discount rate of 12.7% was applied for the valuation of the brand, and as at the end of 2025, the residual value was based on a terminal growth rate reflecting the long-term market outlook for renewable energy. An indefinite useful life was deemed appropriate for the acquired brand, considering the sustained demand for renewable energy solutions and established market presence.
The intangibles acquired through the acquisition of Klikk have been allocated to the Malta Telecommunications CGU, constituting the aggregate of the assets allocated to this CGU.
In valuing the acquired brand, cash flows were derived from the projected total revenues of the business, applying a royalty rate of 1%. A discount rate of 14% was utilised in the valuation, reflecting the risk profile of the business within the consumer electronics retail sector. The valuation also considered the cost of debt at 5.3% in assessing the overall capital structure assumptions. As at the end of 2025, the residual value was based on a terminal growth rate in line with the long-term outlook for the electronics retail industry. Given the established market presence and brand recognition, an indefinite useful life was deemed appropriate for the acquired brand.
Other related intangible assets primarily comprise customer bases and IP addresses acquired by the Group.
13.Inventories
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Operating spares3,5187,6323,0536,921
Goods held for resale4,4053,138323840
7,92310,7703,3767,761
The cost of inventories recognised as expense is disclosed in Note 23. During the current financial year, an increase in provisions for obsolescence of inventories amounting to \u20ac770,000 (2024: \u20ac95,000) for the Group and an increase of \u20ac523,000 (2024: \u20ac78,000) for the Company, have been reflected in these financial statements. Inventory write-downs during the year amounted to \u20ac325,000 (2024: \u20ac3,000) and \u20ac317,000 (2024: \u20ac3,000) for the Group and Company respectively.
Provisions for obsolescence of inventories are as follows:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
At end of year1,219808860654
23.Expenses by nature
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Cost of goods sold32,78227,05814,18218,347
Third party network charges, content costs and
other direct costs74,19570,33632,92533,708
Employee benefit expense
(Note 24 and Note below)38,77541,63422,15325,219
Depreciation of property, plant and
equipment (Note 5)33,77433,73822,31122,311
Depreciation of right-of-use assets (Note 6)8,2879,1654,8255,980
Amortisation of intangible assets (Note 7)11,99112,4342,6123,498
Movement in provisions and write-offs
relating to inventories (Note 13)7709552378
Movement in credit loss allowances in respect
of trade and other receivables (Note 14)3356571,150(222)
Bad debts written off1,1411,741713751
Expense relating to short-term leases793761413400
Royalty fee--15,820808
Other16,32815,3858,1447,816
Total cost of sales, administrative and other related expenses219,171213,004125,771118,694
23.1 Items of an unusual nature, size or incidence reflected within profit or loss
The following items of an unusual nature, size or incidence have been reflected within profit or loss during the current year:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-recurring items within:
Administrative and other related expenses
voluntary retirement costs (Note 24)1,8622,2861,8622,286
Movement in provisions for pensions (Note 20)(2,254)-(2,254)-
The Company continued with its right-sizing programme by offering voluntary retirement schemes to its employees.
Auditor\u2019s fees
Fees charged by the parent company auditor for services rendered during the financial years ended 31 December 2025 and 2024 relate to the following:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Annual statutory audit356273244207
Other assurance services30803080
Other non-audit services16161
402354280288
No non-audit fees have been provided by the auditor to the Company.
During the current year fees in relation to statutory audit/assurance and non-assurance services amounting to \u20ac100,000 and \u20acNil (2024: to \u20ac71,000 and \u20ac14,000) respectively have been charged by another member firm belonging to the same network of the Company\u2019s auditor, and fees amounting to \u20ac110,500 and \u20ac102,650 (2024: \u20ac188,000 and \u20ac150,000) respectively have been charged by connected undertakings of the Company\u2019s auditor to the Group and the Company respectively, in respect of advisory services attributable to capital markets transactions and tax advisory and compliance services.
Audit fees attributable to subsidiaries charged by other auditors during the year ended 31 December 2025 amounted to \u20ac4,700 (2024: \u20ac18,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page129-cflshid_54848-tag11686815": { "value": "
4.Segment information
4.1Operating segments
The Group has three reportable segments, which are effectively the Group\u2019s key and distinct strategic business units and cash-generating units, as they represent the lowest level at which separately identifiable cash flows can be identified. The strategic business units are managed separately with their own separate management structure and board of directors.
The following summary describes the operations in each of the Group\u2019s reportable segments:
Malta Telecommunication Services (Malta Telecommunications CGU) comprises the Group\u2019s fixed-line and mobile telephony services, digital television, broadband and internet services, business communication solutions, electronic retail outlets, and IoT services delivered in Malta. Through the acquisition of AQS, this segment now also encompasses solar energy products, leveraging synergies in customer targeting and expanding GO\u2019s product portfolio. Furthermore, the investment in Malta Properties Company p.l.c undertaken in 2025 (Note 9) is also being included in this CGU, as a number of properties used by the Malta Telecommunications CGU are being leased from MPC.
Data Centre Services (Data Centre CGU) comprise the Group\u2019s operations of BMITT, which provides data centre facilities and ICT solutions in Malta.
Cyprus Telecommunication Services (Cyprus Telecommunications CGU) comprise the Group\u2019s operations of the Cypriot subsidiary, Cablenet. The company provides broadband, cable television and telephony services. The operations of the Cypriot subsidiary constitute a reportable segment in view of the specific nature and characteristics of the Cypriot telecommunications sector, giving rise to a varied degree of business risks and returns.
The Group\u2019s internal reporting to the Board of Directors and Senior Management is analysed according to these three segments. For each of these three strategic business units, the Board of Directors reviews internal management reports at least on a monthly basis.
Information about reportable segments
Malta operationsCyprus operationsTotal
TelecommunicationsData CentreTelecommunications
20252024202520242025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
Total revenue157,968147,06432,24229,62069,64671,996259,856248,680
Inter-segment revenue(4,411)(2,901)(1,082)(904)--(5,493)(3,805)
Revenue from external customers153,557144,16331,16028,71669,64671,996254,363244,875
Reportable segment profit before tax25,43218,8637,7958,807(4,440)(932)28,78726,738
Tax(6,554)(8,164)(2,471)(2,664)903(222)(8,122)(11,050)
Results for reportable segments18,87810,6995,3246,143(3,537)(1,154)20,66515,688
Information about profit or loss:
Finance income300428--34-334428
Finance costs(5,010)(5,918)(1,240)(208)(3,392)(2,799)(9,642)(8,925)
Depreciation and amortisation(32,347)(33,344)(2,153)(2,071)(19,552)(19,923)(54,052)(55,338)
Other non-cash items
Change in credit loss allowances in respect of trade receivables(255)(205)171163817(355)623
Information about reportable segments
Malta operationsCyprus operationsTotal
TelecommunicationsData CentreTelecommunications
20252024202520242025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
Reportable segment assets387,275354,71422,85125,092167,881161,437578,007541,243
Capital expenditure 28,54339,0131,1482,27921,57334,29751,26475,589
Reportable segment liabilities273,997244,75616,06713,996137,002126,973427,066385,725
A reconciliation of reportable segment results, assets and liabilities and other material items, to the amounts presented in the consolidated financial statements, is as follows:
20252024
\u20ac000\u20ac000
Profit
Total profit for reportable segments and consolidated profit after tax20,66515,688
Assets
Total assets for reportable segments578,007541,243
Inter-segment eliminations(108,143)(110,655)
Consolidated total assets469,864430,588
Liabilities
Total liabilities for reportable segments427,066385,725
Inter-segment eliminations(46,103)(41,335)
Consolidated total liabilities380,963344,390
4.2Information about geographical segments
The Group\u2019s revenues are derived from operations carried out principally in Malta and in Cyprus. The Telecommunications segments for both Malta and Cyprus also derive revenue from incoming interconnect traffic and inbound roaming from foreign administrators worldwide. Considering the nature of the Group\u2019s activities, its non-current assets are predominantly located in Malta and Cyprus.
4.3Information about major customers
The Group does not have any particular major customer, as it largely derives revenue from a significant number of customers availing of its services. Accordingly, the Group does not deem necessary any relevant disclosures in respect of reliance on major customers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page129-cflshid_54848-tag11686846": { "value": "
4.Segment information
4.1Operating segments
Information about reportable segments
Malta operationsCyprus operationsTotal
TelecommunicationsData CentreTelecommunications
20252024202520242025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
Total revenue157,968147,06432,24229,62069,64671,996259,856248,680
Inter-segment revenue(4,411)(2,901)(1,082)(904)--(5,493)(3,805)
Revenue from external customers153,557144,16331,16028,71669,64671,996254,363244,875
Reportable segment profit before tax25,43218,8637,7958,807(4,440)(932)28,78726,738
Tax(6,554)(8,164)(2,471)(2,664)903(222)(8,122)(11,050)
Results for reportable segments18,87810,6995,3246,143(3,537)(1,154)20,66515,688
Information about profit or loss:
Finance income300428--34-334428
Finance costs(5,010)(5,918)(1,240)(208)(3,392)(2,799)(9,642)(8,925)
Depreciation and amortisation(32,347)(33,344)(2,153)(2,071)(19,552)(19,923)(54,052)(55,338)
Other non-cash items
Change in credit loss allowances in respect of trade receivables(255)(205)171163817(355)623
4.2Information about geographical segments
The Group\u2019s revenues are derived from operations carried out principally in Malta and in Cyprus. The Telecommunications segments for both Malta and Cyprus also derive revenue from incoming interconnect traffic and inbound roaming from foreign administrators worldwide. Considering the nature of the Group\u2019s activities, its non-current assets are predominantly located in Malta and Cyprus.
14.Trade and other receivables
The following tables analyse the changes in contract assets, costs incurred in obtaining contracts and costs incurred to fulfil contracts during the year ended 31 December 2025 and 2024:
Group
As at 1 January 2024Business related variationsAs at 31 December 2024
\u20ac000\u20ac000\u20ac000
Contract assets
Accrued income9,249(4,516)4,733
OriginationsAmortisation recognition in profit or loss
\u20ac000\u20ac000
Revenue allocated to subsidised
handsets3,9883,623(2,802)4,809
Revenue allocated to discounted part
of contract term9832,538(1,888)1,633
Free credits under subscriber
agreements1,9661,529(1,568)1,927
Total contract assets16,18613,102
Costs incurred in obtaining contracts1,3071,500(1,424)1,383
Costs incurred to fulfil contracts563399(294)668
As at 1 January 2025Business related variationsAs at 31 December 2025
\u20ac000\u20ac000\u20ac000
Contract assets
Accrued income4,7335,0229,755
OriginationsAmortisation recognition in profit or loss
\u20ac000\u20ac000
Revenue allocated to subsidised
handsets4,8097,422(5,397)6,834
Revenue allocated to discounted part
of contract term1,6332,373(1,130)2,876
Free credits under subscriber
agreements1,9271,902(1,636)2,193
Total contract assets13,10221,658
Costs incurred in obtaining contracts1,3831,611(1,416)1,578
Costs incurred to fulfil contracts668339(370)637
21. Trade and other payables
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-current
Trade payables27,08420,9031,294-
Contract liabilities520295520295
Accruals120-79
27,72421,1981,893295
Current
Trade payables33,45833,41812,6149,653
Amounts owed to related party2,2122,4538,780-
Other payables4,2873,5143,5773,065
Indirect tax payable10,9339,4125,3314,576
Contract liabilities 20,43314,80413,0406,710
Accruals 27,43823,90622,97922,074
98,76187,50766,32146,078
The following tables analyse the changes in contract liabilities during the years ended 31 December 2025 and 31 December 2024:
Group
As at 1 January 2024Business related variationsAs at 31 December 2024
\u20ac000\u20ac000
Contract liabilities
Prepaid and deferred income15,737(9,868)5,869
Revenue allocated to wholesale traffic
in view of discounting arrangements1,2141151,329
Others343(49)294
OriginationsUtilisation
\u20ac000\u20ac000
Attributable to free credits under
subscriber agreements2,2071,789(1,407)2,589
Deposits received in advance from
customers4,892339(213)5,018
Total contract liabilities24,39315,099
As at 1 January 2025Business related variationsAs at 31 December 2025
\u20ac000\u20ac000\u20ac000
Contract liabilities
Prepaid and deferred income5,8695,28711,156
Revenue allocated to wholesale traffic
in view of discounting arrangements1,3293181,647
Others294100394
OriginationsUtilisation
\u20ac000\u20ac000
Attributable to free credits under
subscriber agreements2,5891,903(1,728)2,764
Deposits received in advance from
customers5,018337(363)4,992
Total contract liabilities15,09920,953
Contract liabilities recognised in revenue during 2025
Revenue recognised in profit or loss during the financial year ended 31 December 2025 that was included in the balances of contract liabilities (prepaid and deferred income) as at 31 December 2024 amounted to \u20ac5,869,000 (2024: \u20ac15,737,000) and \u20ac2,793,000 (2024: \u20ac9,191,000) for the Group and the Company respectively.
22.Revenue
The Group\u2019s turnover is generated in Malta and Cyprus and further information on the activities within the different markets is reflected in Note 4 \u2018Segment information\u2019. The Group\u2019s turnover is analysed as follows:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Category of activity
Telecommunication and data centre services217,380209,652118,192115,135
Sale of goods30,46427,73513,77019,759
Other services and sundry revenues6,5197,4885,2394,711
254,363244,875137,201139,605
The Group\u2019s revenue reflected in the table above consists predominantly of revenue from contracts with customers.
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Timing of revenue recognition
At a point in time65,50559,25133,18440,162
Over time188,858185,624104,01799,443
254,363244,875137,201139,605
Unfulfilled performance obligations
The following table presents the transaction price assigned to unfulfilled performance obligations as at 31 December. Unfulfilled performance obligations are the services that the Group is obliged to provide to customers during the remaining fixed term of the contract. As allowed by the simplification procedure in IFRS 15, these disclosures are only related to performance obligations with an initial term greater than one year. On the allocation of the total contract transaction price to identified performance obligations, a portion of the total transaction price can be allocated to performance obligations that are unsatisfied or partially satisfied at the end of the reporting period. As outlined previously, GO has elected to apply certain available practical expedients when disclosing unfulfilled performance obligations, including the option to exclude expected revenues from unsatisfied obligations of contracts with an original expected duration of one year or less.
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Less than 1 year69,48578,28434,99238,191
Between 1 and 2 years29,68033,50111,28415,155
Between 2 and 5 years1,669820832820
100,834112,60547,10854,166
Accordingly, during the year ended 31 December 2025, the Group and the Company recognised revenue amounting to \u20ac78,284,000 and \u20ac38,191,000 (2024: \u20ac66,716,000 and \u20ac23,069,000) respectively, relating to performance obligations that were unsatisfied or partially satisfied at the end of the previous reporting period as reflected within the table above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page129-cflshid_54848-tag11686833": { "value": "
4.Segment information
4.1Operating segments
Information about reportable segments
Malta operationsCyprus operationsTotal
TelecommunicationsData CentreTelecommunications
20252024202520242025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
Total revenue157,968147,06432,24229,62069,64671,996259,856248,680
Inter-segment revenue(4,411)(2,901)(1,082)(904)--(5,493)(3,805)
Revenue from external customers153,557144,16331,16028,71669,64671,996254,363244,875
Reportable segment profit before tax25,43218,8637,7958,807(4,440)(932)28,78726,738
Tax(6,554)(8,164)(2,471)(2,664)903(222)(8,122)(11,050)
Results for reportable segments18,87810,6995,3246,143(3,537)(1,154)20,66515,688
Information about profit or loss:
Finance income300428--34-334428
Finance costs(5,010)(5,918)(1,240)(208)(3,392)(2,799)(9,642)(8,925)
Depreciation and amortisation(32,347)(33,344)(2,153)(2,071)(19,552)(19,923)(54,052)(55,338)
Other non-cash items
Change in credit loss allowances in respect of trade receivables(255)(205)171163817(355)623
4.2Information about geographical segments
The Group\u2019s revenues are derived from operations carried out principally in Malta and in Cyprus. The Telecommunications segments for both Malta and Cyprus also derive revenue from incoming interconnect traffic and inbound roaming from foreign administrators worldwide. Considering the nature of the Group\u2019s activities, its non-current assets are predominantly located in Malta and Cyprus.
14.Trade and other receivables
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-current
Trade receivables \u2013 net of provisions 535468--
Amounts owed by subsidiaries--2,8482,848
Contract assets 4,0123,5024,01203,488
Costs incurred in obtaining contracts383329383329
Costs incurred to fulfil contracts255263--
Prepayments1,611951--
Other assets170154170154
6,9665,6677,4136,819
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Current
Trade receivables \u2013 net of provisions 18,61720,5529,7879,244
Amounts owed by subsidiaries \u2013 net of provisions--7,0378,887
Other receivables \u2013 net of provisions827876684664
Indirect taxation----
Contract assets17,6469,60016,1688,734
Costs incurred in obtaining contracts1,1951,0541,1951,054
Costs incurred to fulfil contracts38240536113
Prepayments 16,42313,14512,1828,964
Other assets89667862
55,17945,69847,16737,722
The following tables analyse the changes in contract assets, costs incurred in obtaining contracts and costs incurred to fulfil contracts during the year ended 31 December 2025 and 2024:
Group
As at 1 January 2024Business related variationsAs at 31 December 2024
\u20ac000\u20ac000\u20ac000
Contract assets
Accrued income9,249(4,516)4,733
OriginationsAmortisation recognition in profit or loss
\u20ac000\u20ac000
Revenue allocated to subsidised
handsets3,9883,623(2,802)4,809
Revenue allocated to discounted part
of contract term9832,538(1,888)1,633
Free credits under subscriber
agreements1,9661,529(1,568)1,927
Total contract assets16,18613,102
Costs incurred in obtaining contracts1,3071,500(1,424)1,383
Costs incurred to fulfil contracts563399(294)668
As at 1 January 2025Business related variationsAs at 31 December 2025
\u20ac000\u20ac000\u20ac000
Contract assets
Accrued income4,7335,0229,755
OriginationsAmortisation recognition in profit or loss
\u20ac000\u20ac000
Revenue allocated to subsidised
handsets4,8097,422(5,397)6,834
Revenue allocated to discounted part
of contract term1,6332,373(1,130)2,876
Free credits under subscriber
agreements1,9271,902(1,636)2,193
Total contract assets13,10221,658
Costs incurred in obtaining contracts1,3831,611(1,416)1,578
Costs incurred to fulfil contracts668339(370)637
21. Trade and other payables
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-current
Trade payables27,08420,9031,294-
Contract liabilities520295520295
Accruals120-79
27,72421,1981,893295
Current
Trade payables33,45833,41812,6149,653
Amounts owed to related party2,2122,4538,780-
Other payables4,2873,5143,5773,065
Indirect tax payable10,9339,4125,3314,576
Contract liabilities 20,43314,80413,0406,710
Accruals 27,43823,90622,97922,074
98,76187,50766,32146,078
The following tables analyse the changes in contract liabilities during the years ended 31 December 2025 and 31 December 2024:
Group
As at 1 January 2024Business related variationsAs at 31 December 2024
\u20ac000\u20ac000
Contract liabilities
Prepaid and deferred income15,737(9,868)5,869
Revenue allocated to wholesale traffic
in view of discounting arrangements1,2141151,329
Others343(49)294
OriginationsUtilisation
\u20ac000\u20ac000
Attributable to free credits under
subscriber agreements2,2071,789(1,407)2,589
Deposits received in advance from
customers4,892339(213)5,018
Total contract liabilities24,39315,099
As at 1 January 2025Business related variationsAs at 31 December 2025
\u20ac000\u20ac000\u20ac000
Contract liabilities
Prepaid and deferred income5,8695,28711,156
Revenue allocated to wholesale traffic
in view of discounting arrangements1,3293181,647
Others294100394
OriginationsUtilisation
\u20ac000\u20ac000
Attributable to free credits under
subscriber agreements2,5891,903(1,728)2,764
Deposits received in advance from
customers5,018337(363)4,992
Total contract liabilities15,09920,953
Contract liabilities recognised in revenue during 2025
Revenue recognised in profit or loss during the financial year ended 31 December 2025 that was included in the balances of contract liabilities (prepaid and deferred income) as at 31 December 2024 amounted to \u20ac5,869,000 (2024: \u20ac15,737,000) and \u20ac2,793,000 (2024: \u20ac9,191,000) for the Group and the Company respectively.
22.Revenue
The Group\u2019s turnover is generated in Malta and Cyprus and further information on the activities within the different markets is reflected in Note 4 \u2018Segment information\u2019. The Group\u2019s turnover is analysed as follows:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Category of activity
Telecommunication and data centre services217,380209,652118,192115,135
Sale of goods30,46427,73513,77019,759
Other services and sundry revenues6,5197,4885,2394,711
254,363244,875137,201139,605
The Group\u2019s revenue reflected in the table above consists predominantly of revenue from contracts with customers.
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Timing of revenue recognition
At a point in time65,50559,25133,18440,162
Over time188,858185,624104,01799,443
254,363244,875137,201139,605
Unfulfilled performance obligations
The following table presents the transaction price assigned to unfulfilled performance obligations as at 31 December. Unfulfilled performance obligations are the services that the Group is obliged to provide to customers during the remaining fixed term of the contract. As allowed by the simplification procedure in IFRS 15, these disclosures are only related to performance obligations with an initial term greater than one year. On the allocation of the total contract transaction price to identified performance obligations, a portion of the total transaction price can be allocated to performance obligations that are unsatisfied or partially satisfied at the end of the reporting period. As outlined previously, GO has elected to apply certain available practical expedients when disclosing unfulfilled performance obligations, including the option to exclude expected revenues from unsatisfied obligations of contracts with an original expected duration of one year or less.
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Less than 1 year69,48578,28434,99238,191
Between 1 and 2 years29,68033,50111,28415,155
Between 2 and 5 years1,669820832820
100,834112,60547,10854,166
Accordingly, during the year ended 31 December 2025, the Group and the Company recognised revenue amounting to \u20ac78,284,000 and \u20ac38,191,000 (2024: \u20ac66,716,000 and \u20ac23,069,000) respectively, relating to performance obligations that were unsatisfied or partially satisfied at the end of the previous reporting period as reflected within the table above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page133-cflshid_56812-tag11686882": { "value": "
5.Property, plant and equipment
Group
Land and buildingsPlant and equipmentCustomer premises equipment and related assetsMotor vehiclesPayments on account and assets in course of constructionTotal
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
At 1 January 2024
Cost or valuation13,997423,10543,8981,0402,404484,444
Accumulated depreciation and impairment charges(2,383)(263,291)(30,390)(771)-(296,835)
Net book amount11,614159,81413,5082692,404187,609
Year ended 31 December 2024
Opening net book amount11,614159,81413,5082692,404187,609
Additions5035,7446,10861667943,197
Acquisition of subsidiaries (Note 8)-1,009-10-1,019
Disposals and write-offs-(51,357)(66)-(135)(51,558)
Transfers542,302--(2,356)-
Reclassification to intangible assets:
- cost----(84)(84)
- accumulated depreciation------
Depreciation charge(371)(26,554)(6,681)(132)-(33,738)
Depreciation/impairment
released on disposals and write-offs-51,35046--51,396
Closing net book amount11,347172,30812,915763508197,841
At 31 December 2024
Cost or valuation14,101410,80349,9401,666508477,018
Accumulated depreciation and impairment charges(2,754)(238,495)(37,025)(903)-(279,177)
Net book amount11,347172,30812,915763508197,841
During the preceding financial year, a subsidiary reclassified the carrying amount of \u20ac84,000 attributable to a specific asset category from Plant and equipment, as reflected in the table above, to Computer software within Intangible assets to reflect fairly the nature of such assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page133-cflshid_56812-tag11686818": { "value": "
5.Property, plant and equipment
Group
Land and buildingsPlant and equipmentCustomer premises equipment and related assetsMotor vehiclesPayments on account and assets in course of constructionTotal
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
At 1 January 2024
Cost or valuation13,997423,10543,8981,0402,404484,444
Accumulated depreciation and impairment charges(2,383)(263,291)(30,390)(771)-(296,835)
Net book amount11,614159,81413,5082692,404187,609
Year ended 31 December 2024
Opening net book amount11,614159,81413,5082692,404187,609
Additions5035,7446,10861667943,197
Acquisition of subsidiaries (Note 8)-1,009-10-1,019
Disposals and write-offs-(51,357)(66)-(135)(51,558)
Transfers542,302--(2,356)-
Reclassification to intangible assets:
- cost----(84)(84)
- accumulated depreciation------
Depreciation charge(371)(26,554)(6,681)(132)-(33,738)
Depreciation/impairment
released on disposals and write-offs-51,35046--51,396
Closing net book amount11,347172,30812,915763508197,841
At 31 December 2024
Cost or valuation14,101410,80349,9401,666508477,018
Accumulated depreciation and impairment charges(2,754)(238,495)(37,025)(903)-(279,177)
Net book amount11,347172,30812,915763508197,841
Depreciation and impairment charge
The depreciation charge for the year is recognised in profit or loss as follows:
GroupCompany
2025202420252024
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Cost of sales 33,29633,09322,31122,311
Administrative and other related expenses478645--
33,77433,73822,31122,311
6. Right-of-use assets
The Group\u2019s leasing activities
The movement in the carrying amount of these assets is analysed in the following table:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
At 1 January 51,67853,18932,01433,984
Additions2,0013,617260425
Additions through acquisition
of subsidiary-448--
Impacts of reassessment of lease
term, reflecting inclusion of
extension period3792,2395591,423
Impacts of termination of lease
arrangements(304)(73)--
Impacts of reassessment of lease
payments, determined on the
basis of an index5851,4235912,162
Depreciation(8,287)(9,165)(4,825)(5,980)
At 31 December 46,05251,67828,59932,014
The income statement includes the following amounts relating to leases:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Depreciation charge of right-of
use assets
Properties3,3384,3081,8983,002
Equipment and motor vehicles837946586649
Spectrum licences4,1123,9112,3412,329
8,2879,1654,8255,980
7.Intangible assets
Group
IRUs and DDPSComputer softwareBrand names, customer relationships and related assetsBroad -casting rightsPayments on account and assets in the course of constructionGoodwillTotal
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
At 1 January 2024
Cost36,76514,72730,27141,82835528,702152,648
Accumulated
amortisation and
impairment charges(12,840)(6,874)(23,437)(25,657)-(349)(69,157)
Net book amount23,9257,8536,83416,17135528,35383,491
Year ended
31 December 2024
Opening net book
amount23,9257,8536,83416,17135528,35383,491
Additions591-11916,5632,391-19,664
Development-2,035----2,035
Acquisition of
subsidiary (Note 8)-1511,399--1,8003,350
Transfers-355--(355)--
Amortisation charge(1,763)(3,539)(690)(6,422)--(12,434)
Closing net book amount22,7536,8557,66226,3122,39130,15396,126
At 31 December 2024
Cost37,35617,26831,78958,3912,39130,502177,697
Accumulated
amortisation and
impairment charges(14,603)(10,413)(24,127)(32,079)-(349)(81,571)
Net book amount22,7536,8557,66226,3122,39130,15396,126
Amortisation charge
The amortisation charge for the year is recognised in profit or loss within \u2018cost of sales\u2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page133-cflshid_56812-tag11686817": { "value": "
5.Property, plant and equipment
Group
Land and buildingsPlant and equipmentCustomer premises equipment and related assetsMotor vehiclesPayments on account and assets in course of constructionTotal
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
At 1 January 2024
Cost or valuation13,997423,10543,8981,0402,404484,444
Accumulated depreciation and impairment charges(2,383)(263,291)(30,390)(771)-(296,835)
Net book amount11,614159,81413,5082692,404187,609
Year ended 31 December 2024
Opening net book amount11,614159,81413,5082692,404187,609
Additions5035,7446,10861667943,197
Acquisition of subsidiaries (Note 8)-1,009-10-1,019
Disposals and write-offs-(51,357)(66)-(135)(51,558)
Transfers542,302--(2,356)-
Reclassification to intangible assets:
- cost----(84)(84)
- accumulated depreciation------
Depreciation charge(371)(26,554)(6,681)(132)-(33,738)
Depreciation/impairment
released on disposals and write-offs-51,35046--51,396
Closing net book amount11,347172,30812,915763508197,841
At 31 December 2024
Cost or valuation14,101410,80349,9401,666508477,018
Accumulated depreciation and impairment charges(2,754)(238,495)(37,025)(903)-(279,177)
Net book amount11,347172,30812,915763508197,841
Land and buildingsPlant and equipmentCustomer premises equipment and related assetsMotor vehiclesPayments on account and assets in course of constructionTotal
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
Year ended 31 December 2025
Opening net book amount11,347172,30812,915763508197,841
Additions1,11825,0853,41017928430,076
Disposals and write-offs(744)(21,730)(1,054)(62) -(23,590)
Transfers-261--(261)-
Depreciation charge(338)(27,215)(6,061)(160) -(33,774)
Depreciation/impairment
released on disposals and write-offs50521,7011,05425-23,285
Closing net book amount11,888170,41010,264745531193,838
At 31 December 2025
Cost or valuation14,475414,41952,2961,783531483,504
Accumulated depreciation and impairment charges(2,587)(244,009)(42,032)(1,038)-(289,666)
Net book amount11,888170,41010,264745531193,838
The Group\u2019s land and buildings are secured as collateral for the Group\u2019s banking facilities.
