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1 General information
\n

\n

\n\n
Verve Group SE (\u201cVerve\u201d, \u201cVerve Group\u201d, \u201cthe Group\u201d, \u201cthe
\n
Company\u201d or \u201cthe Parent Company\u201d, formerly
\n
\n\n
MGI \u2013 Media
\n
and Games Invest SE)
\n\n\n\n\n\n

\n\n\n\n\n\n
is a public company registered in accord-
\n
ance with the corporate law of the European Union (EU) with
\n
registration number 517100-0143 and registered office address
\n
at Humleg\u00e5rdsgatan 19 A, 114 46 Stockholm, Sweden. As of
\n
December 31, 2025, Bodhivas GmbH, Duesseldorf, owns 23.16%
\n
of Verve. The ownership of the Company\u2019s share capital and
\n
voting rights related to such holdings are such that no particular
\n
individual or identifiable group of individuals could exercise
\n
ultimate control over the Company. The Company\u2019s shares are
\n
listed in the regulated market of the Frankfurt Stock Exchange,
\n
specifically in the General Standard since 12th May 2025, in
\n
Germany and on NASDAQ First North Premier Growth Market
\n
in Sweden. On July 11, 2025 Verve was included in Deutsche
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B\u00f6rse\u2019s SDAX index at Frankfurt Stock Exchange.
\n
On March 6, 2025, Verve successfully placed a senior
\n
unsecured floating rate callable bond (ISIN: SE0023848429)
\n
with an initial amount of 500 \u20acm and a framework of 650 \u20acm
\n
following a book-building process. The proceeds from this
\n
issue were used to repay in full the outstanding senior secured
\n
bonds 2022/2026 (ISIN: SE0018042277) and 2023/2027 (ISIN:
\n
SE0019892241), as well as for general corporate purposes.
\n

\n\n
Verve is an ad-technology company operating a software plat-
\n
form that facilitates the automated buying and selling of digital
\n
advertising inventory.
\n\n\n\n\n\n\n\n
The platform connects advertisers with
\n
publishers across multiple digital channels, including mobile
\n
applications, mobile web, connected TV and digital out-of-home
\n
Verve\u2019s main operational presence is in North America and
\n
Europe. Verve generates revenue by providing programmatic
\n
advertising services and related technology solutions. The
\n
Group also develops and operates online games, which provide
\n
first-party data sources used in its advertising technology prod-
\n
ucts. The Group grows its business through internal develop-
\n
ment and targeted acquisitions.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag434": { "value": "\nVerve Group SE (\u201cVerve\u201d, \u201cVerve Group\u201d, \u201cthe Group\u201d, \u201cthe \nCompany\u201d or \u201cthe Parent Company\u201d, formerly\n \n\nMGI \u2013 Media \nand Games Invest SE)\n\n\n\n\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag432": { "value": "Verve Group SE", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag433": { "value": "\nMGI \u2013 Media \nand Games Invest SE)\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag358": { "value": "public company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag430": { "value": "Humleg\u00e5rdsgatan 19 A, 114 46 Stockholm, Sweden", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag431": { "value": "Sweden", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag359": { "value": "Sweden", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag360": { "value": "\nVerve is an ad-technology company operating a software plat-\nform that facilitates the automated buying and selling of digital \nadvertising inventory.\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag361": { "value": "\n
2 Significant accounting policies
\n
\n
2.1 Basis of Preparation
\n

\n
\n
The consolidated financial statements of the Verve Group for
\n
the year ended December 31, 2025, have been compiled in
\n
accordance with International Financial Reporting Standards
\n
(IFRS) as adopted in the European Union (EU) by Regulation
\n
(EC) No. 1606/2002 of the European Parliament and of the
\n
Council on the application of international accounting stand-
\n
ards. The term IFRS includes all International Financial Reporting
\n
Standards and International Accounting Standards (IAS) in
\n
effect as well as all interpretations and amendments issued
\n
by the IFRS Interpretations Committee (IFRIC) and the former
\n
Standing Interpretations Committee (SIC). Comparative figures
\n
for the prior year were also determined based on these standards.
\n\n\n\n\n\n\n
\n
\n
The Group also applies the Swedish Financial Reporting Board
\n
recommendation RFR 1 Supplementary Accounting Rules for
\n
groups which specifies additional disclosures required under
\n
the Swedish Annual Accounts Act. The Group\u2019s financial year
\n
begins on January 1, and ends on December 31, of the calendar
\n
year.
\n

\n
\n
The financial statements have been prepared on a going concern
\n
basis.
\n\n\n\n\n\n\n
\n

\n

\n
\n
The functional currency and reporting currency of the Group\u2019s
\n
parent entity is the Euro, therefore these consolidated financial
\n
statements are presented in Euros (\u20ac). Unless otherwise
\n
stated, all amounts are presented in thousand Euros (\u20ack).
\n\n\n\n\n\n\n
\n
In
\n
accordance with IAS 1 (Presentation of Financial Statements),
\n
the consolidated financial statements contain a Consolidated
\n
Statement of Financial Position as of the reporting date, a
\n
Consolidated Income Statement, a Consolidated Statement of
\n
Comprehensive Income, a Consolidated Statement of Changes
\n
in Equity, and a Consolidated Statement of Cash Flows in
\n
accordance with the principles of IAS 7 (Statement of Cash
\n
Flows). The segment reporting is prepared in accordance with
\n
the regulations of IFRS 8 (Operating Segments).
\n
Assets and liabilities are classified as current when they are
\n
expected to be realized or settled within twelve months of the
\n
reporting date, and as non-current otherwise.
\n
In order to improve the clarity of the depiction, various items of
\n
the consolidated statement of financial position and the con-
\n
solidated statement of profit or loss are shown in summarized
\n
form. These items are shown and explained separately in the
\n
notes to the consolidated financial statements
\n
The consolidated financial statements were prepared based
\n
on the historical cost or production costs. This does not apply
\n
to certain financial instruments that were reported at fair value
\n
on the statement of financial position date. A corresponding
\n
explanation is given in the context of the respective accounting
\n
and valuation methods. Historical acquisition or production
\n
costs are based on the fair value of the consideration made in
\n
exchange for the asset.
\n
The preparation of the consolidated financial statements
\n
requires management to judgement decisions and estimates
\n
that relate to the application of accounting methods and the
\n
reported amounts of the assets, liabilities, income, and expenses.
\n
Actual results can deviate from these estimates. The areas
\n
involving a higher degree of judgement or complexity, or areas
\n
where assumptions and estimates are significant to the financial
\n
statements, are disclosed in Note 2.22. Estimates and the
\n
underlying assumptions are continually reviewed. Revisions of
\n
estimates are recorded prospectively.
\n
As amounts (in \u20ack) and percentages have been rounded,
\n
rounding differences may occur.
\n

\n

\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n\n
\n
\n
2.2 New and Revised Standards and Interpretations That Are Applied for The First Time in The
\n
Financial Year 2025
\n
The following new and amended IFRSs are required to be applied for the first time in the financial
\n
year beginning on January 1, 2025:
\n
\u2022 Lack of Exchangeability \u2013 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates
\n
The new or amended IFRS standards effective from January 1, 2025 had no material impact on the
\n
Group\u2019s financial position or performance.
\n
2.3 Standards, Interpretations and Changes to Published Standards Which Were Issued but
\n
Not Yet Effective
\n
In its consolidated financial statements 2025, the Group did not early adopt the following
\n
accounting standards, which have been issued by the IASB, but are not yet effective and/or not
\n
yet endorsed for use in the EU.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
StandardTime of applicationExpected effects
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)Available for optional adoption/ effective date deferred indefinitelyNo impact
Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures01/01/2026No material impact
Annual Improvements to IFRS Accounting Standards \u2013 Amendments to IFRS 1, 7, 9, 10, IAS 701/01/2026No material impact
Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 701/01/2026No material impact
IFRS 18 Presentation and Disclosures in Financial Statements01/01/2027No material impact on the core performance indicators in the group
IFRS 19 Subsidiaries without Public Accountability: Disclosures01/01/2027No impact
IAS 21 The Effects of Changes in Foreign Exchange Rates01/01/2027No material impact
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n
\n
2.4 Basis of Consolidation
\n
\n
\n
2.4.1 Subsidiaries
\n
The consolidated financial statements include the financial statements of the parent company
\n
and the companies it controls (the \u201cGroup\u201d) . The parent company gains control if:
\n
\u2022 has power over the investee
\n
\u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and
\n
\u2022 has the ability to use its power to affect its returns.
\n
The parent company regularly reassesses whether it controls an investee (or holds significant
\n
influence) whenever changes in facts or circumstances indicate that one or more of the control
\n
criteria may have changed, ensuring compliance with IFRS 10\u2019s requirements.
\n
If the parent company does not have a majority of voting rights, it still controls the associated
\n
company if it has the practical ability to determine the relevant activities of the investment company
\n
unilaterally through its existing voting rights. When assessing whether its existing voting rights
\n
are sufficient for the power of determination, the parent company takes into account all facts and
\n
circumstances, including:
\n
\u2022 the scope of voting rights held by the parent company in relation to the scope and distribution
\n
of the voting rights of other voting rights holders;
\n
\u2022 potential voting rights of the parent company, other voting rights holders and other parties;
\n
\u2022 rights from other contractual agreements; and
\n
\u2022 additional facts and circumstances that indicate that the parent company has or does not
\n
have the ability to determine the relevant activities at the times when decisions must be taken,
\n
taking into consideration the voting behavior at shareholders\u2019 meetings.
\n
A subsidiary is included in the consolidated financial statements from the time when the parent
\n
company obtains control over the subsidiary until the time when the control by the parent com-
\n
pany ceases. The results of the subsidiaries acquired or sold during the year are included in the
\n
consolidated statement of profit or loss and other comprehensive income from the date control is
\n
obtained and up to the date control is lost.
\n
The profit or loss and any component of the other comprehensive income must be attributed to
\n
the shareholders of the parent company and the non-controlling shareholders.
\n
If necessary, the financial statements of the subsidiaries are adjusted to align the accounting and
\n
valuation methods to the methods used in the Group.
\n
All intercompany assets, liabilities, equity, income, expenses, and cash flows in connection with
\n
business transactions between group companies are fully eliminated as part of the consolidation.
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n
\n
\n
\n
\n
Changes in the Group\u2019s stake in existing subsidiaries
\n
Changes in the Group\u2019s stake in subsidiaries that do not lead to a loss of the control are accounted
\n
for as an equity transaction. The carrying amounts of the shares held by the Group and the
\n
non-controlling interest are adjusted in such a way that they reflect the changes in the stakes in
\n
the subsidiaries. Any difference between the amount by which the non-controlling shares are
\n
adjusted and the fair value of the consideration paid or received is directly recognized in equity
\n
and allocated to the shareholders of the parent company.
\n
If the parent company loses control of a subsidiary, the gain or loss received on deconsolidation
\n
is recognized in profit or loss. This is determined from the difference between the total amount
\n
of the fair value of the consideration received and the fair value of retained shares and the book
\n
value of the assets (including goodwill), the liabilities of the subsidiary company and all non-
\n
con-trolling interest.
\n
If the parent company retains shares in the previous subsidiary, they are recognized at the fair value
\n
determined at the time of the loss of control. This value represents the acquisition costs of the
\n
shares, which depend on the level of influence obtained and are accounted for either in accord-
\n
ance with IFRS 9 Financial Instruments or in accordance with the requirements for associates or
\n
joint ventures.
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n
2.4.2 Scope of Consolidation
\n
The scope of consolidation as of December 31, 2025 comprises the following:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Fully Consolidated EntitiesRegistered OfficeCapital Share 2025in %Capital Share 2024in %
Verve Group SE Stockholm, Sweden
adspree media GmbHBerlin, Germany99.98%99.98%
AxesInMotion, S.L.Sevilla, Spain100%100%
Dataseat Ltd.London, United Kingdom100%100%
gamigo Advertising GmbHHamburg, Germany99.98%99.98%
gamigo AGHamburg, Germany99.98%99.98%
gamigo Holding GmbH Berlin, Germany100%100%
gamigo Inc.Wilmington, DE, USA100%100%
gamigo Innovation Services GmbH Hamburg, Germany99.98%99.98%
Gamigo Philippines Inc.Cebu, Philippines98%98%
gamigo Portals GmbHHamburg, Germany99.98%99.98%
gamigo Publishing GmbHHamburg, Germany99.98%99.98%
gamigo US Inc. Dover, DE, USA100%100%
Captify Target Company LLCDelaware, USA100%-
Captify Acquisition LtdLondon, United Kingdom100%-
Captify Technologies Ltd. London, United Kingdom100%-
Captify Technologies S.A.R.LParis, France100%-
Captify Media GmbHHamburg, Germany100%-
Captify Technologies PTY LtdSydney, Australia100%-
Captify Technologies S.R.LMilano, Italy100%-
Captify Technologies S.L.UMadrid, Spain100%-
Captify Technologies IncNew York, NY, USA100%-
HyperMX mobile LLCDelaware, USA100%100%
Jun Group Productions LLCDelaware, USA100%100%
Just Digital GmbHBerlin, Germany99.98%99.98%
Kings Holding Inc.Austin, TX, USA100%100%
KingsIsle Entertainment IncorporatedAustin, TX, USA100%100%
Match2One ABStockholm, Sweden100%100%
\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
ME digital GmbH Berlin, Germany100%100%
Media and Games Services AG Zug, Switzerland100%100%
Platform 161 Holding B.V.Amsterdam, Netherlands100%100%
Platform 161 LLCNew York, NY, USA100%100%
Samarion GmbH D\u00fcsseldorf, Germany100%100%
Shanghai Yi Qiu Business Management Co. Ltd.Shanghai, China100%100%
Smaato Holding GmbHHamburg, Germany100%100%
Smaato Inc.San Francisco, CA, USA100%100%
Smaato India Private LimitedTelengana, India80%80%
Smaato Pte. Ltd. Singapore, Singapore100%100%
Vajrapani Ltd.Valletta, Malta100%100%
VerMedia India Private Ltd. (formerly AppLift India Technologies Private Ltd.)Bangalore, India100%100%
Verve Ad Solutions GmbHBerlin, Germany100%100%
Verve AI Technology OyHelsinki, Finland100%100%
Verve Corporate GmbH (formerly MGI Berlin, Germany100%100%
Corporate GmbH)
Verve Group China WFOE Shanghai, China100%100%
Verve Group Europe GmbH Berlin, Germany100%100%
Verve Group Inc.Carlsbad, CA, USA100%100%
VERVE GROUP LATAM Veicula\u04abao de Publicidade na Internet LTDA. (Verve Group Latam)Sao Paulo, Brazil100%100%
Verve Holding GmbH Berlin, Germany100%100%
Verve US Holdco Inc.Wilmington, DE, USA100%100%
VGI CTV Inc.Lewes, DE, USA100%100%
Yu Guang Information Technologies (Shanghai)Co. Ltd.Shanghai, China100%100%
Verve Retail Media Holding GmbHBerlin, Germany100%-
Viewento GmbHHamburg, Germany100%-
acardo Group AGDortmund, Germany100%-
\n\n\n\n\n\n\n\n
\n
Gamigo Spain Holding S.L. has been merged into AxesInMotion S.L. in FY 2025.
\n
Verve AR Services LLC, Wilmington (DE), USA, founded in 2022 and a capital share of the Group of
\n
100%, is not consolidated following the rules of IFRS 10. Refer to Note 2.23 and Note 9.
\n

\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n
\n
2.5 Foreign Currency
\n
The separate financial statements of the Verve Group\u2019s foreign
\n
subsidiaries are translated into Euro pursuant to IAS 21 (The
\n
Effects of Changes in Foreign Exchange Rates) using the concept
\n
of functional currency. When preparing the financial statements
\n
of each individual group company, business transactions that are
\n
denominated in currencies other than the functional currency
\n
of the group company (foreign currencies) are converted at
\n
the rates valid on the date of the transaction. At the end of
\n
the reporting period, monetary items in foreign currency are
\n
converted using the current exchange rate on the financial
\n
reporting date. Non-monetary items in foreign currency that
\n
are measured at fair value are converted using the exchange
\n
rates that were valid at the time the fair value was determined.
\n
Non-monetary items valued at acquisition or production cost
\n
are converted using the exchange rate at the time of initial into
\n
Euros (\u20ac) using the exchange rates valid on the reporting date.
\n
Translation differences from monetary items are recognized in
\n
the Statement of Comprehensive Income in the period in which
\n
they occur. Exceptions are:
\n
\u2022 Translation differences from transactions that were incurred
\n
to hedge certain foreign currency risks.
\n
\u2022 Translation differences from monetary items to be received
\n
or paid from/to a foreign business operation, the fulfilment of
\n
which is neither planned nor likely and which are therefore
\n
part of the net investment in this foreign business operation,
\n
which are initially recognized in other comprehensive
\n
income and are reclassified on disposal from equity to profit
\n
and loss.
\n
To prepare the consolidated financial statements, the assets
\n
and liabilities of the Group\u2019s foreign operations are converted
\n
into Euros (\u20ac) using the exchange rates valid on the reporting
\n
date. Income and expenses are translated at the average
\n
exchange rate for the period unless the exchange rates during
\n
the period were subject to strong fluctuations. In this case, the
\n
exchange rates apply at the time of the transaction. Translation
\n
differences from the translation of foreign operations in the
\n
group currency are recognized in other comprehensive income
\n
and accumulated in equity.
\n
When a foreign business operation is sold, all accumulated
\n
translation differences that are attributable to the Group from
\n
this business operation are reclassified to the statement of
\n
comprehensive income. The following transactions are considered
\n
to be a sale of a foreign business operation:
\n
\u2022 the sale of the entire group share in a foreign business operation,
\n
\u2022 a partial sale with loss of the control over a foreign subsidiary or
\n
\u2022 a partial sale of a participation in a joint agreement or an
\n
associated company which includes a foreign business
\n
operation.
\n
If parts of a subsidiary, which includes a foreign business
\n
operation, are sold without a loss of control, the share in the
\n
amount of the translation differences attributable to the sold
\n
part is attributed to the non-controlling interest from the date
\n
of disposal. In the case of a partial sale of shares in associated
\n
companies or joint agreements without a change of status, the
\n
corresponding share in the amount of the translation differences
\n
is reclassified to income.
\n
Goodwill arising from the acquisition of a foreign business oper-
\n
ation and adjustments to the fair value of the identifiable assets
\n
and liabilities are treated as assets or liabilities of the foreign
\n
business operation and converted at the rate on the financial
\n
reporting date. Resulting translation differences are recorded in
\n
the reserve from currency translation.
\n
The following rates were used to convert foreign operations
\n
with a functional currency other than Euro:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
CurrencyAssets and LiabilitiesClosing rate on 31/12Income and ExpensesAverage rate
2025202420252024
Brazilian real (BRL)6,30545,82636,43646,4253
British Pound (GBP)0,87500,82800,87260,8292
Chinese yuan (CNY)8,11497,78618,22627,5833
Indian rupee (INR)98,464190,5289105,596588,9335
Philippine peso (PHP)64,940661,984469,266060,3010
Singapore dollar (SGD)1,47521,44571,51051,4164
Swedish crowns (SEK)11,064711,430510,821511,4590
Swiss franc (CHF)0,93710,95260,93140,9412
US dollar (USD)1,12931,08201,17501,0389
\n\n\n\n\n\n\n\n
\n

\n

\n

\n\n\n\n\n\n
\n
\n
2.6 Revenue Recognition
\n
The Group generates revenue from the income from online,
\n
console, advertising, and mobile games (including casual
\n
games, roleplay games and strategy games) as well as from
\n
media services (platform and advertising services).
\n
Revenue is recognized in accordance with IFRS 15 Revenue
\n
from Contracts with Customers, measured at the fair value
\n
of consideration expected to be received. For virtual in-game
\n
items, revenue is recognized when control of the item passes
\n
to the player (i.e. at the point of sale for durables or over the
\n
consumption of the item for consumables). Service revenue is
\n
recognized over the period the service is provided.
\n
In some games, part of the revenue is recognized over time and
\n
judgement is applied in determining the user life-time.
\n
Media service sales refer to media and platform services for
\n
business customers. The service is called up by the customer
\n
using a service contract. The revenue is considered to be realized
\n
as soon as the marketing services have been provided for the
\n
corresponding period and an invoice has been sent to the
\n
customer.
\n

\n\n\n\n\n\n
\n

\n

\n

\n\n\n\n\n\n\n
\n
If the provision of usage rights includes a determinable sub-
\n
amount for several or consecutive services, the revenues
\n
incurred on this are accrued and recognized over the term of
\n
the usage right with recognition in the consolidated statement
\n
of profit or loss. The recognition is usually done in accordance
\n
with the provision of the service.
\n

\n
\n
Revenue is generally recognized after deduction of sales taxes
\n
and other taxes as well as after deduction of reductions in
\n
revenues such as bonuses or discounts at the fair value to be
\n
applied of the service in return received or to be received.
\n\n\n\n\n\n
\n
Revenue
\n
is also shown as deferred revenue/income due to the fact that
\n
revenue is realized in upcoming periods, but the company has
\n
already received the payment. Contract liabilities resulting
\n
from prepayments of customers are recognized on the balance
\n
sheet as Deferred Income/Revenue, refer to Note 15 and 24.
\n

\n\n\n\n\n\n
\n
\n
2.7 Income Taxes
\n
Income tax expense represents the total of current tax expense
\n
and deferred taxes. Current or deferred taxes are recognized in
\n
the consolidated statement of profit or loss, unless they are related
\n
to items that are recognized either in other comprehensive in-
\n
come or directly in equity. In this case, current and deferred taxes
\n
are also recognized in other comprehensive income or directly in
\n
equity. If current or deferred taxes result from the initial accounting
\n
for a business combination, the tax effects are included in the
\n
accounting for the business combination.
\n
2.7.1 Current taxes
\n
The current tax expense is determined on the basis of the
\n
taxable income for the year. Taxable income differs from the net
\n
income from the consolidated statement of profit or loss due to
\n
expenses and income that are taxable or tax deductible in later
\n
years or never. The Group\u2019s liability for current taxes is calculated
\n
on the basis of the applicable or soon to be applicable tax rates.
\n
\n
2.7.2 Deferred taxes
\n
Deferred tax assets and liabilities are recognized in accordance
\n
with the balance sheet liability method (IAS 12 Income Taxes).
\n
Deferred taxes are recognized for the differences between the
\n
carrying amount of assets and liabilities in the consolidated
\n
financial statements and the corresponding tax base in the
\n
calculation of taxable income. Deferred tax liabilities are generally
\n
recognized for all taxable temporary differences; deferred tax
\n
assets are recognized to the extent that it is likely that taxable
\n
profits will be available for which the deductible temporary
\n
differences can be used. Such deferred tax assets and deferred
\n
tax liabilities are not recognized if the temporary differences
\n
result from goodwill or from the first-time recognition (except for
\n
busine ss combinations) of other assets and liabilities that result
\n
from events that do not affect taxable income or the net profit.
\n
Deferred tax liabilities are recognized for taxable temporary
\n
differences arising from shares in subsidiaries or associates
\n
and shares in joint ventures, unless the Group can control the
\n
reversal of the temporary differences, and it is likely that the
\n
temporary difference will not reverse anytime soon.
\n
Deferred tax assets that result from temporary differences in
\n
connection with shares in subsidiaries or associated companies
\n
and shares in joint ventures are only recognized to the ex-tent
\n
that it is probable that sufficient taxable income is available
\n
with which the claims from the temporary differences can be
\n
used. It must also be assumed that these temporary differences
\n
will be reversed in the foreseeable future.
\n
The book value of the deferred tax assets is verified every year at
\n
the end of the reporting period and the value is reduced if it is no
\n
longer probable that sufficient taxable income will be available
\n
to realize the claim in full or in part. Deferred tax liabilities and
\n
deferred tax assets are determined on the basis of the expected
\n
tax rates and tax laws that are expected to apply when the debt
\n
is settled, or the asset is realized. The valuation of deferred tax
\n
as-sets and liabilities reflects the tax consequences that arise
\n
from the way in which the Group expects to meet the liability or
\n
realize the asset on the statement of financial position date.
\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n
\n
\n
2.8 Leases
\n
Leases are accounted for pursuant to IFRS 16 (Leases). According
\n
to IFRS 16, the lessee has a fundamental obligation to recognize
\n
rights and obligations arising under leases in the balance sheet.
\n
Lessees account for the right-of-use asset in the fixed assets as
\n
well as a corresponding lease liability.
\n
At the start of a contract, the Group assesses whether the
\n
contract establishes or includes a lease. This is the case if the
\n
contract provides the right to control the use of an identified asset
\n
in return for payment of a fee for a certain period of time. In
\n
order to assess whether a contract includes the right to control
\n
an identified asset, the Group uses the definition of a lease in
\n
accordance with IFRS 16.
\n
The Group as Lessee
\n
When new contracts are concluded, the Group checks whether
\n
they include leases. Upon commencement of the lease, the
\n
Group accounts for right-of-use (RoU) assets and corresponding
\n
lease liabilities for all leased objects.
\n
The right-of-use asset is initially measured at the amount of the
\n
lease liability plus any initial direct costs incurred by the Group.
\n
Adjustments may also be required for lease incentives, payments
\n
at or prior to commencement and restoration obligations or
\n
similar. The RoU asset is depreciated over the lease term and
\n
subsequently measured at cost less accumulated depreciation
\n
and accumulated impairment.
\n
The lease liability is initially recognized at the present value of
\n
future lease payments payable over the lease term, discounted
\n
at the rate implicit in the lease or the incremental borrowing
\n
rate, whichever is readily determinable.
\n
Lease liabilities are included as part of other financial liabilities
\n
in the consolidated statement of financial position and are sub-
\n
sequent measured using the effective interest method.
\n

\n\n\n\n\n\n
\n

\n

\n

\n\n\n\n\n\n\n
\n
The Group subsequently remeasures the lease liabilities to
\n
reflect changes in
\n
\u2022 the lease term (using a modified discount rate);
\n
\u2022 the assessment of a call option (using a modified discount rate);
\n
\u2022 the payments to be expected related to residual value
\n
guarantees (using the original discount rate); and
\n
\u2022 or future lease payments resulting from an index or exchange
\n
rate change (using the original discount rate).
\n
The remeasurements are treated as adjustments to the RoU asset.
\n
If changes do not lead to the formation of a separate lease, a
\n
remeasurement of the lease liabilities may also occur.
\n
If, as a result of the subsequent remeasurement of the lease
\n
liabilities, the RoU assets are reduced to zero or have already
\n
been reduced to zero, and there is a further adjustment of the
\n
lease liabilities, the amount is recognized in profit or loss.
\n
The Group has elected not to recognize a right-of-use asset
\n
and corresponding lease liability for leases of low-value assets
\n
and for short term leases. Lease payments on these assets are
\n
expensed to profit or loss as incurred.
\n

\n\n\n\n\n\n
\n
2.9 Intangible Assets
\n
\n
a) Other intangible assets
\n
Other intangible assets with a finite useful life are recognized
\n
at acquisition cost less accumulated amortization and
\n
impairment. Amortization is recognized in the profit or loss
\n
statement on a straight-line basis over the expected useful
\n
life. The expected useful life and the amortization method are
\n
reviewed on every reporting date and all changes in estimates
\n
are taken into account prospectively.
\n
Separately acquired intangible assets with an indefinite use-
\n
ful life are recognized at cost less accumulated impairment.
\n
The useful life for industrial property rights and licenses is
\n
usually between three and ten years.
\n

\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
b) Goodwill
\n
The goodwill resulting from a business combination is
\n
accounted for at cost less any necessary impairment and is
\n
shown separately in the consolidated statement of financial
\n
position.
\n
Pursuant to IFRS 3 (Business Combinations), goodwill arising
\n
from business combinations is not amortized. Instead, good-
\n
will is tested for impairment according to IAS 36 (Im-pairment
\n
of Assets) at least once a year in the fourth quarter after
\n
completion of the current operational plan or upon the occ-
\n
urrence of significant events or changes in circumstances
\n
that indicate an impairment requirement. For the purpose of
\n
impairment testing, the goodwill on acquisition is allocated to
\n
those cash-generating units (or groups thereof) of the Group
\n
that are expected to benefit from the synergies of the merger.
\n
Cash-generating units to which part of the goodwill has been
\n
allocated must be tested for impairment at least once a year.
\n
If there are indications of a value reduction of a unit, it may be
\n
necessary to carry out more frequent impairment tests. If the
\n
recoverable amount of a cash-generating unit is less than the
\n
book value of the unit, the impairment loss is first allocated to
\n
the book value of any goodwill allocated to the unit and then
\n
proportionally to the other assets based on the book values
\n
of each asset in relation to the total book value of the assets
\n
within the unit. The recoverable amount is the higher of the
\n
value in use and the fair value less cost to sell.
\n
The estimates for future cash flows, the associated discount
\n
rates, and the growth assumptions rely heavily on manage-
\n
ment\u2019s judgments and projections. Accordingly, the cash flow
\n
forecasts must be approved by the Executive Board and are
\n
derived from the current planning covering the three to five
\n
years following the date of the impairment test.
\n
Any impairment loss on goodwill is recognized directly in the
\n
profit or loss statement. Any impairment recorded for good-
\n
will may not be reversed in future periods.
\n
When a cash-generating unit is sold, the amount of goodwill
\n
attributable to it is taken into account when determining the
\n
profit on disposal.
\n
More information under note 5. Segment Assets and 6.
\n
Intangible Assets.
\n

\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n
\n
\n
\n
c) Internally generated intangible assets \u2013 research and
\n
development costs
\n
In accordance with IAS 38 (Intangible Assets), research costs
\n
are recognized as an expense in the period in which they are
\n
incurred.
\n
Internally generated intangible assets that result from the
\n
development activity or from the development phase of an
\n
internal project are recognized if the following evidence has
\n
been provided:
\n
\u2022 The completion of the intangible asset is technically feasible,
\n
so that it will be available for use or sale.
\n
\u2022 The intent is to complete the intangible asset and to use or
\n
sell it.
\n
\u2022 The ability to use or sell the intangible asset exists.
\n
\u2022 The intangible asset is expected to generate a future
\n
economic benefit.
\n
\u2022 Adequate technical, financial and other resources are
\n
available to complete the development and to use or sell
\n
the intangible assets.
\n
\u2022 The ability to reliably determine the expenses attributable
\n
to the development of the intangible.
\n
The amount with which an internally generated intangible
\n
asset is capitalized for the first time is the sum of the expenses
\n
incurred from the day on which the intangible asset first
\n
meets the above conditions. If an internally generated intan-
\n
gible asset cannot be capitalized or if there is no intangible
\n
asset, the development costs are recognized in the profit or
\n
loss statement in the period in which they arise.
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n
\n

\n

\n

\n\n\n\n\n\n\n
\n
\n
In subsequent periods, internally generated intangible assets,
\n
as well as acquired intangible assets, are valued at acquisition
\n
or production cost less accumulated amortization and
\n
impairment.
\n
\n
Capitalized development costs are generally
\n
amortized on a straight-line basis over a useful life between
\n
three and ten years.
\n\n\n\n\n\n
\n

\n
d) Intangible assets acquired as part of a business combination
\n
Intangible assets acquired as part of a business combination
\n
are recognized separately from goodwill and measured at
\n
fair value at the time of acquisition.
\n
\n
The useful life is generally
\n
between two and ten years.
\n\n\n\n\n\n
\n

\n
In subsequent periods, intangible assets acquired as part
\n
of a business combination, as well as individually acquired
\n
intangible assets, are valued at cost less accumulated amorti-
\n
zation and any accumulated impairment.
\n
e) Derecognition of intangible assets
\n
An intangible asset must be derecognized on disposal or
\n
when no further economic benefit is expected from its use or
\n
its disposal. The gain or loss from the derecognition of an in-
\n
tangible asset, valued at the difference between the net sales
\n
proceeds and the book value of the asset, is recognized in the
\n
profit or loss at the time the asset is derecognized. It is shown
\n
in other income or other expenses.
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n
\n
2.10 Property, Plant, and Equipment
\n
Property, plant, and equipment are accounted for according to
\n
IAS 16 (Property, Plant and Equipment) at cost less accumulated
\n
depreciation and impairment. Technical equipment and machines
\n
as well as office and business equipment are shown at acquisition
\n
or production cost less accumulated depreciation and recog-
\n
nized impairment.
\n
\n
Depreciation is carried out in such a way that the acquisition or
\n
production costs of assets (with the exception of land or assets
\n
under construction) minus their residual values are depreciated
\n
on a straight-line basis over their useful life. The useful lives vary
\n
between 3 and 8 years.
\n
The expected useful lives, residual values and depreciation
\n
methods are reviewed on every reporting date. All necessary
\n
changes in estimates are taken into account prospectively.
\n
Other systems, operating and business equipment are predom-
\n
inantly written off over three to five years. Pursuant to the com-
\n
mercial progression of usage, property, plant, and equipment
\n
will be depreciated using the straight-line method.
\n

\n

\n\n\n\n\n\n
\n
Property, plant, and equipment is derecognized on disposal or
\n
when no future economic benefit from the continued use of the
\n
asset is expected. The gain or loss resulting from the sale or de-
\n
commissioning of property, plant and equipment is determined
\n
as the difference between the proceeds from the sale and the
\n
book value of the asset and is recognized in other income or
\n
other expenses.
\n

\n

\n\n\n\n\n\n
\n
\n
\n
2.11 Impairment of Property, Plant and Equipment and Intangible
\n
Assets (Other Than Goodwill)
\n
At the end of each reporting period, the Group reviews the carry-
\n
ing amounts of property, plant and equipment and other intan-
\n
gible assets to determine whether there are indications of an
\n
impairment of these assets. If such indications are discernible,
\n
the recoverable amount of the asset is estimated to determine
\n
the extent of any impairment loss. If the recoverable amount
\n
for the individual asset cannot be estimated, the recoverable
\n
amount of the cash-generating unit to which the asset belongs
\n
is estimated. If an appropriate and steady basis for distribution
\n
can be determined, the collective assets are distributed among
\n
the individual cash-generating units. Otherwise, there is a
\n
distribution to the smallest group of cash-generating units for
\n
which an appropriate and steady basis of the distribution can
\n
be determined.
\n
In the case of intangible assets with an indefinite useful life or
\n
those that are not yet available for use, an impairment test is
\n
carried out at least annually and always when there is an indication
\n
of impairment.
\n
The recoverable amount is the higher of the fair value less cost
\n
to sell and the value in use. When determining the recoverable
\n
amount, the estimated future cash flows are discounted using
\n
the weighted average cost of capital. This pre-tax interest rate
\n
takes into account, on the one hand, the current market ass-
\n
essment of the time value of the money, and on the other hand
\n
the risks inherent in the asset, unless these have already been
\n
included in the estimate of the cash flows.
\n
If the estimated recoverable amount of an asset or a cash-
\n
generating unit falls below the book value, the book value of the
\n
asset or the cash-generating unit is reduced to the recoverable
\n
amount. The impairment loss is immediately recognized in
\n
profit or loss.
\n
If the impairment loss is subsequently reversed, the book value
\n
of the asset or cash-generating unit is increased to the most
\n
recent estimate of the recoverable amount. The increase in
\n
the book value is limited to the value that would have resulted
\n
if no impairment loss had been recognized for the asset or the
\n
cash-generating unit in previous years. A reversal of an impair-
\n
ment loss is recognized immediately in profit or loss.
\n

\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n
\n

\n

\n

\n\n\n\n\n\n\n
\n
\n
2.12 Financial Assets
\n
Financial assets are recognized when a group company
\n
becomes a contracting party to the financial instrument.
\n
Financial assets are measured at fair value on recognition.
\n
Transaction costs that are directly attributable to the acquisition
\n
of financial assets that are not measured at fair value through
\n
profit or loss increase or decrease the fair value of the financial
\n
assets on receipt. Transaction costs that are directly attributable
\n
to the acquisition of financial assets and that are measured at
\n
fair value through profit or loss are recognized directly in the
\n
consolidated statement of comprehensive income.
\n
Financial assets are recognized and derecognized on the
\n
trading day if they are financial assets that are delivered within
\n
the time frame customary for the market concerned.
\n
All of the financial assets are subsequently valued either at
\n
amortized cost or at fair value, depending on the classification
\n
of the financial assets. For further information on the application
\n
of the effective interest method for financial asset measured at
\n
amortized cost, refer to Note 2.18 b).
\n
a) Classification of financial assets
\n
Debt instruments that meet both of the following conditions
\n
are measured at amortized cost:
\n
\u2022 The financial asset is held within the framework of a
\n
business model, the objective of which is to collect the
\n
contractual cash flows;
\n
\u2022 The contractual terms of the financial asset only represent
\n
interest and principal payments on the outstanding nominal
\n
amount.
\n
Debt instruments that meet both of the following conditions
\n
are measured at fair value through other comprehensive
\n
income:
\n
\u2022 The financial asset is held within the framework of a
\n
business model, the objective of which is both to collect
\n
the contractual cash flows and to sell financial assets;
\n
\u2022 The contractual terms of the financial asset only represent
\n
interest and principal payments on the outstanding nominal
\n
amount.
\n
All other financial assets that do not meet the above conditions
\n
are generally valued at fair value through profit or loss. Verve
\n
did not classify any equity instruments in this category in
\n
the financial year. Verve did not use the election to classify
\n
equity instruments at fair value through other comprehensive
\n
income.
\n
\n
b) Currency translation gains and losses
\n
\u2022 The fair value of financial assets measured at fair value
\n
through profit or loss which are denominated in a foreign
\n
currency is determined in the foreign currency and then
\n
revalued using the spot rate at reporting date;
\n
\u2022 Financial assets that are measured at amortized cost and
\n
are not part of a designated hedging relationship, revalu-
\n
ation differences are recorded in the profit or loss under
\n
\u201cOther income\u201d and \u201cOther operating expenses\u201d;
\n
\u2022 The fair value of equity instruments measured at fair value
\n
through other comprehensive income which are denom-
\n
inated in a foreign currency is determined in the foreign
\n
currency and then revalued using the spot rate at report-
\n
ing date.
\n

\n\n\n\n\n\n
\n
\n
\n
c) Impairment of financial assets
\n
For financial assets measured at amortized cost, the Group
\n
always records the losses expected over the lifetime expected
\n
credit losses (ECL).
\n
For trade receivables these are calculated on the basis of
\n
a provision matrix, with reference to the loss rate approach
\n
based on historical credit losses, an analysis of the current
\n
financial situation of the debtors, taking into account debt-
\n
or-specific factors, the general economic conditions of the
\n
industry in which the debtors operate, and an assessment of
\n
both the current and the forecast development of the circum-
\n
stances on the financial reporting date, and while taking into
\n
account, if necessary, the time value of money.
\n
The Group applies the general approach for cash and cash
\n
equivalents as well as IC receivables to measure impair-
\n
ments, which is based on the Expected Credit Loss (ECL)
\n
model. Under this approach, the Group recognizes credit
\n
losses based on expected future defaults rather than only
\n
when a loss event has occurred.
\n
The model uses a three-stage approach that reflects changes
\n
in the credit risk of a financial asset since its initial recognition:
\n
\u2022 Stage 1: If there has been no significant increase in credit
\n
risk, the Group recognizes 12-month expected credit losses.
\n
Interest revenue is calculated based on the gross carrying
\n
amount of the financial asset.
\n
\u2022 Stage 2: If there has been a significant increase in credit
\n
risk since initial recognition, the Group recognizes lifetime
\n
expected credit losses, representing expected losses over
\n
the remaining life of the financial asset. Interest continues to
\n
be calculated on the gross carrying amount.
\n
\u2022 Stage 3: If a financial asset becomes credit-impaired, the
\n
Group continues to recognize lifetime expected credit losses,
\n
but interest revenue is calculated on the net carrying amount
\n
(i.e., the gross carrying amount less the loss allowance).
\n
The group directly writes down a financial asset, thereby
\n
reducing the gross book value if there is information that
\n
indicates that the debtor is in considerable financial difficulty
\n
and there is no realistic prospect of payment. This is the case,
\n
for example, if the debtor is in liquidation or bankruptcy pro-
\n
ceedings or, in the case of trade receivables, the receivables
\n
are overdue by more than two years, depending on which
\n
event occurs earlier. Financial assets that have already been
\n
written off may still be subject to enforcement measures by
\n
the group. Any returns received from this are recognized in
\n
the consolidated statement of profit or loss on receipt.
\n
The Group considers a financial asset to be in default when the
\n
borrower is unlikely to pay its credit obligations in full or when
\n
contractual payments are more than 180 days past due, unless
\n
there is reasonable and supportable information demonstrat-
\n
ing that a different default criterion is more appropriate.
\n

\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n
\n

\n

\n

\n\n\n\n\n\n
\n

\n

\n

\n\n\n\n\n\n
\n

\n

\n

\n\n\n\n\n\n\n

\n

\n
\n
\n

\n
\n
d) Derecognition of financial assets
\n
The group only derecognizes a financial asset if the con-
\n
tractual rights to the cash flows from the asset expire or if
\n
it transfers the financial asset and essentially all risks and
\n
opportunities associated with the ownership of the asset to
\n
another company. If the group does not transfer or retain all
\n
of the material risks and rewards associated with ownership
\n
and remains in control of the transferred asset, the group
\n
recognizes its continued exposure to the asset and an associ-
\n
ated liability for amounts that it may have to pay. If the group
\n
retains essentially all of the risks and rewards associated with
\n
ownership of a transferred financial asset, the group con-
\n
tinues to recognize the financial asset and accounts for the
\n
proceeds received as a liability.
\n
As a result of the derecognition of a financial asset measured
\n
at amortized cost, the difference between the book value
\n
of the asset and the sum of the consideration received and
\n
outstanding receivables is recognized in profit or loss.
\n
\n
In
\n
addition, when a financial investment is derecognized in a
\n
debt instrument that is classified at fair value through other
\n
comprehensive income, the gain or loss previously accumu-
\n
lated in the revaluation reserve for financial investments is
\n
reclassified to the profit or loss statement. In contrast, when
\n
a financial investment is derecognized in an equity instru-
\n
ment that the group designated to be measured at fair value
\n
through other comprehensive income when it was initially
\n
recognized, the cumulative gain or loss previously accumulat-
\n
ed in the revaluation reserve for financial investments is not
\n
reclassified to the income statement and can be transferred
\n
to retained earnings (refer also to Note 2.22, 9 and 10).
\n\n\n\n\n\n
\n

\n

\n\n
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n
\n
2.13 Cash and Cash Equivalents
\n
Cash and bank balances are measured at amortized cost and
\n
investments at fair-value, comprising cash and cash equiva-
\n
lents with a maturity term of a maximum of three months.
\n

\n\n\n\n\n\n
\n
\n
2.14 Shareholders\u2019 Equity
\n
An equity instrument is any contract that evidences a residual
\n
interest in the assets of an entity after deducting all of its liabilities.
\n
Equity instruments issued by the Group are recognized at the
\n
proceeds received, net of direct issue costs. Issue costs refer to
\n
costs that would not have been incurred had the equity instru-
\n
ments not been issued.
\n
Repurchase of the Company\u2019s own equity instruments is
\n
deducted directly in equity. No gain or loss is recognized in
\n
profit or loss on the purchase, sale, issue, or cancellation of the
\n
Company\u2019s own equity instruments.
\n
Debt and equity instruments issued by a group entity are
\n
classified as financial liabilities or equity in accordance with the
\n
substance of the contractual agreement and the definitions.
\n

\n\n\n\n\n\n
\n
\n
2.15 Current and Other Non-Current Employee Benefits
\n
For current employee benefits (wages, sick pay, bonuses, etc.),
\n
the undiscounted amount of the benefits expected to be paid
\n
in exchange for that service provided shall be recognized in the
\n
period in which the employee provides the service.
\n
The expected cost of current employee benefits in the form
\n
of compensated absences shall be recognized in the case of
\n
accumulating benefits when the service that increases employees\u2019
\n
entitlement to future compensated absences is rendered.
\n
Non-accumulating compensated absences, however, are
\n
recognized at the time when the absences occur.
\n
Liabilities from other non-current employee benefits are measured
\n
at the present value of the estimated future cash outflows the
\n
Group expects for the service rendered by the employee as at
\n
the financial reporting date.
\n
\n
\n
The company operates share-based payment arrangements
\n
under which eligible employees receive renumeration in the
\n
form of either equity-settled or cash-settled share-based
\n
payment awards. Equity-settled share based payment arrange-
\n
ments granted to employees are measured at fair value at the
\n
grant date. The grant-date fair value is recognized as expense
\n
over the vesting period, with a corresponding increase in equity.
\n
As the compensation is settled through equity instruments,
\n
these awards are not subject to subsequent remeasurement.
\n
Cash-settled share-based payment arrangements are recog-
\n
nized as a liability measured at fair value. The liability is initially
\n
recognized at the grant date and is remeasured at each reporting
\n
date until settlement, with changes in fair value recognized in
\n
profit or loss over the vesting period, reflecting the services
\n
received.
\n

\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n
\n
\n
2.16 Other Provisions
\n
Other provisions are recognized in accordance with IAS 37
\n
(Provisions, Contingent Liabilities and Contingent Assets).
\n
Provisions are recognized when the Group has a present
\n
obligation (legal or constructive) as a result of a past event, and
\n
it is probable that the settlement of the obligation involves an
\n
outflow of resources, and a reliable estimate can be made of
\n
the amount of the obligation.
\n
The amount recognized as a provision is the best estimate of
\n
the consideration required to settle the present obligation at
\n
the reporting date, taking into account the risks and uncertainties
\n
surrounding the obligation. Where a provision is measured on
\n
the basis of the estimated cash flows required to settle the obli-
\n
gation, these cash flows shall be discounted (when the interest
\n
effect is material).
\n
When some or all of the economic benefits required to settle
\n
a provision are expected to be recovered from a third party, a
\n
receivable is recognized as an asset if it is virtually certain that
\n
reimbursement will be received, and the amount of the receivable
\n
can be measured reliably.
\n

\n\n\n
\n
\n
\n
2.17 Severance Payments
\n
Severance payments recognized during the period relate to
\n
workforce restructuring and termination agreements.
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n

\n

\n\n\n\n\n\n\n
\n
\n
2.18 Financial Liabilities
\n
Financial liabilities are recognized when a group entity be-
\n
comes a party to the contractual provisions of the instrument.
\n
These are measured at amortized cost using the effective
\n
interest method or at FVTPL.
\n
However, financial liabilities that arise when a transfer of a
\n
financial asset does not qualify for derecognition or when the
\n
continuing involvement approach applies, and financial guarantee
\n
contracts issued by the Group, are measured in accordance
\n
with the specific accounting policies set out below.
\n
Financial liabilities are measured at fair value on initial recog-
\n
nition. Transaction cost directly attributable to the issue of
\n
financial liabilities that are not measured at FVTPL, reduce the
\n
fair value of the financial liabilities on initial recognition. Trans-
\n
action costs directly attributable to financial liabilities that are
\n
measured at FVTPL, are directly recognized in the consolidated
\n
statement of profit or loss.
\n
\n
a) Financial Liabilities Measured at FVTPL
\n
Financial liabilities are classified as at FVTPL when the financial
\n
liability is a contingent consideration of an acquirer in a
\n
business combination, held for trading or it is designated as
\n
at FVTPL.
\n

\n\n\n\n\n\n
\n
\n
\n
b) Financial Liabilities Measured Subsequently at Amortized Cost
\n
Financial liabilities that are not a contingent consideration
\n
of an acquirer in a business combination, held-for-trading, or
\n
designated as at FVTPL, are measured subsequently at amor-
\n
tized cost using the effective interest method.
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n
The effective interest method is a method of calculating the
\n
amortized cost of a financial liability and of allocating interest
\n
expense over the relevant period. The effective interest rate is
\n
the rate that exactly discounts estimated future cash pay-
\n
ments (including all fees and charges paid or received that
\n
form an integral part of the effective interest rate, transaction
\n
costs and other premiums or discounts) through the ex-
\n
pect-ed life of the financial liability, or (where appropriate) a
\n
shorter period, to the net carrying amount derived from its
\n
initial recognition.
\n
c) Derecognition of Financial Liabilities
\n
The Group derecognizes financial liabilities when, and only
\n
when, the Group\u2019s obligations are discharged, cancelled, or
\n
have expired. The difference between the carrying amount of
\n
the financial liability derecognized and the consideration paid
\n
and payable is recognized in the consolidated statement of
\n
profit or loss.
\n
When the Group exchanges with the existing lender one
\n
debt instrument into another one with substantially different
\n
terms, such exchange is accounted for as an extinguishment
\n
of the original financial liability and the recognition of a new
\n
financial liability. Similarly, the Group accounts for substantial
\n
modification of terms of an existing liability or part of it as
\n
an extinguishment of the original financial liability and the
\n
recog-nition of a new liability. It is assumed that the terms
\n
are sub-stantially different if the discounted present value of
\n
the cash flows under the new terms, including any fees paid
\n
net of any fees received and discounted using the original
\n
effective rate is at least 10% different from the discounted
\n
present value of the remaining cash flows of the original
\n
financial liability. If the modification is not substantial, the
\n
difference between the carrying amount of the liability before
\n
the modification and the present value of the cash flows after
\n
modification should be recognized in profit or loss as the
\n
modification gain or loss within other income.
\n

\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n
\n
\n
2.19 Contingent Liabilities
\n
Contingent liabilities acquired in a business combination are
\n
initially measured at fair value at the acquisition date. The
\n
contingent consideration is remeasured at fair value at each
\n
reporting date and subsequent changes in the fair value of the
\n
contingent consideration are recognized in profit or loss.
\n

\n\n\n\n\n\n
\n
\n
2.20 Statement of Cash Flows
\n
Cash flows from operating activities are calculated by using
\n
the indirect method. In the case of compound transactions, the
\n
underlying amounts are allocated to several cash flow sections
\n
if necessary. In the Statement of financial position and State-
\n
ment of cash flows, cash and cash equivalents include cash,
\n
bank balances and other investments in securities, etc. In the
\n
Statement of financial position, utilized overdraft facilities are
\n
recognized as loan liabilities among current liabilities due to
\n
banks..
\n
Interest income and expenses and dividend income are
\n
neutralized in the cash flows from operating activities, whereas
\n
interest paid are disclosed in the cashflows from financing
\n
activities while interest received are disclosed in cash flow from
\n
operating activities. Tax payments are shown in the cash flows
\n
from operating activities because an allocation to individual
\n
activities is not practicable.
\n
The accounting policy related to the presentation of payments
\n
related to deferred consideration in connection with business
\n
combinations has been voluntarily changed and the prior period
\n
cash flow statement was restated accordingly. In the past,
\n
payments related to deferred consideration in connection with
\n
business combinations have been presented as investing cash
\n
flows. However, starting in 2025, only payments related to de-
\n
ferred consideration in connection with business combinations
\n
which have been paid within 3 months after acquisition date
\n
are presented as cash flows from investing activities. In case
\n
the payment occurs more than 3 months after acquisition date,
\n
these payments are presented as cash flows from financing
\n
activities. The change in presentation results in the financial
\n
statements providing reliable and more relevant information
\n
about the effects of transactions, other events or conditions on
\n
the entity\u2019s cash flows.
\n

\n\n\n\n\n\n
\n

\n

\n

\n\n\n\n\n\n\n
\n
The adjustments had the following impact on the Consolidated
\n
Statement of Cash Flows:
\n
\u2022 the payments made for the acquisition of business units
\n
decreased from -119,531 \u20ack to -119,031 \u20ack and the cash flow
\n
from investing activities decreased from -162,048 \u20ack to
\n
-161,548 \u20ack.
\n
\u2022 the repayment of financial loans increased from -7,447 \u20ack to
\n
-7,947 \u20ack and the cash flow from financing activities de-
\n
creased from 48,311 \u20ack to 47,811 \u20ack.
\n
All other cash flow items remain unchanged. The Consolidated
\n
Statement of Financial Position and the Consolidated Income
\n
Statement were not affected by the change in accounting policy.
\n

\n\n\n\n
\n
\n
2.21 Earnings Per Share
\n
IAS 33 deals with principles for the determination and presentation
\n
of earnings per share before and after dilution. Basic earnings
\n
per share are computed by dividing earnings attributable to
\n
equity holders of the parent by a weighted average number of
\n
outstanding ordinary shares.
\n
For computing diluted earnings per share, the weighted
\n
average number of outstanding ordinary shares is restated for
\n
the dilution effect of all potential ordinary shares. The parent
\n
company has issued share options that have a potential dilution
\n
effect. For share options, the number of shares that could have
\n
been purchased at fair value for an amount corresponding to
\n
the monetary value of the subscription rights associated with
\n
outstanding share options is computed. The number of shares
\n
computed as above is compared to the number of shares that
\n
would have been issued assuming that the share options had
\n
been exercised. Options and warrants have a dilutive effect only
\n
when the average market price of ordinary shares during the
\n
period exceeds the exercise price. In financial years 2025 and
\n
2024 Verve has share-based payments that may cause dilution.
\n
Additionally, potential ordinary shares only give rise to a dilution
\n
effect in cases where the conversion of them results in lower
\n
earnings per share or a higher loss per share.
\n

\n\n\n\n
\n
\n
2.22 Estimation Uncertainties
\n
In preparing the consolidated financial statements, assump-
\n
tions and estimates are to be made that have a significant
\n
impact on the amount and the reporting of the assets and
\n
liabilities, income and expense items and contingent liabilities
\n
recognized.
\n
The assumptions mainly relate to the determination of the use-
\n
ful lives of intangible assets and property, plant, and equipment
\n
in compliance with the unified policies across the Group.
\n
The estimates used have a significant influence on the determi-
\n
nation of discounted cash flows in the purchase price allocation
\n
process and of impairment tests, on the valuation of internally
\n
generated intangible assets, allowances on receivables, other
\n
provisions and realizability of deferred tax assets.
\n
Estimates are based on experience and premises valid at
\n
reporting date and that are considered appropriate under the given
\n
circumstances. The future development that is considered
\n
most probable is assumed for this purpose The estimates and
\n
the underlying assumptions are continually reviewed. However,
\n
in individual cases, the actual values might deviate from the
\n
assumptions and estimates made if the mentioned framework
\n
conditions develop differently than expected at reporting date.
\n
Changes are recognized through profit and loss at the time they
\n
become known, and the premises adjusted accordingly.
\n\n
Key Sources of Estimation Uncertainty
\n
The key assumptions concerning the future, and other key
\n
sources of estimation uncertainty at the end of the reporting
\n
period that may have a significant risk of causing a material
\n
adjustment to the amounts reported of assets and liabilities
\n
within the next financial year, are discussed below.
\n
a) Accounting for and impairment of internally generated intan-
\n
gible assets
\n
The Group renders in-house development services. Manage-
\n
ment is required to exercise judgement in determining which
\n
development expenditures meet the criteria for capitalization
\n
under IAS 38. This includes assessing whether individual
\n
projects have progressed beyond the research phase,
\n
whether the technical feasibility of completing the asset is
\n
demonstrated, and whether the asset is expected to generate
\n
probable future economic benefits. In addition, management
\n
applies judgement in determining the appropriate useful life
\n
of internally generated intangible assets, considering the ex-
\n
pected period of technological relevance, obsolescence risks,
\n
and historical life cycles of comparable assets.
\n
The progress of the individual projects has been satisfactory,
\n
and customer response to the executive board\u2019s previous
\n
estimates of expected revenue from the respective projects
\n
has also been confirmed.
\n
b) Impairment of goodwill and intangible assets
\n
In order to determine goodwill impairment, it is required to
\n
determine the recoverable amount of the cash-generating
\n
unit to which the goodwill has been allocated. The calculation
\n
of the recoverable amount requires an estimate of future cash
\n
flows from the cash-generating unit as well as an appropriate
\n
discount rate for the calculation of the present value. If the
\n
actual expected future cash flows are lower than the previous
\n
estimate, this might result in material impairment.
\n
In 2024 one item in the internally-generated assets, an
\n
unsuccessful launched mobile game, has been impaired with
\n
an amount of 2.3 \u20acm. No such impairment was at hand in
\n
fiscal year 2025.
\n

\n

\n\n\n\n\n

\n

\n\n\n\n
\n

\n

\n

\n\n\n\n\n
\n\n
c) Deferred tax assets on tax loss carry forwards
\n
Income tax is to be estimated for each individual tax jurisdiction
\n
in which the Group operates. To the extent that temporary
\n
differences arise, these differences principally result in
\n
the recognition of deferred tax assets and liabilities in the
\n
consolidated statement of financial position. The executive
\n
board is required to make assessments in calculating actual
\n
and deferred taxes. Deferred tax assets are recognized to
\n
the extent that it is probable that these can be utilized. The
\n
utilization of deferred tax assets depends on the ability to
\n
generate sufficient taxable profits according to the respective
\n
tax type and jurisdiction, taking into account, where relevant,
\n
legal restrictions concerning the maximum period allowed for
\n
tax loss carry forwards.
\n
In assessing the probability of the future usability of deferred
\n
tax assets, several factors are to be taken into account such
\n
as the financial performance of the past, operational planning,
\n
loss carry-forward period and tax planning strategies. Where
\n
the actual results deviate from these estimates or where
\n
these estimates are to be adjusted in future period, this might
\n
negatively affect the assets, liabilities, financial position, and
\n
financial performance.
\n
If the impairment assessment for deferred tax assets is
\n
changed, the deferred tax assets are to be reduced through
\n
profit or loss.
\n
\n
d) Fair Value Measurement
\n
Some assets and liabilities of the Group are measured at fair
\n
value for financial reporting purposes. To the extent possible,
\n
the Group uses observable market data to determine the fair
\n
value of assets and liabilities. Where Level 1 inputs are not
\n
available, the Group engages qualified external experts to
\n
perform the measurements. The Group works closely with
\n
external experts in order to determine appropriate meas-
\n
urement procedures and inputs. The Chief Financial Officer
\n
reports regularly to the Board to lay down the reasons for
\n
fluctuations in the fair values of assets and liabilities.
\n
Various measurement methods are used to estimate the fair
\n
value of assets and liabilities not traded on an active market.
\n
When determining the fair value of interest swaps and currency
\n
derivatives, official market listings are used as input in
\n
calculations of discounted cash flows. The fair value of loan
\n
liabilities is measured using generally accepted methods,
\n
such as discounting expected future cash flows at prevailing
\n
interest rates.
\n

\n\n\n\n
\n
e) Equity-settled share-based payment transactions
\n
Verve has entered into various share-based payment
\n
arrangements. The measurement of share-based payment
\n
arrangements involves significant judgment and estimation.
\n
The fair value of these awards is determined using valuation
\n
models that require assumptions regarding, among other
\n
factors, expected volatility, the expected life of the instru-
\n
ments, and risk-free interest rates. For cash-settled share-
\n
based payment arrangements, Verve is required to remeasure
\n
the related liability at each reporting date until settlement.
\n
Changes in these assumptions may result in a material impact
\n
on profit or loss and on the carrying amount of liabilities in
\n
future periods.
\n

\n

\n\n\n\n\n
2.23 Critical Accounting Judgements
\n
Non-recourse sale of receivables to a non-controlled struc-tured
\n
entity
\n
The Group sells trade receivables on a non-recourse revolving
\n
basis to a non-controlled structured entity. This structured
\n
entity holds the receivables and allocates the risks and rewards
\n
resulting from these by issuing asset-backed securities to third
\n
parties outside the Group (through a senior loan and an inter-
\n
mediate subordinated loan) and to the Group (through a senior
\n
subordinated loan and a remaining equity portion).
\n
The Group does not own voting rights in the structured entity or
\n
has the ability to appoint its directors. In determining whether to
\n
consolidate the structured entity, the Group has applied IFRS 10
\n
by evaluating whether it has control over the structured entity
\n
whether it is exposed, or has rights, to variable returns from its
\n
involvement with the investee (i.e. the structured entity) and has
\n
the ability to affect those re-turns through its power over the
\n
investee.
\n
Receivables are sold on a non-recourse basis to the structured
\n
entity under a true sale opinion with legal interest transferred
\n
from the Group to the structured entity. While the sale of receiv-
\n
ables is without recourse, the Group continues to be exposed to
\n
some variability of risks and rewards and has rights to variable
\n
returns in respect of its remuneration as master servicer.
\n
The Group considers that the returns of the investees in the
\n
structured entity are affected by the management of the
\n
receivable\u2019s portfolio. In particular, it is the management of any
\n
impaired receivables that significantly impacts the variability
\n
of the returns of the structured entity. The intermediate subor-
\n
dinated lender (who is also the control party) can unilaterally
\n
remove the Group as servicer of impaired receivables, giving
\n
it the unilateral power to affect the relevant activities of these
\n
receivables and thereby influence the variable returns.
\n
Accordingly, the Group has concluded that it does not control the
\n
structured entity and therefore does not include the structured
\n
entity in the Group\u2019s consolidation.
\n

\n

\n

\n\n\n\n
\n

\n

\n

\n\n\n\n\n
\n\n
While the true sale of receivables occurs on a non-recourse
\n
basis, the Group retains certain control over the transferred
\n
receivables as the structured entity has no unconditional right
\n
to sell them. Therefore, the Group shall continue to recognize
\n
the transferred receivables to the extent of its con-tinuing in-
\n
volvement. Given the minimal variability, it has been concluded
\n
to consider only the retained equity as continued involvement.
\n
The continuing involvement does not affect the true sale on a
\n
non-recourse basis.
\n
Refer to Note 9 for additional information on the transaction.
\n

\n\n\n\n\n

\n\n\n\n
\n
\n
\n
\n
2.24 Derivative financial instruments and hedge accounting
\n
The Group utilizes interest rate swaps to hedge its exposure to
\n
interest rate risks. Derivatives are recognized at fair-value on
\n
initial recognition and subsequently remeasured at fair-value. If
\n
the derivative has a positive market value it is recognized as a
\n
financial asset, if it has a negative market value it is recognized as
\n
a financial liability. Derivatives are carried at fair-value through
\n
profit or loss unless a hedging relationship has been designat-
\n
ed.
\n
The hedging relationship between the hedging instrument and
\n
hedged item are formally designated. The Group documents
\n
the hedged item, the hedging instrument, its risk management
\n
objective and strategy, that the qualifying criteria are met
\n
and what method of determining the hedge\u2019s effectiveness is
\n
applied.
\n
Cash-flow hedges:
\n
When a derivative is designated as a cash flow hedging
\n
instrument, the effective portion of changes in the fair value
\n
of the derivative is recognized via OCI in the cash-flow hedge
\n
reserve, any ineffective portion is immediately recognized in the
\n
income statement.
\n
If hedge accounting is discontinued and there is a likelihood
\n
that the remaining cash-flows accounted for in the OCI are still
\n
expected to occur, the Group continues to recognize those
\n
amounts in OCI. If there is no likelihood for expected cash-flows
\n
to occur after hedge accounting has been discontinued, the
\n
accumulated amount in OCI is immediately recorded in the
\n
income statement.
\n

\n

\n\n\n\n
\n

\n

\n\n\n\n
\n

\n

\n\n\n\n
\n

\n

\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag362": { "value": "\n
2.1 Basis of Preparation
\n

\n
\n
The consolidated financial statements of the Verve Group for
\n
the year ended December 31, 2025, have been compiled in
\n
accordance with International Financial Reporting Standards
\n
(IFRS) as adopted in the European Union (EU) by Regulation
\n
(EC) No. 1606/2002 of the European Parliament and of the
\n
Council on the application of international accounting stand-
\n
ards. The term IFRS includes all International Financial Reporting
\n
Standards and International Accounting Standards (IAS) in
\n
effect as well as all interpretations and amendments issued
\n
by the IFRS Interpretations Committee (IFRIC) and the former
\n
Standing Interpretations Committee (SIC). Comparative figures
\n
for the prior year were also determined based on these standards.
\n\n\n\n\n\n\n
\n
\n
The Group also applies the Swedish Financial Reporting Board
\n
recommendation RFR 1 Supplementary Accounting Rules for
\n
groups which specifies additional disclosures required under
\n
the Swedish Annual Accounts Act. The Group\u2019s financial year
\n
begins on January 1, and ends on December 31, of the calendar
\n
year.
\n

\n
\n
The financial statements have been prepared on a going concern
\n
basis.
\n\n\n\n\n\n\n
\n

\n

\n
\n
The functional currency and reporting currency of the Group\u2019s
\n
parent entity is the Euro, therefore these consolidated financial
\n
statements are presented in Euros (\u20ac). Unless otherwise
\n
stated, all amounts are presented in thousand Euros (\u20ack).
\n\n\n\n\n\n\n
\n
In
\n
accordance with IAS 1 (Presentation of Financial Statements),
\n
the consolidated financial statements contain a Consolidated
\n
Statement of Financial Position as of the reporting date, a
\n
Consolidated Income Statement, a Consolidated Statement of
\n
Comprehensive Income, a Consolidated Statement of Changes
\n
in Equity, and a Consolidated Statement of Cash Flows in
\n
accordance with the principles of IAS 7 (Statement of Cash
\n
Flows). The segment reporting is prepared in accordance with
\n
the regulations of IFRS 8 (Operating Segments).
\n
Assets and liabilities are classified as current when they are
\n
expected to be realized or settled within twelve months of the
\n
reporting date, and as non-current otherwise.
\n
In order to improve the clarity of the depiction, various items of
\n
the consolidated statement of financial position and the con-
\n
solidated statement of profit or loss are shown in summarized
\n
form. These items are shown and explained separately in the
\n
notes to the consolidated financial statements
\n
The consolidated financial statements were prepared based
\n
on the historical cost or production costs. This does not apply
\n
to certain financial instruments that were reported at fair value
\n
on the statement of financial position date. A corresponding
\n
explanation is given in the context of the respective accounting
\n
and valuation methods. Historical acquisition or production
\n
costs are based on the fair value of the consideration made in
\n
exchange for the asset.
\n
The preparation of the consolidated financial statements
\n
requires management to judgement decisions and estimates
\n
that relate to the application of accounting methods and the
\n
reported amounts of the assets, liabilities, income, and expenses.
\n
Actual results can deviate from these estimates. The areas
\n
involving a higher degree of judgement or complexity, or areas
\n
where assumptions and estimates are significant to the financial
\n
statements, are disclosed in Note 2.22. Estimates and the
\n
underlying assumptions are continually reviewed. Revisions of
\n
estimates are recorded prospectively.
\n
As amounts (in \u20ack) and percentages have been rounded,
\n
rounding differences may occur.
\n

\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag363": { "value": "\n
The consolidated financial statements of the Verve Group for
\n
the year ended December 31, 2025, have been compiled in
\n
accordance with International Financial Reporting Standards
\n
(IFRS) as adopted in the European Union (EU) by Regulation
\n
(EC) No. 1606/2002 of the European Parliament and of the
\n
Council on the application of international accounting stand-
\n
ards. The term IFRS includes all International Financial Reporting
\n
Standards and International Accounting Standards (IAS) in
\n
effect as well as all interpretations and amendments issued
\n
by the IFRS Interpretations Committee (IFRIC) and the former
\n
Standing Interpretations Committee (SIC). Comparative figures
\n
for the prior year were also determined based on these standards.
\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag364": { "value": "\n
The financial statements have been prepared on a going concern
\n
basis.
\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag365": { "value": "\n
The functional currency and reporting currency of the Group\u2019s
\n
parent entity is the Euro, therefore these consolidated financial
\n
statements are presented in Euros (\u20ac). Unless otherwise
\n
stated, all amounts are presented in thousand Euros (\u20ack).
\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag367": { "value": "\n
\n
2.2 New and Revised Standards and Interpretations That Are Applied for The First Time in The
\n
Financial Year 2025
\n
The following new and amended IFRSs are required to be applied for the first time in the financial
\n
year beginning on January 1, 2025:
\n
\u2022 Lack of Exchangeability \u2013 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates
\n
The new or amended IFRS standards effective from January 1, 2025 had no material impact on the
\n
Group\u2019s financial position or performance.
\n
2.3 Standards, Interpretations and Changes to Published Standards Which Were Issued but
\n
Not Yet Effective
\n
In its consolidated financial statements 2025, the Group did not early adopt the following
\n
accounting standards, which have been issued by the IASB, but are not yet effective and/or not
\n
yet endorsed for use in the EU.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
StandardTime of applicationExpected effects
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)Available for optional adoption/ effective date deferred indefinitelyNo impact
Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures01/01/2026No material impact
Annual Improvements to IFRS Accounting Standards \u2013 Amendments to IFRS 1, 7, 9, 10, IAS 701/01/2026No material impact
Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 701/01/2026No material impact
IFRS 18 Presentation and Disclosures in Financial Statements01/01/2027No material impact on the core performance indicators in the group
IFRS 19 Subsidiaries without Public Accountability: Disclosures01/01/2027No impact
IAS 21 The Effects of Changes in Foreign Exchange Rates01/01/2027No material impact
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag368": { "value": "\n
2.2 New and Revised Standards and Interpretations That Are Applied for The First Time in The
\n
Financial Year 2025
\n
The following new and amended IFRSs are required to be applied for the first time in the financial
\n
year beginning on January 1, 2025:
\n
\u2022 Lack of Exchangeability \u2013 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates
\n
The new or amended IFRS standards effective from January 1, 2025 had no material impact on the
\n
Group\u2019s financial position or performance.
\n
2.3 Standards, Interpretations and Changes to Published Standards Which Were Issued but
\n
Not Yet Effective
\n
In its consolidated financial statements 2025, the Group did not early adopt the following
\n
accounting standards, which have been issued by the IASB, but are not yet effective and/or not
\n
yet endorsed for use in the EU.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
StandardTime of applicationExpected effects
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)Available for optional adoption/ effective date deferred indefinitelyNo impact
Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures01/01/2026No material impact
Annual Improvements to IFRS Accounting Standards \u2013 Amendments to IFRS 1, 7, 9, 10, IAS 701/01/2026No material impact
Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9 and IFRS 701/01/2026No material impact
IFRS 18 Presentation and Disclosures in Financial Statements01/01/2027No material impact on the core performance indicators in the group
IFRS 19 Subsidiaries without Public Accountability: Disclosures01/01/2027No impact
IAS 21 The Effects of Changes in Foreign Exchange Rates01/01/2027No material impact
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag369": { "value": "\n
2.4 Basis of Consolidation
\n
\n
\n
2.4.1 Subsidiaries
\n
The consolidated financial statements include the financial statements of the parent company
\n
and the companies it controls (the \u201cGroup\u201d) . The parent company gains control if:
\n
\u2022 has power over the investee
\n
\u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and
\n
\u2022 has the ability to use its power to affect its returns.
\n
The parent company regularly reassesses whether it controls an investee (or holds significant
\n
influence) whenever changes in facts or circumstances indicate that one or more of the control
\n
criteria may have changed, ensuring compliance with IFRS 10\u2019s requirements.
\n
If the parent company does not have a majority of voting rights, it still controls the associated
\n
company if it has the practical ability to determine the relevant activities of the investment company
\n
unilaterally through its existing voting rights. When assessing whether its existing voting rights
\n
are sufficient for the power of determination, the parent company takes into account all facts and
\n
circumstances, including:
\n
\u2022 the scope of voting rights held by the parent company in relation to the scope and distribution
\n
of the voting rights of other voting rights holders;
\n
\u2022 potential voting rights of the parent company, other voting rights holders and other parties;
\n
\u2022 rights from other contractual agreements; and
\n
\u2022 additional facts and circumstances that indicate that the parent company has or does not
\n
have the ability to determine the relevant activities at the times when decisions must be taken,
\n
taking into consideration the voting behavior at shareholders\u2019 meetings.
\n
A subsidiary is included in the consolidated financial statements from the time when the parent
\n
company obtains control over the subsidiary until the time when the control by the parent com-
\n
pany ceases. The results of the subsidiaries acquired or sold during the year are included in the
\n
consolidated statement of profit or loss and other comprehensive income from the date control is
\n
obtained and up to the date control is lost.
\n
The profit or loss and any component of the other comprehensive income must be attributed to
\n
the shareholders of the parent company and the non-controlling shareholders.
\n
If necessary, the financial statements of the subsidiaries are adjusted to align the accounting and
\n
valuation methods to the methods used in the Group.
\n
All intercompany assets, liabilities, equity, income, expenses, and cash flows in connection with
\n
business transactions between group companies are fully eliminated as part of the consolidation.
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n
\n
\n
Changes in the Group\u2019s stake in existing subsidiaries
\n
Changes in the Group\u2019s stake in subsidiaries that do not lead to a loss of the control are accounted
\n
for as an equity transaction. The carrying amounts of the shares held by the Group and the
\n
non-controlling interest are adjusted in such a way that they reflect the changes in the stakes in
\n
the subsidiaries. Any difference between the amount by which the non-controlling shares are
\n
adjusted and the fair value of the consideration paid or received is directly recognized in equity
\n
and allocated to the shareholders of the parent company.
\n
If the parent company loses control of a subsidiary, the gain or loss received on deconsolidation
\n
is recognized in profit or loss. This is determined from the difference between the total amount
\n
of the fair value of the consideration received and the fair value of retained shares and the book
\n
value of the assets (including goodwill), the liabilities of the subsidiary company and all non-
\n
con-trolling interest.
\n
If the parent company retains shares in the previous subsidiary, they are recognized at the fair value
\n
determined at the time of the loss of control. This value represents the acquisition costs of the
\n
shares, which depend on the level of influence obtained and are accounted for either in accord-
\n
ance with IFRS 9 Financial Instruments or in accordance with the requirements for associates or
\n
joint ventures.
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
2.4.2 Scope of Consolidation
\n
The scope of consolidation as of December 31, 2025 comprises the following:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Fully Consolidated EntitiesRegistered OfficeCapital Share 2025in %Capital Share 2024in %
Verve Group SE Stockholm, Sweden
adspree media GmbHBerlin, Germany99.98%99.98%
AxesInMotion, S.L.Sevilla, Spain100%100%
Dataseat Ltd.London, United Kingdom100%100%
gamigo Advertising GmbHHamburg, Germany99.98%99.98%
gamigo AGHamburg, Germany99.98%99.98%
gamigo Holding GmbH Berlin, Germany100%100%
gamigo Inc.Wilmington, DE, USA100%100%
gamigo Innovation Services GmbH Hamburg, Germany99.98%99.98%
Gamigo Philippines Inc.Cebu, Philippines98%98%
gamigo Portals GmbHHamburg, Germany99.98%99.98%
gamigo Publishing GmbHHamburg, Germany99.98%99.98%
gamigo US Inc. Dover, DE, USA100%100%
Captify Target Company LLCDelaware, USA100%-
Captify Acquisition LtdLondon, United Kingdom100%-
Captify Technologies Ltd. London, United Kingdom100%-
Captify Technologies S.A.R.LParis, France100%-
Captify Media GmbHHamburg, Germany100%-
Captify Technologies PTY LtdSydney, Australia100%-
Captify Technologies S.R.LMilano, Italy100%-
Captify Technologies S.L.UMadrid, Spain100%-
Captify Technologies IncNew York, NY, USA100%-
HyperMX mobile LLCDelaware, USA100%100%
Jun Group Productions LLCDelaware, USA100%100%
Just Digital GmbHBerlin, Germany99.98%99.98%
Kings Holding Inc.Austin, TX, USA100%100%
KingsIsle Entertainment IncorporatedAustin, TX, USA100%100%
Match2One ABStockholm, Sweden100%100%
\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
ME digital GmbH Berlin, Germany100%100%
Media and Games Services AG Zug, Switzerland100%100%
Platform 161 Holding B.V.Amsterdam, Netherlands100%100%
Platform 161 LLCNew York, NY, USA100%100%
Samarion GmbH D\u00fcsseldorf, Germany100%100%
Shanghai Yi Qiu Business Management Co. Ltd.Shanghai, China100%100%
Smaato Holding GmbHHamburg, Germany100%100%
Smaato Inc.San Francisco, CA, USA100%100%
Smaato India Private LimitedTelengana, India80%80%
Smaato Pte. Ltd. Singapore, Singapore100%100%
Vajrapani Ltd.Valletta, Malta100%100%
VerMedia India Private Ltd. (formerly AppLift India Technologies Private Ltd.)Bangalore, India100%100%
Verve Ad Solutions GmbHBerlin, Germany100%100%
Verve AI Technology OyHelsinki, Finland100%100%
Verve Corporate GmbH (formerly MGI Berlin, Germany100%100%
Corporate GmbH)
Verve Group China WFOE Shanghai, China100%100%
Verve Group Europe GmbH Berlin, Germany100%100%
Verve Group Inc.Carlsbad, CA, USA100%100%
VERVE GROUP LATAM Veicula\u04abao de Publicidade na Internet LTDA. (Verve Group Latam)Sao Paulo, Brazil100%100%
Verve Holding GmbH Berlin, Germany100%100%
Verve US Holdco Inc.Wilmington, DE, USA100%100%
VGI CTV Inc.Lewes, DE, USA100%100%
Yu Guang Information Technologies (Shanghai)Co. Ltd.Shanghai, China100%100%
Verve Retail Media Holding GmbHBerlin, Germany100%-
Viewento GmbHHamburg, Germany100%-
acardo Group AGDortmund, Germany100%-
\n\n\n\n\n\n\n\n
\n
Gamigo Spain Holding S.L. has been merged into AxesInMotion S.L. in FY 2025.
\n
Verve AR Services LLC, Wilmington (DE), USA, founded in 2022 and a capital share of the Group of
\n
100%, is not consolidated following the rules of IFRS 10. Refer to Note 2.23 and Note 9.
\n

\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag370": { "value": "\n
\n
2.4.1 Subsidiaries
\n
The consolidated financial statements include the financial statements of the parent company
\n
and the companies it controls (the \u201cGroup\u201d) . The parent company gains control if:
\n
\u2022 has power over the investee
\n
\u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and
\n
\u2022 has the ability to use its power to affect its returns.
\n
The parent company regularly reassesses whether it controls an investee (or holds significant
\n
influence) whenever changes in facts or circumstances indicate that one or more of the control
\n
criteria may have changed, ensuring compliance with IFRS 10\u2019s requirements.
\n
If the parent company does not have a majority of voting rights, it still controls the associated
\n
company if it has the practical ability to determine the relevant activities of the investment company
\n
unilaterally through its existing voting rights. When assessing whether its existing voting rights
\n
are sufficient for the power of determination, the parent company takes into account all facts and
\n
circumstances, including:
\n
\u2022 the scope of voting rights held by the parent company in relation to the scope and distribution
\n
of the voting rights of other voting rights holders;
\n
\u2022 potential voting rights of the parent company, other voting rights holders and other parties;
\n
\u2022 rights from other contractual agreements; and
\n
\u2022 additional facts and circumstances that indicate that the parent company has or does not
\n
have the ability to determine the relevant activities at the times when decisions must be taken,
\n
taking into consideration the voting behavior at shareholders\u2019 meetings.
\n
A subsidiary is included in the consolidated financial statements from the time when the parent
\n
company obtains control over the subsidiary until the time when the control by the parent com-
\n
pany ceases. The results of the subsidiaries acquired or sold during the year are included in the
\n
consolidated statement of profit or loss and other comprehensive income from the date control is
\n
obtained and up to the date control is lost.
\n
The profit or loss and any component of the other comprehensive income must be attributed to
\n
the shareholders of the parent company and the non-controlling shareholders.
\n
If necessary, the financial statements of the subsidiaries are adjusted to align the accounting and
\n
valuation methods to the methods used in the Group.
\n
All intercompany assets, liabilities, equity, income, expenses, and cash flows in connection with
\n
business transactions between group companies are fully eliminated as part of the consolidation.
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n
\n
Changes in the Group\u2019s stake in existing subsidiaries
\n
Changes in the Group\u2019s stake in subsidiaries that do not lead to a loss of the control are accounted
\n
for as an equity transaction. The carrying amounts of the shares held by the Group and the
\n
non-controlling interest are adjusted in such a way that they reflect the changes in the stakes in
\n
the subsidiaries. Any difference between the amount by which the non-controlling shares are
\n
adjusted and the fair value of the consideration paid or received is directly recognized in equity
\n
and allocated to the shareholders of the parent company.
\n
If the parent company loses control of a subsidiary, the gain or loss received on deconsolidation
\n
is recognized in profit or loss. This is determined from the difference between the total amount
\n
of the fair value of the consideration received and the fair value of retained shares and the book
\n
value of the assets (including goodwill), the liabilities of the subsidiary company and all non-
\n
con-trolling interest.
\n
If the parent company retains shares in the previous subsidiary, they are recognized at the fair value
\n
determined at the time of the loss of control. This value represents the acquisition costs of the
\n
shares, which depend on the level of influence obtained and are accounted for either in accord-
\n
ance with IFRS 9 Financial Instruments or in accordance with the requirements for associates or
\n
joint ventures.
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag371": { "value": "\n
2.4.1 Subsidiaries
\n
The consolidated financial statements include the financial statements of the parent company
\n
and the companies it controls (the \u201cGroup\u201d) . The parent company gains control if:
\n
\u2022 has power over the investee
\n
\u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and
\n
\u2022 has the ability to use its power to affect its returns.
\n
The parent company regularly reassesses whether it controls an investee (or holds significant
\n
influence) whenever changes in facts or circumstances indicate that one or more of the control
\n
criteria may have changed, ensuring compliance with IFRS 10\u2019s requirements.
\n
If the parent company does not have a majority of voting rights, it still controls the associated
\n
company if it has the practical ability to determine the relevant activities of the investment company
\n
unilaterally through its existing voting rights. When assessing whether its existing voting rights
\n
are sufficient for the power of determination, the parent company takes into account all facts and
\n
circumstances, including:
\n
\u2022 the scope of voting rights held by the parent company in relation to the scope and distribution
\n
of the voting rights of other voting rights holders;
\n
\u2022 potential voting rights of the parent company, other voting rights holders and other parties;
\n
\u2022 rights from other contractual agreements; and
\n
\u2022 additional facts and circumstances that indicate that the parent company has or does not
\n
have the ability to determine the relevant activities at the times when decisions must be taken,
\n
taking into consideration the voting behavior at shareholders\u2019 meetings.
\n
A subsidiary is included in the consolidated financial statements from the time when the parent
\n
company obtains control over the subsidiary until the time when the control by the parent com-
\n
pany ceases. The results of the subsidiaries acquired or sold during the year are included in the
\n
consolidated statement of profit or loss and other comprehensive income from the date control is
\n
obtained and up to the date control is lost.
\n
The profit or loss and any component of the other comprehensive income must be attributed to
\n
the shareholders of the parent company and the non-controlling shareholders.
\n
If necessary, the financial statements of the subsidiaries are adjusted to align the accounting and
\n
valuation methods to the methods used in the Group.
\n
All intercompany assets, liabilities, equity, income, expenses, and cash flows in connection with
\n
business transactions between group companies are fully eliminated as part of the consolidation.
\n

\n\n\n\n\n\n\n
\n
Changes in the Group\u2019s stake in existing subsidiaries
\n
Changes in the Group\u2019s stake in subsidiaries that do not lead to a loss of the control are accounted
\n
for as an equity transaction. The carrying amounts of the shares held by the Group and the
\n
non-controlling interest are adjusted in such a way that they reflect the changes in the stakes in
\n
the subsidiaries. Any difference between the amount by which the non-controlling shares are
\n
adjusted and the fair value of the consideration paid or received is directly recognized in equity
\n
and allocated to the shareholders of the parent company.
\n
If the parent company loses control of a subsidiary, the gain or loss received on deconsolidation
\n
is recognized in profit or loss. This is determined from the difference between the total amount
\n
of the fair value of the consideration received and the fair value of retained shares and the book
\n
value of the assets (including goodwill), the liabilities of the subsidiary company and all non-
\n
con-trolling interest.
\n
If the parent company retains shares in the previous subsidiary, they are recognized at the fair value
\n
determined at the time of the loss of control. This value represents the acquisition costs of the
\n
shares, which depend on the level of influence obtained and are accounted for either in accord-
\n
ance with IFRS 9 Financial Instruments or in accordance with the requirements for associates or
\n
joint ventures.
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag376": { "value": "\n
Changes in the Group\u2019s stake in existing subsidiaries
\n
Changes in the Group\u2019s stake in subsidiaries that do not lead to a loss of the control are accounted
\n
for as an equity transaction. The carrying amounts of the shares held by the Group and the
\n
non-controlling interest are adjusted in such a way that they reflect the changes in the stakes in
\n
the subsidiaries. Any difference between the amount by which the non-controlling shares are
\n
adjusted and the fair value of the consideration paid or received is directly recognized in equity
\n
and allocated to the shareholders of the parent company.
\n
If the parent company loses control of a subsidiary, the gain or loss received on deconsolidation
\n
is recognized in profit or loss. This is determined from the difference between the total amount
\n
of the fair value of the consideration received and the fair value of retained shares and the book
\n
value of the assets (including goodwill), the liabilities of the subsidiary company and all non-
\n
con-trolling interest.
\n
If the parent company retains shares in the previous subsidiary, they are recognized at the fair value
\n
determined at the time of the loss of control. This value represents the acquisition costs of the
\n
shares, which depend on the level of influence obtained and are accounted for either in accord-
\n
ance with IFRS 9 Financial Instruments or in accordance with the requirements for associates or
\n
joint ventures.
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag379": { "value": "Sweden", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag381": { "value": "\n
2.5 Foreign Currency
\n
The separate financial statements of the Verve Group\u2019s foreign
\n
subsidiaries are translated into Euro pursuant to IAS 21 (The
\n
Effects of Changes in Foreign Exchange Rates) using the concept
\n
of functional currency. When preparing the financial statements
\n
of each individual group company, business transactions that are
\n
denominated in currencies other than the functional currency
\n
of the group company (foreign currencies) are converted at
\n
the rates valid on the date of the transaction. At the end of
\n
the reporting period, monetary items in foreign currency are
\n
converted using the current exchange rate on the financial
\n
reporting date. Non-monetary items in foreign currency that
\n
are measured at fair value are converted using the exchange
\n
rates that were valid at the time the fair value was determined.
\n
Non-monetary items valued at acquisition or production cost
\n
are converted using the exchange rate at the time of initial into
\n
Euros (\u20ac) using the exchange rates valid on the reporting date.
\n
Translation differences from monetary items are recognized in
\n
the Statement of Comprehensive Income in the period in which
\n
they occur. Exceptions are:
\n
\u2022 Translation differences from transactions that were incurred
\n
to hedge certain foreign currency risks.
\n
\u2022 Translation differences from monetary items to be received
\n
or paid from/to a foreign business operation, the fulfilment of
\n
which is neither planned nor likely and which are therefore
\n
part of the net investment in this foreign business operation,
\n
which are initially recognized in other comprehensive
\n
income and are reclassified on disposal from equity to profit
\n
and loss.
\n
To prepare the consolidated financial statements, the assets
\n
and liabilities of the Group\u2019s foreign operations are converted
\n
into Euros (\u20ac) using the exchange rates valid on the reporting
\n
date. Income and expenses are translated at the average
\n
exchange rate for the period unless the exchange rates during
\n
the period were subject to strong fluctuations. In this case, the
\n
exchange rates apply at the time of the transaction. Translation
\n
differences from the translation of foreign operations in the
\n
group currency are recognized in other comprehensive income
\n
and accumulated in equity.
\n
When a foreign business operation is sold, all accumulated
\n
translation differences that are attributable to the Group from
\n
this business operation are reclassified to the statement of
\n
comprehensive income. The following transactions are considered
\n
to be a sale of a foreign business operation:
\n
\u2022 the sale of the entire group share in a foreign business operation,
\n
\u2022 a partial sale with loss of the control over a foreign subsidiary or
\n
\u2022 a partial sale of a participation in a joint agreement or an
\n
associated company which includes a foreign business
\n
operation.
\n
If parts of a subsidiary, which includes a foreign business
\n
operation, are sold without a loss of control, the share in the
\n
amount of the translation differences attributable to the sold
\n
part is attributed to the non-controlling interest from the date
\n
of disposal. In the case of a partial sale of shares in associated
\n
companies or joint agreements without a change of status, the
\n
corresponding share in the amount of the translation differences
\n
is reclassified to income.
\n
Goodwill arising from the acquisition of a foreign business oper-
\n
ation and adjustments to the fair value of the identifiable assets
\n
and liabilities are treated as assets or liabilities of the foreign
\n
business operation and converted at the rate on the financial
\n
reporting date. Resulting translation differences are recorded in
\n
the reserve from currency translation.
\n
The following rates were used to convert foreign operations
\n
with a functional currency other than Euro:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
CurrencyAssets and LiabilitiesClosing rate on 31/12Income and ExpensesAverage rate
2025202420252024
Brazilian real (BRL)6,30545,82636,43646,4253
British Pound (GBP)0,87500,82800,87260,8292
Chinese yuan (CNY)8,11497,78618,22627,5833
Indian rupee (INR)98,464190,5289105,596588,9335
Philippine peso (PHP)64,940661,984469,266060,3010
Singapore dollar (SGD)1,47521,44571,51051,4164
Swedish crowns (SEK)11,064711,430510,821511,4590
Swiss franc (CHF)0,93710,95260,93140,9412
US dollar (USD)1,12931,08201,17501,0389
\n\n\n\n\n\n\n\n
\n

\n

\n

\n\n\n\n\n\n\n
b) Currency translation gains and losses
\n
\u2022 The fair value of financial assets measured at fair value
\n
through profit or loss which are denominated in a foreign
\n
currency is determined in the foreign currency and then
\n
revalued using the spot rate at reporting date;
\n
\u2022 Financial assets that are measured at amortized cost and
\n
are not part of a designated hedging relationship, revalu-
\n
ation differences are recorded in the profit or loss under
\n
\u201cOther income\u201d and \u201cOther operating expenses\u201d;
\n
\u2022 The fair value of equity instruments measured at fair value
\n
through other comprehensive income which are denom-
\n
inated in a foreign currency is determined in the foreign
\n
currency and then revalued using the spot rate at report-
\n
ing date.
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag435": { "value": "\n
2.6 Revenue Recognition
\n
The Group generates revenue from the income from online,
\n
console, advertising, and mobile games (including casual
\n
games, roleplay games and strategy games) as well as from
\n
media services (platform and advertising services).
\n
Revenue is recognized in accordance with IFRS 15 Revenue
\n
from Contracts with Customers, measured at the fair value
\n
of consideration expected to be received. For virtual in-game
\n
items, revenue is recognized when control of the item passes
\n
to the player (i.e. at the point of sale for durables or over the
\n
consumption of the item for consumables). Service revenue is
\n
recognized over the period the service is provided.
\n
In some games, part of the revenue is recognized over time and
\n
judgement is applied in determining the user life-time.
\n
Media service sales refer to media and platform services for
\n
business customers. The service is called up by the customer
\n
using a service contract. The revenue is considered to be realized
\n
as soon as the marketing services have been provided for the
\n
corresponding period and an invoice has been sent to the
\n
customer.
\n

\n\n\n\n\n\n\n
If the provision of usage rights includes a determinable sub-
\n
amount for several or consecutive services, the revenues
\n
incurred on this are accrued and recognized over the term of
\n
the usage right with recognition in the consolidated statement
\n
of profit or loss. The recognition is usually done in accordance
\n
with the provision of the service.
\n