During the preceding financial year, a subsidiary reclassified the carrying amount of \u20ac84,000 attributable to a specific asset category from Plant and equipment, as reflected in the table above, to Computer software within Intangible assets to reflect fairly the nature of such assets.
Fair valuation of land and buildings
The Company\u2019s land and buildings within property, plant and equipment, were revalued on 31 December 2023 by an independent firm of property valuers having appropriate recognised professional qualifications and experience in the location and category of the property being valued, and the carrying amounts were adjusted to reflect these valuations Management have reviewed the carrying amounts of the properties as at 31 December 2025, on the basis of the assessments by the independent property valuers and no adjustment to the carrying amount was required.
Valuations were made on the basis of open market value taking cognisance of the specific location of the properties, the size of the sites together with their development potential, the availability of similar properties in the area, and whenever possible, having regard to recent market transactions for similar properties in the same location.
A subsidiary\u2019s leasehold property, with a carrying amount of \u20ac1,355,000 (2024: \u20ac1,732,000) at the end of the reporting period, was revalued in prior years by an independent firm of property valuers having appropriate professional qualifications and experience in the category of the property being valued. Management has reviewed the carrying amount of the property as at 31 December 2025 and no adjustments to the carrying amounts were deemed necessary as at that date.
BMITT\u2019s property comprises a property acquired during the financial year ended 31 December 2020 for a consideration of \u20ac4,000,000, currently being used to host one of its data centres. In the opinion of the company\u2019s directors, as at 31 December 2025, no significant changes or developments have been experienced since the acquisition that impacted the property\u2019s fair value by giving rise to a material shift in its estimated market value. The current carrying value is also supported by an independent valuation carried out by an independent firm of architects during 2023, commissioned by the company to carry out an assessment of the fair value of the property, by considering the aggregate of the estimated cash flows expected to be received from renting out the property over a defined period.
The Group is required to analyse non-financial assets carried at fair value by level of the fair value hierarchy within which the recurring fair value measurements are categorised in their entirety (Level 1, 2 or 3). The different levels of the fair value hierarchy have been defined as fair value measurements using:
-Quoted prices (unadjusted) in active markets for identical assets (Level 1);
-Inputs other than quoted prices included within Level 1 that are observable for the asset, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2);
-Inputs for the asset that are not based on observable market data (that is, unobservable inputs) (Level 3).
The Group\u2019s land and buildings, within property, plant and equipment, comprise exchanges, data centres, warehouses, offices and retail outlets. All the recurring property fair value measurements at 31 December 2025 and 2024 use significant unobservable inputs and are accordingly categorised within Level 3 of the fair valuation hierarchy.
The Group\u2019s policy is to recognise transfers into and out of fair value hierarchy levels as of the beginning of the reporting period. There were no transfers between different levels of the fair value hierarchy during the years ended 31 December 2025 and 2024.
A reconciliation from the opening balance to the closing balance of land and buildings for recurring fair value measurements categorised within Level 3 of the value hierarchy, is reflected in the table above. The changes during the year are mainly attributable to additions, revaluation surplus and depreciation charge.
Valuation processes
The valuations of the properties are performed regularly on the basis of valuation reports prepared by independent and qualified valuers. These reports are based on both:
-information provided by the respective company which is derived from the company\u2019s financial systems and is subject to the company\u2019s overall control environment; and
-assumptions and valuation models used by the valuers \u2013 the assumptions are typically market-related. These are based on professional judgement and market observation.
The information provided to the valuers, together with the assumptions and the valuation models used by the valuers, are reviewed by the Chief Finance Officer (CFO). This includes a review of fair value movements over the period. When the CFO considers that the valuation report is appropriate, the valuation report is recommended to the Audit Committee. The Audit Committee considers the valuation report as part of its overall responsibilities.
At the end of every reporting period, the CFO assesses whether any significant changes or developments have been experienced since the last external valuation. This is supported by an assessment performed by the independent firm of property valuers. The CFO reports to the Audit Committee on the outcome of this assessment.
Valuation techniques
The external valuations of the Company\u2019s Level 3 property have been performed using an adjusted sales comparison approach or a discounted rental streams approach. In view of a limited number of similar sales or rentals in the local market, the valuations have been performed using unobservable inputs. The significant input to the adjusted sales comparison approach is generally a sales price per square metre related to transactions in comparable properties located in proximity to the Group\u2019s property, with significant adjustments for differences in the size, age, exact location and condition of the property. The significant inputs to the discounted rental streams approach comprise annual rental values per square metre (also related to comparable properties or transactions and adjusted as described above) and the discount rate.
Information about fair value measurements using significant unobservable inputs (Level 3)
Group
At 31 December 2025 and 2024
Description by class based on highest and best useValuation techniqueSignificant unobservable inputRange of unobservable inputs (weighted average)Fair value
\u20ac000\u20ac000\u20ac000\u20ac000
Current use as office premises and telephone exchanges*Adjusted sales comparison approachSales price per square metre1,000 \u2013 2,6504,860
(1,500)(2024: 4,860)
Current use as data centreDiscounted cash-flows rental streams approachRental streamsRental value p.a of \u20ac135/sqm \u20ac160/sqm; discount rate of 5.75%4,200 (2024: 4,200)
*The category of land and buildings with current use as office premises and telephone exchanges consists of a number of properties owned by the Company.
Due to the low carrying value per property, Management is of the opinion that a reasonable change in the key assumptions considered in the valuation will not have a material impact in the carrying value. The highest and best use of the properties referred to above is equivalent to their current use
If the land and buildings were stated on the historical cost basis, the carrying amounts would be as follows:
GroupCompany
2025202420252024
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Cost13,95913,5854,6833,722
Accumulated depreciation(3,724)(3,876)(818)(774)
Net book amount10,2359,7093,8652,948
Depreciation and impairment charge
The depreciation charge for the year is recognised in profit or loss as follows:
GroupCompany
2025202420252024
\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000\u20ac\u2019000
Cost of sales 33,29633,09322,31122,311
Administrative and other related expenses478645--
33,77433,73822,31122,311
Recoverability of the telecommunications and data centre infrastructure
At 31 December 2025, the Group\u2019s telecommunications infrastructure and licences together with related tangible, intangible and other assets, attributable to the Malta Telecommunications, Data Centre and Cyprus Telecommunications CGUs, were carried at an aggregate amount of \u20ac168,206,000 (2024: \u20ac163,121,000), \u20ac9,974,000 (2024: \u20ac10,713,000) and \u20ac72,631,000 (2024: \u20ac74,534,000) respectively. No impairment indicators were identified by management in respect of these CGUs as at the end of the reporting period (Note 7).
35.Capital and other related commitments
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Contracted for:
Property, plant and equipment5,5705,9903,8684,953
Intangible assets471355--
Authorised but not contracted for:
Property, plant and equipment14,00016,80614,00016,806
Intangible assets-752-752
20,04123,90317,86822,511
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page133-cflshid_56812-tag11686816": { "value": "
5.Property, plant and equipment
Group
Land and buildingsPlant and equipmentCustomer premises equipment and related assetsMotor vehiclesPayments on account and assets in course of constructionTotal
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
At 1 January 2024
Cost or valuation13,997423,10543,8981,0402,404484,444
Accumulated depreciation and impairment charges(2,383)(263,291)(30,390)(771)-(296,835)
Net book amount11,614159,81413,5082692,404187,609
Year ended 31 December 2024
Opening net book amount11,614159,81413,5082692,404187,609
Additions5035,7446,10861667943,197
Acquisition of subsidiaries (Note 8)-1,009-10-1,019
Disposals and write-offs-(51,357)(66)-(135)(51,558)
Transfers542,302--(2,356)-
Reclassification to intangible assets:
- cost----(84)(84)
- accumulated depreciation------
Depreciation charge(371)(26,554)(6,681)(132)-(33,738)
Depreciation/impairment
released on disposals and write-offs-51,35046--51,396
Closing net book amount11,347172,30812,915763508197,841
At 31 December 2024
Cost or valuation14,101410,80349,9401,666508477,018
Accumulated depreciation and impairment charges(2,754)(238,495)(37,025)(903)-(279,177)
Net book amount11,347172,30812,915763508197,841
The Group\u2019s land and buildings are secured as collateral for the Group\u2019s banking facilities.
15.Cash and cash equivalents
For the purposes of the statements of cash flows, cash and cash equivalents comprise the following:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Cash at bank and in hand15,87614,7768,4104,283
Bank overdrafts (Note 18)(12,636)(7,145)(9,102)(4,860)
Cash pledged as guarantees(5,045)(3,072)(1,746)(1,400)
(1,805)4,559(2,438)(1,977)
Cash pledged as guarantees includes:
-\u20ac315,000 (2024: \u20ac640,000) cash collateral in respect of Good Payment Letters of Guarantee expiring on 15 June 2026, in favour of Cypriot regulatory authorities, relating to 4G radio spectrum frequencies.
-\u20ac683,000 (2024: \u20ac683,000) cash collateral in respect of Good Payment Letters of Guarantee expiring on 20 July 2026, in favour of Cypriot regulatory authorities, relating to 5G radio spectrum frequencies.
-\u20ac350,000 (2024: \u20ac350,000) and another \u20ac175,000 (2024: \u20acNil) representing cash collateral in respect of a Letter of Guarantee in favour of a third party expiring on 15 June 2026 and 7 August 2026 respectively, relating to the RAN Sharing agreement signed with this third party.
-\u20ac1,220,000 (2024: \u20ac1,220,000) in respect of a Letter of Guarantee in favour of a third party expiring on 31 December 2029, relating to football rights.
18. Borrowings
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-current liabilities
Bonds (i)100,701100,59559,52059,433
Secured bank loans (ii)67,38056,02516,85122,888
Shareholder\u2019s loans403---
Other private borrowings736406--
169,220157,02676,37182,321
Current liabilities
Secured bank loans (ii)8,6358,8276,0407,094
Bank overdrafts (iii)12,6367,1459,1024,860
21,27115,97215,14211,954
Total borrowings190,491172,99891,51394,275
Group
20252024
CurrencyYear of maturityFace valueCarrying amountFace valueCarrying amount
\u20ac000\u20ac000\u20ac000\u20ac000
5.25% Bondeuro20271,5251,5191,6221,595
4% Bondeuro203040,00039,66240,00039,567
3.5% Bondeuro203160,00059,52060,00059,433
101,525100,701101,622100,595
Bank loans
Loan 1euro20261,0641,0643,1893,189
Loan 2euro203010,62510,60013,12513,087
Loan 3euro203011,25011,22613,75013,707
Loan 4euro20302,6222,5903,1873,148
Loan 5stg202611112222
Loan 6euro204329,89429,70030,00029,795
Loan 7euro2033323323366367
Loan 8euro203420202323
Loan 9euro203147475757
Loan 10euro203025253131
Loan 11euro202931314141
Loan 12euro203273738585
Loan 13euro202615153838
Loan 14euro203381819292
Loan 15euro203215151717
Loan 16euro202710101616
Loan 17euro2025--1,0201,020
Loan 18euro2025--117117
Loan 19euro204519,89719,734--
Loan 20euro20312424--
Loan 21euro20359797--
Loan 22euro2037329329--
76,45376,01565,17664,852
(ii)Secured bank loans
The Company\u2019s bank loans are subject to financial covenants and are secured by hypothecs over the present and future assets of the Company.
Loans 4, 6 and 19 are attributable to a subsidiary, that are subject to financial covenants, are secured by the current and future assets (including the owned property) of the subsidiary and other group entities and by guarantees by these entities, whereas Loan 5 is unsecured.
(iv)Bank overdrafts
Bank overdrafts also include factoring facilities of a subsidiary. The Group\u2019s and Company\u2019s overdraft banking facilities at 31 December 2025 amounted to \u20ac24,530,000 (2024: \u20ac24,530,000) and \u20ac20,000,000 (2024: \u20ac20,000,000) respectively. The Company\u2019s facilities are secured by hypothecs over the present and future assets of the Company. The subsidiary\u2019s facilities are secured by guarantees and mortgages on the immovable property rights pertaining to the subsidiary.
36.Contingencies
(a)Contingent liabilities arising in the ordinary course of business
(i)As a result of its operations and activities in the ordinary course of the Group\u2019s business, the Group has, as at 31 December 2025, contingent liabilities arising from:
-guarantees in favour of third parties and performance bonds given amounting to \u20ac6,382,000 (2024: \u20ac5,716,000);
(b)Guarantees to secure banking facilities
A subsidiary of the Company has given guarantees to bankers in favour of another party so as to secure the party\u2019s banking facilities. The maximum exposure arising from these guarantees amounts to \u20ac1,207,000 (2023: \u20ac1,207,000). The Directors do not expect any losses to occur in this respect.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page151-cflshid_66316-tag11686895": { "value": "8.Investments in subsidiaries
Purchase consideration \u2013 net cash outflow
GO and the minority shareholders have also entered into a shareholder\u2019s agreement. Through this agreement the minority shareholders and GO have mutual call and put options regarding the minority interest\u2019s shares in AQS, exercisable upon the achievement of an agreed performance threshold. These rights remain valid for one year from the approval of the AQS Group\u2019s consolidated financial statements for the financial year 2027:
-Minority Shareholders Option: They may require GO to acquire its shares, with the Company valued at 6x the average EBITDA (2023-2027), net of non-current liabilities. Other AQS Group entities will be valued using a market-based net present value approach with a 5% discount rate, adjusted for net debt as at 31 December 2027.
-GO\u2019s Option: GO may require the minority shareholders to sell its shares, with the Company valued at 7x the average EBITDA (2023-2027), net of non-current liabilities. Other AQS Group entities will be valued similarly using a market-based net present value approach with a 5% discount rate, adjusted for net debt as at 31 December 2027.
The combination of this written put option with a strike price that is variable depending on future performance of AQS was not deemed to expose the Group to risks and rewards associated with a present ownership interest of the underlying shares. Consequently, the fair value of the estimated strike price of \u20ac1,315,000 has been recognised as a financial liability at the time of the business combination. Given that the ownership interest associated with these shares has been attributed to non-controlling interests, upon initial recognition the Group and Company recognised a negative reserve in its equity for the same amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page151-cflshid_66316-tag11686881": { "value": "8.Investments in subsidiaries
Acquisition of AQS Med Limited
On 27 March 2024, the Company announced that it had signed a share purchase agreement that will result in GO purchasing 51% shareholding in AQS Med Limited (C50569) (\u2018AQS\u2019). On 28 June 2024, the agreement was agreed upon and 51% of the shares in AQS were transferred to GO.
The total consideration paid for the acquisition of the shares was \u20ac1,203,000 with the possibility of a management earnout capped at \u20ac1,984,000, based on actual and forecasted performance of AQS over a four-year period, from 2023 up till 2027. Given that the awarding of this earnout is intrinsically linked on the continued employment of key management personnel for the above-mentioned period, this eventual payment is treated as management remuneration and will be accrued for at its fair value on an annual basis. Movement in the fair value of this liability will be taken to profit and loss as employee benefit expense.
Purchase consideration \u2013 net cash outflow
GO and the minority shareholders have also entered into a shareholder\u2019s agreement. Through this agreement the minority shareholders and GO have mutual call and put options regarding the minority interest\u2019s shares in AQS, exercisable upon the achievement of an agreed performance threshold. These rights remain valid for one year from the approval of the AQS Group\u2019s consolidated financial statements for the financial year 2027:
-Minority Shareholders Option: They may require GO to acquire its shares, with the Company valued at 6x the average EBITDA (2023-2027), net of non-current liabilities. Other AQS Group entities will be valued using a market-based net present value approach with a 5% discount rate, adjusted for net debt as at 31 December 2027.
-GO\u2019s Option: GO may require the minority shareholders to sell its shares, with the Company valued at 7x the average EBITDA (2023-2027), net of non-current liabilities. Other AQS Group entities will be valued similarly using a market-based net present value approach with a 5% discount rate, adjusted for net debt as at 31 December 2027.
The combination of this written put option with a strike price that is variable depending on future performance of AQS was not deemed to expose the Group to risks and rewards associated with a present ownership interest of the underlying shares. Consequently, the fair value of the estimated strike price of \u20ac1,315,000 has been recognised as a financial liability at the time of the business combination. Given that the ownership interest associated with these shares has been attributed to non-controlling interests, upon initial recognition the Group and Company recognised a negative reserve in its equity for the same amount.
As at 31 December 2025, management determined that the fair value of the estimated strike price and related liability amounted to \u20ac728,000. The movement in liability has been taken directly to equity.
Acquisition of Klikk Finance p.l.c.
On 11 November 2024, the Company announced that it had acquired 100% of the shares in Klikk Finance p.l.c. (\u2018Klikk\u2019). Klikk holds 100% in Klikk Limited (C30425). The companies operate electronic retail outlets. The registered office of both companies is GO, Triq Hal-Tarxien, Zejtun, ZTN 3000, Malta.
The total consideration paid for the acquisition of the shares was \u20ac600,000 with the possibility of a further maximum earnout of \u20ac300,000 depending on the performance of Klikk over a three-year period. The fair value of the equity is reflective of the discounted future cashflows under the purchase agreement.
Acquisition of 56Bit Ltd
On 25 March 2025, BMITT signed a Share Purchase Agreement to acquire a 51% shareholding in 56Bit Ltd (C 92422) (\u201c56Bit\u201d). The acquisition was completed on 30 May 2025, resulting in BMITT obtaining majority voting rights and control over 56Bit in terms of IFRS 10.
Under the agreement, BMITT may increase its shareholding over a five-year period, depending on 56Bit\u2019s performance and subject to certain put options held by minority shareholders during the same period.
The total consideration paid, including amounts paid to sellers and other acquisition costs, amounted to \u20ac602,000.
Purchase consideration \u2013 net cash outflow
BMITT and the minority shareholders have also entered into a shareholder\u2019s agreement whereby the minority shareholders were granted written put options enabling them to sell their remaining shares to BMITT in two tranches of 29% in 2027 and 20% in 2029. These written put options are exercisable subject to the achievement of agreed performance thresholds for each year respectively. The exercise price of the options is determined based on a formula linked to 56Bit\u2019s EBITDA, multiplied by a pre-defined multiple that varies depending on performance thresholds. The maximum consideration for the option exercisable is \u20ac400,000 and \u20ac500,000 for the 2027 and 2029 put option tranches, respectively.
In assessing the appropriate accounting treatment, management has considered the nature of the pricing mechanism stipulated in the agreement. The variability in the exercise price, which is contingent on the future performance of 56Bit Limited, indicates that the non-controlling shareholders retain exposure to the risks and rewards associated with their shareholding. Although the presence of a cap may suggest an element of fixed pricing, management has assessed that the cap is not substantive enough to result in a transfer of risks and rewards to the Group at the inception of the options.
Management exercised significant judgement in determining the value of the liability through reference to management\u2019s estimate of the future payout in respect of the put options, taking into consideration the projected growth of the acquired entity and related EBITDA projections. Accordingly, BMITT has recognised a financial liability of \u20ac2,040,000 with a corresponding negative reserve within equity. This accounting treatment is consistent with the Group\u2019s past transactions and reflects the fact that the non-controlling interest continues to bear the risks and rewards of ownership until such time as the options are exercised and the shares are transferred. Subsequent changes in the value of the financial liability will be recognised directly in equity as changes in the parent\u2019s ownership interest that do not result in a loss of control.
21. Trade and other payables
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-current
Trade payables27,08420,9031,294-
Contract liabilities520295520295
Accruals120-79
27,72421,1981,893295
Current
Trade payables33,45833,41812,6149,653
Amounts owed to related party2,2122,4538,780-
Other payables4,2873,5143,5773,065
Indirect tax payable10,9339,4125,3314,576
Contract liabilities 20,43314,80413,0406,710
Accruals 27,43823,90622,97922,074
98,76187,50766,32146,078
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page151-cflshid_66316-tag11686861": { "value": "8.Investments in subsidiaries
Acquisition of AQS Med Limited
On 27 March 2024, the Company announced that it had signed a share purchase agreement that will result in GO purchasing 51% shareholding in AQS Med Limited (C50569) (\u2018AQS\u2019). On 28 June 2024, the agreement was agreed upon and 51% of the shares in AQS were transferred to GO.
The total consideration paid for the acquisition of the shares was \u20ac1,203,000 with the possibility of a management earnout capped at \u20ac1,984,000, based on actual and forecasted performance of AQS over a four-year period, from 2023 up till 2027. Given that the awarding of this earnout is intrinsically linked on the continued employment of key management personnel for the above-mentioned period, this eventual payment is treated as management remuneration and will be accrued for at its fair value on an annual basis. Movement in the fair value of this liability will be taken to profit and loss as employee benefit expense.
Purchase consideration \u2013 net cash outflow
GO and the minority shareholders have also entered into a shareholder\u2019s agreement. Through this agreement the minority shareholders and GO have mutual call and put options regarding the minority interest\u2019s shares in AQS, exercisable upon the achievement of an agreed performance threshold. These rights remain valid for one year from the approval of the AQS Group\u2019s consolidated financial statements for the financial year 2027:
-Minority Shareholders Option: They may require GO to acquire its shares, with the Company valued at 6x the average EBITDA (2023-2027), net of non-current liabilities. Other AQS Group entities will be valued using a market-based net present value approach with a 5% discount rate, adjusted for net debt as at 31 December 2027.
-GO\u2019s Option: GO may require the minority shareholders to sell its shares, with the Company valued at 7x the average EBITDA (2023-2027), net of non-current liabilities. Other AQS Group entities will be valued similarly using a market-based net present value approach with a 5% discount rate, adjusted for net debt as at 31 December 2027.
The combination of this written put option with a strike price that is variable depending on future performance of AQS was not deemed to expose the Group to risks and rewards associated with a present ownership interest of the underlying shares. Consequently, the fair value of the estimated strike price of \u20ac1,315,000 has been recognised as a financial liability at the time of the business combination. Given that the ownership interest associated with these shares has been attributed to non-controlling interests, upon initial recognition the Group and Company recognised a negative reserve in its equity for the same amount.
As at 31 December 2025, management determined that the fair value of the estimated strike price and related liability amounted to \u20ac728,000. The movement in liability has been taken directly to equity.
Acquisition of Klikk Finance p.l.c.
On 11 November 2024, the Company announced that it had acquired 100% of the shares in Klikk Finance p.l.c. (\u2018Klikk\u2019). Klikk holds 100% in Klikk Limited (C30425). The companies operate electronic retail outlets. The registered office of both companies is GO, Triq Hal-Tarxien, Zejtun, ZTN 3000, Malta.
The total consideration paid for the acquisition of the shares was \u20ac600,000 with the possibility of a further maximum earnout of \u20ac300,000 depending on the performance of Klikk over a three-year period. The fair value of the equity is reflective of the discounted future cashflows under the purchase agreement.
Acquisition of 56Bit Ltd
On 25 March 2025, BMITT signed a Share Purchase Agreement to acquire a 51% shareholding in 56Bit Ltd (C 92422) (\u201c56Bit\u201d). The acquisition was completed on 30 May 2025, resulting in BMITT obtaining majority voting rights and control over 56Bit in terms of IFRS 10.
Under the agreement, BMITT may increase its shareholding over a five-year period, depending on 56Bit\u2019s performance and subject to certain put options held by minority shareholders during the same period.
The total consideration paid, including amounts paid to sellers and other acquisition costs, amounted to \u20ac602,000.
Purchase consideration \u2013 net cash outflow
BMITT and the minority shareholders have also entered into a shareholder\u2019s agreement whereby the minority shareholders were granted written put options enabling them to sell their remaining shares to BMITT in two tranches of 29% in 2027 and 20% in 2029. These written put options are exercisable subject to the achievement of agreed performance thresholds for each year respectively. The exercise price of the options is determined based on a formula linked to 56Bit\u2019s EBITDA, multiplied by a pre-defined multiple that varies depending on performance thresholds. The maximum consideration for the option exercisable is \u20ac400,000 and \u20ac500,000 for the 2027 and 2029 put option tranches, respectively.
In assessing the appropriate accounting treatment, management has considered the nature of the pricing mechanism stipulated in the agreement. The variability in the exercise price, which is contingent on the future performance of 56Bit Limited, indicates that the non-controlling shareholders retain exposure to the risks and rewards associated with their shareholding. Although the presence of a cap may suggest an element of fixed pricing, management has assessed that the cap is not substantive enough to result in a transfer of risks and rewards to the Group at the inception of the options.
Management exercised significant judgement in determining the value of the liability through reference to management\u2019s estimate of the future payout in respect of the put options, taking into consideration the projected growth of the acquired entity and related EBITDA projections. Accordingly, BMITT has recognised a financial liability of \u20ac2,040,000 with a corresponding negative reserve within equity. This accounting treatment is consistent with the Group\u2019s past transactions and reflects the fact that the non-controlling interest continues to bear the risks and rewards of ownership until such time as the options are exercised and the shares are transferred. Subsequent changes in the value of the financial liability will be recognised directly in equity as changes in the parent\u2019s ownership interest that do not result in a loss of control.
36.Contingencies
The contingencies of the Group and the Company are listed below:
(a)Contingent liabilities arising in the ordinary course of business
(i)As a result of its operations and activities in the ordinary course of the Group\u2019s business, the Group has, as at 31 December 2025, contingent liabilities arising from:
-guarantees in favour of third parties and performance bonds given amounting to \u20ac6,382,000 (2024: \u20ac5,716,000);
-actual or potential claims and litigation arising from provision of services, acquisition of goods and services by the Group and other legal issues;
-a case requesting the Commission of Fair Trading to investigate alleged abusive prices for the provision of IP Transit and ADSL services;
-claims by a restricted number of employees; and
-contingent consideration arising from business combinations and put options written over non-controlling interest (Note 8).
in respect of which no losses which are deemed material, individually or in aggregate, in the context of understanding the Group\u2019s financial results and financial position, are expected.
(ii) At the end of the reporting period, the Group had a contingent liability arising from an overseas court judgement requiring that a Group company implements measures to prevent a specific client from providing certain services. The company was ordered to pay for the costs of the court proceedings and to pay a fine of \u20ac100,000 per day subsequent to service of the said judgement, unless and until the company complies with it. On the basis of legal advice obtained by the Group, the company has not yet been correctly served with the judgement and, additionally, the judgement can be enforced in Malta only in the event that it is declared enforceable by the Courts in Malta. This legal advice obtained by the Group highlights serious doubts on the enforceability of the overseas court judgement in Malta and accordingly no provision has been recognised as the Directors are of the opinion that a cash outflow is not probable.
Another overseas court proceeding had been instituted against the same Group company with respect to similar claims in relation to services provided to another client. Until the date of authorisation for issue of these financial statements, no judgement has been delivered by the court. No provision for expected losses was deemed necessary by the Directors as at the end of the reporting period taking cognisance of legal advice received.
(iii) During the year ended 31 December 2022, the Office for Consumer Affairs (\u2018OCA\u2019) within the Malta Competition and Consumer Affairs Authority (\u2018MCCAA\u2019) commenced an investigation in connection with certain changes to billing and payment collection processes and policies adopted by three main telecommunication operators in Malta, to ensure full compliance with the requirements mandated by the revised European Payments Services Directive 2015/2366 (also known as PSD 2). GO has cooperated with the Authority and provided all information requested throughout the investigation.
During the year ended 31 December 2023, the OCA had issued a provisional decision highlighting its provisional findings and requested the operators to make submissions on such provisional findings within a prescribed timeframe. GO made robust submissions on the provisional decision rebutting all claims made and findings presented by the OCA, utilising compelling legal and economic arguments on the basis of advice from independent legal and economic advisors. No further developments in this respect have occurred until the date of authorisation for issue of these financial statements. Based on legal advice obtained, the OCA is expected to review the said submissions and to determine whether to drop the case or issue a final report (whether with the same conclusions or amended conclusions) and present it in Court with a sworn application. The latter route would trigger a lawsuit whereby the Civil Court (Commercial Jurisdiction) would determine whether the operators breached competition rules, and if so, what fine to impose.
No provision for expected losses was deemed necessary by the Directors as at the end of the reporting period taking cognisance of legal advice received in this respect, in view of the robustness of the Company\u2019s submissions on the provisional decision and the substantive nature of the remaining steps required in the process for court proceedings against the Company, if any, to commence and for such proceedings to determine the eventual outcome. Based on legal advice obtained, the Directors are confident that it is more likely that GO would prevail in Court, should there be any court proceedings, and that accordingly a material cash outflow in this respect is not probable.
(iv)On 28 August 2023, the Company was informed that the Office for Competition had initiated an investigation against the Company for alleged abuse of dominance in the markets for (i) the national wholesale unbundled copper and fibre infrastructure access services and (ii) the access to passive infrastructure for the rolling-out of fixed broadband networks following a complaint lodged by a third party. The Office for Competition also requested specific and detailed information from the Company on the same date. The Company responded to the request for information, contesting the allegations made by the third party, on 30 and 31 October 2023. On 1 March 2024, the Office for Competition informed GO that it has rejected the third-party request to file an application in Court requesting the imposition of urgent interim measures. As at the date of authorisation for issue of these financial statements, the investigation by the Office for Competition is still ongoing. If, as a result of its investigation, the Office for Competition determines that in its view the Company has abused of its dominance, the Office would file a sworn application before the Civil Court (Commercial Section) against the Company. In the event of an unfavourable judgment, the Civil Court (Commercial Section) may impose a penalty on the Company. Based on legal advice obtained, the Directors\u2019 view is that the Company\u2019s position and arguments in rebutting the claims is robust, that the investigation and process are in their early stages and that the remaining steps preceding the filing of a sworn application, if any, are very substantive. Hence no provision for expected losses was deemed necessary by the Directors as at the end of the reporting period as a material cash outflow in this respect is not deemed probable.
(b)Guarantees to secure banking facilities
A subsidiary of the Company has given guarantees to bankers in favour of another party so as to secure the party\u2019s banking facilities. The maximum exposure arising from these guarantees amounts to \u20ac1,207,000 (2023: \u20ac1,207,000). The Directors do not expect any losses to occur in this respect.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page151-cflshid_66316-tag11686860": { "value": "8.Investments in subsidiaries
Acquisition of AQS Med Limited
On 27 March 2024, the Company announced that it had signed a share purchase agreement that will result in GO purchasing 51% shareholding in AQS Med Limited (C50569) (\u2018AQS\u2019). On 28 June 2024, the agreement was agreed upon and 51% of the shares in AQS were transferred to GO.
The total consideration paid for the acquisition of the shares was \u20ac1,203,000 with the possibility of a management earnout capped at \u20ac1,984,000, based on actual and forecasted performance of AQS over a four-year period, from 2023 up till 2027. Given that the awarding of this earnout is intrinsically linked on the continued employment of key management personnel for the above-mentioned period, this eventual payment is treated as management remuneration and will be accrued for at its fair value on an annual basis. Movement in the fair value of this liability will be taken to profit and loss as employee benefit expense.
Purchase consideration \u2013 net cash outflow
GO and the minority shareholders have also entered into a shareholder\u2019s agreement. Through this agreement the minority shareholders and GO have mutual call and put options regarding the minority interest\u2019s shares in AQS, exercisable upon the achievement of an agreed performance threshold. These rights remain valid for one year from the approval of the AQS Group\u2019s consolidated financial statements for the financial year 2027:
-Minority Shareholders Option: They may require GO to acquire its shares, with the Company valued at 6x the average EBITDA (2023-2027), net of non-current liabilities. Other AQS Group entities will be valued using a market-based net present value approach with a 5% discount rate, adjusted for net debt as at 31 December 2027.
-GO\u2019s Option: GO may require the minority shareholders to sell its shares, with the Company valued at 7x the average EBITDA (2023-2027), net of non-current liabilities. Other AQS Group entities will be valued similarly using a market-based net present value approach with a 5% discount rate, adjusted for net debt as at 31 December 2027.
The combination of this written put option with a strike price that is variable depending on future performance of AQS was not deemed to expose the Group to risks and rewards associated with a present ownership interest of the underlying shares. Consequently, the fair value of the estimated strike price of \u20ac1,315,000 has been recognised as a financial liability at the time of the business combination. Given that the ownership interest associated with these shares has been attributed to non-controlling interests, upon initial recognition the Group and Company recognised a negative reserve in its equity for the same amount.
As at 31 December 2025, management determined that the fair value of the estimated strike price and related liability amounted to \u20ac728,000. The movement in liability has been taken directly to equity.
Acquisition of Klikk Finance p.l.c.
On 11 November 2024, the Company announced that it had acquired 100% of the shares in Klikk Finance p.l.c. (\u2018Klikk\u2019). Klikk holds 100% in Klikk Limited (C30425). The companies operate electronic retail outlets. The registered office of both companies is GO, Triq Hal-Tarxien, Zejtun, ZTN 3000, Malta.
The total consideration paid for the acquisition of the shares was \u20ac600,000 with the possibility of a further maximum earnout of \u20ac300,000 depending on the performance of Klikk over a three-year period. The fair value of the equity is reflective of the discounted future cashflows under the purchase agreement.
Acquisition of 56Bit Ltd
On 25 March 2025, BMITT signed a Share Purchase Agreement to acquire a 51% shareholding in 56Bit Ltd (C 92422) (\u201c56Bit\u201d). The acquisition was completed on 30 May 2025, resulting in BMITT obtaining majority voting rights and control over 56Bit in terms of IFRS 10.
Under the agreement, BMITT may increase its shareholding over a five-year period, depending on 56Bit\u2019s performance and subject to certain put options held by minority shareholders during the same period.
The total consideration paid, including amounts paid to sellers and other acquisition costs, amounted to \u20ac602,000.
Purchase consideration \u2013 net cash outflow
BMITT and the minority shareholders have also entered into a shareholder\u2019s agreement whereby the minority shareholders were granted written put options enabling them to sell their remaining shares to BMITT in two tranches of 29% in 2027 and 20% in 2029. These written put options are exercisable subject to the achievement of agreed performance thresholds for each year respectively. The exercise price of the options is determined based on a formula linked to 56Bit\u2019s EBITDA, multiplied by a pre-defined multiple that varies depending on performance thresholds. The maximum consideration for the option exercisable is \u20ac400,000 and \u20ac500,000 for the 2027 and 2029 put option tranches, respectively.
In assessing the appropriate accounting treatment, management has considered the nature of the pricing mechanism stipulated in the agreement. The variability in the exercise price, which is contingent on the future performance of 56Bit Limited, indicates that the non-controlling shareholders retain exposure to the risks and rewards associated with their shareholding. Although the presence of a cap may suggest an element of fixed pricing, management has assessed that the cap is not substantive enough to result in a transfer of risks and rewards to the Group at the inception of the options.
Management exercised significant judgement in determining the value of the liability through reference to management\u2019s estimate of the future payout in respect of the put options, taking into consideration the projected growth of the acquired entity and related EBITDA projections. Accordingly, BMITT has recognised a financial liability of \u20ac2,040,000 with a corresponding negative reserve within equity. This accounting treatment is consistent with the Group\u2019s past transactions and reflects the fact that the non-controlling interest continues to bear the risks and rewards of ownership until such time as the options are exercised and the shares are transferred. Subsequent changes in the value of the financial liability will be recognised directly in equity as changes in the parent\u2019s ownership interest that do not result in a loss of control.
34.Commitments with respect to leases to which the short-term exemption under IFRS 16 was applied and other related commitments
(c)Other related commitments
As at the end of the reporting period, the Company has a non-cancellable commitment in respect of the transferred passive network infrastructure sites attributable to the mobile network towers operation with BMITT. The transaction price attributable to each site in operation amounts to \u20ac14,168 per annum, with an annual inflationary adjustment up to a maximum of 1.5%, taking into account the first period of operations commencing in December 2023. BMITT has a contractual non-cancellable commitment to provide the services for an uninterrupted initial term of 30 years. Thus, the non-cancellable initial period terminates in November 2053. As at 31 December 2025, GO had 299 (2024: 286) sites in operation. Moreover, as at end December 2025 GO shall be required to deliver approximately 9 new \u2018Built-to-Suit\u2019 passive network infrastructure sites and transfer them to BMITT by the end of 2030. All transferred sites will be managed by BMITT in terms of the master service agreement and in respect of which GO shall be obliged to pay an annual service fee.
Additionally, as at 31 December 2025 the Company had commitments in relation to operating and maintenance fees from 2025 to 2044 amounting to \u20ac35,994,000 (2023: \u20ac32,943,000), which amounts include an aggregate annual maintenance costs related to the PEACE submarine cable of \u20ac9,447,000 (2024: \u20ac9,663,000) over a period of 20 years, back-to-back maintenance agreements for resale \u20ac16,492,000 (2024: \u20ac13,117,000) and \u20ac2,112,000 (2024: \u20ac2,761,000) relating to the 5G network over a period of 4 years. Commitments as at 31 December 2025 in respect of TV content fees from 2025 to 2028 amount to \u20ac3,680,000 (2024: \u20ac2,319,000).
A subsidiary had commitments in relation to the payment of operating and maintenance fees from 2025 to 2046 amounting to \u20ac84,514,000 (2024: \u20ac94,409,000), software maintenance fees and annual support costs from 2025 to 2028 amounting to \u20ac2,984,000 (2024: \u20ac2,873,000), TV content fees from 2025 to 2025 of \u20ac3,752,000 (2024: \u20ac6,489,000), cost of sports and production expenses from 2025 to 2025 of \u20ac449,000 (2024: \u20ac312,000), sponsorships to sports clubs from 2025 of \u20acNil (2024: \u20ac57,000) and consumables, maintenance, support and other expenses from 2025 to 2028 of \u20ac2,536,000 (2024: \u20ac3,852,000).
35.Capital and other related commitments
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Contracted for:
Property, plant and equipment5,5705,9903,8684,953
Intangible assets471355--
Authorised but not contracted for:
Property, plant and equipment14,00016,80614,00016,806
Intangible assets-752-752
20,04123,90317,86822,511
36.Contingencies
The contingencies of the Group and the Company are listed below:
(a)Contingent liabilities arising in the ordinary course of business
(i)As a result of its operations and activities in the ordinary course of the Group\u2019s business, the Group has, as at 31 December 2025, contingent liabilities arising from:
-guarantees in favour of third parties and performance bonds given amounting to \u20ac6,382,000 (2024: \u20ac5,716,000);
-actual or potential claims and litigation arising from provision of services, acquisition of goods and services by the Group and other legal issues;
-a case requesting the Commission of Fair Trading to investigate alleged abusive prices for the provision of IP Transit and ADSL services;
-claims by a restricted number of employees; and
-contingent consideration arising from business combinations and put options written over non-controlling interest (Note 8).
in respect of which no losses which are deemed material, individually or in aggregate, in the context of understanding the Group\u2019s financial results and financial position, are expected.
(ii) At the end of the reporting period, the Group had a contingent liability arising from an overseas court judgement requiring that a Group company implements measures to prevent a specific client from providing certain services. The company was ordered to pay for the costs of the court proceedings and to pay a fine of \u20ac100,000 per day subsequent to service of the said judgement, unless and until the company complies with it. On the basis of legal advice obtained by the Group, the company has not yet been correctly served with the judgement and, additionally, the judgement can be enforced in Malta only in the event that it is declared enforceable by the Courts in Malta. This legal advice obtained by the Group highlights serious doubts on the enforceability of the overseas court judgement in Malta and accordingly no provision has been recognised as the Directors are of the opinion that a cash outflow is not probable.
Another overseas court proceeding had been instituted against the same Group company with respect to similar claims in relation to services provided to another client. Until the date of authorisation for issue of these financial statements, no judgement has been delivered by the court. No provision for expected losses was deemed necessary by the Directors as at the end of the reporting period taking cognisance of legal advice received.
(iii) During the year ended 31 December 2022, the Office for Consumer Affairs (\u2018OCA\u2019) within the Malta Competition and Consumer Affairs Authority (\u2018MCCAA\u2019) commenced an investigation in connection with certain changes to billing and payment collection processes and policies adopted by three main telecommunication operators in Malta, to ensure full compliance with the requirements mandated by the revised European Payments Services Directive 2015/2366 (also known as PSD 2). GO has cooperated with the Authority and provided all information requested throughout the investigation.
During the year ended 31 December 2023, the OCA had issued a provisional decision highlighting its provisional findings and requested the operators to make submissions on such provisional findings within a prescribed timeframe. GO made robust submissions on the provisional decision rebutting all claims made and findings presented by the OCA, utilising compelling legal and economic arguments on the basis of advice from independent legal and economic advisors. No further developments in this respect have occurred until the date of authorisation for issue of these financial statements. Based on legal advice obtained, the OCA is expected to review the said submissions and to determine whether to drop the case or issue a final report (whether with the same conclusions or amended conclusions) and present it in Court with a sworn application. The latter route would trigger a lawsuit whereby the Civil Court (Commercial Jurisdiction) would determine whether the operators breached competition rules, and if so, what fine to impose.
No provision for expected losses was deemed necessary by the Directors as at the end of the reporting period taking cognisance of legal advice received in this respect, in view of the robustness of the Company\u2019s submissions on the provisional decision and the substantive nature of the remaining steps required in the process for court proceedings against the Company, if any, to commence and for such proceedings to determine the eventual outcome. Based on legal advice obtained, the Directors are confident that it is more likely that GO would prevail in Court, should there be any court proceedings, and that accordingly a material cash outflow in this respect is not probable.
(iv)On 28 August 2023, the Company was informed that the Office for Competition had initiated an investigation against the Company for alleged abuse of dominance in the markets for (i) the national wholesale unbundled copper and fibre infrastructure access services and (ii) the access to passive infrastructure for the rolling-out of fixed broadband networks following a complaint lodged by a third party. The Office for Competition also requested specific and detailed information from the Company on the same date. The Company responded to the request for information, contesting the allegations made by the third party, on 30 and 31 October 2023. On 1 March 2024, the Office for Competition informed GO that it has rejected the third-party request to file an application in Court requesting the imposition of urgent interim measures. As at the date of authorisation for issue of these financial statements, the investigation by the Office for Competition is still ongoing. If, as a result of its investigation, the Office for Competition determines that in its view the Company has abused of its dominance, the Office would file a sworn application before the Civil Court (Commercial Section) against the Company. In the event of an unfavourable judgment, the Civil Court (Commercial Section) may impose a penalty on the Company. Based on legal advice obtained, the Directors\u2019 view is that the Company\u2019s position and arguments in rebutting the claims is robust, that the investigation and process are in their early stages and that the remaining steps preceding the filing of a sworn application, if any, are very substantive. Hence no provision for expected losses was deemed necessary by the Directors as at the end of the reporting period as a material cash outflow in this respect is not deemed probable.
(b)Guarantees to secure banking facilities
A subsidiary of the Company has given guarantees to bankers in favour of another party so as to secure the party\u2019s banking facilities. The maximum exposure arising from these guarantees amounts to \u20ac1,207,000 (2023: \u20ac1,207,000). The Directors do not expect any losses to occur in this respect.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page151-cflshid_66316-tag11686824": { "value": "8.Investments in subsidiaries
Acquisition of AQS Med Limited
Purchase consideration \u2013 net cash outflow
\u20ac000
Outflow of cash to acquire subsidiaries, net of cash acquired:
Cash consideration1,203
Less cash acquired(60)
Net outflow of cash \u2013 investing activities1,143
\u20ac000
Fair value of initial 51% equity holding in AQS as at acquisition date1,203
The estimated fair values of identifiable assets and liabilities of AQS as at date of acquisition were as follows:
\u20ac000
Non-current assets (principally Property, plant and equipment)876
Intangible assets (principally Brands and Customer Lists)757
Investment in associates50
Current assets (principally inventory and trade and other receivables)772
Liabilities(2,038)
Net identifiable assets acquired417
Attributable to non-controlling interests(216)
Goodwill1,002
1,203
Non-controlling interests have been measured at the related proportion of the net identifiable assets at acquisition.
GO and the minority shareholders have also entered into a shareholder\u2019s agreement. Through this agreement the minority shareholders and GO have mutual call and put options regarding the minority interest\u2019s shares in AQS, exercisable upon the achievement of an agreed performance threshold. These rights remain valid for one year from the approval of the AQS Group\u2019s consolidated financial statements for the financial year 2027:
-Minority Shareholders Option: They may require GO to acquire its shares, with the Company valued at 6x the average EBITDA (2023-2027), net of non-current liabilities. Other AQS Group entities will be valued using a market-based net present value approach with a 5% discount rate, adjusted for net debt as at 31 December 2027.
-GO\u2019s Option: GO may require the minority shareholders to sell its shares, with the Company valued at 7x the average EBITDA (2023-2027), net of non-current liabilities. Other AQS Group entities will be valued similarly using a market-based net present value approach with a 5% discount rate, adjusted for net debt as at 31 December 2027.
The combination of this written put option with a strike price that is variable depending on future performance of AQS was not deemed to expose the Group to risks and rewards associated with a present ownership interest of the underlying shares. Consequently, the fair value of the estimated strike price of \u20ac1,315,000 has been recognised as a financial liability at the time of the business combination. Given that the ownership interest associated with these shares has been attributed to non-controlling interests, upon initial recognition the Group and Company recognised a negative reserve in its equity for the same amount.
Acquisition of 56Bit Ltd
On 25 March 2025, BMITT signed a Share Purchase Agreement to acquire a 51% shareholding in 56Bit Ltd (C 92422) (\u201c56Bit\u201d). The acquisition was completed on 30 May 2025, resulting in BMITT obtaining majority voting rights and control over 56Bit in terms of IFRS 10.
Purchase consideration \u2013 net cash outflow
\u20ac000
Fair value of initial 51% equity holding in 56Bit at acquisition date602
The estimated fair values of identifiable assets and liabilities of 56Bit as at date of acquisition were as follows:
\u20ac000
Property, plant and equipment 11
Intangible assets (principally brands and AWS certification)515
Current assets (principally cash and trade and other receivables)507
Trade and other payables(141)
Net identifiable assets acquired892
Attributable to non-controlling interests(392)
Goodwill102
602
Non-controlling interests have been measured at the related proportion of the net identifiable assets at acquisition.
\u20ac000
Outflow of cash to acquire subsidiaries, net of cash acquired:
Cash consideration602
Less: cash acquired (incl. cash injection)(411)
Net outflow of cash \u2013 investing activities191
BMITT and the minority shareholders have also entered into a shareholder\u2019s agreement whereby the minority shareholders were granted written put options enabling them to sell their remaining shares to BMITT in two tranches of 29% in 2027 and 20% in 2029. These written put options are exercisable subject to the achievement of agreed performance thresholds for each year respectively. The exercise price of the options is determined based on a formula linked to 56Bit\u2019s EBITDA, multiplied by a pre-defined multiple that varies depending on performance thresholds. The maximum consideration for the option exercisable is \u20ac400,000 and \u20ac500,000 for the 2027 and 2029 put option tranches, respectively.
In assessing the appropriate accounting treatment, management has considered the nature of the pricing mechanism stipulated in the agreement. The variability in the exercise price, which is contingent on the future performance of 56Bit Limited, indicates that the non-controlling shareholders retain exposure to the risks and rewards associated with their shareholding. Although the presence of a cap may suggest an element of fixed pricing, management has assessed that the cap is not substantive enough to result in a transfer of risks and rewards to the Group at the inception of the options.
Management exercised significant judgement in determining the value of the liability through reference to management\u2019s estimate of the future payout in respect of the put options, taking into consideration the projected growth of the acquired entity and related EBITDA projections. Accordingly, BMITT has recognised a financial liability of \u20ac2,040,000 with a corresponding negative reserve within equity. This accounting treatment is consistent with the Group\u2019s past transactions and reflects the fact that the non-controlling interest continues to bear the risks and rewards of ownership until such time as the options are exercised and the shares are transferred. Subsequent changes in the value of the financial liability will be recognised directly in equity as changes in the parent\u2019s ownership interest that do not result in a loss of control.
Non-controlling interests (NCI)
Set out below is summarised financial information for each subsidiary that has non-controlling interests which are material to the Group. The amounts disclosed for each subsidiary are before inter-company eliminations.
Summarised balance sheetCablenetBMITT
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Current assets10,24712,2958,80211,359
Current liabilities37,27145,63115,08011,230
Net current (liabilities)/assets(27,024)(33,336)(6,278)129
Non-current assets117,844115,09787,57363,511
Non-current liabilities93,79081,34268,45050,884
Net non-current assets24,05433,75519,12312,627
Net assets(2,970)41912,84512,756
Accumulated NCI2911,4245,7366,108
Summarised statement of
comprehensive income
Revenue69,67872,06936,51533,604
(Loss)/profit for the period(3,390)(588)3,4664,168
(Loss)/profit allocated to NCI(1,010)(175)1,6071,982
Dividends paid to NCI--1,7292,450
Summarised cash flows
Cash flows from operating activities19,52223,0876,9687,591
Cash flows from investing activities(15,206)(18,570)(26,930)(2,279)
Cash flows from financing activities(5,948)(4,622)16,962(3,038)
Net increase/(decrease) in cash
and cash equivalents(1,632)(105)(3,000)2,274
36.Contingencies
(a)Contingent liabilities arising in the ordinary course of business
(i)As a result of its operations and activities in the ordinary course of the Group\u2019s business, the Group has, as at 31 December 2025, contingent liabilities arising from:
-contingent consideration arising from business combinations and put options written over non-controlling interest (Note 8).
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page151-cflshid_66316-tag11686823": { "value": "8.Investments in subsidiaries The subsidiaries at 31 December 2025 and 2024 are shown below:
SubsidiaryRegistered officePercentage of shares heldNature of business
20252024
%%
BMIT Technologies p.l.c (with listed ordinary share capital)Building SCM02, Level 2 Smart City, Ricasoli, Kalkara, SCM1001, Malta53.852.5Investment holding and operation of the passive mobile tower infrastructure
Cablenet Communication Systems p.l.c (with listed debt securities)41 - 49, Agiou Nicolau Street, Block A, Nimeli Court, 3rd floor, 2408, Egkomi, Nicosia, Cyprus70.670.6Provision of: broadband, cable television and telephone services
Connectedcare LimitedGO, Triq Hal Tarxien, Zejtun, ZTN 3000, Malta51.051.0Electronic and mobile care solutions
GO Ventures LimitedGO, Triq Hal Tarxien, Zejtun, ZTN 3000, Malta100.0100.0Investment holding
Sens Innovation Group Limited115, Gardenia, Vjal il-Qalbiena, Mostin, Mosta, MST2354, Malta76.076.0Energy management IoT solutions
SubsidiaryRegistered officePercentage of shares heldNature of business
20252024
%%
Cybersift Holdings15, Sali, Triq iz-Zebbuga, Iklin, IKL 1960, Malta51.051.0Cybersecurity services
GO Infrastructure Services LimitedGO, Triq Hal Tarxien, Zejtun, ZTN 3000, Malta100.0100.0Provision of passive network infrastructure services
AQS Med Limited9, Triq FS Caruana, Birkirkara, BKR 1231, Malta51.051.0Renewable energy products and generation
Klikk Finance p.l.c9, Triq FS Caruana, Birkirkara, BKR 1231, Malta100.0100.0Electronic equipment retailer
GO IP Holdings LimitedGO, Triq Hal Tarxien, Zejtun, ZTN 3000, Malta100.0100.0Intellectual property holding company
BMITT holds 99.9% (2024: 99.9%) in Bellnet Limited, BM IT Limited and BM Support Services Limited. The companies provide co-location and internet services, technical assistance and IT solutions. The registered office of all the companies is Building SCM 02, Level 2 SmartCity, Ricasoli, Kalkara, SCM1001, Malta. During the current financial year BMITT acquired 51% in 56Bit Ltd whose registered office is 32, Triq l-Gewwinija, Ghaxaq GXQ1970, Malta.
9. Investments in associates
Set out below are the associates of the Group as at 31 December 2025. The entities listed below have share capital consisting principally of ordinary shares, which are held directly by the Group. The country of incorporation or registration is also their principal place of business, and unless otherwise stated, the proportion of ownership interest is the same as the proportion of voting rights held.
AssociatePercentage of shares heldNature of business
20252024
%%
Malta Properties Company p.l.c.49%-Owning and leasing out a portfolio of commercial properties across Malta
EBO Ltd15%15%Provision of AI driven virtual agents in the Healthcare, iGaming and Financial services sector.
Mindbeat Global Limited34%34%Operation of a SaaS platform for mobile coaching and e-learning.
BA2 Limited33.3%33.3%Operation of a solar farm
Bubaqra Solar Farm Limited50%50%Operation of a solar farm
Xewkija Solar Farm Limited33.3%33.3%Operation of a solar farm
10.Loans receivable from subsidiaries and associates
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Loans receivable from subsidiaries--176,499171,177
Loans receivable from associates184184--
Carrying amount at end of year184184176,499171,177
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Carrying amount at beginning of year--171,17710,100
Advances effected during the year--1,950162,000
Converted from amounts receivables6,872
Acquired through acquisition of
subsidiary184184--
Loan repayments--(3,500)(923)
Carrying amount at end of year184184176,499171,177
Non-current184184172,799166,410
Current --3,7004,767
On 7 August 2020, AQS Med Ltd through its subsidiary AQS Solar Capital Ltd, granted a loan facility amounting to \u20ac191,600 to related company BA2 Limited. The loan has a 17-year term and will be repaid by 31 December 2037. The loan is subject to a 8% interest rate with effect from the first drawdown date. Capital will be repaid in full as a lump sum on maturity and interest payments are to be affected annually. As at December 2025, the loan amount was \u20ac85,734.
On 11 December 2020, AQS Med Ltd through its subsidiary AQS Solar Capital Ltd, granted a loan facility amounting to \u20ac197,907 to related company Bubaqra Solar Farm Limited. The loan has a 10 year term and will be repaid by 31 December 2030. The loan is subject to a 8% interest rate with effect from the first drawdown date. Capital will be repaid in full as a lump sum on maturity and interest payments are to be affected annually. As at December 2025, the loan amount was \u20ac97,907.
18. Borrowings
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-current liabilities
Bonds (i)100,701100,59559,52059,433
Secured bank loans (ii)67,38056,02516,85122,888
Shareholder\u2019s loans403---
Other private borrowings736406--
169,220157,02676,37182,321
Current liabilities
Secured bank loans (ii)8,6358,8276,0407,094
Bank overdrafts (iii)12,6367,1459,1024,860
21,27115,97215,14211,954
Total borrowings190,491172,99891,51394,275
19.Lease liabilities
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-current
Properties22,07725,62120,73421,822
Equipment and motor vehicles3611,269314336
Spectrum licences11,99012,0875,3716,033
34,42838,97726,41928,191
Current
Properties2,2842,8011,6801,618
Equipment and motor vehicles162686323477
Spectrum licences4,8544,3441,6362,382
7,3007,8313,6394,477
Total lease liabilities41,72846,80830,05832,668
Included in lease liabilities for properties are amounts of \u20ac21,720,000 (2024: \u20ac22,773,000) and \u20ac20,713,000 (2024: \u20ac21,692,000) for the Group and Company respectively, which are attributable to arrangements with associates and other related parties.
21. Trade and other payables
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-current
Trade payables27,08420,9031,294-
Contract liabilities520295520295
Accruals120-79
27,72421,1981,893295
Current
Trade payables33,45833,41812,6149,653
Amounts owed to related party2,2122,4538,780-
Other payables4,2873,5143,5773,065
Indirect tax payable10,9339,4125,3314,576
Contract liabilities 20,43314,80413,0406,710
Accruals 27,43823,90622,97922,074
98,76187,50766,32146,078
37.Related party transactions
The Company and its subsidiaries have a related party relationship with Soci\u00e9t\u00e9 Nationale des T\u00e9l\u00e9communications, the Company\u2019s ultimate parent (Note 38), related entities ultimately controlled by Soci\u00e9t\u00e9 Nationale des T\u00e9l\u00e9communications, together with the Company\u2019s Directors (key management personnel). Dubai Holding LLC (GO\u2019s former ultimate parent) and all entities ultimately controlled by it are still considered to be related parties, in view of Dubai Holding LLC\u2019s interest in, and significant influence on, GO\u2019s current ultimate parent.
(i)Transaction in respect of transfer of Intellectual Property rights to GO IP Holdings Limited
Taking cognisance of the Group\u2019s growth, both through external acquisitions and internal organic growth, during 2024, the management of the Group underwent an exercise to restructure and deploy more extensively the Group\u2019s Intellectual Property (\u2018IP\u2019), predominantly arising from GO. The success of the synergies that the Group can attain from its business acquisitions is also very much dependant on the effective deployment of the Group\u2019s IP. Thus, given the strategic importance of the Group\u2019s IP and its impact on the Group\u2019s current and future operations, management believes that the most efficient deployment of the IP was to legally and operationally ring-fence the IP in a separate wholly owned subsidiary.
This separation of IP from the operating entities serves multiple strategic objectives. Primarily, it provides enhanced protection to GO's valuable IP assets by insulating them from potential operational risks, such as financial downturns, legal disputes, or market volatility, thereby safeguarding long-term value.
Moreover, this restructuring facilitates more effective management and commercialisation of IP, allowing GO IP Holdings Ltd to centrally manage licensing agreements, ensuring clarity, consistency, and optimal IP monetisation opportunities. Clearly segregating IP assets simplifies their valuation, enabling GO p.l.c. to better attract strategic partnerships and investors specifically interested in IP-driven opportunities.
Segregating IP management into a dedicated entity, allows GO p.l.c. to remain focused on its core operations. This strategic move positions GO Group to effectively exploit future growth opportunities, diversify its revenue streams, and enhance overall corporate resilience and flexibility.
As a result, in December 2024, GO entered into an assignment agreement with GO IP Holdings Limited (\u2018GOIP\u2019 - a subsidiary of GO), for the transfer of IP and Relevant Assets (as further detailed below), for a consideration of \u20ac158,600,000. The portion of the consideration allocated to the distinct intangible assets identified below has been determined on the basis of an independent expert valuation report. As further detailed below, the valuation of the distinct assets, consisting of the IP and Relevant Assets (which constitute amongst others, Trademarks, Domains, Copyright Works, Trade Secrets and Software), considers a combination of valuation methodologies including the Market Approach based on a Multiple of Revenue, Relief from Royalty (\u2018RFR\u2019) method, Multi-period Excess Earnings Method (\u2018MEEM\u2019) and asset depreciated replacement cost method.