\n
\n
Revenue is generally recognized after deduction of sales taxes
\n
and other taxes as well as after deduction of reductions in
\n
revenues such as bonuses or discounts at the fair value to be
\n
applied of the service in return received or to be received.
\n\n\n\n\n\n
\n
Revenue
\n
is also shown as deferred revenue/income due to the fact that
\n
revenue is realized in upcoming periods, but the company has
\n
already received the payment. Contract liabilities resulting
\n
from prepayments of customers are recognized on the balance
\n
sheet as Deferred Income/Revenue, refer to Note 15 and 24.
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag383": { "value": "\n
Revenue is generally recognized after deduction of sales taxes
\n
and other taxes as well as after deduction of reductions in
\n
revenues such as bonuses or discounts at the fair value to be
\n
applied of the service in return received or to be received.
\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag384": { "value": "\n
2.7 Income Taxes
\n
Income tax expense represents the total of current tax expense
\n
and deferred taxes. Current or deferred taxes are recognized in
\n
the consolidated statement of profit or loss, unless they are related
\n
to items that are recognized either in other comprehensive in-
\n
come or directly in equity. In this case, current and deferred taxes
\n
are also recognized in other comprehensive income or directly in
\n
equity. If current or deferred taxes result from the initial accounting
\n
for a business combination, the tax effects are included in the
\n
accounting for the business combination.
\n
2.7.1 Current taxes
\n
The current tax expense is determined on the basis of the
\n
taxable income for the year. Taxable income differs from the net
\n
income from the consolidated statement of profit or loss due to
\n
expenses and income that are taxable or tax deductible in later
\n
years or never. The Group\u2019s liability for current taxes is calculated
\n
on the basis of the applicable or soon to be applicable tax rates.
\n
\n
2.7.2 Deferred taxes
\n
Deferred tax assets and liabilities are recognized in accordance
\n
with the balance sheet liability method (IAS 12 Income Taxes).
\n
Deferred taxes are recognized for the differences between the
\n
carrying amount of assets and liabilities in the consolidated
\n
financial statements and the corresponding tax base in the
\n
calculation of taxable income. Deferred tax liabilities are generally
\n
recognized for all taxable temporary differences; deferred tax
\n
assets are recognized to the extent that it is likely that taxable
\n
profits will be available for which the deductible temporary
\n
differences can be used. Such deferred tax assets and deferred
\n
tax liabilities are not recognized if the temporary differences
\n
result from goodwill or from the first-time recognition (except for
\n
busine ss combinations) of other assets and liabilities that result
\n
from events that do not affect taxable income or the net profit.
\n
Deferred tax liabilities are recognized for taxable temporary
\n
differences arising from shares in subsidiaries or associates
\n
and shares in joint ventures, unless the Group can control the
\n
reversal of the temporary differences, and it is likely that the
\n
temporary difference will not reverse anytime soon.
\n
Deferred tax assets that result from temporary differences in
\n
connection with shares in subsidiaries or associated companies
\n
and shares in joint ventures are only recognized to the ex-tent
\n
that it is probable that sufficient taxable income is available
\n
with which the claims from the temporary differences can be
\n
used. It must also be assumed that these temporary differences
\n
will be reversed in the foreseeable future.
\n
The book value of the deferred tax assets is verified every year at
\n
the end of the reporting period and the value is reduced if it is no
\n
longer probable that sufficient taxable income will be available
\n
to realize the claim in full or in part. Deferred tax liabilities and
\n
deferred tax assets are determined on the basis of the expected
\n
tax rates and tax laws that are expected to apply when the debt
\n
is settled, or the asset is realized. The valuation of deferred tax
\n
as-sets and liabilities reflects the tax consequences that arise
\n
from the way in which the Group expects to meet the liability or
\n
realize the asset on the statement of financial position date.
\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag385": { "value": "\n
2.7.2 Deferred taxes
\n
Deferred tax assets and liabilities are recognized in accordance
\n
with the balance sheet liability method (IAS 12 Income Taxes).
\n
Deferred taxes are recognized for the differences between the
\n
carrying amount of assets and liabilities in the consolidated
\n
financial statements and the corresponding tax base in the
\n
calculation of taxable income. Deferred tax liabilities are generally
\n
recognized for all taxable temporary differences; deferred tax
\n
assets are recognized to the extent that it is likely that taxable
\n
profits will be available for which the deductible temporary
\n
differences can be used. Such deferred tax assets and deferred
\n
tax liabilities are not recognized if the temporary differences
\n
result from goodwill or from the first-time recognition (except for
\n
busine ss combinations) of other assets and liabilities that result
\n
from events that do not affect taxable income or the net profit.
\n
Deferred tax liabilities are recognized for taxable temporary
\n
differences arising from shares in subsidiaries or associates
\n
and shares in joint ventures, unless the Group can control the
\n
reversal of the temporary differences, and it is likely that the
\n
temporary difference will not reverse anytime soon.
\n
Deferred tax assets that result from temporary differences in
\n
connection with shares in subsidiaries or associated companies
\n
and shares in joint ventures are only recognized to the ex-tent
\n
that it is probable that sufficient taxable income is available
\n
with which the claims from the temporary differences can be
\n
used. It must also be assumed that these temporary differences
\n
will be reversed in the foreseeable future.
\n
The book value of the deferred tax assets is verified every year at
\n
the end of the reporting period and the value is reduced if it is no
\n
longer probable that sufficient taxable income will be available
\n
to realize the claim in full or in part. Deferred tax liabilities and
\n
deferred tax assets are determined on the basis of the expected
\n
tax rates and tax laws that are expected to apply when the debt
\n
is settled, or the asset is realized. The valuation of deferred tax
\n
as-sets and liabilities reflects the tax consequences that arise
\n
from the way in which the Group expects to meet the liability or
\n
realize the asset on the statement of financial position date.
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag386": { "value": "\n
2.8 Leases
\n
Leases are accounted for pursuant to IFRS 16 (Leases). According
\n
to IFRS 16, the lessee has a fundamental obligation to recognize
\n
rights and obligations arising under leases in the balance sheet.
\n
Lessees account for the right-of-use asset in the fixed assets as
\n
well as a corresponding lease liability.
\n
At the start of a contract, the Group assesses whether the
\n
contract establishes or includes a lease. This is the case if the
\n
contract provides the right to control the use of an identified asset
\n
in return for payment of a fee for a certain period of time. In
\n
order to assess whether a contract includes the right to control
\n
an identified asset, the Group uses the definition of a lease in
\n
accordance with IFRS 16.
\n
The Group as Lessee
\n
When new contracts are concluded, the Group checks whether
\n
they include leases. Upon commencement of the lease, the
\n
Group accounts for right-of-use (RoU) assets and corresponding
\n
lease liabilities for all leased objects.
\n
The right-of-use asset is initially measured at the amount of the
\n
lease liability plus any initial direct costs incurred by the Group.
\n
Adjustments may also be required for lease incentives, payments
\n
at or prior to commencement and restoration obligations or
\n
similar. The RoU asset is depreciated over the lease term and
\n
subsequently measured at cost less accumulated depreciation
\n
and accumulated impairment.
\n
The lease liability is initially recognized at the present value of
\n
future lease payments payable over the lease term, discounted
\n
at the rate implicit in the lease or the incremental borrowing
\n
rate, whichever is readily determinable.
\n
Lease liabilities are included as part of other financial liabilities
\n
in the consolidated statement of financial position and are sub-
\n
sequent measured using the effective interest method.
\n

\n\n\n\n\n\n\n
The Group subsequently remeasures the lease liabilities to
\n
reflect changes in
\n
\u2022 the lease term (using a modified discount rate);
\n
\u2022 the assessment of a call option (using a modified discount rate);
\n
\u2022 the payments to be expected related to residual value
\n
guarantees (using the original discount rate); and
\n
\u2022 or future lease payments resulting from an index or exchange
\n
rate change (using the original discount rate).
\n
The remeasurements are treated as adjustments to the RoU asset.
\n
If changes do not lead to the formation of a separate lease, a
\n
remeasurement of the lease liabilities may also occur.
\n
If, as a result of the subsequent remeasurement of the lease
\n
liabilities, the RoU assets are reduced to zero or have already
\n
been reduced to zero, and there is a further adjustment of the
\n
lease liabilities, the amount is recognized in profit or loss.
\n
The Group has elected not to recognize a right-of-use asset
\n
and corresponding lease liability for leases of low-value assets
\n
and for short term leases. Lease payments on these assets are
\n
expensed to profit or loss as incurred.
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag388": { "value": "\n
a) Other intangible assets
\n
Other intangible assets with a finite useful life are recognized
\n
at acquisition cost less accumulated amortization and
\n
impairment. Amortization is recognized in the profit or loss
\n
statement on a straight-line basis over the expected useful
\n
life. The expected useful life and the amortization method are
\n
reviewed on every reporting date and all changes in estimates
\n
are taken into account prospectively.
\n
Separately acquired intangible assets with an indefinite use-
\n
ful life are recognized at cost less accumulated impairment.
\n
The useful life for industrial property rights and licenses is
\n
usually between three and ten years.
\n

\n\n\n\n\n\n\n
\n
c) Internally generated intangible assets \u2013 research and
\n
development costs
\n
In accordance with IAS 38 (Intangible Assets), research costs
\n
are recognized as an expense in the period in which they are
\n
incurred.
\n
Internally generated intangible assets that result from the
\n
development activity or from the development phase of an
\n
internal project are recognized if the following evidence has
\n
been provided:
\n
\u2022 The completion of the intangible asset is technically feasible,
\n
so that it will be available for use or sale.
\n
\u2022 The intent is to complete the intangible asset and to use or
\n
sell it.
\n
\u2022 The ability to use or sell the intangible asset exists.
\n
\u2022 The intangible asset is expected to generate a future
\n
economic benefit.
\n
\u2022 Adequate technical, financial and other resources are
\n
available to complete the development and to use or sell
\n
the intangible assets.
\n
\u2022 The ability to reliably determine the expenses attributable
\n
to the development of the intangible.
\n
The amount with which an internally generated intangible
\n
asset is capitalized for the first time is the sum of the expenses
\n
incurred from the day on which the intangible asset first
\n
meets the above conditions. If an internally generated intan-
\n
gible asset cannot be capitalized or if there is no intangible
\n
asset, the development costs are recognized in the profit or
\n
loss statement in the period in which they arise.
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n
In subsequent periods, internally generated intangible assets,
\n
as well as acquired intangible assets, are valued at acquisition
\n
or production cost less accumulated amortization and
\n
impairment.
\n
\n
Capitalized development costs are generally
\n
amortized on a straight-line basis over a useful life between
\n
three and ten years.
\n\n\n\n\n\n
\n

\n
d) Intangible assets acquired as part of a business combination
\n
Intangible assets acquired as part of a business combination
\n
are recognized separately from goodwill and measured at
\n
fair value at the time of acquisition.
\n
\n
The useful life is generally
\n
between two and ten years.
\n\n\n\n\n\n
\n

\n
In subsequent periods, intangible assets acquired as part
\n
of a business combination, as well as individually acquired
\n
intangible assets, are valued at cost less accumulated amorti-
\n
zation and any accumulated impairment.
\n
e) Derecognition of intangible assets
\n
An intangible asset must be derecognized on disposal or
\n
when no further economic benefit is expected from its use or
\n
its disposal. The gain or loss from the derecognition of an in-
\n
tangible asset, valued at the difference between the net sales
\n
proceeds and the book value of the asset, is recognized in the
\n
profit or loss at the time the asset is derecognized. It is shown
\n
in other income or other expenses.
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag389": { "value": "\n
\n
\n
\n
\n
b) Goodwill
\n
The goodwill resulting from a business combination is
\n
accounted for at cost less any necessary impairment and is
\n
shown separately in the consolidated statement of financial
\n
position.
\n
Pursuant to IFRS 3 (Business Combinations), goodwill arising
\n
from business combinations is not amortized. Instead, good-
\n
will is tested for impairment according to IAS 36 (Im-pairment
\n
of Assets) at least once a year in the fourth quarter after
\n
completion of the current operational plan or upon the occ-
\n
urrence of significant events or changes in circumstances
\n
that indicate an impairment requirement. For the purpose of
\n
impairment testing, the goodwill on acquisition is allocated to
\n
those cash-generating units (or groups thereof) of the Group
\n
that are expected to benefit from the synergies of the merger.
\n
Cash-generating units to which part of the goodwill has been
\n
allocated must be tested for impairment at least once a year.
\n
If there are indications of a value reduction of a unit, it may be
\n
necessary to carry out more frequent impairment tests. If the
\n
recoverable amount of a cash-generating unit is less than the
\n
book value of the unit, the impairment loss is first allocated to
\n
the book value of any goodwill allocated to the unit and then
\n
proportionally to the other assets based on the book values
\n
of each asset in relation to the total book value of the assets
\n
within the unit. The recoverable amount is the higher of the
\n
value in use and the fair value less cost to sell.
\n
The estimates for future cash flows, the associated discount
\n
rates, and the growth assumptions rely heavily on manage-
\n
ment\u2019s judgments and projections. Accordingly, the cash flow
\n
forecasts must be approved by the Executive Board and are
\n
derived from the current planning covering the three to five
\n
years following the date of the impairment test.
\n
Any impairment loss on goodwill is recognized directly in the
\n
profit or loss statement. Any impairment recorded for good-
\n
will may not be reversed in future periods.
\n
When a cash-generating unit is sold, the amount of goodwill
\n
attributable to it is taken into account when determining the
\n
profit on disposal.
\n
More information under note 5. Segment Assets and 6.
\n
Intangible Assets.
\n

\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n
\n
\n
\n
c) Internally generated intangible assets \u2013 research and
\n
development costs
\n
In accordance with IAS 38 (Intangible Assets), research costs
\n
are recognized as an expense in the period in which they are
\n
incurred.
\n
Internally generated intangible assets that result from the
\n
development activity or from the development phase of an
\n
internal project are recognized if the following evidence has
\n
been provided:
\n
\u2022 The completion of the intangible asset is technically feasible,
\n
so that it will be available for use or sale.
\n
\u2022 The intent is to complete the intangible asset and to use or
\n
sell it.
\n
\u2022 The ability to use or sell the intangible asset exists.
\n
\u2022 The intangible asset is expected to generate a future
\n
economic benefit.
\n
\u2022 Adequate technical, financial and other resources are
\n
available to complete the development and to use or sell
\n
the intangible assets.
\n
\u2022 The ability to reliably determine the expenses attributable
\n
to the development of the intangible.
\n
The amount with which an internally generated intangible
\n
asset is capitalized for the first time is the sum of the expenses
\n
incurred from the day on which the intangible asset first
\n
meets the above conditions. If an internally generated intan-
\n
gible asset cannot be capitalized or if there is no intangible
\n
asset, the development costs are recognized in the profit or
\n
loss statement in the period in which they arise.
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n
In subsequent periods, internally generated intangible assets,
\n
as well as acquired intangible assets, are valued at acquisition
\n
or production cost less accumulated amortization and
\n
impairment.
\n
\n
Capitalized development costs are generally
\n
amortized on a straight-line basis over a useful life between
\n
three and ten years.
\n\n\n\n\n\n
\n

\n
d) Intangible assets acquired as part of a business combination
\n
Intangible assets acquired as part of a business combination
\n
are recognized separately from goodwill and measured at
\n
fair value at the time of acquisition.
\n
\n
The useful life is generally
\n
between two and ten years.
\n\n\n\n\n\n
\n

\n
In subsequent periods, intangible assets acquired as part
\n
of a business combination, as well as individually acquired
\n
intangible assets, are valued at cost less accumulated amorti-
\n
zation and any accumulated impairment.
\n
e) Derecognition of intangible assets
\n
An intangible asset must be derecognized on disposal or
\n
when no further economic benefit is expected from its use or
\n
its disposal. The gain or loss from the derecognition of an in-
\n
tangible asset, valued at the difference between the net sales
\n
proceeds and the book value of the asset, is recognized in the
\n
profit or loss at the time the asset is derecognized. It is shown
\n
in other income or other expenses.
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag393": { "value": "\n
\n
\n
\n
b) Goodwill
\n
The goodwill resulting from a business combination is
\n
accounted for at cost less any necessary impairment and is
\n
shown separately in the consolidated statement of financial
\n
position.
\n
Pursuant to IFRS 3 (Business Combinations), goodwill arising
\n
from business combinations is not amortized. Instead, good-
\n
will is tested for impairment according to IAS 36 (Im-pairment
\n
of Assets) at least once a year in the fourth quarter after
\n
completion of the current operational plan or upon the occ-
\n
urrence of significant events or changes in circumstances
\n
that indicate an impairment requirement. For the purpose of
\n
impairment testing, the goodwill on acquisition is allocated to
\n
those cash-generating units (or groups thereof) of the Group
\n
that are expected to benefit from the synergies of the merger.
\n
Cash-generating units to which part of the goodwill has been
\n
allocated must be tested for impairment at least once a year.
\n
If there are indications of a value reduction of a unit, it may be
\n
necessary to carry out more frequent impairment tests. If the
\n
recoverable amount of a cash-generating unit is less than the
\n
book value of the unit, the impairment loss is first allocated to
\n
the book value of any goodwill allocated to the unit and then
\n
proportionally to the other assets based on the book values
\n
of each asset in relation to the total book value of the assets
\n
within the unit. The recoverable amount is the higher of the
\n
value in use and the fair value less cost to sell.
\n
The estimates for future cash flows, the associated discount
\n
rates, and the growth assumptions rely heavily on manage-
\n
ment\u2019s judgments and projections. Accordingly, the cash flow
\n
forecasts must be approved by the Executive Board and are
\n
derived from the current planning covering the three to five
\n
years following the date of the impairment test.
\n
Any impairment loss on goodwill is recognized directly in the
\n
profit or loss statement. Any impairment recorded for good-
\n
will may not be reversed in future periods.
\n
When a cash-generating unit is sold, the amount of goodwill
\n
attributable to it is taken into account when determining the
\n
profit on disposal.
\n
More information under note 5. Segment Assets and 6.
\n
Intangible Assets.
\n

\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n
2.11 Impairment of Property, Plant and Equipment and Intangible
\n
Assets (Other Than Goodwill)
\n
At the end of each reporting period, the Group reviews the carry-
\n
ing amounts of property, plant and equipment and other intan-
\n
gible assets to determine whether there are indications of an
\n
impairment of these assets. If such indications are discernible,
\n
the recoverable amount of the asset is estimated to determine
\n
the extent of any impairment loss. If the recoverable amount
\n
for the individual asset cannot be estimated, the recoverable
\n
amount of the cash-generating unit to which the asset belongs
\n
is estimated. If an appropriate and steady basis for distribution
\n
can be determined, the collective assets are distributed among
\n
the individual cash-generating units. Otherwise, there is a
\n
distribution to the smallest group of cash-generating units for
\n
which an appropriate and steady basis of the distribution can
\n
be determined.
\n
In the case of intangible assets with an indefinite useful life or
\n
those that are not yet available for use, an impairment test is
\n
carried out at least annually and always when there is an indication
\n
of impairment.
\n
The recoverable amount is the higher of the fair value less cost
\n
to sell and the value in use. When determining the recoverable
\n
amount, the estimated future cash flows are discounted using
\n
the weighted average cost of capital. This pre-tax interest rate
\n
takes into account, on the one hand, the current market ass-
\n
essment of the time value of the money, and on the other hand
\n
the risks inherent in the asset, unless these have already been
\n
included in the estimate of the cash flows.
\n
If the estimated recoverable amount of an asset or a cash-
\n
generating unit falls below the book value, the book value of the
\n
asset or the cash-generating unit is reduced to the recoverable
\n
amount. The impairment loss is immediately recognized in
\n
profit or loss.
\n
If the impairment loss is subsequently reversed, the book value
\n
of the asset or cash-generating unit is increased to the most
\n
recent estimate of the recoverable amount. The increase in
\n
the book value is limited to the value that would have resulted
\n
if no impairment loss had been recognized for the asset or the
\n
cash-generating unit in previous years. A reversal of an impair-
\n
ment loss is recognized immediately in profit or loss.
\n

\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag392": { "value": "\n
\n
\n
b) Goodwill
\n
The goodwill resulting from a business combination is
\n
accounted for at cost less any necessary impairment and is
\n
shown separately in the consolidated statement of financial
\n
position.
\n
Pursuant to IFRS 3 (Business Combinations), goodwill arising
\n
from business combinations is not amortized. Instead, good-
\n
will is tested for impairment according to IAS 36 (Im-pairment
\n
of Assets) at least once a year in the fourth quarter after
\n
completion of the current operational plan or upon the occ-
\n
urrence of significant events or changes in circumstances
\n
that indicate an impairment requirement. For the purpose of
\n
impairment testing, the goodwill on acquisition is allocated to
\n
those cash-generating units (or groups thereof) of the Group
\n
that are expected to benefit from the synergies of the merger.
\n
Cash-generating units to which part of the goodwill has been
\n
allocated must be tested for impairment at least once a year.
\n
If there are indications of a value reduction of a unit, it may be
\n
necessary to carry out more frequent impairment tests. If the
\n
recoverable amount of a cash-generating unit is less than the
\n
book value of the unit, the impairment loss is first allocated to
\n
the book value of any goodwill allocated to the unit and then
\n
proportionally to the other assets based on the book values
\n
of each asset in relation to the total book value of the assets
\n
within the unit. The recoverable amount is the higher of the
\n
value in use and the fair value less cost to sell.
\n
The estimates for future cash flows, the associated discount
\n
rates, and the growth assumptions rely heavily on manage-
\n
ment\u2019s judgments and projections. Accordingly, the cash flow
\n
forecasts must be approved by the Executive Board and are
\n
derived from the current planning covering the three to five
\n
years following the date of the impairment test.
\n
Any impairment loss on goodwill is recognized directly in the
\n
profit or loss statement. Any impairment recorded for good-
\n
will may not be reversed in future periods.
\n
When a cash-generating unit is sold, the amount of goodwill
\n
attributable to it is taken into account when determining the
\n
profit on disposal.
\n
More information under note 5. Segment Assets and 6.
\n
Intangible Assets.
\n

\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n
\n
2.11 Impairment of Property, Plant and Equipment and Intangible
\n
Assets (Other Than Goodwill)
\n
At the end of each reporting period, the Group reviews the carry-
\n
ing amounts of property, plant and equipment and other intan-
\n
gible assets to determine whether there are indications of an
\n
impairment of these assets. If such indications are discernible,
\n
the recoverable amount of the asset is estimated to determine
\n
the extent of any impairment loss. If the recoverable amount
\n
for the individual asset cannot be estimated, the recoverable
\n
amount of the cash-generating unit to which the asset belongs
\n
is estimated. If an appropriate and steady basis for distribution
\n
can be determined, the collective assets are distributed among
\n
the individual cash-generating units. Otherwise, there is a
\n
distribution to the smallest group of cash-generating units for
\n
which an appropriate and steady basis of the distribution can
\n
be determined.
\n
In the case of intangible assets with an indefinite useful life or
\n
those that are not yet available for use, an impairment test is
\n
carried out at least annually and always when there is an indication
\n
of impairment.
\n
The recoverable amount is the higher of the fair value less cost
\n
to sell and the value in use. When determining the recoverable
\n
amount, the estimated future cash flows are discounted using
\n
the weighted average cost of capital. This pre-tax interest rate
\n
takes into account, on the one hand, the current market ass-
\n
essment of the time value of the money, and on the other hand
\n
the risks inherent in the asset, unless these have already been
\n
included in the estimate of the cash flows.
\n
If the estimated recoverable amount of an asset or a cash-
\n
generating unit falls below the book value, the book value of the
\n
asset or the cash-generating unit is reduced to the recoverable
\n
amount. The impairment loss is immediately recognized in
\n
profit or loss.
\n
If the impairment loss is subsequently reversed, the book value
\n
of the asset or cash-generating unit is increased to the most
\n
recent estimate of the recoverable amount. The increase in
\n
the book value is limited to the value that would have resulted
\n
if no impairment loss had been recognized for the asset or the
\n
cash-generating unit in previous years. A reversal of an impair-
\n
ment loss is recognized immediately in profit or loss.
\n

\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n
\n
c) Impairment of financial assets
\n
For financial assets measured at amortized cost, the Group
\n
always records the losses expected over the lifetime expected
\n
credit losses (ECL).
\n
For trade receivables these are calculated on the basis of
\n
a provision matrix, with reference to the loss rate approach
\n
based on historical credit losses, an analysis of the current
\n
financial situation of the debtors, taking into account debt-
\n
or-specific factors, the general economic conditions of the
\n
industry in which the debtors operate, and an assessment of
\n
both the current and the forecast development of the circum-
\n
stances on the financial reporting date, and while taking into
\n
account, if necessary, the time value of money.
\n
The Group applies the general approach for cash and cash
\n
equivalents as well as IC receivables to measure impair-
\n
ments, which is based on the Expected Credit Loss (ECL)
\n
model. Under this approach, the Group recognizes credit
\n
losses based on expected future defaults rather than only
\n
when a loss event has occurred.
\n
The model uses a three-stage approach that reflects changes
\n
in the credit risk of a financial asset since its initial recognition:
\n
\u2022 Stage 1: If there has been no significant increase in credit
\n
risk, the Group recognizes 12-month expected credit losses.
\n
Interest revenue is calculated based on the gross carrying
\n
amount of the financial asset.
\n
\u2022 Stage 2: If there has been a significant increase in credit
\n
risk since initial recognition, the Group recognizes lifetime
\n
expected credit losses, representing expected losses over
\n
the remaining life of the financial asset. Interest continues to
\n
be calculated on the gross carrying amount.
\n
\u2022 Stage 3: If a financial asset becomes credit-impaired, the
\n
Group continues to recognize lifetime expected credit losses,
\n
but interest revenue is calculated on the net carrying amount
\n
(i.e., the gross carrying amount less the loss allowance).
\n
The group directly writes down a financial asset, thereby
\n
reducing the gross book value if there is information that
\n
indicates that the debtor is in considerable financial difficulty
\n
and there is no realistic prospect of payment. This is the case,
\n
for example, if the debtor is in liquidation or bankruptcy pro-
\n
ceedings or, in the case of trade receivables, the receivables
\n
are overdue by more than two years, depending on which
\n
event occurs earlier. Financial assets that have already been
\n
written off may still be subject to enforcement measures by
\n
the group. Any returns received from this are recognized in
\n
the consolidated statement of profit or loss on receipt.
\n
The Group considers a financial asset to be in default when the
\n
borrower is unlikely to pay its credit obligations in full or when
\n
contractual payments are more than 180 days past due, unless
\n
there is reasonable and supportable information demonstrat-
\n
ing that a different default criterion is more appropriate.
\n

\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag391": { "value": "\n
\n
b) Goodwill
\n
The goodwill resulting from a business combination is
\n
accounted for at cost less any necessary impairment and is
\n
shown separately in the consolidated statement of financial
\n
position.
\n
Pursuant to IFRS 3 (Business Combinations), goodwill arising
\n
from business combinations is not amortized. Instead, good-
\n
will is tested for impairment according to IAS 36 (Im-pairment
\n
of Assets) at least once a year in the fourth quarter after
\n
completion of the current operational plan or upon the occ-
\n
urrence of significant events or changes in circumstances
\n
that indicate an impairment requirement. For the purpose of
\n
impairment testing, the goodwill on acquisition is allocated to
\n
those cash-generating units (or groups thereof) of the Group
\n
that are expected to benefit from the synergies of the merger.
\n
Cash-generating units to which part of the goodwill has been
\n
allocated must be tested for impairment at least once a year.
\n
If there are indications of a value reduction of a unit, it may be
\n
necessary to carry out more frequent impairment tests. If the
\n
recoverable amount of a cash-generating unit is less than the
\n
book value of the unit, the impairment loss is first allocated to
\n
the book value of any goodwill allocated to the unit and then
\n
proportionally to the other assets based on the book values
\n
of each asset in relation to the total book value of the assets
\n
within the unit. The recoverable amount is the higher of the
\n
value in use and the fair value less cost to sell.
\n
The estimates for future cash flows, the associated discount
\n
rates, and the growth assumptions rely heavily on manage-
\n
ment\u2019s judgments and projections. Accordingly, the cash flow
\n
forecasts must be approved by the Executive Board and are
\n
derived from the current planning covering the three to five
\n
years following the date of the impairment test.
\n
Any impairment loss on goodwill is recognized directly in the
\n
profit or loss statement. Any impairment recorded for good-
\n
will may not be reversed in future periods.
\n
When a cash-generating unit is sold, the amount of goodwill
\n
attributable to it is taken into account when determining the
\n
profit on disposal.
\n
More information under note 5. Segment Assets and 6.
\n
Intangible Assets.
\n

\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag390": { "value": "\n
b) Goodwill
\n
The goodwill resulting from a business combination is
\n
accounted for at cost less any necessary impairment and is
\n
shown separately in the consolidated statement of financial
\n
position.
\n
Pursuant to IFRS 3 (Business Combinations), goodwill arising
\n
from business combinations is not amortized. Instead, good-
\n
will is tested for impairment according to IAS 36 (Im-pairment
\n
of Assets) at least once a year in the fourth quarter after
\n
completion of the current operational plan or upon the occ-
\n
urrence of significant events or changes in circumstances
\n
that indicate an impairment requirement. For the purpose of
\n
impairment testing, the goodwill on acquisition is allocated to
\n
those cash-generating units (or groups thereof) of the Group
\n
that are expected to benefit from the synergies of the merger.
\n
Cash-generating units to which part of the goodwill has been
\n
allocated must be tested for impairment at least once a year.
\n
If there are indications of a value reduction of a unit, it may be
\n
necessary to carry out more frequent impairment tests. If the
\n
recoverable amount of a cash-generating unit is less than the
\n
book value of the unit, the impairment loss is first allocated to
\n
the book value of any goodwill allocated to the unit and then
\n
proportionally to the other assets based on the book values
\n
of each asset in relation to the total book value of the assets
\n
within the unit. The recoverable amount is the higher of the
\n
value in use and the fair value less cost to sell.
\n
The estimates for future cash flows, the associated discount
\n
rates, and the growth assumptions rely heavily on manage-
\n
ment\u2019s judgments and projections. Accordingly, the cash flow
\n
forecasts must be approved by the Executive Board and are
\n
derived from the current planning covering the three to five
\n
years following the date of the impairment test.
\n
Any impairment loss on goodwill is recognized directly in the
\n
profit or loss statement. Any impairment recorded for good-
\n
will may not be reversed in future periods.
\n
When a cash-generating unit is sold, the amount of goodwill
\n
attributable to it is taken into account when determining the
\n
profit on disposal.
\n
More information under note 5. Segment Assets and 6.
\n
Intangible Assets.
\n

\n

\n\n\n\n\n\n\n
\n
3 Acquisitions of subsidiaries
\n
The initial accounting for the business combinations in 2025 is provisional. In accordance with
\n
IFRS 3.45, the Group may adjust the provisional amounts recognized for identified assets acquired,
\n
liabilities assumed and contingent consideration for a period of up to 12 months after the acquisition
\n
date. These provisional amounts may change as the Group obtains additional information about
\n
facts and circumstances that existed as of the acquisition date. At the reporting date, certain
\n
valuations \u2013 primarily relating to the fair value of identifiable intangible assets and contingent
\n
consideration \u2013 are still being finalized.
\n

\n\n\n\n
\n

\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag395": { "value": "\n
c) Internally generated intangible assets \u2013 research and
\n
development costs
\n
In accordance with IAS 38 (Intangible Assets), research costs
\n
are recognized as an expense in the period in which they are
\n
incurred.
\n
Internally generated intangible assets that result from the
\n
development activity or from the development phase of an
\n
internal project are recognized if the following evidence has
\n
been provided:
\n
\u2022 The completion of the intangible asset is technically feasible,
\n
so that it will be available for use or sale.
\n
\u2022 The intent is to complete the intangible asset and to use or
\n
sell it.
\n
\u2022 The ability to use or sell the intangible asset exists.
\n
\u2022 The intangible asset is expected to generate a future
\n
economic benefit.
\n
\u2022 Adequate technical, financial and other resources are
\n
available to complete the development and to use or sell
\n
the intangible assets.
\n
\u2022 The ability to reliably determine the expenses attributable
\n
to the development of the intangible.
\n
The amount with which an internally generated intangible
\n
asset is capitalized for the first time is the sum of the expenses
\n
incurred from the day on which the intangible asset first
\n
meets the above conditions. If an internally generated intan-
\n
gible asset cannot be capitalized or if there is no intangible
\n
asset, the development costs are recognized in the profit or
\n
loss statement in the period in which they arise.
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag400": { "value": "\n
Capitalized development costs are generally
\n
amortized on a straight-line basis over a useful life between
\n
three and ten years.
\n\n\n\n\n\n\n
The useful life is generally
\n
between two and ten years.
\n\n\n\n\n\n\n
Depreciation is carried out in such a way that the acquisition or
\n
production costs of assets (with the exception of land or assets
\n
under construction) minus their residual values are depreciated
\n
on a straight-line basis over their useful life. The useful lives vary
\n
between 3 and 8 years.
\n
The expected useful lives, residual values and depreciation
\n
methods are reviewed on every reporting date. All necessary
\n
changes in estimates are taken into account prospectively.
\n
Other systems, operating and business equipment are predom-
\n
inantly written off over three to five years. Pursuant to the com-
\n
mercial progression of usage, property, plant, and equipment
\n
will be depreciated using the straight-line method.
\n

\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag402": { "value": "\n
2.10 Property, Plant, and Equipment
\n
Property, plant, and equipment are accounted for according to
\n
IAS 16 (Property, Plant and Equipment) at cost less accumulated
\n
depreciation and impairment. Technical equipment and machines
\n
as well as office and business equipment are shown at acquisition
\n
or production cost less accumulated depreciation and recog-
\n
nized impairment.
\n
\n
Depreciation is carried out in such a way that the acquisition or
\n
production costs of assets (with the exception of land or assets
\n
under construction) minus their residual values are depreciated
\n
on a straight-line basis over their useful life. The useful lives vary
\n
between 3 and 8 years.
\n
The expected useful lives, residual values and depreciation
\n
methods are reviewed on every reporting date. All necessary
\n
changes in estimates are taken into account prospectively.
\n
Other systems, operating and business equipment are predom-
\n
inantly written off over three to five years. Pursuant to the com-
\n
mercial progression of usage, property, plant, and equipment
\n
will be depreciated using the straight-line method.
\n

\n

\n\n\n\n\n\n
\n
Property, plant, and equipment is derecognized on disposal or
\n
when no future economic benefit from the continued use of the
\n
asset is expected. The gain or loss resulting from the sale or de-
\n
commissioning of property, plant and equipment is determined
\n
as the difference between the proceeds from the sale and the
\n
book value of the asset and is recognized in other income or
\n
other expenses.
\n

\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag407": { "value": "\n
\n
2.12 Financial Assets
\n
Financial assets are recognized when a group company
\n
becomes a contracting party to the financial instrument.
\n
Financial assets are measured at fair value on recognition.
\n
Transaction costs that are directly attributable to the acquisition
\n
of financial assets that are not measured at fair value through
\n
profit or loss increase or decrease the fair value of the financial
\n
assets on receipt. Transaction costs that are directly attributable
\n
to the acquisition of financial assets and that are measured at
\n
fair value through profit or loss are recognized directly in the
\n
consolidated statement of comprehensive income.
\n
Financial assets are recognized and derecognized on the
\n
trading day if they are financial assets that are delivered within
\n
the time frame customary for the market concerned.
\n
All of the financial assets are subsequently valued either at
\n
amortized cost or at fair value, depending on the classification
\n
of the financial assets. For further information on the application
\n
of the effective interest method for financial asset measured at
\n
amortized cost, refer to Note 2.18 b).
\n
a) Classification of financial assets
\n
Debt instruments that meet both of the following conditions
\n
are measured at amortized cost:
\n
\u2022 The financial asset is held within the framework of a
\n
business model, the objective of which is to collect the
\n
contractual cash flows;
\n
\u2022 The contractual terms of the financial asset only represent
\n
interest and principal payments on the outstanding nominal
\n
amount.
\n
Debt instruments that meet both of the following conditions
\n
are measured at fair value through other comprehensive
\n
income:
\n
\u2022 The financial asset is held within the framework of a
\n
business model, the objective of which is both to collect
\n
the contractual cash flows and to sell financial assets;
\n
\u2022 The contractual terms of the financial asset only represent
\n
interest and principal payments on the outstanding nominal
\n
amount.
\n
All other financial assets that do not meet the above conditions
\n
are generally valued at fair value through profit or loss. Verve
\n
did not classify any equity instruments in this category in
\n
the financial year. Verve did not use the election to classify
\n
equity instruments at fair value through other comprehensive
\n
income.
\n
\n
b) Currency translation gains and losses
\n
\u2022 The fair value of financial assets measured at fair value
\n
through profit or loss which are denominated in a foreign
\n
currency is determined in the foreign currency and then
\n
revalued using the spot rate at reporting date;
\n
\u2022 Financial assets that are measured at amortized cost and
\n
are not part of a designated hedging relationship, revalu-
\n
ation differences are recorded in the profit or loss under
\n
\u201cOther income\u201d and \u201cOther operating expenses\u201d;
\n
\u2022 The fair value of equity instruments measured at fair value
\n
through other comprehensive income which are denom-
\n
inated in a foreign currency is determined in the foreign
\n
currency and then revalued using the spot rate at report-
\n
ing date.
\n

\n\n\n\n\n\n
\n
\n
\n
c) Impairment of financial assets
\n
For financial assets measured at amortized cost, the Group
\n
always records the losses expected over the lifetime expected
\n
credit losses (ECL).
\n
For trade receivables these are calculated on the basis of
\n
a provision matrix, with reference to the loss rate approach
\n
based on historical credit losses, an analysis of the current
\n
financial situation of the debtors, taking into account debt-
\n
or-specific factors, the general economic conditions of the
\n
industry in which the debtors operate, and an assessment of
\n
both the current and the forecast development of the circum-
\n
stances on the financial reporting date, and while taking into
\n
account, if necessary, the time value of money.
\n
The Group applies the general approach for cash and cash
\n
equivalents as well as IC receivables to measure impair-
\n
ments, which is based on the Expected Credit Loss (ECL)
\n
model. Under this approach, the Group recognizes credit
\n
losses based on expected future defaults rather than only
\n
when a loss event has occurred.
\n
The model uses a three-stage approach that reflects changes
\n
in the credit risk of a financial asset since its initial recognition:
\n
\u2022 Stage 1: If there has been no significant increase in credit
\n
risk, the Group recognizes 12-month expected credit losses.
\n
Interest revenue is calculated based on the gross carrying
\n
amount of the financial asset.
\n
\u2022 Stage 2: If there has been a significant increase in credit
\n
risk since initial recognition, the Group recognizes lifetime
\n
expected credit losses, representing expected losses over
\n
the remaining life of the financial asset. Interest continues to
\n
be calculated on the gross carrying amount.
\n
\u2022 Stage 3: If a financial asset becomes credit-impaired, the
\n
Group continues to recognize lifetime expected credit losses,
\n
but interest revenue is calculated on the net carrying amount
\n
(i.e., the gross carrying amount less the loss allowance).
\n
The group directly writes down a financial asset, thereby
\n
reducing the gross book value if there is information that
\n
indicates that the debtor is in considerable financial difficulty
\n
and there is no realistic prospect of payment. This is the case,
\n
for example, if the debtor is in liquidation or bankruptcy pro-
\n
ceedings or, in the case of trade receivables, the receivables
\n
are overdue by more than two years, depending on which
\n
event occurs earlier. Financial assets that have already been
\n
written off may still be subject to enforcement measures by
\n
the group. Any returns received from this are recognized in
\n
the consolidated statement of profit or loss on receipt.
\n
The Group considers a financial asset to be in default when the
\n
borrower is unlikely to pay its credit obligations in full or when
\n
contractual payments are more than 180 days past due, unless
\n
there is reasonable and supportable information demonstrat-
\n
ing that a different default criterion is more appropriate.
\n

\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n
\n

\n

\n

\n\n\n\n\n\n
\n

\n

\n

\n\n\n\n\n\n\n
\n

\n
\n
d) Derecognition of financial assets
\n
The group only derecognizes a financial asset if the con-
\n
tractual rights to the cash flows from the asset expire or if
\n
it transfers the financial asset and essentially all risks and
\n
opportunities associated with the ownership of the asset to
\n
another company. If the group does not transfer or retain all
\n
of the material risks and rewards associated with ownership
\n
and remains in control of the transferred asset, the group
\n
recognizes its continued exposure to the asset and an associ-
\n
ated liability for amounts that it may have to pay. If the group
\n
retains essentially all of the risks and rewards associated with
\n
ownership of a transferred financial asset, the group con-
\n
tinues to recognize the financial asset and accounts for the
\n
proceeds received as a liability.
\n
As a result of the derecognition of a financial asset measured
\n
at amortized cost, the difference between the book value
\n
of the asset and the sum of the consideration received and
\n
outstanding receivables is recognized in profit or loss.
\n
\n
In
\n
addition, when a financial investment is derecognized in a
\n
debt instrument that is classified at fair value through other
\n
comprehensive income, the gain or loss previously accumu-
\n
lated in the revaluation reserve for financial investments is
\n
reclassified to the profit or loss statement. In contrast, when
\n
a financial investment is derecognized in an equity instru-
\n
ment that the group designated to be measured at fair value
\n
through other comprehensive income when it was initially
\n
recognized, the cumulative gain or loss previously accumulat-
\n
ed in the revaluation reserve for financial investments is not
\n
reclassified to the income statement and can be transferred
\n
to retained earnings (refer also to Note 2.22, 9 and 10).
\n\n\n\n\n\n
\n

\n

\n\n
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n
2.18 Financial Liabilities
\n
Financial liabilities are recognized when a group entity be-
\n
comes a party to the contractual provisions of the instrument.
\n
These are measured at amortized cost using the effective
\n
interest method or at FVTPL.
\n
However, financial liabilities that arise when a transfer of a
\n
financial asset does not qualify for derecognition or when the
\n
continuing involvement approach applies, and financial guarantee
\n
contracts issued by the Group, are measured in accordance
\n
with the specific accounting policies set out below.
\n
Financial liabilities are measured at fair value on initial recog-
\n
nition. Transaction cost directly attributable to the issue of
\n
financial liabilities that are not measured at FVTPL, reduce the
\n
fair value of the financial liabilities on initial recognition. Trans-
\n
action costs directly attributable to financial liabilities that are
\n
measured at FVTPL, are directly recognized in the consolidated
\n
statement of profit or loss.
\n
\n
a) Financial Liabilities Measured at FVTPL
\n
Financial liabilities are classified as at FVTPL when the financial
\n
liability is a contingent consideration of an acquirer in a
\n
business combination, held for trading or it is designated as
\n
at FVTPL.
\n

\n\n\n\n\n\n
\n
\n
\n
b) Financial Liabilities Measured Subsequently at Amortized Cost
\n
Financial liabilities that are not a contingent consideration
\n
of an acquirer in a business combination, held-for-trading, or
\n
designated as at FVTPL, are measured subsequently at amor-
\n
tized cost using the effective interest method.
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n
The effective interest method is a method of calculating the
\n
amortized cost of a financial liability and of allocating interest
\n
expense over the relevant period. The effective interest rate is
\n
the rate that exactly discounts estimated future cash pay-
\n
ments (including all fees and charges paid or received that
\n
form an integral part of the effective interest rate, transaction
\n
costs and other premiums or discounts) through the ex-
\n
pect-ed life of the financial liability, or (where appropriate) a
\n
shorter period, to the net carrying amount derived from its
\n
initial recognition.
\n
c) Derecognition of Financial Liabilities
\n
The Group derecognizes financial liabilities when, and only
\n
when, the Group\u2019s obligations are discharged, cancelled, or
\n
have expired. The difference between the carrying amount of
\n
the financial liability derecognized and the consideration paid
\n
and payable is recognized in the consolidated statement of
\n
profit or loss.
\n
When the Group exchanges with the existing lender one
\n
debt instrument into another one with substantially different
\n
terms, such exchange is accounted for as an extinguishment
\n
of the original financial liability and the recognition of a new
\n
financial liability. Similarly, the Group accounts for substantial
\n
modification of terms of an existing liability or part of it as
\n
an extinguishment of the original financial liability and the
\n
recog-nition of a new liability. It is assumed that the terms
\n
are sub-stantially different if the discounted present value of
\n
the cash flows under the new terms, including any fees paid
\n
net of any fees received and discounted using the original
\n
effective rate is at least 10% different from the discounted
\n
present value of the remaining cash flows of the original
\n
financial liability. If the modification is not substantial, the
\n
difference between the carrying amount of the liability before
\n
the modification and the present value of the cash flows after
\n
modification should be recognized in profit or loss as the
\n
modification gain or loss within other income.
\n

\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag408": { "value": "\n
2.12 Financial Assets
\n
Financial assets are recognized when a group company
\n
becomes a contracting party to the financial instrument.
\n
Financial assets are measured at fair value on recognition.
\n
Transaction costs that are directly attributable to the acquisition
\n
of financial assets that are not measured at fair value through
\n
profit or loss increase or decrease the fair value of the financial
\n
assets on receipt. Transaction costs that are directly attributable
\n
to the acquisition of financial assets and that are measured at
\n
fair value through profit or loss are recognized directly in the
\n
consolidated statement of comprehensive income.
\n
Financial assets are recognized and derecognized on the
\n
trading day if they are financial assets that are delivered within
\n
the time frame customary for the market concerned.
\n
All of the financial assets are subsequently valued either at
\n
amortized cost or at fair value, depending on the classification
\n
of the financial assets. For further information on the application
\n
of the effective interest method for financial asset measured at
\n
amortized cost, refer to Note 2.18 b).
\n
a) Classification of financial assets
\n
Debt instruments that meet both of the following conditions
\n
are measured at amortized cost:
\n
\u2022 The financial asset is held within the framework of a
\n
business model, the objective of which is to collect the
\n
contractual cash flows;
\n
\u2022 The contractual terms of the financial asset only represent
\n
interest and principal payments on the outstanding nominal
\n
amount.
\n
Debt instruments that meet both of the following conditions
\n
are measured at fair value through other comprehensive
\n
income:
\n
\u2022 The financial asset is held within the framework of a
\n
business model, the objective of which is both to collect
\n
the contractual cash flows and to sell financial assets;
\n
\u2022 The contractual terms of the financial asset only represent
\n
interest and principal payments on the outstanding nominal
\n
amount.
\n
All other financial assets that do not meet the above conditions
\n
are generally valued at fair value through profit or loss. Verve
\n
did not classify any equity instruments in this category in
\n
the financial year. Verve did not use the election to classify
\n
equity instruments at fair value through other comprehensive
\n
income.
\n
\n
b) Currency translation gains and losses
\n
\u2022 The fair value of financial assets measured at fair value
\n
through profit or loss which are denominated in a foreign
\n
currency is determined in the foreign currency and then
\n
revalued using the spot rate at reporting date;
\n
\u2022 Financial assets that are measured at amortized cost and
\n
are not part of a designated hedging relationship, revalu-
\n
ation differences are recorded in the profit or loss under
\n
\u201cOther income\u201d and \u201cOther operating expenses\u201d;
\n
\u2022 The fair value of equity instruments measured at fair value
\n
through other comprehensive income which are denom-
\n
inated in a foreign currency is determined in the foreign
\n
currency and then revalued using the spot rate at report-
\n
ing date.
\n

\n\n\n\n\n\n
\n
\n
\n
c) Impairment of financial assets
\n
For financial assets measured at amortized cost, the Group
\n
always records the losses expected over the lifetime expected
\n
credit losses (ECL).
\n
For trade receivables these are calculated on the basis of
\n
a provision matrix, with reference to the loss rate approach
\n
based on historical credit losses, an analysis of the current
\n
financial situation of the debtors, taking into account debt-
\n
or-specific factors, the general economic conditions of the
\n
industry in which the debtors operate, and an assessment of
\n
both the current and the forecast development of the circum-
\n
stances on the financial reporting date, and while taking into
\n
account, if necessary, the time value of money.
\n
The Group applies the general approach for cash and cash
\n
equivalents as well as IC receivables to measure impair-
\n
ments, which is based on the Expected Credit Loss (ECL)
\n
model. Under this approach, the Group recognizes credit
\n
losses based on expected future defaults rather than only
\n
when a loss event has occurred.
\n
The model uses a three-stage approach that reflects changes
\n
in the credit risk of a financial asset since its initial recognition:
\n
\u2022 Stage 1: If there has been no significant increase in credit
\n
risk, the Group recognizes 12-month expected credit losses.
\n
Interest revenue is calculated based on the gross carrying
\n
amount of the financial asset.
\n
\u2022 Stage 2: If there has been a significant increase in credit
\n
risk since initial recognition, the Group recognizes lifetime
\n
expected credit losses, representing expected losses over
\n
the remaining life of the financial asset. Interest continues to
\n
be calculated on the gross carrying amount.
\n
\u2022 Stage 3: If a financial asset becomes credit-impaired, the
\n
Group continues to recognize lifetime expected credit losses,
\n
but interest revenue is calculated on the net carrying amount
\n
(i.e., the gross carrying amount less the loss allowance).
\n
The group directly writes down a financial asset, thereby
\n
reducing the gross book value if there is information that
\n
indicates that the debtor is in considerable financial difficulty
\n
and there is no realistic prospect of payment. This is the case,
\n
for example, if the debtor is in liquidation or bankruptcy pro-
\n
ceedings or, in the case of trade receivables, the receivables
\n
are overdue by more than two years, depending on which
\n
event occurs earlier. Financial assets that have already been
\n
written off may still be subject to enforcement measures by
\n
the group. Any returns received from this are recognized in
\n
the consolidated statement of profit or loss on receipt.
\n
The Group considers a financial asset to be in default when the
\n
borrower is unlikely to pay its credit obligations in full or when
\n
contractual payments are more than 180 days past due, unless
\n
there is reasonable and supportable information demonstrat-
\n
ing that a different default criterion is more appropriate.
\n

\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n
\n

\n

\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag411": { "value": "\n
c) Impairment of financial assets
\n
For financial assets measured at amortized cost, the Group
\n
always records the losses expected over the lifetime expected
\n
credit losses (ECL).
\n
For trade receivables these are calculated on the basis of
\n
a provision matrix, with reference to the loss rate approach
\n
based on historical credit losses, an analysis of the current
\n
financial situation of the debtors, taking into account debt-
\n
or-specific factors, the general economic conditions of the
\n
industry in which the debtors operate, and an assessment of
\n
both the current and the forecast development of the circum-
\n
stances on the financial reporting date, and while taking into
\n
account, if necessary, the time value of money.
\n
The Group applies the general approach for cash and cash
\n
equivalents as well as IC receivables to measure impair-
\n
ments, which is based on the Expected Credit Loss (ECL)
\n
model. Under this approach, the Group recognizes credit
\n
losses based on expected future defaults rather than only
\n
when a loss event has occurred.
\n
The model uses a three-stage approach that reflects changes
\n
in the credit risk of a financial asset since its initial recognition:
\n
\u2022 Stage 1: If there has been no significant increase in credit
\n
risk, the Group recognizes 12-month expected credit losses.
\n
Interest revenue is calculated based on the gross carrying
\n
amount of the financial asset.
\n
\u2022 Stage 2: If there has been a significant increase in credit
\n
risk since initial recognition, the Group recognizes lifetime
\n
expected credit losses, representing expected losses over
\n
the remaining life of the financial asset. Interest continues to
\n
be calculated on the gross carrying amount.
\n
\u2022 Stage 3: If a financial asset becomes credit-impaired, the
\n
Group continues to recognize lifetime expected credit losses,
\n
but interest revenue is calculated on the net carrying amount
\n
(i.e., the gross carrying amount less the loss allowance).
\n
The group directly writes down a financial asset, thereby
\n
reducing the gross book value if there is information that
\n
indicates that the debtor is in considerable financial difficulty
\n
and there is no realistic prospect of payment. This is the case,
\n
for example, if the debtor is in liquidation or bankruptcy pro-
\n
ceedings or, in the case of trade receivables, the receivables
\n
are overdue by more than two years, depending on which
\n
event occurs earlier. Financial assets that have already been
\n
written off may still be subject to enforcement measures by
\n
the group. Any returns received from this are recognized in
\n
the consolidated statement of profit or loss on receipt.
\n
The Group considers a financial asset to be in default when the
\n
borrower is unlikely to pay its credit obligations in full or when
\n
contractual payments are more than 180 days past due, unless
\n
there is reasonable and supportable information demonstrat-
\n
ing that a different default criterion is more appropriate.
\n

\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag437": { "value": "\n

\n
\n
d) Derecognition of financial assets
\n
The group only derecognizes a financial asset if the con-
\n
tractual rights to the cash flows from the asset expire or if
\n
it transfers the financial asset and essentially all risks and
\n
opportunities associated with the ownership of the asset to
\n
another company. If the group does not transfer or retain all
\n
of the material risks and rewards associated with ownership
\n
and remains in control of the transferred asset, the group
\n
recognizes its continued exposure to the asset and an associ-
\n
ated liability for amounts that it may have to pay. If the group
\n
retains essentially all of the risks and rewards associated with
\n
ownership of a transferred financial asset, the group con-
\n
tinues to recognize the financial asset and accounts for the
\n
proceeds received as a liability.
\n
As a result of the derecognition of a financial asset measured
\n
at amortized cost, the difference between the book value
\n
of the asset and the sum of the consideration received and
\n
outstanding receivables is recognized in profit or loss.
\n
\n
In
\n
addition, when a financial investment is derecognized in a
\n
debt instrument that is classified at fair value through other
\n
comprehensive income, the gain or loss previously accumu-
\n
lated in the revaluation reserve for financial investments is
\n
reclassified to the profit or loss statement. In contrast, when
\n
a financial investment is derecognized in an equity instru-
\n
ment that the group designated to be measured at fair value
\n
through other comprehensive income when it was initially
\n
recognized, the cumulative gain or loss previously accumulat-
\n
ed in the revaluation reserve for financial investments is not
\n
reclassified to the income statement and can be transferred
\n
to retained earnings (refer also to Note 2.22, 9 and 10).
\n\n\n\n\n\n
\n

\n

\n\n
\n

\n\n\n\n\n\n\n
2.16 Other Provisions
\n
Other provisions are recognized in accordance with IAS 37
\n
(Provisions, Contingent Liabilities and Contingent Assets).
\n
Provisions are recognized when the Group has a present
\n
obligation (legal or constructive) as a result of a past event, and
\n
it is probable that the settlement of the obligation involves an
\n
outflow of resources, and a reliable estimate can be made of
\n
the amount of the obligation.
\n
The amount recognized as a provision is the best estimate of
\n
the consideration required to settle the present obligation at
\n
the reporting date, taking into account the risks and uncertainties
\n
surrounding the obligation. Where a provision is measured on
\n
the basis of the estimated cash flows required to settle the obli-
\n
gation, these cash flows shall be discounted (when the interest
\n
effect is material).
\n
When some or all of the economic benefits required to settle
\n
a provision are expected to be recovered from a third party, a
\n
receivable is recognized as an asset if it is virtually certain that
\n
reimbursement will be received, and the amount of the receivable
\n
can be measured reliably.
\n

\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag439": { "value": "\n
d) Derecognition of financial assets
\n
The group only derecognizes a financial asset if the con-
\n
tractual rights to the cash flows from the asset expire or if
\n
it transfers the financial asset and essentially all risks and
\n
opportunities associated with the ownership of the asset to
\n
another company. If the group does not transfer or retain all
\n
of the material risks and rewards associated with ownership
\n
and remains in control of the transferred asset, the group
\n
recognizes its continued exposure to the asset and an associ-
\n
ated liability for amounts that it may have to pay. If the group
\n
retains essentially all of the risks and rewards associated with
\n
ownership of a transferred financial asset, the group con-
\n
tinues to recognize the financial asset and accounts for the
\n
proceeds received as a liability.
\n
As a result of the derecognition of a financial asset measured
\n
at amortized cost, the difference between the book value
\n
of the asset and the sum of the consideration received and
\n
outstanding receivables is recognized in profit or loss.
\n
\n
In
\n
addition, when a financial investment is derecognized in a
\n
debt instrument that is classified at fair value through other
\n
comprehensive income, the gain or loss previously accumu-
\n
lated in the revaluation reserve for financial investments is
\n
reclassified to the profit or loss statement. In contrast, when
\n
a financial investment is derecognized in an equity instru-
\n
ment that the group designated to be measured at fair value
\n
through other comprehensive income when it was initially
\n
recognized, the cumulative gain or loss previously accumulat-
\n
ed in the revaluation reserve for financial investments is not
\n
reclassified to the income statement and can be transferred
\n
to retained earnings (refer also to Note 2.22, 9 and 10).
\n\n\n\n\n\n
\n

\n

\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag414": { "value": "\n
In
\n
addition, when a financial investment is derecognized in a
\n
debt instrument that is classified at fair value through other
\n
comprehensive income, the gain or loss previously accumu-
\n
lated in the revaluation reserve for financial investments is
\n
reclassified to the profit or loss statement. In contrast, when
\n
a financial investment is derecognized in an equity instru-
\n
ment that the group designated to be measured at fair value
\n
through other comprehensive income when it was initially
\n
recognized, the cumulative gain or loss previously accumulat-
\n
ed in the revaluation reserve for financial investments is not
\n
reclassified to the income statement and can be transferred
\n
to retained earnings (refer also to Note 2.22, 9 and 10).
\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag415": { "value": "\n
2.13 Cash and Cash Equivalents
\n
Cash and bank balances are measured at amortized cost and
\n
investments at fair-value, comprising cash and cash equiva-
\n
lents with a maturity term of a maximum of three months.
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag416": { "value": "\n
2.14 Shareholders\u2019 Equity
\n
An equity instrument is any contract that evidences a residual
\n
interest in the assets of an entity after deducting all of its liabilities.
\n
Equity instruments issued by the Group are recognized at the
\n
proceeds received, net of direct issue costs. Issue costs refer to
\n
costs that would not have been incurred had the equity instru-
\n
ments not been issued.
\n
Repurchase of the Company\u2019s own equity instruments is
\n
deducted directly in equity. No gain or loss is recognized in
\n
profit or loss on the purchase, sale, issue, or cancellation of the
\n
Company\u2019s own equity instruments.
\n
Debt and equity instruments issued by a group entity are
\n
classified as financial liabilities or equity in accordance with the
\n
substance of the contractual agreement and the definitions.
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag417": { "value": "\n
2.15 Current and Other Non-Current Employee Benefits
\n
For current employee benefits (wages, sick pay, bonuses, etc.),
\n
the undiscounted amount of the benefits expected to be paid
\n
in exchange for that service provided shall be recognized in the
\n
period in which the employee provides the service.
\n
The expected cost of current employee benefits in the form
\n
of compensated absences shall be recognized in the case of
\n
accumulating benefits when the service that increases employees\u2019
\n
entitlement to future compensated absences is rendered.
\n
Non-accumulating compensated absences, however, are
\n
recognized at the time when the absences occur.
\n
Liabilities from other non-current employee benefits are measured
\n
at the present value of the estimated future cash outflows the
\n
Group expects for the service rendered by the employee as at
\n
the financial reporting date.
\n
\n
\n
The company operates share-based payment arrangements
\n
under which eligible employees receive renumeration in the
\n
form of either equity-settled or cash-settled share-based
\n
payment awards. Equity-settled share based payment arrange-
\n
ments granted to employees are measured at fair value at the
\n
grant date. The grant-date fair value is recognized as expense
\n
over the vesting period, with a corresponding increase in equity.
\n
As the compensation is settled through equity instruments,
\n
these awards are not subject to subsequent remeasurement.
\n
Cash-settled share-based payment arrangements are recog-
\n
nized as a liability measured at fair value. The liability is initially
\n
recognized at the grant date and is remeasured at each reporting
\n
date until settlement, with changes in fair value recognized in
\n
profit or loss over the vesting period, reflecting the services
\n
received.
\n

\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n
\n
2.17 Severance Payments
\n
Severance payments recognized during the period relate to
\n
workforce restructuring and termination agreements.
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag419": { "value": "\n
\n
The company operates share-based payment arrangements
\n
under which eligible employees receive renumeration in the
\n
form of either equity-settled or cash-settled share-based
\n
payment awards. Equity-settled share based payment arrange-
\n
ments granted to employees are measured at fair value at the
\n
grant date. The grant-date fair value is recognized as expense
\n
over the vesting period, with a corresponding increase in equity.
\n
As the compensation is settled through equity instruments,
\n
these awards are not subject to subsequent remeasurement.
\n
Cash-settled share-based payment arrangements are recog-
\n
nized as a liability measured at fair value. The liability is initially
\n
recognized at the grant date and is remeasured at each reporting
\n
date until settlement, with changes in fair value recognized in
\n
profit or loss over the vesting period, reflecting the services
\n
received.
\n

\n

\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag418": { "value": "\n
The company operates share-based payment arrangements
\n
under which eligible employees receive renumeration in the
\n
form of either equity-settled or cash-settled share-based
\n
payment awards. Equity-settled share based payment arrange-
\n
ments granted to employees are measured at fair value at the
\n
grant date. The grant-date fair value is recognized as expense
\n
over the vesting period, with a corresponding increase in equity.
\n
As the compensation is settled through equity instruments,
\n
these awards are not subject to subsequent remeasurement.
\n
Cash-settled share-based payment arrangements are recog-
\n
nized as a liability measured at fair value. The liability is initially
\n
recognized at the grant date and is remeasured at each reporting
\n
date until settlement, with changes in fair value recognized in
\n
profit or loss over the vesting period, reflecting the services
\n
received.
\n

\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag421": { "value": "\n
2.17 Severance Payments
\n
Severance payments recognized during the period relate to
\n
workforce restructuring and termination agreements.
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag424": { "value": "\n
2.18 Financial Liabilities
\n
Financial liabilities are recognized when a group entity be-
\n
comes a party to the contractual provisions of the instrument.
\n
These are measured at amortized cost using the effective
\n
interest method or at FVTPL.
\n
However, financial liabilities that arise when a transfer of a
\n
financial asset does not qualify for derecognition or when the
\n
continuing involvement approach applies, and financial guarantee
\n
contracts issued by the Group, are measured in accordance
\n
with the specific accounting policies set out below.
\n
Financial liabilities are measured at fair value on initial recog-
\n
nition. Transaction cost directly attributable to the issue of
\n
financial liabilities that are not measured at FVTPL, reduce the
\n
fair value of the financial liabilities on initial recognition. Trans-
\n
action costs directly attributable to financial liabilities that are
\n
measured at FVTPL, are directly recognized in the consolidated
\n
statement of profit or loss.
\n
\n
a) Financial Liabilities Measured at FVTPL
\n
Financial liabilities are classified as at FVTPL when the financial
\n
liability is a contingent consideration of an acquirer in a
\n
business combination, held for trading or it is designated as
\n
at FVTPL.
\n

\n\n\n\n\n\n
\n
\n
\n
b) Financial Liabilities Measured Subsequently at Amortized Cost
\n
Financial liabilities that are not a contingent consideration
\n
of an acquirer in a business combination, held-for-trading, or
\n
designated as at FVTPL, are measured subsequently at amor-
\n
tized cost using the effective interest method.
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n
The effective interest method is a method of calculating the
\n
amortized cost of a financial liability and of allocating interest
\n
expense over the relevant period. The effective interest rate is
\n
the rate that exactly discounts estimated future cash pay-
\n
ments (including all fees and charges paid or received that
\n
form an integral part of the effective interest rate, transaction
\n
costs and other premiums or discounts) through the ex-
\n
pect-ed life of the financial liability, or (where appropriate) a
\n
shorter period, to the net carrying amount derived from its
\n
initial recognition.
\n
c) Derecognition of Financial Liabilities
\n
The Group derecognizes financial liabilities when, and only
\n
when, the Group\u2019s obligations are discharged, cancelled, or
\n
have expired. The difference between the carrying amount of
\n
the financial liability derecognized and the consideration paid
\n
and payable is recognized in the consolidated statement of
\n
profit or loss.
\n
When the Group exchanges with the existing lender one
\n
debt instrument into another one with substantially different
\n
terms, such exchange is accounted for as an extinguishment
\n
of the original financial liability and the recognition of a new
\n
financial liability. Similarly, the Group accounts for substantial
\n
modification of terms of an existing liability or part of it as
\n
an extinguishment of the original financial liability and the
\n
recog-nition of a new liability. It is assumed that the terms
\n
are sub-stantially different if the discounted present value of
\n
the cash flows under the new terms, including any fees paid
\n
net of any fees received and discounted using the original
\n
effective rate is at least 10% different from the discounted
\n
present value of the remaining cash flows of the original
\n
financial liability. If the modification is not substantial, the
\n
difference between the carrying amount of the liability before
\n
the modification and the present value of the cash flows after
\n
modification should be recognized in profit or loss as the
\n
modification gain or loss within other income.
\n

\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag425": { "value": "\n
a) Financial Liabilities Measured at FVTPL
\n
Financial liabilities are classified as at FVTPL when the financial
\n
liability is a contingent consideration of an acquirer in a
\n
business combination, held for trading or it is designated as
\n
at FVTPL.
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag426": { "value": "\n
\n
b) Financial Liabilities Measured Subsequently at Amortized Cost
\n
Financial liabilities that are not a contingent consideration
\n
of an acquirer in a business combination, held-for-trading, or
\n
designated as at FVTPL, are measured subsequently at amor-
\n
tized cost using the effective interest method.
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag427": { "value": "\n
b) Financial Liabilities Measured Subsequently at Amortized Cost
\n
Financial liabilities that are not a contingent consideration
\n
of an acquirer in a business combination, held-for-trading, or
\n
designated as at FVTPL, are measured subsequently at amor-
\n
tized cost using the effective interest method.
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag428": { "value": "\n
2.19 Contingent Liabilities
\n
Contingent liabilities acquired in a business combination are
\n
initially measured at fair value at the acquisition date. The
\n
contingent consideration is remeasured at fair value at each
\n
reporting date and subsequent changes in the fair value of the
\n
contingent consideration are recognized in profit or loss.
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag429": { "value": "\n
2.20 Statement of Cash Flows
\n
Cash flows from operating activities are calculated by using
\n
the indirect method. In the case of compound transactions, the
\n
underlying amounts are allocated to several cash flow sections
\n
if necessary. In the Statement of financial position and State-
\n
ment of cash flows, cash and cash equivalents include cash,
\n
bank balances and other investments in securities, etc. In the
\n
Statement of financial position, utilized overdraft facilities are
\n
recognized as loan liabilities among current liabilities due to
\n
banks..
\n
Interest income and expenses and dividend income are
\n
neutralized in the cash flows from operating activities, whereas
\n
interest paid are disclosed in the cashflows from financing
\n
activities while interest received are disclosed in cash flow from
\n
operating activities. Tax payments are shown in the cash flows
\n
from operating activities because an allocation to individual
\n
activities is not practicable.
\n
The accounting policy related to the presentation of payments
\n
related to deferred consideration in connection with business
\n
combinations has been voluntarily changed and the prior period
\n
cash flow statement was restated accordingly. In the past,
\n
payments related to deferred consideration in connection with
\n
business combinations have been presented as investing cash
\n
flows. However, starting in 2025, only payments related to de-
\n
ferred consideration in connection with business combinations
\n
which have been paid within 3 months after acquisition date
\n
are presented as cash flows from investing activities. In case
\n
the payment occurs more than 3 months after acquisition date,
\n
these payments are presented as cash flows from financing
\n
activities. The change in presentation results in the financial
\n
statements providing reliable and more relevant information
\n
about the effects of transactions, other events or conditions on
\n
the entity\u2019s cash flows.
\n

\n\n\n\n\n\n\n
The adjustments had the following impact on the Consolidated
\n
Statement of Cash Flows:
\n
\u2022 the payments made for the acquisition of business units
\n
decreased from -119,531 \u20ack to -119,031 \u20ack and the cash flow
\n
from investing activities decreased from -162,048 \u20ack to
\n
-161,548 \u20ack.
\n
\u2022 the repayment of financial loans increased from -7,447 \u20ack to
\n
-7,947 \u20ack and the cash flow from financing activities de-
\n
creased from 48,311 \u20ack to 47,811 \u20ack.
\n
All other cash flow items remain unchanged. The Consolidated
\n
Statement of Financial Position and the Consolidated Income
\n
Statement were not affected by the change in accounting policy.
\n

\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag194": { "value": "\n
2.21 Earnings Per Share
\n
IAS 33 deals with principles for the determination and presentation
\n
of earnings per share before and after dilution. Basic earnings
\n
per share are computed by dividing earnings attributable to
\n
equity holders of the parent by a weighted average number of
\n
outstanding ordinary shares.
\n
For computing diluted earnings per share, the weighted
\n
average number of outstanding ordinary shares is restated for
\n
the dilution effect of all potential ordinary shares. The parent
\n
company has issued share options that have a potential dilution
\n
effect. For share options, the number of shares that could have
\n
been purchased at fair value for an amount corresponding to
\n
the monetary value of the subscription rights associated with
\n
outstanding share options is computed. The number of shares
\n
computed as above is compared to the number of shares that
\n
would have been issued assuming that the share options had
\n
been exercised. Options and warrants have a dilutive effect only
\n
when the average market price of ordinary shares during the
\n
period exceeds the exercise price. In financial years 2025 and
\n
2024 Verve has share-based payments that may cause dilution.
\n
Additionally, potential ordinary shares only give rise to a dilution
\n
effect in cases where the conversion of them results in lower
\n
earnings per share or a higher loss per share.
\n

\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag195": { "value": "\n
2.22 Estimation Uncertainties
\n
In preparing the consolidated financial statements, assump-
\n
tions and estimates are to be made that have a significant
\n
impact on the amount and the reporting of the assets and
\n
liabilities, income and expense items and contingent liabilities
\n
recognized.
\n
The assumptions mainly relate to the determination of the use-
\n
ful lives of intangible assets and property, plant, and equipment
\n
in compliance with the unified policies across the Group.
\n
The estimates used have a significant influence on the determi-
\n
nation of discounted cash flows in the purchase price allocation
\n
process and of impairment tests, on the valuation of internally
\n
generated intangible assets, allowances on receivables, other
\n
provisions and realizability of deferred tax assets.
\n
Estimates are based on experience and premises valid at
\n
reporting date and that are considered appropriate under the given
\n
circumstances. The future development that is considered
\n
most probable is assumed for this purpose The estimates and
\n
the underlying assumptions are continually reviewed. However,
\n
in individual cases, the actual values might deviate from the
\n
assumptions and estimates made if the mentioned framework
\n
conditions develop differently than expected at reporting date.
\n
Changes are recognized through profit and loss at the time they
\n
become known, and the premises adjusted accordingly.
\n\n
Key Sources of Estimation Uncertainty
\n
The key assumptions concerning the future, and other key
\n
sources of estimation uncertainty at the end of the reporting
\n
period that may have a significant risk of causing a material
\n
adjustment to the amounts reported of assets and liabilities
\n
within the next financial year, are discussed below.
\n
a) Accounting for and impairment of internally generated intan-
\n
gible assets
\n
The Group renders in-house development services. Manage-
\n
ment is required to exercise judgement in determining which
\n
development expenditures meet the criteria for capitalization
\n
under IAS 38. This includes assessing whether individual
\n
projects have progressed beyond the research phase,
\n
whether the technical feasibility of completing the asset is
\n
demonstrated, and whether the asset is expected to generate
\n
probable future economic benefits. In addition, management
\n
applies judgement in determining the appropriate useful life
\n
of internally generated intangible assets, considering the ex-
\n
pected period of technological relevance, obsolescence risks,
\n
and historical life cycles of comparable assets.
\n
The progress of the individual projects has been satisfactory,
\n
and customer response to the executive board\u2019s previous
\n
estimates of expected revenue from the respective projects
\n
has also been confirmed.
\n
b) Impairment of goodwill and intangible assets
\n
In order to determine goodwill impairment, it is required to
\n
determine the recoverable amount of the cash-generating
\n
unit to which the goodwill has been allocated. The calculation
\n
of the recoverable amount requires an estimate of future cash
\n
flows from the cash-generating unit as well as an appropriate
\n
discount rate for the calculation of the present value. If the
\n
actual expected future cash flows are lower than the previous
\n
estimate, this might result in material impairment.
\n
In 2024 one item in the internally-generated assets, an
\n
unsuccessful launched mobile game, has been impaired with
\n
an amount of 2.3 \u20acm. No such impairment was at hand in
\n
fiscal year 2025.
\n

\n

\n\n\n\n\n

\n

\n\n\n\n\n\n
c) Deferred tax assets on tax loss carry forwards
\n
Income tax is to be estimated for each individual tax jurisdiction
\n
in which the Group operates. To the extent that temporary
\n
differences arise, these differences principally result in
\n
the recognition of deferred tax assets and liabilities in the
\n
consolidated statement of financial position. The executive
\n
board is required to make assessments in calculating actual
\n
and deferred taxes. Deferred tax assets are recognized to
\n
the extent that it is probable that these can be utilized. The
\n
utilization of deferred tax assets depends on the ability to
\n
generate sufficient taxable profits according to the respective
\n
tax type and jurisdiction, taking into account, where relevant,
\n
legal restrictions concerning the maximum period allowed for
\n
tax loss carry forwards.
\n
In assessing the probability of the future usability of deferred
\n
tax assets, several factors are to be taken into account such
\n
as the financial performance of the past, operational planning,
\n
loss carry-forward period and tax planning strategies. Where
\n
the actual results deviate from these estimates or where
\n
these estimates are to be adjusted in future period, this might
\n
negatively affect the assets, liabilities, financial position, and
\n
financial performance.
\n
If the impairment assessment for deferred tax assets is
\n
changed, the deferred tax assets are to be reduced through
\n
profit or loss.
\n
\n
d) Fair Value Measurement
\n
Some assets and liabilities of the Group are measured at fair
\n
value for financial reporting purposes. To the extent possible,
\n
the Group uses observable market data to determine the fair
\n
value of assets and liabilities. Where Level 1 inputs are not
\n
available, the Group engages qualified external experts to
\n
perform the measurements. The Group works closely with
\n
external experts in order to determine appropriate meas-
\n
urement procedures and inputs. The Chief Financial Officer
\n
reports regularly to the Board to lay down the reasons for
\n
fluctuations in the fair values of assets and liabilities.
\n
Various measurement methods are used to estimate the fair
\n
value of assets and liabilities not traded on an active market.
\n
When determining the fair value of interest swaps and currency
\n
derivatives, official market listings are used as input in
\n
calculations of discounted cash flows. The fair value of loan
\n
liabilities is measured using generally accepted methods,
\n
such as discounting expected future cash flows at prevailing
\n
interest rates.
\n

\n\n\n\n
\n
e) Equity-settled share-based payment transactions
\n
Verve has entered into various share-based payment
\n
arrangements. The measurement of share-based payment
\n
arrangements involves significant judgment and estimation.
\n
The fair value of these awards is determined using valuation
\n
models that require assumptions regarding, among other
\n
factors, expected volatility, the expected life of the instru-
\n
ments, and risk-free interest rates. For cash-settled share-
\n
based payment arrangements, Verve is required to remeasure
\n
the related liability at each reporting date until settlement.
\n
Changes in these assumptions may result in a material impact
\n
on profit or loss and on the carrying amount of liabilities in
\n
future periods.
\n

\n

\n\n\n\n\n
2.23 Critical Accounting Judgements
\n
Non-recourse sale of receivables to a non-controlled struc-tured
\n
entity
\n
The Group sells trade receivables on a non-recourse revolving
\n
basis to a non-controlled structured entity. This structured
\n
entity holds the receivables and allocates the risks and rewards
\n
resulting from these by issuing asset-backed securities to third
\n
parties outside the Group (through a senior loan and an inter-
\n
mediate subordinated loan) and to the Group (through a senior
\n
subordinated loan and a remaining equity portion).
\n
The Group does not own voting rights in the structured entity or
\n
has the ability to appoint its directors. In determining whether to
\n
consolidate the structured entity, the Group has applied IFRS 10
\n
by evaluating whether it has control over the structured entity
\n
whether it is exposed, or has rights, to variable returns from its
\n
involvement with the investee (i.e. the structured entity) and has
\n
the ability to affect those re-turns through its power over the
\n
investee.
\n
Receivables are sold on a non-recourse basis to the structured
\n
entity under a true sale opinion with legal interest transferred
\n
from the Group to the structured entity. While the sale of receiv-
\n
ables is without recourse, the Group continues to be exposed to
\n
some variability of risks and rewards and has rights to variable
\n
returns in respect of its remuneration as master servicer.
\n
The Group considers that the returns of the investees in the
\n
structured entity are affected by the management of the
\n
receivable\u2019s portfolio. In particular, it is the management of any
\n
impaired receivables that significantly impacts the variability
\n
of the returns of the structured entity. The intermediate subor-
\n
dinated lender (who is also the control party) can unilaterally
\n
remove the Group as servicer of impaired receivables, giving
\n
it the unilateral power to affect the relevant activities of these
\n
receivables and thereby influence the variable returns.
\n
Accordingly, the Group has concluded that it does not control the
\n
structured entity and therefore does not include the structured
\n
entity in the Group\u2019s consolidation.
\n

\n

\n

\n\n\n\n\n\n
While the true sale of receivables occurs on a non-recourse
\n
basis, the Group retains certain control over the transferred
\n
receivables as the structured entity has no unconditional right
\n
to sell them. Therefore, the Group shall continue to recognize
\n
the transferred receivables to the extent of its con-tinuing in-
\n
volvement. Given the minimal variability, it has been concluded
\n
to consider only the retained equity as continued involvement.
\n
The continuing involvement does not affect the true sale on a
\n
non-recourse basis.
\n
Refer to Note 9 for additional information on the transaction.
\n

\n\n\n\n\n

\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag196": { "value": "\nKey Sources of Estimation Uncertainty\nThe key assumptions concerning the future, and other key \nsources of estimation uncertainty at the end of the reporting \nperiod that may have a significant risk of causing a material \nadjustment to the amounts reported of assets and liabilities \nwithin the next financial year, are discussed below.\na) Accounting for and impairment of internally generated intan-\ngible assets\nThe Group renders in-house development services. Manage-\nment is required to exercise judgement in determining which \ndevelopment expenditures meet the criteria for capitalization \nunder IAS 38. This includes assessing whether individual \nprojects have progressed beyond the research phase, \nwhether the technical feasibility of completing the asset is \ndemonstrated, and whether the asset is expected to generate \nprobable future economic benefits. In addition, management \napplies judgement in determining the appropriate useful life \nof internally generated intangible assets, considering the ex-\npected period of technological relevance, obsolescence risks, \nand historical life cycles of comparable assets.\nThe progress of the individual projects has been satisfactory, \nand customer response to the executive board\u2019s previous \nestimates of expected revenue from the respective projects \nhas also been confirmed.\nb) Impairment of goodwill and intangible assets\nIn order to determine goodwill impairment, it is required to \ndetermine the recoverable amount of the cash-generating \nunit to which the goodwill has been allocated. The calculation \nof the recoverable amount requires an estimate of future cash \nflows from the cash-generating unit as well as an appropriate \ndiscount rate for the calculation of the present value. If the \nactual expected future cash flows are lower than the previous \nestimate, this might result in material impairment.\nIn 2024 one item in the internally-generated assets, an \nunsuccessful launched mobile game, has been impaired with \nan amount of 2.3 \u20acm. No such impairment was at hand in \nfiscal year 2025.\n\n\n\n\n\n\nc) Deferred tax assets on tax loss carry forwards\nIncome tax is to be estimated for each individual tax jurisdiction \nin which the Group operates. To the extent that temporary \ndifferences arise, these differences principally result in \nthe recognition of deferred tax assets and liabilities in the \nconsolidated statement of financial position. The executive \nboard is required to make assessments in calculating actual \nand deferred taxes. Deferred tax assets are recognized to \nthe extent that it is probable that these can be utilized. The \nutilization of deferred tax assets depends on the ability to \ngenerate sufficient taxable profits according to the respective \ntax type and jurisdiction, taking into account, where relevant, \nlegal restrictions concerning the maximum period allowed for \ntax loss carry forwards.\nIn assessing the probability of the future usability of deferred \ntax assets, several factors are to be taken into account such \nas the financial performance of the past, operational planning, \nloss carry-forward period and tax planning strategies. Where \nthe actual results deviate from these estimates or where \nthese estimates are to be adjusted in future period, this might \nnegatively affect the assets, liabilities, financial position, and \nfinancial performance.\nIf the impairment assessment for deferred tax assets is \nchanged, the deferred tax assets are to be reduced through \nprofit or loss.\n\nd) Fair Value Measurement\nSome assets and liabilities of the Group are measured at fair \nvalue for financial reporting purposes. To the extent possible, \nthe Group uses observable market data to determine the fair \nvalue of assets and liabilities. Where Level 1 inputs are not \navailable, the Group engages qualified external experts to \nperform the measurements. The Group works closely with \nexternal experts in order to determine appropriate meas-\nurement procedures and inputs. The Chief Financial Officer \nreports regularly to the Board to lay down the reasons for \nfluctuations in the fair values of assets and liabilities.\nVarious measurement methods are used to estimate the fair \nvalue of assets and liabilities not traded on an active market. \nWhen determining the fair value of interest swaps and currency \nderivatives, official market listings are used as input in \ncalculations of discounted cash flows. The fair value of loan \nliabilities is measured using generally accepted methods, \nsuch as discounting expected future cash flows at prevailing \ninterest rates.\n\n\n\n\n\ne) Equity-settled share-based payment transactions\nVerve has entered into various share-based payment \narrangements. The measurement of share-based payment \narrangements involves significant judgment and estimation. \nThe fair value of these awards is determined using valuation \nmodels that require assumptions regarding, among other \nfactors, expected volatility, the expected life of the instru-\nments, and risk-free interest rates. For cash-settled share-\nbased payment arrangements, Verve is required to remeasure \nthe related liability at each reporting date until settlement. \nChanges in these assumptions may result in a material impact \non profit or loss and on the carrying amount of liabilities in \nfuture periods.\n\n\n\n\n\n\nWhile the true sale of receivables occurs on a non-recourse \nbasis, the Group retains certain control over the transferred \nreceivables as the structured entity has no unconditional right \nto sell them. Therefore, the Group shall continue to recognize \nthe transferred receivables to the extent of its con-tinuing in-\nvolvement. Given the minimal variability, it has been concluded \nto consider only the retained equity as continued involvement. \nThe continuing involvement does not affect the true sale on a \nnon-recourse basis.\nRefer to Note 9 for additional information on the transaction.\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag200": { "value": "\n
d) Fair Value Measurement
\n
Some assets and liabilities of the Group are measured at fair
\n
value for financial reporting purposes. To the extent possible,
\n
the Group uses observable market data to determine the fair
\n
value of assets and liabilities. Where Level 1 inputs are not
\n
available, the Group engages qualified external experts to
\n
perform the measurements. The Group works closely with
\n
external experts in order to determine appropriate meas-
\n
urement procedures and inputs. The Chief Financial Officer
\n
reports regularly to the Board to lay down the reasons for
\n
fluctuations in the fair values of assets and liabilities.
\n
Various measurement methods are used to estimate the fair
\n
value of assets and liabilities not traded on an active market.
\n
When determining the fair value of interest swaps and currency
\n
derivatives, official market listings are used as input in
\n
calculations of discounted cash flows. The fair value of loan
\n
liabilities is measured using generally accepted methods,
\n
such as discounting expected future cash flows at prevailing
\n
interest rates.
\n

\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
AbbreviationIFRS 9 measurement categories
ACAmortized costFinancial assets and liabilities measured at amortized costs
FVTPLFair value through profit and lossFinancial assets and liabilities measured at fair value through profit and loss
FVTOCIFair value through other comprehensive income (FVTOCI) for debt instrumentsFair value (market value) changes recognized directly in other comprehensive income (with recycling)
FVTOCIFair value through other comprehensive income (FVTOCI) for equity instrumentsFair value (market value) changes recognized directly in other comprehensive income (without recycling)
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n
Management assessed that the fair values of cash and short-term deposits, trade receivables,
\n
trade payables, bank overdrafts and other current liabilities approximate their carrying amounts
\n
largely due to the short-term maturities of these instruments.
\n
The following methods and assumptions were used to estimate the fair values:
\n
All fair-value measurements use the discounted cash-flow method.
\n
There is an active market for the Group\u2019s quoted debt instruments. The price as of reporting date
\n
has been used to determine the fair-value of the bonds.
\n
The Group\u2019s derivatives underlying instruments are plain vanilla interest rate swaps. Their fair-value
\n
is derived from the net present value of the future expected cash flows of the derivatives.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag204": { "value": "\n
\n
\n
2.24 Derivative financial instruments and hedge accounting
\n
The Group utilizes interest rate swaps to hedge its exposure to
\n
interest rate risks. Derivatives are recognized at fair-value on
\n
initial recognition and subsequently remeasured at fair-value. If
\n
the derivative has a positive market value it is recognized as a
\n
financial asset, if it has a negative market value it is recognized as
\n
a financial liability. Derivatives are carried at fair-value through
\n
profit or loss unless a hedging relationship has been designat-
\n
ed.
\n
The hedging relationship between the hedging instrument and
\n
hedged item are formally designated. The Group documents
\n
the hedged item, the hedging instrument, its risk management
\n
objective and strategy, that the qualifying criteria are met
\n
and what method of determining the hedge\u2019s effectiveness is
\n
applied.
\n
Cash-flow hedges:
\n
When a derivative is designated as a cash flow hedging
\n
instrument, the effective portion of changes in the fair value
\n
of the derivative is recognized via OCI in the cash-flow hedge
\n
reserve, any ineffective portion is immediately recognized in the
\n
income statement.
\n
If hedge accounting is discontinued and there is a likelihood
\n
that the remaining cash-flows accounted for in the OCI are still
\n
expected to occur, the Group continues to recognize those
\n
amounts in OCI. If there is no likelihood for expected cash-flows
\n
to occur after hedge accounting has been discontinued, the
\n
accumulated amount in OCI is immediately recorded in the
\n
income statement.
\n

\n

\n\n\n\n
\n

\n

\n\n\n\n
\n

\n

\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag205": { "value": "\n
\n
2.24 Derivative financial instruments and hedge accounting
\n
The Group utilizes interest rate swaps to hedge its exposure to
\n
interest rate risks. Derivatives are recognized at fair-value on
\n
initial recognition and subsequently remeasured at fair-value. If
\n
the derivative has a positive market value it is recognized as a
\n
financial asset, if it has a negative market value it is recognized as
\n
a financial liability. Derivatives are carried at fair-value through
\n
profit or loss unless a hedging relationship has been designat-
\n
ed.
\n
The hedging relationship between the hedging instrument and
\n
hedged item are formally designated. The Group documents
\n
the hedged item, the hedging instrument, its risk management
\n
objective and strategy, that the qualifying criteria are met
\n
and what method of determining the hedge\u2019s effectiveness is
\n
applied.
\n
Cash-flow hedges:
\n
When a derivative is designated as a cash flow hedging
\n
instrument, the effective portion of changes in the fair value
\n
of the derivative is recognized via OCI in the cash-flow hedge
\n
reserve, any ineffective portion is immediately recognized in the
\n
income statement.
\n
If hedge accounting is discontinued and there is a likelihood
\n
that the remaining cash-flows accounted for in the OCI are still
\n
expected to occur, the Group continues to recognize those
\n
amounts in OCI. If there is no likelihood for expected cash-flows
\n
to occur after hedge accounting has been discontinued, the
\n
accumulated amount in OCI is immediately recorded in the
\n
income statement.
\n

\n

\n\n\n\n
\n

\n

\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag206": { "value": "\n
2.24 Derivative financial instruments and hedge accounting
\n
The Group utilizes interest rate swaps to hedge its exposure to
\n
interest rate risks. Derivatives are recognized at fair-value on
\n
initial recognition and subsequently remeasured at fair-value. If
\n
the derivative has a positive market value it is recognized as a
\n
financial asset, if it has a negative market value it is recognized as
\n
a financial liability. Derivatives are carried at fair-value through
\n
profit or loss unless a hedging relationship has been designat-
\n
ed.
\n
The hedging relationship between the hedging instrument and
\n
hedged item are formally designated. The Group documents
\n
the hedged item, the hedging instrument, its risk management
\n
objective and strategy, that the qualifying criteria are met
\n
and what method of determining the hedge\u2019s effectiveness is
\n
applied.
\n
Cash-flow hedges:
\n
When a derivative is designated as a cash flow hedging
\n
instrument, the effective portion of changes in the fair value
\n
of the derivative is recognized via OCI in the cash-flow hedge
\n
reserve, any ineffective portion is immediately recognized in the
\n
income statement.
\n
If hedge accounting is discontinued and there is a likelihood
\n
that the remaining cash-flows accounted for in the OCI are still
\n
expected to occur, the Group continues to recognize those
\n
amounts in OCI. If there is no likelihood for expected cash-flows
\n
to occur after hedge accounting has been discontinued, the
\n
accumulated amount in OCI is immediately recorded in the
\n
income statement.
\n

\n

\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag207": { "value": "\n
\n
\n
3 Acquisitions of subsidiaries
\n
The initial accounting for the business combinations in 2025 is provisional. In accordance with
\n
IFRS 3.45, the Group may adjust the provisional amounts recognized for identified assets acquired,
\n
liabilities assumed and contingent consideration for a period of up to 12 months after the acquisition
\n
date. These provisional amounts may change as the Group obtains additional information about
\n
facts and circumstances that existed as of the acquisition date. At the reporting date, certain
\n
valuations \u2013 primarily relating to the fair value of identifiable intangible assets and contingent
\n
consideration \u2013 are still being finalized.
\n

\n\n\n\n
\n

\n\n\n\n
\n
Acquisition of Viewento GmbH
\n
On July 1, 2025, Verve Retail Media Holding GmbH, a wholly owned subsidiary of Verve Group SE,
\n
acquired 100 percent of the shares and voting rights in Viewento GmbH through a share deal.
\n
Viewento GmbH provides in-store ad spaces in supermarkets. The acquisition provides the Group
\n
with additional growth potential in the Digital Out-of-Home advertising.
\n
Acquisition-related costs amounted to 290 \u20ack and were expensed in Other operating expenses.
\n
The total undiscounted consideration transferred for Viewento GmbH amounted to 16,3 \u20acm,
\n
including 4.9 \u20acm paid in cash at closing, a milestone payment of 0.9 \u20acm due six weeks after closing
\n
and several contingent considerations. The contingent considerations are calculated based on
\n
EBITDA of Viewento GmbH and scalability of the business. The consideration may be settled in
\n
cash or shares, depending on future performance milestones.
\n
The fair values of the assets acquired and liabilities assumed are shown in the following table.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack
Identifiable intangible assets7,414
Current assets98
Thereof Cash acquired with the subsidiary-204
Deferred tax asset due to PPA1,038
Other non-current assets1,288
Liabilities-3,736
Goodwill8,626
Total net assets at fair value14,728
Undiscounted equity consideration16,284
Thereof present value of contingent consideration payable 6 weeks after closing860
Thereof present value of contingent consideration payable 15 months after closing2,612
Thereof present value of contingent consideration payable 27 months after closing3,387
Thereof present value of contingent consideration payable 39 months after closing4,536
Discount impact on deferred purchase price-1,556
Equity consideration for IFRS purposes14,728
\n\n\n\n\n
\n

\n

\n\n\n\n\n
At the acquisition date, trade receivables were recognized at a fair value of 248 \u20ack. The gross
\n
amount totals 248 \u20ack, with full collection of the contractual amounts expected.
\n
Goodwill recognized from the acquisition of Viewento GmbH amounts to 8.6 \u20acm while other
\n
identified intangible assets totaled 7.4 \u20acm. The goodwill primarily reflects the expanded scale and
\n
reach achieved by combining Viewento\u2019s demand-side business with Verve\u2019s supply-side plat-
\n
form. The goodwill is fully allocated to the demand segment (DSP). The goodwill recognized is not
\n
expected to be deductible for tax purposes.
\n
The contingent consideration is carried at fair-value through profit or loss and is classified as a
\n
Level 3 liability (see Note 14). As of the reporting date, 860 \u20ack of the contingent consideration due
\n
6 weeks after closing have already been paid out. Based on the key performance indicators as of
\n
December 31, 2025, it is highly probable that the remaining performance targets will be achieved,
\n
reflecting the continued performance of the acquired business. These developments, together
\n
with other relevant factors, are reflected in the fair value measurement of the contingent con-
\n
sideration at that date, with the resulting remeasurement recognized through profit or loss. The
\n
fair value has been determined using a probability-weighted discounted cash flow method. As at
\n
the reporting date, the contingent consideration was reassessed and determined to be 9,279 \u20ack,
\n
based on the expected probable outcome. The charge has been recognized in profit or loss.
\n
The table below breaks down the identified intangible assets recognized.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack
Trademark147
Technology625
Customer Relationship998
Supplier Contracts5,645
Identified Intangible Assets7,414
\n\n\n\n\n
\n
The table below shows the contribution of Viewento GmbH to the consolidated financial state-
\n
ments since its acquisition.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack
Revenue1,511
Consolidated net profit/(loss)-987
\n\n\n\n\n
\n
The table below shows the combined revenues and profit or loss as if Viewento GmbH would
\n
have been part of the Group since the beginning of the financial year 2025.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack
Revenue552,896
Consolidated net profit/(loss)-12
\n\n\n\n\n
\n
Acquisition of Captify Target Company LLC and its Subsidiaries
\n
On September 15, 2025, Verve US Holdco Inc., a wholly owned subsidiary of Verve Group SE
\n
acquired 100 percent of the shares and voting rights in Captify Target Company LLC and its sub-
\n
sidiaries (together named below Captify or Captify Group) through a share deal. Captify operates
\n
a search intelligence platform for online advertising services which provides brands with a deep
\n
understanding of consumer interests and campaign measurements without using third-party
\n
cookies. Verve\u2019s audience intelligence platforms can be enhanced with Captify\u2019s technology
\n
offering. Additionally, onboarding of Captify\u2019s team can result in revenue and cost synergies.
\n
The initial measurement provided in Q3 2025 of identified intangible assets and liabilities assumed
\n
according to IFRS 3 was updated in Q4 2025, impacting the recognized opening balance of Captify.
\n
Changes were made to the identified intangibles assets, deferred tax assets and liabilities, and the
\n
consideration transferred. The information below only reflects the updated measurement at the
\n
reporting date, certain valuations concerning current assets are still subject to being finalized.
\n
Acquisition-related costs amounted to 539 \u20ack and were expensed in Other operating expenses.
\n
The total undiscounted consideration transferred amounted to 23,136 \u20ack, consisting of 12,160 \u20ack
\n
closing cash consideration, 756 \u20ack of deferred consideration due 6 weeks after closing, 9,369 \u20ack
\n
of deferred consideration due 18 months after closing and a vendor settlement obligation of 852
\n
\u20ack. No contingent consideration was recognized.
\n