The following table summarises the IP and Relevant Assets transferred, the valuation methodology applied for each asset and the key inputs considered:
Transferred asset(s)Fair Value (\u20ac\u2019000)Valuation methodologyKey inputs and assumptions
GO Brand67,090Multiple of Revenue and Relief from Royalty (RFR) as a cross-check-Branded revenue generated by GO in the last 12 months -Multiple of Revenue based on an analysis of Brand value to revenue multiples for comparable companies -Implied royalty rate -Tax adjustment -Discount rate, including a risk premium over basic WACC -Terminal value growth rate -Tax amortisation benefit (\u2018TAB\u2019)
Software5,100Depreciated replacement cost-Capitalised development costs of development employees and apportionment of the relevant overheads, reflecting increases in salaries and wages of software developers over the respective years
All other IP86,410Multi-period excess earnings method (MEEM)-Future cashflows to be generated by GO p.l.c.-Contribution factor of IP-Contributary asset charges (mainly for net working capital, PPE, GO brand and workforce)-Tax adjustment-Discount rate, including a risk premium over basic WACC-Tax amortisation benefit (\u2018TAB\u2019)
Total (including
TAB)158,600
The receivable of \u20ac158,600,000 arising upon sale was converted into a loan, bearing annual interest of 4%, which loan is to be repaid in full by December 2039, through annual minimum instalments of \u20ac3,500,000.
Simultaneously, GOIP entered into a licencing agreement with GO, whereby GOIP grants GO (as the Licensee) a non-exclusive, sub-licensable, licence and a right of use over the IP and Relevant Assets for a market-based royalty fee based on the Licensee\u2019s annual gross revenue for an initial term of 5 years, automatically renewable for a further 5 years unless the agreement is terminated with the mutual consent of both parties.
The licencing agreement includes a clause that, to the extent permissible by any applicable law, GO shall offer GOIP the option to acquire any future IP in Content and Material created and/or developed by GO at is fair market value.
Furthermore, during 2025, in line with the strategy outlined above, GOIP entered into similar licencing agreements with other subsidiaries of the Group. Furthermore, GOIP also entered into agreements with external parties to give access to IP available to the Group.
(ii) The following other principal transactions, which were carried out with related parties, have a material effect on the operating results and financial position of the Group and Company:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Current ultimate parent and related
entities
Dividends paid to9,93816,5649,93816,564
Former ultimate parent and related
entities
Payments relating to leases treated in
accordance with IFRS 16 requirements2,2153,5842,0193,703
In view of the requirements of IFRS 16, the Group recognised lease liabilities in respect of lease arrangements with related parties (refer to Note 19).
As further disclosed in note 8, On 30 October 2025, BMITT announced that it has acquired 49,642,139 ordinary shares (the \u201cShares\u201d) from Emirates International Telecommunications (Malta) Limited (C 38658) (\u201cEITML\u201d) in Malta Properties Company p.l.c. (C 51272) (\u201cMPC\u201d). The Shares represent 49% of the total issued share capital of MPC. The Shares were offered at a price of \u20ac0.51 per share, for a total consideration of \u20ac25,318,000. The Group is classifying this interest as an investment in associate.
Prior to the above mentioned investment in associate, Malta Properties Company p.l.c. was considered a related party since its ultimate parent is Dubai Holding LLC, which exerts significant influence on GO\u2019s ultimate parent, as referred to above. Hence this acquisition of investment in associate is deemed to be a transaction with a related party. As disclosed in note 19, during 2025 and 2024, the Group was leasing a number of properties from Malta Properties Company p.l.c..
In the opinion of the Directors, disclosure of related party transactions, which are generally carried out on commercial terms and conditions, is only necessary when the transactions effected have a material impact on the operating results and financial position of the Group. The aggregate invoiced amounts in respect of a number of transaction types carried out with related parties are not considered material and accordingly they do not have a significant effect on these financial statements.
Year-end balances with related parties, arising principally from the above transactions, are disclosed in Notes 10, 14, 19 and 21 to these financial statements.
Transactions with key management personnel
The Group defines key management personnel to include directors and senior management. Remuneration paid by the Group to directors and senior management during the year amounted to \u20ac405,546 and \u20ac3,116,305 respectively (2024: \u20ac410,269 and \u20ac2,829,239 respectively).
Except for remuneration disclosed above, the Group has not entered into material transactions with key management personnel which would warrant disclosure thereof for the purpose of understanding the Group\u2019s financial results or its financial position. Also, the Group has not entered into material transactions with entities in which the Group\u2019s key management personnel directly or indirectly have an interest or over which they have direct or indirect influence. Any such transactions would constitute normal operating transactions under normal market and commercial terms relating to provision of operational services by the Group, and would not comprise financing transactions.
39. Statutory information
GO p.l.c.\u00a0is a public limited liability company, with its ordinary shares listed on the Malta Stock Exchange, domiciled and incorporated in Malta. The Company\u2019s ultimate parent is Soci\u00e9t\u00e9 Nationale des T\u00e9l\u00e9communications (Tunisie Telecom), the registered office of which is situated at Tunisie Telecom Building, 1053 Jardins du Lac II, Tunis, Tunisia which owns 65.4% of the Company\u2019s shares. The Company\u2019s immediate parent is TT ML Limited, a fully owned subsidiary of Tunisie Telecom, established as a special purpose vehicle for the purpose of holding GO\u2019s shares. The Tunisian Government holds a 65% shareholding in Tunisie Telecom, and Emirates International Telecommunications (EIT), a subsidiary of Dubai Holding LLC which is GO\u2019s former ultimate parent, owns the other 35%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page151-cflshid_66316-tag11686822": { "value": "8.Investments in subsidiaries
The carrying amount of the investments at 31 December 2025 and 2024 is equivalent to the cost of the investments. The subsidiaries at 31 December 2025 and 2024 are shown below:
SubsidiaryRegistered officePercentage of shares heldNature of business
20252024
%%
BMIT Technologies p.l.c (with listed ordinary share capital)Building SCM02, Level 2 Smart City, Ricasoli, Kalkara, SCM1001, Malta53.852.5Investment holding and operation of the passive mobile tower infrastructure
Cablenet Communication Systems p.l.c (with listed debt securities)41 - 49, Agiou Nicolau Street, Block A, Nimeli Court, 3rd floor, 2408, Egkomi, Nicosia, Cyprus70.670.6Provision of: broadband, cable television and telephone services
Connectedcare LimitedGO, Triq Hal Tarxien, Zejtun, ZTN 3000, Malta51.051.0Electronic and mobile care solutions
GO Ventures LimitedGO, Triq Hal Tarxien, Zejtun, ZTN 3000, Malta100.0100.0Investment holding
Sens Innovation Group Limited115, Gardenia, Vjal il-Qalbiena, Mostin, Mosta, MST2354, Malta76.076.0Energy management IoT solutions
SubsidiaryRegistered officePercentage of shares heldNature of business
20252024
%%
Cybersift Holdings15, Sali, Triq iz-Zebbuga, Iklin, IKL 1960, Malta51.051.0Cybersecurity services
GO Infrastructure Services LimitedGO, Triq Hal Tarxien, Zejtun, ZTN 3000, Malta100.0100.0Provision of passive network infrastructure services
AQS Med Limited9, Triq FS Caruana, Birkirkara, BKR 1231, Malta51.051.0Renewable energy products and generation
Klikk Finance p.l.c9, Triq FS Caruana, Birkirkara, BKR 1231, Malta100.0100.0Electronic equipment retailer
GO IP Holdings LimitedGO, Triq Hal Tarxien, Zejtun, ZTN 3000, Malta100.0100.0Intellectual property holding company
BMITT holds 99.9% (2024: 99.9%) in Bellnet Limited, BM IT Limited and BM Support Services Limited. The companies provide co-location and internet services, technical assistance and IT solutions. The registered office of all the companies is Building SCM 02, Level 2 SmartCity, Ricasoli, Kalkara, SCM1001, Malta. During the current financial year BMITT acquired 51% in 56Bit Ltd whose registered office is 32, Triq l-Gewwinija, Ghaxaq GXQ1970, Malta.
GO Ventures Limited was incorporated in 2019, to invest in start-up companies offering digital solutions.
GO Infrastructure Services Limited was incorporated during the year ended 31 December 2023, to act as a vehicle for the transfer of the assets attributable to the mobile network towers operation to BMITT. The impacts of this addition on GO\u2019s consolidated and stand-alone financial statements is considered immaterial for disclosure purposes, also taking cognisance of the entity\u2019s business purpose.
GO IP Holdings limited was incorporated during the year ended 31 December 2024 to strategically acquire, safeguard, and commercialise intellectual property assets (see Note 37(i)). The impacts of this addition on GO\u2019s consolidated and stand-alone financial statements is considered immaterial for disclosure purposes, also taking cognisance of the entity\u2019s business purpose.
SENS Innovation Group Limited (SENS) holds 100% in Llobeno Limited and ESDL \u2013 UK Limited. The companies provide energy management IoT solutions. The registered office of Llobeno Limited is 115, Gardenia, Vjal il-Qalbiena Mostin, Mosta, MST2354, Malta and that of ESDL \u2013 UK Limited is Wellesley House, 204, London Road, Waterlooville, Hampshire, England PO77AN.
Cybersift Holdings Limited holds 100% in Cybersift Limited. The companies provide cybersecurity services to customers. The registered address of Cybersift Limited is 15, Sali, Triq iz-Zebbuga, Iklin, IKL 1960, Malta.
AQS holds 100% in AQS Solar Capital Limited and Malta Solar Parks Limited. The companies provide solar energy solutions and jointly own solar farm with third parties. The registered office of all companies is 9, F.S. Caruana Street, Birkirkara, BKR1230, Malta. AQS owns 33% shareholding in BA2 Limited and through its subsidiary AQS Solar Capital, it owns 33% shareholding in Xewkija Solar Farm and 50% shareholding in Bubaqra Solar Farm. All these companies own and operate solar farms.
Klikk Finance p.l.c. holds 100% in Klikk Limited. The companies operate two outlets and an online website that sell electronic goods both to the retail and corporate segments.
Further investment in Cablenet Communication Systems p.l.c.
During the year ended 31 December 2024, Cablenet issued 45,058 new shares which were given to Mr. Yiannos Michaelides as management compensation for reaching the established targets. In December 2024, Mr. Michaelides sold these shares to GO p.l.c. at \u20ac1,586,000. As at the date of this transaction, the carrying amount attributable to the non-controlling interest stake in this subsidiary which had been acquired, was \u20ac66,000. The excess purchase consideration over the non-controlling interest acquired (\u20ac1,521,000) was recognised directly in equity.
Further investment in BMIT Technologies p.l.c.
In March 2024, BMITT declared a dividend of \u20ac0.025 per share for the year ended 31 December 2023. Shareholders were offered the option to receive the dividend either in cash or in the form of new ordinary shares at an attribution price of \u20ac0.351 per share. GO elected to convert its dividend of \u20ac2,550,000 into ordinary shares, resulting in the acquisition of 7,264,957 additional shares in BMITT, while minority shareholders acquired a further 741,625 shares. Consequently, GO\u2019s shareholding in BMITT increased by 1.5%, bringing its total ownership to 52.5%.
In April 2025, BMITT declared a further dividend of \u20ac0.019 per share and again offered shareholders the option of a scrip dividend at an attribution price of \u20ac0.319 per share. GO converted its dividend of \u20ac2,271,000 into 6,583,521 additional shares, while minority shareholders acquired 534,818 shares. As a result, GO\u2019s shareholding in BMITT increased by a further 1.3%, reaching 53.8%.
Acquisition of AQS Med Limited
On 27 March 2024, the Company announced that it had signed a share purchase agreement that will result in GO purchasing 51% shareholding in AQS Med Limited (C50569) (\u2018AQS\u2019). On 28 June 2024, the agreement was agreed upon and 51% of the shares in AQS were transferred to GO.
AQS was established in 2010 when the renewable energy market in Malta was still an emerging one. It has since established itself as a market leader having been entrusted with some of the largest installations on the island. This strategic acquisition underlines the Company\u2019s commitment to renewable energy. Furthermore, the Company believes that through this acquisition it can help support the achievement of Malta\u2019s environmental targets which, at the same time, present an opportunity to grow in the energy vertical.
AQS holds 100% in AQS Solar Capital Limited (C54873) and Malta Solar Parks Limited (C96862). The companies provide solar energy solutions and jointly own solar farm with third parties. The registered office of both companies is 9, F.S. Caruana Street, Birkirkara, BKR1230, Malta. AQS owns 33% shareholding in BA2 Limited and through its subsidiary AQS Solar Capital, it owns 33% shareholding in Xewkija Solar Farm and 50% shareholding in Bubaqra Solar Farm. All these companies own and operate solar farms.
The total consideration paid for the acquisition of the shares was \u20ac1,203,000 with the possibility of a management earnout capped at \u20ac1,984,000, based on actual and forecasted performance of AQS over a four-year period, from 2023 up till 2027. Given that the awarding of this earnout is intrinsically linked on the continued employment of key management personnel for the above-mentioned period, this eventual payment is treated as management remuneration and will be accrued for at its fair value on an annual basis. Movement in the fair value of this liability will be taken to profit and loss as employee benefit expense.
Purchase consideration \u2013 net cash outflow
\u20ac000
Outflow of cash to acquire subsidiaries, net of cash acquired:
Cash consideration1,203
Less cash acquired(60)
Net outflow of cash \u2013 investing activities1,143
\u20ac000
Fair value of initial 51% equity holding in AQS as at acquisition date1,203
The estimated fair values of identifiable assets and liabilities of AQS as at date of acquisition were as follows:
\u20ac000
Non-current assets (principally Property, plant and equipment)876
Intangible assets (principally Brands and Customer Lists)757
Investment in associates50
Current assets (principally inventory and trade and other receivables)772
Liabilities(2,038)
Net identifiable assets acquired417
Attributable to non-controlling interests(216)
Goodwill1,002
1,203
Non-controlling interests have been measured at the related proportion of the net identifiable assets at acquisition.
GO and the minority shareholders have also entered into a shareholder\u2019s agreement. Through this agreement the minority shareholders and GO have mutual call and put options regarding the minority interest\u2019s shares in AQS, exercisable upon the achievement of an agreed performance threshold. These rights remain valid for one year from the approval of the AQS Group\u2019s consolidated financial statements for the financial year 2027:
-Minority Shareholders Option: They may require GO to acquire its shares, with the Company valued at 6x the average EBITDA (2023-2027), net of non-current liabilities. Other AQS Group entities will be valued using a market-based net present value approach with a 5% discount rate, adjusted for net debt as at 31 December 2027.
-GO\u2019s Option: GO may require the minority shareholders to sell its shares, with the Company valued at 7x the average EBITDA (2023-2027), net of non-current liabilities. Other AQS Group entities will be valued similarly using a market-based net present value approach with a 5% discount rate, adjusted for net debt as at 31 December 2027.
The combination of this written put option with a strike price that is variable depending on future performance of AQS was not deemed to expose the Group to risks and rewards associated with a present ownership interest of the underlying shares. Consequently, the fair value of the estimated strike price of \u20ac1,315,000 has been recognised as a financial liability at the time of the business combination. Given that the ownership interest associated with these shares has been attributed to non-controlling interests, upon initial recognition the Group and Company recognised a negative reserve in its equity for the same amount.
As at 31 December 2025, management determined that the fair value of the estimated strike price and related liability amounted to \u20ac728,000. The movement in liability has been taken directly to equity.
No further disclosures in respect of this acquisition were deemed necessary, in view of the fact that the acquired subsidiary is not deemed material to GO, as a reporting entity in terms of the requirements of IFRS 3 Business Combinations.
Acquisition of Klikk Finance p.l.c.
On 11 November 2024, the Company announced that it had acquired 100% of the shares in Klikk Finance p.l.c. (\u2018Klikk\u2019). Klikk holds 100% in Klikk Limited (C30425). The companies operate electronic retail outlets. The registered office of both companies is GO, Triq Hal-Tarxien, Zejtun, ZTN 3000, Malta.
Klikk was incorporated as a private limited company on 12 May 2011 as HMRD limited and on 2 January 2016 resolved to change its name to BOE Finance Limited. Subsequently on 14 June 2017, the Company resolved to convert to a public limited liability company and renamed Klikk Finance p.l.c. The Klikk group principal activity is to operate two electronic retail outlets servicing both retail and corporate clients. The Directors believe that this acquisition will create synergies between the two companies.
The total consideration paid for the acquisition of the shares was \u20ac600,000 with the possibility of a further maximum earnout of \u20ac300,000 depending on the performance of Klikk over a three-year period. The fair value of the equity is reflective of the discounted future cashflows under the purchase agreement.
During 2025, it transpired that certain assets and liabilities acquired had to be restated. These included (i) inventory items carried at cost despite having a lower net realisable value, (ii) trade receivables deemed unrecoverable but previously not impaired, and (iii) incorrect creditor balances due to incomplete records. As a result, the inventory, trade receivables, trade payables and goodwill were restated.
\u20ac000
Fair value of 100% equity holding in Klikk as at acquisition date600
The estimated fair values of identifiable assets and liabilities of Klikk as at date of acquisition were as follows:
\u20ac000
restated
Non-current assets (principally property plant and equipment and right-
of-use assets)591
Intangible assets (principally brands and software)659
Other assets (principally inventory and trade and other receivables)1,439
Liabilities (principally borrowings, lease liabilities and trade payables)(3,266)
Net identifiable assets acquired(577)
Goodwill1,177
600
No further disclosures in respect of this acquisition were deemed necessary, in view of the fact that the acquired subsidiary is not deemed material to GO, as a reporting entity in terms of the requirements of IFRS 3 Business Combinations.
Acquisition of 56Bit Ltd
On 25 March 2025, BMITT signed a Share Purchase Agreement to acquire a 51% shareholding in 56Bit Ltd (C 92422) (\u201c56Bit\u201d). The acquisition was completed on 30 May 2025, resulting in BMITT obtaining majority voting rights and control over 56Bit in terms of IFRS 10.
Under the agreement, BMITT may increase its shareholding over a five-year period, depending on 56Bit\u2019s performance and subject to certain put options held by minority shareholders during the same period.
56Bit is an AWS Advanced Tier Services Partner specialising in cloud solutions, DevOps and managed services, including cloud consulting, architecture, migration, security enhancement and cost optimisation, enabling businesses to scale and secure their digital environments.
The acquisition represents a strategic step to strengthen BMITT\u2019s cloud capabilities and reinforce its position as a leading provider of hybrid IT and cloud services in Malta. It enhances BMITT\u2019s AWS expertise, complements its existing offerings, and expands its ability to deliver vendor-agnostic, tailored cloud solutions, including AWS-focused migration, optimisation and managed services. It also provides access to specialised skills, certifications and customer relationships, improving competitiveness in hybrid and multi-cloud environments.
The total consideration paid, including amounts paid to sellers and other acquisition costs, amounted to \u20ac602,000.
Purchase consideration \u2013 net cash outflow
\u20ac000
Fair value of initial 51% equity holding in 56Bit at acquisition date602
The estimated fair values of identifiable assets and liabilities of 56Bit as at date of acquisition were as follows:
\u20ac000
Property, plant and equipment 11
Intangible assets (principally brands and AWS certification)515
Current assets (principally cash and trade and other receivables)507
Trade and other payables(141)
Net identifiable assets acquired892
Attributable to non-controlling interests(392)
Goodwill102
602
Non-controlling interests have been measured at the related proportion of the net identifiable assets at acquisition.
\u20ac000
Outflow of cash to acquire subsidiaries, net of cash acquired:
Cash consideration602
Less: cash acquired (incl. cash injection)(411)
Net outflow of cash \u2013 investing activities191
BMITT and the minority shareholders have also entered into a shareholder\u2019s agreement whereby the minority shareholders were granted written put options enabling them to sell their remaining shares to BMITT in two tranches of 29% in 2027 and 20% in 2029. These written put options are exercisable subject to the achievement of agreed performance thresholds for each year respectively. The exercise price of the options is determined based on a formula linked to 56Bit\u2019s EBITDA, multiplied by a pre-defined multiple that varies depending on performance thresholds. The maximum consideration for the option exercisable is \u20ac400,000 and \u20ac500,000 for the 2027 and 2029 put option tranches, respectively.
In assessing the appropriate accounting treatment, management has considered the nature of the pricing mechanism stipulated in the agreement. The variability in the exercise price, which is contingent on the future performance of 56Bit Limited, indicates that the non-controlling shareholders retain exposure to the risks and rewards associated with their shareholding. Although the presence of a cap may suggest an element of fixed pricing, management has assessed that the cap is not substantive enough to result in a transfer of risks and rewards to the Group at the inception of the options.
Management exercised significant judgement in determining the value of the liability through reference to management\u2019s estimate of the future payout in respect of the put options, taking into consideration the projected growth of the acquired entity and related EBITDA projections. Accordingly, BMITT has recognised a financial liability of \u20ac2,040,000 with a corresponding negative reserve within equity. This accounting treatment is consistent with the Group\u2019s past transactions and reflects the fact that the non-controlling interest continues to bear the risks and rewards of ownership until such time as the options are exercised and the shares are transferred. Subsequent changes in the value of the financial liability will be recognised directly in equity as changes in the parent\u2019s ownership interest that do not result in a loss of control.
No further disclosures in respect of this acquisition were deemed necessary, in view of the fact that the acquired subsidiary is not deemed material to GO, as a reporting entity in terms of the requirements of IFRS 3 Business Combinations.
Non-controlling interests (NCI)
Set out below is summarised financial information for each subsidiary that has non-controlling interests which are material to the Group. The amounts disclosed for each subsidiary are before inter-company eliminations.
Summarised balance sheetCablenetBMITT
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Current assets10,24712,2958,80211,359
Current liabilities37,27145,63115,08011,230
Net current (liabilities)/assets(27,024)(33,336)(6,278)129
Non-current assets117,844115,09787,57363,511
Non-current liabilities93,79081,34268,45050,884
Net non-current assets24,05433,75519,12312,627
Net assets(2,970)41912,84512,756
Accumulated NCI2911,4245,7366,108
Summarised statement of
comprehensive income
Revenue69,67872,06936,51533,604
(Loss)/profit for the period(3,390)(588)3,4664,168
(Loss)/profit allocated to NCI(1,010)(175)1,6071,982
Dividends paid to NCI--1,7292,450
Summarised cash flows
Cash flows from operating activities19,52223,0876,9687,591
Cash flows from investing activities(15,206)(18,570)(26,930)(2,279)
Cash flows from financing activities(5,948)(4,622)16,962(3,038)
Net increase/(decrease) in cash
and cash equivalents(1,632)(105)(3,000)2,274
9. Investments in associates
Group
20252024
\u00a0\u20ac000\u20ac000
Year ended 31 December
Opening carrying amount2,4322,382
Additions25,318-
Additions through acquisitions-50
Share of profit of associate178-
Impairment of associate(369)-
Closing carrying amount27,5592,432
At 31 December
Cost 27,8652,547
Accumulated share of profit of associate178-
Accumulated impairment losses(484)(115)
Carrying amount27,5592,432
Set out below are the associates of the Group as at 31 December 2025. The entities listed below have share capital consisting principally of ordinary shares, which are held directly by the Group. The country of incorporation or registration is also their principal place of business, and unless otherwise stated, the proportion of ownership interest is the same as the proportion of voting rights held.
AssociatePercentage of shares heldNature of business
20252024
%%
Malta Properties Company p.l.c.49%-Owning and leasing out a portfolio of commercial properties across Malta
EBO Ltd15%15%Provision of AI driven virtual agents in the Healthcare, iGaming and Financial services sector.
Mindbeat Global Limited34%34%Operation of a SaaS platform for mobile coaching and e-learning.
BA2 Limited33.3%33.3%Operation of a solar farm
Bubaqra Solar Farm Limited50%50%Operation of a solar farm
Xewkija Solar Farm Limited33.3%33.3%Operation of a solar farm
Investment in Malta Properties Company p.l.c.
On 30 October 2025, BMITT announced that it has acquired 49,642,139 ordinary shares (the \u201cShares\u201d) from Emirates International Telecommunications (Malta) Limited (C 38658) (\u201cEITML\u201d) in Malta Properties Company p.l.c. (C 51272) (\u201cMPC\u201d). The Shares represent 49% of the total issued share capital of MPC. The Shares were offered at a price of \u20ac0.51 per share, for a total consideration of \u20ac25,318,000. As further detailed in Note 18, this acquisition was financed via a \u20ac20.0 million bank loan. The Group\u2019s shares in MPC are pledged against this borrowing.
MPC, together with its subsidiaries, owns, develops, manages and leases a portfolio of commercial properties across Malta. The majority of such properties are critical digital infrastructure properties supporting the country\u2019s telecommunications and technology sectors.
This acquisition is expected to strengthen BMITT\u2019s position in the digital infrastructure sector by complementing its technology-driven services with ownership of critical infrastructure and property assets. It will also diversify revenue streams, enhance resilience to market volatility, and support a more balanced financial profile for sustainable long-term growth.
The Group considers the seller, EITML, to be a related party (note 37).
The Group is classifying this interest as an investment in associate, since the BMITT has a right to appoint two directors out of a maximum of five directors. As at 31 December 2025, BMITT had appointed one director out of a total of five acting directors and this was deemed to constitute significant influence in terms of voting rights at Board level.
The tables below provide summarised financial information for MPC. The information disclosed reflects the amounts presented in the financial statements of the associate and not BMIT Technologies\u2019 share of those amounts.
MPC
31 December 202531 October 2025
\u20ac\u2019000\u20ac\u2019000
Summarised statement of financial position
Non-current assets
Investment property92,03392,493
Other non-current assets816817
Total non-current assets92,84993,310
Current assets
Trade receivables1,7932,516
Cash and cash equivalents3,5883,662
Property held for sale1,201
Current tax10966
Total current assets6,6916,244
Non-current liabilities(37,481)(37,964)
Current liabilities(4,445)(4,233)
Net assets57,61457,357
Reconciliation to carrying amounts:
Opening net assets of investee as at 1 November 202557,357
Profit for the year257
Closing net assets as at 31 December 202557,614
Group\u2019s share in %49%
Group\u2019s share of closing net assets as at 31 December 202528,231
Group\u2019s carrying amount in the financial statements as at 31 December 2025*25,444
*The Group\u2019s carrying amount in the financial statements is different from the Group\u2019s share of closing net assets in the books of the investee. This difference is arising from the effect of remeasurement related to the costs to operate the properties as a portfolio which are, by nature, not reflected in the standalone value assessment of the investment property and therefore not captured in the balance sheet of the investee.
MPC
31 December2025
\u20ac\u2019000
Summarised statement of comprehensive income
Revenue915
Profit from continued operations192
Profit after tax257
Total comprehensive income257
Investment in EBO Ltd
On 2 December 2020, BMITT entered into an agreement to acquire a 15% shareholding in EBO Ltd (EBO) for a consideration of \u20ac1,542,000. Further costs amounting to \u20ac25,000 which are directly attributable to this acquisition were incurred by the Company and were capitalised as part of the cost of the investment. A further amount of \u20ac15,000 was injected by BMITT during 2024, as a result of which the Group retained its 15% shareholding in EBO Ltd.
EBO is a technology company, incorporated in Malta, whose shares are not listed on the Malta Stock Exchange. It is focused on the provision of Artificial Intelligence solutions in the Healthcare, iGaming and Financial Services sectors. EBO delivers its solutions through AI driven Virtual Agents in an omni-channel environment that allow more-personalised customer conversations, improving self-service, and offering predictive models to augment existing business processes. The investment in EBO is expected to accelerate EBO\u2019s growth trajectory, as well as enable the opening of new business verticals and territories in which Group has a key interest.
The Group and Company are classifying this interest as an investment in associate, despite holding an effective shareholding and voting rights of 15%. BMITT has a right to appoint one director out of a maximum of seven directors. As at 31 December 2025 and 31 December 2024, BMITT had appointed one director out of a total of three acting directors and this was deemed to constitute significant influence in terms of voting rights at Board level.
The Group\u2019s share of results of this associate, during the current year is immaterial in the context of the Group\u2019s financial results and financial position and accordingly has not been reflected within these financial statements.
The tables below provide limited financial information for the associate that is material to the Group. The information disclosed reflects the amounts presented in the financial statements of the associate and not the Group\u2019s share of those amounts.
20252024
\u20ac000\u20ac000
Summarised statement of financial position
Non-current assets
Intangible assets4,2603,539
Other non-current assets8681,137
Total non-current assets5,1284,676
Current assets
Trade receivables2,124975
Cash and cash equivalents46103
Total current assets2,1701,078
Non-current liabilities(2,431)(2,077)
Current liabilities(2,037)(1,234)
Net assets2,8302,443
Reconciliation to carrying amounts:
Net assets of investee at beginning of year2,4432,328
Results for the period44972
Other comprehensive income(62)43
Net assets of investee at end of year2,8302,443
Group\u2019s share in %15%15%
Group\u2019s share of net assets425366
Group\u2019s share of closing net assets reflected in the
financial statements310263
Notional goodwill1,3191,319
Carrying amount at end of year1,6291,582
Investment in EBO Ltd - continued
20252024
\u20ac000\u20ac000
Summarised statement of comprehensive income
Revenue2,4551,554
Profit from continued operations44991
Profit after tax28672
Other comprehensive income(63)43
Total comprehensive income223115
Investment in Mindbeat Ltd through Mindbeat Global Limited
Mindbeat Ltd is a Malta-registered company providing coaching services to corporate clients and individuals, as well as operating a software-as-a-service platform for mobile coaching and e-learning.
GO p.lc. has a \u20ac700,000 investment in Mindbeat Limited, through a 15% shareholding in Mindbeat Global Limited (UK company registration number 14340560). The investment is accounted for as an associate due to the Group\u2019s significant influence through Board representation and voting rights.