\n

\n\n\n\n\n
The assets acquired and liabilities assumed were recognized at their acquisition date fair values.
\n
The following tables summarize the recognized amounts.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack
Identifiable intangible assets8,448
Current assets11,912
Thereof Cash acquired with the subsidiary1,297
Deferred tax asset due to PPA2,081
Other non-current assets1,993
Liabilities-17,487
Goodwill15,322
Total net assets at fair value22,269
Undiscounted equity consideration23,136
Thereof, undiscounted deferred purchase price, payable 6 weeks after closing756
Thereof, undiscounted deferred purchase price, payable 18 months after closing9,369
Thereof, undiscounted vendor settlement obligation852
Discount impact on deferred purchase price-868
Equity consideration for IFRS purposes22,269
\n\n\n\n\n
\n
Goodwill recognized from the acquisition of Captify amounts to 15.3 \u20acm while other identified
\n
intangible assets recognized total 8,4 \u20acm. The goodwill primarily reflects the valuation of the
\n
workforce and growth opportunities combining Captify\u2019s search intelligence with Verve\u2019s adver-
\n
tising products. The goodwill is fully allocated to the demand segment (DSP). The goodwill recog-
\n
nized is not expected to be deductible for tax purposes.
\n
At the acquisition date, trade receivables were recognized at a fair value of 8,563 \u20ack. The gross
\n
amount totals 8,563 \u20ack, with full collection of the contractual amounts expected.
\n
The table below breaks down the identified intangible assets recognized.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack
Technology4,294
Customer Relationship4,155
Identified Intangible Assets8,448
\n\n\n\n\n
\n
The table below shows the contribution of Captify to the consolidated financial statements since
\n
its acquisition.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack
Revenue12,258
Consolidated net profit/(loss)1,058
\n\n\n\n\n
\n
The table below shows the combined revenues and profit or loss as if Captify would have been
\n
part of the Group since the beginning of the financial year 2025.
\n
in \u20ack
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Revenue581,778
Consolidated net profit/(loss)6,445
\n\n\n\n\n
\n
Acquisition of acardo Group AG
\n
On October 6, 2025, Verve Retail Media Holding GmbH, a wholly-owned subsidiary of Verve Group
\n
SE, acquired 100 percent of the shares and voting rights in acardo Group AG through a share deal.
\n
acardo provides digital advertising and couponing solutions for FMCG brands and retailers. The
\n
acquisition enables Verve to expand into retail media and strengthens the Group\u2019s demand-side
\n
capabilities.
\n
Acquisition-related costs amounted to 282 \u20ack and were expensed in Other operating expenses.
\n
The total undiscounted consideration transferred amounted to 32,311 \u20ack, consisting of 24,667 \u20ack
\n
cash paid at closing, including 2,519 \u20ack used to settle a liability between acardo and its previous
\n
shareholder. As this amount remained within the Group, it is treated as cash acquired, and an
\n
additional, 7,644 \u20ack as deferred cash consideration payable 12 months after closing. No contingent
\n
consideration was recognized.
\n

\n

\n\n\n\n\n
The assets acquired and liabilities assumed were recognized at their acquisition date fair values.
\n
The following tables summarize the recognized amounts.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack
Identifiable intangible assets7,345
Current assets10,595
thereof Cash acquired with the subsidiary5,367
Other non-current assets350
Liabilities-5,206
Goodwill18,968
Total net assets at fair value32,052
Undiscounted equity consideration32,311
Thereof, undiscounted deferred purchase price, payable 12 months after closing7,644
Discount impact on deferred purchase price-258
Equity consideration for IFRS purposes32,052
\n\n\n\n\n
\n
Goodwill recognized from the acquisition of acardo Group AG amounts to 19 \u20acm while other
\n
identified intangible assets recognized total 7.3 \u20acm. The goodwill primarily reflects the valuation
\n
of the workforce and growth opportunities. The goodwill is fully allocated to the demand segment
\n
(DSP). The goodwill recognized is not expected to be deductible for tax purposes.
\n
At the acquisition date, trade receivables were recognized at a fair value of 2,914 \u20ack. The gross
\n
amount totals 2,914 \u20ack, with full collection of the contractual amounts expected.
\n
The table below breaks down the identified intangible assets recognized.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack
Technology1,849
Customer Relationship5,456
Order Backlog41
Identified intangible assets7,345
\n\n\n\n\n
\n
The table below shows the contribution of acardo Group AG to the consolidated financial state-
\n
ments since its acquisition.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack
Revenue4,843
Consolidated net profit/(loss)974
\n\n\n\n\n
\n
The table below shows the combined revenues and profit or loss as if acardo Group AG would
\n
have been part of the Group since the beginning of the financial year 2025.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack
Revenue561,221
Consolidated net profit/(loss)2,254
\n\n\n\n\n
\n

\n

\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag209": { "value": "\n
3 Acquisitions of subsidiaries
\n
The initial accounting for the business combinations in 2025 is provisional. In accordance with
\n
IFRS 3.45, the Group may adjust the provisional amounts recognized for identified assets acquired,
\n
liabilities assumed and contingent consideration for a period of up to 12 months after the acquisition
\n
date. These provisional amounts may change as the Group obtains additional information about
\n
facts and circumstances that existed as of the acquisition date. At the reporting date, certain
\n
valuations \u2013 primarily relating to the fair value of identifiable intangible assets and contingent
\n
consideration \u2013 are still being finalized.
\n

\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag215": { "value": "\n
\n
\n
4 Interests in subsidiaries (NCI)
\n
The consolidated financial statements incorporate the assets, liabilities, and results of the following
\n
subsidiaries with non-controlling interest in accordance with the accounting policy described in
\n
Note 2:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
ParentDirect non-controlling interest
Country of Principal Ownership Ownership Ownership Ownership
Nameincorporationactivitiesinterest 2025 %interest 2024 %interest 2025 %interest 2024 %
gamigo AGGermanyOnline 99.9899.980.020.02
Games
Smaato India IndiaMedia80.0080.0020.0020.00
Private Limited
Gamigo PhilippinesOnline 98.0098.002.002.00
Philippines IncGames
\n\n\n\n\n
\n

\n\n\n
\n

\n\n\n
\n

\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag214": { "value": "\n
\n
4 Interests in subsidiaries (NCI)
\n
The consolidated financial statements incorporate the assets, liabilities, and results of the following
\n
subsidiaries with non-controlling interest in accordance with the accounting policy described in
\n
Note 2:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
ParentDirect non-controlling interest
Country of Principal Ownership Ownership Ownership Ownership
Nameincorporationactivitiesinterest 2025 %interest 2024 %interest 2025 %interest 2024 %
gamigo AGGermanyOnline 99.9899.980.020.02
Games
Smaato India IndiaMedia80.0080.0020.0020.00
Private Limited
Gamigo PhilippinesOnline 98.0098.002.002.00
Philippines IncGames
\n\n\n\n\n
\n

\n\n\n
\n

\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag213": { "value": "\n
4 Interests in subsidiaries (NCI)
\n
The consolidated financial statements incorporate the assets, liabilities, and results of the following
\n
subsidiaries with non-controlling interest in accordance with the accounting policy described in
\n
Note 2:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
ParentDirect non-controlling interest
Country of Principal Ownership Ownership Ownership Ownership
Nameincorporationactivitiesinterest 2025 %interest 2024 %interest 2025 %interest 2024 %
gamigo AGGermanyOnline 99.9899.980.020.02
Games
Smaato India IndiaMedia80.0080.0020.0020.00
Private Limited
Gamigo PhilippinesOnline 98.0098.002.002.00
Philippines IncGames
\n\n\n\n\n
\n

\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag216": { "value": "\n
5 Segment information
\n
Products and services from which reportable segments derive their revenues
\n
\n
Under IFRS 8, on the basis of the internal reporting, operating segments are to be defined
\n
across group divisions that are subject to a regular review by the Chief Operating Decision Maker
\n
of the Company with respect to decisions on the allocation of resources to these segments and
\n
the assessment of segment performance. Information reported to the Chief Operating Decision
\n
Maker for the purposes of resource allocation and assessment of segment performance is focused on
\n
the two segments of Demand Side Platform (DSP) and Supply Side Platform (SSP). The Demand
\n
Side Platforms are recognized within the DSP Segment. The Supply Side Platforms as well as the
\n
own games content which is integrated into the Supply Side Platforms are recognized in the SSP
\n
Segment.
\n

\n\n\n
\n
Description of the advertising value chain and segment reporting
\n
In the digital advertising market, with its rapid pace of innovation, there exist many players and
\n
roles. Within the programmatic advertising industry there are currently two key categories:
\n
Demand Side Platforms (DSP): Which bundle the demand from advertisers and agencies for new
\n
users within the Demand Side Platform.
\n
Supply Side Platforms (SSP): Which bundle integrations with first- and third-party publishers that
\n
are integrated within Supply Side Platforms (SSP) to monetize the advertising space in their content.
\n
Starting from the advertiser\u2019s point of view, the first station in the online advertising services
\n
industry is, depending on the degree of outsourcing needs, an agency or trade desk. The services
\n
of an agency comprise creating, planning and execution of advertising campaigns. Large adver-
\n
tising agencies such as WPP offer a full-service package, allowing an advertiser to completely
\n
outsource advertising-related activities.
\n
The next step in the value chain and a necessary function in programmatic advertising is a Demand
\n
Side Platform (DSP). A DSP bundles the demand of advertising buyers and enriches it with specific
\n
data to be able to match the advertising content most efficiently with advertising inventory. An
\n
example of a DSP is the company The Trade Desk, or within Verve Group, Verve DSP.
\n
The counterpart of a DSP is a Supply Side Platform (SSP). An SSP bundles the supply of advertising
\n
space from publishers including specific information about the characteristics of the available
\n
advertising inventory. Large networks such as Google have their own SSPs, but there are also
\n
several independent players such as Fyber or PubMatic and also Verve, who are trying to maxi-
\n
mize ad space monetization. An advertising exchange sits between DSPs and SSPs and acts as
\n
a marketplace for both the supply and demand of advertising space. Often, this is an automated
\n
process in the form of real time bidding (RTB). However, the focus of DSPs, SSPs and ad-exchanges
\n
are somewhat blurred (as is the case of Verve where advertising is sometimes conducted through
\n
the Verve DSP, which might connect directly with an SSP), while certain publishers negotiate a
\n
campaign and its pricing directly with advertisers.
\n
At the other end of the value chain is the publisher, the owner of a medium or media platform
\n
wishing to sell its advertising inventory. At this point, the advertisement reaches its audience.
\n
Prominent examples include Zynga, King or Embracer, or in the case of Verve, gamigo, WildTangent,
\n
and AxesInMotion, which are in charge of Verve\u2019s games inventory (i.e. games IP`s, audiences,
\n
customer purchase data and platforms).
\n
DSP Segment
\n
Verve\u2019s Demand Side Platform enables advertisers to drive user acquisition campaigns across the
\n
open internet. Through our self-service, cloud-based platform, advertisers can create, manage,
\n
and optimize data-driven digital advertising campaigns across all relevant ad formats and channels
\n
(including e.g. display, native and video) and devices (mobile, desktop, digital out-of-home and
\n
connected TV). Based on our vertical infrastructure approach, our Demand Side Platform is inte-
\n
grated with our Supply Side Platform (SSP) which provides access to major first- and third-party
\n
inventory from publishers. Our first-party inventory mainly relates to advertising space in casual
\n
games from various acquisitions carried out since 2012. The combination of owned content and
\n
third-party content in combination with strong AI capabilities provides advertisers with global
\n
reach and a broad set of audience data which results in very strong targeting capabilities for their
\n
user acquisition campaigns.
\n

\n

\n\n\n\n
Our clients on the demand side are primarily large brands from Fortune 500 Companies as well
\n
as agencies such as WPP or Mediacom, which manage the budgets of large advertisers. Our
\n
Demand Side Platform generates revenue through advertising services where Verve manages
\n
campaigns for advertisers or charges a usage-based fee for the use of the self-serve DSP plat-
\n
form. With products like ATOM or Moments.AI, Verve\u2019s platform offers value-added services which
\n
provide targeting solutions for advertisers for a world without identifiers and cookies.
\n
SSP Segment
\n
Verve\u2019s Supply Side Platform helps third party publishers (games and non-games) and its own
\n
games studios to monetize their ad inventory / ad spaces while keeping full control over it.
\n
Publishers connect to the SSP by, for example, integrating our SDKs into their content. Connected
\n
to our own Demand Side Platform, as well as to third-party Demand Side Partners, we enable
\n
marketers to drive return on their ad spending and reach addressable audiences across all
\n
relevant ad formats, channels, and devices. Our infrastructure approach allows for an efficient
\n
processing and utilization of data in real time optimized via AI, leading to a superior monetization
\n
for publishers by increasing the value of an impression and by providing incremental demand
\n
through our own DSP and through our well-established relationships with more than hundreds of
\n
advertisers and third Party DSP advertisers and well over 80 third-party DSPs. Publishers can then
\n
sell their ad inventory to advertisers using real-time bidding techniques. Through Verve\u2019s AI driven
\n
powerful data enrichment engine, content users are segmented in a privacy-compliant manner.
\n
As a result, advertisers who consider the user most valuable based on the segmentation will bid
\n
the most for the ad space. In this way, the advertising space can be sold by publishers in the most
\n
efficient and profitable way.
\n
Our partners on the supply-side are primarily publishers and app developers that allow us to
\n
directly integrate with their apps resp. content, maximizing automation and sales efficiency of
\n
ad inventory. In addition, the SSP Segment also includes its own games studios which provide
\n
first-party data and in-game advertising spaces and enable faster testing cycles of new services.
\n
A smaller portion of the revenues in this segment is generated directly from consumers from in-
\n
game item sales and game subscriptions. The Supply Side Platform generates revenue through
\n
services where Verve buys ad inventory directly from the publisher and sells it to demand side
\n
platforms.
\n
5.1 Segment Revenues and Segment Results
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
INTER-
DSP SSP SEGMENT CONSOLIDATED
in \u20ackJan-Dec-25Jan-Dec-25ELIMINATIONJan-Dec-25
Total Revenues157,630455,134-61,841 550,923
Intersegment Revenues36,99624,845-61,841 0
Revenues external120,633430,2890 550,923
Own work capitalised2,90425,1080 28,012
Other operating income2,4907,521-7,361 2,650
Purchased services & other -73,451-346,137 63,631 -355,956
operating expenses
Employee expenses-40,615-68,4625,571 -103,506
EBITDA48,95873,1640122,122
Depreciation and amortization-11,190-41,8620 -53,053
Financing income1,1337,181-1,954 6,360
Financing expenses-4,496-65,691-1,954 -68,233
Earnings before taxes (EBT)34,405-27,20807,196
Income taxes-5,002-1,5060 -6,508
Consolidated net profit/(loss)29,403-28,7140689
\n\n\n\n\n
\n

\n

\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
INTER-
DSP SSP SEGMENT CONSOLIDATED
in \u20ackJan-Dec-24Jan-Dec-24ELIMINATIONJan-Dec-24
Total Revenues100,549390,270-53,814 437,005
Intersegment Revenues31,55322,261-53,814 0
Revenues external68,996368,0080 437,005
Own work capitalised2,48922,4430 24,932
Other operating income34118,550-1,141 17,750
Purchased services & other operating -50,685-273,89952,908 -271,676
expenses
Employee expenses-16,615-64,9212,047 -79,490
EBITDA36,07892,4420128,521
Depreciation and amortization-5,649-32,5900 -38,239
Financing income5407,505-1,632 6,413
Financing expenses-3,222-63,3021,632 -64,892
Earnings before taxes (EBT)27,7474,056031,803
Income taxes-2,030-9680 -2,998
Consolidated net profit/(loss)25,7173,0880 28,805
\n\n\n\n\n
\n
The Group does not use geographical information for the purposes of internal controlling nor for
\n
management reports. A separate collection of such data would result in disproportional costs.
\n
Due to the structure of customers in the DSP and SSP segment, there are no customers that
\n
constitute a proportion of more than 10 percent of the Group\u2019s revenues. The customers of both
\n
segments in general are characterized by a large number of Fortune 500 customers.
\n
The accounting policies of the reportable segments correspond to the Group\u2019s accounting policies
\n
described above. The segment result represents the result that each segment generates with
\n
allocation of the share of the central administrative costs including the remuneration of the
\n
Governing Board. The segment results are reported to the Group\u2019s Chief Operating Decision
\n
Maker for the purpose of resource allocation to the segments and the assessment of segment
\n
performance.
\n
5.2 Segment Assets
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
31-Dec-2531-Dec-24
in \u20ackin \u20ack
DSP389,656275,374
SSP961,0971,023,937
Inter-segment elimination-98,218-46,861
Consolidated total segment assets1,252,5351,252,449
\n\n\n\n\n
\n
All assets including goodwill are allocated to the reportable segments As of December 31, 2025
\n
no impairment losses on goodwill were recognized, as in the previous year.
\n

\n

\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag217": { "value": "\n
Under IFRS 8, on the basis of the internal reporting, operating segments are to be defined
\n
across group divisions that are subject to a regular review by the Chief Operating Decision Maker
\n
of the Company with respect to decisions on the allocation of resources to these segments and
\n
the assessment of segment performance. Information reported to the Chief Operating Decision
\n
Maker for the purposes of resource allocation and assessment of segment performance is focused on
\n
the two segments of Demand Side Platform (DSP) and Supply Side Platform (SSP). The Demand
\n
Side Platforms are recognized within the DSP Segment. The Supply Side Platforms as well as the
\n
own games content which is integrated into the Supply Side Platforms are recognized in the SSP
\n
Segment.
\n

\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag440": { "value": "\n
\n
\n

\n
\n
6 Intangible assets
\n
The book value of the intangible assets as of the reporting date is as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack31-Dec-2531-Dec-24
Internally generated intangible assets117,751118,878
Other intangible assets140,416149,945
Goodwill714,706718,032
Total972,873986,855
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n
\n
The development of book value is as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Internally generated assetsOther intangible assetsGoodwillTotal
Cost125,982200,200578,028904,209
Amortization-27,616-79,9860-107,602
Balance at January 1, 202498,366120,214578,028796,607
Acquisition through business combination035,155117,883153,038
Additions35,2633,591038,854
Amortization-19,208-15,4090-34,617
Effects from currency valuation cost5,5858,37522,12236,081
Effects from currency valuation amortization-1,128-1,9800-3,108
Balance at December 31, 2024118,878149,945718,032986,855
Cost166,829247,320718,0321,132,181
Amortization-47,952-97,3750-145,327
Balance at January 1,2025118,878149,945718,032986,855
Acquisition through business combination023,54142,91666,457
Additions33,8412,468036,309
Amortization-26,547-22,5710-49,118
Effects from currency valuation cost-11,657-17,980-46,246-75,883
Effects from currency valuation amortization3,2365,01708,253
Balance at December 31, 2025117,751140,416714,706972,873
Cost189,013255,350714,7061,159,064
Amortization-71,262-114,9340-186,191
\n\n\n\n\n\n\n\n
\n

\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n
\n
\n
\n
For the purpose of impairment testing, goodwill is allocated to the following cash-generating units:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack31-Dec-2531-Dec-24
DSP 194,908168,123
SSP519,799549,909
Total Goodwill714,706718,032
\n\n\n\n\n\n\n\n
\n
The carrying amount of this goodwill was confirmed by the impairment tests carried out on the
\n
reference date for the annual financial statements. The goodwill is tested at the level of the business
\n
segments Demand and Supply, as this corresponds to the approach of the internal control of the
\n
Group. The cash-generating units consist of the Demand and Supply business segments. The
\n
goodwill is tested at the level of cash generating units which are equal to the business segments
\n
Demand and Supply.
\n
The impairment tests are based on the calculation of the amount that can be generated by the
\n
cash generating units based on their value in use. For this valuation, cash flow forecasts are used
\n
that are based on a financial planning approved by the company management for five years. As in
\n
the previous year, cash flows for the five-year period are planned with detailed assumptions. The
\n
applied growth rate for the terminal value is 1%. The DSP segment projects revenues to grow at a
\n
solid CAGR, as well on the SSP segment. The assumed CAGR is based on historical experience
\n
and market expectations, for the DSP segment it assumed to be 8.4%, in the SSP segment 7.7%.
\n
For the DSP segment, EBITDA margins are expected to be around 40 % (2024: 35%). For the SSP,
\n
EBITDA margins are projected to be about 19% (2024: 23%). The projected EBITDA margins are
\n
based on historical experience or have been forecast based on current market projections.
\n
The cash flows were discounted using the discounted cash flow (DCF) method applying a WACC
\n
(weighted average cost of capital) of 11% for the DSP segment and 9,5% for the SSP segment. The
\n
weighted average cost of capital used for discounting reflects the risk-adjusted return requirement of
\n
our equity as well as debt-investors and is derived based on capital market data.
\n
The recoverable amount is determined by applying the value in use method. Overall, the inde-
\n
pendent valuation report confirms that the recoverable amounts of the cash-generating units
\n
exceed their carrying amounts, which implies no impairment for fiscal year 2025. The following
\n
table shows the sensitivity analysis of the CGU\u2019s value in use to changes in EBITDA and WACC.
\n
Management concludes that no reasonable change to key variables would lead to an impairment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackDemandSupply
Value-in-Use 716.466 912.359
Headroom 465.001 286.912
\n\n\n\n\n\n\n\n
\n
Sensitivity Analysis
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackDemandSupply
EBITDA Margin
1,50% 33.659 117.263
-1,50%-33.688 -117.213
WACC
-1,00% 79.513 125.474
1,00%-65.213 -98.966
\n\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag441": { "value": "\n
\n

\n
\n
6 Intangible assets
\n
The book value of the intangible assets as of the reporting date is as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack31-Dec-2531-Dec-24
Internally generated intangible assets117,751118,878
Other intangible assets140,416149,945
Goodwill714,706718,032
Total972,873986,855
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n
\n
The development of book value is as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Internally generated assetsOther intangible assetsGoodwillTotal
Cost125,982200,200578,028904,209
Amortization-27,616-79,9860-107,602
Balance at January 1, 202498,366120,214578,028796,607
Acquisition through business combination035,155117,883153,038
Additions35,2633,591038,854
Amortization-19,208-15,4090-34,617
Effects from currency valuation cost5,5858,37522,12236,081
Effects from currency valuation amortization-1,128-1,9800-3,108
Balance at December 31, 2024118,878149,945718,032986,855
Cost166,829247,320718,0321,132,181
Amortization-47,952-97,3750-145,327
Balance at January 1,2025118,878149,945718,032986,855
Acquisition through business combination023,54142,91666,457
Additions33,8412,468036,309
Amortization-26,547-22,5710-49,118
Effects from currency valuation cost-11,657-17,980-46,246-75,883
Effects from currency valuation amortization3,2365,01708,253
Balance at December 31, 2025117,751140,416714,706972,873
Cost189,013255,350714,7061,159,064
Amortization-71,262-114,9340-186,191
\n\n\n\n\n\n\n\n
\n

\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n
\n
\n
For the purpose of impairment testing, goodwill is allocated to the following cash-generating units:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack31-Dec-2531-Dec-24
DSP 194,908168,123
SSP519,799549,909
Total Goodwill714,706718,032
\n\n\n\n\n\n\n\n
\n
The carrying amount of this goodwill was confirmed by the impairment tests carried out on the
\n
reference date for the annual financial statements. The goodwill is tested at the level of the business
\n
segments Demand and Supply, as this corresponds to the approach of the internal control of the
\n
Group. The cash-generating units consist of the Demand and Supply business segments. The
\n
goodwill is tested at the level of cash generating units which are equal to the business segments
\n
Demand and Supply.
\n
The impairment tests are based on the calculation of the amount that can be generated by the
\n
cash generating units based on their value in use. For this valuation, cash flow forecasts are used
\n
that are based on a financial planning approved by the company management for five years. As in
\n
the previous year, cash flows for the five-year period are planned with detailed assumptions. The
\n
applied growth rate for the terminal value is 1%. The DSP segment projects revenues to grow at a
\n
solid CAGR, as well on the SSP segment. The assumed CAGR is based on historical experience
\n
and market expectations, for the DSP segment it assumed to be 8.4%, in the SSP segment 7.7%.
\n
For the DSP segment, EBITDA margins are expected to be around 40 % (2024: 35%). For the SSP,
\n
EBITDA margins are projected to be about 19% (2024: 23%). The projected EBITDA margins are
\n
based on historical experience or have been forecast based on current market projections.
\n
The cash flows were discounted using the discounted cash flow (DCF) method applying a WACC
\n
(weighted average cost of capital) of 11% for the DSP segment and 9,5% for the SSP segment. The
\n
weighted average cost of capital used for discounting reflects the risk-adjusted return requirement of
\n
our equity as well as debt-investors and is derived based on capital market data.
\n
The recoverable amount is determined by applying the value in use method. Overall, the inde-
\n
pendent valuation report confirms that the recoverable amounts of the cash-generating units
\n
exceed their carrying amounts, which implies no impairment for fiscal year 2025. The following
\n
table shows the sensitivity analysis of the CGU\u2019s value in use to changes in EBITDA and WACC.
\n
Management concludes that no reasonable change to key variables would lead to an impairment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackDemandSupply
Value-in-Use 716.466 912.359
Headroom 465.001 286.912
\n\n\n\n\n\n\n\n
\n
Sensitivity Analysis
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackDemandSupply
EBITDA Margin
1,50% 33.659 117.263
-1,50%-33.688 -117.213
WACC
-1,00% 79.513 125.474
1,00%-65.213 -98.966
\n\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag442": { "value": "\n

\n
\n
6 Intangible assets
\n
The book value of the intangible assets as of the reporting date is as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack31-Dec-2531-Dec-24
Internally generated intangible assets117,751118,878
Other intangible assets140,416149,945
Goodwill714,706718,032
Total972,873986,855
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n
\n
The development of book value is as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Internally generated assetsOther intangible assetsGoodwillTotal
Cost125,982200,200578,028904,209
Amortization-27,616-79,9860-107,602
Balance at January 1, 202498,366120,214578,028796,607
Acquisition through business combination035,155117,883153,038
Additions35,2633,591038,854
Amortization-19,208-15,4090-34,617
Effects from currency valuation cost5,5858,37522,12236,081
Effects from currency valuation amortization-1,128-1,9800-3,108
Balance at December 31, 2024118,878149,945718,032986,855
Cost166,829247,320718,0321,132,181
Amortization-47,952-97,3750-145,327
Balance at January 1,2025118,878149,945718,032986,855
Acquisition through business combination023,54142,91666,457
Additions33,8412,468036,309
Amortization-26,547-22,5710-49,118
Effects from currency valuation cost-11,657-17,980-46,246-75,883
Effects from currency valuation amortization3,2365,01708,253
Balance at December 31, 2025117,751140,416714,706972,873
Cost189,013255,350714,7061,159,064
Amortization-71,262-114,9340-186,191
\n\n\n\n\n\n\n\n
\n

\n\n
\n

\n\n\n\n\n\n\n\n
\n
For the purpose of impairment testing, goodwill is allocated to the following cash-generating units:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack31-Dec-2531-Dec-24
DSP 194,908168,123
SSP519,799549,909
Total Goodwill714,706718,032
\n\n\n\n\n\n\n\n
\n
The carrying amount of this goodwill was confirmed by the impairment tests carried out on the
\n
reference date for the annual financial statements. The goodwill is tested at the level of the business
\n
segments Demand and Supply, as this corresponds to the approach of the internal control of the
\n
Group. The cash-generating units consist of the Demand and Supply business segments. The
\n
goodwill is tested at the level of cash generating units which are equal to the business segments
\n
Demand and Supply.
\n
The impairment tests are based on the calculation of the amount that can be generated by the
\n
cash generating units based on their value in use. For this valuation, cash flow forecasts are used
\n
that are based on a financial planning approved by the company management for five years. As in
\n
the previous year, cash flows for the five-year period are planned with detailed assumptions. The
\n
applied growth rate for the terminal value is 1%. The DSP segment projects revenues to grow at a
\n
solid CAGR, as well on the SSP segment. The assumed CAGR is based on historical experience
\n
and market expectations, for the DSP segment it assumed to be 8.4%, in the SSP segment 7.7%.
\n
For the DSP segment, EBITDA margins are expected to be around 40 % (2024: 35%). For the SSP,
\n
EBITDA margins are projected to be about 19% (2024: 23%). The projected EBITDA margins are
\n
based on historical experience or have been forecast based on current market projections.
\n
The cash flows were discounted using the discounted cash flow (DCF) method applying a WACC
\n
(weighted average cost of capital) of 11% for the DSP segment and 9,5% for the SSP segment. The
\n
weighted average cost of capital used for discounting reflects the risk-adjusted return requirement of
\n
our equity as well as debt-investors and is derived based on capital market data.
\n
The recoverable amount is determined by applying the value in use method. Overall, the inde-
\n
pendent valuation report confirms that the recoverable amounts of the cash-generating units
\n
exceed their carrying amounts, which implies no impairment for fiscal year 2025. The following
\n
table shows the sensitivity analysis of the CGU\u2019s value in use to changes in EBITDA and WACC.
\n
Management concludes that no reasonable change to key variables would lead to an impairment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackDemandSupply
Value-in-Use 716.466 912.359
Headroom 465.001 286.912
\n\n\n\n\n\n\n\n
\n
Sensitivity Analysis
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackDemandSupply
EBITDA Margin
1,50% 33.659 117.263
-1,50%-33.688 -117.213
WACC
-1,00% 79.513 125.474
1,00%-65.213 -98.966
\n\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag443": { "value": "\n
6 Intangible assets
\n
The book value of the intangible assets as of the reporting date is as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack31-Dec-2531-Dec-24
Internally generated intangible assets117,751118,878
Other intangible assets140,416149,945
Goodwill714,706718,032
Total972,873986,855
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag489": { "value": "\n
The development of book value is as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Internally generated assetsOther intangible assetsGoodwillTotal
Cost125,982200,200578,028904,209
Amortization-27,616-79,9860-107,602
Balance at January 1, 202498,366120,214578,028796,607
Acquisition through business combination035,155117,883153,038
Additions35,2633,591038,854
Amortization-19,208-15,4090-34,617
Effects from currency valuation cost5,5858,37522,12236,081
Effects from currency valuation amortization-1,128-1,9800-3,108
Balance at December 31, 2024118,878149,945718,032986,855
Cost166,829247,320718,0321,132,181
Amortization-47,952-97,3750-145,327
Balance at January 1,2025118,878149,945718,032986,855
Acquisition through business combination023,54142,91666,457
Additions33,8412,468036,309
Amortization-26,547-22,5710-49,118
Effects from currency valuation cost-11,657-17,980-46,246-75,883
Effects from currency valuation amortization3,2365,01708,253
Balance at December 31, 2025117,751140,416714,706972,873
Cost189,013255,350714,7061,159,064
Amortization-71,262-114,9340-186,191
\n\n\n\n\n\n\n\n
\n

\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack
Cost11,283
Depreciation-7,320
Balance at January 1, 20243,963
Additions3,405
Acquisitions through business combination0
Depreciation-3,346
Disposal-2
Effects from currency valuation Cost522
Effects from currency valuation Depreciation-357
Other129
Balance at December 31, 20244,313
Balance at January 1, 20254,313
Additions7,654
Acquisitions through business combination5,820
Depreciation-3,934
Disposal-370
Effects from currency valuation Cost-1,361
Effects from currency valuation Depreciation911
Other-69
Balance at December 31, 202512,965
Cost24,363
Depreciation-11,397
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n
29 Depreciation and amortization
\n
With regard to the amortization of intangible assets and the depreciation of property, plant and
\n
equipment, we refer to the explanations regarding the intangible assets in Note 6 and property,
\n
plant and equipment in Note 7.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag447": { "value": "\n
For the purpose of impairment testing, goodwill is allocated to the following cash-generating units:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack31-Dec-2531-Dec-24
DSP 194,908168,123
SSP519,799549,909
Total Goodwill714,706718,032
\n\n\n\n\n\n\n\n
\n
The carrying amount of this goodwill was confirmed by the impairment tests carried out on the
\n
reference date for the annual financial statements. The goodwill is tested at the level of the business
\n
segments Demand and Supply, as this corresponds to the approach of the internal control of the
\n
Group. The cash-generating units consist of the Demand and Supply business segments. The
\n
goodwill is tested at the level of cash generating units which are equal to the business segments
\n
Demand and Supply.
\n
The impairment tests are based on the calculation of the amount that can be generated by the
\n
cash generating units based on their value in use. For this valuation, cash flow forecasts are used
\n
that are based on a financial planning approved by the company management for five years. As in
\n
the previous year, cash flows for the five-year period are planned with detailed assumptions. The
\n
applied growth rate for the terminal value is 1%. The DSP segment projects revenues to grow at a
\n
solid CAGR, as well on the SSP segment. The assumed CAGR is based on historical experience
\n
and market expectations, for the DSP segment it assumed to be 8.4%, in the SSP segment 7.7%.
\n
For the DSP segment, EBITDA margins are expected to be around 40 % (2024: 35%). For the SSP,
\n
EBITDA margins are projected to be about 19% (2024: 23%). The projected EBITDA margins are
\n
based on historical experience or have been forecast based on current market projections.
\n
The cash flows were discounted using the discounted cash flow (DCF) method applying a WACC
\n
(weighted average cost of capital) of 11% for the DSP segment and 9,5% for the SSP segment. The
\n
weighted average cost of capital used for discounting reflects the risk-adjusted return requirement of
\n
our equity as well as debt-investors and is derived based on capital market data.
\n
The recoverable amount is determined by applying the value in use method. Overall, the inde-
\n
pendent valuation report confirms that the recoverable amounts of the cash-generating units
\n
exceed their carrying amounts, which implies no impairment for fiscal year 2025. The following
\n
table shows the sensitivity analysis of the CGU\u2019s value in use to changes in EBITDA and WACC.
\n
Management concludes that no reasonable change to key variables would lead to an impairment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackDemandSupply
Value-in-Use 716.466 912.359
Headroom 465.001 286.912
\n\n\n\n\n\n\n\n
\n
Sensitivity Analysis
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackDemandSupply
EBITDA Margin
1,50% 33.659 117.263
-1,50%-33.688 -117.213
WACC
-1,00% 79.513 125.474
1,00%-65.213 -98.966
\n\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag448": { "value": "\n
7 Property, plant and equipment
\n
Property, plant, and equipment primarily consists of operating and business equipment as well as
\n
IT equipment, which also relates to the main additions. The amounts shown include Right of Use
\n
(RoU) assets in accordance with IFRS 16 that are further specified in Note 18.
\n
The development of book value is as follows:
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack
Cost11,283
Depreciation-7,320
Balance at January 1, 20243,963
Additions3,405
Acquisitions through business combination0
Depreciation-3,346
Disposal-2
Effects from currency valuation Cost522
Effects from currency valuation Depreciation-357
Other129
Balance at December 31, 20244,313
Balance at January 1, 20254,313
Additions7,654
Acquisitions through business combination5,820
Depreciation-3,934
Disposal-370
Effects from currency valuation Cost-1,361
Effects from currency valuation Depreciation911
Other-69
Balance at December 31, 202512,965
Cost24,363
Depreciation-11,397
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag450": { "value": "\n
\n
9 Financial assets
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack31.12.202531.12.2024
Derivatives not designated as hedging instruments00
Financial assets at fair value through profit or loss15,18620,745
Purchase Price Receivables1,2450
Senior Subordinated Note10,56018,175
Continuing Involvement in the form of Equity Notes3,3812,570
Debt instruments at amortized cost118,31763,888
Trade receivables (Note 10)109,70660,871
Other8,6103,017
Total financial assets133,50284,633
Total current126,40779,703
Total non-current7,0964,930
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n
On December 9, 2022, the Company entered into an accounts receivable securitization program
\n
where trade receivables held by the Group are sold on a non-recourse revolving basis to a struc-
\n
tured non-controlled entity at an agreed upon purchase price. Initially, the program was set up
\n
with a term of 3 years. In 2025 the securitization term has been extended by 9 months ending in
\n
Q3 2026, with additional extension options. Part of the consideration is received upfront in cash
\n
and part is deferred in the form of Senior Subordinated Notes issued by the structured entity
\n
(carrying amount as of December 31, 2025: 10,560 \u20ack (December 31, 2024: 18,175 \u20ack)) and the
\n
retained Equity Notes (carrying amount as of December 31, 2025: 3,381 \u20ack (December 31, 2024:
\n
2,570 \u20ack)). The senior subordinated loan ranks sixth in the priority of payments, whereas the
\n
equity amount ranks twelfth (most subordinated), with reference to Note 2.22.
\n
Under the terms and conditions of the receivables securitization program, the Group continues
\n
to recognize its continuing involvement from the sold trade receivables, in the amount of the
\n
Retained Equity Notes in the structured entity. The Equity Notes represent the extent to which the
\n
Group remains to be exposed to changes in the value of the transferred assets.
\n
The Company is engaged as master servicer to the structured entity whereby the Group is \u2013 by
\n
others \u2013 responsible for the cash collection and the reporting of the sold receivables. As master
\n
servicer, the Company earns a fixed-rate servicing fee. In addition, the Group as equity holder is
\n
entitled to the residual net profit of the structured entity.
\n
As of December 31, 2025, the fair value of the senior subordinated loan did not differ from its face
\n
value (which represents the maximum exposure to loss from the structured entity), given the low
\n
underlying credit risk (see Note 2.23).
\n
The purchase price reveivable amounting to 1,245 \u20ack (December 31, 2024: 0\u20ack) originates from
\n
the acquisition of Captify. It represents a receivable Captify has for selling parts of its business
\n
prior to being acquired by Verve. For the purchase price receivable an accoding liability has been
\n
recognized as the funds received must be transferred to the previous shareholder of Captify.
\n
As of December 31, 2025, the remaining financial assets at amortized cost grouped in the
\n
Other category comprise of balances with payment service providers amounting to 2,223 \u20ack
\n
(December 31, 2024: 0 \u20ack), rent deposits amounting to 1,372 \u20ack (December 31, 2024: 757 \u20ack) and
\n
other financial assets amounting to 5,015 \u20ack (December 31, 2024: 2,260 \u20ack).
\n
Refer to Note 16 for additional information on financial instruments.
\n

\n

\n\n\n\n\n\n\n\n
\n
\n
14 Financial liabilities
\n
The development of financial liabilities as of December 31, 2025 is as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack 31-Dec-25 31-Dec-24
Current interest-bearing loans and borrowings
Bank Loans 52,347 50,090
Lease liabilities (Note 18) 2,893 736
Total current interest-bearing loans and borrowings 55,240 50,826
\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack 31-Dec-25 31-Dec-24
Non-current interest-bearing loans and borrowings
Senior Unsecured Callable Floating Rate Bond
ISIN: SE0023848429 474,493 0
Senior Secured Callable Floating Rate Bond
ISIN: SE0018042277 0 236,330
ISIN: SE0019892241 0 209,452
Bank Loans 450 550
Lease liabilities (Note 18) 7,886 2,439
Total non-current interest-bearing loans and borrowings 482,830 448,771
Total interest-bearing loans and borrowings 538,070 499,597
\n\n\n\n\n\n\n\n
\n
Verve\u2019s corporate bonds are both listed on Nasdaq Stockholm and the Frankfurt Stock Exchange.
\n
Interest accrues and pays out on a quarterly cycle after the date of first issuance. All bonds in-
\n
clude a Call-Option, but no Put-Option.
\n
Early Redemption of Bonds SE0018042277 and SE0019892241
\n
On Apr 10, 2025 Verve redeemed and refinanced both of its Senior Secured Callable Floating Rate
\n
Bonds, SE0018042277 and SE0019892241. Verve paid 102.344 percent and 103.625 percent as
\n
redemption price respectively. Through this refinancing, Verve continued to advance its objective
\n
of steadily lowering financing costs on a run-rate basis.
\n
The early redemption was conditional upon the issuance of a senior unsecured bond issue.
\n
On Apr 01, 2025 Verve successfully issued the Senior Unsecured Callable Floating Rate Bond
\n
SE0023848429, meeting the requirements for early redemption.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Refinanced Bond SE0018042277
Maturity21.06.2026
Nominal Amount240,000 \u20ack
Redemption Price102.344%
Rolled-Over67,400 \u20ack
Redemption Payment178,226 \u20ack
\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Bond SE0019892241
Maturity24.03.2027
Nominal Amount216,000 \u20ack
Redemption Price103.625%
Rolled-Over46,200 \u20ack
Redemption Payment177,630 \u20ack
\n\n\n\n\n\n\n\n
\n
Unamortized transaction costs associated with the redemption of both bonds amounted to 8,934 \u20ack
\n
and were recognized in the financial result following the refinancing. As part of the bond refinancing,
\n
Verve unwound its two existing interest rate swaps and discontinued hedge accounting. In line
\n
with Verve\u2019s risk management strategy, the swaps were used to hedge interest rate risk asso-
\n
ciated with the floating 3M-EURIBOR margin, covering a notional amount of 250,000 \u20ack. Upon
\n
unwinding, a total of 291 \u20ack was recycled through the income statement.
\n
At the time of termination, the swaps had a negative market value of 5,434 \u20ack. The market
\n
value was carried forward into a new swap arrangement following the issuance of Verve\u2019s senior
\n
unsecured callable floating rate bond (ISIN: SE0023848429) in April 2025.
\n

\n

\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n\n
\n
\n
Issuance of New Senior Unsecured Callable Floating Rate Bond SE0023848429
\n
On Apr 01, 2025 Verve successfully issued 500,000 \u20ack of Senior Unsecured Callable Floating Rate
\n
Bonds with a total framework of 650,000 \u20ack. The bonds were issued at par with a fixed annual
\n
margin of 4.00 percent plus 3M-EURIBOR floating margin.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Bond SE0023848429
Issue Amount500,000 \u20ack
Framework650,000 \u20ack
Term4 Years
Start DateApr 01, 2025
Maturity DateApr 01, 2029
Fixed Margin4.00%
Floating Margin3M-EURIBOR
Effective Interest Rate as of December 31, 20257.72%
\n\n\n\n\n\n\n\n
\n
The following table describes the financial covenants applicable to bond SE0023848429.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Bond SE0023848429 Financial Covenants
Maintenance Test Quarterly Ratio of net interest bearing debt to EBITDA (according to the bond terms) must not exceed 4.50:1
Distribution TestOn occurrence of Restricted PaymentRatio of net interest bearing debt to EBITDA (according to the bond terms) must not exceed 2.50:1
Incurrence TestOn occurrence of debt issuanceRatio of net interest bearing debt to EBITDA (according to the bond terms) must not exceed 3.50:1
\n\n\n\n\n\n\n\n
\n
The category due to banks includes revolving credit facilities.
\n
The weighted average effective interest rate is as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in %31-Dec-2531-Dec-24
Bonds9.010.4
Bank loans6.011.6
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Classification of financial liabilities table
in \u20ack31-Dec-2531-Dec-24
Derivatives designated as hedging instruments 4,216 5,173
Interest Rate Swap 20260 1,205
Interest Rate Swap 20270 3,969
Interest Rate Swap 2029 4,216 0
Financial liabilities at fair value through profit or loss13,479 15,828
Contingent consideration 9,279 12,523
Continuing involvement in the form of Equity Notes 3,756 2,976
Cash-settled share based payment444329
Other financial liabilities at amortised cost, other than interest bearing loans and borrowings197,973 217,717
Trade payables (Note 22) 98,496 104,061
Deferred consideration 39,428 46,084
Provisions and accrued liabilities 49,773 63,285
Other 10,720 4,617
Total financial liabilities 215,668 238,719
Total current financial liabilities198,426 210,477
Total non-current financial liabilities17,243 28,241
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n
Derivatives designated as hedging instruments reflect the fair value of interest rate swap contract(s),
\n
designated as cash flow hedges to hedge the interest rate risk that arises from issued floating rate
\n
bonds. For more information see Note 17.
\n
Contingent consideration
\n
Contingent considerations reflect purchase price liabilities that arose from business combinations.
\n
The liabilities recognized are carried at fair-value through profit or loss, settled when due and only
\n
if predetermined performance targets (contingencies) were met. The initial measurements are
\n
based on the acquirees business plan and management assumptions. Contingent considerations
\n
are discounted to their present value and are subject to frequent remeasurement.
\n