Given the immateriality of this investment to GO as a reporting entity, the detailed disclosures required by IFRS 12 Disclosure of Interests in Other Entities, including summarised financial information, are not considered necessary.
During 2025, following a management assessment of Mindbeat\u2019s performance and future prospects, an impairment of \u20ac380,000 was recognised to adjust the carrying amount of the investment to its recoverable amount as reflected in the Group\u2019s books.
Investment in BA2 Limited, Bubaqra Solar Farm Limited and Xewkija Solar Farm Limited through AQS Med Limited
BA2 Limited, Bubaqra Solar Farm Limited and Xewkija Solar Farm Limited are companies registered in Malta, with their registered address at The Watercourse, Zone 2, Central Business District, Mdina Road, Birkirkara, CBD 2010. The principal activity of the companies is to operate a number of solar farms.
In view of the immateriality of this investment to GO as a reporting entity in terms of the requirements of IFRS 12 Disclosure of interest in other entities, the disclosure of the summarised financial information and other matters in accordance with the requirements of IFRS 12 is not deemed necessary.
11.Other investments
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Financial assets at fair value through
other comprehensive income
Cost3,1853,1261,7701,770
Gains from changes in fair value 2,2812,826--
Accumulated impairment losses(2,382)(2,238)(1,770)(1,770)
3,0843,714--
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Carrying amount at beginning of year3,7145,190--
Acquisitions95205--
Net changes in fair value gains or Impairment losses 445(14)--
Disposals(1,170)(1,667)--
Carrying amount at end of year3,0843,714--
The above investments classified as financial assets at fair value through other comprehensive income (FVOCI) comprise equity securities which are not held for trading, and which the Group has irrevocably elected for classification within this category at initial recognition. These are strategic investments and the Group considers this classification to be more relevant.
At 31 December 2025 and 2024, the Company\u2019s FVOCI financial assets included:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Listed securities
Loqus Holdings p.l.c.----
Unlisted securities
Leading Edge Only Ltd-115--
Service Lee Technologies Private Ltd1,2441,244--
AirGSM Holdings Inc1,1521,732--
Enternships Ltd120150--
Raylo Group Ltd256263--
Ikue Limited10598--
VR Entertainment Ltd6262--
Toum Al5050--
Bondio95--
3,0843,714--
The equity investment in Loqus Holdings p.l.c. is deemed to be impaired and accordingly its carrying amount had been written down to \u20acNil. The carrying amount of loans receivable from this investee, included in other receivables, had been written down to nil in preceding financial years. The loans were partly settled during 2024, and accordingly the credit loss allowance as at 31 December 2024 was partially reversed to cover the unpaid residual of \u20ac114,000 which remained unchanged as at year end 31 December 2025 (Note 14).
During 2024 and 2025, the Group revised the carrying value of its investment in AirGSM Holdings Inc at its fair value based on equity transactions that the Group had undertaken during the year. The movement in the investment for the year-ended 31 December 2025 reflects a further disposal of the Group\u2019s equity stake in the company. The fair value as at 31 December 2025 reflects the fair value of the remaining shares, based on the most recent equity transaction value.
Gains from changes in fair value primarily relate to investments in Service Lee Technologies Private Limited was measured based on recent transaction prices of the investees\u2019 equity instruments. For the Group\u2019s other investments, management lacks sufficient access to information due to the small shareholding size, making an accurate fair value assessment with undue cost and effort. Instead, management assessed fair value based on funding rounds, and where no further funding rounds are expected in the near future, an impairment was recognized. Given the immaterial impact of these gains and losses, the disclosures required under IFRS 13 were not deemed necessary.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page151-cflshid_66316-tag11686821": { "value": "8.Investments in subsidiaries
The carrying amount of the investments at 31 December 2025 and 2024 is equivalent to the cost of the investments. The subsidiaries at 31 December 2025 and 2024 are shown below:
SubsidiaryRegistered officePercentage of shares heldNature of business
20252024
%%
BMIT Technologies p.l.c (with listed ordinary share capital)Building SCM02, Level 2 Smart City, Ricasoli, Kalkara, SCM1001, Malta53.852.5Investment holding and operation of the passive mobile tower infrastructure
Cablenet Communication Systems p.l.c (with listed debt securities)41 - 49, Agiou Nicolau Street, Block A, Nimeli Court, 3rd floor, 2408, Egkomi, Nicosia, Cyprus70.670.6Provision of: broadband, cable television and telephone services
Connectedcare LimitedGO, Triq Hal Tarxien, Zejtun, ZTN 3000, Malta51.051.0Electronic and mobile care solutions
GO Ventures LimitedGO, Triq Hal Tarxien, Zejtun, ZTN 3000, Malta100.0100.0Investment holding
Sens Innovation Group Limited115, Gardenia, Vjal il-Qalbiena, Mostin, Mosta, MST2354, Malta76.076.0Energy management IoT solutions
SubsidiaryRegistered officePercentage of shares heldNature of business
20252024
%%
Cybersift Holdings15, Sali, Triq iz-Zebbuga, Iklin, IKL 1960, Malta51.051.0Cybersecurity services
GO Infrastructure Services LimitedGO, Triq Hal Tarxien, Zejtun, ZTN 3000, Malta100.0100.0Provision of passive network infrastructure services
AQS Med Limited9, Triq FS Caruana, Birkirkara, BKR 1231, Malta51.051.0Renewable energy products and generation
Klikk Finance p.l.c9, Triq FS Caruana, Birkirkara, BKR 1231, Malta100.0100.0Electronic equipment retailer
GO IP Holdings LimitedGO, Triq Hal Tarxien, Zejtun, ZTN 3000, Malta100.0100.0Intellectual property holding company
BMITT holds 99.9% (2024: 99.9%) in Bellnet Limited, BM IT Limited and BM Support Services Limited. The companies provide co-location and internet services, technical assistance and IT solutions. The registered office of all the companies is Building SCM 02, Level 2 SmartCity, Ricasoli, Kalkara, SCM1001, Malta. During the current financial year BMITT acquired 51% in 56Bit Ltd whose registered office is 32, Triq l-Gewwinija, Ghaxaq GXQ1970, Malta.
GO Ventures Limited was incorporated in 2019, to invest in start-up companies offering digital solutions.
GO Infrastructure Services Limited was incorporated during the year ended 31 December 2023, to act as a vehicle for the transfer of the assets attributable to the mobile network towers operation to BMITT. The impacts of this addition on GO\u2019s consolidated and stand-alone financial statements is considered immaterial for disclosure purposes, also taking cognisance of the entity\u2019s business purpose.
GO IP Holdings limited was incorporated during the year ended 31 December 2024 to strategically acquire, safeguard, and commercialise intellectual property assets (see Note 37(i)). The impacts of this addition on GO\u2019s consolidated and stand-alone financial statements is considered immaterial for disclosure purposes, also taking cognisance of the entity\u2019s business purpose.
SENS Innovation Group Limited (SENS) holds 100% in Llobeno Limited and ESDL \u2013 UK Limited. The companies provide energy management IoT solutions. The registered office of Llobeno Limited is 115, Gardenia, Vjal il-Qalbiena Mostin, Mosta, MST2354, Malta and that of ESDL \u2013 UK Limited is Wellesley House, 204, London Road, Waterlooville, Hampshire, England PO77AN.
Cybersift Holdings Limited holds 100% in Cybersift Limited. The companies provide cybersecurity services to customers. The registered address of Cybersift Limited is 15, Sali, Triq iz-Zebbuga, Iklin, IKL 1960, Malta.
AQS holds 100% in AQS Solar Capital Limited and Malta Solar Parks Limited. The companies provide solar energy solutions and jointly own solar farm with third parties. The registered office of all companies is 9, F.S. Caruana Street, Birkirkara, BKR1230, Malta. AQS owns 33% shareholding in BA2 Limited and through its subsidiary AQS Solar Capital, it owns 33% shareholding in Xewkija Solar Farm and 50% shareholding in Bubaqra Solar Farm. All these companies own and operate solar farms.
Klikk Finance p.l.c. holds 100% in Klikk Limited. The companies operate two outlets and an online website that sell electronic goods both to the retail and corporate segments.
Further investment in Cablenet Communication Systems p.l.c.
During the year ended 31 December 2024, Cablenet issued 45,058 new shares which were given to Mr. Yiannos Michaelides as management compensation for reaching the established targets. In December 2024, Mr. Michaelides sold these shares to GO p.l.c. at \u20ac1,586,000. As at the date of this transaction, the carrying amount attributable to the non-controlling interest stake in this subsidiary which had been acquired, was \u20ac66,000. The excess purchase consideration over the non-controlling interest acquired (\u20ac1,521,000) was recognised directly in equity.
Further investment in BMIT Technologies p.l.c.
In March 2024, BMITT declared a dividend of \u20ac0.025 per share for the year ended 31 December 2023. Shareholders were offered the option to receive the dividend either in cash or in the form of new ordinary shares at an attribution price of \u20ac0.351 per share. GO elected to convert its dividend of \u20ac2,550,000 into ordinary shares, resulting in the acquisition of 7,264,957 additional shares in BMITT, while minority shareholders acquired a further 741,625 shares. Consequently, GO\u2019s shareholding in BMITT increased by 1.5%, bringing its total ownership to 52.5%.
In April 2025, BMITT declared a further dividend of \u20ac0.019 per share and again offered shareholders the option of a scrip dividend at an attribution price of \u20ac0.319 per share. GO converted its dividend of \u20ac2,271,000 into 6,583,521 additional shares, while minority shareholders acquired 534,818 shares. As a result, GO\u2019s shareholding in BMITT increased by a further 1.3%, reaching 53.8%.
Acquisition of AQS Med Limited
On 27 March 2024, the Company announced that it had signed a share purchase agreement that will result in GO purchasing 51% shareholding in AQS Med Limited (C50569) (\u2018AQS\u2019). On 28 June 2024, the agreement was agreed upon and 51% of the shares in AQS were transferred to GO.
AQS was established in 2010 when the renewable energy market in Malta was still an emerging one. It has since established itself as a market leader having been entrusted with some of the largest installations on the island. This strategic acquisition underlines the Company\u2019s commitment to renewable energy. Furthermore, the Company believes that through this acquisition it can help support the achievement of Malta\u2019s environmental targets which, at the same time, present an opportunity to grow in the energy vertical.
AQS holds 100% in AQS Solar Capital Limited (C54873) and Malta Solar Parks Limited (C96862). The companies provide solar energy solutions and jointly own solar farm with third parties. The registered office of both companies is 9, F.S. Caruana Street, Birkirkara, BKR1230, Malta. AQS owns 33% shareholding in BA2 Limited and through its subsidiary AQS Solar Capital, it owns 33% shareholding in Xewkija Solar Farm and 50% shareholding in Bubaqra Solar Farm. All these companies own and operate solar farms.
The total consideration paid for the acquisition of the shares was \u20ac1,203,000 with the possibility of a management earnout capped at \u20ac1,984,000, based on actual and forecasted performance of AQS over a four-year period, from 2023 up till 2027. Given that the awarding of this earnout is intrinsically linked on the continued employment of key management personnel for the above-mentioned period, this eventual payment is treated as management remuneration and will be accrued for at its fair value on an annual basis. Movement in the fair value of this liability will be taken to profit and loss as employee benefit expense.
Purchase consideration \u2013 net cash outflow
\u20ac000
Outflow of cash to acquire subsidiaries, net of cash acquired:
Cash consideration1,203
Less cash acquired(60)
Net outflow of cash \u2013 investing activities1,143
\u20ac000
Fair value of initial 51% equity holding in AQS as at acquisition date1,203
The estimated fair values of identifiable assets and liabilities of AQS as at date of acquisition were as follows:
\u20ac000
Non-current assets (principally Property, plant and equipment)876
Intangible assets (principally Brands and Customer Lists)757
Investment in associates50
Current assets (principally inventory and trade and other receivables)772
Liabilities(2,038)
Net identifiable assets acquired417
Attributable to non-controlling interests(216)
Goodwill1,002
1,203
Non-controlling interests have been measured at the related proportion of the net identifiable assets at acquisition.
GO and the minority shareholders have also entered into a shareholder\u2019s agreement. Through this agreement the minority shareholders and GO have mutual call and put options regarding the minority interest\u2019s shares in AQS, exercisable upon the achievement of an agreed performance threshold. These rights remain valid for one year from the approval of the AQS Group\u2019s consolidated financial statements for the financial year 2027:
-Minority Shareholders Option: They may require GO to acquire its shares, with the Company valued at 6x the average EBITDA (2023-2027), net of non-current liabilities. Other AQS Group entities will be valued using a market-based net present value approach with a 5% discount rate, adjusted for net debt as at 31 December 2027.
-GO\u2019s Option: GO may require the minority shareholders to sell its shares, with the Company valued at 7x the average EBITDA (2023-2027), net of non-current liabilities. Other AQS Group entities will be valued similarly using a market-based net present value approach with a 5% discount rate, adjusted for net debt as at 31 December 2027.
The combination of this written put option with a strike price that is variable depending on future performance of AQS was not deemed to expose the Group to risks and rewards associated with a present ownership interest of the underlying shares. Consequently, the fair value of the estimated strike price of \u20ac1,315,000 has been recognised as a financial liability at the time of the business combination. Given that the ownership interest associated with these shares has been attributed to non-controlling interests, upon initial recognition the Group and Company recognised a negative reserve in its equity for the same amount.
As at 31 December 2025, management determined that the fair value of the estimated strike price and related liability amounted to \u20ac728,000. The movement in liability has been taken directly to equity.
No further disclosures in respect of this acquisition were deemed necessary, in view of the fact that the acquired subsidiary is not deemed material to GO, as a reporting entity in terms of the requirements of IFRS 3 Business Combinations.
Acquisition of Klikk Finance p.l.c.
On 11 November 2024, the Company announced that it had acquired 100% of the shares in Klikk Finance p.l.c. (\u2018Klikk\u2019). Klikk holds 100% in Klikk Limited (C30425). The companies operate electronic retail outlets. The registered office of both companies is GO, Triq Hal-Tarxien, Zejtun, ZTN 3000, Malta.
Klikk was incorporated as a private limited company on 12 May 2011 as HMRD limited and on 2 January 2016 resolved to change its name to BOE Finance Limited. Subsequently on 14 June 2017, the Company resolved to convert to a public limited liability company and renamed Klikk Finance p.l.c. The Klikk group principal activity is to operate two electronic retail outlets servicing both retail and corporate clients. The Directors believe that this acquisition will create synergies between the two companies.
The total consideration paid for the acquisition of the shares was \u20ac600,000 with the possibility of a further maximum earnout of \u20ac300,000 depending on the performance of Klikk over a three-year period. The fair value of the equity is reflective of the discounted future cashflows under the purchase agreement.
During 2025, it transpired that certain assets and liabilities acquired had to be restated. These included (i) inventory items carried at cost despite having a lower net realisable value, (ii) trade receivables deemed unrecoverable but previously not impaired, and (iii) incorrect creditor balances due to incomplete records. As a result, the inventory, trade receivables, trade payables and goodwill were restated.
\u20ac000
Fair value of 100% equity holding in Klikk as at acquisition date600
The estimated fair values of identifiable assets and liabilities of Klikk as at date of acquisition were as follows:
\u20ac000
restated
Non-current assets (principally property plant and equipment and right-
of-use assets)591
Intangible assets (principally brands and software)659
Other assets (principally inventory and trade and other receivables)1,439
Liabilities (principally borrowings, lease liabilities and trade payables)(3,266)
Net identifiable assets acquired(577)
Goodwill1,177
600
No further disclosures in respect of this acquisition were deemed necessary, in view of the fact that the acquired subsidiary is not deemed material to GO, as a reporting entity in terms of the requirements of IFRS 3 Business Combinations.
Acquisition of 56Bit Ltd
On 25 March 2025, BMITT signed a Share Purchase Agreement to acquire a 51% shareholding in 56Bit Ltd (C 92422) (\u201c56Bit\u201d). The acquisition was completed on 30 May 2025, resulting in BMITT obtaining majority voting rights and control over 56Bit in terms of IFRS 10.
Under the agreement, BMITT may increase its shareholding over a five-year period, depending on 56Bit\u2019s performance and subject to certain put options held by minority shareholders during the same period.
56Bit is an AWS Advanced Tier Services Partner specialising in cloud solutions, DevOps and managed services, including cloud consulting, architecture, migration, security enhancement and cost optimisation, enabling businesses to scale and secure their digital environments.
The acquisition represents a strategic step to strengthen BMITT\u2019s cloud capabilities and reinforce its position as a leading provider of hybrid IT and cloud services in Malta. It enhances BMITT\u2019s AWS expertise, complements its existing offerings, and expands its ability to deliver vendor-agnostic, tailored cloud solutions, including AWS-focused migration, optimisation and managed services. It also provides access to specialised skills, certifications and customer relationships, improving competitiveness in hybrid and multi-cloud environments.
The total consideration paid, including amounts paid to sellers and other acquisition costs, amounted to \u20ac602,000.
Purchase consideration \u2013 net cash outflow
\u20ac000
Fair value of initial 51% equity holding in 56Bit at acquisition date602
The estimated fair values of identifiable assets and liabilities of 56Bit as at date of acquisition were as follows:
\u20ac000
Property, plant and equipment 11
Intangible assets (principally brands and AWS certification)515
Current assets (principally cash and trade and other receivables)507
Trade and other payables(141)
Net identifiable assets acquired892
Attributable to non-controlling interests(392)
Goodwill102
602
Non-controlling interests have been measured at the related proportion of the net identifiable assets at acquisition.
\u20ac000
Outflow of cash to acquire subsidiaries, net of cash acquired:
Cash consideration602
Less: cash acquired (incl. cash injection)(411)
Net outflow of cash \u2013 investing activities191
BMITT and the minority shareholders have also entered into a shareholder\u2019s agreement whereby the minority shareholders were granted written put options enabling them to sell their remaining shares to BMITT in two tranches of 29% in 2027 and 20% in 2029. These written put options are exercisable subject to the achievement of agreed performance thresholds for each year respectively. The exercise price of the options is determined based on a formula linked to 56Bit\u2019s EBITDA, multiplied by a pre-defined multiple that varies depending on performance thresholds. The maximum consideration for the option exercisable is \u20ac400,000 and \u20ac500,000 for the 2027 and 2029 put option tranches, respectively.
In assessing the appropriate accounting treatment, management has considered the nature of the pricing mechanism stipulated in the agreement. The variability in the exercise price, which is contingent on the future performance of 56Bit Limited, indicates that the non-controlling shareholders retain exposure to the risks and rewards associated with their shareholding. Although the presence of a cap may suggest an element of fixed pricing, management has assessed that the cap is not substantive enough to result in a transfer of risks and rewards to the Group at the inception of the options.
Management exercised significant judgement in determining the value of the liability through reference to management\u2019s estimate of the future payout in respect of the put options, taking into consideration the projected growth of the acquired entity and related EBITDA projections. Accordingly, BMITT has recognised a financial liability of \u20ac2,040,000 with a corresponding negative reserve within equity. This accounting treatment is consistent with the Group\u2019s past transactions and reflects the fact that the non-controlling interest continues to bear the risks and rewards of ownership until such time as the options are exercised and the shares are transferred. Subsequent changes in the value of the financial liability will be recognised directly in equity as changes in the parent\u2019s ownership interest that do not result in a loss of control.
No further disclosures in respect of this acquisition were deemed necessary, in view of the fact that the acquired subsidiary is not deemed material to GO, as a reporting entity in terms of the requirements of IFRS 3 Business Combinations.
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9. Investments in associates
Group
20252024
\u00a0\u20ac000\u20ac000
Year ended 31 December
Opening carrying amount2,4322,382
Additions25,318-
Additions through acquisitions-50
Share of profit of associate178-
Impairment of associate(369)-
Closing carrying amount27,5592,432
At 31 December
Cost 27,8652,547
Accumulated share of profit of associate178-
Accumulated impairment losses(484)(115)
Carrying amount27,5592,432
Set out below are the associates of the Group as at 31 December 2025. The entities listed below have share capital consisting principally of ordinary shares, which are held directly by the Group. The country of incorporation or registration is also their principal place of business, and unless otherwise stated, the proportion of ownership interest is the same as the proportion of voting rights held.
AssociatePercentage of shares heldNature of business
20252024
%%
Malta Properties Company p.l.c.49%-Owning and leasing out a portfolio of commercial properties across Malta
EBO Ltd15%15%Provision of AI driven virtual agents in the Healthcare, iGaming and Financial services sector.
Mindbeat Global Limited34%34%Operation of a SaaS platform for mobile coaching and e-learning.
BA2 Limited33.3%33.3%Operation of a solar farm
Bubaqra Solar Farm Limited50%50%Operation of a solar farm
Xewkija Solar Farm Limited33.3%33.3%Operation of a solar farm
Investment in Malta Properties Company p.l.c.
On 30 October 2025, BMITT announced that it has acquired 49,642,139 ordinary shares (the \u201cShares\u201d) from Emirates International Telecommunications (Malta) Limited (C 38658) (\u201cEITML\u201d) in Malta Properties Company p.l.c. (C 51272) (\u201cMPC\u201d). The Shares represent 49% of the total issued share capital of MPC. The Shares were offered at a price of \u20ac0.51 per share, for a total consideration of \u20ac25,318,000. As further detailed in Note 18, this acquisition was financed via a \u20ac20.0 million bank loan. The Group\u2019s shares in MPC are pledged against this borrowing.
MPC, together with its subsidiaries, owns, develops, manages and leases a portfolio of commercial properties across Malta. The majority of such properties are critical digital infrastructure properties supporting the country\u2019s telecommunications and technology sectors.
This acquisition is expected to strengthen BMITT\u2019s position in the digital infrastructure sector by complementing its technology-driven services with ownership of critical infrastructure and property assets. It will also diversify revenue streams, enhance resilience to market volatility, and support a more balanced financial profile for sustainable long-term growth.
The Group considers the seller, EITML, to be a related party (note 37).
The Group is classifying this interest as an investment in associate, since the BMITT has a right to appoint two directors out of a maximum of five directors. As at 31 December 2025, BMITT had appointed one director out of a total of five acting directors and this was deemed to constitute significant influence in terms of voting rights at Board level.
The tables below provide summarised financial information for MPC. The information disclosed reflects the amounts presented in the financial statements of the associate and not BMIT Technologies\u2019 share of those amounts.
MPC
31 December 202531 October 2025
\u20ac\u2019000\u20ac\u2019000
Summarised statement of financial position
Non-current assets
Investment property92,03392,493
Other non-current assets816817
Total non-current assets92,84993,310
Current assets
Trade receivables1,7932,516
Cash and cash equivalents3,5883,662
Property held for sale1,201
Current tax10966
Total current assets6,6916,244
Non-current liabilities(37,481)(37,964)
Current liabilities(4,445)(4,233)
Net assets57,61457,357
Reconciliation to carrying amounts:
Opening net assets of investee as at 1 November 202557,357
Profit for the year257
Closing net assets as at 31 December 202557,614
Group\u2019s share in %49%
Group\u2019s share of closing net assets as at 31 December 202528,231
Group\u2019s carrying amount in the financial statements as at 31 December 2025*25,444
*The Group\u2019s carrying amount in the financial statements is different from the Group\u2019s share of closing net assets in the books of the investee. This difference is arising from the effect of remeasurement related to the costs to operate the properties as a portfolio which are, by nature, not reflected in the standalone value assessment of the investment property and therefore not captured in the balance sheet of the investee.
MPC
31 December2025
\u20ac\u2019000
Summarised statement of comprehensive income
Revenue915
Profit from continued operations192
Profit after tax257
Total comprehensive income257
Investment in EBO Ltd
On 2 December 2020, BMITT entered into an agreement to acquire a 15% shareholding in EBO Ltd (EBO) for a consideration of \u20ac1,542,000. Further costs amounting to \u20ac25,000 which are directly attributable to this acquisition were incurred by the Company and were capitalised as part of the cost of the investment. A further amount of \u20ac15,000 was injected by BMITT during 2024, as a result of which the Group retained its 15% shareholding in EBO Ltd.
EBO is a technology company, incorporated in Malta, whose shares are not listed on the Malta Stock Exchange. It is focused on the provision of Artificial Intelligence solutions in the Healthcare, iGaming and Financial Services sectors. EBO delivers its solutions through AI driven Virtual Agents in an omni-channel environment that allow more-personalised customer conversations, improving self-service, and offering predictive models to augment existing business processes. The investment in EBO is expected to accelerate EBO\u2019s growth trajectory, as well as enable the opening of new business verticals and territories in which Group has a key interest.
The Group and Company are classifying this interest as an investment in associate, despite holding an effective shareholding and voting rights of 15%. BMITT has a right to appoint one director out of a maximum of seven directors. As at 31 December 2025 and 31 December 2024, BMITT had appointed one director out of a total of three acting directors and this was deemed to constitute significant influence in terms of voting rights at Board level.
The Group\u2019s share of results of this associate, during the current year is immaterial in the context of the Group\u2019s financial results and financial position and accordingly has not been reflected within these financial statements.
The tables below provide limited financial information for the associate that is material to the Group. The information disclosed reflects the amounts presented in the financial statements of the associate and not the Group\u2019s share of those amounts.
20252024
\u20ac000\u20ac000
Summarised statement of financial position
Non-current assets
Intangible assets4,2603,539
Other non-current assets8681,137
Total non-current assets5,1284,676
Current assets
Trade receivables2,124975
Cash and cash equivalents46103
Total current assets2,1701,078
Non-current liabilities(2,431)(2,077)
Current liabilities(2,037)(1,234)
Net assets2,8302,443
Reconciliation to carrying amounts:
Net assets of investee at beginning of year2,4432,328
Results for the period44972
Other comprehensive income(62)43
Net assets of investee at end of year2,8302,443
Group\u2019s share in %15%15%
Group\u2019s share of net assets425366
Group\u2019s share of closing net assets reflected in the
financial statements310263
Notional goodwill1,3191,319
Carrying amount at end of year1,6291,582
20252024
\u20ac000\u20ac000
Summarised statement of comprehensive income
Revenue2,4551,554
Profit from continued operations44991
Profit after tax28672
Other comprehensive income(63)43
Total comprehensive income223115
Investment in Mindbeat Ltd through Mindbeat Global Limited
Mindbeat Ltd is a Malta-registered company providing coaching services to corporate clients and individuals, as well as operating a software-as-a-service platform for mobile coaching and e-learning.
GO p.lc. has a \u20ac700,000 investment in Mindbeat Limited, through a 15% shareholding in Mindbeat Global Limited (UK company registration number 14340560). The investment is accounted for as an associate due to the Group\u2019s significant influence through Board representation and voting rights.
Given the immateriality of this investment to GO as a reporting entity, the detailed disclosures required by IFRS 12 Disclosure of Interests in Other Entities, including summarised financial information, are not considered necessary.
During 2025, following a management assessment of Mindbeat\u2019s performance and future prospects, an impairment of \u20ac380,000 was recognised to adjust the carrying amount of the investment to its recoverable amount as reflected in the Group\u2019s books.
Investment in BA2 Limited, Bubaqra Solar Farm Limited and Xewkija Solar Farm Limited through AQS Med Limited
BA2 Limited, Bubaqra Solar Farm Limited and Xewkija Solar Farm Limited are companies registered in Malta, with their registered address at The Watercourse, Zone 2, Central Business District, Mdina Road, Birkirkara, CBD 2010. The principal activity of the companies is to operate a number of solar farms.
In view of the immateriality of this investment to GO as a reporting entity in terms of the requirements of IFRS 12 Disclosure of interest in other entities, the disclosure of the summarised financial information and other matters in accordance with the requirements of IFRS 12 is not deemed necessary.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page161-cflshid_70206-tag11686825": { "value": "
9. Investments in associates
Group
20252024
\u00a0\u20ac000\u20ac000
Year ended 31 December
Opening carrying amount2,4322,382
Additions25,318-
Additions through acquisitions-50
Share of profit of associate178-
Impairment of associate(369)-
Closing carrying amount27,5592,432
At 31 December
Cost 27,8652,547
Accumulated share of profit of associate178-
Accumulated impairment losses(484)(115)
Carrying amount27,5592,432
Set out below are the associates of the Group as at 31 December 2025. The entities listed below have share capital consisting principally of ordinary shares, which are held directly by the Group. The country of incorporation or registration is also their principal place of business, and unless otherwise stated, the proportion of ownership interest is the same as the proportion of voting rights held.
AssociatePercentage of shares heldNature of business
20252024
%%
Malta Properties Company p.l.c.49%-Owning and leasing out a portfolio of commercial properties across Malta
EBO Ltd15%15%Provision of AI driven virtual agents in the Healthcare, iGaming and Financial services sector.
Mindbeat Global Limited34%34%Operation of a SaaS platform for mobile coaching and e-learning.
BA2 Limited33.3%33.3%Operation of a solar farm
Bubaqra Solar Farm Limited50%50%Operation of a solar farm
Xewkija Solar Farm Limited33.3%33.3%Operation of a solar farm
Investment in Malta Properties Company p.l.c.
On 30 October 2025, BMITT announced that it has acquired 49,642,139 ordinary shares (the \u201cShares\u201d) from Emirates International Telecommunications (Malta) Limited (C 38658) (\u201cEITML\u201d) in Malta Properties Company p.l.c. (C 51272) (\u201cMPC\u201d). The Shares represent 49% of the total issued share capital of MPC. The Shares were offered at a price of \u20ac0.51 per share, for a total consideration of \u20ac25,318,000. As further detailed in Note 18, this acquisition was financed via a \u20ac20.0 million bank loan. The Group\u2019s shares in MPC are pledged against this borrowing.
MPC, together with its subsidiaries, owns, develops, manages and leases a portfolio of commercial properties across Malta. The majority of such properties are critical digital infrastructure properties supporting the country\u2019s telecommunications and technology sectors.
This acquisition is expected to strengthen BMITT\u2019s position in the digital infrastructure sector by complementing its technology-driven services with ownership of critical infrastructure and property assets. It will also diversify revenue streams, enhance resilience to market volatility, and support a more balanced financial profile for sustainable long-term growth.
The Group considers the seller, EITML, to be a related party (note 37).
The Group is classifying this interest as an investment in associate, since the BMITT has a right to appoint two directors out of a maximum of five directors. As at 31 December 2025, BMITT had appointed one director out of a total of five acting directors and this was deemed to constitute significant influence in terms of voting rights at Board level.
The tables below provide summarised financial information for MPC. The information disclosed reflects the amounts presented in the financial statements of the associate and not BMIT Technologies\u2019 share of those amounts.
MPC
31 December 202531 October 2025
\u20ac\u2019000\u20ac\u2019000
Summarised statement of financial position
Non-current assets
Investment property92,03392,493
Other non-current assets816817
Total non-current assets92,84993,310
Current assets
Trade receivables1,7932,516
Cash and cash equivalents3,5883,662
Property held for sale1,201
Current tax10966
Total current assets6,6916,244
Non-current liabilities(37,481)(37,964)
Current liabilities(4,445)(4,233)
Net assets57,61457,357
Reconciliation to carrying amounts:
Opening net assets of investee as at 1 November 202557,357
Profit for the year257
Closing net assets as at 31 December 202557,614
Group\u2019s share in %49%
Group\u2019s share of closing net assets as at 31 December 202528,231
Group\u2019s carrying amount in the financial statements as at 31 December 2025*25,444
*The Group\u2019s carrying amount in the financial statements is different from the Group\u2019s share of closing net assets in the books of the investee. This difference is arising from the effect of remeasurement related to the costs to operate the properties as a portfolio which are, by nature, not reflected in the standalone value assessment of the investment property and therefore not captured in the balance sheet of the investee.
MPC
31 December2025
\u20ac\u2019000
Summarised statement of comprehensive income
Revenue915
Profit from continued operations192
Profit after tax257
Total comprehensive income257
Investment in EBO Ltd
On 2 December 2020, BMITT entered into an agreement to acquire a 15% shareholding in EBO Ltd (EBO) for a consideration of \u20ac1,542,000. Further costs amounting to \u20ac25,000 which are directly attributable to this acquisition were incurred by the Company and were capitalised as part of the cost of the investment. A further amount of \u20ac15,000 was injected by BMITT during 2024, as a result of which the Group retained its 15% shareholding in EBO Ltd.
EBO is a technology company, incorporated in Malta, whose shares are not listed on the Malta Stock Exchange. It is focused on the provision of Artificial Intelligence solutions in the Healthcare, iGaming and Financial Services sectors. EBO delivers its solutions through AI driven Virtual Agents in an omni-channel environment that allow more-personalised customer conversations, improving self-service, and offering predictive models to augment existing business processes. The investment in EBO is expected to accelerate EBO\u2019s growth trajectory, as well as enable the opening of new business verticals and territories in which Group has a key interest.
The Group and Company are classifying this interest as an investment in associate, despite holding an effective shareholding and voting rights of 15%. BMITT has a right to appoint one director out of a maximum of seven directors. As at 31 December 2025 and 31 December 2024, BMITT had appointed one director out of a total of three acting directors and this was deemed to constitute significant influence in terms of voting rights at Board level.
The Group\u2019s share of results of this associate, during the current year is immaterial in the context of the Group\u2019s financial results and financial position and accordingly has not been reflected within these financial statements.
The tables below provide limited financial information for the associate that is material to the Group. The information disclosed reflects the amounts presented in the financial statements of the associate and not the Group\u2019s share of those amounts.
20252024
\u20ac000\u20ac000
Summarised statement of financial position
Non-current assets
Intangible assets4,2603,539
Other non-current assets8681,137
Total non-current assets5,1284,676
Current assets
Trade receivables2,124975
Cash and cash equivalents46103
Total current assets2,1701,078
Non-current liabilities(2,431)(2,077)
Current liabilities(2,037)(1,234)
Net assets2,8302,443
Reconciliation to carrying amounts:
Net assets of investee at beginning of year2,4432,328
Results for the period44972
Other comprehensive income(62)43
Net assets of investee at end of year2,8302,443
Group\u2019s share in %15%15%
Group\u2019s share of net assets425366
Group\u2019s share of closing net assets reflected in the
financial statements310263
Notional goodwill1,3191,319
Carrying amount at end of year1,6291,582
Investment in EBO Ltd - continued
20252024
\u20ac000\u20ac000
Summarised statement of comprehensive income
Revenue2,4551,554
Profit from continued operations44991
Profit after tax28672
Other comprehensive income(63)43
Total comprehensive income223115
Investment in Mindbeat Ltd through Mindbeat Global Limited
Mindbeat Ltd is a Malta-registered company providing coaching services to corporate clients and individuals, as well as operating a software-as-a-service platform for mobile coaching and e-learning.
GO p.lc. has a \u20ac700,000 investment in Mindbeat Limited, through a 15% shareholding in Mindbeat Global Limited (UK company registration number 14340560). The investment is accounted for as an associate due to the Group\u2019s significant influence through Board representation and voting rights.
Given the immateriality of this investment to GO as a reporting entity, the detailed disclosures required by IFRS 12 Disclosure of Interests in Other Entities, including summarised financial information, are not considered necessary.
During 2025, following a management assessment of Mindbeat\u2019s performance and future prospects, an impairment of \u20ac380,000 was recognised to adjust the carrying amount of the investment to its recoverable amount as reflected in the Group\u2019s books.
Investment in BA2 Limited, Bubaqra Solar Farm Limited and Xewkija Solar Farm Limited through AQS Med Limited
BA2 Limited, Bubaqra Solar Farm Limited and Xewkija Solar Farm Limited are companies registered in Malta, with their registered address at The Watercourse, Zone 2, Central Business District, Mdina Road, Birkirkara, CBD 2010. The principal activity of the companies is to operate a number of solar farms.
In view of the immateriality of this investment to GO as a reporting entity in terms of the requirements of IFRS 12 Disclosure of interest in other entities, the disclosure of the summarised financial information and other matters in accordance with the requirements of IFRS 12 is not deemed necessary.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page169-cflshid_73712-tag11686827": { "value": "
11.Other investments
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Financial assets at fair value through
other comprehensive income
Cost3,1853,1261,7701,770
Gains from changes in fair value 2,2812,826--
Accumulated impairment losses(2,382)(2,238)(1,770)(1,770)
3,0843,714--
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Carrying amount at beginning of year3,7145,190--
Acquisitions95205--
Net changes in fair value gains or Impairment losses 445(14)--
Disposals(1,170)(1,667)--
Carrying amount at end of year3,0843,714--
The above investments classified as financial assets at fair value through other comprehensive income (FVOCI) comprise equity securities which are not held for trading, and which the Group has irrevocably elected for classification within this category at initial recognition. These are strategic investments and the Group considers this classification to be more relevant.
At 31 December 2025 and 2024, the Company\u2019s FVOCI financial assets included:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Listed securities
Loqus Holdings p.l.c.----
Unlisted securities
Leading Edge Only Ltd-115--
Service Lee Technologies Private Ltd1,2441,244--
AirGSM Holdings Inc1,1521,732--
Enternships Ltd120150--
Raylo Group Ltd256263--
Ikue Limited10598--
VR Entertainment Ltd6262--
Toum Al5050--
Bondio95--
3,0843,714--
The equity investment in Loqus Holdings p.l.c. is deemed to be impaired and accordingly its carrying amount had been written down to \u20acNil. The carrying amount of loans receivable from this investee, included in other receivables, had been written down to nil in preceding financial years. The loans were partly settled during 2024, and accordingly the credit loss allowance as at 31 December 2024 was partially reversed to cover the unpaid residual of \u20ac114,000 which remained unchanged as at year end 31 December 2025 (Note 14).
During 2024 and 2025, the Group revised the carrying value of its investment in AirGSM Holdings Inc at its fair value based on equity transactions that the Group had undertaken during the year. The movement in the investment for the year-ended 31 December 2025 reflects a further disposal of the Group\u2019s equity stake in the company. The fair value as at 31 December 2025 reflects the fair value of the remaining shares, based on the most recent equity transaction value.
Gains from changes in fair value primarily relate to investments in Service Lee Technologies Private Limited was measured based on recent transaction prices of the investees\u2019 equity instruments. For the Group\u2019s other investments, management lacks sufficient access to information due to the small shareholding size, making an accurate fair value assessment with undue cost and effort. Instead, management assessed fair value based on funding rounds, and where no further funding rounds are expected in the near future, an impairment was recognized. Given the immaterial impact of these gains and losses, the disclosures required under IFRS 13 were not deemed necessary.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page170-cflshid_74311-tag11686829": { "value": "
12.Deferred tax assets and liabilities
Deferred taxes are calculated on all temporary differences under the liability method and are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates (and tax laws) that have been substantively enacted by the end of the reporting period. The principal tax rate used in respect of Malta based Group companies is 35% (2024: 35%), with the exception of deferred taxation on the fair valuation of non-depreciable property, which is computed on the basis applicable to disposals of immovable property i.e. principally tax effect of 10% (2024: 10%) of the transfer value.
The tax rate applied in Cyprus in respect of the taxable profits attributable to Cablenet is 12.5% (2024: 12.5%). As from 1 January 2026, the applicable income tax rate in Cyprus was increased to 15%. As a result, the deferred tax assets and liabilities as at 31 December 2025 have been remeasured with an effective tax rate of 15%, resulting in an impact of a credit tax charge of \u20ac401,000 (Note 30).
The balance at 31 December represents temporary differences attributable to:
GroupAssetsLiabilitiesNet
202520242025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
Depreciation of property,
plant and equipment--(14,417)(14,128)(14,417)(14,128)
Fair valuation of land
and buildings--(421)(421)(421)(421)
Intangible assets--(2,933)(1,807)(2,933)(1,807)
Provisions for pensions
and other liabilities3721,161--3721,161
Credit loss allowances on
trade receivables and other
assets4,0763,656-4,0763,656
Right-of-use assets-(17,297)(17,293)(17,297)(17,293)
Lease liabilities17,19916,915--17,19916,915
Fair value on other
investments--(474)(849)(474)(849)
Others3,0912,273--3,0912,273
Tax assets/(liabilities)24,73824,005(35,542)(34,498)10,80410,493
Offsetting(17,119)(23,251)17,11923,251--
Net tax assets/(liabilities)7,539754(18,343)(11,247)(10,804)(10,493)
The recognised deferred tax assets and liabilities are expected to be recovered or settled principally after more than twelve months from the end of the reporting period. The deferred tax assets and liabilities reflected in other comprehensive income relate to fair valuation of property, plant and equipment, to fair valuation of investments at FVOCI and to movements in provisions for pensions attributable to actuarial assumptions. The movement in the Group\u2019s deferred tax assets and liabilities during the year, without taking into consideration the offsetting of balances, is as follows:
Group
Balance 1 January 2024Acquired on acquisitionRecognised in profit or lossRecognised in other comprehensive incomeBalance 31 December 2024Recognised in profit or lossRecognised in other comprehensive incomeBalance 31 December 2025
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
Property, plant and equipment(11,579)-(2,549)-(14,128)(289)-(14,417)
Intangible assets(689)(490)(628)-(1,807)(1,126)-(2,933)
Provisions for pensions and other liabilities1,161---1,161(789)-372
Expected credit losses on trade receivables and other assets3,750-(94)-3,656420-4,076
Rights-of-use asset(14,608)(154)(2,531)-(17,293)(4)-(17,297)
Lease liabilities14,4711812,263-16,915284-17,199
Fair value on other investments(1,393)--544(849)-375(475)
Others1,349312612-2,273818-3,092
Revaluation of land and buildings(421)---(421)--(421)
(7,959)(151)(2,927)544(10,493)(686)37510,804
At 31 December 2025, the Group and the Company had unrecognised deferred tax assets amounting to \u20ac97,470,000 and \u20ac46,073,000 respectively (Group 2024: \u20ac100,273,000, Company 2024: 46,073,000) created through temporary differences arising from unutilised capital allowances in respect of Intellectual Property Rights (Note 37), impairment and other losses on investments and unabsorbed capital losses. Capital losses are only available for offset against future capital gains. Other unrecognised deferred tax assets at Group are attributable to unutilised capital allowances claimed by GO IP Holdings Limited, which will be recognised as they are utilised over time.
30.Tax expense
The Group\u2019s and the Company\u2019s tax expense recognised in profit or loss is analysed below:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Current tax
Current tax expense7,4368,1235,6616,113
Deferred tax
Deferred tax expense 6862,9271,6412,925
Total tax expense8,12211,0507,3029,038
The tax impacts, which are entirely attributable to deferred taxation, relating to components of other comprehensive income and accordingly presented directly in equity are as follows:
20252024
Before taxTax (charge)/creditNet of TaxBefore taxTax (charge)/creditNet of tax
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
Group
Movements from changes
in fair value of equity
investments at fair value
through other
comprehensive income66(23)431,707(544)1,163
Release of fair value
of available for sale
investments(1,136)398(738)---
The tax recognised in profit or loss on the Group\u2019s and the Company\u2019s profit before tax differs from the theoretical amount that would arise by applying the basic tax rate in Malta to the results of the consolidated entities as follows:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Profit before tax28,78926,73821,921178,929
Tax on profit at 35% applicable to taxable
profits in Malta10,0769,3587,67362,625
Tax effect of:
Expenses and losses disallowed for tax
purposes81787490103
Different tax rate applied to taxable income
attributable to subsidiary (see below)94864--
Income taxed at different rate(5)24(5)(10)
Income not subject to tax(606)(222)(529)(53,725)
Others969527345
Remeasured deferred tax (note 12)(401)---
Unrecognised deferred tax in current period210---
Unrecognised deferred tax in previous period (note 12)(3,013)---
Tax expense8,12211,0507,3029,038
The tax rate applied to taxable profits attributable to a subsidiary registered in Cyprus, Cablenet, is 12.5% (Note 12).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page170-cflshid_74311-tag11686828": { "value": "
12.Deferred tax assets and liabilities
Deferred taxes are calculated on all temporary differences under the liability method and are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates (and tax laws) that have been substantively enacted by the end of the reporting period. The principal tax rate used in respect of Malta based Group companies is 35% (2024: 35%), with the exception of deferred taxation on the fair valuation of non-depreciable property, which is computed on the basis applicable to disposals of immovable property i.e. principally tax effect of 10% (2024: 10%) of the transfer value.
The tax rate applied in Cyprus in respect of the taxable profits attributable to Cablenet is 12.5% (2024: 12.5%). As from 1 January 2026, the applicable income tax rate in Cyprus was increased to 15%. As a result, the deferred tax assets and liabilities as at 31 December 2025 have been remeasured with an effective tax rate of 15%, resulting in an impact of a credit tax charge of \u20ac401,000 (Note 30).
The balance at 31 December represents temporary differences attributable to:
GroupAssetsLiabilitiesNet
202520242025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
Depreciation of property,
plant and equipment--(14,417)(14,128)(14,417)(14,128)
Fair valuation of land
and buildings--(421)(421)(421)(421)
Intangible assets--(2,933)(1,807)(2,933)(1,807)
Provisions for pensions
and other liabilities3721,161--3721,161
Credit loss allowances on
trade receivables and other
assets4,0763,656-4,0763,656
Right-of-use assets-(17,297)(17,293)(17,297)(17,293)
Lease liabilities17,19916,915--17,19916,915
Fair value on other
investments--(474)(849)(474)(849)
Others3,0912,273--3,0912,273
Tax assets/(liabilities)24,73824,005(35,542)(34,498)10,80410,493
Offsetting(17,119)(23,251)17,11923,251--
Net tax assets/(liabilities)7,539754(18,343)(11,247)(10,804)(10,493)
The recognised deferred tax assets and liabilities are expected to be recovered or settled principally after more than twelve months from the end of the reporting period. The deferred tax assets and liabilities reflected in other comprehensive income relate to fair valuation of property, plant and equipment, to fair valuation of investments at FVOCI and to movements in provisions for pensions attributable to actuarial assumptions. The movement in the Group\u2019s deferred tax assets and liabilities during the year, without taking into consideration the offsetting of balances, is as follows:
Group
Balance 1 January 2024Acquired on acquisitionRecognised in profit or lossRecognised in other comprehensive incomeBalance 31 December 2024Recognised in profit or lossRecognised in other comprehensive incomeBalance 31 December 2025
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
Property, plant and equipment(11,579)-(2,549)-(14,128)(289)-(14,417)
Intangible assets(689)(490)(628)-(1,807)(1,126)-(2,933)
Provisions for pensions and other liabilities1,161---1,161(789)-372
Expected credit losses on trade receivables and other assets3,750-(94)-3,656420-4,076
Rights-of-use asset(14,608)(154)(2,531)-(17,293)(4)-(17,297)
Lease liabilities14,4711812,263-16,915284-17,199
Fair value on other investments(1,393)--544(849)-375(475)
Others1,349312612-2,273818-3,092
Revaluation of land and buildings(421)---(421)--(421)
(7,959)(151)(2,927)544(10,493)(686)37510,804
At 31 December 2025, the Group and the Company had unrecognised deferred tax assets amounting to \u20ac97,470,000 and \u20ac46,073,000 respectively (Group 2024: \u20ac100,273,000, Company 2024: 46,073,000) created through temporary differences arising from unutilised capital allowances in respect of Intellectual Property Rights (Note 37), impairment and other losses on investments and unabsorbed capital losses. Capital losses are only available for offset against future capital gains. Other unrecognised deferred tax assets at Group are attributable to unutilised capital allowances claimed by GO IP Holdings Limited, which will be recognised as they are utilised over time.
30.Tax expense
The Group\u2019s and the Company\u2019s tax expense recognised in profit or loss is analysed below:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Current tax
Current tax expense7,4368,1235,6616,113
Deferred tax
Deferred tax expense 6862,9271,6412,925
Total tax expense8,12211,0507,3029,038
The tax impacts, which are entirely attributable to deferred taxation, relating to components of other comprehensive income and accordingly presented directly in equity are as follows:
20252024
Before taxTax (charge)/creditNet of TaxBefore taxTax (charge)/creditNet of tax
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
Group
Movements from changes
in fair value of equity
investments at fair value
through other
comprehensive income66(23)431,707(544)1,163
Release of fair value
of available for sale
investments(1,136)398(738)---
The tax recognised in profit or loss on the Group\u2019s and the Company\u2019s profit before tax differs from the theoretical amount that would arise by applying the basic tax rate in Malta to the results of the consolidated entities as follows:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Profit before tax28,78926,73821,921178,929
Tax on profit at 35% applicable to taxable
profits in Malta10,0769,3587,67362,625
Tax effect of:
Expenses and losses disallowed for tax
purposes81787490103
Different tax rate applied to taxable income
attributable to subsidiary (see below)94864--
Income taxed at different rate(5)24(5)(10)
Income not subject to tax(606)(222)(529)(53,725)
Others969527345
Remeasured deferred tax (note 12)(401)---
Unrecognised deferred tax in current period210---
Unrecognised deferred tax in previous period (note 12)(3,013)---
Tax expense8,12211,0507,3029,038
The tax rate applied to taxable profits attributable to a subsidiary registered in Cyprus, Cablenet, is 12.5% (Note 12).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page174-cflshid_76373-tag11686830": { "value": "13.Inventories
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Operating spares3,5187,6323,0536,921
Goods held for resale4,4053,138323840
7,92310,7703,3767,761
The cost of inventories recognised as expense is disclosed in Note 23. During the current financial year, an increase in provisions for obsolescence of inventories amounting to \u20ac770,000 (2024: \u20ac95,000) for the Group and an increase of \u20ac523,000 (2024: \u20ac78,000) for the Company, have been reflected in these financial statements. Inventory write-downs during the year amounted to \u20ac325,000 (2024: \u20ac3,000) and \u20ac317,000 (2024: \u20ac3,000) for the Group and Company respectively.
Provisions for obsolescence of inventories are as follows:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
At end of year1,219808860654
23.Expenses by nature
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Cost of goods sold32,78227,05814,18218,347
Third party network charges, content costs and
other direct costs74,19570,33632,92533,708
Employee benefit expense
(Note 24 and Note below)38,77541,63422,15325,219
Depreciation of property, plant and
equipment (Note 5)33,77433,73822,31122,311
Depreciation of right-of-use assets (Note 6)8,2879,1654,8255,980
Amortisation of intangible assets (Note 7)11,99112,4342,6123,498
Movement in provisions and write-offs
relating to inventories (Note 13)7709552378
Movement in credit loss allowances in respect
of trade and other receivables (Note 14)3356571,150(222)
Bad debts written off1,1411,741713751
Expense relating to short-term leases793761413400
Royalty fee--15,820808
Other16,32815,3858,1447,816
Total cost of sales, administrative and other related expenses219,171213,004125,771118,694
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page174-cflshid_76373-tag11686894": { "value": "
14.Trade and other receivables
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-current
Trade receivables \u2013 net of provisions 535468--
Amounts owed by subsidiaries--2,8482,848
Contract assets 4,0123,5024,01203,488
Costs incurred in obtaining contracts383329383329
Costs incurred to fulfil contracts255263--
Prepayments1,611951--
Other assets170154170154
6,9665,6677,4136,819
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Current
Trade receivables \u2013 net of provisions 18,61720,5529,7879,244
Amounts owed by subsidiaries \u2013 net of provisions--7,0378,887
Other receivables \u2013 net of provisions827876684664
Indirect taxation----
Contract assets17,6469,60016,1688,734
Costs incurred in obtaining contracts1,1951,0541,1951,054
Costs incurred to fulfil contracts38240536113
Prepayments 16,42313,14512,1828,964
Other assets89667862
55,17945,69847,16737,722
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page174-cflshid_76373-tag11686832": { "value": "
14.Trade and other receivables
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-current
Trade receivables \u2013 net of provisions 535468--
Amounts owed by subsidiaries--2,8482,848
Contract assets 4,0123,5024,01203,488
Costs incurred in obtaining contracts383329383329
Costs incurred to fulfil contracts255263--
Prepayments1,611951--
Other assets170154170154
6,9665,6677,4136,819
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Current
Trade receivables \u2013 net of provisions 18,61720,5529,7879,244
Amounts owed by subsidiaries \u2013 net of provisions--7,0378,887
Other receivables \u2013 net of provisions827876684664
Indirect taxation----
Contract assets17,6469,60016,1688,734
Costs incurred in obtaining contracts1,1951,0541,1951,054
Costs incurred to fulfil contracts38240536113
Prepayments 16,42313,14512,1828,964
Other assets89667862
55,17945,69847,16737,722
Current amounts owed by subsidiaries as at 31 December 2025 and 2024 are unsecured, interest-free and repayable on demand. Non-current amounts owed by subsidiaries as at 31 December 2025 and 2024 relate to dividends receivable and are unsecured, interest-free and not repayable within the forthcoming 12-month period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page174-cflshid_76373-tag11686831": { "value": "
14.Trade and other receivables
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-current
Trade receivables \u2013 net of provisions 535468--
Amounts owed by subsidiaries--2,8482,848
Contract assets 4,0123,5024,01203,488
Costs incurred in obtaining contracts383329383329
Costs incurred to fulfil contracts255263--
Prepayments1,611951--
Other assets170154170154
6,9665,6677,4136,819
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Current
Trade receivables \u2013 net of provisions 18,61720,5529,7879,244
Amounts owed by subsidiaries \u2013 net of provisions--7,0378,887
Other receivables \u2013 net of provisions827876684664
Indirect taxation----
Contract assets17,6469,60016,1688,734
Costs incurred in obtaining contracts1,1951,0541,1951,054
Costs incurred to fulfil contracts38240536113
Prepayments 16,42313,14512,1828,964
Other assets89667862
55,17945,69847,16737,722
Current amounts owed by subsidiaries as at 31 December 2025 and 2024 are unsecured, interest-free and repayable on demand. Non-current amounts owed by subsidiaries as at 31 December 2025 and 2024 relate to dividends receivable and are unsecured, interest-free and not repayable within the forthcoming 12-month period.
Receivables, disclosed in the table above, are stated net of credit loss allowances as follows:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Trade receivables13,86313,8239,88810,263
Other receivables395395114114
Amounts owed by subsidiaries--1,230-
Contract assets295-295-
Total credit loss allowances14,55314,21811,52710,377
The following tables analyse the changes in contract assets, costs incurred in obtaining contracts and costs incurred to fulfil contracts during the year ended 31 December 2025 and 2024:
Group
As at 1 January 2024Business related variationsAs at 31 December 2024
\u20ac000\u20ac000\u20ac000
Contract assets
Accrued income9,249(4,516)4,733
OriginationsAmortisation recognition in profit or loss
\u20ac000\u20ac000
Revenue allocated to subsidised
handsets3,9883,623(2,802)4,809
Revenue allocated to discounted part
of contract term9832,538(1,888)1,633
Free credits under subscriber
agreements1,9661,529(1,568)1,927
Total contract assets16,18613,102
Costs incurred in obtaining contracts1,3071,500(1,424)1,383
Costs incurred to fulfil contracts563399(294)668
As at 1 January 2025Business related variationsAs at 31 December 2025
\u20ac000\u20ac000\u20ac000
Contract assets
Accrued income4,7335,0229,755
OriginationsAmortisation recognition in profit or loss
\u20ac000\u20ac000
Revenue allocated to subsidised
handsets4,8097,422(5,397)6,834
Revenue allocated to discounted part
of contract term1,6332,373(1,130)2,876
Free credits under subscriber
agreements1,9271,902(1,636)2,193
Total contract assets13,10221,658
Costs incurred in obtaining contracts1,3831,611(1,416)1,578
Costs incurred to fulfil contracts668339(370)637
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page174-cflshid_76373-tag11686878": { "value": "
14.Trade and other receivables
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Current
Trade receivables \u2013 net of provisions 18,61720,5529,7879,244
Amounts owed by subsidiaries \u2013 net of provisions--7,0378,887
Other receivables \u2013 net of provisions827876684664
Indirect taxation----
Contract assets17,6469,60016,1688,734
Costs incurred in obtaining contracts1,1951,0541,1951,054
Costs incurred to fulfil contracts38240536113
Prepayments 16,42313,14512,1828,964
Other assets89667862
55,17945,69847,16737,722
21. Trade and other payables
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-current
Trade payables27,08420,9031,294-
Contract liabilities520295520295
Accruals120-79
27,72421,1981,893295
Current
Trade payables33,45833,41812,6149,653
Amounts owed to related party2,2122,4538,780-
Other payables4,2873,5143,5773,065
Indirect tax payable10,9339,4125,3314,576
Contract liabilities 20,43314,80413,0406,710
Accruals 27,43823,90622,97922,074
98,76187,50766,32146,078
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page178-cflshid_78549-tag11686838": { "value": "15.Cash and cash equivalents
For the purposes of the statements of cash flows, cash and cash equivalents comprise the following:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Cash at bank and in hand15,87614,7768,4104,283
Bank overdrafts (Note 18)(12,636)(7,145)(9,102)(4,860)
Cash pledged as guarantees(5,045)(3,072)(1,746)(1,400)
(1,805)4,559(2,438)(1,977)
Cash pledged as guarantees includes:
-\u20ac315,000 (2024: \u20ac640,000) cash collateral in respect of Good Payment Letters of Guarantee expiring on 15 June 2026, in favour of Cypriot regulatory authorities, relating to 4G radio spectrum frequencies.
-\u20ac683,000 (2024: \u20ac683,000) cash collateral in respect of Good Payment Letters of Guarantee expiring on 20 July 2026, in favour of Cypriot regulatory authorities, relating to 5G radio spectrum frequencies.
-\u20ac350,000 (2024: \u20ac350,000) and another \u20ac175,000 (2024: \u20acNil) representing cash collateral in respect of a Letter of Guarantee in favour of a third party expiring on 15 June 2026 and 7 August 2026 respectively, relating to the RAN Sharing agreement signed with this third party.
-\u20ac1,220,000 (2024: \u20ac1,220,000) in respect of a Letter of Guarantee in favour of a third party expiring on 31 December 2029, relating to football rights.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page178-cflshid_78549-tag11686837": { "value": "15.Cash and cash equivalents
For the purposes of the statements of cash flows, cash and cash equivalents comprise the following:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Cash at bank and in hand15,87614,7768,4104,283
Bank overdrafts (Note 18)(12,636)(7,145)(9,102)(4,860)
Cash pledged as guarantees(5,045)(3,072)(1,746)(1,400)
(1,805)4,559(2,438)(1,977)
Cash pledged as guarantees includes:
-\u20ac315,000 (2024: \u20ac640,000) cash collateral in respect of Good Payment Letters of Guarantee expiring on 15 June 2026, in favour of Cypriot regulatory authorities, relating to 4G radio spectrum frequencies.