\n

\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n\n
\n
\n
The balance as of December 31, 2025 of 9,279 \u20ack reflects earn-outs due to the sellers of Viewento
\n
GmbH. Thereof, 1,206 \u20ack are due within twelve months and 8,073 \u20ack are due within twelve to
\n
twenty-four months after the reporting date. For more information please refer to Note 3 and Note
\n
16. The balance of 12,523 \u20ack at December 31, 2024 relate to the contingent consideration due
\n
for the acquisition of Dataseat Ltd. The revaluation of Dataseat Ltd.\u2019s earn-out in 2025 led to an
\n
increase of 3,946 \u20ack, due to Dataseat Ltd. outperforming its originally assumed EBITDA targets.
\n
The liability was settled in full by August 2025.
\n
Deferred consideration
\n
Deferred considerations reflect purchase price liabilities that arose from business combinations.
\n
The liabilities reflect a fixed payment that has been deferred to a future due date. The settlement
\n
amount is discounted to its present value.
\n
As of December 31, 2025, the deferred consideration amounted to 39,427 \u20ack (December 31, 2024:
\n
46,084 \u20ack). Thereof, 23,304 \u20ack are due January 31, 2026 for the Jun Group acquisition, 8,675 \u20ack
\n
are due for the acquisition of Captify and 7,449 \u20ack for the acquisition of acardo Group AG. For
\n
more information on the recognized deferred considerations in 2025, please refer to Note 3.
\n
As of December 31, 2024, 46,084 \u20ack of deferred consideration related to the Jun Group acquisition.
\n
Thereof, 21,028 \u20ack were due and settled in July 2025. The remaining 25,056 \u20ack are due January
\n
31, 2026. The decrease from 2024 to 2025 is due to the depreciation of the USD in 2025.
\n
Continuing Involvement
\n
As of December 31, 2025 the amount of 3,756 \u20ack (December 31, 2024: 2,976 \u20ack) represent the
\n
fair value of Verve\u2019s retained risks and rewards from the sale of the participating entities of their
\n
accounts receivables to the securitization vehicle of the Group. For additional information on the
\n
securitization please refer to Note 2.23, Note 9 and Note 10.
\n
Cash-settled Share Based Payment
\n
Please refer to Note 27.
\n
Other
\n
The remaining financial liabilities as of December 31, 2025, consist of accrued bond interest
\n
liabilities amounting to 7,602 \u20ack (December 31, 2024: 1,431 \u20ack) and other financial liabilities
\n
amounting to 2,675 \u20ack (December 31, 2024: 2,856 \u20ack).
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n
16 Reporting on financial instruments
\n
Financial instruments refer to all contractual relationships that result in a financial asset for one
\n
party and a financial liability or equity instrument for the other party. Financial assets and financial
\n
liabilities are recognized in the group\u2019s statement of financial position when the group becomes
\n
a party to the contractual provisions of the financial liability or equity instrument. Financial
\n
instruments include both non-derivative and derivative financial instruments.
\n
The following overview presents recognized financial instruments based on their IFRS 9 measurement
\n
categories. To improve the presentation of the financial instruments relevant to the Group in terms
\n
of comparable measurement uncertainties and risks, cash and cash equivalents are presented
\n
separately in the following:
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
AbbreviationIFRS 9 measurement categories
ACAmortized costFinancial assets and liabilities measured at amortized costs
FVTPLFair value through profit and lossFinancial assets and liabilities measured at fair value through profit and loss
FVTOCIFair value through other comprehensive income (FVTOCI) for debt instrumentsFair value (market value) changes recognized directly in other comprehensive income (with recycling)
FVTOCIFair value through other comprehensive income (FVTOCI) for equity instrumentsFair value (market value) changes recognized directly in other comprehensive income (without recycling)
\n\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n
\n
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\n
Classes and categories of financial instruments and their fair values
\n
As of December 31, 2025, the carrying amounts and fair values of the Group\u2019s financial instruments, other than those with carrying amounts that are reasonable
\n
approximations of fair values are as follows:
\n
\n
Fair-value hierarchy table
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Dec 31, 25Fair valueDec 31, 24Fair value
in \u20ackCarrying amount TotalLevel 1Level 2Level 3Carrying amount TotalLevel 1Level 2Level 3
Financial assets neasured at fair value:
Purchase Price Receivable 1,245 1,245 00 1,245 0000
Senior Subordinated Notes 10,560 10,560 0 10,560 0 18,175 18,175 0 18,175 0
Continuing Involvement in the form of Equity Notes 3,381 3,381 0 3,381 0 2,570 2,570 0 2,570 0
Total financial assets 15,186 15,186 0 13,941 1,245 20,745 20,745 0 20,745 0
Liabilities measured at fair value:
Derivatives designated as hedging instruments:
Interest rate swaps 4,216 4,216 0 4,216 0 5,173 5,173 0 5,173 0
Contingent consideration 9,279 9,279 00 9,279 12,523 12,523 00 12,523
Financial liabilities for which fair values are disclosed:
Floating rate borrowings 474,493 467,500 467,500 00 445,782 461,616 461,616 00
Total financial liabilities 487,989 480,996 467,500 4,216 9,279 463,479 479,312 461,616 5,173 12,523
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\n
\n
Management assessed that the fair values of cash and short-term deposits, trade receivables,
\n
trade payables, bank overdrafts and other current liabilities approximate their carrying amounts
\n
largely due to the short-term maturities of these instruments.
\n
The following methods and assumptions were used to estimate the fair values:
\n
All fair-value measurements use the discounted cash-flow method.
\n
There is an active market for the Group\u2019s quoted debt instruments. The price as of reporting date
\n
has been used to determine the fair-value of the bonds.
\n
The Group\u2019s derivatives underlying instruments are plain vanilla interest rate swaps. Their fair-value
\n
is derived from the net present value of the future expected cash flows of the derivatives.
\n

\n\n\n\n\n\n\n
\n
The significant unobservable inputs used in the fair value measurements categorised within Level
\n
3 of the fair value hierarchy, together with a quantitative sensitivity analysis as at December 31,
\n
2025 and 2024 are shown below:
\n
Reconciliation of fair value measurement of financial instruments measured at fair value through
\n
profit or loss (Level 3):
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
InstrumentValuation MethodUnobservable InputSensitivity InputSensitivity
EBITDA0,057
-0,05-7
Contingent DCFIPS0,0553
Consideration-0,05-53
WACC0,50%88
-0,50%-87
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackContingent Consideration
As at 1 January 202435,385
Remeasurement recognised in Income statement during the priod-14,825
Purchases0
Sales/Repayments-8,036
Transfers to/from Level 30
As at 1 January 202512,523
Remeasurement recognised in Income statement during the priod4,060
Purchases9,839
Sales/Repayments-17,143
FX Revaluation0
Transfers to/from Level 30
As at 31 December 20259,279
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\n
\n
Financial instruments risk management
\n
Typical risks from financial instruments are the credit risk, the liquidity risk and the individual
\n
market risk. The risk management system of the Group is described in the Internal Control and
\n
Risk Management chapter of the Corporate Governance Report including its goals, methods and
\n
processes and can be found on Page 36 - 46 of the Annual Report. Based on the information
\n
depicted below, we do not see any explicit risk concentrations from financial risks.
\n
\n
Credit Risks
\n
Credit risk is the risk that a counterparty will cause a financial loss to the Group by failing to settle
\n
their obligation. The Group\u2019s principal credit risk exposures arise from trade receivables, cash
\n
deposits, and other financial assets, including derivatives. The carrying amounts of these financial
\n
assets represent the Group\u2019s maximum exposure to credit risk at the reporting date
\n
The Group reduces the default risk of original financial instruments through trade information,
\n
credit limits and debtor management including dunning and proactive collection. In addition, to
\n
the best of its knowledge, the Group only concludes transactions with solvent customers. The
\n
maximum default risk results from the carrying amounts of financial assets recognized in the
\n
statement of financial position. Credit losses have been recognized in the amount disclosed in
\n
Note 10. The expected credit loss amounts to 975 \u20ack for 2025. The Group has written off the corre-
\n
sponding trade receivables. The overall remaining credit risk is low.
\n

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\n\n\n\n\n\n\n\n
\n
\n
Liquidity Risks
\n
Liquidity risk pertains to the risk that Verve may not be able to meet its short-term financial
\n
obligations. The operational liquidity management includes a cash controlling process. Liquidity
\n
surpluses and requirements are thus managed in accordance with the Group\u2019s requirements and
\n
those of individual Group companies. The due dates of financial assets and financial liabilities and
\n
estimates of the cash flow from operational activity are included in the short-term and medium-
\n
term liquidity management. Cash and cash equivalents totaling 89,025 \u20ack (2024: 146,702 \u20ack) are
\n
available to cover the liquidity requirements. The liquidity risk is judged as low. The table below
\n
summarizes the maturity profile of the Group\u2019s financial liabilities based on contractual undis-
\n
counted payments:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
December 31, 25
in \u20ackup to 1 year1 to 5 yearsTotal
Interest bearing loans and borrowings59,949 500,450 560,399
Lease liabilities 2,893 7,886 10,779
Contingent consideration1,2679,00010,267
Deferred consideration 31,048 9,362 40,410
Trade payables98,496 098,496
Derivatives 4,216 0 4,216
Other financial liabilities6,380495 6,875
Total204,249527,193731,442
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\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
December 31, 24
in \u20ackup to 1 year1 to 5 yearsTotal
Interest bearing loans and borrowings51,521 456,550 508,071
Lease liabilities 736 2,439 3,174
Contingent consideration 12,958 0 12,958
Deferred consideration 21,658 26,470 48,128
Trade payables 104,0610104,061
Derivatives 5,173 0 5,173
Other financial liabilities 6,161 0 6,161
Total202,268 485,459 687,584
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\n

\n\n\n\n\n\n\n
\n
\n
\n
Currency Risks
\n
Transactional currency risk arises when the Group enters into transactions denominated in a
\n
currency other than the functional currency of the relevant entity. Such exposures typically arise
\n
on sales, purchases, intercompany funding, external borrowings, lease obligations and other
\n
financial assets and liabilities denominated in foreign currencies. Exchange-rate movements
\n
between recognition and settlement of these items can affect profit or loss.
\n
The main components comprising transactional currency risks are the operating activities con-
\n
centrated in the United States. Risk management and mitigation focusses on natural hedges for
\n
the entities operating in a currency area differing from their functional currency.
\n
Translation Risks
\n
Translational currency risk arises from the translation of the results, cash flows and net assets of
\n
foreign operations into the Group\u2019s reporting currency. This exposure does not generally give rise
\n
to the same immediate cash-flow consequences as transactional currency risk, but it can affect
\n
reported revenue, operating results, net assets and equity from one reporting period to the next.
\n
At Group level, there is a translation risk that results from consolidation of subsidiaries that have a
\n
functional currency other than EUR. The Group has a large exposure to currency translation risks
\n
arising for subsidiaries with USD as their functional currency. The depreciation of the USD in 2025
\n
led to major currency translation effects for the translation of investments and equity recognized
\n
in OCI. The long-term exchange risk that exists with investments in shareholdings that do not
\n
carry out their accounting in Euro is monitored continuously. The amount recognized in OCI as of
\n
December 31, 2025, amounts to -63,004 \u20ack (December 31, 2024: 30,934 \u20ack).
\n
The Group\u2019s EBT shows significant sensitivity to changes of the USD. The Group is exposed less
\n
significant currency risks for GBP. The Group chose to not enter into any currency hedges.
\n

\n\n\n\n\n\n\n
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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Effect on profit before tax
Income/(expense)
in \u20ackDecember 31, 25December 31, 24
Appreciation 5%Depreciation 5%Appreciation 5%Depreciation 5%
USD EUR3,454-3,1254,474-4,048
GBP EUR-1,047947-746675
SEK EUR52-4735-31
CHF EUR-1816-5045
PHP EUR-1312-44
INR EUR-184166-9384
BRL EUR-5045-7870
CNY EUR-5853-5348
SGD EUR33-29-5853
AUD EUR-1312
\n\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n
Interest Risks
\n
Information on hedging and risk management please refer to Note 17 and the Internal Controls
\n
and Risk Management chapter in the Corporate Governance Report.
\n
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will
\n
fluctuate because of changes in market interest rates. The Group is exposed to interest rate risk
\n
principally through cash deposits, variable-rate borrowings, lease-related financing exposures
\n
where relevant.
\n
Verve is exposed to interest rate risk from the floating margin of its new bond SE0023848429
\n
and revolving credit facilities. The aforementioned instruments have a floating leg based on the
\n
3M-EURIBOR. Verve is thus exposed to interest rate risk from interest rate volatility. With the
\n
3M-EURIBOR having stabilized around 200 bp the current interest rate risk is considered to be
\n
medium. In compliance with Verve\u2019s risk management strategy and mitigation measures, Verve
\n
entered into a new interest rate swap to hedge its risk of changing cash-flows from interest rate
\n
risks. Alongside the increase of nominally issued bonds to 500,000 \u20ack, the hedged amount was
\n
increased to 300,000 \u20ack. The interest swap includes the rolled over negative market value of the
\n
two prior swaps which amounts to 5,434 \u20ack at inception. Hedged item and hedging instrument
\n
were analyzed for the inception of a hedging relationship, which was subsequently established.
\n
Please refer to Note 17 for further information on hedge accounting. For additional information
\n
on risk management please refer to the chapter \u201cInternal Controls and Risk Management\u201d in the
\n
Corporate Governance Report.
\n
An interest sensitivity analysis is presented below to illustrate the effect of reasonably possible
\n
changes in interest rates at the reporting date on profit or loss and. This analysis reflects the exposure
\n
of variable-rate financial instruments and any related hedging arrangements outstanding at period end.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Effect on profit before tax
Increase/descrease in basis pointsIncome/(expense)
in \u20ackDecember 31, 25December 31, 24
3M EURIBOR
+50 b.p.-1,260-1,290
-50 b.p.1,2601,290
\n\n\n\n\n\n\n\n\n
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\n

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\n

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\n\n\n\n\n\n\n\n
\n
\n
The changes in liabilities arising from financing activities as of December 31, 2025 is as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack31-Dec-24Additions / ProceedsRepaymentInterest accrualChanges in fair valuesCurrency TranslationNew LeasesOther31-Dec-25
Quoted bonds and related coupon445,782375,656-386,49749,324 00 0-9,772474,493
Due to banks and related interest50,640136,479-136,5781,8100 0 044752,797
Lease liabilities (Note 18)3,1741,166-3,6904810 -35510,003 10,779
Derivatives5,1730 -1,0201,284-1,2210 004,216
Deferred Considerations46,0840 -19,2692,0160 -5,310015,90739,428
Contingent Liabilities12,5230 -16,2835223,946-40808,979 9,279
Total563,377513,300-563,33755,4362,725-6,07310,00315,561590,993
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack31-Dec-23Additions / ProceedsRepaymentInterest accrualChanges in fair valuesCurrency TranslationNew LeasesOther31-Dec-24
Quoted bonds and related coupon382,54892,400-81,24051,4720 0 0602445,782
Due to banks and related interest32,650142,615-126,5031,8780 0 00 50,640
Lease liabilities (Note 18)2,5060 -2,6331900 673,0440 3,174
Derivatives5,1321,4970 -1,497410 00 5,173
Deferred Considerations0009250 1,930043,22846,084
Contingent Liabilities35,3850-8,0361,151-15,9770 0 012,523
Total458,221236,512-218,41254,119-15,9361,9973,04443,830563,377
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\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag451": { "value": "\n
9 Financial assets
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack31.12.202531.12.2024
Derivatives not designated as hedging instruments00
Financial assets at fair value through profit or loss15,18620,745
Purchase Price Receivables1,2450
Senior Subordinated Note10,56018,175
Continuing Involvement in the form of Equity Notes3,3812,570
Debt instruments at amortized cost118,31763,888
Trade receivables (Note 10)109,70660,871
Other8,6103,017
Total financial assets133,50284,633
Total current126,40779,703
Total non-current7,0964,930
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag452": { "value": "\n
10 Trade receivables
\n
\n
The trade receivables reported have a remaining term of up to one year.
\n
The Group derecognizes a trade receivable when information is available that indicates that the
\n
debtor is in significant financial difficulty and there is no realistic prospect of payment. This would
\n
be the case, for example, if the debtor is in liquidation or insolvency proceedings or if the trade
\n
receivables are more than two years past due, whichever comes first. None of the derecognized
\n
trade receivables are subject to enforcement measures.
\n

\n\n\n\n\n\n\n
\n
The trade receivables aging developed as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackCarrying amount (not due)past dueBook values
1 \u2013 30 days31 \u2013 180 daysMore than 180 days
31-Dec-2590,58812,4034,9621,753109,706
31-Dec-2453,0732,4515,2489960,871
\n\n\n\n\n\n\n\n
\n
\n
The Company has recognized an expected credit loss of 975 \u20ack (2024: 1,017 \u20ack) in balance sheet
\n
statement the year ended December 31, 2025. The expected credit losses are calculated monthly
\n
with reference to the loss rate approach based on historical credit losses, an analysis of the
\n
current financial situation of the debtors, taking into account debtor-specific factors, the general
\n
economic conditions of the industry in which the debtors operate, and an assessment of both the
\n
current and the forecast development of the circumstances on the financial reporting date.
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n
\n
The Group considers a financial asset to be in default when the borrower is unlikely to pay its
\n
credit obligations in full or when contractual payments are more than 180 days past due, unless
\n
there is reasonable and supportable information demonstrating that a different default criterion is
\n
more appropriate.
\n
In connection with the accounts receivable securitization program, the Group sold trade receivables
\n
on a non-recourse basis. As of the reporting date the amount of sold and outstanding receivables
\n
amounts to 96,462 \u20ack (2024: 122,832 \u20ack). As of December 31, 2025, an amount of 3,381 \u20ack has
\n
been recognized as the continuing involvement asset and an amount of 3,742 \u20ack as associated
\n
liability. The difference between the continuing involvement asset and the associated liability
\n
results from the expected loss arising from the Group\u2019s exposure from the transaction.
\n
Refer to Notes 2.23 for further details on the accounts receivables securitization program.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Expected Credit Losses
in \u20ackMeasurementGross carrying amountLoss allowanceNet carrying amount
Trade ReceivablesSimplified Lifetime ECL110,681-975109,706
Balance at December 31, 2025110,681-975109,706
\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Expected Credit Losses
Gross carrying Loss Net carrying
in \u20ackMeasurementamountallowanceamount
Trade ReceivablesSimplified Lifetime ECL61,888-1,01760,871
Balance at 61,888-1,01760,871
December 31, 2024
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag453": { "value": "\n
The trade receivables reported have a remaining term of up to one year.
\n
The Group derecognizes a trade receivable when information is available that indicates that the
\n
debtor is in significant financial difficulty and there is no realistic prospect of payment. This would
\n
be the case, for example, if the debtor is in liquidation or insolvency proceedings or if the trade
\n
receivables are more than two years past due, whichever comes first. None of the derecognized
\n
trade receivables are subject to enforcement measures.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag454": { "value": "\n
The Company has recognized an expected credit loss of 975 \u20ack (2024: 1,017 \u20ack) in balance sheet
\n
statement the year ended December 31, 2025. The expected credit losses are calculated monthly
\n
with reference to the loss rate approach based on historical credit losses, an analysis of the
\n
current financial situation of the debtors, taking into account debtor-specific factors, the general
\n
economic conditions of the industry in which the debtors operate, and an assessment of both the
\n
current and the forecast development of the circumstances on the financial reporting date.
\n

\n\n\n\n\n\n\n\n
The Group considers a financial asset to be in default when the borrower is unlikely to pay its
\n
credit obligations in full or when contractual payments are more than 180 days past due, unless
\n
there is reasonable and supportable information demonstrating that a different default criterion is
\n
more appropriate.
\n
In connection with the accounts receivable securitization program, the Group sold trade receivables
\n
on a non-recourse basis. As of the reporting date the amount of sold and outstanding receivables
\n
amounts to 96,462 \u20ack (2024: 122,832 \u20ack). As of December 31, 2025, an amount of 3,381 \u20ack has
\n
been recognized as the continuing involvement asset and an amount of 3,742 \u20ack as associated
\n
liability. The difference between the continuing involvement asset and the associated liability
\n
results from the expected loss arising from the Group\u2019s exposure from the transaction.
\n
Refer to Notes 2.23 for further details on the accounts receivables securitization program.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Expected Credit Losses
in \u20ackMeasurementGross carrying amountLoss allowanceNet carrying amount
Trade ReceivablesSimplified Lifetime ECL110,681-975109,706
Balance at December 31, 2025110,681-975109,706
\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Expected Credit Losses
Gross carrying Loss Net carrying
in \u20ackMeasurementamountallowanceamount
Trade ReceivablesSimplified Lifetime ECL61,888-1,01760,871
Balance at 61,888-1,01760,871
December 31, 2024
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag455": { "value": "\n
\n
11 Other current non-financial assets
\n
Following positions are included:
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack31-Dec-2531-Dec-24
Prepaid expenses and deferred charges 6,651 5,471
VAT receivables 2,294 2,150
Other non-financial receivables 821 1,170
Total 9,766 8,791
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag456": { "value": "\n
11 Other current non-financial assets
\n
Following positions are included:
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack31-Dec-2531-Dec-24
Prepaid expenses and deferred charges 6,651 5,471
VAT receivables 2,294 2,150
Other non-financial receivables 821 1,170
Total 9,766 8,791
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag457": { "value": "\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack31-Dec-2531-Dec-24
Prepaid expenses and deferred charges 6,651 5,471
VAT receivables 2,294 2,150
Other non-financial receivables 821 1,170
Total 9,766 8,791
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag460": { "value": "\n
12 Cash and cash equivalents
\n
Cash and cash equivalents amounted to 89,025 \u20ack as of December 31, 2025 (2024: 146,702 \u20ack).
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag461": { "value": "\n
13 Shareholders\u2019 equity
\n
\n
According to the Verve Group SE\u2019s statutes as per December 31, 2025, the share capital of the
\n
Company shall be not less than 1,550,000 \u20ac and not more than 6,200,000 \u20ac. The number of
\n
shares shall be not less than 155,000,000 and not more than 620,000,000. As of December 31,
\n
2025, the issued share capital of the Company amounted to 2,001,165 \u20ac divided into 200,116,528
\n
shares of series A with a nominal value of 0.01 \u20ac and ten voting rights per share. The company has
\n
not issued any shares of series B with a nominal value of 0.01 \u20ac and one voting right per share.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Number of sharesCommon stockAdditional paid-in capital
in \u20ack31-Dec-2531-Dec-2431-Dec-2531-Dec-2431-Dec-2531-Dec-24
Issued and fully paid-in capital: ordinary shares of par value 0.01 \u20ac200,117187,1672,0011,872173,056141,733
\n\n\n\n\n\n\n\n
\n
Each ordinary A-share has the right to (i) receive notice of, attend, speak, and vote at general
\n
meetings of the Company and has ten (10) votes; (ii) participate in a distribution of profits or assets
\n
of the Company, including in a winding up of the Company, pro rata with all other shareholders of
\n
the Company based solely on number of shares held and irrespective of the class and nominal
\n
value of shares held; and (iii) a repayment of capital in a winding up of the Company.
\n
Each Ordinary B-share has the right to (i) receive notice of, attend, speak, and vote at general
\n
meetings of the Company and shall have one (1) vote; (ii) participate in a distribution of profits
\n
or assets of the Company, including in a winding up of the Company, pro rata with all other
\n
share-holders of the Company based solely on number of shares held and irrespective of the class
\n
and nominal value of shares held; and (iii) a repayment of capital in a winding up of the Company.
\n
Save as otherwise provided above and as specifically set out in the Articles of Association of the
\n
Company, all the shares in the Company shall rank pari passu in all respects including, inter alia, in
\n
respect of dividend distributions.
\n
During the year ended December 31, 2025, the parent company increased its number of shares
\n
to 200,116,528 by 12,858,000 through a capital increase and by 91,429 shares through issuance of
\n
share to settle its ESOP obligation. The premium associated with the capital increase amounted to
\n
31,323 \u20ack in 2025 which resulted in the increase of the share premium by the same amount.
\n

\n\n\n\n\n\n\n
\n
No dividend payments were made in the presented periods.
\n

\n\n\n\n\n\n\n\n
In 2025 Verve reclassified 3,607 \u20ack from an OCI equity reserve to retained earnings. The changes
\n
are also reflected in the 2024 figures.
\n
\n
Capital Management
\n
The Company aims to generate an adequate return on the capital employed provided by its
\n
investors. However, revenue and EBITDA serve as the most important KPI for the Company's
\n
performance management. The Company\u2019s objective is to make substantial investments in the
\n
development of the corporate group, particularly in connection with M&A activities although they
\n
burden the short-term earning capacity of the Company to a considerable extent. These growth
\n
targets mean that profitability measures such as the return on capital employed are not always
\n
at the forefront in this growth phase. The investments associated with this are the basis for the
\n
Company\u2019s long-term success. The Company is striving to remain a profitable corporate group in
\n
the short and long-term.
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag462": { "value": "\n
According to the Verve Group SE\u2019s statutes as per December 31, 2025, the share capital of the
\n
Company shall be not less than 1,550,000 \u20ac and not more than 6,200,000 \u20ac. The number of
\n
shares shall be not less than 155,000,000 and not more than 620,000,000. As of December 31,
\n
2025, the issued share capital of the Company amounted to 2,001,165 \u20ac divided into 200,116,528
\n
shares of series A with a nominal value of 0.01 \u20ac and ten voting rights per share. The company has
\n
not issued any shares of series B with a nominal value of 0.01 \u20ac and one voting right per share.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Number of sharesCommon stockAdditional paid-in capital
in \u20ack31-Dec-2531-Dec-2431-Dec-2531-Dec-2431-Dec-2531-Dec-24
Issued and fully paid-in capital: ordinary shares of par value 0.01 \u20ac200,117187,1672,0011,872173,056141,733
\n\n\n\n\n\n\n\n
\n
Each ordinary A-share has the right to (i) receive notice of, attend, speak, and vote at general
\n
meetings of the Company and has ten (10) votes; (ii) participate in a distribution of profits or assets
\n
of the Company, including in a winding up of the Company, pro rata with all other shareholders of
\n
the Company based solely on number of shares held and irrespective of the class and nominal
\n
value of shares held; and (iii) a repayment of capital in a winding up of the Company.
\n
Each Ordinary B-share has the right to (i) receive notice of, attend, speak, and vote at general
\n
meetings of the Company and shall have one (1) vote; (ii) participate in a distribution of profits
\n
or assets of the Company, including in a winding up of the Company, pro rata with all other
\n
share-holders of the Company based solely on number of shares held and irrespective of the class
\n
and nominal value of shares held; and (iii) a repayment of capital in a winding up of the Company.
\n
Save as otherwise provided above and as specifically set out in the Articles of Association of the
\n
Company, all the shares in the Company shall rank pari passu in all respects including, inter alia, in
\n
respect of dividend distributions.
\n
During the year ended December 31, 2025, the parent company increased its number of shares
\n
to 200,116,528 by 12,858,000 through a capital increase and by 91,429 shares through issuance of
\n
share to settle its ESOP obligation. The premium associated with the capital increase amounted to
\n
31,323 \u20ack in 2025 which resulted in the increase of the share premium by the same amount.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag463": { "value": "No dividend payments were made in the presented periods.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag465": { "value": "\n
Capital Management
\n
The Company aims to generate an adequate return on the capital employed provided by its
\n
investors. However, revenue and EBITDA serve as the most important KPI for the Company's
\n
performance management. The Company\u2019s objective is to make substantial investments in the
\n
development of the corporate group, particularly in connection with M&A activities although they
\n
burden the short-term earning capacity of the Company to a considerable extent. These growth
\n
targets mean that profitability measures such as the return on capital employed are not always
\n
at the forefront in this growth phase. The investments associated with this are the basis for the
\n
Company\u2019s long-term success. The Company is striving to remain a profitable corporate group in
\n
the short and long-term.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag467": { "value": "\n
\n
14 Financial liabilities
\n
The development of financial liabilities as of December 31, 2025 is as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack 31-Dec-25 31-Dec-24
Current interest-bearing loans and borrowings
Bank Loans 52,347 50,090
Lease liabilities (Note 18) 2,893 736
Total current interest-bearing loans and borrowings 55,240 50,826
\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack 31-Dec-25 31-Dec-24
Non-current interest-bearing loans and borrowings
Senior Unsecured Callable Floating Rate Bond
ISIN: SE0023848429 474,493 0
Senior Secured Callable Floating Rate Bond
ISIN: SE0018042277 0 236,330
ISIN: SE0019892241 0 209,452
Bank Loans 450 550
Lease liabilities (Note 18) 7,886 2,439
Total non-current interest-bearing loans and borrowings 482,830 448,771
Total interest-bearing loans and borrowings 538,070 499,597
\n\n\n\n\n\n\n\n
\n
Verve\u2019s corporate bonds are both listed on Nasdaq Stockholm and the Frankfurt Stock Exchange.
\n
Interest accrues and pays out on a quarterly cycle after the date of first issuance. All bonds in-
\n
clude a Call-Option, but no Put-Option.
\n
Early Redemption of Bonds SE0018042277 and SE0019892241
\n
On Apr 10, 2025 Verve redeemed and refinanced both of its Senior Secured Callable Floating Rate
\n
Bonds, SE0018042277 and SE0019892241. Verve paid 102.344 percent and 103.625 percent as
\n
redemption price respectively. Through this refinancing, Verve continued to advance its objective
\n
of steadily lowering financing costs on a run-rate basis.
\n
The early redemption was conditional upon the issuance of a senior unsecured bond issue.
\n
On Apr 01, 2025 Verve successfully issued the Senior Unsecured Callable Floating Rate Bond
\n
SE0023848429, meeting the requirements for early redemption.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Refinanced Bond SE0018042277
Maturity21.06.2026
Nominal Amount240,000 \u20ack
Redemption Price102.344%
Rolled-Over67,400 \u20ack
Redemption Payment178,226 \u20ack
\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Bond SE0019892241
Maturity24.03.2027
Nominal Amount216,000 \u20ack
Redemption Price103.625%
Rolled-Over46,200 \u20ack
Redemption Payment177,630 \u20ack
\n\n\n\n\n\n\n\n
\n
Unamortized transaction costs associated with the redemption of both bonds amounted to 8,934 \u20ack
\n
and were recognized in the financial result following the refinancing. As part of the bond refinancing,
\n
Verve unwound its two existing interest rate swaps and discontinued hedge accounting. In line
\n
with Verve\u2019s risk management strategy, the swaps were used to hedge interest rate risk asso-
\n
ciated with the floating 3M-EURIBOR margin, covering a notional amount of 250,000 \u20ack. Upon
\n
unwinding, a total of 291 \u20ack was recycled through the income statement.
\n
At the time of termination, the swaps had a negative market value of 5,434 \u20ack. The market
\n
value was carried forward into a new swap arrangement following the issuance of Verve\u2019s senior
\n
unsecured callable floating rate bond (ISIN: SE0023848429) in April 2025.
\n

\n

\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n\n
\n
Issuance of New Senior Unsecured Callable Floating Rate Bond SE0023848429
\n
On Apr 01, 2025 Verve successfully issued 500,000 \u20ack of Senior Unsecured Callable Floating Rate
\n
Bonds with a total framework of 650,000 \u20ack. The bonds were issued at par with a fixed annual
\n
margin of 4.00 percent plus 3M-EURIBOR floating margin.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Bond SE0023848429
Issue Amount500,000 \u20ack
Framework650,000 \u20ack
Term4 Years
Start DateApr 01, 2025
Maturity DateApr 01, 2029
Fixed Margin4.00%
Floating Margin3M-EURIBOR
Effective Interest Rate as of December 31, 20257.72%
\n\n\n\n\n\n\n\n
\n
The following table describes the financial covenants applicable to bond SE0023848429.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Bond SE0023848429 Financial Covenants
Maintenance Test Quarterly Ratio of net interest bearing debt to EBITDA (according to the bond terms) must not exceed 4.50:1
Distribution TestOn occurrence of Restricted PaymentRatio of net interest bearing debt to EBITDA (according to the bond terms) must not exceed 2.50:1
Incurrence TestOn occurrence of debt issuanceRatio of net interest bearing debt to EBITDA (according to the bond terms) must not exceed 3.50:1
\n\n\n\n\n\n\n\n
\n
The category due to banks includes revolving credit facilities.
\n
The weighted average effective interest rate is as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in %31-Dec-2531-Dec-24
Bonds9.010.4
Bank loans6.011.6
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Classification of financial liabilities table
in \u20ack31-Dec-2531-Dec-24
Derivatives designated as hedging instruments 4,216 5,173
Interest Rate Swap 20260 1,205
Interest Rate Swap 20270 3,969
Interest Rate Swap 2029 4,216 0
Financial liabilities at fair value through profit or loss13,479 15,828
Contingent consideration 9,279 12,523
Continuing involvement in the form of Equity Notes 3,756 2,976
Cash-settled share based payment444329
Other financial liabilities at amortised cost, other than interest bearing loans and borrowings197,973 217,717
Trade payables (Note 22) 98,496 104,061
Deferred consideration 39,428 46,084
Provisions and accrued liabilities 49,773 63,285
Other 10,720 4,617
Total financial liabilities 215,668 238,719
Total current financial liabilities198,426 210,477
Total non-current financial liabilities17,243 28,241
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n
Derivatives designated as hedging instruments reflect the fair value of interest rate swap contract(s),
\n
designated as cash flow hedges to hedge the interest rate risk that arises from issued floating rate
\n
bonds. For more information see Note 17.
\n
Contingent consideration
\n
Contingent considerations reflect purchase price liabilities that arose from business combinations.
\n
The liabilities recognized are carried at fair-value through profit or loss, settled when due and only
\n
if predetermined performance targets (contingencies) were met. The initial measurements are
\n
based on the acquirees business plan and management assumptions. Contingent considerations
\n
are discounted to their present value and are subject to frequent remeasurement.
\n

\n

\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n\n
\n
The balance as of December 31, 2025 of 9,279 \u20ack reflects earn-outs due to the sellers of Viewento
\n
GmbH. Thereof, 1,206 \u20ack are due within twelve months and 8,073 \u20ack are due within twelve to
\n
twenty-four months after the reporting date. For more information please refer to Note 3 and Note
\n
16. The balance of 12,523 \u20ack at December 31, 2024 relate to the contingent consideration due
\n
for the acquisition of Dataseat Ltd. The revaluation of Dataseat Ltd.\u2019s earn-out in 2025 led to an
\n
increase of 3,946 \u20ack, due to Dataseat Ltd. outperforming its originally assumed EBITDA targets.
\n
The liability was settled in full by August 2025.
\n
Deferred consideration
\n
Deferred considerations reflect purchase price liabilities that arose from business combinations.
\n
The liabilities reflect a fixed payment that has been deferred to a future due date. The settlement
\n
amount is discounted to its present value.
\n
As of December 31, 2025, the deferred consideration amounted to 39,427 \u20ack (December 31, 2024:
\n
46,084 \u20ack). Thereof, 23,304 \u20ack are due January 31, 2026 for the Jun Group acquisition, 8,675 \u20ack
\n
are due for the acquisition of Captify and 7,449 \u20ack for the acquisition of acardo Group AG. For
\n
more information on the recognized deferred considerations in 2025, please refer to Note 3.
\n
As of December 31, 2024, 46,084 \u20ack of deferred consideration related to the Jun Group acquisition.
\n
Thereof, 21,028 \u20ack were due and settled in July 2025. The remaining 25,056 \u20ack are due January
\n
31, 2026. The decrease from 2024 to 2025 is due to the depreciation of the USD in 2025.
\n
Continuing Involvement
\n
As of December 31, 2025 the amount of 3,756 \u20ack (December 31, 2024: 2,976 \u20ack) represent the
\n
fair value of Verve\u2019s retained risks and rewards from the sale of the participating entities of their
\n
accounts receivables to the securitization vehicle of the Group. For additional information on the
\n
securitization please refer to Note 2.23, Note 9 and Note 10.
\n
Cash-settled Share Based Payment
\n
Please refer to Note 27.
\n
Other
\n
The remaining financial liabilities as of December 31, 2025, consist of accrued bond interest
\n
liabilities amounting to 7,602 \u20ack (December 31, 2024: 1,431 \u20ack) and other financial liabilities
\n
amounting to 2,675 \u20ack (December 31, 2024: 2,856 \u20ack).
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag466": { "value": "\n
14 Financial liabilities
\n
The development of financial liabilities as of December 31, 2025 is as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack 31-Dec-25 31-Dec-24
Current interest-bearing loans and borrowings
Bank Loans 52,347 50,090
Lease liabilities (Note 18) 2,893 736
Total current interest-bearing loans and borrowings 55,240 50,826
\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack 31-Dec-25 31-Dec-24
Non-current interest-bearing loans and borrowings
Senior Unsecured Callable Floating Rate Bond
ISIN: SE0023848429 474,493 0
Senior Secured Callable Floating Rate Bond
ISIN: SE0018042277 0 236,330
ISIN: SE0019892241 0 209,452
Bank Loans 450 550
Lease liabilities (Note 18) 7,886 2,439
Total non-current interest-bearing loans and borrowings 482,830 448,771
Total interest-bearing loans and borrowings 538,070 499,597
\n\n\n\n\n\n\n\n
\n
Verve\u2019s corporate bonds are both listed on Nasdaq Stockholm and the Frankfurt Stock Exchange.
\n
Interest accrues and pays out on a quarterly cycle after the date of first issuance. All bonds in-
\n
clude a Call-Option, but no Put-Option.
\n
Early Redemption of Bonds SE0018042277 and SE0019892241
\n
On Apr 10, 2025 Verve redeemed and refinanced both of its Senior Secured Callable Floating Rate
\n
Bonds, SE0018042277 and SE0019892241. Verve paid 102.344 percent and 103.625 percent as
\n
redemption price respectively. Through this refinancing, Verve continued to advance its objective
\n
of steadily lowering financing costs on a run-rate basis.
\n
The early redemption was conditional upon the issuance of a senior unsecured bond issue.
\n
On Apr 01, 2025 Verve successfully issued the Senior Unsecured Callable Floating Rate Bond
\n
SE0023848429, meeting the requirements for early redemption.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Refinanced Bond SE0018042277
Maturity21.06.2026
Nominal Amount240,000 \u20ack
Redemption Price102.344%
Rolled-Over67,400 \u20ack
Redemption Payment178,226 \u20ack
\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Bond SE0019892241
Maturity24.03.2027
Nominal Amount216,000 \u20ack
Redemption Price103.625%
Rolled-Over46,200 \u20ack
Redemption Payment177,630 \u20ack
\n\n\n\n\n\n\n\n
\n
Unamortized transaction costs associated with the redemption of both bonds amounted to 8,934 \u20ack
\n
and were recognized in the financial result following the refinancing. As part of the bond refinancing,
\n
Verve unwound its two existing interest rate swaps and discontinued hedge accounting. In line
\n
with Verve\u2019s risk management strategy, the swaps were used to hedge interest rate risk asso-
\n
ciated with the floating 3M-EURIBOR margin, covering a notional amount of 250,000 \u20ack. Upon
\n
unwinding, a total of 291 \u20ack was recycled through the income statement.
\n
At the time of termination, the swaps had a negative market value of 5,434 \u20ack. The market
\n
value was carried forward into a new swap arrangement following the issuance of Verve\u2019s senior
\n
unsecured callable floating rate bond (ISIN: SE0023848429) in April 2025.
\n

\n

\n\n\n\n\n\n\n\n
Issuance of New Senior Unsecured Callable Floating Rate Bond SE0023848429
\n
On Apr 01, 2025 Verve successfully issued 500,000 \u20ack of Senior Unsecured Callable Floating Rate
\n
Bonds with a total framework of 650,000 \u20ack. The bonds were issued at par with a fixed annual
\n
margin of 4.00 percent plus 3M-EURIBOR floating margin.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Bond SE0023848429
Issue Amount500,000 \u20ack
Framework650,000 \u20ack
Term4 Years
Start DateApr 01, 2025
Maturity DateApr 01, 2029
Fixed Margin4.00%
Floating Margin3M-EURIBOR
Effective Interest Rate as of December 31, 20257.72%
\n\n\n\n\n\n\n\n
\n
The following table describes the financial covenants applicable to bond SE0023848429.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Bond SE0023848429 Financial Covenants
Maintenance Test Quarterly Ratio of net interest bearing debt to EBITDA (according to the bond terms) must not exceed 4.50:1
Distribution TestOn occurrence of Restricted PaymentRatio of net interest bearing debt to EBITDA (according to the bond terms) must not exceed 2.50:1
Incurrence TestOn occurrence of debt issuanceRatio of net interest bearing debt to EBITDA (according to the bond terms) must not exceed 3.50:1
\n\n\n\n\n\n\n\n
\n
The category due to banks includes revolving credit facilities.
\n
The weighted average effective interest rate is as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in %31-Dec-2531-Dec-24
Bonds9.010.4
Bank loans6.011.6
\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Classification of financial liabilities table
in \u20ack31-Dec-2531-Dec-24
Derivatives designated as hedging instruments 4,216 5,173
Interest Rate Swap 20260 1,205
Interest Rate Swap 20270 3,969
Interest Rate Swap 2029 4,216 0
Financial liabilities at fair value through profit or loss13,479 15,828
Contingent consideration 9,279 12,523
Continuing involvement in the form of Equity Notes 3,756 2,976
Cash-settled share based payment444329
Other financial liabilities at amortised cost, other than interest bearing loans and borrowings197,973 217,717
Trade payables (Note 22) 98,496 104,061
Deferred consideration 39,428 46,084
Provisions and accrued liabilities 49,773 63,285
Other 10,720 4,617
Total financial liabilities 215,668 238,719
Total current financial liabilities198,426 210,477
Total non-current financial liabilities17,243 28,241
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n
Derivatives designated as hedging instruments reflect the fair value of interest rate swap contract(s),
\n
designated as cash flow hedges to hedge the interest rate risk that arises from issued floating rate
\n
bonds. For more information see Note 17.
\n
Contingent consideration
\n
Contingent considerations reflect purchase price liabilities that arose from business combinations.
\n
The liabilities recognized are carried at fair-value through profit or loss, settled when due and only
\n
if predetermined performance targets (contingencies) were met. The initial measurements are
\n
based on the acquirees business plan and management assumptions. Contingent considerations
\n
are discounted to their present value and are subject to frequent remeasurement.
\n

\n

\n\n\n\n\n\n\n\n
The balance as of December 31, 2025 of 9,279 \u20ack reflects earn-outs due to the sellers of Viewento
\n
GmbH. Thereof, 1,206 \u20ack are due within twelve months and 8,073 \u20ack are due within twelve to
\n
twenty-four months after the reporting date. For more information please refer to Note 3 and Note
\n
16. The balance of 12,523 \u20ack at December 31, 2024 relate to the contingent consideration due
\n
for the acquisition of Dataseat Ltd. The revaluation of Dataseat Ltd.\u2019s earn-out in 2025 led to an
\n
increase of 3,946 \u20ack, due to Dataseat Ltd. outperforming its originally assumed EBITDA targets.
\n
The liability was settled in full by August 2025.
\n
Deferred consideration
\n
Deferred considerations reflect purchase price liabilities that arose from business combinations.
\n
The liabilities reflect a fixed payment that has been deferred to a future due date. The settlement
\n
amount is discounted to its present value.
\n
As of December 31, 2025, the deferred consideration amounted to 39,427 \u20ack (December 31, 2024:
\n
46,084 \u20ack). Thereof, 23,304 \u20ack are due January 31, 2026 for the Jun Group acquisition, 8,675 \u20ack
\n
are due for the acquisition of Captify and 7,449 \u20ack for the acquisition of acardo Group AG. For
\n
more information on the recognized deferred considerations in 2025, please refer to Note 3.
\n
As of December 31, 2024, 46,084 \u20ack of deferred consideration related to the Jun Group acquisition.
\n
Thereof, 21,028 \u20ack were due and settled in July 2025. The remaining 25,056 \u20ack are due January
\n
31, 2026. The decrease from 2024 to 2025 is due to the depreciation of the USD in 2025.
\n
Continuing Involvement
\n
As of December 31, 2025 the amount of 3,756 \u20ack (December 31, 2024: 2,976 \u20ack) represent the
\n
fair value of Verve\u2019s retained risks and rewards from the sale of the participating entities of their
\n
accounts receivables to the securitization vehicle of the Group. For additional information on the
\n
securitization please refer to Note 2.23, Note 9 and Note 10.
\n
Cash-settled Share Based Payment
\n
Please refer to Note 27.
\n
Other
\n
The remaining financial liabilities as of December 31, 2025, consist of accrued bond interest
\n
liabilities amounting to 7,602 \u20ack (December 31, 2024: 1,431 \u20ack) and other financial liabilities
\n
amounting to 2,675 \u20ack (December 31, 2024: 2,856 \u20ack).
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag486": { "value": "\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Classification of financial liabilities table
in \u20ack31-Dec-2531-Dec-24
Derivatives designated as hedging instruments 4,216 5,173
Interest Rate Swap 20260 1,205
Interest Rate Swap 20270 3,969
Interest Rate Swap 2029 4,216 0
Financial liabilities at fair value through profit or loss13,479 15,828
Contingent consideration 9,279 12,523
Continuing involvement in the form of Equity Notes 3,756 2,976
Cash-settled share based payment444329
Other financial liabilities at amortised cost, other than interest bearing loans and borrowings197,973 217,717
Trade payables (Note 22) 98,496 104,061
Deferred consideration 39,428 46,084
Provisions and accrued liabilities 49,773 63,285
Other 10,720 4,617
Total financial liabilities 215,668 238,719
Total current financial liabilities198,426 210,477
Total non-current financial liabilities17,243 28,241
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag488": { "value": "\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Classification of financial liabilities table
in \u20ack31-Dec-2531-Dec-24
Derivatives designated as hedging instruments 4,216 5,173
Interest Rate Swap 20260 1,205
Interest Rate Swap 20270 3,969
Interest Rate Swap 2029 4,216 0
Financial liabilities at fair value through profit or loss13,479 15,828
Contingent consideration 9,279 12,523
Continuing involvement in the form of Equity Notes 3,756 2,976
Cash-settled share based payment444329
Other financial liabilities at amortised cost, other than interest bearing loans and borrowings197,973 217,717
Trade payables (Note 22) 98,496 104,061
Deferred consideration 39,428 46,084
Provisions and accrued liabilities 49,773 63,285
Other 10,720 4,617
Total financial liabilities 215,668 238,719
Total current financial liabilities198,426 210,477
Total non-current financial liabilities17,243 28,241
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag475": { "value": "\n
\n
15 Other non-financial liabilities \u2013 current
\n
The other non-financial liabilities include:
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack31-Dec-2531-Dec-24
Liabilities from taxes29,30426,048
Deferred income16,35113,167
Liabilities to employees and social securities2,3381,949
Other current non-financial liabilities1800
Total48,17341,164
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n
Please refer to Note 24 for further information on deferred income.
\n
The following table provides information about contract liabilities from contracts with customers:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
In \u20ack20252024
Contract liabilities \u2013 beginning of period13,16711,310
Contract liabilities \u2013 end of period16,35113,167
\n\n\n\n\n\n\n\n
\n
Revenue recognized during the reporting period that was included in the contract liability balance at the
\n
beginning of the period amounted to:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
In \u20ack20252024
Revenue recognized from opening contract liabilities13,16711,310
\n\n\n\n\n\n\n\n
\n
The following table shows the aggregate amount of the transaction price allocated to remaining
\n
performance obligations that were unsatisfied or partially unsatisfied at the reporting date:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
In \u20ack20252024
Within 1 year16,35113,167
Between 1\u20132 years00
More than 2 years00
Total remaining performance obligations16,35113,167
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Classification of financial liabilities table
in \u20ack31-Dec-2531-Dec-24
Derivatives designated as hedging instruments 4,216 5,173
Interest Rate Swap 20260 1,205
Interest Rate Swap 20270 3,969
Interest Rate Swap 2029 4,216 0
Financial liabilities at fair value through profit or loss13,479 15,828
Contingent consideration 9,279 12,523
Continuing involvement in the form of Equity Notes 3,756 2,976
Cash-settled share based payment444329
Other financial liabilities at amortised cost, other than interest bearing loans and borrowings197,973 217,717
Trade payables (Note 22) 98,496 104,061
Deferred consideration 39,428 46,084
Provisions and accrued liabilities 49,773 63,285
Other 10,720 4,617
Total financial liabilities 215,668 238,719
Total current financial liabilities198,426 210,477
Total non-current financial liabilities17,243 28,241
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag476": { "value": "\n
15 Other non-financial liabilities \u2013 current
\n
The other non-financial liabilities include:
\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack31-Dec-2531-Dec-24
Liabilities from taxes29,30426,048
Deferred income16,35113,167
Liabilities to employees and social securities2,3381,949
Other current non-financial liabilities1800
Total48,17341,164
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n
Please refer to Note 24 for further information on deferred income.
\n
The following table provides information about contract liabilities from contracts with customers:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
In \u20ack20252024
Contract liabilities \u2013 beginning of period13,16711,310
Contract liabilities \u2013 end of period16,35113,167
\n\n\n\n\n\n\n\n
\n
Revenue recognized during the reporting period that was included in the contract liability balance at the
\n
beginning of the period amounted to:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
In \u20ack20252024
Revenue recognized from opening contract liabilities13,16711,310
\n\n\n\n\n\n\n\n
\n
The following table shows the aggregate amount of the transaction price allocated to remaining
\n
performance obligations that were unsatisfied or partially unsatisfied at the reporting date:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
In \u20ack20252024
Within 1 year16,35113,167
Between 1\u20132 years00
More than 2 years00
Total remaining performance obligations16,35113,167
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag477": { "value": "\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack31-Dec-2531-Dec-24
Liabilities from taxes29,30426,048
Deferred income16,35113,167
Liabilities to employees and social securities2,3381,949
Other current non-financial liabilities1800
Total48,17341,164
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag478": { "value": "\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack31-Dec-2531-Dec-24
Liabilities from taxes29,30426,048
Deferred income16,35113,167
Liabilities to employees and social securities2,3381,949
Other current non-financial liabilities1800
Total48,17341,164
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag482": { "value": "\n
\n