-\u20ac683,000 (2024: \u20ac683,000) cash collateral in respect of Good Payment Letters of Guarantee expiring on 20 July 2026, in favour of Cypriot regulatory authorities, relating to 5G radio spectrum frequencies.
-\u20ac350,000 (2024: \u20ac350,000) and another \u20ac175,000 (2024: \u20acNil) representing cash collateral in respect of a Letter of Guarantee in favour of a third party expiring on 15 June 2026 and 7 August 2026 respectively, relating to the RAN Sharing agreement signed with this third party.
-\u20ac1,220,000 (2024: \u20ac1,220,000) in respect of a Letter of Guarantee in favour of a third party expiring on 31 December 2029, relating to football rights.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page178-cflshid_78549-tag11686836": { "value": "15.Cash and cash equivalents
For the purposes of the statements of cash flows, cash and cash equivalents comprise the following:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Cash at bank and in hand15,87614,7768,4104,283
Bank overdrafts (Note 18)(12,636)(7,145)(9,102)(4,860)
Cash pledged as guarantees(5,045)(3,072)(1,746)(1,400)
(1,805)4,559(2,438)(1,977)
Cash pledged as guarantees includes:
-\u20ac315,000 (2024: \u20ac640,000) cash collateral in respect of Good Payment Letters of Guarantee expiring on 15 June 2026, in favour of Cypriot regulatory authorities, relating to 4G radio spectrum frequencies.
-\u20ac683,000 (2024: \u20ac683,000) cash collateral in respect of Good Payment Letters of Guarantee expiring on 20 July 2026, in favour of Cypriot regulatory authorities, relating to 5G radio spectrum frequencies.
-\u20ac350,000 (2024: \u20ac350,000) and another \u20ac175,000 (2024: \u20acNil) representing cash collateral in respect of a Letter of Guarantee in favour of a third party expiring on 15 June 2026 and 7 August 2026 respectively, relating to the RAN Sharing agreement signed with this third party.
-\u20ac1,220,000 (2024: \u20ac1,220,000) in respect of a Letter of Guarantee in favour of a third party expiring on 31 December 2029, relating to football rights.
18. Borrowings
The grossed-up effects of proceeds from bank loans and repayments of bank loans are reflected on the face of the statements of cash flows.
19.Lease liabilities The total cash outflows for leases in 2025 was \u20ac9,215,000 and \u20ac5,033,000 (2024: \u20ac11,597,000 and \u20ac7,705,000) for the Group and the Company respectively.
33.Cash generated from operations
Reconciliation of operating profit to cash generated from operations:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Operating profit37,91735,23514,24323,610
Adjustments for:
Depreciation and amortisation 54,05255,33829,74831,790
Net movement in provisions and write-downs
in relation to receivables and inventories1,1051,5921,673727
Gains/(loss) on disposal of property, plant
and equipment305---
Movement in provisions for pensions(2,254)-(2,254)-
Changes in working capital:
Inventories2,0771,2323,862856
Trade and other receivables3,25113,340(1,660)5,060
Trade and other payables(2,853)(15,060)(6,142)(14,865)
Group undertakings\u2019 balances--10,9871,080
Cash generated from operations93,60091,67750,45748,258
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page178-cflshid_78549-tag11686835": { "value": "
16.Share capital
Company
20252024
\u20ac000\u20ac000
Authorised
600,000,000 ordinary shares of \u20ac0.582343 each349,406349,406
Issued and fully paid
101,310,488 ordinary shares of \u20ac0.582343 each58,99858,998
17.Reserves
Group
Property revaluation reserveFVOCI investments fair valuation reserveEquity reserve for minority put optionOther reserveTotal
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
At 1 January 20242,2562,583-(1,340)3,499
Investments at FVOCI:
- losses from changes in fair value-(49)--(49)
- deferred taxes thereon-35--35
- release of fair valuation of available for sale
investments-(1,658)--(1,658)
- deferred taxes thereon-509--509
Contingent liability to acquire further shares
in subsidiary--(1,315)-(1,315)
At 31 December 20242,2561,420(1,315)(1,340)1,021
At 1 January 20252,2561,420(1,315)(1,340)1,021
Transfer of defined benefit
obligations to retained earnings:
- expiration of rights---1,4001,400
- deferred tax thereon---(490)(490)
Investments at FVOCI:
- Net gains from changes in fair value-66--66
- deferred taxes thereon-(23)--(23)
- release of fair valuation of available for sale
investments-(1,136)--(1,136)
- deferred taxes thereon-398--398
Contingent liability to acquire further shares
in subsidiary--(1,071)-(1,071)
Remeasurement of contingent liability to acquire further shares in subsidiary--587-587
At 31 December 20252,256725(1,799)(430)752
These reserves are non-distributable.
Property revaluation reserve
The revaluation reserve relates to fair valuation of the land and buildings component of property, plant and equipment, and the balance represents the cumulative net increase in fair value of such property, net of related deferred tax.
FVOCI investments fair valuation reserve
The Group has elected to recognise changes in the fair value of certain investments in equity securities in OCI. These changes are accumulated within the FVOCI investments fair valuation reserve within equity, net of related deferred tax. The Group transfers amounts from this reserve to retained earnings when the relevant equity securities are derecognised (Note 11).
Merger reserve
The merger reserve represents amounts arising on the merger of a subsidiary with the Company.
Other reserves
The other reserve reflects the impact of actuarial gains and losses recognised in other comprehensive income in respect of provisions for pensions (Note 20) in accordance with the Group\u2019s accounting policy.
Equity reserve arising on written put option available to minority shareholder
This reserve includes \u20ac587,000 (2024: \u20ac1,315,000) relating to the recognition of the liability arising on the AQS Med Limited minority option as further detailed in Note 8.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page178-cflshid_78549-tag11686834": { "value": "
16.Share capital
Company
20252024
\u20ac000\u20ac000
Authorised
600,000,000 ordinary shares of \u20ac0.582343 each349,406349,406
Issued and fully paid
101,310,488 ordinary shares of \u20ac0.582343 each58,99858,998
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page179-cflshid_78879-tag11686839": { "value": "
17.Reserves
Group
Property revaluation reserveFVOCI investments fair valuation reserveEquity reserve for minority put optionOther reserveTotal
\u20ac000\u20ac000\u20ac000\u20ac000\u20ac000
At 1 January 20242,2562,583-(1,340)3,499
Investments at FVOCI:
- losses from changes in fair value-(49)--(49)
- deferred taxes thereon-35--35
- release of fair valuation of available for sale
investments-(1,658)--(1,658)
- deferred taxes thereon-509--509
Contingent liability to acquire further shares
in subsidiary--(1,315)-(1,315)
At 31 December 20242,2561,420(1,315)(1,340)1,021
At 1 January 20252,2561,420(1,315)(1,340)1,021
Transfer of defined benefit
obligations to retained earnings:
- expiration of rights---1,4001,400
- deferred tax thereon---(490)(490)
Investments at FVOCI:
- Net gains from changes in fair value-66--66
- deferred taxes thereon-(23)--(23)
- release of fair valuation of available for sale
investments-(1,136)--(1,136)
- deferred taxes thereon-398--398
Contingent liability to acquire further shares
in subsidiary--(1,071)-(1,071)
Remeasurement of contingent liability to acquire further shares in subsidiary--587-587
At 31 December 20252,256725(1,799)(430)752
These reserves are non-distributable.
Property revaluation reserve
The revaluation reserve relates to fair valuation of the land and buildings component of property, plant and equipment, and the balance represents the cumulative net increase in fair value of such property, net of related deferred tax.
FVOCI investments fair valuation reserve
The Group has elected to recognise changes in the fair value of certain investments in equity securities in OCI. These changes are accumulated within the FVOCI investments fair valuation reserve within equity, net of related deferred tax. The Group transfers amounts from this reserve to retained earnings when the relevant equity securities are derecognised (Note 11).
Merger reserve
The merger reserve represents amounts arising on the merger of a subsidiary with the Company.
Other reserves
The other reserve reflects the impact of actuarial gains and losses recognised in other comprehensive income in respect of provisions for pensions (Note 20) in accordance with the Group\u2019s accounting policy.
Equity reserve arising on written put option available to minority shareholder
This reserve includes \u20ac587,000 (2024: \u20ac1,315,000) relating to the recognition of the liability arising on the AQS Med Limited minority option as further detailed in Note 8.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page181-cflshid_79983-tag11686888": { "value": "
18. Borrowings
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-current liabilities
Bonds (i)100,701100,59559,52059,433
Secured bank loans (ii)67,38056,02516,85122,888
Shareholder\u2019s loans403---
Other private borrowings736406--
169,220157,02676,37182,321
Current liabilities
Secured bank loans (ii)8,6358,8276,0407,094
Bank overdrafts (iii)12,6367,1459,1024,860
21,27115,97215,14211,954
Total borrowings190,491172,99891,51394,275
Group
20252024
CurrencyYear of maturityFace valueCarrying amountFace valueCarrying amount
\u20ac000\u20ac000\u20ac000\u20ac000
5.25% Bondeuro20271,5251,5191,6221,595
4% Bondeuro203040,00039,66240,00039,567
3.5% Bondeuro203160,00059,52060,00059,433
101,525100,701101,622100,595
Bank loans
Loan 1euro20261,0641,0643,1893,189
Loan 2euro203010,62510,60013,12513,087
Loan 3euro203011,25011,22613,75013,707
Loan 4euro20302,6222,5903,1873,148
Loan 5stg202611112222
Loan 6euro204329,89429,70030,00029,795
Loan 7euro2033323323366367
Loan 8euro203420202323
Loan 9euro203147475757
Loan 10euro203025253131
Loan 11euro202931314141
Loan 12euro203273738585
Loan 13euro202615153838
Loan 14euro203381819292
Loan 15euro203215151717
Loan 16euro202710101616
Loan 17euro2025--1,0201,020
Loan 18euro2025--117117
Loan 19euro204519,89719,734--
Loan 20euro20312424--
Loan 21euro20359797--
Loan 22euro2037329329--
76,45376,01565,17664,852
The grossed-up effects of proceeds from bank loans and repayments of bank loans are reflected on the face of the statements of cash flows.
(i)Bonds
The \u20ac40,000,000 bonds issued by the Group\u2019s Cypriot subsidiary Cablenet, in terms of the Prospectus dated 21 July 2020, comprise 40,000 bonds with a nominal value of \u20ac1,000 each. The carrying amount as at 31 December 2024 is net of unamortised issue costs amounting to \u20ac490,000, with the gross amount of issue costs of \u20ac700,000. These bonds are unsecured, subject to a fixed interest rate of 4% and are repayable on 19 August 2030. On 21 August 2020 the bonds have been admitted to listing on the official list of the Malta Stock Exchange and trading commenced as from 24 August 2020. The quoted market price of the bonds as at 31 December 2025 was \u20ac96.50 (2024: \u20ac95).
On 25 May 2021, GO secured the approval by the Malta Financial Services Authority of the prospectus relating to the Bond Issue to the public in Malta, of 3.5% unsecured bonds with an aggregate principal amount of \u20ac60 million which comprise 60,000 bonds with a nominal value of \u20ac1,000 each, and of the admissibility to listing of the Bonds pursuant to the Capital Market Rules. The carrying amount as at 31 December 2024 is net of unamortised issue costs amounting to \u20ac567,000, with the gross amount of issue costs of \u20ac872,000. The bond is repayable on 25 June 2031. On 25 June 2021 the bonds have been admitted to listing on the official list of the Malta Stock Exchange and trading commenced on 6 July 2021. The quoted market price of the bonds as at 31 December 2025 was \u20ac95 (2023: \u20ac98).
On 3 July 2017, Klikk Finance p.l.c. issued a \u20ac2,000,000 unsecured bond with a 5.25% interest rate and a nominal value of \u20ac100 per bond. The bond is set to mature on 31 July 2027. As part of its treasury management policy, the company conducts bond buy-backs and, as of December 2025, has repurchased \u20ac85,200 in bonds from its bondholders in line with this policy. The carrying amount as at 31 December 2024 is net of unamortised issue costs amounting to \u20ac1,519,000 with the gross amount of issue costs of \u20ac85,371.
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Gross proceeds
40,000 4% bonds 203040,00040,000--
60,000 3.5% bonds 203160,00060,00060,00060,000
2,000 5.25% bonds 20271,5251,622--
Balance at 31 December 101,525101,62260,00060,000
Issue costs: gross amounts1,6571,657872872
Accumulated amortisation
Balance at 1 January630457305218
Amortisation for the year2031738787
Balance at 31 December 833630392305
Unamortised issue costs8241,027480567
Carrying amount as at 31 December100,701100,59559,52059,433
(ii)Secured bank loans
All the Group\u2019s bank loans are term loans with scheduled repayments. The Company\u2019s bank loans are subject to financial covenants and are secured by hypothecs over the present and future assets of the Company.
Loans 1, 2 and 3 are subject to a floating interest rate computed using 3-month Euribor. Loan 6 to Loan 18 bear an interest at a variable rate which comprises a fixed margin over the bank\u2019s base rate.
Loans 4 and 5 are subject to fixed rates of interest.
Loans 4, 6 and 19 are attributable to a subsidiary, that are subject to financial covenants, are secured by the current and future assets (including the owned property) of the subsidiary and other group entities and by guarantees by these entities, whereas Loan 5 is unsecured.
The weighted average effective interest rates of the bank loans as at the end of the reporting period are as follows:
GroupCompany
2025202420252024
%%%%
Bank loans4.004.184.404.50
(iii)Private borrowings
A subsidiary has private unsecured borrowings totalling \u20ac736,000 as of year-end, with fixed interest rates ranging from 6% to 8%. These borrowings are held with different private lenders, each having its own repayment terms. The earliest borrowing matures in 2029, while the latest is set to expire in 2037.
(iv)Bank overdrafts
Bank overdrafts also include factoring facilities of a subsidiary. The Group\u2019s and Company\u2019s overdraft banking facilities at 31 December 2025 amounted to \u20ac24,530,000 (2024: \u20ac24,530,000) and \u20ac20,000,000 (2024: \u20ac20,000,000) respectively. The Company\u2019s facilities are secured by hypothecs over the present and future assets of the Company. The subsidiary\u2019s facilities are secured by guarantees and mortgages on the immovable property rights pertaining to the subsidiary.
As at 31 December 2025 and 2024, the Group\u2019s and Company\u2019s facilities were mainly subject to a floating interest rate linked to the bank\u2019s base rate.
The weighted average effective interest rates as at 31 December are as follows:
GroupCompany
2025202420252024
%%%%
Bank overdrafts4.54 5.364.404.76
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18. Borrowings
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-current liabilities
Bonds (i)100,701100,59559,52059,433
Secured bank loans (ii)67,38056,02516,85122,888
Shareholder\u2019s loans403---
Other private borrowings736406--
169,220157,02676,37182,321
Current liabilities
Secured bank loans (ii)8,6358,8276,0407,094
Bank overdrafts (iii)12,6367,1459,1024,860
21,27115,97215,14211,954
Total borrowings190,491172,99891,51394,275
Group
20252024
CurrencyYear of maturityFace valueCarrying amountFace valueCarrying amount
\u20ac000\u20ac000\u20ac000\u20ac000
5.25% Bondeuro20271,5251,5191,6221,595
4% Bondeuro203040,00039,66240,00039,567
3.5% Bondeuro203160,00059,52060,00059,433
101,525100,701101,622100,595
(i)Bonds
The \u20ac40,000,000 bonds issued by the Group\u2019s Cypriot subsidiary Cablenet, in terms of the Prospectus dated 21 July 2020, comprise 40,000 bonds with a nominal value of \u20ac1,000 each. The carrying amount as at 31 December 2024 is net of unamortised issue costs amounting to \u20ac490,000, with the gross amount of issue costs of \u20ac700,000. These bonds are unsecured, subject to a fixed interest rate of 4% and are repayable on 19 August 2030. On 21 August 2020 the bonds have been admitted to listing on the official list of the Malta Stock Exchange and trading commenced as from 24 August 2020. The quoted market price of the bonds as at 31 December 2025 was \u20ac96.50 (2024: \u20ac95).
On 25 May 2021, GO secured the approval by the Malta Financial Services Authority of the prospectus relating to the Bond Issue to the public in Malta, of 3.5% unsecured bonds with an aggregate principal amount of \u20ac60 million which comprise 60,000 bonds with a nominal value of \u20ac1,000 each, and of the admissibility to listing of the Bonds pursuant to the Capital Market Rules. The carrying amount as at 31 December 2024 is net of unamortised issue costs amounting to \u20ac567,000, with the gross amount of issue costs of \u20ac872,000. The bond is repayable on 25 June 2031. On 25 June 2021 the bonds have been admitted to listing on the official list of the Malta Stock Exchange and trading commenced on 6 July 2021. The quoted market price of the bonds as at 31 December 2025 was \u20ac95 (2023: \u20ac98).
On 3 July 2017, Klikk Finance p.l.c. issued a \u20ac2,000,000 unsecured bond with a 5.25% interest rate and a nominal value of \u20ac100 per bond. The bond is set to mature on 31 July 2027. As part of its treasury management policy, the company conducts bond buy-backs and, as of December 2025, has repurchased \u20ac85,200 in bonds from its bondholders in line with this policy. The carrying amount as at 31 December 2024 is net of unamortised issue costs amounting to \u20ac1,519,000 with the gross amount of issue costs of \u20ac85,371.
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Gross proceeds
40,000 4% bonds 203040,00040,000--
60,000 3.5% bonds 203160,00060,00060,00060,000
2,000 5.25% bonds 20271,5251,622--
Balance at 31 December 101,525101,62260,00060,000
Issue costs: gross amounts1,6571,657872872
Accumulated amortisation
Balance at 1 January630457305218
Amortisation for the year2031738787
Balance at 31 December 833630392305
Unamortised issue costs8241,027480567
Carrying amount as at 31 December100,701100,59559,52059,433
(iii)Private borrowings
A subsidiary has private unsecured borrowings totalling \u20ac736,000 as of year-end, with fixed interest rates ranging from 6% to 8%. These borrowings are held with different private lenders, each having its own repayment terms. The earliest borrowing matures in 2029, while the latest is set to expire in 2037.
21. Trade and other payables
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-current
Trade payables27,08420,9031,294-
Contract liabilities520295520295
Accruals120-79
27,72421,1981,893295
Current
Trade payables33,45833,41812,6149,653
Amounts owed to related party2,2122,4538,780-
Other payables4,2873,5143,5773,065
Indirect tax payable10,9339,4125,3314,576
Contract liabilities 20,43314,80413,0406,710
Accruals 27,43823,90622,97922,074
98,76187,50766,32146,078
Included within non-current and current trade payables are amounts of \u20ac25,790,000 and \u20ac4,219,000 (2024: \u20ac20,859,000 and \u20ac4,264,000) respectively in relation to broadcasting rights for sports activities pertaining to Cablenet. These liabilities represent the present value of the estimated future contractual payments to football clubs in Cyprus for the provision of their home football matches recognised as a financial liability at amortised cost. On initial recognition the weighted average incremental borrowing rate applied to football broadcasting rights liability was 4%. Subsequent additions (see Note 7) until 31 December 2023 have been recognised using a weighted average incremental borrowing rate of 4.25%. The July 2024 additions have been recognised using a weighted average incremental borrowing rate of 6.11%, the September 2024 additions using a rate of 6.02% and the December 2024 additions using a rate of 5.46%. The September 2025 additions, have been recognised using an incremental borrowing rate of 4.23% and the November 2025 additions, using a rate of 4.15%.
The following tables analyse the changes in contract liabilities during the years ended 31 December 2025 and 31 December 2024:
Group
As at 1 January 2024Business related variationsAs at 31 December 2024
\u20ac000\u20ac000
Contract liabilities
Prepaid and deferred income15,737(9,868)5,869
Revenue allocated to wholesale traffic
in view of discounting arrangements1,2141151,329
Others343(49)294
OriginationsUtilisation
\u20ac000\u20ac000
Attributable to free credits under
subscriber agreements2,2071,789(1,407)2,589
Deposits received in advance from
customers4,892339(213)5,018
Total contract liabilities24,39315,099
As at 1 January 2025Business related variationsAs at 31 December 2025
\u20ac000\u20ac000\u20ac000
Contract liabilities
Prepaid and deferred income5,8695,28711,156
Revenue allocated to wholesale traffic
in view of discounting arrangements1,3293181,647
Others294100394
OriginationsUtilisation
\u20ac000\u20ac000
Attributable to free credits under
subscriber agreements2,5891,903(1,728)2,764
Deposits received in advance from
customers5,018337(363)4,992
Total contract liabilities15,09920,953
Contract liabilities recognised in revenue during 2025
Revenue recognised in profit or loss during the financial year ended 31 December 2025 that was included in the balances of contract liabilities (prepaid and deferred income) as at 31 December 2024 amounted to \u20ac5,869,000 (2024: \u20ac15,737,000) and \u20ac2,793,000 (2024: \u20ac9,191,000) for the Group and the Company respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page181-cflshid_79983-tag11686840": { "value": "
18. Borrowings
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-current liabilities
Bonds (i)100,701100,59559,52059,433
Secured bank loans (ii)67,38056,02516,85122,888
Shareholder\u2019s loans403---
Other private borrowings736406--
169,220157,02676,37182,321
Current liabilities
Secured bank loans (ii)8,6358,8276,0407,094
Bank overdrafts (iii)12,6367,1459,1024,860
21,27115,97215,14211,954
Total borrowings190,491172,99891,51394,275
Group
20252024
CurrencyYear of maturityFace valueCarrying amountFace valueCarrying amount
\u20ac000\u20ac000\u20ac000\u20ac000
5.25% Bondeuro20271,5251,5191,6221,595
4% Bondeuro203040,00039,66240,00039,567
3.5% Bondeuro203160,00059,52060,00059,433
101,525100,701101,622100,595
(i)Bonds
The \u20ac40,000,000 bonds issued by the Group\u2019s Cypriot subsidiary Cablenet, in terms of the Prospectus dated 21 July 2020, comprise 40,000 bonds with a nominal value of \u20ac1,000 each. The carrying amount as at 31 December 2024 is net of unamortised issue costs amounting to \u20ac490,000, with the gross amount of issue costs of \u20ac700,000. These bonds are unsecured, subject to a fixed interest rate of 4% and are repayable on 19 August 2030. On 21 August 2020 the bonds have been admitted to listing on the official list of the Malta Stock Exchange and trading commenced as from 24 August 2020. The quoted market price of the bonds as at 31 December 2025 was \u20ac96.50 (2024: \u20ac95).
On 25 May 2021, GO secured the approval by the Malta Financial Services Authority of the prospectus relating to the Bond Issue to the public in Malta, of 3.5% unsecured bonds with an aggregate principal amount of \u20ac60 million which comprise 60,000 bonds with a nominal value of \u20ac1,000 each, and of the admissibility to listing of the Bonds pursuant to the Capital Market Rules. The carrying amount as at 31 December 2024 is net of unamortised issue costs amounting to \u20ac567,000, with the gross amount of issue costs of \u20ac872,000. The bond is repayable on 25 June 2031. On 25 June 2021 the bonds have been admitted to listing on the official list of the Malta Stock Exchange and trading commenced on 6 July 2021. The quoted market price of the bonds as at 31 December 2025 was \u20ac95 (2023: \u20ac98).
On 3 July 2017, Klikk Finance p.l.c. issued a \u20ac2,000,000 unsecured bond with a 5.25% interest rate and a nominal value of \u20ac100 per bond. The bond is set to mature on 31 July 2027. As part of its treasury management policy, the company conducts bond buy-backs and, as of December 2025, has repurchased \u20ac85,200 in bonds from its bondholders in line with this policy. The carrying amount as at 31 December 2024 is net of unamortised issue costs amounting to \u20ac1,519,000 with the gross amount of issue costs of \u20ac85,371.
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Gross proceeds
40,000 4% bonds 203040,00040,000--
60,000 3.5% bonds 203160,00060,00060,00060,000
2,000 5.25% bonds 20271,5251,622--
Balance at 31 December 101,525101,62260,00060,000
Issue costs: gross amounts1,6571,657872872
Accumulated amortisation
Balance at 1 January630457305218
Amortisation for the year2031738787
Balance at 31 December 833630392305
Unamortised issue costs8241,027480567
Carrying amount as at 31 December100,701100,59559,52059,433
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page187-cflshid_82850-tag11686843": { "value": "
20.Provisions for pensions
The provision of telephone, telex, radio and cable services in Malta was nationalised in 1975 through the enactment of the Telemalta Corporation Act. The Company (in the form of Telemalta Corporation, its predecessor in title) committed itself to take over the employees of Cable and Wireless as part of this nationalisation process. As a result, the Company also committed itself to set up a pension scheme in favour of these employees. Additionally, this commitment was extended to some employees where a pension obligation was expressly agreed as part of their terms of employment.
Following a judgement by the Court of Appeal on 7 July 2008, the Company was required to set up the pension scheme in favour of ex-Cable and Wireless employees, with an effective date of 1 January 1975 and set up in a manner similar to that prescribed by the Pensions Ordinance, 1937. A pension scheme set up in accordance with this Ordinance falls under the category of a defined benefit plan within the scope of IAS 19, \u2018Employee Benefits\u2019.
During the year, the Group reassessed its pension obligations in light of the resolution of outstanding legal cases, settlements reached with beneficiaries and the lapse of prescription periods for certain claims. This resulted in a significant reduction in the number of beneficiaries covered by the scheme.
Accordingly, the Group recognised a curtailment of the defined benefit plan, leading to a reduction in the defined benefit obligation of \u20ac2.254 million, which has been recognised in profit or loss as part of past service cost.
As at 31 December 2025, the remaining obligation of \u20ac1,063,000 million to a limited number of potential beneficiaries for whom a legal obligation may still exist. Given the limited number of employees, the obligation has been measured using the principles applicable to defined benefit plans without the involvement of external actuaries.
The curtailment arises from a significant reduction in the expected future service of employees covered by the plan, following the settlement, extinguishment or expiry of claims. In accordance with IAS 19, the defined benefit obligation was remeasured at the date of curtailment using updated assumptions, with the resulting gain recognised immediately in profit or loss.
As at 31 December, the Company estimates the present value of the benefit obligation as follows:
Group and Company
20252024
\u20ac000\u20ac000
Carrying amount of pension obligations1,0633,317
The Company\u2019s scheme is unfunded and the amounts in the statement of financial position reflect essentially the present value of the unfunded obligations. The movement in the defined benefit obligations throughout the year is analysed as follows:
Group and Company
20252024
\u20ac000\u20ac000
At 1 January3,3173,317
Settlements paid--
Reversal of provisions no longer required(2,254)-
At 31 December1,0633,317
The provision is analysed in the statement of financial position as follows:
Group and Company
20252024
\u20ac000\u20ac000
Non-current106367
Current 9572,950
1,0633,317
The amounts recognised in profit or loss are as follows:
Group and Company
20252024
\u20ac000\u20ac000
Reversal of provisions no longer required2,254-
No amounts relating to actuarial gains were recognised in other comprehensive income in the years ended 31 December 2025 and 31 December 2024.
23.Expenses by nature
23.1 Items of an unusual nature, size or incidence reflected within profit or loss
The following items of an unusual nature, size or incidence have been reflected within profit or loss during the current year:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-recurring items within:
Administrative and other related expenses
voluntary retirement costs (Note 24)1,8622,2861,8622,286
Movement in provisions for pensions (Note 20)(2,254)-(2,254)-
The Company continued with its right-sizing programme by offering voluntary retirement schemes to its employees.
24.Employee benefit expense
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Wages and salaries45,61345,35925,46626,344
Share-based compensation-99--
Social security costs3,0493,2221,4411,509
Capitalised labour costs(9,495)(9,332)(4,362)(4,920)
39,16739,34822,54522,933
Voluntary retirement costs1,8622,2861,8622,286
Movement in provisions for pensions(2,254)-(2,254)-
Total employee benefit expense38,77541,63422,15325,219
Wages, salaries and social security costs, other than those relating to capital projects, are allocated between operational expenses (included within \u2018cost of sales\u2019) and \u2018administrative expenses\u2019 as follows:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Operational expenses8,3818,1343,0103,276
Administrative and other related expenses30,39433,50019,14321,943
38,77541,63422,15325,219
25.Directors\u2019 emoluments
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Fees280280280280
During the current year, subsidiary companies paid remuneration to their directors who do not form part of the Company\u2019s Board of Directors amounting to \u20ac354,000 (2024: \u20ac430,000), whereas amounts paid by such entities to directors who are also Directors of GO amounted to \u20ac151,000 (2024: \u20ac130,000).
Directors\u2019 emoluments are included within \u2018administrative and other related expenses\u2019.
37.Related party transactions
Transactions with key management personnel
The Group defines key management personnel to include directors and senior management. Remuneration paid by the Group to directors and senior management during the year amounted to \u20ac405,546 and \u20ac3,116,305 respectively (2024: \u20ac410,269 and \u20ac2,829,239 respectively).