\n
Classes and categories of financial instruments and their fair values
\n
As of December 31, 2025, the carrying amounts and fair values of the Group\u2019s financial instruments, other than those with carrying amounts that are reasonable
\n
approximations of fair values are as follows:
\n
\n
Fair-value hierarchy table
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Dec 31, 25Fair valueDec 31, 24Fair value
in \u20ackCarrying amount TotalLevel 1Level 2Level 3Carrying amount TotalLevel 1Level 2Level 3
Financial assets neasured at fair value:
Purchase Price Receivable 1,245 1,245 00 1,245 0000
Senior Subordinated Notes 10,560 10,560 0 10,560 0 18,175 18,175 0 18,175 0
Continuing Involvement in the form of Equity Notes 3,381 3,381 0 3,381 0 2,570 2,570 0 2,570 0
Total financial assets 15,186 15,186 0 13,941 1,245 20,745 20,745 0 20,745 0
Liabilities measured at fair value:
Derivatives designated as hedging instruments:
Interest rate swaps 4,216 4,216 0 4,216 0 5,173 5,173 0 5,173 0
Contingent consideration 9,279 9,279 00 9,279 12,523 12,523 00 12,523
Financial liabilities for which fair values are disclosed:
Floating rate borrowings 474,493 467,500 467,500 00 445,782 461,616 461,616 00
Total financial liabilities 487,989 480,996 467,500 4,216 9,279 463,479 479,312 461,616 5,173 12,523
\n\n\n\n\n\n\n\n
\n

\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n
\n
\n
Management assessed that the fair values of cash and short-term deposits, trade receivables,
\n
trade payables, bank overdrafts and other current liabilities approximate their carrying amounts
\n
largely due to the short-term maturities of these instruments.
\n
The following methods and assumptions were used to estimate the fair values:
\n
All fair-value measurements use the discounted cash-flow method.
\n
There is an active market for the Group\u2019s quoted debt instruments. The price as of reporting date
\n
has been used to determine the fair-value of the bonds.
\n
The Group\u2019s derivatives underlying instruments are plain vanilla interest rate swaps. Their fair-value
\n
is derived from the net present value of the future expected cash flows of the derivatives.
\n

\n\n\n\n\n\n\n
\n
The significant unobservable inputs used in the fair value measurements categorised within Level
\n
3 of the fair value hierarchy, together with a quantitative sensitivity analysis as at December 31,
\n
2025 and 2024 are shown below:
\n
Reconciliation of fair value measurement of financial instruments measured at fair value through
\n
profit or loss (Level 3):
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
InstrumentValuation MethodUnobservable InputSensitivity InputSensitivity
EBITDA0,057
-0,05-7
Contingent DCFIPS0,0553
Consideration-0,05-53
WACC0,50%88
-0,50%-87
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackContingent Consideration
As at 1 January 202435,385
Remeasurement recognised in Income statement during the priod-14,825
Purchases0
Sales/Repayments-8,036
Transfers to/from Level 30
As at 1 January 202512,523
Remeasurement recognised in Income statement during the priod4,060
Purchases9,839
Sales/Repayments-17,143
FX Revaluation0
Transfers to/from Level 30
As at 31 December 20259,279
\n\n\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag483": { "value": "\n

\n
Classes and categories of financial instruments and their fair values
\n
As of December 31, 2025, the carrying amounts and fair values of the Group\u2019s financial instruments, other than those with carrying amounts that are reasonable
\n
approximations of fair values are as follows:
\n
\n
Fair-value hierarchy table
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Dec 31, 25Fair valueDec 31, 24Fair value
in \u20ackCarrying amount TotalLevel 1Level 2Level 3Carrying amount TotalLevel 1Level 2Level 3
Financial assets neasured at fair value:
Purchase Price Receivable 1,245 1,245 00 1,245 0000
Senior Subordinated Notes 10,560 10,560 0 10,560 0 18,175 18,175 0 18,175 0
Continuing Involvement in the form of Equity Notes 3,381 3,381 0 3,381 0 2,570 2,570 0 2,570 0
Total financial assets 15,186 15,186 0 13,941 1,245 20,745 20,745 0 20,745 0
Liabilities measured at fair value:
Derivatives designated as hedging instruments:
Interest rate swaps 4,216 4,216 0 4,216 0 5,173 5,173 0 5,173 0
Contingent consideration 9,279 9,279 00 9,279 12,523 12,523 00 12,523
Financial liabilities for which fair values are disclosed:
Floating rate borrowings 474,493 467,500 467,500 00 445,782 461,616 461,616 00
Total financial liabilities 487,989 480,996 467,500 4,216 9,279 463,479 479,312 461,616 5,173 12,523
\n\n\n\n\n\n\n\n
\n

\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag355": { "value": "\n
\n
Management assessed that the fair values of cash and short-term deposits, trade receivables,
\n
trade payables, bank overdrafts and other current liabilities approximate their carrying amounts
\n
largely due to the short-term maturities of these instruments.
\n
The following methods and assumptions were used to estimate the fair values:
\n
All fair-value measurements use the discounted cash-flow method.
\n
There is an active market for the Group\u2019s quoted debt instruments. The price as of reporting date
\n
has been used to determine the fair-value of the bonds.
\n
The Group\u2019s derivatives underlying instruments are plain vanilla interest rate swaps. Their fair-value
\n
is derived from the net present value of the future expected cash flows of the derivatives.
\n

\n\n\n\n\n\n\n
\n
The significant unobservable inputs used in the fair value measurements categorised within Level
\n
3 of the fair value hierarchy, together with a quantitative sensitivity analysis as at December 31,
\n
2025 and 2024 are shown below:
\n
Reconciliation of fair value measurement of financial instruments measured at fair value through
\n
profit or loss (Level 3):
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
InstrumentValuation MethodUnobservable InputSensitivity InputSensitivity
EBITDA0,057
-0,05-7
Contingent DCFIPS0,0553
Consideration-0,05-53
WACC0,50%88
-0,50%-87
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackContingent Consideration
As at 1 January 202435,385
Remeasurement recognised in Income statement during the priod-14,825
Purchases0
Sales/Repayments-8,036
Transfers to/from Level 30
As at 1 January 202512,523
Remeasurement recognised in Income statement during the priod4,060
Purchases9,839
Sales/Repayments-17,143
FX Revaluation0
Transfers to/from Level 30
As at 31 December 20259,279
\n\n\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n\n
Fair-value hierarchy table
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Dec 31, 25Fair valueDec 31, 24Fair value
in \u20ackCarrying amount TotalLevel 1Level 2Level 3Carrying amount TotalLevel 1Level 2Level 3
Financial assets neasured at fair value:
Purchase Price Receivable 1,245 1,245 00 1,245 0000
Senior Subordinated Notes 10,560 10,560 0 10,560 0 18,175 18,175 0 18,175 0
Continuing Involvement in the form of Equity Notes 3,381 3,381 0 3,381 0 2,570 2,570 0 2,570 0
Total financial assets 15,186 15,186 0 13,941 1,245 20,745 20,745 0 20,745 0
Liabilities measured at fair value:
Derivatives designated as hedging instruments:
Interest rate swaps 4,216 4,216 0 4,216 0 5,173 5,173 0 5,173 0
Contingent consideration 9,279 9,279 00 9,279 12,523 12,523 00 12,523
Financial liabilities for which fair values are disclosed:
Floating rate borrowings 474,493 467,500 467,500 00 445,782 461,616 461,616 00
Total financial liabilities 487,989 480,996 467,500 4,216 9,279 463,479 479,312 461,616 5,173 12,523
\n\n\n\n\n\n\n\n
\n

\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag342": { "value": "\n
Financial instruments risk management
\n
Typical risks from financial instruments are the credit risk, the liquidity risk and the individual
\n
market risk. The risk management system of the Group is described in the Internal Control and
\n
Risk Management chapter of the Corporate Governance Report including its goals, methods and
\n
processes and can be found on Page 36 - 46 of the Annual Report. Based on the information
\n
depicted below, we do not see any explicit risk concentrations from financial risks.
\n
\n
Credit Risks
\n
Credit risk is the risk that a counterparty will cause a financial loss to the Group by failing to settle
\n
their obligation. The Group\u2019s principal credit risk exposures arise from trade receivables, cash
\n
deposits, and other financial assets, including derivatives. The carrying amounts of these financial
\n
assets represent the Group\u2019s maximum exposure to credit risk at the reporting date
\n
The Group reduces the default risk of original financial instruments through trade information,
\n
credit limits and debtor management including dunning and proactive collection. In addition, to
\n
the best of its knowledge, the Group only concludes transactions with solvent customers. The
\n
maximum default risk results from the carrying amounts of financial assets recognized in the
\n
statement of financial position. Credit losses have been recognized in the amount disclosed in
\n
Note 10. The expected credit loss amounts to 975 \u20ack for 2025. The Group has written off the corre-
\n
sponding trade receivables. The overall remaining credit risk is low.
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n
\n
Liquidity Risks
\n
Liquidity risk pertains to the risk that Verve may not be able to meet its short-term financial
\n
obligations. The operational liquidity management includes a cash controlling process. Liquidity
\n
surpluses and requirements are thus managed in accordance with the Group\u2019s requirements and
\n
those of individual Group companies. The due dates of financial assets and financial liabilities and
\n
estimates of the cash flow from operational activity are included in the short-term and medium-
\n
term liquidity management. Cash and cash equivalents totaling 89,025 \u20ack (2024: 146,702 \u20ack) are
\n
available to cover the liquidity requirements. The liquidity risk is judged as low. The table below
\n
summarizes the maturity profile of the Group\u2019s financial liabilities based on contractual undis-
\n
counted payments:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
December 31, 25
in \u20ackup to 1 year1 to 5 yearsTotal
Interest bearing loans and borrowings59,949 500,450 560,399
Lease liabilities 2,893 7,886 10,779
Contingent consideration1,2679,00010,267
Deferred consideration 31,048 9,362 40,410
Trade payables98,496 098,496
Derivatives 4,216 0 4,216
Other financial liabilities6,380495 6,875
Total204,249527,193731,442
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
December 31, 24
in \u20ackup to 1 year1 to 5 yearsTotal
Interest bearing loans and borrowings51,521 456,550 508,071
Lease liabilities 736 2,439 3,174
Contingent consideration 12,958 0 12,958
Deferred consideration 21,658 26,470 48,128
Trade payables 104,0610104,061
Derivatives 5,173 0 5,173
Other financial liabilities 6,161 0 6,161
Total202,268 485,459 687,584
\n\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n
\n
\n
Currency Risks
\n
Transactional currency risk arises when the Group enters into transactions denominated in a
\n
currency other than the functional currency of the relevant entity. Such exposures typically arise
\n
on sales, purchases, intercompany funding, external borrowings, lease obligations and other
\n
financial assets and liabilities denominated in foreign currencies. Exchange-rate movements
\n
between recognition and settlement of these items can affect profit or loss.
\n
The main components comprising transactional currency risks are the operating activities con-
\n
centrated in the United States. Risk management and mitigation focusses on natural hedges for
\n
the entities operating in a currency area differing from their functional currency.
\n
Translation Risks
\n
Translational currency risk arises from the translation of the results, cash flows and net assets of
\n
foreign operations into the Group\u2019s reporting currency. This exposure does not generally give rise
\n
to the same immediate cash-flow consequences as transactional currency risk, but it can affect
\n
reported revenue, operating results, net assets and equity from one reporting period to the next.
\n
At Group level, there is a translation risk that results from consolidation of subsidiaries that have a
\n
functional currency other than EUR. The Group has a large exposure to currency translation risks
\n
arising for subsidiaries with USD as their functional currency. The depreciation of the USD in 2025
\n
led to major currency translation effects for the translation of investments and equity recognized
\n
in OCI. The long-term exchange risk that exists with investments in shareholdings that do not
\n
carry out their accounting in Euro is monitored continuously. The amount recognized in OCI as of
\n
December 31, 2025, amounts to -63,004 \u20ack (December 31, 2024: 30,934 \u20ack).
\n
The Group\u2019s EBT shows significant sensitivity to changes of the USD. The Group is exposed less
\n
significant currency risks for GBP. The Group chose to not enter into any currency hedges.
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Effect on profit before tax
Income/(expense)
in \u20ackDecember 31, 25December 31, 24
Appreciation 5%Depreciation 5%Appreciation 5%Depreciation 5%
USD EUR3,454-3,1254,474-4,048
GBP EUR-1,047947-746675
SEK EUR52-4735-31
CHF EUR-1816-5045
PHP EUR-1312-44
INR EUR-184166-9384
BRL EUR-5045-7870
CNY EUR-5853-5348
SGD EUR33-29-5853
AUD EUR-1312
\n\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n
Interest Risks
\n
Information on hedging and risk management please refer to Note 17 and the Internal Controls
\n
and Risk Management chapter in the Corporate Governance Report.
\n
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will
\n
fluctuate because of changes in market interest rates. The Group is exposed to interest rate risk
\n
principally through cash deposits, variable-rate borrowings, lease-related financing exposures
\n
where relevant.
\n
Verve is exposed to interest rate risk from the floating margin of its new bond SE0023848429
\n
and revolving credit facilities. The aforementioned instruments have a floating leg based on the
\n
3M-EURIBOR. Verve is thus exposed to interest rate risk from interest rate volatility. With the
\n
3M-EURIBOR having stabilized around 200 bp the current interest rate risk is considered to be
\n
medium. In compliance with Verve\u2019s risk management strategy and mitigation measures, Verve
\n
entered into a new interest rate swap to hedge its risk of changing cash-flows from interest rate
\n
risks. Alongside the increase of nominally issued bonds to 500,000 \u20ack, the hedged amount was
\n
increased to 300,000 \u20ack. The interest swap includes the rolled over negative market value of the
\n
two prior swaps which amounts to 5,434 \u20ack at inception. Hedged item and hedging instrument
\n
were analyzed for the inception of a hedging relationship, which was subsequently established.
\n
Please refer to Note 17 for further information on hedge accounting. For additional information
\n
on risk management please refer to the chapter \u201cInternal Controls and Risk Management\u201d in the
\n
Corporate Governance Report.
\n
An interest sensitivity analysis is presented below to illustrate the effect of reasonably possible
\n
changes in interest rates at the reporting date on profit or loss and. This analysis reflects the exposure
\n
of variable-rate financial instruments and any related hedging arrangements outstanding at period end.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Effect on profit before tax
Increase/descrease in basis pointsIncome/(expense)
in \u20ackDecember 31, 25December 31, 24
3M EURIBOR
+50 b.p.-1,260-1,290
-50 b.p.1,2601,290
\n\n\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n\n
\n
The changes in liabilities arising from financing activities as of December 31, 2025 is as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack31-Dec-24Additions / ProceedsRepaymentInterest accrualChanges in fair valuesCurrency TranslationNew LeasesOther31-Dec-25
Quoted bonds and related coupon445,782375,656-386,49749,324 00 0-9,772474,493
Due to banks and related interest50,640136,479-136,5781,8100 0 044752,797
Lease liabilities (Note 18)3,1741,166-3,6904810 -35510,003 10,779
Derivatives5,1730 -1,0201,284-1,2210 004,216
Deferred Considerations46,0840 -19,2692,0160 -5,310015,90739,428
Contingent Liabilities12,5230 -16,2835223,946-40808,979 9,279
Total563,377513,300-563,33755,4362,725-6,07310,00315,561590,993
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack31-Dec-23Additions / ProceedsRepaymentInterest accrualChanges in fair valuesCurrency TranslationNew LeasesOther31-Dec-24
Quoted bonds and related coupon382,54892,400-81,24051,4720 0 0602445,782
Due to banks and related interest32,650142,615-126,5031,8780 0 00 50,640
Lease liabilities (Note 18)2,5060 -2,6331900 673,0440 3,174
Derivatives5,1321,4970 -1,497410 00 5,173
Deferred Considerations0009250 1,930043,22846,084
Contingent Liabilities35,3850-8,0361,151-15,9770 0 012,523
Total458,221236,512-218,41254,119-15,9361,9973,04443,830563,377
\n\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag343": { "value": "\n
Credit Risks
\n
Credit risk is the risk that a counterparty will cause a financial loss to the Group by failing to settle
\n
their obligation. The Group\u2019s principal credit risk exposures arise from trade receivables, cash
\n
deposits, and other financial assets, including derivatives. The carrying amounts of these financial
\n
assets represent the Group\u2019s maximum exposure to credit risk at the reporting date
\n
The Group reduces the default risk of original financial instruments through trade information,
\n
credit limits and debtor management including dunning and proactive collection. In addition, to
\n
the best of its knowledge, the Group only concludes transactions with solvent customers. The
\n
maximum default risk results from the carrying amounts of financial assets recognized in the
\n
statement of financial position. Credit losses have been recognized in the amount disclosed in
\n
Note 10. The expected credit loss amounts to 975 \u20ack for 2025. The Group has written off the corre-
\n
sponding trade receivables. The overall remaining credit risk is low.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag346": { "value": "\n
Liquidity Risks
\n
Liquidity risk pertains to the risk that Verve may not be able to meet its short-term financial
\n
obligations. The operational liquidity management includes a cash controlling process. Liquidity
\n
surpluses and requirements are thus managed in accordance with the Group\u2019s requirements and
\n
those of individual Group companies. The due dates of financial assets and financial liabilities and
\n
estimates of the cash flow from operational activity are included in the short-term and medium-
\n
term liquidity management. Cash and cash equivalents totaling 89,025 \u20ack (2024: 146,702 \u20ack) are
\n
available to cover the liquidity requirements. The liquidity risk is judged as low. The table below
\n
summarizes the maturity profile of the Group\u2019s financial liabilities based on contractual undis-
\n
counted payments:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
December 31, 25
in \u20ackup to 1 year1 to 5 yearsTotal
Interest bearing loans and borrowings59,949 500,450 560,399
Lease liabilities 2,893 7,886 10,779
Contingent consideration1,2679,00010,267
Deferred consideration 31,048 9,362 40,410
Trade payables98,496 098,496
Derivatives 4,216 0 4,216
Other financial liabilities6,380495 6,875
Total204,249527,193731,442
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
December 31, 24
in \u20ackup to 1 year1 to 5 yearsTotal
Interest bearing loans and borrowings51,521 456,550 508,071
Lease liabilities 736 2,439 3,174
Contingent consideration 12,958 0 12,958
Deferred consideration 21,658 26,470 48,128
Trade payables 104,0610104,061
Derivatives 5,173 0 5,173
Other financial liabilities 6,161 0 6,161
Total202,268 485,459 687,584
\n\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag303": { "value": "\n
\n
Currency Risks
\n
Transactional currency risk arises when the Group enters into transactions denominated in a
\n
currency other than the functional currency of the relevant entity. Such exposures typically arise
\n
on sales, purchases, intercompany funding, external borrowings, lease obligations and other
\n
financial assets and liabilities denominated in foreign currencies. Exchange-rate movements
\n
between recognition and settlement of these items can affect profit or loss.
\n
The main components comprising transactional currency risks are the operating activities con-
\n
centrated in the United States. Risk management and mitigation focusses on natural hedges for
\n
the entities operating in a currency area differing from their functional currency.
\n
Translation Risks
\n
Translational currency risk arises from the translation of the results, cash flows and net assets of
\n
foreign operations into the Group\u2019s reporting currency. This exposure does not generally give rise
\n
to the same immediate cash-flow consequences as transactional currency risk, but it can affect
\n
reported revenue, operating results, net assets and equity from one reporting period to the next.
\n
At Group level, there is a translation risk that results from consolidation of subsidiaries that have a
\n
functional currency other than EUR. The Group has a large exposure to currency translation risks
\n
arising for subsidiaries with USD as their functional currency. The depreciation of the USD in 2025
\n
led to major currency translation effects for the translation of investments and equity recognized
\n
in OCI. The long-term exchange risk that exists with investments in shareholdings that do not
\n
carry out their accounting in Euro is monitored continuously. The amount recognized in OCI as of
\n
December 31, 2025, amounts to -63,004 \u20ack (December 31, 2024: 30,934 \u20ack).
\n
The Group\u2019s EBT shows significant sensitivity to changes of the USD. The Group is exposed less
\n
significant currency risks for GBP. The Group chose to not enter into any currency hedges.
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Effect on profit before tax
Income/(expense)
in \u20ackDecember 31, 25December 31, 24
Appreciation 5%Depreciation 5%Appreciation 5%Depreciation 5%
USD EUR3,454-3,1254,474-4,048
GBP EUR-1,047947-746675
SEK EUR52-4735-31
CHF EUR-1816-5045
PHP EUR-1312-44
INR EUR-184166-9384
BRL EUR-5045-7870
CNY EUR-5853-5348
SGD EUR33-29-5853
AUD EUR-1312
\n\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n
Interest Risks
\n
Information on hedging and risk management please refer to Note 17 and the Internal Controls
\n
and Risk Management chapter in the Corporate Governance Report.
\n
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will
\n
fluctuate because of changes in market interest rates. The Group is exposed to interest rate risk
\n
principally through cash deposits, variable-rate borrowings, lease-related financing exposures
\n
where relevant.
\n
Verve is exposed to interest rate risk from the floating margin of its new bond SE0023848429
\n
and revolving credit facilities. The aforementioned instruments have a floating leg based on the
\n
3M-EURIBOR. Verve is thus exposed to interest rate risk from interest rate volatility. With the
\n
3M-EURIBOR having stabilized around 200 bp the current interest rate risk is considered to be
\n
medium. In compliance with Verve\u2019s risk management strategy and mitigation measures, Verve
\n
entered into a new interest rate swap to hedge its risk of changing cash-flows from interest rate
\n
risks. Alongside the increase of nominally issued bonds to 500,000 \u20ack, the hedged amount was
\n
increased to 300,000 \u20ack. The interest swap includes the rolled over negative market value of the
\n
two prior swaps which amounts to 5,434 \u20ack at inception. Hedged item and hedging instrument
\n
were analyzed for the inception of a hedging relationship, which was subsequently established.
\n
Please refer to Note 17 for further information on hedge accounting. For additional information
\n
on risk management please refer to the chapter \u201cInternal Controls and Risk Management\u201d in the
\n
Corporate Governance Report.
\n
An interest sensitivity analysis is presented below to illustrate the effect of reasonably possible
\n
changes in interest rates at the reporting date on profit or loss and. This analysis reflects the exposure
\n
of variable-rate financial instruments and any related hedging arrangements outstanding at period end.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Effect on profit before tax
Increase/descrease in basis pointsIncome/(expense)
in \u20ackDecember 31, 25December 31, 24
3M EURIBOR
+50 b.p.-1,260-1,290
-50 b.p.1,2601,290
\n\n\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n\n
The changes in liabilities arising from financing activities as of December 31, 2025 is as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack31-Dec-24Additions / ProceedsRepaymentInterest accrualChanges in fair valuesCurrency TranslationNew LeasesOther31-Dec-25
Quoted bonds and related coupon445,782375,656-386,49749,324 00 0-9,772474,493
Due to banks and related interest50,640136,479-136,5781,8100 0 044752,797
Lease liabilities (Note 18)3,1741,166-3,6904810 -35510,003 10,779
Derivatives5,1730 -1,0201,284-1,2210 004,216
Deferred Considerations46,0840 -19,2692,0160 -5,310015,90739,428
Contingent Liabilities12,5230 -16,2835223,946-40808,979 9,279
Total563,377513,300-563,33755,4362,725-6,07310,00315,561590,993
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack31-Dec-23Additions / ProceedsRepaymentInterest accrualChanges in fair valuesCurrency TranslationNew LeasesOther31-Dec-24
Quoted bonds and related coupon382,54892,400-81,24051,4720 0 0602445,782
Due to banks and related interest32,650142,615-126,5031,8780 0 00 50,640
Lease liabilities (Note 18)2,5060 -2,6331900 673,0440 3,174
Derivatives5,1321,4970 -1,497410 00 5,173
Deferred Considerations0009250 1,930043,22846,084
Contingent Liabilities35,3850-8,0361,151-15,9770 0 012,523
Total458,221236,512-218,41254,119-15,9361,9973,04443,830563,377
\n\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag304": { "value": "\n
Currency Risks
\n
Transactional currency risk arises when the Group enters into transactions denominated in a
\n
currency other than the functional currency of the relevant entity. Such exposures typically arise
\n
on sales, purchases, intercompany funding, external borrowings, lease obligations and other
\n
financial assets and liabilities denominated in foreign currencies. Exchange-rate movements
\n
between recognition and settlement of these items can affect profit or loss.
\n
The main components comprising transactional currency risks are the operating activities con-
\n
centrated in the United States. Risk management and mitigation focusses on natural hedges for
\n
the entities operating in a currency area differing from their functional currency.
\n
Translation Risks
\n
Translational currency risk arises from the translation of the results, cash flows and net assets of
\n
foreign operations into the Group\u2019s reporting currency. This exposure does not generally give rise
\n
to the same immediate cash-flow consequences as transactional currency risk, but it can affect
\n
reported revenue, operating results, net assets and equity from one reporting period to the next.
\n
At Group level, there is a translation risk that results from consolidation of subsidiaries that have a
\n
functional currency other than EUR. The Group has a large exposure to currency translation risks
\n
arising for subsidiaries with USD as their functional currency. The depreciation of the USD in 2025
\n
led to major currency translation effects for the translation of investments and equity recognized
\n
in OCI. The long-term exchange risk that exists with investments in shareholdings that do not
\n
carry out their accounting in Euro is monitored continuously. The amount recognized in OCI as of
\n
December 31, 2025, amounts to -63,004 \u20ack (December 31, 2024: 30,934 \u20ack).
\n
The Group\u2019s EBT shows significant sensitivity to changes of the USD. The Group is exposed less
\n
significant currency risks for GBP. The Group chose to not enter into any currency hedges.
\n

\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Effect on profit before tax
Income/(expense)
in \u20ackDecember 31, 25December 31, 24
Appreciation 5%Depreciation 5%Appreciation 5%Depreciation 5%
USD EUR3,454-3,1254,474-4,048
GBP EUR-1,047947-746675
SEK EUR52-4735-31
CHF EUR-1816-5045
PHP EUR-1312-44
INR EUR-184166-9384
BRL EUR-5045-7870
CNY EUR-5853-5348
SGD EUR33-29-5853
AUD EUR-1312
\n\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag305": { "value": "\n
17 Hedge accounting and derivatives
\n
Verve\u2019s corporate bonds are both listed on Nasdaq Stockholm and the Frankfurt Stock Exchange.
\n
Interest accrues and pays out on a quarterly cycle after the date of first issuance. Verve is ex-
\n
posed to interest rate risk from the floating margin of its bond SE0023848429. In compliance with
\n
Verve\u2019s risk management strategy and mitigation measures, Verve entered into a interest rate
\n
swap to hedge its risk of changing cash-flows from interest rate risks. Alongside the increase of
\n
nominally issued bonds of 500,000 \u20ack, the hedged amount was increased to 300,000 \u20ack. The
\n
interest swap includes the rolled over negative market value of the two prior swaps which
\n
amounted to 5,434 \u20ack at inception. Hedged item and hedging instrument were analyzed for the
\n
inception of a hedging relationship, which was subsequently established.
\n
The sources of ineffectiveness are:
\n
1. Closing mismatch: The swap was closed on April 11, 2025, while the bond was issues on April
\n
01, 2025. The deviating forward curve for determining the swap rate on April 11, 2025, is ex-
\n
pected to give rise to ineffectiveness, compared to the hypothetical derivative\u2019s forward curve
\n
which was set up on April 01, 2025.
\n
2. Numerator difference for interest quotient: The swap uses a numerator of 365/360 for
\n
determining its cash-flows while the hypothetical derivative uses ACT/360 mirroring the
\n
bond\u2019s interest terms.
\n
3. Included financing component: The swap includes a financing component from the roll-over of
\n
the two previous interest rate swaps. The swap started with a negative market value of 5,434
\n
\u20ack. The included financing component is amortized over the lifetime of the swap and thus
\n
impacts the swaps receiving leg, resulting in significant amounts of ineffectiveness.
\n
The following tables show the hedging instruments, the hedge balances as well as ineffectiveness adjustments:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackHedging Instruments
NominalVolumeFixed Leg (Pay)Floating Leg (Receive)Fair Value Other Financial AssetsFair Value Other Financial LiabilitiesFair Value Changes for Recognition of ineffectiveness
31-Dec-2025
Interest Rate Swap 2029300,0002.66%3M EURIBOR03,728 -907
Total Interest Swaps300,000 03,728-907
31-Dec-2024
Interest Rate Swap 2027150,0003.30%3M EURIBOR03,9690
Interest Rate Swap 2026100,0002.96%3M EURIBOR01,2050
Total Interest Swaps250,000 05,1730
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack31-Dec-202531-Dec-2024
Change in fair value for measuring ineffectivenessCash-Flow Hedge Reserve BalanceCost of hedging reserveChange in fair value for measuring ineffectivenessCash-Flow Hedge Reserve BalanceCost of hedging reserve
31-Dec-2025
Interest Rate Swap 2029907-2,8210000
Interest Rate Swap 2027000-194-4,1620
Interest Rate Swap 2026000-97-1,3020
Total Cash-Flow Hedges 907-2,8210 -291-5,4640
\n\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackTotal hedging gain/(loss) recognised in OCIIneffectiveness recognised in profit or lossFinance income/(expense)Cost of hedging recognised in OCIAmount reclassified from OCI to profit of lossFinance income/(expense)
31-Dec-2025
Bond SE0023848429 3,728-90700
Bond SE0019892241 -3,321000
Bond SE0018042277 -2,143000
Total Cash Flow Hedges -1,736-90700
31-Dec-2024
Bond SE0019892241 186-19400
Bond SE0018042277 -227-9700
Total Cash Flow Hedges -41-29100
\n\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag307": { "value": "\n
18 Leases
\n
The Group\u2019s leased assets include buildings and cars. The lease terms are mainly between one
\n
and four years.
\n
18.1 Right of Use (RoU) Assets
\n
The book value of the RoU assets and the depreciation by classes are broken down as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Carrying amountCarrying amount
in \u20ack01-Jan-25AdditionsDepreciationOther31-Dec-25
RoU from building rental2,9899,703-2,94434310,091
RoU from vehicle leasing9206-350179
RoU rom IT-equipment095-15079
Total2,99910,003-2,99434310,350
\n\n\n\n\n\n\n\n\n
\n
The RoU assets are included in the property, plant, and equipment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Carrying amountCarrying amount
in \u20ack01-Jan-24AdditionsDepreciationOther31-Dec-24
RoU from building rental2,3411,501-85302,989
RoU from vehicle leasing170-809
Total2,3591,501-86102,998
\n\n\n\n\n\n\n\n\n
\n
18.2 Maturity Analysis of the Lease Liabilities
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack31-Dec-2531-Dec-24
Up to 1 year2,893736
More than 1 year and up to 5 years7,8862,439
More than 5 years0 0
Total10,7793,174
\n\n\n\n\n\n\n\n\n
\n
The Group applied the weighted average value of the Group\u2019s marginal borrowing rate of 5.9 %
\n
(2024: 5.9%). This was determined based on the loans received with a comparable term, which
\n
would be available to the Group for the acquisition of the assets. Interest accretion on leasing
\n
liabilities amounted to 481 \u20ack (2024: 191 \u20ack). The Group has no sale and leaseback transactions.
\n

\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag308": { "value": "\n
19 Deferred tax liabilities
\n
Deferred tax liabilities relate to timing differences that have emerged between the carrying
\n
amounts of intangible assets and their tax base within the framework of the initial consolidation
\n
of companies acquired amount to 69,370 \u20ack (2024: 73,672 \u20ack).
\n
Deferred tax liabilities of 26,316 \u20ack (2024: 24,257 \u20ack) were recognized on timing differences between
\n
the carrying amount of tangible and intangible assets and the tax base and timing differences
\n
between the carrying amount of liabilities and its tax base amount to 1,210 \u20ack (2024: 133 \u20ack).
\n

\n\n\n\n\n\n\n\n
The deferred tax liabilities were netted off against the respective deferred tax assets for identical
\n
tax items totaling to 71,003 \u20ack (2024: 76,338 \u20ack), resulting in deferred tax liabilities in an amount of
\n
25,893 \u20ack (2024: 21,725 \u20ack) after netting.
\n
Further explanations on deferred taxes can be found in Note 31 Income taxes.
\n

\n\n\n\n\n\n\n\n
8 Deferred tax assets
\n
The accrual/deferral of deferred taxes is done pursuant to the liability method in accordance with
\n
IAS 12 Income taxes. The tax rates that apply and/or have been agreed upon and are known on the
\n
reference date of the annual financial statements are applied.
\n
Deferred tax assets in the amount of 48,460 \u20ack (2024: 36,640 \u20ack) relate to the probable future
\n
utilization of tax loss carry forwards and in the amount of 39,424 \u20ack (2024: 46,655 \u20ack \u20ack) to timing
\n
differences that have emerged between the carrying amounts of intangible assets and their tax
\n
base within the framework of the initial consolidation of companies acquired.
\n
Deferred tax assets of 1,804 \u20ack (2024: 2,604 \u20ack) were recognized on timing differences between
\n
the carrying amount of tangible and intangible assets and the tax base.
\n
Deferred tax assets of 9,172 \u20ack (2024: 7,488 \u20ack) are due to the timing differences of liabilities.
\n
Deferred tax assets and liabilities were netted for identical tax subjects of 71,003 \u20ack (2024: 76,338 \u20ack),
\n
resulting in total deferred tax assets of 27,933 \u20ack (2024: 17,049 \u20ack).
\n
Further explanations on the deferred taxes can be found in Note 19 Deferred tax liabilities and
\n
Note 31 Income taxes.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag310": { "value": "\n
20 Current accruals
\n
Accruals are detailed in the table below:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ack31-Dec-2531-Dec-24
Personnel-related obligations7,4976,167
Audit and closing costs3,690906
Accrued operational and other costs35,62141,080
Total46,80848,153
\n\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag311": { "value": "\n
\n
21 Provisions
\n
The development of provisions is shown in the table below:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Balance Balance
as of as of
in \u20ack01-Jan-25AdditionsUtilizationFX effectsReversal31-Dec-25
Tax related provisions821,028-56-14 01,041
Legal and advisory 14,7241,17585-492 -13,5701,923
cost provisions
Other provisions3250-325000
Total15,1322,204-295-506-13,5702,964
\n\n\n\n\n\n\n\n\n
\n
Provisions are made for current, legal, and de facto obligations resulting from past events that are
\n
likely to lead to a future economic burden and whose size can be reliably estimated. If a changed
\n
estimate results in a reduction in the size of the obligation, the accrual is reversed accordingly,
\n
and the income is posted in the area that was originally charged with the expense when the provision
\n
was posted. Other provisions mainly include litigation obligations.
\n
Verve Group is party to a number of disputes. For each separate dispute, an assessment of the
\n
most likely outcome is made and reported in the consolidated financial statements if a provision
\n
needs to be created or adjusted. Information relevant to potential value is taken into account up to
\n
the time of preparation of the consolidated financial statements.
\n
As of December 31, 2025, there are tax related provisions amounting to 1,041\u20ack (2024: 82 \u20ack)
\n
which mainly relate to corporate income tax. Due to the uncertainty associated with such tax
\n
positions, there is a possibility that, on conclusion of open tax matters with the tax authorities at a
\n
future date, the final outcome may differ significantly.
\n
All provisions have a term of up to one year.
\n

\n

\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Classification of financial liabilities table
in \u20ack31-Dec-2531-Dec-24
Derivatives designated as hedging instruments 4,216 5,173
Interest Rate Swap 20260 1,205
Interest Rate Swap 20270 3,969
Interest Rate Swap 2029 4,216 0
Financial liabilities at fair value through profit or loss13,479 15,828
Contingent consideration 9,279 12,523
Continuing involvement in the form of Equity Notes 3,756 2,976
Cash-settled share based payment444329
Other financial liabilities at amortised cost, other than interest bearing loans and borrowings197,973 217,717
Trade payables (Note 22) 98,496 104,061
Deferred consideration 39,428 46,084
Provisions and accrued liabilities 49,773 63,285
Other 10,720 4,617
Total financial liabilities 215,668 238,719
Total current financial liabilities198,426 210,477
Total non-current financial liabilities17,243 28,241
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag312": { "value": "\n
21 Provisions
\n
The development of provisions is shown in the table below:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Balance Balance
as of as of
in \u20ack01-Jan-25AdditionsUtilizationFX effectsReversal31-Dec-25
Tax related provisions821,028-56-14 01,041
Legal and advisory 14,7241,17585-492 -13,5701,923
cost provisions
Other provisions3250-325000
Total15,1322,204-295-506-13,5702,964
\n\n\n\n\n\n\n\n\n
\n
Provisions are made for current, legal, and de facto obligations resulting from past events that are
\n
likely to lead to a future economic burden and whose size can be reliably estimated. If a changed
\n
estimate results in a reduction in the size of the obligation, the accrual is reversed accordingly,
\n
and the income is posted in the area that was originally charged with the expense when the provision
\n
was posted. Other provisions mainly include litigation obligations.
\n
Verve Group is party to a number of disputes. For each separate dispute, an assessment of the
\n
most likely outcome is made and reported in the consolidated financial statements if a provision
\n
needs to be created or adjusted. Information relevant to potential value is taken into account up to
\n
the time of preparation of the consolidated financial statements.
\n
As of December 31, 2025, there are tax related provisions amounting to 1,041\u20ack (2024: 82 \u20ack)
\n
which mainly relate to corporate income tax. Due to the uncertainty associated with such tax
\n
positions, there is a possibility that, on conclusion of open tax matters with the tax authorities at a
\n
future date, the final outcome may differ significantly.
\n
All provisions have a term of up to one year.
\n

\n

\n\n\n\n\n\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Classification of financial liabilities table
in \u20ack31-Dec-2531-Dec-24
Derivatives designated as hedging instruments 4,216 5,173
Interest Rate Swap 20260 1,205
Interest Rate Swap 20270 3,969
Interest Rate Swap 2029 4,216 0
Financial liabilities at fair value through profit or loss13,479 15,828
Contingent consideration 9,279 12,523
Continuing involvement in the form of Equity Notes 3,756 2,976
Cash-settled share based payment444329
Other financial liabilities at amortised cost, other than interest bearing loans and borrowings197,973 217,717
Trade payables (Note 22) 98,496 104,061
Deferred consideration 39,428 46,084
Provisions and accrued liabilities 49,773 63,285
Other 10,720 4,617
Total financial liabilities 215,668 238,719
Total current financial liabilities198,426 210,477
Total non-current financial liabilities17,243 28,241
\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n
\n

\n\n\n\n\n\n
\n

\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag315": { "value": "\n
22 Trade payables
\n
Trade payables mainly comprise outstanding amounts for the purchase of goods and services.
\n
The Management Board is of the opinion that the carrying amount of trade payables generally
\n
corresponds to their market value.
\n
The maturity analysis December 31, 2025 is as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
December 31, 2025 in \u20ackup to 1 year1 to 5 years
Trade payables98,4960
Total98,4960
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
December 31, 2024 in \u20ackup to 1 year1 to 5 years
Trade payables104,0610
Total104,0610
\n\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag313": { "value": "\n
\n
23 Other financial commitments
\n
Verve Group entered a long-term contract with hosting and computing service providers. The
\n
term of contract is 48 month with an obligation to spend a minimum of 131,915 \u20ack.
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag314": { "value": "\n
23 Other financial commitments
\n
Verve Group entered a long-term contract with hosting and computing service providers. The
\n
term of contract is 48 month with an obligation to spend a minimum of 131,915 \u20ack.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag316": { "value": "\n
\n
24 Revenues
\n
Verve generates its sales in two segments. The supply side segment (SSP) and the demand
\n
side segment (DSP). Verve\u2019s Demand Side enables advertisers to drive user acquisition and
\n
performance campaigns as well as brand campaigns across the open internet. Through its
\n
self-service, cloud-based platform, advertisers can create, manage, and optimize data-driven
\n
digital advertising campaigns across all relevant ad formats and channels (including e.g. display,
\n
native and video) and devices (including mobile in-app, mobile web, desktop web, digital out-of-
\n
home and connected TV).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackFY 2025FY 2024
DSP120,63368,996
SSP430,289368,008
Total550,923437,005
\n\n\n\n\n\n\n\n\n
\n
As of December 31, 2025, Verve had deferred revenues with a duration up to maximum 12
\n
(2024: 12) months, which resulted in partly unsatisfied performance obligations at year end.
\n
100 (2024: 100) percent of the transaction price allocated to the partly unsatisfied contracts as
\n
of December 31, 2025, is expected to be recognized as revenue during the year 2026 (2025).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackFY 2025FY 2024
Deferred revenue DSP1,4531,441
Deferred revenue SSP14,89811,725
\n\n\n\n\n\n\n\n\n
\n
The deferred revenue from the SSP mainly results from revenue recognition from games and
\n
is mainly related to advance payments for pre-paid game cards and virtual currency (crowns)
\n
reve-nues for the Wizard101 and Pirate101 games.
\n
The contractual liabilities relate to the advance payments received from customers for the use of
\n
games and media for which sales are realized over a certain period and reflect their value.
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag317": { "value": "\n
24 Revenues
\n
Verve generates its sales in two segments. The supply side segment (SSP) and the demand
\n
side segment (DSP). Verve\u2019s Demand Side enables advertisers to drive user acquisition and
\n
performance campaigns as well as brand campaigns across the open internet. Through its
\n
self-service, cloud-based platform, advertisers can create, manage, and optimize data-driven
\n
digital advertising campaigns across all relevant ad formats and channels (including e.g. display,
\n
native and video) and devices (including mobile in-app, mobile web, desktop web, digital out-of-
\n
home and connected TV).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackFY 2025FY 2024
DSP120,63368,996
SSP430,289368,008
Total550,923437,005
\n\n\n\n\n\n\n\n\n
\n
As of December 31, 2025, Verve had deferred revenues with a duration up to maximum 12
\n
(2024: 12) months, which resulted in partly unsatisfied performance obligations at year end.
\n
100 (2024: 100) percent of the transaction price allocated to the partly unsatisfied contracts as
\n
of December 31, 2025, is expected to be recognized as revenue during the year 2026 (2025).
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackFY 2025FY 2024
Deferred revenue DSP1,4531,441
Deferred revenue SSP14,89811,725
\n\n\n\n\n\n\n\n\n
\n
The deferred revenue from the SSP mainly results from revenue recognition from games and
\n
is mainly related to advance payments for pre-paid game cards and virtual currency (crowns)
\n
reve-nues for the Wizard101 and Pirate101 games.
\n
The contractual liabilities relate to the advance payments received from customers for the use of
\n
games and media for which sales are realized over a certain period and reflect their value.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag318": { "value": "\n
\n
25 Other operating income
\n
Other operating income includes the following items:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackFY 2025FY 2024
Currency exchange gains-381
Reimbursements22291
Revaluation of earn-outs016,315
Other income2,4311,262
Total2,65017,750
\n\n\n\n\n\n\n\n\n
\n
Other operating income includes income from revaluation of earn outs, subleases and rights or
\n
licenses and compensations.
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n
\n
\n
28 Other operating expenses
\n
The other operating expenses include the following expenses:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackFY 2025FY 2024
Legal and advisory expenses3,99711,482
Audit expenses5,6661,610
Travel expenses2,3031,707
Marketing expenses4,3874,381
IT & telecommunication expenses17,37111,198
Currency exchange expenses-2,3923,584
Administration and other expenses10,0681,006
Total41,40034,969
\n\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag319": { "value": "\n
25 Other operating income
\n
Other operating income includes the following items:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackFY 2025FY 2024
Currency exchange gains-381
Reimbursements22291
Revaluation of earn-outs016,315
Other income2,4311,262
Total2,65017,750
\n\n\n\n\n\n\n\n\n
\n
Other operating income includes income from revaluation of earn outs, subleases and rights or
\n
licenses and compensations.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag320": { "value": "\n
26 Purchased services
\n
Purchased services comprise costs incurred for third-party services directly attributable to the
\n
generation of revenue and the operation of the Group\u2019s platforms.
\n
Purchased services include publisher costs, traffic acquisition costs, hosting services, data services
\n
and other third-party service fees. These costs are recognized as expenses when the related
\n
services are received. The majority of the Group\u2019s revenues and the corresponding expenses are
\n
presented on gross level, only insignificant portions are requires to be netted under agents principal in
\n
accordance with IFRS 15.
\n

\n\n\n\n\n\n\n\n
27 Employee benefits expense
\n
The employee benefits expense of Verve Group amounted to 103,506 \u20ack (2024: 79,490 \u20ack). For
\n
related parties transactions please see Note 33.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackFY 2025FY 2024
Wages and Salaries94,66272,843
Social contributions8,8446,647
Total103,50679,490
\n\n\n\n\n\n\n\n\n
\n
\n
The equity-settled share-based payment transactions (ESOP and LTIP) are recognized as employee
\n
benefit expenses and amounted to 495 \u20ack for 2025 (2024: 226 \u20ack). The cash settled share-based
\n
payment transaction is recognized as employee benefit expense and amounted to 136 \u20ack for 2025
\n
(2024: 328 \u20ack). Please refer to Note 33 and Note 36 for the remuneration of the board of directors
\n
and management.
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n
\n
\n
Cash-Settled Share-Based Payment Transactions
\n
The company issued a cash settled share-based payment arrangement (Stock-appreciation-
\n
rights or SARs) to selected employees in 2025. The goal is to improve engagement in the
\n
company\u2019s performance and retention of all participants. The program was ratified by the board
\n
of directors.
\n
The CBBP (Cash-Based Bonus Program) items awarded to the employee must be both earned
\n
and vested before becoming exercisable. The vesting period of all grants is six years. The CBBP
\n
program is subject to a cliff period of 2 years during which no vesting occurs. If the employee is no
\n
longer employed by the group, half of the earned claims in the 24 months preceding the termination of
\n
employment will forfeit. No further vesting or earning events will take place after termination. The em-
\n
ployees\u2019 remaining claims must be exercised within 30 months after termination. All earned and
\n
vested SARs must be exercised until three years after the last batch of the employee has vested,
\n
otherwise all remaining claims will forfeit. An exercise is only possible on the first business day of
\n
the first three quarters of the fiscal year and only once the minimum three-year waiting period
\n
after the Date of Grant has elapsed. The final exercise date is the first business day of each quarter
\n
occurring before nine years after the Date of Grant. The CBBP does not entitle its participants to
\n
participate in dividends.
\n
The company is liable to pay out the intrinsic value of the vested and exercisable option portion
\n
on exercise of the awards. Any part of the award that is not earned or not vested at the time of
\n
exercise or termination does not result in a payout. The fair value of the SARs is calculated in
\n
accordance with IFRS 2 using the Black-Scholes Model. The fair value of the associated liability on
\n
December 31, 2025, amounted to 444 \u20ack (December 31, 2024: 329 \u20ack). The company recognized
\n
expenses related to the SAR amounting to 136 \u20ack (December 31, 2024: 328 \u20ack). The intrinsic value
\n
of all accounted, earned and vested options amounted to 0 \u20ack (December 31, 2024: 164 \u20ack).
\n
The range of exercise prices for outstanding CBBPs ranges from 2.00 \u20ac to 4.12 \u20ac (2024: 2.00 \u20ac to
\n
4.00 \u20ac), with a weighted remaining contractual life of 7.88 years.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Development of the number of share optionsAmount
Outstanding at the beginning of the year1,494,000
Granted1,592,000
Forfeited-668,000
Expired0
Exercised0
Outstanding at year-end2,418,000
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Black-Scholes Valuation Input
Share Price at Valuation Date1.75 \u20ac
Weighted Average Risk-Free Rate2.47%
Weighted Average Volatility61.34%
Expected Life5.96 Years
\n\n\n\n\n\n\n\n\n
\n
Equity-Settled Share-Based Payment Transactions
\n
Under the share-based payment programs, selected employees are granted options at the
\n
discretion of the CEO and the Board of Directors. To become eligible for exercising these options,
\n
participants must complete a continuous service period of five years with the Company. Once
\n
vested, the options can be exercised, and the participant will receive shares in exchange for paying
\n
the nominal value per share (0.01 \u20ac). The number of shares issued reflects the economic value of
\n
the options at the time of exercise, based on the prevailing market price, ensuring participants
\n
benefit from the appreciation in the Company\u2019s share price. The options carry no dividend, voting,
\n
or anti-dilution rights prior to exercise.
\n
ESOP \u2013 Employee Stock Option Program
\n
All ESOP programs are subject to a cliff period of 2 years. If the employee is no longer employed
\n
by the group, half of the vested claims in the 24 months preceding the termination of employment
\n
forfeit. No further vesting events take place after termination. The employees\u2019 remaining claims
\n
must be exercised within 60 months after termination, ultimately however until June 30, 2030,
\n
otherwise all remaining claims expire. Additionally, the remaining vested shares after exit are
\n
subject to an annual 20% forfeiture rate. The ESOP does not entitle its participants to participate
\n
in dividends.
\n
The range of exercise prices for outstanding ESOPs ranges from 1.30 \u20ac to 5.88 \u20ac (2024: 1.30 \u20ac to
\n
5.88 \u20ac), with a weighted remaining contractual life of 4.50 years.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Development of the number of share optionsAmount
Outstanding at the beginning of the year7,511,475
Granted0
Forfeited631,000
Expired21,000
Exercised168,225
Outstanding at year-end6,691,250
\n\n\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Black-Scholes Valuation Input
Share Price at Valuation Date1.75 \u20ac
Weighted Average Risk-Free Rate2.47%
Weighted Average Volatility61.34%
Expected Life5.96 Years
\n\n\n\n\n\n\n\n\n
\n
In 2025 participants exercised ESOPs and received 91,429 Verve shares. The weighted average
\n
exercise price was 3,28 \u20ac.
\n
LTIP \u2013 Long-Term Incentive Program
\n
The company issued a restricted stock option program (RSO) for selected employees with the
\n
goal to motivate and retain those talents. The program has been ratified by the board of directors.
\n
The vesting period consists of 6 years in order to earn the full benefit. The LTIP program is subject
\n
to a cliff period of 2 years. If the employee is no longer employed by the group, half of the earned
\n
claims in the 24 months preceding the termination of employment forfeit. No further earning
\n
events take place after termination. The employees\u2019 remaining claims must be exercised within 30
\n
months after termination. All vested LTIP-shares must be exercised until three years after the last
\n
batch of the employee has vested, ultimately however until June 30, 2036, otherwise all remaining
\n
claims expire.
\n
The range of exercise prices for outstanding LTIPs ranges from 2.00 \u20ac to 4.12 \u20ac (2024: 2.00 \u20ac to
\n
4.00 \u20ac), with a weighted remaining contractual life of 7.82 years.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Development of the number of share optionsAmount
Outstanding at the beginning of the year1,425,000
Granted1,620,000
Forfeited570,000
Expired0
Exercised0
Outstanding at year-end2,475,000
Black-Scholes Valuation Input
Weighted Average Share Price2.21\u20ac
Weighted Average Risk-Free Rate2.56%
Weighted Average Volatility54.12%
Expected Life5.96 Years
\n\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n
\n
29 Depreciation and amortization
\n
With regard to the amortization of intangible assets and the depreciation of property, plant and
\n
equipment, we refer to the explanations regarding the intangible assets in Note 6 and property,
\n
plant and equipment in Note 7.
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag321": { "value": "\n
\n
27 Employee benefits expense
\n
The employee benefits expense of Verve Group amounted to 103,506 \u20ack (2024: 79,490 \u20ack). For
\n
related parties transactions please see Note 33.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackFY 2025FY 2024
Wages and Salaries94,66272,843
Social contributions8,8446,647
Total103,50679,490
\n\n\n\n\n\n\n\n\n
\n
\n
The equity-settled share-based payment transactions (ESOP and LTIP) are recognized as employee
\n
benefit expenses and amounted to 495 \u20ack for 2025 (2024: 226 \u20ack). The cash settled share-based
\n
payment transaction is recognized as employee benefit expense and amounted to 136 \u20ack for 2025
\n
(2024: 328 \u20ack). Please refer to Note 33 and Note 36 for the remuneration of the board of directors
\n
and management.
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n\n
\n
Cash-Settled Share-Based Payment Transactions
\n
The company issued a cash settled share-based payment arrangement (Stock-appreciation-
\n
rights or SARs) to selected employees in 2025. The goal is to improve engagement in the
\n
company\u2019s performance and retention of all participants. The program was ratified by the board
\n
of directors.
\n
The CBBP (Cash-Based Bonus Program) items awarded to the employee must be both earned
\n
and vested before becoming exercisable. The vesting period of all grants is six years. The CBBP
\n
program is subject to a cliff period of 2 years during which no vesting occurs. If the employee is no
\n
longer employed by the group, half of the earned claims in the 24 months preceding the termination of
\n
employment will forfeit. No further vesting or earning events will take place after termination. The em-
\n
ployees\u2019 remaining claims must be exercised within 30 months after termination. All earned and
\n
vested SARs must be exercised until three years after the last batch of the employee has vested,
\n
otherwise all remaining claims will forfeit. An exercise is only possible on the first business day of
\n
the first three quarters of the fiscal year and only once the minimum three-year waiting period
\n
after the Date of Grant has elapsed. The final exercise date is the first business day of each quarter
\n
occurring before nine years after the Date of Grant. The CBBP does not entitle its participants to
\n
participate in dividends.
\n
The company is liable to pay out the intrinsic value of the vested and exercisable option portion
\n
on exercise of the awards. Any part of the award that is not earned or not vested at the time of
\n
exercise or termination does not result in a payout. The fair value of the SARs is calculated in
\n
accordance with IFRS 2 using the Black-Scholes Model. The fair value of the associated liability on
\n
December 31, 2025, amounted to 444 \u20ack (December 31, 2024: 329 \u20ack). The company recognized
\n
expenses related to the SAR amounting to 136 \u20ack (December 31, 2024: 328 \u20ack). The intrinsic value
\n
of all accounted, earned and vested options amounted to 0 \u20ack (December 31, 2024: 164 \u20ack).
\n
The range of exercise prices for outstanding CBBPs ranges from 2.00 \u20ac to 4.12 \u20ac (2024: 2.00 \u20ac to
\n
4.00 \u20ac), with a weighted remaining contractual life of 7.88 years.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Development of the number of share optionsAmount
Outstanding at the beginning of the year1,494,000
Granted1,592,000
Forfeited-668,000
Expired0
Exercised0
Outstanding at year-end2,418,000
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Black-Scholes Valuation Input
Share Price at Valuation Date1.75 \u20ac
Weighted Average Risk-Free Rate2.47%
Weighted Average Volatility61.34%
Expected Life5.96 Years
\n\n\n\n\n\n\n\n\n
\n
Equity-Settled Share-Based Payment Transactions
\n
Under the share-based payment programs, selected employees are granted options at the
\n
discretion of the CEO and the Board of Directors. To become eligible for exercising these options,
\n
participants must complete a continuous service period of five years with the Company. Once
\n
vested, the options can be exercised, and the participant will receive shares in exchange for paying
\n
the nominal value per share (0.01 \u20ac). The number of shares issued reflects the economic value of
\n
the options at the time of exercise, based on the prevailing market price, ensuring participants
\n
benefit from the appreciation in the Company\u2019s share price. The options carry no dividend, voting,
\n
or anti-dilution rights prior to exercise.
\n
ESOP \u2013 Employee Stock Option Program
\n
All ESOP programs are subject to a cliff period of 2 years. If the employee is no longer employed
\n
by the group, half of the vested claims in the 24 months preceding the termination of employment
\n
forfeit. No further vesting events take place after termination. The employees\u2019 remaining claims
\n
must be exercised within 60 months after termination, ultimately however until June 30, 2030,
\n
otherwise all remaining claims expire. Additionally, the remaining vested shares after exit are
\n
subject to an annual 20% forfeiture rate. The ESOP does not entitle its participants to participate
\n
in dividends.
\n
The range of exercise prices for outstanding ESOPs ranges from 1.30 \u20ac to 5.88 \u20ac (2024: 1.30 \u20ac to
\n
5.88 \u20ac), with a weighted remaining contractual life of 4.50 years.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Development of the number of share optionsAmount
Outstanding at the beginning of the year7,511,475
Granted0
Forfeited631,000
Expired21,000
Exercised168,225
Outstanding at year-end6,691,250
\n\n\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Black-Scholes Valuation Input
Share Price at Valuation Date1.75 \u20ac
Weighted Average Risk-Free Rate2.47%
Weighted Average Volatility61.34%
Expected Life5.96 Years
\n\n\n\n\n\n\n\n\n
\n
In 2025 participants exercised ESOPs and received 91,429 Verve shares. The weighted average
\n
exercise price was 3,28 \u20ac.
\n
LTIP \u2013 Long-Term Incentive Program
\n
The company issued a restricted stock option program (RSO) for selected employees with the
\n
goal to motivate and retain those talents. The program has been ratified by the board of directors.
\n
The vesting period consists of 6 years in order to earn the full benefit. The LTIP program is subject
\n
to a cliff period of 2 years. If the employee is no longer employed by the group, half of the earned
\n
claims in the 24 months preceding the termination of employment forfeit. No further earning
\n
events take place after termination. The employees\u2019 remaining claims must be exercised within 30
\n
months after termination. All vested LTIP-shares must be exercised until three years after the last
\n
batch of the employee has vested, ultimately however until June 30, 2036, otherwise all remaining
\n
claims expire.
\n
The range of exercise prices for outstanding LTIPs ranges from 2.00 \u20ac to 4.12 \u20ac (2024: 2.00 \u20ac to
\n
4.00 \u20ac), with a weighted remaining contractual life of 7.82 years.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Development of the number of share optionsAmount
Outstanding at the beginning of the year1,425,000
Granted1,620,000
Forfeited570,000
Expired0
Exercised0
Outstanding at year-end2,475,000
Black-Scholes Valuation Input
Weighted Average Share Price2.21\u20ac
Weighted Average Risk-Free Rate2.56%
Weighted Average Volatility54.12%
Expected Life5.96 Years
\n\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag323": { "value": "\n
The equity-settled share-based payment transactions (ESOP and LTIP) are recognized as employee
\n
benefit expenses and amounted to 495 \u20ack for 2025 (2024: 226 \u20ack). The cash settled share-based
\n
payment transaction is recognized as employee benefit expense and amounted to 136 \u20ack for 2025
\n
(2024: 328 \u20ack). Please refer to Note 33 and Note 36 for the remuneration of the board of directors
\n
and management.
\n

\n\n\n\n\n\n\n\n
Cash-Settled Share-Based Payment Transactions
\n
The company issued a cash settled share-based payment arrangement (Stock-appreciation-
\n
rights or SARs) to selected employees in 2025. The goal is to improve engagement in the
\n
company\u2019s performance and retention of all participants. The program was ratified by the board
\n
of directors.
\n
The CBBP (Cash-Based Bonus Program) items awarded to the employee must be both earned
\n
and vested before becoming exercisable. The vesting period of all grants is six years. The CBBP
\n
program is subject to a cliff period of 2 years during which no vesting occurs. If the employee is no
\n
longer employed by the group, half of the earned claims in the 24 months preceding the termination of
\n
employment will forfeit. No further vesting or earning events will take place after termination. The em-
\n
ployees\u2019 remaining claims must be exercised within 30 months after termination. All earned and
\n
vested SARs must be exercised until three years after the last batch of the employee has vested,
\n
otherwise all remaining claims will forfeit. An exercise is only possible on the first business day of
\n
the first three quarters of the fiscal year and only once the minimum three-year waiting period
\n
after the Date of Grant has elapsed. The final exercise date is the first business day of each quarter
\n
occurring before nine years after the Date of Grant. The CBBP does not entitle its participants to
\n
participate in dividends.
\n
The company is liable to pay out the intrinsic value of the vested and exercisable option portion
\n
on exercise of the awards. Any part of the award that is not earned or not vested at the time of
\n
exercise or termination does not result in a payout. The fair value of the SARs is calculated in
\n
accordance with IFRS 2 using the Black-Scholes Model. The fair value of the associated liability on
\n
December 31, 2025, amounted to 444 \u20ack (December 31, 2024: 329 \u20ack). The company recognized
\n
expenses related to the SAR amounting to 136 \u20ack (December 31, 2024: 328 \u20ack). The intrinsic value
\n
of all accounted, earned and vested options amounted to 0 \u20ack (December 31, 2024: 164 \u20ack).
\n
The range of exercise prices for outstanding CBBPs ranges from 2.00 \u20ac to 4.12 \u20ac (2024: 2.00 \u20ac to
\n
4.00 \u20ac), with a weighted remaining contractual life of 7.88 years.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Development of the number of share optionsAmount
Outstanding at the beginning of the year1,494,000
Granted1,592,000
Forfeited-668,000
Expired0
Exercised0
Outstanding at year-end2,418,000
\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Black-Scholes Valuation Input
Share Price at Valuation Date1.75 \u20ac
Weighted Average Risk-Free Rate2.47%
Weighted Average Volatility61.34%
Expected Life5.96 Years
\n\n\n\n\n\n\n\n\n
\n
Equity-Settled Share-Based Payment Transactions
\n
Under the share-based payment programs, selected employees are granted options at the
\n
discretion of the CEO and the Board of Directors. To become eligible for exercising these options,
\n
participants must complete a continuous service period of five years with the Company. Once
\n
vested, the options can be exercised, and the participant will receive shares in exchange for paying
\n
the nominal value per share (0.01 \u20ac). The number of shares issued reflects the economic value of
\n
the options at the time of exercise, based on the prevailing market price, ensuring participants
\n
benefit from the appreciation in the Company\u2019s share price. The options carry no dividend, voting,
\n
or anti-dilution rights prior to exercise.
\n
ESOP \u2013 Employee Stock Option Program
\n
All ESOP programs are subject to a cliff period of 2 years. If the employee is no longer employed
\n
by the group, half of the vested claims in the 24 months preceding the termination of employment
\n
forfeit. No further vesting events take place after termination. The employees\u2019 remaining claims
\n
must be exercised within 60 months after termination, ultimately however until June 30, 2030,
\n
otherwise all remaining claims expire. Additionally, the remaining vested shares after exit are
\n
subject to an annual 20% forfeiture rate. The ESOP does not entitle its participants to participate
\n
in dividends.
\n
The range of exercise prices for outstanding ESOPs ranges from 1.30 \u20ac to 5.88 \u20ac (2024: 1.30 \u20ac to
\n
5.88 \u20ac), with a weighted remaining contractual life of 4.50 years.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Development of the number of share optionsAmount
Outstanding at the beginning of the year7,511,475
Granted0
Forfeited631,000
Expired21,000
Exercised168,225
Outstanding at year-end6,691,250
\n\n\n\n\n\n\n\n\n
\n

\n

\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Black-Scholes Valuation Input
Share Price at Valuation Date1.75 \u20ac
Weighted Average Risk-Free Rate2.47%
Weighted Average Volatility61.34%
Expected Life5.96 Years
\n\n\n\n\n\n\n\n\n
\n
In 2025 participants exercised ESOPs and received 91,429 Verve shares. The weighted average
\n
exercise price was 3,28 \u20ac.
\n
LTIP \u2013 Long-Term Incentive Program
\n
The company issued a restricted stock option program (RSO) for selected employees with the
\n
goal to motivate and retain those talents. The program has been ratified by the board of directors.
\n
The vesting period consists of 6 years in order to earn the full benefit. The LTIP program is subject
\n
to a cliff period of 2 years. If the employee is no longer employed by the group, half of the earned
\n
claims in the 24 months preceding the termination of employment forfeit. No further earning
\n
events take place after termination. The employees\u2019 remaining claims must be exercised within 30
\n
months after termination. All vested LTIP-shares must be exercised until three years after the last
\n
batch of the employee has vested, ultimately however until June 30, 2036, otherwise all remaining
\n
claims expire.
\n
The range of exercise prices for outstanding LTIPs ranges from 2.00 \u20ac to 4.12 \u20ac (2024: 2.00 \u20ac to
\n
4.00 \u20ac), with a weighted remaining contractual life of 7.82 years.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Development of the number of share optionsAmount
Outstanding at the beginning of the year1,425,000
Granted1,620,000
Forfeited570,000
Expired0
Exercised0
Outstanding at year-end2,475,000
Black-Scholes Valuation Input
Weighted Average Share Price2.21\u20ac
Weighted Average Risk-Free Rate2.56%
Weighted Average Volatility54.12%
Expected Life5.96 Years
\n\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag332": { "value": "\n
\n
28 Other operating expenses
\n
The other operating expenses include the following expenses:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackFY 2025FY 2024
Legal and advisory expenses3,99711,482
Audit expenses5,6661,610
Travel expenses2,3031,707
Marketing expenses4,3874,381
IT & telecommunication expenses17,37111,198
Currency exchange expenses-2,3923,584
Administration and other expenses10,0681,006
Total41,40034,969
\n\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag354": { "value": "\n
28 Other operating expenses
\n
The other operating expenses include the following expenses:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackFY 2025FY 2024
Legal and advisory expenses3,99711,482
Audit expenses5,6661,610
Travel expenses2,3031,707
Marketing expenses4,3874,381
IT & telecommunication expenses17,37111,198
Currency exchange expenses-2,3923,584
Administration and other expenses10,0681,006
Total41,40034,969
\n\n\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag333": { "value": "\n
\n
\n
\n
\n
\n
30 Financial results
\n
The financial income and financial expenses are comprised as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackFY 2025FY 2024
Financial income6,3606,413
Financial expense-68,233-64,892
Total-61,872-58,478
\n\n\n\n\n\n\n\n\n
\n
Financial income and expenses originate from financial assets or liabilities that are measured at
\n
amortized cost. The exception being the income and expenses related to hedging. For the period
\n
ending December 31, 2025, the Company paid cash flows from their interest swaps amounting
\n
to -1,029 \u20ack (2024: 1,497 \u20ack). The swaps are designated to a hedging relationship and hedge
\n
accounting is applied. The payouts for the interest swaps are based on the fair-value of the interest
\n
swaps on the quotation date.
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag334": { "value": "\n
\n
\n
\n
\n
30 Financial results
\n
The financial income and financial expenses are comprised as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackFY 2025FY 2024
Financial income6,3606,413
Financial expense-68,233-64,892
Total-61,872-58,478
\n\n\n\n\n\n\n\n\n
\n
Financial income and expenses originate from financial assets or liabilities that are measured at
\n
amortized cost. The exception being the income and expenses related to hedging. For the period
\n
ending December 31, 2025, the Company paid cash flows from their interest swaps amounting
\n
to -1,029 \u20ack (2024: 1,497 \u20ack). The swaps are designated to a hedging relationship and hedge
\n
accounting is applied. The payouts for the interest swaps are based on the fair-value of the interest
\n
swaps on the quotation date.
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag335": { "value": "\n
\n
\n
\n
30 Financial results
\n
The financial income and financial expenses are comprised as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackFY 2025FY 2024
Financial income6,3606,413
Financial expense-68,233-64,892
Total-61,872-58,478
\n\n\n\n\n\n\n\n\n
\n
Financial income and expenses originate from financial assets or liabilities that are measured at
\n
amortized cost. The exception being the income and expenses related to hedging. For the period
\n
ending December 31, 2025, the Company paid cash flows from their interest swaps amounting
\n
to -1,029 \u20ack (2024: 1,497 \u20ack). The swaps are designated to a hedging relationship and hedge
\n
accounting is applied. The payouts for the interest swaps are based on the fair-value of the interest
\n
swaps on the quotation date.
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag336": { "value": "\n
\n
\n
30 Financial results
\n
The financial income and financial expenses are comprised as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackFY 2025FY 2024
Financial income6,3606,413
Financial expense-68,233-64,892
Total-61,872-58,478
\n\n\n\n\n\n\n\n\n
\n
Financial income and expenses originate from financial assets or liabilities that are measured at
\n
amortized cost. The exception being the income and expenses related to hedging. For the period
\n
ending December 31, 2025, the Company paid cash flows from their interest swaps amounting
\n
to -1,029 \u20ack (2024: 1,497 \u20ack). The swaps are designated to a hedging relationship and hedge
\n
accounting is applied. The payouts for the interest swaps are based on the fair-value of the interest
\n
swaps on the quotation date.
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag337": { "value": "\n
\n
30 Financial results
\n
The financial income and financial expenses are comprised as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackFY 2025FY 2024
Financial income6,3606,413
Financial expense-68,233-64,892
Total-61,872-58,478
\n\n\n\n\n\n\n\n\n
\n
Financial income and expenses originate from financial assets or liabilities that are measured at
\n
amortized cost. The exception being the income and expenses related to hedging. For the period
\n
ending December 31, 2025, the Company paid cash flows from their interest swaps amounting
\n
to -1,029 \u20ack (2024: 1,497 \u20ack). The swaps are designated to a hedging relationship and hedge
\n
accounting is applied. The payouts for the interest swaps are based on the fair-value of the interest
\n
swaps on the quotation date.
\n

\n\n\n\n\n\n\n
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag338": { "value": "\n
30 Financial results
\n
The financial income and financial expenses are comprised as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackFY 2025FY 2024
Financial income6,3606,413
Financial expense-68,233-64,892
Total-61,872-58,478
\n\n\n\n\n\n\n\n\n
\n
Financial income and expenses originate from financial assets or liabilities that are measured at
\n
amortized cost. The exception being the income and expenses related to hedging. For the period
\n
ending December 31, 2025, the Company paid cash flows from their interest swaps amounting
\n
to -1,029 \u20ack (2024: 1,497 \u20ack). The swaps are designated to a hedging relationship and hedge
\n
accounting is applied. The payouts for the interest swaps are based on the fair-value of the interest
\n
swaps on the quotation date.
\n

\n\n\n\n\n\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag183": { "value": "\n
31 Income taxes
\n
The components of the income taxes are as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackFY 2025FY 2024
Current income taxes-14,439-17,988
Deferred taxes7,93114,990
Total-6,508-2,988
\n\n\n\n
\n
The current income taxes posted mainly comprise of taxes on income in the USA, Spain, and
\n
Germany for the respective reporting period. Verve is taxable in Sweden. In Sweden the corporate
\n
tax rate is 20.6% (20.6%). Foreign income taxes are calculated using the tax rate applicable in the
\n
respective countries, which varies from 8.5% to 34.0% (2024: 8.5% to 34.0%). The transition of the
\n
expected tax expenses of the Group to the actual tax expenses for the reporting periods is depicted in
\n
the following table:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackFY 2025FY 2024
Earnings before taxes (EBT)7,19631,803
Expected income tax expense at 18.111% (2024: 31.270%)-1,303-9,945
Change from (non-)recognition of tax losses/credits-6,167572
Utilization of unrecognized tax losses10790
Expenses and income with no tax effects-2,103-548
Change from tax rates1,8820
Tax income and expenses related to prior periods8716,916
Other205-84
Total income tax-6,508-2,998
Effective tax rate90.4%9.4%
\n\n\n\n
\n
The tax rate applied to the above-mentioned reconciliation corresponds to the Group\u2019s weighted
\n
average tax rate of weighted average tax rate of 18.111% (2024: 31.270%) determined by the local
\n
tax rates of the group companies weighted with their EBT. The tax rate changes capture the effects
\n
of enacted and future tax rate changes in Germany. Current income tax receivables amount to
\n
6,062 \u20ack (2024: 3,762 \u20ack) and current income tax accruals and provisions amount to 25,179 \u20ack
\n
(2024: 22,694 \u20ack).
\n
Deferred tax assets and liabilities as of reporting date are as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackFY 2025FY 2024
Tax carry forward losses48,46036,640
First-time consolidation of subsidiaries39,42446,655
Tangible and intangible assets1,1612,604
Liabilities9,8917,488
Total gross deferred tax assets98,93693,387
Less: Netting-71,003-76,338
Deferred tax assets27,93317,049
First-time consolidation of subsidiaries69,37073,672
Tangible and intangible assets23,21924,257
Liabilities4,307133
Total gross deferred tax liabilities96,89698,063
Less: Netting-71,003-76,338
Deferred tax liabilities25,89321,725
\n\n\n\n
\n

\n

\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag182": { "value": "\n
32 Earnings per share
\n
Information about earnings per share is in accordance with IAS 33:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20acFY 2025FY 2024
Basic 0.00 0.16
Diluted 0.000.14
\n\n\n\n
\n
The results and the weighted average number of shares for basic earnings per share are as follows:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackFY 2025FY 2024
Profit for the period attributable to the owners of the Company69528,795
Profit for the period used in the calculation of basic earnings per share69528,795
\n\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in k FY 2025FY 2024
Basic weighted average number of shares for the calculation of basic earn-ings per share184,765173,421
Diluted weighted average number of shares for the calculation of basic earn-ings per share206,115193,961
\n\n\n\n
\n

\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag184": { "value": "\n
\n
33 Business transactions with related parties
\n
\n
Balances and transactions between the Company and its subsidiaries, which are related parties,
\n
have been eliminated during consolidation and are not explained in these Notes. Details of
\n
transactions between the Company and other related parties are given below. In addition to the
\n
Management Board, family members close to the Board and, in principle, investments and the
\n
shareholders can all be considered relationships to associated companies and persons under IAS
\n
24 Related Party Disclosures.
\n

\n\n
\n
Tobias M. Weitzel is a member of the seven-member Board of Directors of the Company since of
\n
May 2018, and Chairman since September 15, 2022. He holds 500,000 phantom stocks and 1,219,228
\n
shares in the Company, as of December 31, 2025. Remco Westermann is a member of the Board of
\n
Directors since of May 2018 and CEO of the Company and personally holds 90% of the shares and
\n
voting rights in Sarasvati GmbH, which in turn holds 100% of the shares and voting rights in Bodhivas
\n
GmbH, which in turn holds 23.16% (45,548,400 shares) of the shares and voting rights in Verve, as of
\n
December 31, 2025.
\n
In 2025 Bodhivas GmbH participated in a bond issue and bought 3 \u20acm Senior Secured Bonds
\n
of Verve (ISIN: SE0018042277) maturing in 2026 at a price of 104%. In addition, Bodhivas part-
\n
icipated in the capital increase in June 2025 and purchased a total of 1.2m Verve shares at a price
\n
of 16.60 SEK. Remco Westermann is the Managing Director of Bodhivas GmbH, Sarasvati GmbH,
\n
Garudasana GmbH, Bodhisattva GmbH, Jarimovas GmbH, and Kittelbach RW Immobilien UG,
\n
D\u00fcsseldorf.
\n
Additionally, Jaap Westermann holds 10% of the shares in Sarasvati GmbH. Hendrika Westermann
\n
is the wife of Remco Westermann, Jaap Westermann is the brother of Remco Westermann,
\n
Hendrika, Jaap and Remco Westermann are directors of Jarimovas GmbH, D\u00fcsseldorf. Elizabeth
\n
Para is a member of the Board of Directors of the Company since the January 3, 2020. She holds
\n
500,000 phantom stocks and 1,457,847 shares in the Company as of December 31, 2025. Franca
\n
Ruhwedel is a member of the Board of Directors of the Company since the 15th September
\n
2022. She holds 16,429 shares in the Company, as of the December 31, 2025. Johan Roslund is
\n
a member of the Board of Directors of the Company since the 15th September 2022. He holds
\n
11,000 shares in the Company, as of the December 31, 2025. Mary Ann Halford was a member of
\n
the Board of Directors of the Company from September 15, 2022, to June 13, 2025. Since June 13,
\n
2025, Greg Coleman and Peter Huijboom are members of the Board of Directors. As of December 31,
\n
2025, neither of them had any holding in the company. Paul Echt was the CFO of the Company until
\n
December 31, 2024. He is Managing Director of PE Global Invest GmbH. Paul Echt held 2,250,000
\n
phantom stocks and 524,679 shares in the Company as of the December 31, 2024. Jens Knauber
\n
is COO of the Company. He is Managing Director of elbdiamond digital GmbH. Jens Knauber
\n
holds 3,100,000 phantom stocks and 15,000 shares in the Company. Sameer Sondhi is CRO of the
\n
Company. He is Managing Director of Sondhi LLC. Sameer Sondhi holds 1,100,000 phantom stocks
\n
in the Company. Alex Stil is CCO of Verve since July 2025. He holds 500,000 phantom stocks.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Remuneration in 2025 (\u20ack)Basic compensationVariable remunerationCosts for share-based benefitsOther benefitsSeveranceTotal
Board of Directors40500130418
Verve C-Level incl. CEO2,6911,432174185444,525
Chief Executive Officer5752920320899
\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Remuneration in 2024 (\u20ack)Basic compensationVariable remunerationCosts for share-based benefitsOther benefitsSeveranceTotal
Board of Directors38604000426
Verve C-Level incl. CEO1,8101,45944513903,853
Chief Executive Officer50085003201,382
\n\n\n\n
\n

\n\n
\n

\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag185": { "value": "\n
33 Business transactions with related parties
\n
\n
Balances and transactions between the Company and its subsidiaries, which are related parties,
\n
have been eliminated during consolidation and are not explained in these Notes. Details of
\n
transactions between the Company and other related parties are given below. In addition to the
\n
Management Board, family members close to the Board and, in principle, investments and the
\n
shareholders can all be considered relationships to associated companies and persons under IAS
\n
24 Related Party Disclosures.
\n

\n\n
\n
Tobias M. Weitzel is a member of the seven-member Board of Directors of the Company since of
\n
May 2018, and Chairman since September 15, 2022. He holds 500,000 phantom stocks and 1,219,228
\n
shares in the Company, as of December 31, 2025. Remco Westermann is a member of the Board of
\n
Directors since of May 2018 and CEO of the Company and personally holds 90% of the shares and
\n
voting rights in Sarasvati GmbH, which in turn holds 100% of the shares and voting rights in Bodhivas
\n
GmbH, which in turn holds 23.16% (45,548,400 shares) of the shares and voting rights in Verve, as of
\n
December 31, 2025.
\n
In 2025 Bodhivas GmbH participated in a bond issue and bought 3 \u20acm Senior Secured Bonds
\n
of Verve (ISIN: SE0018042277) maturing in 2026 at a price of 104%. In addition, Bodhivas part-
\n
icipated in the capital increase in June 2025 and purchased a total of 1.2m Verve shares at a price
\n
of 16.60 SEK. Remco Westermann is the Managing Director of Bodhivas GmbH, Sarasvati GmbH,
\n
Garudasana GmbH, Bodhisattva GmbH, Jarimovas GmbH, and Kittelbach RW Immobilien UG,
\n
D\u00fcsseldorf.
\n
Additionally, Jaap Westermann holds 10% of the shares in Sarasvati GmbH. Hendrika Westermann
\n
is the wife of Remco Westermann, Jaap Westermann is the brother of Remco Westermann,
\n
Hendrika, Jaap and Remco Westermann are directors of Jarimovas GmbH, D\u00fcsseldorf. Elizabeth
\n
Para is a member of the Board of Directors of the Company since the January 3, 2020. She holds
\n
500,000 phantom stocks and 1,457,847 shares in the Company as of December 31, 2025. Franca
\n
Ruhwedel is a member of the Board of Directors of the Company since the 15th September
\n
2022. She holds 16,429 shares in the Company, as of the December 31, 2025. Johan Roslund is
\n
a member of the Board of Directors of the Company since the 15th September 2022. He holds
\n
11,000 shares in the Company, as of the December 31, 2025. Mary Ann Halford was a member of
\n
the Board of Directors of the Company from September 15, 2022, to June 13, 2025. Since June 13,
\n
2025, Greg Coleman and Peter Huijboom are members of the Board of Directors. As of December 31,
\n
2025, neither of them had any holding in the company. Paul Echt was the CFO of the Company until
\n
December 31, 2024. He is Managing Director of PE Global Invest GmbH. Paul Echt held 2,250,000
\n
phantom stocks and 524,679 shares in the Company as of the December 31, 2024. Jens Knauber
\n
is COO of the Company. He is Managing Director of elbdiamond digital GmbH. Jens Knauber
\n
holds 3,100,000 phantom stocks and 15,000 shares in the Company. Sameer Sondhi is CRO of the
\n
Company. He is Managing Director of Sondhi LLC. Sameer Sondhi holds 1,100,000 phantom stocks
\n
in the Company. Alex Stil is CCO of Verve since July 2025. He holds 500,000 phantom stocks.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Remuneration in 2025 (\u20ack)Basic compensationVariable remunerationCosts for share-based benefitsOther benefitsSeveranceTotal
Board of Directors40500130418
Verve C-Level incl. CEO2,6911,432174185444,525
Chief Executive Officer5752920320899
\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Remuneration in 2024 (\u20ack)Basic compensationVariable remunerationCosts for share-based benefitsOther benefitsSeveranceTotal
Board of Directors38604000426
Verve C-Level incl. CEO1,8101,45944513903,853
Chief Executive Officer50085003201,382
\n\n\n\n
\n

\n\n\n
36 Governing board of the company and remuneration
\n
In the business year 2025, the Board of Directors of the Company comprised the following persons:
\n
\u2022 Tobias M. Weitzel
\n
\u2022 Greg Coleman
\n
\u2022 Alexander Doll
\n
\u2022 Johan Roslund
\n
\u2022 Franca Ruhwedel
\n
\u2022 Peter Huijboom
\n
\u2022 Remco Westermann
\n
The annual general meeting 2025 re-elected Tobias M. Weitzel, Remco Westermann, Greg Coleman,
\n
Franca Ruhwedel, Johan Roslund and Peter Huijboom as members of the board of directors, and
\n
elected Alexander Doll as a new member of the board of directors for the period until the close of
\n
the annual general meeting 2026. Tobias M. Weitzel was re-elected as chairman of the board of
\n
directors for the same period.
\n
Alexander Doll, born 1970, brings a well-rounded profile that aligns closely with the needs of a listed
\n
technology company such as Verve. His broad experience in leading large-scale international
\n
organizations, in financial leadership, financing and capital markets with an extensive international
\n
network makes him a great addition to the Board. His broad experience includes his role as Group
\n
CFO and board member at Deutsche Bahn, where he was responsible for key subsidiaries like DB
\n
Schenker, DB Arriva, DB Cargo and Digital Ventures \u2013 which demonstrates his ability to oversee
\n
operational complexity and support long-term strategic development. Such global, high-level
\n
management experience is critical for a company like Verve as it looks to further scale its oper-
\n
ations and navigate the challenges of international fast growth. Equally important is Alexander\u2019s
\n
strong background in financial leadership, financing and capital markets. Having served as CEO
\n
for the DACH region and Member of the European Management Board at Barclays Bank and
\n
as Global Head of Business Services at Lazard, he has advised corporations on mergers and
\n
acquisitions, equity and debt financing, and long-term capital strategy. His ability to align financial
\n
architecture with corporate strategy makes him uniquely qualified to support Verve\u2019s ambitions
\n
in a listed environment, where capital efficiency and market credibility are vital. Alexander also
\n

\n\n\n
brings deep sector knowledge in technology, media, and telecommunications, having worked
\n
with clients across the TMT space throughout his banking career. Beyond advisory work, he is an
\n
active investor in technology companies and start-ups, giving him a practical, hands-on perspective
\n
on emerging trends, product innovation, and digital business models. Finally, Alexander\u2019s inter-
\n
national network \u2013 across corporates, financial institutions, and public sector stakeholders \u2013
\n
offers access to a broad base of perspectives and potential partnerships. Overall, his background
\n
and experience position him well to add strong value to the board of a technology company like
\n
Verve focused on sustainable and strategically guided growth. Alexander Doll is independent of
\n
the Company and its executive management as well as its major shareholders. Elisabeth Para has
\n
left the Board of Directors.
\n
The Board of Directors will receive the below renumeration for the presented period:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Remuneration in 2025 (\u20ack)Basic compensationVariable remunerationCosts for share-based benefitsOther benefitsPension expensesSeveranceTotal
Board of Directors Total405001300418
\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Remuneration in 2024 (\u20ack)Basic compensationVariable remunerationCosts for share-based benefitsOther benefitsPension expensesSeveranceTotal
Board of Directors Total386040000426
\n\n\n\n
\n
As of December 31, 2025, as in the entire year and the previous year, there were no advances or loans to members of the Management Board.
\n

\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag186": { "value": "\n
Balances and transactions between the Company and its subsidiaries, which are related parties,
\n
have been eliminated during consolidation and are not explained in these Notes. Details of
\n
transactions between the Company and other related parties are given below. In addition to the
\n
Management Board, family members close to the Board and, in principle, investments and the
\n
shareholders can all be considered relationships to associated companies and persons under IAS
\n
24 Related Party Disclosures.
\n

\n\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag188": { "value": "\n
34 Employees
\n
The average number of full-time employees (FTE) was:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Total20252024
Of whom womenOf whom menTotalOf whom womenOf whom men
Germany256 42%58%221 40%60%
USA305 42%58%157 31%69%
United Kingdom62 38%62%141 48%52%
Spain41 21%79%39 27%73%
India72 25%75%41 26%74%
Sweden28 38%62%24 20%80%
Rest of the world75 39%61%72 36%64%
Total839 39%61%694 37%63%
\n\n\n\n
\n

\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag187": { "value": "\n
35 Auditors\u2019 fees for annual financial statements
\n
For the services provided in the financial years 2025 and 2024 by the auditor, the following fees
\n
were recorded as expenses for the audits of the respective annual financial statements:
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
in \u20ackFY 2025FY 2024
DeloitteOther elected auditorsDeloitteOther elected auditors
Audit fees5,3801141,38595
Audit-related fees501211300
Total fees per appointed auditor5,4302351,51595
Total fees to the appointed auditor5,665 1,610
\n\n\n\n
\n

\n

\n

\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag191": { "value": "\n
37 Events after the end of reporting period
\n
On February 2, 2026 Verve Group SE has successfully placed 50 \u20acm of subsequent bonds
\n
under the Company\u2019s existing senior unsecured floating rate bonds with ISIN SE0023848429
\n
(the \u201cBonds\u201d). Following the Subsequent Bond Issue, the outstanding amount under the Bonds
\n
will be 550 \u20acm. The net proceeds from the Subsequent Bond Issue will be used to finance general
\n
corporate purposes of the Group including growth investments and capital expenditures. The
\n
transaction was oversubscribed and met with strong demand from an international investor base
\n
and was placed at a price of 97.25 percent of par resulting in a yield of 3m Euribor + 4.97 percent.
\n
The Company intends to apply for admission to trading of the issued Bonds on the corporate
\n
bond list of Nasdaq Stockholm and the Open Market of the Frankfurt Stock Exchange.
\n
ABG Sundal Collier and Pareto Securities acted as joint bookrunners in connection with the Sub-
\n
sequent Bond Issue, and Gernandt & Danielsson acted as legal counsel for the joint bookrunners.
\n
Changes of Verve Groups Executive Team
\n
David Simon will join Verve as Chief Revenue Officer and will formally transition into the position
\n
in March 2026.
\n
Prasana Prasad will step down from his role as Chief Technology Officer as of March 2026.
\n
Verve Group intends to relocate registered office to Ireland aligning corporate structure with
\n
international and US peers
\n
\u2022 Relocation aligns Verve\u2019s corporate structure and constitutional framework with international
\n
technology and advertising peers
\n
\u2022 Evaluation of reporting in USD, reflecting the global nature of the digital advertising market,
\n
enhancing comparability, and decisively reducing foreign exchange volatility in reported results
\n
\u2022 Enhanced accessibility for international investors and support for engagement with a broader
\n
global institutional shareholder base, while also enabling an optional future direct US listing.
\n
An organizational optimization initiated early 2026 led to a strategic realignment of commercial
\n
functions, relocation of certain non-commercial functions, and in parallel a workforce reduction
\n
in Germany, effective end of April. This is the result of a structural initiative to align resources
\n
with key growth areas in a more focused business setup, resulting in fewer commercial roles and
\n
offices in Germany.
\n

\n\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "Tag181": { "value": "\n
The Board of Directors and CEO affirm that the consolidated accounts have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the EU, and provide a
\n
true and fair view of the Group\u2019s profit and financial position. The Annual Report has been prepared in accordance with the generally accepted accounting policies and provides a true and fair view of
\n
the Parent Company\u2019s profit and financial position. The statutory Board of Directors\u2019 Report for the Group and the Parent Company provides a true and fair overview of the development of the Group\u2019s
\n
and Parent Company\u2019s operations, profit and financial position and describes significant risks and uncertainty factors faced by the Parent Company and the companies included in the Group. The
\n
Board of Directors and the CEO certify that the Sustainability Statement has been prepared in accordance with European Sustainability Reporting Standards (ESRS) and the specifications adopted
\n
pursuant to the EU Taxonomy Regulation, as adopted by the EU.
\n
Approved by the board of directors on April 30, 2026 and signed on its behalf by:
\n
Tobias M. Weitzel
\n
Chairman of the Board
\n
Johan Roslund
\n
Board member
\n
Peter Huijboom
\n
Board member
\n
Alexander Doll
\n
Board member
\n
Greg Coleman
\n
Board member
\n
Franca Ruhwedel
\n
Board member
\n
Remco Westermann
\n
CEO and Board member
\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:391200UIIWMXRLGARB95", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "footnote0": { "value": "
The comparative figures have been restated in connection with a retrospective change in accounting policy regarding presentation of payments related to deferred
\n
consideration which have been reclassified from investing to financing cash flows, please see note 2.20 for further details.
", "dimensions": { "concept": "xbrl:note", "noteId": "footnote0", "language": "en" } } } }