Except for remuneration disclosed above, the Group has not entered into material transactions with key management personnel which would warrant disclosure thereof for the purpose of understanding the Group\u2019s financial results or its financial position. Also, the Group has not entered into material transactions with entities in which the Group\u2019s key management personnel directly or indirectly have an interest or over which they have direct or indirect influence. Any such transactions would constitute normal operating transactions under normal market and commercial terms relating to provision of operational services by the Group, and would not comprise financing transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page189-cflshid_83788-tag11686845": { "value": "
21. Trade and other payables
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-current
Trade payables27,08420,9031,294-
Contract liabilities520295520295
Accruals120-79
27,72421,1981,893295
Current
Trade payables33,45833,41812,6149,653
Amounts owed to related party2,2122,4538,780-
Other payables4,2873,5143,5773,065
Indirect tax payable10,9339,4125,3314,576
Contract liabilities 20,43314,80413,0406,710
Accruals 27,43823,90622,97922,074
98,76187,50766,32146,078
Included within non-current and current trade payables are amounts of \u20ac25,790,000 and \u20ac4,219,000 (2024: \u20ac20,859,000 and \u20ac4,264,000) respectively in relation to broadcasting rights for sports activities pertaining to Cablenet. These liabilities represent the present value of the estimated future contractual payments to football clubs in Cyprus for the provision of their home football matches recognised as a financial liability at amortised cost. On initial recognition the weighted average incremental borrowing rate applied to football broadcasting rights liability was 4%. Subsequent additions (see Note 7) until 31 December 2023 have been recognised using a weighted average incremental borrowing rate of 4.25%. The July 2024 additions have been recognised using a weighted average incremental borrowing rate of 6.11%, the September 2024 additions using a rate of 6.02% and the December 2024 additions using a rate of 5.46%. The September 2025 additions, have been recognised using an incremental borrowing rate of 4.23% and the November 2025 additions, using a rate of 4.15%.
The following tables analyse the changes in contract liabilities during the years ended 31 December 2025 and 31 December 2024:
Group
As at 1 January 2024Business related variationsAs at 31 December 2024
\u20ac000\u20ac000
Contract liabilities
Prepaid and deferred income15,737(9,868)5,869
Revenue allocated to wholesale traffic
in view of discounting arrangements1,2141151,329
Others343(49)294
OriginationsUtilisation
\u20ac000\u20ac000
Attributable to free credits under
subscriber agreements2,2071,789(1,407)2,589
Deposits received in advance from
customers4,892339(213)5,018
Total contract liabilities24,39315,099
As at 1 January 2025Business related variationsAs at 31 December 2025
\u20ac000\u20ac000\u20ac000
Contract liabilities
Prepaid and deferred income5,8695,28711,156
Revenue allocated to wholesale traffic
in view of discounting arrangements1,3293181,647
Others294100394
OriginationsUtilisation
\u20ac000\u20ac000
Attributable to free credits under
subscriber agreements2,5891,903(1,728)2,764
Deposits received in advance from
customers5,018337(363)4,992
Total contract liabilities15,09920,953
Contract liabilities recognised in revenue during 2025
Revenue recognised in profit or loss during the financial year ended 31 December 2025 that was included in the balances of contract liabilities (prepaid and deferred income) as at 31 December 2024 amounted to \u20ac5,869,000 (2024: \u20ac15,737,000) and \u20ac2,793,000 (2024: \u20ac9,191,000) for the Group and the Company respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page189-cflshid_83788-tag11686886": { "value": "
21. Trade and other payables
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-current
Trade payables27,08420,9031,294-
Contract liabilities520295520295
Accruals120-79
27,72421,1981,893295
Current
Trade payables33,45833,41812,6149,653
Amounts owed to related party2,2122,4538,780-
Other payables4,2873,5143,5773,065
Indirect tax payable10,9339,4125,3314,576
Contract liabilities 20,43314,80413,0406,710
Accruals 27,43823,90622,97922,074
98,76187,50766,32146,078
The following tables analyse the changes in contract liabilities during the years ended 31 December 2025 and 31 December 2024:
Group
As at 1 January 2024Business related variationsAs at 31 December 2024
\u20ac000\u20ac000
Contract liabilities
Prepaid and deferred income15,737(9,868)5,869
Revenue allocated to wholesale traffic
in view of discounting arrangements1,2141151,329
Others343(49)294
OriginationsUtilisation
\u20ac000\u20ac000
Attributable to free credits under
subscriber agreements2,2071,789(1,407)2,589
Deposits received in advance from
customers4,892339(213)5,018
Total contract liabilities24,39315,099
As at 1 January 2025Business related variationsAs at 31 December 2025
\u20ac000\u20ac000\u20ac000
Contract liabilities
Prepaid and deferred income5,8695,28711,156
Revenue allocated to wholesale traffic
in view of discounting arrangements1,3293181,647
Others294100394
OriginationsUtilisation
\u20ac000\u20ac000
Attributable to free credits under
subscriber agreements2,5891,903(1,728)2,764
Deposits received in advance from
customers5,018337(363)4,992
Total contract liabilities15,09920,953
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page189-cflshid_83788-tag11686844": { "value": "
21. Trade and other payables
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-current
Trade payables27,08420,9031,294-
Contract liabilities520295520295
Accruals120-79
27,72421,1981,893295
Current
Trade payables33,45833,41812,6149,653
Amounts owed to related party2,2122,4538,780-
Other payables4,2873,5143,5773,065
Indirect tax payable10,9339,4125,3314,576
Contract liabilities 20,43314,80413,0406,710
Accruals 27,43823,90622,97922,074
98,76187,50766,32146,078
The following tables analyse the changes in contract liabilities during the years ended 31 December 2025 and 31 December 2024:
Group
As at 1 January 2024Business related variationsAs at 31 December 2024
\u20ac000\u20ac000
Contract liabilities
Prepaid and deferred income15,737(9,868)5,869
Revenue allocated to wholesale traffic
in view of discounting arrangements1,2141151,329
Others343(49)294
OriginationsUtilisation
\u20ac000\u20ac000
Attributable to free credits under
subscriber agreements2,2071,789(1,407)2,589
Deposits received in advance from
customers4,892339(213)5,018
Total contract liabilities24,39315,099
As at 1 January 2025Business related variationsAs at 31 December 2025
\u20ac000\u20ac000\u20ac000
Contract liabilities
Prepaid and deferred income5,8695,28711,156
Revenue allocated to wholesale traffic
in view of discounting arrangements1,3293181,647
Others294100394
OriginationsUtilisation
\u20ac000\u20ac000
Attributable to free credits under
subscriber agreements2,5891,903(1,728)2,764
Deposits received in advance from
customers5,018337(363)4,992
Total contract liabilities15,09920,953
Contract liabilities recognised in revenue during 2025
Revenue recognised in profit or loss during the financial year ended 31 December 2025 that was included in the balances of contract liabilities (prepaid and deferred income) as at 31 December 2024 amounted to \u20ac5,869,000 (2024: \u20ac15,737,000) and \u20ac2,793,000 (2024: \u20ac9,191,000) for the Group and the Company respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page193-cflshid_86053-tag11686851": { "value": "
23.Expenses by nature
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Cost of goods sold32,78227,05814,18218,347
Third party network charges, content costs and
other direct costs74,19570,33632,92533,708
Employee benefit expense
(Note 24 and Note below)38,77541,63422,15325,219
Depreciation of property, plant and
equipment (Note 5)33,77433,73822,31122,311
Depreciation of right-of-use assets (Note 6)8,2879,1654,8255,980
Amortisation of intangible assets (Note 7)11,99112,4342,6123,498
Movement in provisions and write-offs
relating to inventories (Note 13)7709552378
Movement in credit loss allowances in respect
of trade and other receivables (Note 14)3356571,150(222)
Bad debts written off1,1411,741713751
Expense relating to short-term leases793761413400
Royalty fee--15,820808
Other16,32815,3858,1447,816
Total cost of sales, administrative and other related expenses219,171213,004125,771118,694
23.1 Items of an unusual nature, size or incidence reflected within profit or loss
The following items of an unusual nature, size or incidence have been reflected within profit or loss during the current year:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-recurring items within:
Administrative and other related expenses
voluntary retirement costs (Note 24)1,8622,2861,8622,286
Movement in provisions for pensions (Note 20)(2,254)-(2,254)-
The Company continued with its right-sizing programme by offering voluntary retirement schemes to its employees.
Auditor\u2019s fees
Fees charged by the parent company auditor for services rendered during the financial years ended 31 December 2025 and 2024 relate to the following:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Annual statutory audit356273244207
Other assurance services30803080
Other non-audit services16161
402354280288
No non-audit fees have been provided by the auditor to the Company.
During the current year fees in relation to statutory audit/assurance and non-assurance services amounting to \u20ac100,000 and \u20acNil (2024: to \u20ac71,000 and \u20ac14,000) respectively have been charged by another member firm belonging to the same network of the Company\u2019s auditor, and fees amounting to \u20ac110,500 and \u20ac102,650 (2024: \u20ac188,000 and \u20ac150,000) respectively have been charged by connected undertakings of the Company\u2019s auditor to the Group and the Company respectively, in respect of advisory services attributable to capital markets transactions and tax advisory and compliance services.
Audit fees attributable to subsidiaries charged by other auditors during the year ended 31 December 2025 amounted to \u20ac4,700 (2024: \u20ac18,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page193-cflshid_86053-tag11686850": { "value": "
23.Expenses by nature
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Cost of goods sold32,78227,05814,18218,347
Third party network charges, content costs and
other direct costs74,19570,33632,92533,708
Employee benefit expense
(Note 24 and Note below)38,77541,63422,15325,219
Depreciation of property, plant and
equipment (Note 5)33,77433,73822,31122,311
Depreciation of right-of-use assets (Note 6)8,2879,1654,8255,980
Amortisation of intangible assets (Note 7)11,99112,4342,6123,498
Movement in provisions and write-offs
relating to inventories (Note 13)7709552378
Movement in credit loss allowances in respect
of trade and other receivables (Note 14)3356571,150(222)
Bad debts written off1,1411,741713751
Expense relating to short-term leases793761413400
Royalty fee--15,820808
Other16,32815,3858,1447,816
Total cost of sales, administrative and other related expenses219,171213,004125,771118,694
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page193-cflshid_86053-tag11686849": { "value": "
23.Expenses by nature
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Cost of goods sold32,78227,05814,18218,347
Third party network charges, content costs and
other direct costs74,19570,33632,92533,708
Employee benefit expense
(Note 24 and Note below)38,77541,63422,15325,219
Depreciation of property, plant and
equipment (Note 5)33,77433,73822,31122,311
Depreciation of right-of-use assets (Note 6)8,2879,1654,8255,980
Amortisation of intangible assets (Note 7)11,99112,4342,6123,498
Movement in provisions and write-offs
relating to inventories (Note 13)7709552378
Movement in credit loss allowances in respect
of trade and other receivables (Note 14)3356571,150(222)
Bad debts written off1,1411,741713751
Expense relating to short-term leases793761413400
Royalty fee--15,820808
Other16,32815,3858,1447,816
Total cost of sales, administrative and other related expenses219,171213,004125,771118,694
23.1 Items of an unusual nature, size or incidence reflected within profit or loss
The following items of an unusual nature, size or incidence have been reflected within profit or loss during the current year:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Non-recurring items within:
Administrative and other related expenses
voluntary retirement costs (Note 24)1,8622,2861,8622,286
Movement in provisions for pensions (Note 20)(2,254)-(2,254)-
The Company continued with its right-sizing programme by offering voluntary retirement schemes to its employees.
Auditor\u2019s fees
Fees charged by the parent company auditor for services rendered during the financial years ended 31 December 2025 and 2024 relate to the following:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Annual statutory audit356273244207
Other assurance services30803080
Other non-audit services16161
402354280288
No non-audit fees have been provided by the auditor to the Company.
During the current year fees in relation to statutory audit/assurance and non-assurance services amounting to \u20ac100,000 and \u20acNil (2024: to \u20ac71,000 and \u20ac14,000) respectively have been charged by another member firm belonging to the same network of the Company\u2019s auditor, and fees amounting to \u20ac110,500 and \u20ac102,650 (2024: \u20ac188,000 and \u20ac150,000) respectively have been charged by connected undertakings of the Company\u2019s auditor to the Group and the Company respectively, in respect of advisory services attributable to capital markets transactions and tax advisory and compliance services.
Audit fees attributable to subsidiaries charged by other auditors during the year ended 31 December 2025 amounted to \u20ac4,700 (2024: \u20ac18,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page193-cflshid_86053-tag11686847": { "value": "
23.Expenses by nature
23.1 Items of an unusual nature, size or incidence reflected within profit or loss
Auditor\u2019s fees
Fees charged by the parent company auditor for services rendered during the financial years ended 31 December 2025 and 2024 relate to the following:
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Annual statutory audit356273244207
Other assurance services30803080
Other non-audit services16161
402354280288
No non-audit fees have been provided by the auditor to the Company.
During the current year fees in relation to statutory audit/assurance and non-assurance services amounting to \u20ac100,000 and \u20acNil (2024: to \u20ac71,000 and \u20ac14,000) respectively have been charged by another member firm belonging to the same network of the Company\u2019s auditor, and fees amounting to \u20ac110,500 and \u20ac102,650 (2024: \u20ac188,000 and \u20ac150,000) respectively have been charged by connected undertakings of the Company\u2019s auditor to the Group and the Company respectively, in respect of advisory services attributable to capital markets transactions and tax advisory and compliance services.
Audit fees attributable to subsidiaries charged by other auditors during the year ended 31 December 2025 amounted to \u20ac4,700 (2024: \u20ac18,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page195-cflshid_87001-tag11686877": { "value": "
24.Employee benefit expense
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Wages and salaries45,61345,35925,46626,344
Share-based compensation-99--
Social security costs3,0493,2221,4411,509
Capitalised labour costs(9,495)(9,332)(4,362)(4,920)
39,16739,34822,54522,933
Voluntary retirement costs1,8622,2861,8622,286
Movement in provisions for pensions(2,254)-(2,254)-
Total employee benefit expense38,77541,63422,15325,219
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page195-cflshid_87001-tag11686852": { "value": "
24.Employee benefit expense
The average number of persons employed by the Group and the Company during the year, including part-timers and students, amounted to 1,182 (2024: 1,206) and 607 (2024: 630) respectively. The number of persons employed by the Group and the Company, including part-timers and students, at the end of the year was as follows:
GroupCompany
2025202420252024
Operational266285151179
Management and administration911935445465
1,1771,220596644
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page196-cflshid_87377-tag11686853": { "value": "
25.Directors\u2019 emoluments
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Fees280280280280
During the current year, subsidiary companies paid remuneration to their directors who do not form part of the Company\u2019s Board of Directors amounting to \u20ac354,000 (2024: \u20ac430,000), whereas amounts paid by such entities to directors who are also Directors of GO amounted to \u20ac151,000 (2024: \u20ac130,000).
Directors\u2019 emoluments are included within \u2018administrative and other related expenses\u2019.
37.Related party transactions
Transactions with key management personnel
The Group defines key management personnel to include directors and senior management. Remuneration paid by the Group to directors and senior management during the year amounted to \u20ac405,546 and \u20ac3,116,305 respectively (2024: \u20ac410,269 and \u20ac2,829,239 respectively).
Except for remuneration disclosed above, the Group has not entered into material transactions with key management personnel which would warrant disclosure thereof for the purpose of understanding the Group\u2019s financial results or its financial position. Also, the Group has not entered into material transactions with entities in which the Group\u2019s key management personnel directly or indirectly have an interest or over which they have direct or indirect influence. Any such transactions would constitute normal operating transactions under normal market and commercial terms relating to provision of operational services by the Group, and would not comprise financing transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page197-cflshid_87908-tag11686893": { "value": "26.Other income
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Rent receivable 259299283299
Unrealised and realised operating exchange
gains64516445
Late payment charges541463541463
Others2,1852,6441,9631,925
3,0493,4572,8512,732
27.Other expenses
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Unrealised and realised operating exchange
losses92713814
Loss on disposal of assets232---
Others-22-19
324933833
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page197-cflshid_87908-tag11686858": { "value": "26.Other income
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Rent receivable 259299283299
Unrealised and realised operating exchange
gains64516445
Late payment charges541463541463
Others2,1852,6441,9631,925
3,0493,4572,8512,732
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page197-cflshid_87908-tag11686892": { "value": "
27.Other expenses
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Unrealised and realised operating exchange
losses92713814
Loss on disposal of assets232---
Others-22-19
324933833
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page197-cflshid_87908-tag11686857": { "value": "
28.Finance income
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Dividend income from subsidiaries--5,0493,923
Interest receivable from subsidiaries--7,1041,071
Late payment interest receivable224246224246
Other interest receivable11018222122
33442812,3995,362
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page197-cflshid_87908-tag11686856": { "value": "
28.Finance income
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Dividend income from subsidiaries--5,0493,923
Interest receivable from subsidiaries--7,1041,071
Late payment interest receivable224246224246
Other interest receivable11018222122
33442812,3995,362
29.Finance costs
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Bank loan interest2,3652,6131,2071,496
Other bank interest and charges52333022887
Bond interest3,7803,7762,1002,100
Interest charges on lease liabilities1,4741,4831,0251,073
Other1,500723161144
9,6428,9254,7214,900
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page197-cflshid_87908-tag11686855": { "value": "
28.Finance income
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Dividend income from subsidiaries--5,0493,923
Interest receivable from subsidiaries--7,1041,071
Late payment interest receivable224246224246
Other interest receivable11018222122
33442812,3995,362
29.Finance costs
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Bank loan interest2,3652,6131,2071,496
Other bank interest and charges52333022887
Bond interest3,7803,7762,1002,100
Interest charges on lease liabilities1,4741,4831,0251,073
Other1,500723161144
9,6428,9254,7214,900
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page197-cflshid_87908-tag11686854": { "value": "
28.Finance income
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Dividend income from subsidiaries--5,0493,923
Interest receivable from subsidiaries--7,1041,071
Late payment interest receivable224246224246
Other interest receivable11018222122
33442812,3995,362
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page198-cflshid_88482-tag11686876": { "value": "29.Finance costs
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Bank loan interest2,3652,6131,2071,496
Other bank interest and charges52333022887
Bond interest3,7803,7762,1002,100
Interest charges on lease liabilities1,4741,4831,0251,073
Other1,500723161144
9,6428,9254,7214,900
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page198-cflshid_88482-tag11686875": { "value": "29.Finance costs
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Bank loan interest2,3652,6131,2071,496
Other bank interest and charges52333022887
Bond interest3,7803,7762,1002,100
Interest charges on lease liabilities1,4741,4831,0251,073
Other1,500723161144
9,6428,9254,7214,900
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page198-cflshid_88482-tag11686874": { "value": "29.Finance costs
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Bank loan interest2,3652,6131,2071,496
Other bank interest and charges52333022887
Bond interest3,7803,7762,1002,100
Interest charges on lease liabilities1,4741,4831,0251,073
Other1,500723161144
9,6428,9254,7214,900
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page200-cflshid_89601-tag11686891": { "value": "31. Earnings per share
Earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year.
Group
20252024
Profit attributable to equity holders of the Company (\u20ac000)20,14214,485
Weighted average number of shares in issue (thousands) (Note 16)101,310101,310
Earnings per share (euro cent)19c914c3
The Company has no instruments or arrangements which give rise to potential ordinary shares and accordingly diluted earnings per share is equivalent to basic earnings per share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page200-cflshid_89601-tag11686890": { "value": "
32.Dividends
Company
20252024
\u20ac000\u20ac000
Net dividends paid on ordinary shares for the current financial year15,19625,329
Dividends per share (euro cent)15c25c
A net dividend in respect of the year ended 31 December 2025 of \u20ac0.09 (2024: \u20ac0.08) per share, amounting to \u20ac9,118,000 (2024: \u20ac8,104,000), is to be proposed by the Board of Directors at the forthcoming Annual General Meeting. These financial statements do not reflect the above-mentioned dividends, which, subject to the approval by the shareholders, will be accounted for within shareholders\u2019 equity as an appropriation of retained earnings in the year ending 31 December 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page200-cflshid_89601-tag11686898": { "value": "
32.Dividends
A net dividend in respect of the year ended 31 December 2025 of \u20ac0.09 (2024: \u20ac0.08) per share, amounting to \u20ac9,118,000 (2024: \u20ac8,104,000), is to be proposed by the Board of Directors at the forthcoming Annual General Meeting. These financial statements do not reflect the above-mentioned dividends, which, subject to the approval by the shareholders, will be accounted for within shareholders\u2019 equity as an appropriation of retained earnings in the year ending 31 December 2026.
38. Events after the end of the reporting period
Management has assessed events occurring after the end of the reporting period up to the date of authorisation of these financial statements and has determined that there are no adjusting or non\u2011adjusting events that require disclosure or adjustment in accordance with IAS 10 Events after the Reporting Period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page200-cflshid_89777-tag11686883": { "value": "0.15", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "v1-page200-cflshid_89780-tag11686899": { "value": "0.25", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "v1-page200-cflshid_89808-tag11686885": { "value": "0.09", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "v1-page200-cflshid_89810-tag11686900": { "value": "0.08", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "v1-page200-cflshid_89815-tag11686884": { "value": "9118000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "v1-page200-cflshid_89817-tag11686901": { "value": "8104000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "v1-page202-cflshid_90217-tag11686879": { "value": "34.Commitments with respect to leases to which the short-term exemption under IFRS 16 was applied and other related commitments
(c)Other related commitments
As at the end of the reporting period, the Company has a non-cancellable commitment in respect of the transferred passive network infrastructure sites attributable to the mobile network towers operation with BMITT. The transaction price attributable to each site in operation amounts to \u20ac14,168 per annum, with an annual inflationary adjustment up to a maximum of 1.5%, taking into account the first period of operations commencing in December 2023. BMITT has a contractual non-cancellable commitment to provide the services for an uninterrupted initial term of 30 years. Thus, the non-cancellable initial period terminates in November 2053. As at 31 December 2025, GO had 299 (2024: 286) sites in operation. Moreover, as at end December 2025 GO shall be required to deliver approximately 9 new \u2018Built-to-Suit\u2019 passive network infrastructure sites and transfer them to BMITT by the end of 2030. All transferred sites will be managed by BMITT in terms of the master service agreement and in respect of which GO shall be obliged to pay an annual service fee.
Additionally, as at 31 December 2025 the Company had commitments in relation to operating and maintenance fees from 2025 to 2044 amounting to \u20ac35,994,000 (2023: \u20ac32,943,000), which amounts include an aggregate annual maintenance costs related to the PEACE submarine cable of \u20ac9,447,000 (2024: \u20ac9,663,000) over a period of 20 years, back-to-back maintenance agreements for resale \u20ac16,492,000 (2024: \u20ac13,117,000) and \u20ac2,112,000 (2024: \u20ac2,761,000) relating to the 5G network over a period of 4 years. Commitments as at 31 December 2025 in respect of TV content fees from 2025 to 2028 amount to \u20ac3,680,000 (2024: \u20ac2,319,000).
A subsidiary had commitments in relation to the payment of operating and maintenance fees from 2025 to 2046 amounting to \u20ac84,514,000 (2024: \u20ac94,409,000), software maintenance fees and annual support costs from 2025 to 2028 amounting to \u20ac2,984,000 (2024: \u20ac2,873,000), TV content fees from 2025 to 2025 of \u20ac3,752,000 (2024: \u20ac6,489,000), cost of sports and production expenses from 2025 to 2025 of \u20ac449,000 (2024: \u20ac312,000), sponsorships to sports clubs from 2025 of \u20acNil (2024: \u20ac57,000) and consumables, maintenance, support and other expenses from 2025 to 2028 of \u20ac2,536,000 (2024: \u20ac3,852,000).
35.Capital and other related commitments
GroupCompany
2025202420252024
\u20ac000\u20ac000\u20ac000\u20ac000
Contracted for:
Property, plant and equipment5,5705,9903,8684,953
Intangible assets471355--
Authorised but not contracted for:
Property, plant and equipment14,00016,80614,00016,806
Intangible assets-752-752
20,04123,90317,86822,511
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page203-cflshid_90706-tag11686862": { "value": "
36.Contingencies
The contingencies of the Group and the Company are listed below:
(a)Contingent liabilities arising in the ordinary course of business
(i)As a result of its operations and activities in the ordinary course of the Group\u2019s business, the Group has, as at 31 December 2025, contingent liabilities arising from:
-guarantees in favour of third parties and performance bonds given amounting to \u20ac6,382,000 (2024: \u20ac5,716,000);
-actual or potential claims and litigation arising from provision of services, acquisition of goods and services by the Group and other legal issues;
-a case requesting the Commission of Fair Trading to investigate alleged abusive prices for the provision of IP Transit and ADSL services;
-claims by a restricted number of employees; and
-contingent consideration arising from business combinations and put options written over non-controlling interest (Note 8).
in respect of which no losses which are deemed material, individually or in aggregate, in the context of understanding the Group\u2019s financial results and financial position, are expected.
(ii) At the end of the reporting period, the Group had a contingent liability arising from an overseas court judgement requiring that a Group company implements measures to prevent a specific client from providing certain services. The company was ordered to pay for the costs of the court proceedings and to pay a fine of \u20ac100,000 per day subsequent to service of the said judgement, unless and until the company complies with it. On the basis of legal advice obtained by the Group, the company has not yet been correctly served with the judgement and, additionally, the judgement can be enforced in Malta only in the event that it is declared enforceable by the Courts in Malta. This legal advice obtained by the Group highlights serious doubts on the enforceability of the overseas court judgement in Malta and accordingly no provision has been recognised as the Directors are of the opinion that a cash outflow is not probable.
Another overseas court proceeding had been instituted against the same Group company with respect to similar claims in relation to services provided to another client. Until the date of authorisation for issue of these financial statements, no judgement has been delivered by the court. No provision for expected losses was deemed necessary by the Directors as at the end of the reporting period taking cognisance of legal advice received.
(iii) During the year ended 31 December 2022, the Office for Consumer Affairs (\u2018OCA\u2019) within the Malta Competition and Consumer Affairs Authority (\u2018MCCAA\u2019) commenced an investigation in connection with certain changes to billing and payment collection processes and policies adopted by three main telecommunication operators in Malta, to ensure full compliance with the requirements mandated by the revised European Payments Services Directive 2015/2366 (also known as PSD 2). GO has cooperated with the Authority and provided all information requested throughout the investigation.
During the year ended 31 December 2023, the OCA had issued a provisional decision highlighting its provisional findings and requested the operators to make submissions on such provisional findings within a prescribed timeframe. GO made robust submissions on the provisional decision rebutting all claims made and findings presented by the OCA, utilising compelling legal and economic arguments on the basis of advice from independent legal and economic advisors. No further developments in this respect have occurred until the date of authorisation for issue of these financial statements. Based on legal advice obtained, the OCA is expected to review the said submissions and to determine whether to drop the case or issue a final report (whether with the same conclusions or amended conclusions) and present it in Court with a sworn application. The latter route would trigger a lawsuit whereby the Civil Court (Commercial Jurisdiction) would determine whether the operators breached competition rules, and if so, what fine to impose.
No provision for expected losses was deemed necessary by the Directors as at the end of the reporting period taking cognisance of legal advice received in this respect, in view of the robustness of the Company\u2019s submissions on the provisional decision and the substantive nature of the remaining steps required in the process for court proceedings against the Company, if any, to commence and for such proceedings to determine the eventual outcome. Based on legal advice obtained, the Directors are confident that it is more likely that GO would prevail in Court, should there be any court proceedings, and that accordingly a material cash outflow in this respect is not probable.
(iv)On 28 August 2023, the Company was informed that the Office for Competition had initiated an investigation against the Company for alleged abuse of dominance in the markets for (i) the national wholesale unbundled copper and fibre infrastructure access services and (ii) the access to passive infrastructure for the rolling-out of fixed broadband networks following a complaint lodged by a third party. The Office for Competition also requested specific and detailed information from the Company on the same date. The Company responded to the request for information, contesting the allegations made by the third party, on 30 and 31 October 2023. On 1 March 2024, the Office for Competition informed GO that it has rejected the third-party request to file an application in Court requesting the imposition of urgent interim measures. As at the date of authorisation for issue of these financial statements, the investigation by the Office for Competition is still ongoing. If, as a result of its investigation, the Office for Competition determines that in its view the Company has abused of its dominance, the Office would file a sworn application before the Civil Court (Commercial Section) against the Company. In the event of an unfavourable judgment, the Civil Court (Commercial Section) may impose a penalty on the Company. Based on legal advice obtained, the Directors\u2019 view is that the Company\u2019s position and arguments in rebutting the claims is robust, that the investigation and process are in their early stages and that the remaining steps preceding the filing of a sworn application, if any, are very substantive. Hence no provision for expected losses was deemed necessary by the Directors as at the end of the reporting period as a material cash outflow in this respect is not deemed probable.
(b)Guarantees to secure banking facilities
A subsidiary of the Company has given guarantees to bankers in favour of another party so as to secure the party\u2019s banking facilities. The maximum exposure arising from these guarantees amounts to \u20ac1,207,000 (2023: \u20ac1,207,000). The Directors do not expect any losses to occur in this respect.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page209-cflshid_93723-tag11686863": { "value": "GO p.l.c.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page209-cflshid_93723-tag11686865": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page209-cflshid_93747-tag11686864": { "value": "Malta", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page209-cflshid_93747-tag11686866": { "value": "Malta", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page209-cflshid_93747-tag11686869": { "value": "Malta", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page209-cflshid_93723-tag11686868": { "value": "Soci\u00e9t\u00e9 Nationale des T\u00e9l\u00e9communications(Tunisie Telecom)", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "v1-page209-cflshid_93723-tag11686867": { "value": "TT ML Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800V8BKIBDZ1U5X47", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }