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"value": "CORPORATE INFORMATION [1] \u00a0
The Consolidated Financial Statements of ad pepper media International N.V. (the \u201cCompany\u201d) for the year ended 31 December 2025 were authorised for issue by the Board of Directors on 30 April 2026. ad pepper media International N.V. is a public Company incorporated in the Netherlands (Commercial Register No. 27182121), domiciled at Frankenstrasse 146, 90461 Nuremberg, Germany and is the ultimate parent and controlling party of the ad pepper Group (the \u201cGroup\u201d). The Company\u2019s shares are publicly traded under WKN 940883 (ISIN NL0000238145) on the Prime Standard of the Frankfurt Stock Exchange. The business activities of ad pepper media International N.V. involve holding investments in other entities whose objective is to market advertising space on the internet and providing services for the subsidiaries. Since its formation, the Group has been geared towards acting flexibly to meet the requirements of a whole range of different markets as an international Group. In 2025 the Group acquired solute and Checkout Charlie, which is a 100 % subsidiary of solute Holding GmbH & Co. KG.
Basis of preparation \u00a0
The Consolidated Financial Statements have been prepared on a historical cost basis, unless presented otherwise and on the basis that it will continue to operate as a going concern. The Consolidated \u00a0Financial Statements are presented in EUR. All values are rounded up or down to the nearest thousand euro (kEUR) or million euro (mEUR) except where indicated otherwise. Due to rounding, \u00a0individual figures may not add up exactly to the totals stated.Basis of consolidation \u00a0The Consolidated Financial Statements comprise the financial statements of ad pepper media International N.V. and its subsidiaries as at 31 December each year.",
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"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97436_2025": {
"value": " the Netherlands ",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97437_2025": {
"value": "Frankenstrasse 146, 90461 Nuremberg, Germany ",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97434_2025": {
"value": "Germany ",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97439_2025": {
"value": "The ad pepper Group is an international provider specialised in data driven digital marketing, performance marketing and commerce solutions, operating from eleven offices across Europe. It brings \u00a0together three specialised businesses, solute, a digital commerce and price comparison platform, Webgains, an affiliate marketing network, and ad pepper, a performance marketing company.\u00a0The \u00a0ad pepper Group uses state-of-the-art technology to link thousands of small, medium, and large websites to form a top-quality advertising network with global reach and a precise focus on its target \u00a0groups. This structure enables the ad pepper Group to combine price comparison, affiliate marketing and performance marketing in a technology and data driven business model with AI embedded \u00a0across all segments. \u00a0",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97463_2025": {
"value": "Basis of preparation \u00a0
The Consolidated Financial Statements have been prepared on a historical cost basis, unless presented otherwise and on the basis that it will continue to operate as a going concern. The Consolidated \u00a0Financial Statements are presented in EUR. All values are rounded up or down to the nearest thousand euro (kEUR) or million euro (mEUR) except where indicated otherwise. Due to rounding, \u00a0individual figures may not add up exactly to the totals stated. Based on the requirements of the Dutch Civil Code, a full Annual Report comprises reports from the Board of Directors and the Supervisory Board, Consolidated Financial Statements, Company Financial Statements, and other information. \u00a0
This report includes the reports from the Board of Directors and the Supervisory Board, Consolidated Financial Statements, Company Financial Statements, and other information. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97443_2025": {
"value": "Statement of compliance \u00a0
The Consolidated and Company Financial Statements of ad pepper media International N.V. and its subsidiaries have been prepared in accordance with International Financial Reporting Standards \u00a0(IFRS), as adopted by the European Union (EU), in conjunction with Part 9 of Book 2 of the Dutch Civil Code. The same accounting principles may be applied in the Company\u2019s Financial Statement \u00a0
and the Consolidated Financial Statements. If the accounting principles of the Company\u2019s Financial Statements differ from the accounting principles applied in the Consolidated Financial Statements, \u00a0this is disclosed. \u00a0
",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97585_2025": {
"value": "Basis of consolidation \u00a0
The Consolidated Financial Statements comprise the financial statements of ad pepper media International N.V. and its subsidiaries as at 31 December each year. The financial statements of the subsidiaries are prepared for the same reporting year as those of the parent Company, using consistent accounting policies. Subsidiaries are all entities over which the Group has control. The Group \u00a0controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. \u00a0Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. \u00a0In a business combination achieved in stages, the Group obtains control of an acquiree in which it held an equity interest immediately before the acquisition date. Such transactions are commonly \u00a0called \u201cstep acquisitions\u201d. If the Group increases an existing equity interest so as to achieve control of the acquiree, the previously held equity interest is remeasured at acquisition-date fair value, \u00a0and any resulting gain or loss is recognised in profit or loss. \u00a0
All business combinations are accounted for under the acquisition method. In accordance with this method, the purchase price has been allocated to the fair value of the interest held in the net \u00a0assets of the consolidated subsidiaries at the time of acquisition. In doing so, all identifiable assets, liabilities and contingent liabilities are recognised at fair value and measured accordingly in the consolidated balance sheet. Following adjustments to the fair values of assets acquired and liabilities assumed, any resulting positive difference is capitalised in the balance sheet as goodwill. \u00a0Situations in which the fair value of net assets is greater than the purchase price paid result in a negative difference (bargain purchase). In the event that such difference remains following \u00a0reassessment of the allocation of the purchase price or determining the fair value of acquired assets, liabilities, and contingent liabilities, this is recognised immediately as income in profit or loss. \u00a0
Acquisition-related costs are expensed as incurred and included in general and administrative expenses. Costs in conjunction with the issuance of shares for business combinations are considered \u00a0as an equity transaction. The proportion of assets, liabilities, and contingent liabilities of the subsidiary applicable to non-controlling interest is also recognised at fair value. All intra-group balances, \u00a0transactions, income and expenses, and profits and losses resulting from intra-group transactions that are recognised in assets are eliminated in full. \u00a0
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. \u00a0
If the Group loses control over a subsidiary, it derecognises the related assets, liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in \u00a0profit or loss. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97581_2025": {
"value": "Basis of consolidation \u00a0
The Consolidated Financial Statements comprise the financial statements of ad pepper media International N.V. and its subsidiaries as at 31 December each year. The financial statements of the subsidiaries are prepared for the same reporting year as those of the parent Company, using consistent accounting policies. Subsidiaries are all entities over which the Group has control. The Group \u00a0controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. \u00a0Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. \u00a0In a business combination achieved in stages, the Group obtains control of an acquiree in which it held an equity interest immediately before the acquisition date. Such transactions are commonly \u00a0called \u201cstep acquisitions\u201d. If the Group increases an existing equity interest so as to achieve control of the acquiree, the previously held equity interest is remeasured at acquisition-date fair value, \u00a0and any resulting gain or loss is recognised in profit or loss. \u00a0
All business combinations are accounted for under the acquisition method. In accordance with this method, the purchase price has been allocated to the fair value of the interest held in the net \u00a0assets of the consolidated subsidiaries at the time of acquisition. In doing so, all identifiable assets, liabilities and contingent liabilities are recognised at fair value and measured accordingly in the consolidated balance sheet. Following adjustments to the fair values of assets acquired and liabilities assumed, any resulting positive difference is capitalised in the balance sheet as goodwill. \u00a0Situations in which the fair value of net assets is greater than the purchase price paid result in a negative difference (bargain purchase). In the event that such difference remains following \u00a0reassessment of the allocation of the purchase price or determining the fair value of acquired assets, liabilities, and contingent liabilities, this is recognised immediately as income in profit or loss. \u00a0
Acquisition-related costs are expensed as incurred and included in general and administrative expenses. Costs in conjunction with the issuance of shares for business combinations are considered \u00a0as an equity transaction. The proportion of assets, liabilities, and contingent liabilities of the subsidiary applicable to non-controlling interest is also recognised at fair value. All intra-group balances, \u00a0transactions, income and expenses, and profits and losses resulting from intra-group transactions that are recognised in assets are eliminated in full. \u00a0
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. \u00a0
If the Group loses control over a subsidiary, it derecognises the related assets, liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in \u00a0profit or loss. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97580_2025": {
"value": "Basis of consolidation \u00a0
The Consolidated Financial Statements comprise the financial statements of ad pepper media International N.V. and its subsidiaries as at 31 December each year. The financial statements of the subsidiaries are prepared for the same reporting year as those of the parent Company, using consistent accounting policies. Subsidiaries are all entities over which the Group has control. The Group \u00a0controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. \u00a0Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. \u00a0In a business combination achieved in stages, the Group obtains control of an acquiree in which it held an equity interest immediately before the acquisition date. Such transactions are commonly \u00a0called \u201cstep acquisitions\u201d. If the Group increases an existing equity interest so as to achieve control of the acquiree, the previously held equity interest is remeasured at acquisition-date fair value, \u00a0and any resulting gain or loss is recognised in profit or loss. \u00a0
All business combinations are accounted for under the acquisition method. In accordance with this method, the purchase price has been allocated to the fair value of the interest held in the net \u00a0assets of the consolidated subsidiaries at the time of acquisition. In doing so, all identifiable assets, liabilities and contingent liabilities are recognised at fair value and measured accordingly in the consolidated balance sheet. Following adjustments to the fair values of assets acquired and liabilities assumed, any resulting positive difference is capitalised in the balance sheet as goodwill. \u00a0Situations in which the fair value of net assets is greater than the purchase price paid result in a negative difference (bargain purchase). In the event that such difference remains following \u00a0reassessment of the allocation of the purchase price or determining the fair value of acquired assets, liabilities, and contingent liabilities, this is recognised immediately as income in profit or loss. \u00a0
Acquisition-related costs are expensed as incurred and included in general and administrative expenses. Costs in conjunction with the issuance of shares for business combinations are considered \u00a0as an equity transaction. The proportion of assets, liabilities, and contingent liabilities of the subsidiary applicable to non-controlling interest is also recognised at fair value. All intra-group balances, \u00a0transactions, income and expenses, and profits and losses resulting from intra-group transactions that are recognised in assets are eliminated in full. \u00a0
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. \u00a0
If the Group loses control over a subsidiary, it derecognises the related assets, liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in \u00a0profit or loss. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97978_2025": {
"value": "Basis of consolidation \u00a0
The Consolidated Financial Statements comprise the financial statements of ad pepper media International N.V. and its subsidiaries as at 31 December each year. The financial statements of the subsidiaries are prepared for the same reporting year as those of the parent Company, using consistent accounting policies. Subsidiaries are all entities over which the Group has control. The Group \u00a0controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. \u00a0Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. \u00a0In a business combination achieved in stages, the Group obtains control of an acquiree in which it held an equity interest immediately before the acquisition date. Such transactions are commonly \u00a0called \u201cstep acquisitions\u201d. If the Group increases an existing equity interest so as to achieve control of the acquiree, the previously held equity interest is remeasured at acquisition-date fair value, \u00a0and any resulting gain or loss is recognised in profit or loss. \u00a0
All business combinations are accounted for under the acquisition method. In accordance with this method, the purchase price has been allocated to the fair value of the interest held in the net \u00a0assets of the consolidated subsidiaries at the time of acquisition. In doing so, all identifiable assets, liabilities and contingent liabilities are recognised at fair value and measured accordingly in the consolidated balance sheet. Following adjustments to the fair values of assets acquired and liabilities assumed, any resulting positive difference is capitalised in the balance sheet as goodwill. \u00a0Situations in which the fair value of net assets is greater than the purchase price paid result in a negative difference (bargain purchase). In the event that such difference remains following \u00a0reassessment of the allocation of the purchase price or determining the fair value of acquired assets, liabilities, and contingent liabilities, this is recognised immediately as income in profit or loss. \u00a0
Acquisition-related costs are expensed as incurred and included in general and administrative expenses. Costs in conjunction with the issuance of shares for business combinations are considered \u00a0as an equity transaction. The proportion of assets, liabilities, and contingent liabilities of the subsidiary applicable to non-controlling interest is also recognised at fair value. All intra-group balances, \u00a0transactions, income and expenses, and profits and losses resulting from intra-group transactions that are recognised in assets are eliminated in full. \u00a0
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. \u00a0
If the Group loses control over a subsidiary, it derecognises the related assets, liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in \u00a0profit or loss. \u00a0
SUMMARY OF MATERIAL ACCOUNTING POLICIES [3] \u00a0
Foreign currency translation \u00a0
The Consolidated Financial Statements are presented in EUR, which is the Company\u2019s functional and presentation currency. Each entity in the Group determines its own functional currency, and \u00a0items included in the financial statements of each entity are measured using that functional currency. \u00a0
Transactions of foreign currencies are initially recorded at the functional currency rate applicable at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies \u00a0are retranslated at the functional currency rate of exchange applicable at the balance sheet date. All differences are applied as either profit or loss. Non-monetary items that are measured in terms \u00a0of historical cost in a foreign currency are translated using the exchange rate applicable on the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are \u00a0translated using the exchange rate applicable on the date when the fair value was determined. \u00a0
As at the reporting date, the assets and liabilities of those subsidiaries that have a functional currency other than the EUR are translated into the presentation currency of ad pepper media \u00a0International N.V. (EUR) at the rate of exchange applicable at the balance sheet date, and their income statements are translated at the weighted average exchange rates for the year. The exchange \u00a0differences arising from the translation are applied directly to other comprehensive income (OCI). On disposal of a foreign entity, the deferred cumulative amount recognised in other comprehensive \u00a0income relating to that particular foreign operation is recognised in the income statement. \u00a0
The significant foreign currency exchange rates developed as follows: \u00a0
| Foreign currency | Closing rate | Closing rate | Average rate | Average rate |
| per EUR 1 | 31 / 12 / 25 | 31 / 12 / 24 | 2025 | 2024 |
| GBP | 0.8712 | 0.8295 | 0.8518 | 0.8524 |
| CHF | 0.9293 | 0.9435 | 1.044 | 1.0341 |
Property, plant and equipment \u00a0
Property, plant and equipment are stated at historical cost, excluding the costs of day-to-day servicing, less accumulated depreciation and accumulated impairment in value. Subsequent costs are \u00a0included in the asset\u2019s carrying value or recognised as separate asset, as appropriate, only when it is probable that future economic benefits associated with the line item will flow to the Group and \u00a0the cost of the item can be reliably measured. Depreciation is calculated on a straight-line basis over the useful life of the assets. The estimated useful lives of the assets are between three and ten \u00a0years. An item recorded under property, plant and equipment is derecognised on disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on \u00a0derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement in the year the asset is \u00a0derecognised. \u00a0
Intangible assets \u00a0
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is the fair value as at the date of acquisition. \u00a0Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets have finite lives and are amortised \u00a0using the straight-line method over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and \u00a0the amortisation method for an intangible asset are reviewed at least at each financial year-end. Gains or losses arising from derecognising an intangible asset are measured as the difference \u00a0between the net disposal proceeds and the carrying amount of the asset and are recognised in the income statement when the asset is derecognised. \u00a0
a) In\u00a0course of the business combinations with solute the Group acquired Trademarks and Customer Bases. \u00a0
Trademarks comprise the internet domain name \u201cbilliger.de\u201d and the brand \u201csolute\u201d. \u201cbilliger.de\u201d is protected in Germany and the EU as a word and figurative mark and comprise the trademark \u00a0\u201cbilliger.de\u201d and other marketing-related assets such as the domain \u201cbilliger.de\u201d or \u201cbilliger.com\u201d, \u201cbilliger.it\u201d. All these domains form the very own delivery channel for the client\u2019s campaigns. Since \u00a0the trademark \u201cbilliger.de\u201d is neither a pure product trademark, which would have a relatively short life cycle, or a pure company trademark with a theoretically unlimited duration, the Group \u00a0considers the useful life of 20 years as appropriate. \u00a0
\n \n \n \n \n \n \n \n \n \n \n \n \n
\n The brand \u201csolute\u201d can be defined as a corporate brand and figures as a magnet for customer revenue in the performance marketing, operating in the e-commerce sector, corporate brands are \u00a0\n more frequent subject to changes. Therefore, we do not assume an indefinite useful life for the \u201csolute\u201d brand but, aligned its useful life with 20 years with that of the \u201cbilliger.de\u201d brand. \u00a0
\n Customer bases include customer relationships, which are secured by contract and on which solute depends for its generation of revenue. The useful life of 11 years is based on analyses of the \u00a0\n duration of customer relationship and period-specific churn rates. \u00a0
\n b) In\u00a0course of the business combination with Checkout Charlie the Group acquired Trademarks and Customer Bases. \u00a0\n
\n Trademarks comprise the internet domain name \u201csparwelt.de\u201d, \u201cgutscheine.de\u201d and \u201cShopmate\u201d All these domains form the very own delivery channel for the client\u2019s campaigns. Since the named \u00a0\n trademark are neither pure product trademark, which would have a relatively short life cycle, or pure company trademarks with a theoretically unlimited duration, the Group considers the useful \u00a0life of 20 years as appropriate. \u00a0
\n Customer bases include customer relationships, which are secured by contract and on which solute depends for its generation of revenue. The useful life of 6 years is based on analyses of the \u00a0\n duration of customer relationship and period-specific churn rates. \u00a0
\n A summary of the policies to the Group\u2019s intangible assets is, as follows: \u00a0\n
\n
\n \n \n \n \n \n \n \n \n | \n Trademarks / Brands | \n Customer Bases | \n Software | \n
\n \n | Useful lives | \n Finite / 20 years | \n Finite / 6 & 11 | \n Finite / 3-5 years | \n
\n \n | \n | \n years | \n | \n
\n \n | Amortisation method | \n Amortised on a | \n Amortised on a | \n Amortised on a | \n
\n \n | used | \n straight-line basis over | \n straight-line basis | straight-line basis | \n
\n \n | \n the period of | \n over the period of | \n over the period of |
\n \n | \n expected future | \n expected future | \n expected use | \n
\n \n | \n revenues | \n cash flows | \n | \n
\n \n | Internally generated | \n Acquired in course of | \n Acquired in | \n Acquired | \n
\n \n | or acquired | \n a business | \n course of a | \n | \n
\n \n | \n combination | \n business | \n | \n
\n \n | \n | \n combination | \n | \n
\n \n
\n
\n \n
\n Leases \u00a0\n
\n \n \n
Right-of-use assets \u00a0
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange \u00a0for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities \u00a0to make lease payments and right-of-use assets representing the right to use the underlying assets. \u00a0
\u2022
Office space 1 to 5 years \u00a0
\u2022
Cars 3 years \u00a0
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated\u00a0useful life of \u00a0the asset. The right-of-use assets are also subject to impairment. \u00a0
Lease liabilities \u00a0
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed \u00a0payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate. Variable lease payments that do not depend on \u00a0an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the \u00a0present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After \u00a0the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities \u00a0is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine \u00a0such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Group\u2019s lease liabilities are included in other long-term and short-term financial liabilities. \u00a0
Short-term leases and leases of low-value assets \u00a0
The Group applies the short-term lease recognition exemption to its short-term leases of office space and cars (i.e., those leases that have a lease term of 12 months or less from the commencement \u00a0date and do not contain a purchase option). \u00a0
It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be of low value. Lease payments on short-term leases and leases of low value \u00a0assets are recognised as expense on a straight-line basis over the lease term. \u00a0
Investment in associates \u00a0
The Group held a 25.64 percent interest in an associate solute Holding GmbH & Co. KG as at 31 December 2024. During 2025 the Group acquired further 34,51 percent interest in solute and \u00a0consolidated solute as at 30 April 2025 in course of a step acquisition. \u00a0
An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not \u00a0control or joint control over those policies. In general, significant influence can be assumed when the interest in an associate is higher than 20 percent and lower than 50 percent of the voting rights. \u00a0
The considerations made in determining significant influence are similar to those necessary to determine control over subsidiaries. The Group\u2019s investment in its associate is accounted for using the \u00a0equity method. \u00a0
The aggregate of the Group\u2019s share of profit or loss of an associate is shown on the face of the statement of profit or loss outside operating loss and represents profit or loss after tax and non- \u00a0controlling interests in the subsidiaries of the associate. \u00a0
Under the equity method, the investment in an associate is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets or \u00a0the associate since the acquisition date. Goodwill relating to the associate is included in the carrying amount of the investment and is not tested separately. \u00a0
The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate. Any changes in OCI are presented as part of the Group\u2019s OCI. In addition, when there has been \u00a0a change recognised directly in the equity of the associate, the Group recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses \u00a0resulting from transactions between the Group and the associate are eliminated to the extent of the interest in the associate. \u00a0
After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its associate. Once a year, the Group determines whether \u00a0there is objective evidence that the investment in the associate is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable \u00a0amount of the associate and it\u2019s carrying value and then recognises the loss, if any, within \u201cShare of profit of an associate\u201d in the statement of profit or loss. \u00a0
Upon gaining of control over the associate in a step acquisition, the Group fully consolidates the subsidiary and accounts the business combination under the acquisition method. In accordance with \u00a0this method, the purchase price is allocated to the fair value of the interest held in the net assets of the consolidated subsidiaries at the time of acquisition. \u00a0
Upon loss of significant influence over the associate, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the associate upon \u00a0loss of significant influence and the fair value of the retained investment and proceeds from disposal is recognised in profit or loss. \u00a0
Discontinued operations \u00a0
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as gain from discontinued operations, net of tax\u00a0from discontinued operations \u00a0in the statement of profit or loss. When an operation is classified as a discontinued operation, the comparative consolidated income statement and consolidated statement of cash flows are restated \u00a0and presented as if the operation had been classified as such from the start of the comparative year. Proceeds from the sale of discontinued operations are presented in continuing investing \u00a0activities. \u00a0
Impairment of non-financial assets \u00a0
The Group assesses at each reporting date whether there is an indication that a non-monetary asset (property, plant and equipment; intangible assets, right-of-use assets) may be impaired. The \u00a0Group assesses whether climate risks, including physical risks and transition risks could have a significant impact. If any such indication exists, or when annual impairment testing for an asset is \u00a0required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of the fair value of the asset or cash-generating unit less costs of disposal and \u00a0its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the \u00a0carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash \u00a0
flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair \u00a0value less costs of disposal, an appropriate valuation model is used. The valuation model is based on a discounted cash flow method. \u00a0
Impairment losses are recognised in the income statement in those expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at \u00a0each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group makes an \u00a0estimate of the recoverable amount. \u00a0
A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. \u00a0If this is the case, the carrying amount of the asset is increased to its recoverable amount. This increased amount shall not exceed the carrying amount that would have been determined, net of \u00a0depreciation, had no impairment loss been recognised on the asset in prior years. Such reversal is recognised in profit or loss. Impairment losses recognised for goodwill are not reversed for \u00a0subsequent increases in its recoverable amount. \u00a0
Other receivables \u00a0
Other receivables consist mainly of advance payments. Upon initial recognition, other receivables are measured at fair value. Subsequently, they are measured at amortised cost, after deduction of \u00a0any write-downs. A write-down is applied when objective indications suggest that the receivable may not be fully collectible. An allowance for expected credit losses (ECLs) is a present value of the \u00a0difference between the contractual cash flows due, and all the cash flows expected to be received. \u00a0
Investments and other financial assets \u00a0
Financial assets within the scope of IFRS 9 Financial Instruments are classified and subsequently measured at fair value through profit or loss, amortised cost, or fair value through OCI, as appropriate. \u00a0The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. In order for a \u00a0financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are \u201csolely payments of principal and interest (SPPI)\u201d on the principal \u00a0amount outstanding. This assessment is referred to as the SPPI test and is performed at instrument level. The Group\u2019s business model for managing financial assets refers to how it manages its \u00a0financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. \u00a0
For purposes of subsequent measurement, financial assets are classified in four categories: \u00a0
\u2022
Financial assets at amortised cost (debt instruments) \u00a0
\u2022
Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) \u00a0
\u2022
Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) \u00a0
\u2022
Financial assets at fair value through profit or loss \u00a0
Fair value \u00a0
The fair value of investments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For \u00a0investments where there is no active market, fair value is determined using valuation techniques. Such techniques include using recent arm\u2019s length market transactions; reference to the current \u00a0market value of another instrument which is substantially the same; discounted cash flow analysis or other valuation models. \u00a0
Impairment of financial assets carried at amortised cost \u00a0
The Group recognises an allowance for expected credit losses (ECL) for all debt instruments not held at fair value through profit or loss. For trade receivables and contract assets, the Group applies \u00a0a simplified approach in calculating ECL in line with IFRS 9. An allowance for expected credit losses (ECLs) is a present value of the difference between the contractual cash flows due and all the cash \u00a0flows expected to be received. \u00a0
A default on receivables expected over the respective term (stage 2 of the impairment model) is determined for trade accounts receivable based on historical default rates for a respective customer \u00a0portfolio, adjusted for forward-looking factors specific to the debtors and the economic environment, based on segment and geographic allocation. \u00a0
When actions such as insolvency or comparable proceedings have been initiated or other substantial indications that receivables are impaired become apparent like a deterioration of the payment \u00a0behaviour, the receivables are individually tested for impairment (stage 3 of the impairment model). All receivables more than 90 days overdue are tested for impairment. Impaired debts are written \u00a0off when they are deemed uncollectable. In the reporting year, bad debt allowance on trade receivables was applied at a rate of 50 percent after 120 days overdue, 75 percent after 240 days \u00a0overdue, and 100 percent after one year overdue. However, in certain cases the Group may also consider a financial asset to be uncollectable when external information indicates that the Group is \u00a0unlikely to receive the outstanding contractual amounts in full, before taking into account any credit enhancements held by the Group. \u00a0
The carrying amount of the asset is reduced through use of an allowance account. The amount of the loss is recognised in profit or loss. If the amount of the impairment loss decreases in a subsequent \u00a0period and the decrease can be related objectively to an event occurring after the recognition of impairment, the impairment loss previously recognised is reversed. Any subsequent reversal of an \u00a0impairment loss is recognised in profit or loss to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date. \u00a0
Cash and cash equivalents \u00a0
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand and short-term highly liquid deposits with a maturity of three months or less, that are held for \u00a0the purpose of meeting short-term cash commitments and are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. \u00a0
For the purpose of the consolidated cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above. \u00a0
Treasury shares \u00a0
The Group\u2019s own equity instruments that are repurchased (treasury shares) are deducted from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue, or \u00a0cancellation of the Group\u2019s own equity instruments. \u00a0
Provisions and accrued liabilities \u00a0
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be \u00a0required to settle the obligation and a reliable estimate can be made of the amount of the obligation although the respective due date or amount is still uncertain. If the effect of the time value of \u00a0money is material, long-term provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. \u00a0
Where discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost. \u00a0
Accrued liabilities are obligations to pay for goods or services received or delivered that have neither been paid, nor invoiced by the suppliers. Even though estimates are occasionally required to \u00a0determine the amount or timing of accrued liabilities, the degree of uncertainty is generally much lower than for provisions. Accrued liabilities are recognised under trade payables. \u00a0
Contract liabilities \u00a0
A contract liability is recognised if a payment is received, or a payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services. Contract liabilities are \u00a0recognised as revenue when the Group performs under the contract. \u00a0
Current financial liabilities \u00a0
Current financial liabilities are liabilities, that must be settled in cash or other financial assets. Based on their nature, financial liabilities are measured at amortised costs and are derecognised upon \u00a0settlement or cancellation. \u00a0
The Company accounts for a written call / put option over the 35 percent non-controlling interest in ad pepper media Spain S.A. by considering a financial liability with the present value of the \u00a0exercise price of the option. The Company assessed that the prerequisites for the transfer of the shares are fulfilled at the balance sheet date and therefore assumes the exercise of the put option \u00a0by the holder, classifying the liability as current. The attributable changes in the value of the financial liability are recognised in the equity component \u201cother reserves\u201d. \u00a0
Share-based payment transactions \u00a0
Equity-settled transactions \u00a0
Employees (including senior executives) of the Group receive remuneration in the form of share-based payment transactions, whereby employees render services as consideration for equity \u00a0instruments (\u201cequity-settled transactions\u201d). The cost of equity-settled transactions with employees is measured by reference to the fair value at the date on which they are granted. The fair value \u00a0is determined using an appropriate pricing model, further details of which are given in Note [39]. The cost of equity-settled transactions (remuneration cost) is recognised, together with a \u00a0
corresponding increase in equity, over the period in which the performance and / or service conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to \u00a0the award (the \u201cvesting date\u201d). \u00a0
The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best \u00a0estimate of the number of equity instruments that will ultimately vest. The income statement charge or credit for a period represents the movement in cumulative expense recognised as at the \u00a0beginning and end of that period. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of earnings per share (further details are provided in Note \u00a0[16]). \u00a0
Cash-settled transactions \u00a0
Board of Directors are granted share appreciation rights (SAR\u2019s), settled in cash. The options may be exercised over a period of four years at 25 percent each year, but at the earliest one year after \u00a0being granted. \u00a0
A liability is recognised and measured initially and at the end of each reporting period until settled, at the fair value of the share appreciation right, by applying an option price model, taking into \u00a0account the terms and conditions on which the share appreciation rights were granted, and the extent to which the director has rendered services to date. Fair value changes are recognised in \u00a0employee benefits expense included in the general & administrative costs. \u00a0
Revenue from contracts with customers \u00a0
The Group is in the business of providing performance marketing services, in which third parties provide services to its customers. When another party provides goods or services to its customers, \u00a0the Group determines whether it is a principal or an agent in these transactions by evaluating the nature of its promise to the customer. The Company has concluded that it is acting as an agent in \u00a0the segments Webgains and ad pepper. The Company\u2019s role is restricted in those segments to arranging a third party that supplies ad inventory to deliver the ad to the end customer. Consequently, \u00a0the Group records revenue at the net amount that it retains for its services, which is limited to campaign management, while media cost for ad inventory used is excluded from the revenue definition. \u00a0In the newly acquired solute segment, which includes also revenues reported by Checkout Charlie, the Company has concluded that it is acting as a principal, as it controls and directs the delivery \u00a0either on own delivery channels or on third party ad inventory suppliers. Consequently, the Group records revenue at the amount billed to the client as exchange for the increased traffic. \u00a0
For further explanations, we refer to Note [2]. \u00a0
Revenue from contracts with customers is recognised when the service is rendered. Depending on the requirements of the specific product, this usually occurs when successful transactions result \u00a0from user action (CPA), ad impressions are generated (CPC) or personal data is provided (CPL). Gross sales represent the total amount billed or billable to clients by the Group, net of discounts, VAT \u00a0and other sales-related taxes. Disclosure of gross sales information is not required under IFRS, however, it is voluntarily disclosed in the Consolidated Income Statement, as management has \u00a0concluded that the information is useful for users of the financial statements. \u00a0
As all performance obligations have an original expected duration of less than one year and meet the requirement of the right to invoice practical expedient in IFRS 15.B16, the Company does not \u00a0disclose the amount of the remaining performance obligations. \u00a0
Rendering of services \u00a0
solute \u00a0
Revenue in this segment is generated by increasing customers traffic through the distribution of proper advertising products via the appropriate channels (Reach Based Marketing). \u00a0
In Reach-Based Marketing, advertising space is marketed to clients and remunerated based on the achieved reach or user interaction with the respective media offerings. Customers are typically \u00a0charged on a cost-per-click (CPC) or cost-per-order (CPO) basis. \u00a0
The advertising activities are carried out through the following channels: \u00a0
- Owned portals such as billiger.de, shopping.de, and juhuu.at, which rank among the leading and most wide-reaching online platforms for product search and price comparison in Germany. \u00a0\n
\n- Syndication by placing product data and editorial content on external partner websites (e.g. testberichte.de). \u00a0
- Performance Marketing campaigns via major search engines such as Google and Microsoft, including Product Listing Ads (PLA), Comparison Shopping Service Product Listing Ads (CSS-PLA), Search \u00a0Engine Advertising (SEA), and Display Ads. \u00a0
Checkout Charlie \u00a0
The Company operates leading German voucher and deal portals, such as sparwelt.de, shopmate.eu and gutscheine.de, offering users curated discounts and cashback opportunities. Revenue arises \u00a0mainly from affiliate marketing partnerships, where merchant partners are charged based on successful transactions with the end-customer (performance-based remuneration models such as cost- \u00a0per-sale or revenue share). \u00a0
Webgains \u00a0
Revenue in this segment is generated by placing the merchant\u2019s advertising on publishers\u2019 websites (affiliate marketing). By using the Webgains technology platform, appropriate publishers are \u00a0selected for placement of the advertisements on websites likely to drive traffic back to the merchant\u2019s website and consequently enhance the merchant\u2019s transaction values. The merchant pays us \u00a0on a cost-per-action basis (CPA), which means that the merchant only pays when successful transactions result from the traffic. The price billed to the merchant consists of an override and a \u00a0commission. The override is considered the amount the Group is entitled to for its services. \u00a0
The commission is the amount paid to our publishers and is excluded under IFRS 15 from the revenue definition. Consequently, commission to publishers is also not included in the Group\u2019s cost of \u00a0sales. The contractual agreement provides the customer with a recall period, where every occurred transaction can be cancelled within a certain period. \u00a0
Depending on the industry the transaction occurred in, the recall periods range from 30 days in the fashion and beauty industry up to 360 days for insurance, travel and mobile sales. Based on \u00a0historical data, the Group calculates at year-end the amount to be recognised as return assets and refund liabilities for transactions in the recall period. \u00a0
ad pepper \u00a0
Revenue in the ad pepper segment is generated by marketing internet advertising space. Advertising customers book units (ad impressions, ad clicks, registrations, mail-outs, transactions) via the \u00a0Company, and these are then supplied over a period defined by the customer. ad pepper customers pay us on the basis of cost per click (CPC), cost per lead (CPL) or cost per impression (CPM). All \u00a0of the three billing methods consist of media costs owed to ad pepper\u2019s delivery partners and a service charge as an amount levied by the Group for its services. The media cost is the amount paid \u00a0to the delivery partners and is excluded under IFRS 15 from the revenue definition. Consequently, media costs are also not included in the Group\u2019s cost of sales. \u00a0
In cases in which the campaign starts before the balance sheet date and lasts beyond this date, revenue is accounted proportionately based on the stage of completion at the end of the reporting \u00a0period. Stage of completion is determined as the proportion of the costs incurred until the end of the reporting period in the total costs of the campaign, which can be reliably estimated. \u00a0
Interest income \u00a0
Interest income is recognised as it accrues using the effective interest rate method. \u00a0
Current income tax \u00a0
Current taxes are determined on the basis of annual earnings with due reference to national tax rates and tax legislation in the various tax jurisdictions valid as of the balance sheet date. Current \u00a0income tax relating to items recognised directly in other comprehensive income is only recognised there and not in the income statement. \u00a0
Current tax assets and liabilities are only offset by each entity in the Group if: \u00a0
\u2022
It has a legally enforceable right to set off the recognised amounts, and \u00a0
\u2022
It intends to either settle on a net basis or realise the asset and settle the liability simultaneously. \u00a0
Entities in the Group typically have the right to offset a current tax asset against a current tax liability if both are related to income taxes levied by the same taxation authority and the authority \u00a0allows for a single net payment. In the Consolidated Financial Statements, offsetting of current tax assets and liabilities across different entities in the Group is permissible only if the entities in the \u00a0Group have a legal right to make or receive a single net payment and intend to do so, or plan to realise the asset and settle the liability at the same time. \u00a0
Deferred tax \u00a0
Deferred income tax is provided using the liability method on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial \u00a0reporting purposes. Deferred tax liabilities are recognised for all taxable temporary differences, except for goodwill, whereon the recognition is not permitted. \u00a0
Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be \u00a0available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised. The carrying amount of deferred tax assets is reviewed \u00a0at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. \u00a0
Unrecognised deferred tax assets are reassessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset \u00a0to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and \u00a0tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred income tax relating to items recognised directly in other comprehensive income is only recognised \u00a0there and not in the income statement. Deferred tax assets and deferred tax liabilities are offset if there is a legally enforceable right to set off current tax assets against current income tax liabilities \u00a0and the deferred income taxes relate to the same taxable entity and the same taxation authority. \u00a0
Climate-related matters \u00a0
The Group considers climate-related matters in estimates and assumptions, where appropriate. This assessment includes a wide range of possible impacts on the group due to both physical and \u00a0transition risks. Even though the Group believes its business model and products will still be viable after the transition to a low-carbon economy, climate-related matters increase the uncertainty in \u00a0estimates and assumptions. Even though climate-related risks might not currently have a significant impact on measurement, the Group is closely monitoring relevant changes and developments, \u00a0such as new climate-related legislation. \u00a0
The following item is most directly impacted by climate-related matters: \u00a0
\u2022
Useful life of property, plant and equipment. When reviewing the residual values and expected useful lives of assets, the Group considers climate-related matters, such as climate-related \u00a0legislation and regulations that may restrict the use of assets or\u00a0require significant capital expenditures. See paragraph \u201cproperty, plant and equipment of Note [3] for further information. \u00a0
SEGMENT REPORTING [7] \u00a0
IFRS 8 requires entities to report financial and descriptive information on their reportable segments. Reportable segments are operating segments or aggregations of operating segments that meet \u00a0specific criteria. Operating segments are components of an entity for which separate financial information is available that is evaluated regularly by the chief operating decision-maker in deciding \u00a0how to allocate resources and in assessing performance. \u00a0
Generally, financial information must be reported on the same basis as it is used internally for evaluating operating segment performance and deciding how to allocate resources to operating \u00a0segments. Financial information reported to the Group\u2019s chief operating decision-maker for the purposes of resource allocation and assessment of segment performance is focused on the category \u00a0Segment profit, reflecting the EBIT (Earnings before interest and taxes) or EBITDA (Earnings before interest, taxes, depreciation and amortisation) earned by each segment as stipulated by the IFRS. \u00a0
\n RELATED PARTY DISCLOSURES [35] \u00a0\n
\n Pursuant to the IAS 24 definition, the Board of Directors and members of the Supervisory Board have been identified as related parties. The compensation paid to all members of these boards is \u00a0\n based exclusively on their functions as individuals in key positions. Further information about the compensation paid to these individuals can be found in Note [39]. All entities over which the \u00a0Supervisory Board Chairman Michael Oschmann has significant influence are considered as related parties to the Company. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97462_2025": {
"value": "Basis of consolidation \u00a0
The Consolidated Financial Statements comprise the financial statements of ad pepper media International N.V. and its subsidiaries as at 31 December each year. The financial statements of the subsidiaries are prepared for the same reporting year as those of the parent Company, using consistent accounting policies. Subsidiaries are all entities over which the Group has control. The Group \u00a0controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. \u00a0Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. \u00a0In a business combination achieved in stages, the Group obtains control of an acquiree in which it held an equity interest immediately before the acquisition date. Such transactions are commonly \u00a0called \u201cstep acquisitions\u201d. If the Group increases an existing equity interest so as to achieve control of the acquiree, the previously held equity interest is remeasured at acquisition-date fair value, \u00a0and any resulting gain or loss is recognised in profit or loss. \u00a0
All business combinations are accounted for under the acquisition method. In accordance with this method, the purchase price has been allocated to the fair value of the interest held in the net \u00a0assets of the consolidated subsidiaries at the time of acquisition. In doing so, all identifiable assets, liabilities and contingent liabilities are recognised at fair value and measured accordingly in the consolidated balance sheet. Following adjustments to the fair values of assets acquired and liabilities assumed, any resulting positive difference is capitalised in the balance sheet as goodwill. \u00a0Situations in which the fair value of net assets is greater than the purchase price paid result in a negative difference (bargain purchase). In the event that such difference remains following \u00a0reassessment of the allocation of the purchase price or determining the fair value of acquired assets, liabilities, and contingent liabilities, this is recognised immediately as income in profit or loss. \u00a0
Acquisition-related costs are expensed as incurred and included in general and administrative expenses. Costs in conjunction with the issuance of shares for business combinations are considered \u00a0as an equity transaction. The proportion of assets, liabilities, and contingent liabilities of the subsidiary applicable to non-controlling interest is also recognised at fair value. All intra-group balances, \u00a0transactions, income and expenses, and profits and losses resulting from intra-group transactions that are recognised in assets are eliminated in full. \u00a0
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. \u00a0
If the Group loses control over a subsidiary, it derecognises the related assets, liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in \u00a0profit or loss. \u00a0
\n \n
\n Consolidated Group \u00a0\n
\n
\n The subsidiaries included in consolidation are as follows: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | Entity | \n 31 / 12 / 2025 | \n 31 / 12 / 2024 | \n
\n \n | \n Effective | \n Effective | \n
\n \n | \n ownership, | \n ownership, | \n
\n \n | \n in % | \n in % | \n
\n \n | ad pepper media GmbH, | \n | \n | \n
\n \n | Nuremberg, Germany | \n 100 | \n 100 | \n
\n \n | ad pepper media France S.A.R.L., | \n | \n | \n
\n \n | Paris, France | \n 100 | \n 100 | \n
\n \n | ad pepper media Spain S.A., | \n | \n | \n
\n \n | Madrid, Spain | \n 65 | \n 65 | \n
\n \n | Webgains S.L., | \n | \n | \n
\n \n | Madrid, Spain | \n 65 | \n 65 | \n
\n \n | Webgains Ltd., | \n | \n | \n
\n \n | Bristol, United Kingdom | \n 100 | \n 100 | \n
\n \n | ad agents GmbH, | \n | \n | \n
\n \n | Herrenberg, Germany | \n 0 | \n 60 | \n
\n \n | ad agents AG, | \n | \n | \n
\n \n | Z\u00fcrich, Switzerland | \n 0 | \n 60 | \n
\n \n | Webgains Italy S.r.L. SB, | \n | \n | \n
\n \n | Milan, Italy | \n 100 | \n 100 | \n
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n | Entity | \n 31 / 12 / 2025 | \n 31 / 12 / 2024 | \n
\n \n | \n Effective | \n Effective | \n
\n \n | \n ownership, | \n ownership, | \n
\n \n | \n in % | \n in % | \n
\n \n | Webgains GmbH, | \n | \n | \n
\n \n | Nuremberg, Germany | \n 100 | \n 100 | \n
\n \n | Webgains B.V., | \n | \n | \n
\n \n | Amsterdam, Netherlands | \n 100 | \n 100 | \n
\n \n | Webgains Sp.z o.o., | \n | \n | \n
\n \n | Warsaw, Poland | \n 100 | \n 100 | \n
\n \n | solute Holding GmbH & Co. KG, | \n | \n | \n
\n \n | Frankfurt, Germany | \n 60.15 | \n 0\u00b9 | \n
\n \n | solute GmbH, Karlsruhe, Germany | \n 60.15\u00b2 | \n 0\u00b9 | \n
\n \n | solute Holding Verwaltungs GmbH, | \n | \n | \n
\n \n | Karlsruhe, Germany | \n 60.15\u00b2 | \n 0\u00b9 | \n
\n \n | Marktplatz Mi\ua881elstand Opera\ua882ons, | \n | \n | \n
\n \n | Karlsruhe, Germany | \n 60.15\u00b2 | \n 0\u00b9 | \n
\n \n | Checkout Charlie GmbH, Berlin, | \n | \n | \n
\n \n | Germany | \n 60.15\u00b3 | \n 0 | \n
\n \n
\n
\n
\n \u00b9 as at 31 December 2024 the Group held a 25.64 percent share, having a significant influence in solute. The investment in an associate was accounted for using the equity method. For more \u00a0\n information, please refer to Note [4] of the Annual Report 2024. \u00a0
\n \n
\n \u00b2 100 percent subsidiary of solute Holding GmbH & Co. KG. \u00a0\n
\n
\n \u00b3 100 percent subsidiary of solute GmbH. \u00a0\n
\n
Basis of consolidation \u00a0
The Consolidated Financial Statements comprise the financial statements of ad pepper media International N.V. and its subsidiaries as at 31 December each year. The financial statements of the subsidiaries are prepared for the same reporting year as those of the parent Company, using consistent accounting policies. Subsidiaries are all entities over which the Group has control. The Group \u00a0controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. \u00a0Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. \u00a0In a business combination achieved in stages, the Group obtains control of an acquiree in which it held an equity interest immediately before the acquisition date. Such transactions are commonly \u00a0called \u201cstep acquisitions\u201d. If the Group increases an existing equity interest so as to achieve control of the acquiree, the previously held equity interest is remeasured at acquisition-date fair value, \u00a0and any resulting gain or loss is recognised in profit or loss. \u00a0
All business combinations are accounted for under the acquisition method. In accordance with this method, the purchase price has been allocated to the fair value of the interest held in the net \u00a0assets of the consolidated subsidiaries at the time of acquisition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97570_2025": {
"value": "\n \n
\n Consolidated Group \u00a0\n
\n
\n The subsidiaries included in consolidation are as follows: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | Entity | \n 31 / 12 / 2025 | \n 31 / 12 / 2024 | \n
\n \n | \n Effective | \n Effective | \n
\n \n | \n ownership, | \n ownership, | \n
\n \n | \n in % | \n in % | \n
\n \n | ad pepper media GmbH, | \n | \n | \n
\n \n | Nuremberg, Germany | \n 100 | \n 100 | \n
\n \n | ad pepper media France S.A.R.L., | \n | \n | \n
\n \n | Paris, France | \n 100 | \n 100 | \n
\n \n | ad pepper media Spain S.A., | \n | \n | \n
\n \n | Madrid, Spain | \n 65 | \n 65 | \n
\n \n | Webgains S.L., | \n | \n | \n
\n \n | Madrid, Spain | \n 65 | \n 65 | \n
\n \n | Webgains Ltd., | \n | \n | \n
\n \n | Bristol, United Kingdom | \n 100 | \n 100 | \n
\n \n | ad agents GmbH, | \n | \n | \n
\n \n | Herrenberg, Germany | \n 0 | \n 60 | \n
\n \n | ad agents AG, | \n | \n | \n
\n \n | Z\u00fcrich, Switzerland | \n 0 | \n 60 | \n
\n \n | Webgains Italy S.r.L. SB, | \n | \n | \n
\n \n | Milan, Italy | \n 100 | \n 100 | \n
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n | Entity | \n 31 / 12 / 2025 | \n 31 / 12 / 2024 | \n
\n \n | \n Effective | \n Effective | \n
\n \n | \n ownership, | \n ownership, | \n
\n \n | \n in % | \n in % | \n
\n \n | Webgains GmbH, | \n | \n | \n
\n \n | Nuremberg, Germany | \n 100 | \n 100 | \n
\n \n | Webgains B.V., | \n | \n | \n
\n \n | Amsterdam, Netherlands | \n 100 | \n 100 | \n
\n \n | Webgains Sp.z o.o., | \n | \n | \n
\n \n | Warsaw, Poland | \n 100 | \n 100 | \n
\n \n | solute Holding GmbH & Co. KG, | \n | \n | \n
\n \n | Frankfurt, Germany | \n 60.15 | \n 0\u00b9 | \n
\n \n | solute GmbH, Karlsruhe, Germany | \n 60.15\u00b2 | \n 0\u00b9 | \n
\n \n | solute Holding Verwaltungs GmbH, | \n | \n | \n
\n \n | Karlsruhe, Germany | \n 60.15\u00b2 | \n 0\u00b9 | \n
\n \n | Marktplatz Mi\ua881elstand Opera\ua882ons, | \n | \n | \n
\n \n | Karlsruhe, Germany | \n 60.15\u00b2 | \n 0\u00b9 | \n
\n \n | Checkout Charlie GmbH, Berlin, | \n | \n | \n
\n \n | Germany | \n 60.15\u00b3 | \n 0 | \n
\n \n
\n
\n
\n \u00b9 as at 31 December 2024 the Group held a 25.64 percent share, having a significant influence in solute. The investment in an associate was accounted for using the equity method. For more \u00a0\n information, please refer to Note [4] of the Annual Report 2024. \u00a0
\n \n
\n \u00b2 100 percent subsidiary of solute Holding GmbH & Co. KG. \u00a0\n
\n
\n \u00b3 100 percent subsidiary of solute GmbH. \u00a0\n
\n
BUSINESS COMBINATIONS & ACQUISITIONS OF NON-CONTROLLING INTERESTS [4] \u00a0
As at 31 December 2024, ad pepper held a 25.64 percent interest in solute with a carrying value of EUR 5,056k (so-called wave 1). \u00a0
On 24 February 2025, the Group acquired an additional 18.73 percent interest in the voting shares of solute, increasing its ownership interest to 44.37 percent for a purchase price of EUR 5,486k \u00a0paid in 2,305,195 newly issued shares (so-called wave 2). The carrying value of the investment has been adjusted by the purchase price of EUR 5,486k acc. to IAS 28. The Group determined that \u00a0with the 44.37 percent interest it continues to have significant influence over solute. As ad pepper Group is not part of the managing board of solute and has no majority in the voting shares of \u00a0solute, ad pepper Group determined it had no power over the investee. \u00a0
On 24 April 2025, the Group acquired an additional 14.49 percent interest in the voting shares of solute (so-called wave 3). Together with the equity investment of 44.37 percent, the Group\u2019s total \u00a0shareholding as per 24 April 2025 in solute amounts to 58.86 percent. The purchase price for the 14.49 percent interest amounted to EUR 3,489k, to be paid in cash. \u00a0
As at 24 April 2025, the Group held the majority of voting rights. Control was obtained on 30 April 2025, when Dr Jens K\u00f6rner was assigned sole managing director of solute Holding GmbH & Co. KG, \u00a0parent Company of solute GmbH. This given, the Group has the ability to direct all major operating activities of solute and has therefore power over the investee to affect variable returns from its \u00a0involvement in solute. ad pepper Group determined that it controls the investee according to IFRS 3 and consolidates solute as at 30 April 2025 in course of a step acquisition. \u00a0
ad pepper Group and solute operate complementary business models with adjacent technical capabilities, customer relationships and geographic footprints. The objective of the transaction is to \u00a0create a dynamic, innovative and well-established listed market leader in performance marketing and digital marketplaces (price comparison). \u00a0
The Group has elected to measure the non-controlling interests in the acquiree at the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable \u00a0net assets. \u00a0
The acquisition has been accounted for using the step acquisition method, revaluing the existing 44.37 percent interest accounted for using an equity method according to IAS 28 at the date of \u00a0obtaining control to its acquisition-date fair value. \u00a0
The carrying value of the minority equity investment of 44.37 percent as at 30 April was as follows: \u00a0
\n \n
\n
\n \n \n \n \n \n \n | \n kEUR | \n
\n \n | Wave 1 signed 2 October 2023 | \n 3,488 | \n
\n \n | Pro\ufb01t share 2023 | \n 199 | \n
\n \n | Pro\ufb01t share 2024 | \n 1,501 | \n
\n \n | Dividend distribu\ua882on 2024 | \n -132 | \n
\n \n | Carrying value of the 25.64% investment in | \n | \n
\n \n | associate as at 31 December 2024 | \n 5,056 | \n
\n \n | Wave 2 signed 24 February 2025 | \n 5,486 | \n
\n \n | Pro\ufb01t share 2025 | \n 276 | \n
\n \n | Carrying value of the 44.37% investment in | \n | \n
\n \n | associate as at 30 April 2025 | \n 10,818 | \n
\n \n
\n
\n
\n
\n \n \n \n \n \n \n | \n kEUR | \n
\n \n | Carrying value of investment in associate acc. to | \n | \n
\n \n | IAS 28 | \n 10,818 | \n
\n \n | Acquisi\ua882on-date fair value of ini\ua882al 44.37% (wave | \n | \n
\n \n | 1 and wave 2) | \n 10,684 | \n
\n \n | Loss in pro\ufb01t or loss as result of remeasuring | \n -134 | \n
\n \n
\n
\n
\n The resulting loss has been recognised in net finance income / (loss) for the period. \u00a0\n
\n
\n \n
\n The fair values of the identifiable assets and liabilities of solute as at 30 April 2025, the date of acquisition were: \u00a0\n
\n
\n
\n \n \n \n \n \n \n | \n Fair value | \n
\n \n | \n recognised on | \n
\n \n | \n acquisition | \n
\n \n | \n \n kEUR \n | \n
\n \n | Assets | \n | \n
\n \n | Intangible assets | \n 15,836 | \n
\n \n | thereof So\ufb05ware | \n 684 | \n
\n \n | thereof Customer relations | \n 10,404 | \n
\n \n | thereof Brands | \n 4,748 | \n
\n \n | Property, plant and equipment | \n 594 | \n
\n \n | Right-of-use assets | \n 871 | \n
\n \n | Trade receivables | \n 5,446 | \n
\n \n | Deferred tax assets | \n 152 | \n
\n \n | Other \ufb01nancial assets | \n 989 | \n
\n \n | Securities | \n 2,501 | \n
\n \n | Cash and cash equivalents | \n 9,255 | \n
\n \n | Total assets | \n 35,644 | \n
\n \n | Liabilities | \n | \n
\n \n | Trade payables | \n 2,495 | \n
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n | \n Fair value | \n
\n \n | \n recognised on | \n
\n \n | \n acquisition | \n
\n \n | \n \n kEUR \n | \n
\n \n | Provisions | \n 1,569 | \n
\n \n | Other \ufb01nancial liabilities | \n 770 | \n
\n \n | Other liabilities | \n 351 | \n
\n \n | Income tax liabilities | \n 509 | \n
\n \n | Lease liabilities | \n 871 | \n
\n \n | Deferred tax liabilities | \n 4,809 | \n
\n \n | Total liabilities | \n 11,374 | \n
\n \n | Total identi\ufb01able net assets at fair value | \n 24,270 | \n
\n \n | Non-controlling interest (41.14%) measured | \n | \n
\n \n | at proportionate share in the recognised | \n | \n
\n \n | amounts identi\ufb01able net assets | \n 9,985 | \n
\n \n | Gain from a bargain purchase (negative | \n | \n
\n \n | goodwill) | \n -112 | \n
\n \n | Purchase consideration transferred | \n 14,173 | \n
\n \n
\n
\n
\n The reason for the paid purchase price consideration, which resulted in a bargain purchase transaction was that the acquired voting shares were non-tradable for the sellers due to lack of an active \u00a0\n market and stakes mostly below 5 percent. The resulting gain from the transaction was recognised in other operating income. \u00a0
\n \n
\n \n
\n Purchase consideration \u00a0\n
\n
\n
\n \n \n \n \n \n \n | \n kEUR | \n
\n \n | Acquisition date fair value of initial 44.37% (wave1 | \n | \n
\n \n | and wave 2) | \n 10,684 | \n
\n \n | Cash paid for 14.49% for Wave 3 | \n 3,489 | \n
\n \n | Total consideration | \n 14,173 | \n
\n \n
\n
\n
\n Analysis of cash flows on acquisition \u00a0\n
\n
\n
\n \n \n \n \n \n \n | \n kEUR | \n
\n \n | Net liquid funds* acquired with the subsidiary | \n | \n
\n \n | (Included in cash \ufb02ows from investing activities) | \n 11,756 | \n
\n \n | Transaction costs of the acquisition (included in | \n | \n
\n \n | cash \ufb02ows from operating activities) | \n -278 | \n
\n \n | Cash paid for 14.49%\u00a0for Wave 3 | \n -3,489 | \n
\n \n | Net cash in\ufb02ow on acquisition | \n 7,989 | \n
\n \n
\n
\n
\n *Liquid funds include cash and cash equivalents and securities. \u00a0\n
\n
\n The acquisition date fair value of the trade receivables amounts to EUR 5,446k. The gross amount of trade receivables is EUR 5,446k and it is expected that the full contractual amounts can be \u00a0\n collected. \u00a0
\n \n
\n The Group measures the acquired lease liabilities using the present value of the remaining lease payments at the date of acquisition. The right-of-use assets were measured at an amount equal to \u00a0\n the lease liabilities. \u00a0
\n \n
\n The deferred tax liability as of consolidation date, 1 May 2025, mainly comprises the tax effect of the accelerated depreciation for tax purposes of intangible assets and the reclassification of the \u00a0\n identified intangible assets of solute with a fair value of EUR 15,197k. This results in deferred tax liabilities of EUR 4,799k at a tax rate of 31.58 percent. \u00a0
\n \n
\n \n
\n From the date of acquisition, solute contributed EUR 33,214k of revenue and EUR 1,994k to profit before income. If the combination had taken place at the beginning of the year, revenue from \u00a0\n continuing operations would have been EUR 66,060k and profit before tax of the Group would have been EUR 2,841k. \u00a0
\n \n
\n From 1 January 2025 to 30 April 2025 a profit share of EUR 276k was considered in the carrying value of the at equity valued investment of 44.37 percent. \u00a0\n
\n
\n Transaction costs of EUR 278k have been expensed and are included in general and administrative expenses. \u00a0\n
\n
\n Acquisition of additional interest in Solute Holding GmbH & Co. KG \u00a0\n
\n
\n On 9 July 2025, the Group acquired additional 1.29 percent interest in the voting shares of Solute Holding GmbH & Co. KG, increasing its ownership interest to 60.15 percent. Cash consideration\u00a0of \u00a0\n EUR 310k was paid to the non-controlling shareholders. The carrying value of the net assets of solute Holding GmbH & Co. KG was EUR 24,899k. \u00a0Following is a schedule of additional interest acquired in solute Holding GmbH & Co. KG: \u00a0
\n \n \n
\n
\n \n \n \n \n \n \n | \n kEUR | \n
\n \n | Cash consideration paid to non-controlling | \n | \n
\n \n | shareholders | \n -310 | \n
\n \n | Carrying value of the additional non-controlling | \n | \n
\n \n | interest in solute Holding GmbH & Co. KG | \n 321 | \n
\n \n | Di\ufb00erence recognised in other reserves for the | \n | \n
\n \n | acquisition of non-controlling interests in solute | \n | \n
\n \n | Holding GmbH & Co. KG | \n 11 | \n
\n \n
\n
\n
\n Acquisition of Checkout Charlie \u00a0\n
\n
\n On 18 July 2025, solute GmbH signed a Share Purchase Agreement with effective date as at 30 September 2025 over 100 percent of the voting shares in Checkout Charlie GmbH (Checkout Charlie), \u00a0\n a non-listed company based in Berlin and operating several leading voucher and cashback portals in the DACH region. \u00a0
\n \n
\n The acquisition represents a significant strategic milestone in the ad pepper Group\u2019s growth strategy and complements its existing digital portfolio. \u00a0\n
\n
Assets acquired and liabilities assumed \u00a0
| Fair value |
| recognised on |
| acquisition |
| kEUR |
| Assets | |
| Intangible assets | 3,299 |
| thereof So\ufb05ware | 119 |
| thereof Customer relations | 859 |
| thereof Brands | 2,321 |
| Property, plant and equipment | 8 |
| Trade receivables | 1,514 |
| Other receivables | 220 |
| Deferred tax assets | 50 |
| Cash and cash equivalents | 3,938 |
| Total assets | 9,030 |
| Liabilities | |
| Trade payables | 167 |
| Other \ufb01nancial liabilities | 1,417 |
| Fair value |
| recognised on |
| acquisition |
| kEUR |
| Deferred tax liabilities | 850 |
| Total liabilities | 2,435 |
| Total identi\ufb01able net assets at fair value | 6,595 |
| Gain / (loss) | 113 |
| Purchase consideration transferred | 6,482 |
Purchase consideration in cash only \u00a0
| kEUR |
| Cash paid | 6,482 |
| Total consideration | 6,482 |
\n Analysis of cash flows on acquisition \u00a0\n
\n
\n \n \n \n \n \n \n | \n kEUR | \n
\n \n | Net cash acquired with the subsidiary (Included in | \n | \n
\n \n | cash \ufb02ows from investing activities) | \n 3,938 | \n
\n \n | Cash paid | \n -6,482 | \n
\n \n | Transaction costs of the acquisition (included in | \n | \n
\n \n | cash \ufb02ows from operating activities) | \n -252 | \n
\n \n | Net cash outflow on acquisition | \n -2,796 | \n
\n \n
\n
\n The acquisition date fair value of the trade receivables amounts to EUR 1,514k. The gross amount of trade receivables is EUR 1,514k and it is expected that the full contractual amount can be \u00a0\n collected. \u00a0
\n The deferred tax liability mainly comprises the tax effect of the accelerated depreciation for the tax purposes of tangible and intangible assets. \u00a0\n
\n From the date of acquisition, Checkout Charlie contributed EUR 1,832k of revenue and EUR 653k to profit before tax. If the combination had taken place at the beginning of the year, revenue from \u00a0\n continuing operations would have been EUR 56,684k and profit before tax of the Group would have been EUR 3,599k. \u00a0
\n Transaction costs of EUR 252k have been expensed and are included in general and administrative expenses. \u00a0\n
NON-CONTROLLING INTERESTS [29] \u00a0
Financial information of subsidiaries with material non-controlling interests in provided below: \u00a0
| Name | Location | 2025 | 2024 |
| | in % | in % |
| solute GmbH | Karlsruhe / Germany | 39.85 | 0 |
| Checkout Charlie GmbH | Berlin / Germany | 39.85 | 0 |
| Marktplatz Mittelstand Operations | | | 25.64 |
| GmbH (MMO GmbH) | Karlsruhe / Germany | 39.85 | |
| solute Holding GmbH & Co. KG | Frankfurt / Germany | 39.85 | 25.64 |
| solute Verwaltungs-GmbH | Karlsruhe / Germany | 39.85 | 25.64 |
| ad pepper media Spain S.A. | Madrid/Spain | 35 | 35 |
| Webgains S.L. | Madrid/Spain | 35 | 35 |
These result from the sale of a 35 percent share in ad pepper media Spain S.A. and the most recent acquisition 60.15 percent in voting shares in solute. Checkout Charlie is a 100 percent \u00a0investment of solute GmbH. The net profit / loss for the year is allocated proportionately to the non-controlling interests. In 2025, non-controlling interests in ad pepper media Spain S.A. received \u00a0a dividend payment of EUR 230k (2024: EUR 230k), while no dividend was paid to non-controlling interests of ad agents GmbH (2024: EUR 115k) and solute GmbH (2024: n/A). \u00a0
Summarised financial information in respect of ad pepper media\u2019s subsidiaries that have material\u00a0non-controlling interest as at 31 December 2025 reflecting 100 percent of the underlying \u00a0subsidiary\u2019s relevant figures, is set out in the following tables: \u00a0
Summarised statement of financial position as at 31 December 2025: \u00a0
\n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n | \n solute GmbH | \n Checkout Charlie | \n MMO GmbH | \n solute Holding | \n solute Verwaltungs- | \n Webgains S.L. | \n ad pepper media Spain | \n
\n \n | \n | \n GmbH | \n | \n GmbH & Co. | \n GmbH | \n | \n S.A. | \n
\n \n | \n | \n | \n | \n KG | \n | \n | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Non-current assets | \n 16,829 | \n 3,324 | \n 35 | \n 0 | \n 0 | \n 33 | \n 132 | \n
\n \n | Current assets | \n 14,748 | \n 6,075 | \n 33 | \n 495 | \n 53 | \n 2,475 | \n 1,122 | \n
\n \n | Total assets | \n 31,576 | \n 9,399 | \n 68 | \n 495 | \n 53 | \n 2,508 | \n 1,254 | \n
\n \n | Non-current liabilities | \n 4,808 | \n 830 | \n 0 | \n 0 | \n 0 | \n 29 | \n 89 | \n
\n \n | Current liabilities | \n 6,981 | \n 1,589 | \n 2 | \n 791 | \n 1 | \n 1,842 | \n 574 | \n
\n \n | Total liabilities | \n 11,789 | \n 2,420 | \n 2 | \n 791 | \n 1 | \n 1,871 | \n 663 | \n
\n \n | Net assets | \n 19,787 | \n 6,979 | \n 66 | \n -297 | \n 52 | \n 637 | \n 592 | \n
\n \n | Equity a\ua881ributable to owners | \n 11,902 | \n 4,197 | \n 40 | \n -178 | \n 31 | \n 637 | \n 592 | \n
\n \n | of the Company | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Non-controlling interests | \n 7,885 | \n 2,782 | \n 26 | \n -118 | \n 21 | \n 0* | \n 0* | \n
\n \n | Non-controlling interests in % | \n 39.85 | \n 39.85 | \n 39.85 | \n 39.85 | \n 39.85 | \n 35 | \n 35 | \n
\n \n
\n
\n
\n *After reclassification into current liabilities in conjunction with the put option. For further information please refer to Note [2] and Note [34]. \u00a0\n
\n
\n Summarised statement of financial position as at 31 December 2024: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n \n \n | \n ad pepper media Spain S.A. | \n Webgains S.L. | \n ad agents GmbH | \n ad agents AG | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Non-current assets | \n 58 | \n 65 | \n 322 | \n 229 | \n
\n \n | Current assets | \n 736 | \n 2,021 | \n 6,467 | \n 1,088 | \n
\n \n | Total assets | \n 793 | \n 2,086 | \n 6,788 | \n 1,317 | \n
\n \n | Non-current liabilities | \n 0 | \n 27 | \n 29 | \n 28 | \n
\n \n | Current liabilities | \n 308 | \n 1,492 | \n 5,223 | \n 605 | \n
\n \n | Total liabilities | \n 308 | \n 1,519 | \n 5,252 | \n 632 | \n
\n \n | Net assets | \n 486 | \n 566 | \n 1,536 | \n 685 | \n
\n \n | Equity a\ua881ributable to owners of the | \n | \n | \n | \n | \n
\n \n | Company | \n 486 | \n 566 | \n 922 | \n 411 | \n
\n \n | Non-controlling interests a\ufb05er | \n | \n | \n | \n | \n
\n \n | reclassi\ufb01cation into current | \n | \n | \n | \n | \n
\n \n | liabilities in conjunction with put | \n | \n | \n | \n | \n
\n \n | option | \n 0** | \n 0** | \n 615 | \n 274 | \n
\n \n | Non-controlling interests in % | \n 35 | \n 35 | \n 40 | \n 40 | \n
\n \n
\n
\n
**Due to immaterial abbreviation of EUR -4k in the valuation of the put liability, the Group abstained in 2024 from the reclassification of the non-controlling interest effect amounting to EUR 5k \u00a0into current liabilities. \u00a0
\n \n
\n Summarised statement of profit or loss and cash flows for 2025: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n | \n solute GmbH | \n Checkout Charlie GmbH | MMO GmbH | \n solute Holding | \n solute Verwaltungs- | \n Webgains S.L. | ad pepper media | \n
\n \n | \n | \n | \n | \n GmbH & Co. KG | \n GmbH | \n | \n Spain S.A. | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Revenue | \n 33,211 | \n 1,850 | \n 42 | \n 0 | \n 0 | \n 843 | \n 1,254 | \n
\n \n | Expenses | \n -31,409 | \n -1,353 | \n 0 | \n -6 | \n 0 | \n -242 | \n -1,023 | \n
\n \n | Net pro\ufb01t/(loss) for the year | \n 1,802 | \n 497 | \n 42 | \n -6 | \n 0 | \n 601 | \n 231 | \n
\n \n | \n | \n | \n | \n | \n | \n 391 | \n 150 | \n
\n \n | Net pro\ufb01t/(loss) attributable to | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | owners of the Company | \n 1,084 | \n 299 | \n 25 | \n -4 | \n 0 | \n | \n | \n
\n \n | \n | \n | \n | \n | \n | \n 210 | \n 81 | \n
\n \n | Net pro\ufb01t/(loss) attributable to | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | non-controlling interests* | \n 718 | \n 198 | \n 17 | \n -2 | \n 0 | \n | \n | \n
\n \n | \n | \n | \n | \n | \n | \n 0 | \n 0 | \n
\n \n | Other comprehensive income | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | a\ua881ributable to owners of the | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Company | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n | \n | \n
\n \n | \n | \n | \n | \n | \n | \n 0 | \n 0 | \n
\n \n | Other comprehensive income | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | attributable to non-controlling | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | interests | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n | \n | \n
\n \n | Total comprehensive | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | income/(loss) for the year | \n 718 | \n 198 | \n 17 | \n -2 | \n 0 | \n 210 | \n 81 | \n
\n \n | Net cash in\ufb02ow/(outflow) | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | from operating activities | \n 2,929 | \n 112 | \n 0 | \n 0 | \n 0 | \n 806 | \n 324 | \n
\n \n | Net cash in\ufb02ow/(outflow) | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | from investing activities | \n -4,861 | \n -34 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n
\n \n | Net cash in\ufb02ow/(outflow) | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | from \ufb01nancing activities | \n -93 | \n 0 | \n 0 | \n -48 | \n -5 | \n -563 | \n -164 | \n
\n \n | \n | \n | \n | \n | \n -5 | \n 243 | \n 160 | \n
\n \n | Total net cash in\ufb02ow/(outflow) | \n -2,025 | \n 78 | \n 0 | \n -48 | \n \n | \n | \n
\n \n
\n
\n
\n \n
\n *Net profit attributable to non-controlling interests for the ad agents segment amounted in 2025 to EUR 98k. \u00a0\n
\n
\n Summarised statement of profit or loss and cash flows for 2024: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n \n \n | \n ad pepper media Spain S.A. | \n Webgains S.L. | \n ad agents GmbH | \n ad agents AG | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Revenue | \n 1,068 | \n 1,275 | \n 5,102 | \n 1,898 | \n
\n \n | Expenses | \n -943 | \n -745 | \n -5,335 | \n -1,376 | \n
\n \n | Net pro\ufb01t/(loss) for the year | \n 125 | \n 530 | \n -232 | \n 522 | \n
\n \n | Net pro\ufb01t/(loss) a\ua881ributable to | \n | \n | \n | \n | \n
\n \n | owners of the Company | \n 81 | \n 344 | \n -139 | \n 314 | \n
\n \n | Net pro\ufb01t/(loss) a\ua881ributable to | \n | \n | \n | \n | \n
\n \n | non-controlling interests | \n 44 | \n 186 | \n -93 | \n 209 | \n
\n \n | Other comprehensive income | \n | \n | \n | \n | \n
\n \n | attributable to owners of the | \n | \n | \n | \n | \n
\n \n | Company | \n 0 | \n 0 | \n 0 | \n 0 | \n
\n \n | Other comprehensive income | \n | \n | \n | \n | \n
\n \n | attributable to non-controlling | \n | \n | \n | \n | \n
\n \n | interests | \n 0 | \n 0 | \n 0 | \n 0 | \n
\n \n | Total comprehensive | \n | \n | \n | \n | \n
\n \n | income/(loss) for the year | \n 125 | \n 530 | \n -232 | \n 522 | \n
\n \n | Net cash in\ufb02ow/(outflow) | \n | \n | \n | \n | \n
\n \n | from operating activities | \n -66 | \n 651 | \n -1,249 | \n 582 | \n
\n \n | Net cash in\ufb02ow/(outflow) | \n | \n | \n | \n | \n
\n \n | from investing activities | \n -1 | \n 0 | \n -14 | \n 0 | \n
\n \n | Net cash in\ufb02ow/(outflow) | \n | \n | \n | \n | \n
\n \n | from \ufb01nancing activities | \n -190 | \n -524 | \n -655 | \n -616 | \n
\n \n | Total net cash in\ufb02ow/(outflow) | \n -257 | \n 127 | \n -1,918 | \n -34 | \n
\n \n
\n
\n
\n \n
\n Consolidated Group \u00a0\n
\n
\n The subsidiaries included in consolidation are as follows: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | Entity | \n 31 / 12 / 2025 | \n 31 / 12 / 2024 | \n
\n \n | \n Effective | \n Effective | \n
\n \n | \n ownership, | \n ownership, | \n
\n \n | \n in % | \n in % | \n
\n \n | ad pepper media GmbH, | \n | \n | \n
\n \n | Nuremberg, Germany | \n 100 | \n 100 | \n
\n \n | ad pepper media France S.A.R.L., | \n | \n | \n
\n \n | Paris, France | \n 100 | \n 100 | \n
\n \n | ad pepper media Spain S.A., | \n | \n | \n
\n \n | Madrid, Spain | \n 65 | \n 65 | \n
\n \n | Webgains S.L., | \n | \n | \n
\n \n | Madrid, Spain | \n 65 | \n 65 | \n
\n \n | Webgains Ltd., | \n | \n | \n
\n \n | Bristol, United Kingdom | \n 100 | \n 100 | \n
\n \n | ad agents GmbH, | \n | \n | \n
\n \n | Herrenberg, Germany | \n 0 | \n 60 | \n
\n \n | ad agents AG, | \n | \n | \n
\n \n | Z\u00fcrich, Switzerland | \n 0 | \n 60 | \n
\n \n | Webgains Italy S.r.L. SB, | \n | \n | \n
\n \n | Milan, Italy | \n 100 | \n 100 | \n
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n | Entity | \n 31 / 12 / 2025 | \n 31 / 12 / 2024 | \n
\n \n | \n Effective | \n Effective | \n
\n \n | \n ownership, | \n ownership, | \n
\n \n | \n in % | \n in % | \n
\n \n | Webgains GmbH, | \n | \n | \n
\n \n | Nuremberg, Germany | \n 100 | \n 100 | \n
\n \n | Webgains B.V., | \n | \n | \n
\n \n | Amsterdam, Netherlands | \n 100 | \n 100 | \n
\n \n | Webgains Sp.z o.o., | \n | \n | \n
\n \n | Warsaw, Poland | \n 100 | \n 100 | \n
\n \n | solute Holding GmbH & Co. KG, | \n | \n | \n
\n \n | Frankfurt, Germany | \n 60.15 | \n 0\u00b9 | \n
\n \n | solute GmbH, Karlsruhe, Germany | \n 60.15\u00b2 | \n 0\u00b9 | \n
\n \n | solute Holding Verwaltungs GmbH, | \n | \n | \n
\n \n | Karlsruhe, Germany | \n 60.15\u00b2 | \n 0\u00b9 | \n
\n \n | Marktplatz Mi\ua881elstand Opera\ua882ons, | \n | \n | \n
\n \n | Karlsruhe, Germany | \n 60.15\u00b2 | \n 0\u00b9 | \n
\n \n | Checkout Charlie GmbH, Berlin, | \n | \n | \n
\n \n | Germany | \n 60.15\u00b3 | \n 0 | \n
\n \n
\n
\n
\n \u00b9 as at 31 December 2024 the Group held a 25.64 percent share, having a significant influence in solute. The investment in an associate was accounted for using the equity method. For more \u00a0\n information, please refer to Note [4] of the Annual Report 2024. \u00a0
\n \n
\n \u00b2 100 percent subsidiary of solute Holding GmbH & Co. KG. \u00a0\n
\n
\n \u00b3 100 percent subsidiary of solute GmbH. \u00a0\n
\n
BUSINESS COMBINATIONS & ACQUISITIONS OF NON-CONTROLLING INTERESTS [4] \u00a0
As at 31 December 2024, ad pepper held a 25.64 percent interest in solute with a carrying value of EUR 5,056k (so-called wave 1). \u00a0
On 24 February 2025, the Group acquired an additional 18.73 percent interest in the voting shares of solute, increasing its ownership interest to 44.37 percent for a purchase price of EUR 5,486k \u00a0paid in 2,305,195 newly issued shares (so-called wave 2). The carrying value of the investment has been adjusted by the purchase price of EUR 5,486k acc. to IAS 28. The Group determined that \u00a0with the 44.37 percent interest it continues to have significant influence over solute. As ad pepper Group is not part of the managing board of solute and has no majority in the voting shares of \u00a0solute, ad pepper Group determined it had no power over the investee. \u00a0
On 24 April 2025, the Group acquired an additional 14.49 percent interest in the voting shares of solute (so-called wave 3). Together with the equity investment of 44.37 percent, the Group\u2019s total \u00a0shareholding as per 24 April 2025 in solute amounts to 58.86 percent. The purchase price for the 14.49 percent interest amounted to EUR 3,489k, to be paid in cash. \u00a0
As at 24 April 2025, the Group held the majority of voting rights. Control was obtained on 30 April 2025, when Dr Jens K\u00f6rner was assigned sole managing director of solute Holding GmbH & Co. KG, \u00a0parent Company of solute GmbH. This given, the Group has the ability to direct all major operating activities of solute and has therefore power over the investee to affect variable returns from its \u00a0involvement in solute. ad pepper Group determined that it controls the investee according to IFRS 3 and consolidates solute as at 30 April 2025 in course of a step acquisition. \u00a0
ad pepper Group and solute operate complementary business models with adjacent technical capabilities, customer relationships and geographic footprints. The objective of the transaction is to \u00a0create a dynamic, innovative and well-established listed market leader in performance marketing and digital marketplaces (price comparison). \u00a0
The Group has elected to measure the non-controlling interests in the acquiree at the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable \u00a0net assets. \u00a0
The acquisition has been accounted for using the step acquisition method, revaluing the existing 44.37 percent interest accounted for using an equity method according to IAS 28 at the date of \u00a0obtaining control to its acquisition-date fair value. \u00a0
The carrying value of the minority equity investment of 44.37 percent as at 30 April was as follows: \u00a0
\n \n
\n
\n \n \n \n \n \n \n | \n kEUR | \n
\n \n | Wave 1 signed 2 October 2023 | \n 3,488 | \n
\n \n | Pro\ufb01t share 2023 | \n 199 | \n
\n \n | Pro\ufb01t share 2024 | \n 1,501 | \n
\n \n | Dividend distribu\ua882on 2024 | \n -132 | \n
\n \n | Carrying value of the 25.64% investment in | \n | \n
\n \n | associate as at 31 December 2024 | \n 5,056 | \n
\n \n | Wave 2 signed 24 February 2025 | \n 5,486 | \n
\n \n | Pro\ufb01t share 2025 | \n 276 | \n
\n \n | Carrying value of the 44.37% investment in | \n | \n
\n \n | associate as at 30 April 2025 | \n 10,818 | \n
\n \n
\n
\n
\n
\n \n \n \n \n \n \n | \n kEUR | \n
\n \n | Carrying value of investment in associate acc. to | \n | \n
\n \n | IAS 28 | \n 10,818 | \n
\n \n | Acquisi\ua882on-date fair value of ini\ua882al 44.37% (wave | \n | \n
\n \n | 1 and wave 2) | \n 10,684 | \n
\n \n | Loss in pro\ufb01t or loss as result of remeasuring | \n -134 | \n
\n \n
\n
\n
\n The resulting loss has been recognised in net finance income / (loss) for the period. \u00a0\n
\n
\n \n
\n The fair values of the identifiable assets and liabilities of solute as at 30 April 2025, the date of acquisition were: \u00a0\n
\n
\n
\n \n \n \n \n \n \n | \n Fair value | \n
\n \n | \n recognised on | \n
\n \n | \n acquisition | \n
\n \n | \n \n kEUR \n | \n
\n \n | Assets | \n | \n
\n \n | Intangible assets | \n 15,836 | \n
\n \n | thereof So\ufb05ware | \n 684 | \n
\n \n | thereof Customer relations | \n 10,404 | \n
\n \n | thereof Brands | \n 4,748 | \n
\n \n | Property, plant and equipment | \n 594 | \n
\n \n | Right-of-use assets | \n 871 | \n
\n \n | Trade receivables | \n 5,446 | \n
\n \n | Deferred tax assets | \n 152 | \n
\n \n | Other \ufb01nancial assets | \n 989 | \n
\n \n | Securities | \n 2,501 | \n
\n \n | Cash and cash equivalents | \n 9,255 | \n
\n \n | Total assets | \n 35,644 | \n
\n \n | Liabilities | \n | \n
\n \n | Trade payables | \n 2,495 | \n
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n | \n Fair value | \n
\n \n | \n recognised on | \n
\n \n | \n acquisition | \n
\n \n | \n \n kEUR \n | \n
\n \n | Provisions | \n 1,569 | \n
\n \n | Other \ufb01nancial liabilities | \n 770 | \n
\n \n | Other liabilities | \n 351 | \n
\n \n | Income tax liabilities | \n 509 | \n
\n \n | Lease liabilities | \n 871 | \n
\n \n | Deferred tax liabilities | \n 4,809 | \n
\n \n | Total liabilities | \n 11,374 | \n
\n \n | Total identi\ufb01able net assets at fair value | \n 24,270 | \n
\n \n | Non-controlling interest (41.14%) measured | \n | \n
\n \n | at proportionate share in the recognised | \n | \n
\n \n | amounts identi\ufb01able net assets | \n 9,985 | \n
\n \n | Gain from a bargain purchase (negative | \n | \n
\n \n | goodwill) | \n -112 | \n
\n \n | Purchase consideration transferred | \n 14,173 | \n
\n \n
\n
\n
\n The reason for the paid purchase price consideration, which resulted in a bargain purchase transaction was that the acquired voting shares were non-tradable for the sellers due to lack of an active \u00a0\n market and stakes mostly below 5 percent. The resulting gain from the transaction was recognised in other operating income. \u00a0
\n \n
\n \n
\n Purchase consideration \u00a0\n
\n
\n
\n \n \n \n \n \n \n | \n kEUR | \n
\n \n | Acquisition date fair value of initial 44.37% (wave1 | \n | \n
\n \n | and wave 2) | \n 10,684 | \n
\n \n | Cash paid for 14.49% for Wave 3 | \n 3,489 | \n
\n \n | Total consideration | \n 14,173 | \n
\n \n
\n
\n
\n Analysis of cash flows on acquisition \u00a0\n
\n
\n
\n \n \n \n \n \n \n | \n kEUR | \n
\n \n | Net liquid funds* acquired with the subsidiary | \n | \n
\n \n | (Included in cash \ufb02ows from investing activities) | \n 11,756 | \n
\n \n | Transaction costs of the acquisition (included in | \n | \n
\n \n | cash \ufb02ows from operating activities) | \n -278 | \n
\n \n | Cash paid for 14.49%\u00a0for Wave 3 | \n -3,489 | \n
\n \n | Net cash in\ufb02ow on acquisition | \n 7,989 | \n
\n \n
\n
\n
\n *Liquid funds include cash and cash equivalents and securities. \u00a0\n
\n
\n The acquisition date fair value of the trade receivables amounts to EUR 5,446k. The gross amount of trade receivables is EUR 5,446k and it is expected that the full contractual amounts can be \u00a0\n collected. \u00a0
\n \n
\n The Group measures the acquired lease liabilities using the present value of the remaining lease payments at the date of acquisition. The right-of-use assets were measured at an amount equal to \u00a0\n the lease liabilities. \u00a0
\n \n
\n The deferred tax liability as of consolidation date, 1 May 2025, mainly comprises the tax effect of the accelerated depreciation for tax purposes of intangible assets and the reclassification of the \u00a0\n identified intangible assets of solute with a fair value of EUR 15,197k. This results in deferred tax liabilities of EUR 4,799k at a tax rate of 31.58 percent. \u00a0
\n \n
\n \n
\n From the date of acquisition, solute contributed EUR 33,214k of revenue and EUR 1,994k to profit before income. If the combination had taken place at the beginning of the year, revenue from \u00a0\n continuing operations would have been EUR 66,060k and profit before tax of the Group would have been EUR 2,841k. \u00a0
\n \n
\n From 1 January 2025 to 30 April 2025 a profit share of EUR 276k was considered in the carrying value of the at equity valued investment of 44.37 percent. \u00a0\n
\n
\n Transaction costs of EUR 278k have been expensed and are included in general and administrative expenses. \u00a0\n
\n
\n Acquisition of additional interest in Solute Holding GmbH & Co. KG \u00a0\n
\n
\n On 9 July 2025, the Group acquired additional 1.29 percent interest in the voting shares of Solute Holding GmbH & Co. KG, increasing its ownership interest to 60.15 percent. Cash consideration\u00a0of \u00a0\n EUR 310k was paid to the non-controlling shareholders. The carrying value of the net assets of solute Holding GmbH & Co. KG was EUR 24,899k. \u00a0Following is a schedule of additional interest acquired in solute Holding GmbH & Co. KG: \u00a0
\n \n \n
\n
\n \n \n \n \n \n \n | \n kEUR | \n
\n \n | Cash consideration paid to non-controlling | \n | \n
\n \n | shareholders | \n -310 | \n
\n \n | Carrying value of the additional non-controlling | \n | \n
\n \n | interest in solute Holding GmbH & Co. KG | \n 321 | \n
\n \n | Di\ufb00erence recognised in other reserves for the | \n | \n
\n \n | acquisition of non-controlling interests in solute | \n | \n
\n \n | Holding GmbH & Co. KG | \n 11 | \n
\n \n
\n
\n
\n Acquisition of Checkout Charlie \u00a0\n
\n
\n On 18 July 2025, solute GmbH signed a Share Purchase Agreement with effective date as at 30 September 2025 over 100 percent of the voting shares in Checkout Charlie GmbH (Checkout Charlie), \u00a0\n a non-listed company based in Berlin and operating several leading voucher and cashback portals in the DACH region. \u00a0
\n \n
\n The acquisition represents a significant strategic milestone in the ad pepper Group\u2019s growth strategy and complements its existing digital portfolio. \u00a0\n
\n
Assets acquired and liabilities assumed \u00a0
| Fair value |
| recognised on |
| acquisition |
| kEUR |
| Assets | |
| Intangible assets | 3,299 |
| thereof So\ufb05ware | 119 |
| thereof Customer relations | 859 |
| thereof Brands | 2,321 |
| Property, plant and equipment | 8 |
| Trade receivables | 1,514 |
| Other receivables | 220 |
| Deferred tax assets | 50 |
| Cash and cash equivalents | 3,938 |
| Total assets | 9,030 |
| Liabilities | |
| Trade payables | 167 |
| Other \ufb01nancial liabilities | 1,417 |
| Fair value |
| recognised on |
| acquisition |
| kEUR |
| Deferred tax liabilities | 850 |
| Total liabilities | 2,435 |
| Total identi\ufb01able net assets at fair value | 6,595 |
| Gain / (loss) | 113 |
| Purchase consideration transferred | 6,482 |
Purchase consideration in cash only \u00a0
| kEUR |
| Cash paid | 6,482 |
| Total consideration | 6,482 |
\n Analysis of cash flows on acquisition \u00a0\n
\n
\n \n \n \n \n \n \n | \n kEUR | \n
\n \n | Net cash acquired with the subsidiary (Included in | \n | \n
\n \n | cash \ufb02ows from investing activities) | \n 3,938 | \n
\n \n | Cash paid | \n -6,482 | \n
\n \n | Transaction costs of the acquisition (included in | \n | \n
\n \n | cash \ufb02ows from operating activities) | \n -252 | \n
\n \n | Net cash outflow on acquisition | \n -2,796 | \n
\n \n
\n
\n The acquisition date fair value of the trade receivables amounts to EUR 1,514k. The gross amount of trade receivables is EUR 1,514k and it is expected that the full contractual amount can be \u00a0\n collected. \u00a0
\n The deferred tax liability mainly comprises the tax effect of the accelerated depreciation for the tax purposes of tangible and intangible assets. \u00a0\n
\n From the date of acquisition, Checkout Charlie contributed EUR 1,832k of revenue and EUR 653k to profit before tax. If the combination had taken place at the beginning of the year, revenue from \u00a0\n continuing operations would have been EUR 56,684k and profit before tax of the Group would have been EUR 3,599k. \u00a0
\n Transaction costs of EUR 252k have been expensed and are included in general and administrative expenses. \u00a0\n
\n \n \n
\n RELATED PARTY DISCLOSURES [35] \u00a0\n
\n Pursuant to the IAS 24 definition, the Board of Directors and members of the Supervisory Board have been identified as related parties. The compensation paid to all members of these boards is \u00a0\n based exclusively on their functions as individuals in key positions. Further information about the compensation paid to these individuals can be found in Note [39]. All entities over which the \u00a0Supervisory Board Chairman Michael Oschmann has significant influence are considered as related parties to the Company. \u00a0
\n \n \n
\n The following table provides the amount of operating transactions that have been entered into with related parties for the relevant financial year: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n \n \n | \n Sales to | \n Amounts owed | \n
\n \n | \n related parties | \n by related | \n
\n \n | \n | \n | \n parties* | \n
\n \n | Entity with signi\ufb01cant | \n 2025 | \n 2024 | \n 2025 | \n 2024 | \n
\n \n | in\ufb02uence over the Group: | \n | \n | \n | \n | \n
\n \n | Sellwerk GmbH & Co. | \n | \n | \n | \n | \n
\n \n | KG | \n 708 | \n 374 | \n 254 | \n 94 | \n
\n \n | high\ufb01ve GmbH | \n 115 | \n 0 | \n 17 | \n 0 | \n
\n \n | Antenne Deutschland | \n 18 | \n 0 | \n 21 | \n 0 | \n
\n \n
\n
\n
\n *The amounts are classified as trade receivables (Note [21]). \u00a0\n
\n
\n Beside the operating transaction showed above, there were no other transactions with related parties. \u00a0\n
\n
\n Terms and conditions of transactions with related parties \u00a0\n
\n
\n The sales to related parties are made on terms equivalent to those that prevail in at arm\u2019s length transactions. Outstanding balances at the year-end are unsecured and interest free, and \u00a0\n settlement occurs in cash. As at 31 December 2025, the Group recognised no material provision for expected credit losses in respect of amounts owed by related parties (31 December 2024:\u00a0nil). \u00a0
\n \n
TOTAL REMUNERATION OF KEY MANAGEMENT [40] \u00a0
| 2025 | 2024 |
| kEUR | kEUR |
| Short-term employee bene\ufb01ts | 653 | 441 |
| Post-employment bene\ufb01ts | | |
| (pensions and health insurance) | 20 | 20 |
| Stock options | 127 | -36 |
| Total remuneration of key | | |
| management | 800 | 425 |
The amounts shown in the table above are recognised as expenses during the reporting period. Income resulting from the share-based payments is due to the decreased fair value of the cash- \u00a0settled stock option plan and the corresponding adjustment of the liability through profit or loss. Share appreciation rights and equity settled stock options held by the members of the Board of \u00a0Directors have the following expiration dates and exercise prices: \u00a0
\n
\n \n \n \n \n \n \n \n \n \n | \n Expiration | \n Exercise\u00a0price | 31/12/25 | \n 31/12/24 | \n
\n \n | \n | \n EUR | \n Number | \n Number | \n
\n \n | SOP 2023 (share | \n | \n | \n | \n | \n
\n \n | appreciation rights) | \n 2/1/2030 | \n 1.86 | \n 93,750 | \n 140,625 | \n
\n \n | SOP 2025 (equity | \n | \n | \n | \n | \n
\n \n | plan) | \n 11/12/2029 | \n 2,72 | \n 150,000 | \n 0 | \n
\n \n
\n
The Board of Directors of ad pepper media International N.V. comprised the following members in the financial year 2025: \u00a0
Dr Jens K\u00f6rner, \u00a0
CEO \u00a0
Nuremberg, Germany \u00a0
The Supervisory Board of ad pepper media International N.V. in the financial year 2025 consisted of: \u00a0
Michael Oschmann (Chairman) \u00a0
Thomas Bauer \u00a0
Dr Stephan Roppel \u00a0
Dr Silke Feige (since 24 June 2025) \u00a0
Dagmar Bottenbruch (until 24 June 2025) \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97963_2025": {
"value": "\n \n
\n Consolidated Group \u00a0\n
\n
\n The subsidiaries included in consolidation are as follows: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | Entity | \n 31 / 12 / 2025 | \n 31 / 12 / 2024 | \n
\n \n | \n Effective | \n Effective | \n
\n \n | \n ownership, | \n ownership, | \n
\n \n | \n in % | \n in % | \n
\n \n | ad pepper media GmbH, | \n | \n | \n
\n \n | Nuremberg, Germany | \n 100 | \n 100 | \n
\n \n | ad pepper media France S.A.R.L., | \n | \n | \n
\n \n | Paris, France | \n 100 | \n 100 | \n
\n \n | ad pepper media Spain S.A., | \n | \n | \n
\n \n | Madrid, Spain | \n 65 | \n 65 | \n
\n \n | Webgains S.L., | \n | \n | \n
\n \n | Madrid, Spain | \n 65 | \n 65 | \n
\n \n | Webgains Ltd., | \n | \n | \n
\n \n | Bristol, United Kingdom | \n 100 | \n 100 | \n
\n \n | ad agents GmbH, | \n | \n | \n
\n \n | Herrenberg, Germany | \n 0 | \n 60 | \n
\n \n | ad agents AG, | \n | \n | \n
\n \n | Z\u00fcrich, Switzerland | \n 0 | \n 60 | \n
\n \n | Webgains Italy S.r.L. SB, | \n | \n | \n
\n \n | Milan, Italy | \n 100 | \n 100 | \n
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n | Entity | \n 31 / 12 / 2025 | \n 31 / 12 / 2024 | \n
\n \n | \n Effective | \n Effective | \n
\n \n | \n ownership, | \n ownership, | \n
\n \n | \n in % | \n in % | \n
\n \n | Webgains GmbH, | \n | \n | \n
\n \n | Nuremberg, Germany | \n 100 | \n 100 | \n
\n \n | Webgains B.V., | \n | \n | \n
\n \n | Amsterdam, Netherlands | \n 100 | \n 100 | \n
\n \n | Webgains Sp.z o.o., | \n | \n | \n
\n \n | Warsaw, Poland | \n 100 | \n 100 | \n
\n \n | solute Holding GmbH & Co. KG, | \n | \n | \n
\n \n | Frankfurt, Germany | \n 60.15 | \n 0\u00b9 | \n
\n \n | solute GmbH, Karlsruhe, Germany | \n 60.15\u00b2 | \n 0\u00b9 | \n
\n \n | solute Holding Verwaltungs GmbH, | \n | \n | \n
\n \n | Karlsruhe, Germany | \n 60.15\u00b2 | \n 0\u00b9 | \n
\n \n | Marktplatz Mi\ua881elstand Opera\ua882ons, | \n | \n | \n
\n \n | Karlsruhe, Germany | \n 60.15\u00b2 | \n 0\u00b9 | \n
\n \n | Checkout Charlie GmbH, Berlin, | \n | \n | \n
\n \n | Germany | \n 60.15\u00b3 | \n 0 | \n
\n \n
\n
\n
\n \u00b9 as at 31 December 2024 the Group held a 25.64 percent share, having a significant influence in solute. The investment in an associate was accounted for using the equity method. For more \u00a0\n information, please refer to Note [4] of the Annual Report 2024. \u00a0
\n \n
\n \u00b2 100 percent subsidiary of solute Holding GmbH & Co. KG. \u00a0\n
\n
\n \u00b3 100 percent subsidiary of solute GmbH. \u00a0\n
\n
BUSINESS COMBINATIONS & ACQUISITIONS OF NON-CONTROLLING INTERESTS [4] \u00a0
As at 31 December 2024, ad pepper held a 25.64 percent interest in solute with a carrying value of EUR 5,056k (so-called wave 1). \u00a0
On 24 February 2025, the Group acquired an additional 18.73 percent interest in the voting shares of solute, increasing its ownership interest to 44.37 percent for a purchase price of EUR 5,486k \u00a0paid in 2,305,195 newly issued shares (so-called wave 2). The carrying value of the investment has been adjusted by the purchase price of EUR 5,486k acc. to IAS 28. The Group determined that \u00a0with the 44.37 percent interest it continues to have significant influence over solute. As ad pepper Group is not part of the managing board of solute and has no majority in the voting shares of \u00a0solute, ad pepper Group determined it had no power over the investee. \u00a0
On 24 April 2025, the Group acquired an additional 14.49 percent interest in the voting shares of solute (so-called wave 3). Together with the equity investment of 44.37 percent, the Group\u2019s total \u00a0shareholding as per 24 April 2025 in solute amounts to 58.86 percent. The purchase price for the 14.49 percent interest amounted to EUR 3,489k, to be paid in cash. \u00a0
As at 24 April 2025, the Group held the majority of voting rights. Control was obtained on 30 April 2025, when Dr Jens K\u00f6rner was assigned sole managing director of solute Holding GmbH & Co. KG, \u00a0parent Company of solute GmbH. This given, the Group has the ability to direct all major operating activities of solute and has therefore power over the investee to affect variable returns from its \u00a0involvement in solute. ad pepper Group determined that it controls the investee according to IFRS 3 and consolidates solute as at 30 April 2025 in course of a step acquisition. \u00a0
ad pepper Group and solute operate complementary business models with adjacent technical capabilities, customer relationships and geographic footprints. The objective of the transaction is to \u00a0create a dynamic, innovative and well-established listed market leader in performance marketing and digital marketplaces (price comparison). \u00a0
The Group has elected to measure the non-controlling interests in the acquiree at the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable \u00a0net assets. \u00a0
The acquisition has been accounted for using the step acquisition method, revaluing the existing 44.37 percent interest accounted for using an equity method according to IAS 28 at the date of \u00a0obtaining control to its acquisition-date fair value. \u00a0
The carrying value of the minority equity investment of 44.37 percent as at 30 April was as follows: \u00a0
\n \n
\n
\n \n \n \n \n \n \n | \n kEUR | \n
\n \n | Wave 1 signed 2 October 2023 | \n 3,488 | \n
\n \n | Pro\ufb01t share 2023 | \n 199 | \n
\n \n | Pro\ufb01t share 2024 | \n 1,501 | \n
\n \n | Dividend distribu\ua882on 2024 | \n -132 | \n
\n \n | Carrying value of the 25.64% investment in | \n | \n
\n \n | associate as at 31 December 2024 | \n 5,056 | \n
\n \n | Wave 2 signed 24 February 2025 | \n 5,486 | \n
\n \n | Pro\ufb01t share 2025 | \n 276 | \n
\n \n | Carrying value of the 44.37% investment in | \n | \n
\n \n | associate as at 30 April 2025 | \n 10,818 | \n
\n \n
\n
\n
\n
\n \n \n \n \n \n \n | \n kEUR | \n
\n \n | Carrying value of investment in associate acc. to | \n | \n
\n \n | IAS 28 | \n 10,818 | \n
\n \n | Acquisi\ua882on-date fair value of ini\ua882al 44.37% (wave | \n | \n
\n \n | 1 and wave 2) | \n 10,684 | \n
\n \n | Loss in pro\ufb01t or loss as result of remeasuring | \n -134 | \n
\n \n
\n
\n
\n The resulting loss has been recognised in net finance income / (loss) for the period. \u00a0\n
\n
\n \n
\n The fair values of the identifiable assets and liabilities of solute as at 30 April 2025, the date of acquisition were: \u00a0\n
\n
\n
\n \n \n \n \n \n \n | \n Fair value | \n
\n \n | \n recognised on | \n
\n \n | \n acquisition | \n
\n \n | \n \n kEUR \n | \n
\n \n | Assets | \n | \n
\n \n | Intangible assets | \n 15,836 | \n
\n \n | thereof So\ufb05ware | \n 684 | \n
\n \n | thereof Customer relations | \n 10,404 | \n
\n \n | thereof Brands | \n 4,748 | \n
\n \n | Property, plant and equipment | \n 594 | \n
\n \n | Right-of-use assets | \n 871 | \n
\n \n | Trade receivables | \n 5,446 | \n
\n \n | Deferred tax assets | \n 152 | \n
\n \n | Other \ufb01nancial assets | \n 989 | \n
\n \n | Securities | \n 2,501 | \n
\n \n | Cash and cash equivalents | \n 9,255 | \n
\n \n | Total assets | \n 35,644 | \n
\n \n | Liabilities | \n | \n
\n \n | Trade payables | \n 2,495 | \n
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n | \n Fair value | \n
\n \n | \n recognised on | \n
\n \n | \n acquisition | \n
\n \n | \n \n kEUR \n | \n
\n \n | Provisions | \n 1,569 | \n
\n \n | Other \ufb01nancial liabilities | \n 770 | \n
\n \n | Other liabilities | \n 351 | \n
\n \n | Income tax liabilities | \n 509 | \n
\n \n | Lease liabilities | \n 871 | \n
\n \n | Deferred tax liabilities | \n 4,809 | \n
\n \n | Total liabilities | \n 11,374 | \n
\n \n | Total identi\ufb01able net assets at fair value | \n 24,270 | \n
\n \n | Non-controlling interest (41.14%) measured | \n | \n
\n \n | at proportionate share in the recognised | \n | \n
\n \n | amounts identi\ufb01able net assets | \n 9,985 | \n
\n \n | Gain from a bargain purchase (negative | \n | \n
\n \n | goodwill) | \n -112 | \n
\n \n | Purchase consideration transferred | \n 14,173 | \n
\n \n
\n
\n
\n The reason for the paid purchase price consideration, which resulted in a bargain purchase transaction was that the acquired voting shares were non-tradable for the sellers due to lack of an active \u00a0\n market and stakes mostly below 5 percent. The resulting gain from the transaction was recognised in other operating income. \u00a0
\n \n
\n \n
\n Purchase consideration \u00a0\n
\n
\n
\n \n \n \n \n \n \n | \n kEUR | \n
\n \n | Acquisition date fair value of initial 44.37% (wave1 | \n | \n
\n \n | and wave 2) | \n 10,684 | \n
\n \n | Cash paid for 14.49% for Wave 3 | \n 3,489 | \n
\n \n | Total consideration | \n 14,173 | \n
\n \n
\n
\n
\n Analysis of cash flows on acquisition \u00a0\n
\n
\n
\n \n \n \n \n \n \n | \n kEUR | \n
\n \n | Net liquid funds* acquired with the subsidiary | \n | \n
\n \n | (Included in cash \ufb02ows from investing activities) | \n 11,756 | \n
\n \n | Transaction costs of the acquisition (included in | \n | \n
\n \n | cash \ufb02ows from operating activities) | \n -278 | \n
\n \n | Cash paid for 14.49%\u00a0for Wave 3 | \n -3,489 | \n
\n \n | Net cash in\ufb02ow on acquisition | \n 7,989 | \n
\n \n
\n
\n
\n *Liquid funds include cash and cash equivalents and securities. \u00a0\n
\n
\n The acquisition date fair value of the trade receivables amounts to EUR 5,446k. The gross amount of trade receivables is EUR 5,446k and it is expected that the full contractual amounts can be \u00a0\n collected. \u00a0
\n \n
\n The Group measures the acquired lease liabilities using the present value of the remaining lease payments at the date of acquisition. The right-of-use assets were measured at an amount equal to \u00a0\n the lease liabilities. \u00a0
\n \n
\n The deferred tax liability as of consolidation date, 1 May 2025, mainly comprises the tax effect of the accelerated depreciation for tax purposes of intangible assets and the reclassification of the \u00a0\n identified intangible assets of solute with a fair value of EUR 15,197k. This results in deferred tax liabilities of EUR 4,799k at a tax rate of 31.58 percent. \u00a0
\n \n
\n \n
\n From the date of acquisition, solute contributed EUR 33,214k of revenue and EUR 1,994k to profit before income. If the combination had taken place at the beginning of the year, revenue from \u00a0\n continuing operations would have been EUR 66,060k and profit before tax of the Group would have been EUR 2,841k. \u00a0
\n \n
\n From 1 January 2025 to 30 April 2025 a profit share of EUR 276k was considered in the carrying value of the at equity valued investment of 44.37 percent. \u00a0\n
\n
\n Transaction costs of EUR 278k have been expensed and are included in general and administrative expenses. \u00a0\n
\n
\n Acquisition of additional interest in Solute Holding GmbH & Co. KG \u00a0\n
\n
\n On 9 July 2025, the Group acquired additional 1.29 percent interest in the voting shares of Solute Holding GmbH & Co. KG, increasing its ownership interest to 60.15 percent. Cash consideration\u00a0of \u00a0\n EUR 310k was paid to the non-controlling shareholders. The carrying value of the net assets of solute Holding GmbH & Co. KG was EUR 24,899k. \u00a0Following is a schedule of additional interest acquired in solute Holding GmbH & Co. KG: \u00a0
\n \n \n
\n
\n \n \n \n \n \n \n | \n kEUR | \n
\n \n | Cash consideration paid to non-controlling | \n | \n
\n \n | shareholders | \n -310 | \n
\n \n | Carrying value of the additional non-controlling | \n | \n
\n \n | interest in solute Holding GmbH & Co. KG | \n 321 | \n
\n \n | Di\ufb00erence recognised in other reserves for the | \n | \n
\n \n | acquisition of non-controlling interests in solute | \n | \n
\n \n | Holding GmbH & Co. KG | \n 11 | \n
\n \n
\n
\n
\n Acquisition of Checkout Charlie \u00a0\n
\n
\n On 18 July 2025, solute GmbH signed a Share Purchase Agreement with effective date as at 30 September 2025 over 100 percent of the voting shares in Checkout Charlie GmbH (Checkout Charlie), \u00a0\n a non-listed company based in Berlin and operating several leading voucher and cashback portals in the DACH region. \u00a0
\n \n
\n The acquisition represents a significant strategic milestone in the ad pepper Group\u2019s growth strategy and complements its existing digital portfolio. \u00a0\n
\n
Assets acquired and liabilities assumed \u00a0
| Fair value |
| recognised on |
| acquisition |
| kEUR |
| Assets | |
| Intangible assets | 3,299 |
| thereof So\ufb05ware | 119 |
| thereof Customer relations | 859 |
| thereof Brands | 2,321 |
| Property, plant and equipment | 8 |
| Trade receivables | 1,514 |
| Other receivables | 220 |
| Deferred tax assets | 50 |
| Cash and cash equivalents | 3,938 |
| Total assets | 9,030 |
| Liabilities | |
| Trade payables | 167 |
| Other \ufb01nancial liabilities | 1,417 |
| Fair value |
| recognised on |
| acquisition |
| kEUR |
| Deferred tax liabilities | 850 |
| Total liabilities | 2,435 |
| Total identi\ufb01able net assets at fair value | 6,595 |
| Gain / (loss) | 113 |
| Purchase consideration transferred | 6,482 |
Purchase consideration in cash only \u00a0
| kEUR |
| Cash paid | 6,482 |
| Total consideration | 6,482 |
\n Analysis of cash flows on acquisition \u00a0\n
\n
\n \n \n \n \n \n \n | \n kEUR | \n
\n \n | Net cash acquired with the subsidiary (Included in | \n | \n
\n \n | cash \ufb02ows from investing activities) | \n 3,938 | \n
\n \n | Cash paid | \n -6,482 | \n
\n \n | Transaction costs of the acquisition (included in | \n | \n
\n \n | cash \ufb02ows from operating activities) | \n -252 | \n
\n \n | Net cash outflow on acquisition | \n -2,796 | \n
\n \n
\n
\n The acquisition date fair value of the trade receivables amounts to EUR 1,514k. The gross amount of trade receivables is EUR 1,514k and it is expected that the full contractual amount can be \u00a0\n collected. \u00a0
\n The deferred tax liability mainly comprises the tax effect of the accelerated depreciation for the tax purposes of tangible and intangible assets. \u00a0\n
\n From the date of acquisition, Checkout Charlie contributed EUR 1,832k of revenue and EUR 653k to profit before tax. If the combination had taken place at the beginning of the year, revenue from \u00a0\n continuing operations would have been EUR 56,684k and profit before tax of the Group would have been EUR 3,599k. \u00a0
\n Transaction costs of EUR 252k have been expensed and are included in general and administrative expenses. \u00a0\n
\n On 22 December 2025, the Group signed a management-buy-out sales agreement for the 60 percent shareholding in ad agents GmbH, with effect as at 31 December 2025. The total purchase price \u00a0\n amounted of EUR 3,900k, of which EUR 750k was paid upon closing. With ad agents GmbH being sold, the ad agents segment is no longer presented in the segment note. \u00a0
Details of the sale of the ad agents business \u00a0
| 31.12.2025 |
| kEUR |
| Consideration | 3,900 |
| Cash received | 750 |
| Current receivable | 2,650 |
| Non-current receivable | 500 |
| Total disposal consideration | 3,900 |
| Carrying amount of net assets sold | (2,702) |
| Derecognition of non-controlling interest of 40% | 1,080 |
| Gain on sale before reclassi\ufb01cation of foreign currency | 2,278 |
| translation reserve | |
| Reclassi\ufb01cation of foreign currency translation reserve | 116 |
| Gain on sale | 2,394 |
\n \n
\n Information on the financial performance of discontinued operation ad agents \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 01/01/-31/12/25 | \n 01/01/-31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Revenue | \n 6,770 | \n 7,000 | \n
\n \n | Costs and expenses | \n 6,144 | \n 6,477 | \n
\n \n | of which depreciation and amortisation | \n 159 | \n 199 | \n
\n \n | Operating pro\ufb01t | \n 626 | \n 523 | \n
\n \n | Financial expense | \n -6 | \n -5 | \n
\n \n | Pro\ufb01t before tax from operating activities | \n 620 | \n 518 | \n
\n \n | Income tax | \n -154 | \n -228 | \n
\n \n | Pro\ufb01t for the year from operating activities | \n 466 | \n 290 | \n
\n \n | Gain on sale of discontinued operations | \n 2,394 | \n 0 | \n
\n \n | Transaction costs | \n -53 | \n 0 | \n
\n \n | Gain on sale operations, net of transaction costs | \n 2,807 | \n 0 | \n
\n \n | Gain from discontinued operations, net of tax | \n 2,807 | \n 290 | \n
\n \n
\n
\n
NON-CONTROLLING INTERESTS [29] \u00a0
Financial information of subsidiaries with material non-controlling interests in provided below: \u00a0
| Name | Location | 2025 | 2024 |
| | in % | in % |
| solute GmbH | Karlsruhe / Germany | 39.85 | 0 |
| Checkout Charlie GmbH | Berlin / Germany | 39.85 | 0 |
| Marktplatz Mittelstand Operations | | | 25.64 |
| GmbH (MMO GmbH) | Karlsruhe / Germany | 39.85 | |
| solute Holding GmbH & Co. KG | Frankfurt / Germany | 39.85 | 25.64 |
| solute Verwaltungs-GmbH | Karlsruhe / Germany | 39.85 | 25.64 |
| ad pepper media Spain S.A. | Madrid/Spain | 35 | 35 |
| Webgains S.L. | Madrid/Spain | 35 | 35 |
These result from the sale of a 35 percent share in ad pepper media Spain S.A. and the most recent acquisition 60.15 percent in voting shares in solute. Checkout Charlie is a 100 percent \u00a0investment of solute GmbH. The net profit / loss for the year is allocated proportionately to the non-controlling interests. In 2025, non-controlling interests in ad pepper media Spain S.A. received \u00a0a dividend payment of EUR 230k (2024: EUR 230k), while no dividend was paid to non-controlling interests of ad agents GmbH (2024: EUR 115k) and solute GmbH (2024: n/A). \u00a0
Summarised financial information in respect of ad pepper media\u2019s subsidiaries that have material\u00a0non-controlling interest as at 31 December 2025 reflecting 100 percent of the underlying \u00a0subsidiary\u2019s relevant figures, is set out in the following tables: \u00a0
Summarised statement of financial position as at 31 December 2025: \u00a0
\n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n | \n solute GmbH | \n Checkout Charlie | \n MMO GmbH | \n solute Holding | \n solute Verwaltungs- | \n Webgains S.L. | \n ad pepper media Spain | \n
\n \n | \n | \n GmbH | \n | \n GmbH & Co. | \n GmbH | \n | \n S.A. | \n
\n \n | \n | \n | \n | \n KG | \n | \n | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Non-current assets | \n 16,829 | \n 3,324 | \n 35 | \n 0 | \n 0 | \n 33 | \n 132 | \n
\n \n | Current assets | \n 14,748 | \n 6,075 | \n 33 | \n 495 | \n 53 | \n 2,475 | \n 1,122 | \n
\n \n | Total assets | \n 31,576 | \n 9,399 | \n 68 | \n 495 | \n 53 | \n 2,508 | \n 1,254 | \n
\n \n | Non-current liabilities | \n 4,808 | \n 830 | \n 0 | \n 0 | \n 0 | \n 29 | \n 89 | \n
\n \n | Current liabilities | \n 6,981 | \n 1,589 | \n 2 | \n 791 | \n 1 | \n 1,842 | \n 574 | \n
\n \n | Total liabilities | \n 11,789 | \n 2,420 | \n 2 | \n 791 | \n 1 | \n 1,871 | \n 663 | \n
\n \n | Net assets | \n 19,787 | \n 6,979 | \n 66 | \n -297 | \n 52 | \n 637 | \n 592 | \n
\n \n | Equity a\ua881ributable to owners | \n 11,902 | \n 4,197 | \n 40 | \n -178 | \n 31 | \n 637 | \n 592 | \n
\n \n | of the Company | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Non-controlling interests | \n 7,885 | \n 2,782 | \n 26 | \n -118 | \n 21 | \n 0* | \n 0* | \n
\n \n | Non-controlling interests in % | \n 39.85 | \n 39.85 | \n 39.85 | \n 39.85 | \n 39.85 | \n 35 | \n 35 | \n
\n \n
\n
\n
\n *After reclassification into current liabilities in conjunction with the put option. For further information please refer to Note [2] and Note [34]. \u00a0\n
\n
\n Summarised statement of financial position as at 31 December 2024: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n \n \n | \n ad pepper media Spain S.A. | \n Webgains S.L. | \n ad agents GmbH | \n ad agents AG | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Non-current assets | \n 58 | \n 65 | \n 322 | \n 229 | \n
\n \n | Current assets | \n 736 | \n 2,021 | \n 6,467 | \n 1,088 | \n
\n \n | Total assets | \n 793 | \n 2,086 | \n 6,788 | \n 1,317 | \n
\n \n | Non-current liabilities | \n 0 | \n 27 | \n 29 | \n 28 | \n
\n \n | Current liabilities | \n 308 | \n 1,492 | \n 5,223 | \n 605 | \n
\n \n | Total liabilities | \n 308 | \n 1,519 | \n 5,252 | \n 632 | \n
\n \n | Net assets | \n 486 | \n 566 | \n 1,536 | \n 685 | \n
\n \n | Equity a\ua881ributable to owners of the | \n | \n | \n | \n | \n
\n \n | Company | \n 486 | \n 566 | \n 922 | \n 411 | \n
\n \n | Non-controlling interests a\ufb05er | \n | \n | \n | \n | \n
\n \n | reclassi\ufb01cation into current | \n | \n | \n | \n | \n
\n \n | liabilities in conjunction with put | \n | \n | \n | \n | \n
\n \n | option | \n 0** | \n 0** | \n 615 | \n 274 | \n
\n \n | Non-controlling interests in % | \n 35 | \n 35 | \n 40 | \n 40 | \n
\n \n
\n
\n
**Due to immaterial abbreviation of EUR -4k in the valuation of the put liability, the Group abstained in 2024 from the reclassification of the non-controlling interest effect amounting to EUR 5k \u00a0into current liabilities. \u00a0
\n \n
\n Summarised statement of profit or loss and cash flows for 2025: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n | \n solute GmbH | \n Checkout Charlie GmbH | MMO GmbH | \n solute Holding | \n solute Verwaltungs- | \n Webgains S.L. | ad pepper media | \n
\n \n | \n | \n | \n | \n GmbH & Co. KG | \n GmbH | \n | \n Spain S.A. | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Revenue | \n 33,211 | \n 1,850 | \n 42 | \n 0 | \n 0 | \n 843 | \n 1,254 | \n
\n \n | Expenses | \n -31,409 | \n -1,353 | \n 0 | \n -6 | \n 0 | \n -242 | \n -1,023 | \n
\n \n | Net pro\ufb01t/(loss) for the year | \n 1,802 | \n 497 | \n 42 | \n -6 | \n 0 | \n 601 | \n 231 | \n
\n \n | \n | \n | \n | \n | \n | \n 391 | \n 150 | \n
\n \n | Net pro\ufb01t/(loss) attributable to | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | owners of the Company | \n 1,084 | \n 299 | \n 25 | \n -4 | \n 0 | \n | \n | \n
\n \n | \n | \n | \n | \n | \n | \n 210 | \n 81 | \n
\n \n | Net pro\ufb01t/(loss) attributable to | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | non-controlling interests* | \n 718 | \n 198 | \n 17 | \n -2 | \n 0 | \n | \n | \n
\n \n | \n | \n | \n | \n | \n | \n 0 | \n 0 | \n
\n \n | Other comprehensive income | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | a\ua881ributable to owners of the | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Company | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n | \n | \n
\n \n | \n | \n | \n | \n | \n | \n 0 | \n 0 | \n
\n \n | Other comprehensive income | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | attributable to non-controlling | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | interests | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n | \n | \n
\n \n | Total comprehensive | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | income/(loss) for the year | \n 718 | \n 198 | \n 17 | \n -2 | \n 0 | \n 210 | \n 81 | \n
\n \n | Net cash in\ufb02ow/(outflow) | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | from operating activities | \n 2,929 | \n 112 | \n 0 | \n 0 | \n 0 | \n 806 | \n 324 | \n
\n \n | Net cash in\ufb02ow/(outflow) | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | from investing activities | \n -4,861 | \n -34 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n
\n \n | Net cash in\ufb02ow/(outflow) | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | from \ufb01nancing activities | \n -93 | \n 0 | \n 0 | \n -48 | \n -5 | \n -563 | \n -164 | \n
\n \n | \n | \n | \n | \n | \n -5 | \n 243 | \n 160 | \n
\n \n | Total net cash in\ufb02ow/(outflow) | \n -2,025 | \n 78 | \n 0 | \n -48 | \n \n | \n | \n
\n \n
\n
\n
\n \n
\n *Net profit attributable to non-controlling interests for the ad agents segment amounted in 2025 to EUR 98k. \u00a0\n
\n
\n Summarised statement of profit or loss and cash flows for 2024: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n \n \n | \n ad pepper media Spain S.A. | \n Webgains S.L. | \n ad agents GmbH | \n ad agents AG | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Revenue | \n 1,068 | \n 1,275 | \n 5,102 | \n 1,898 | \n
\n \n | Expenses | \n -943 | \n -745 | \n -5,335 | \n -1,376 | \n
\n \n | Net pro\ufb01t/(loss) for the year | \n 125 | \n 530 | \n -232 | \n 522 | \n
\n \n | Net pro\ufb01t/(loss) a\ua881ributable to | \n | \n | \n | \n | \n
\n \n | owners of the Company | \n 81 | \n 344 | \n -139 | \n 314 | \n
\n \n | Net pro\ufb01t/(loss) a\ua881ributable to | \n | \n | \n | \n | \n
\n \n | non-controlling interests | \n 44 | \n 186 | \n -93 | \n 209 | \n
\n \n | Other comprehensive income | \n | \n | \n | \n | \n
\n \n | attributable to owners of the | \n | \n | \n | \n | \n
\n \n | Company | \n 0 | \n 0 | \n 0 | \n 0 | \n
\n \n | Other comprehensive income | \n | \n | \n | \n | \n
\n \n | attributable to non-controlling | \n | \n | \n | \n | \n
\n \n | interests | \n 0 | \n 0 | \n 0 | \n 0 | \n
\n \n | Total comprehensive | \n | \n | \n | \n | \n
\n \n | income/(loss) for the year | \n 125 | \n 530 | \n -232 | \n 522 | \n
\n \n | Net cash in\ufb02ow/(outflow) | \n | \n | \n | \n | \n
\n \n | from operating activities | \n -66 | \n 651 | \n -1,249 | \n 582 | \n
\n \n | Net cash in\ufb02ow/(outflow) | \n | \n | \n | \n | \n
\n \n | from investing activities | \n -1 | \n 0 | \n -14 | \n 0 | \n
\n \n | Net cash in\ufb02ow/(outflow) | \n | \n | \n | \n | \n
\n \n | from \ufb01nancing activities | \n -190 | \n -524 | \n -655 | \n -616 | \n
\n \n | Total net cash in\ufb02ow/(outflow) | \n -257 | \n 127 | \n -1,918 | \n -34 | \n
\n \n
\n
\n
Summary of new accounting policies \u00a0
The accounting policies adopted in the preparation of the Group\u2019s annual Consolidated Financial Statements are consistent with those followed in the preparation of the Group\u2019s annual Consolidated \u00a0Financial Statements for the year ended 31 December 2024 except for the adoption of new standards effective as at 1 January 2025. The Group has not early adopted any other standard, \u00a0interpretation or amendment that has been issued but is not yet effective. \u00a0
Several amendments and interpretations apply for the first time in 2025, but do not have an impact on the Consolidated Financial Statements of the Group. \u00a0
The following amendments, improvements and interpretations to existing standards require first-time application in the financial year beginning 1 January 2026: \u00a0
\u2022
Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments. The amendments clarify \u201csettlement date\u201d for derecognition of a financial liability. Other \u00a0clarifications include the classifications of financial assets with ESG linked features. Further disclosures are introduced for financial instruments with contingent features and equity instruments \u00a0classified at fair value through OCI. The amendment is endorsed by EU and is not expected to have an impact on the Group. \u00a0
\u2022
Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity. The amendments are to the own-use requirements, and hedge accounting requirements, together \u00a0with related disclosures. The improvements are endorsed by EU and are not expected to have significant impact on the Group. \u00a0
\u2022
Annual Improvements Volume 11. A collection of amendments to IFRS\u2019s to clarify guidance and wording or to correct for relatively minor unintended consequences, conflicts or oversights. \u00a0The improvements are endorsed by EU and are not expected to have significant impact on the Group. \u00a0
New standards requiring applications in financial years beginning 1 January 2027: \u00a0
\u2022
IFRS 18 Presentation and Disclosure in Financial Statements. The new standard replaces IAS 1 Presentation of Financial Statements. It has been issued on 9 April 2024 and is expected to be \u00a0effective on 1 January 2027. The standard was endorsed by the EU in February 2026. The Group is evaluating the impact of the standard on the Group\u2019s financial statement. \u00a0
\u2022
IFRS 19 Subsidiaries without Public Accountability. The new standard has been issued on 9 May 2024 and is expected to be effective on 1 January 2027. The standard is not yet endorsed by \u00a0the EU and is not expected to have an impact on the Group. \u00a0
\u2022
Amendments to IAS 21 Effects of Changes in Foreign Exchange Rates. Translation to a hyperinflationary presentation currency. It has been issued on 13 November 2025 and is expected to \u00a0be effective on 1 January 2027. The amendment is not yet endorsed by the EU and is not expected to have an impact on the Group. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97470_2025": {
"value": "Summary of new accounting policies \u00a0
The accounting policies adopted in the preparation of the Group\u2019s annual Consolidated Financial Statements are consistent with those followed in the preparation of the Group\u2019s annual Consolidated \u00a0Financial Statements for the year ended 31 December 2024 except for the adoption of new standards effective as at 1 January 2025. The Group has not early adopted any other standard, \u00a0interpretation or amendment that has been issued but is not yet effective. \u00a0
Several amendments and interpretations apply for the first time in 2025, but do not have an impact on the Consolidated Financial Statements of the Group. \u00a0
The following amendments, improvements and interpretations to existing standards require first-time application in the financial year beginning 1 January 2026: \u00a0
\u2022
Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments. The amendments clarify \u201csettlement date\u201d for derecognition of a financial liability. Other \u00a0clarifications include the classifications of financial assets with ESG linked features. Further disclosures are introduced for financial instruments with contingent features and equity instruments \u00a0classified at fair value through OCI. The amendment is endorsed by EU and is not expected to have an impact on the Group. \u00a0
\u2022
Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity. The amendments are to the own-use requirements, and hedge accounting requirements, together \u00a0with related disclosures. The improvements are endorsed by EU and are not expected to have significant impact on the Group. \u00a0
\u2022
Annual Improvements Volume 11. A collection of amendments to IFRS\u2019s to clarify guidance and wording or to correct for relatively minor unintended consequences, conflicts or oversights. \u00a0The improvements are endorsed by EU and are not expected to have significant impact on the Group. \u00a0
New standards requiring applications in financial years beginning 1 January 2027: \u00a0
\u2022
IFRS 18 Presentation and Disclosure in Financial Statements. The new standard replaces IAS 1 Presentation of Financial Statements. It has been issued on 9 April 2024 and is expected to be \u00a0effective on 1 January 2027. The standard was endorsed by the EU in February 2026. The Group is evaluating the impact of the standard on the Group\u2019s financial statement. \u00a0
\u2022
IFRS 19 Subsidiaries without Public Accountability. The new standard has been issued on 9 May 2024 and is expected to be effective on 1 January 2027. The standard is not yet endorsed by \u00a0the EU and is not expected to have an impact on the Group. \u00a0
\u2022
Amendments to IAS 21 Effects of Changes in Foreign Exchange Rates. Translation to a hyperinflationary presentation currency. It has been issued on 13 November 2025 and is expected to \u00a0be effective on 1 January 2027. The amendment is not yet endorsed by the EU and is not expected to have an impact on the Group. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97455_2025": {
"value": "Significant accounting judgements, estimates and assumptions \u00a0
In the application of the Group\u2019s accounting policies, which are described below in Note [3], the directors are required to make judgements, estimates and assumptions about the carrying amounts \u00a0of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be \u00a0relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Judgements, estimates and assumptions concerning the future \u00a0and other key sources of estimation uncertainty at the balance sheet date have been applied in particular to the assessment of revenue from contracts with customers (Note [5]), accrued liabilities \u00a0
for outstanding affiliate payments (Note [31]), incremental borrowing rates of right-of-use liabilities (Note [42]), the provision for expected credit losses of trade receivables (Note [41]), share-based \u00a0payments (Note [39]) and on the measurement of deferred tax assets on losses carried forward (Note\u00a0[15]). \u00a0
A) Judgements \u00a0
Preparing the financial statements in accordance with the IFRS requires the Group management to make judgements in respect to the recognised amounts of revenue in all three operational \u00a0segments. The Company assesses its revenue arrangement in its business units against specific criteria in order to determine if it is acting as principal or agent. \u00a0
The factors specified by IFRS 15 indicate that the Group does not control services before they are transferred to customers in the segments Webgains and ad pepper. Therefore, the Group determined \u00a0for those segments that it is an agent in all its customer contracts and is recognizing its revenue on a net basis, consequently excluding media cost owed to delivery partners from revenue and cost \u00a0of sales respectively. For the segment solute, the Group determined that it acts as principal and therefore recognizing its revenue on a gross basis, including media costs owned to delivery partners. \u00a0
B) Estimates and assumptions \u00a0
The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying \u00a0amounts of assets and liabilities within the next financial year are discussed below. \u00a0
Intangible Assets \u00a0
Within the acquisition of solute and Checkout Charlie several intangible assets such as brands and customer bases have been identified. The fair value of the identified assets has been determined \u00a0using different valuation methods like the Relief-of-Royalty-Method for brands and the Multi-Period-Excess Earnings method for Customer Bases. \u00a0Brand valuation was conducted by deriving the license rate based on comparable market licence rates, assuming a medium useful life of 20 years. \u00a0The basis for the valuation considerations used for customer bases was a presented business plan for the financial years up until 2027 with revenue growth assumptions applied after that period as \u00a0basis for the discounted cash flows using the WACC. \u00a0
Accrued liabilities \u00a0
In measuring accrued liabilities for affiliate credits not yet disbursed in the Webgains segment, reference has been made to assumptions determined with the assistance of various controlling and \u00a0reporting tools. Based on various evaluations, the ad pepper Group assesses the disbursement of credits for confirmed transactions that have not been called up more than one year after the \u00a0closure of the programme as well as of credits of inactive publishers as unlikely and has reduced the accrued liability by the resultant amounts. \u00a0
The provision for expected credit losses of trade receivables \u00a0
An impairment analysis is performed at each reporting date using a matrix to calculate expected credit losses (ECL) for trade receivables. The provision is initially based on the Group\u2019s historical \u00a0observed default rates and potentially adjusted with forward-looking information. At every reporting date, the historical observed default rates are updated, changes in the forward-looking estimates \u00a0and evidence for impairment are analysed. \u00a0
Share-based payments \u00a0
Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate \u00a0also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option or appreciation right, volatility and dividend yield, and assumptions \u00a0about them. For the measurement of the fair value of equity-settled and cash settled transactions with employees at the grant date, the Group uses a Monte Carlo simulation model. For cash- \u00a0settled share-based payment transactions the liability must be remeasured at the end of each reporting period up to the date of settlement, with any changes in fair value recognised in profit or \u00a0loss. The assumptions and models used for estimating fair value for share-based payment and cash-settled transactions are disclosed in Note [39]. \u00a0
Deferred tax assets \u00a0
Deferred tax assets are recognised for all unused tax losses to the extent that it is probable that taxable profit will be available, against which the losses can be utilised. Significant management \u00a0judgement is required to determine the amount of deferred tax assets that can be recognised, based on the likely timing and level of future taxable profits together with future tax planning \u00a0strategies. Further information is presented in the note on incomes taxes (Note [15]). \u00a0
Leases \u2013 Estimating the incremental borrowing rate \u00a0
The Group cannot readily determine the interest rate implicit in the lease contracts for offices and cars. Therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is \u00a0the rate of interest that the Group would have to pay to borrow over a similar term and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a \u00a0similar economic environment. The IBR therefore reflects what the Group \u201cwould have to pay\u201d, which requires estimation when no observable rates are available. The Group estimates the IBR using \u00a0the market interest rate provided by its bank. \u00a0
INCOME TAXES [15] \u00a0The current income taxes reported relate to the taxes paid or payable by individual local entities. \u00a0The gain from the sale/discontinuance per 31 Dezember 2025 of ad agents GmbH and ad agents AG amounts to EUR 3,657k of which only 5 percent result in taxable income (EUR 183k) - which is \u00a0more than offset with current-year losses in ad pepper media International N.V. Hence, the effective current tax from the discontinuance is zeroThe calculation of the deferred taxes was based on the country-specific tax ratesSTOCK OPTION PROGRAMMES [39] \u00a0
Options granted under the Ongoing SOP\u2019s are subject to the following provisions: \u00a0
An employee equity participation programme involving 600,000 options was granted for executive employees in January 2023 (\u201cSOP 2023 MD\u201d). The options may be exercised over a period of four \u00a0years at 25 percent each year, but at the earliest one year after being granted. The valuation was carried out by simulation (Monte Carlo method). The volatility was calculated from the development \u00a0of the Company's share price between 3 January 2017 and 2 January 2023. The fair value of the individual tranches at the time of granting is between EUR 0.369 and EUR 0.613 per issued option. \u00a0The maximum cost of the programme over the entire time is EUR 302k. \u00a0
An employee equity participation programme involving 54,000 options was granted for Supervisory Board members in January 2023 (\u201cSOP 2023 SB\u201d). The plan retains the Company the right to fulfilits commitment to transfer shares by paying to the beneficiary a cash amount equal to the difference between the issue price and the average closing price on Xetra during the last ten trading daysbefore exercising the option limited to EUR 7. The options may be exercised over a period of four years at 25 percent each year, but at the earliest one year after being granted. The valuation was carried out by simulation (Monte Carlo method). The volatility was calculated from the development of the Company\u2019s share price between 3 January 2017 and 2 January 2023. The fair value of the \u00a0individual tranches at the time of granting is between EUR 0.355 and EUR 0.564 per issued option. The maximum cost of the programme over the entire time is EUR 26k. \u00a0
A share appreciation rights programme involving 187,500 options and settled in cash was granted for Board of Directors in January 2023 (\u201cSOP 2023 BoD\u201d). The options may be exercised over a \u00a0period of four years at 25 percent each year, but at the earliest one year after being granted. The fair value of the individual tranches at the time of granting was between EUR 0.355 and EUR 0.564 \u00a0per issued option. The fair value of the individual tranches as at 31 December 2025 is between EUR 0.148 and EUR 0.528 (31. December 2024: EUR 0.148 and EUR 0.528). \u00a0
An employee equity participation programme involving 150,000 options was granted for Board of Directors in December 2025 (\u201cSOP 2025 BoD\u201d). The options may be exercised over a period of four \u00a0years at 25 percent each year, but at the earliest one year after being granted. The valuation was carried out by simulation (Monte Carlo method). The volatility was calculated from the development \u00a0of the Company's share price between 12 December 2021 and 11 December 2025. The fair value of the individual tranches at the time of granting is between EUR 0.548 and EUR 0.979 per issued \u00a0option. The maximum cost of the programme over the entire time is EUR 117k. \u00a0
An employee equity participation programme involving 600,000 options was granted for executive employees in December 2025 (\u201cSOP 2025 MD\u201d). The options may be exercised over a period of \u00a0four years at 25 percent each year, but at the earliest one year after being granted. The valuation was carried out by simulation (Monte Carlo method). The volatility was calculated from the \u00a0development of the Company's share price between 12 December 2021 and 11 December 2025. The fair value of the individual tranches at the time of granting is between EUR 0.548 and EUR 0.979 \u00a0per issued option. The maximum cost of the programme over the entire time is EUR 469k. \u00a0
\n An employee equity participation programme involving 60,000\n options was granted for Supervisory Board in December 2025 (\u201cSOP 2025 SB\u201d). The options may be exercised over a period of four\n \u00a0\n years at 25 percent each year, but at the earliest one year\n after being granted. The valuation was carried out by simulation\n (Monte Carlo method). The volatility was calculated from the\n development \u00a0of the Company's share price between 12 December 2021 and 11\n December 2025. The fair value of the individual tranches at the\n time of granting is between EUR 0.548 and EUR 0.979 per issued\n \u00a0option. The maximum cost of the programme over the entire time is EUR 46k. \u00a0\n
\n \n
\n \n \n \n \n \n \n \n | \n \n SOP 2025\n | \n \n SOP 2023\n | \n
\n \n | \n \n (BoD, MD, SB)\n | \n \n (BoD, MD, SB)\n | \n
\n \n | \n Share price when granted, in EUR\n | \n \n 2.72\n | \n \n 1.86\n | \n
\n \n | \n Date of grant\n | \n \n 11/12/2025\n | \n \n 3/1/23\n | \n
\n \n | \n Exercise price, in EUR\n | \n \n 2.72\n | \n \n 1.86\n | \n
\n \n | \n Risk-free interest rate, in %\n | \n \n 2.36\n | \n \n 2.42\n | \n
\n \n | \n Estimated term, in years\n | \n \n 4\n | \n \n 7\n | \n
\n \n | \n Future dividend, in EUR\n | \n \n 0.05\n | \n \n 0.05\n | \n
\n \n | \n Estimated volatility, in %\n | \n \n 46.28\n | \n \n 42.85\n | \n
\n \n
\n
Foreign currency translation \u00a0
The Consolidated Financial Statements are presented in EUR, which is the Company\u2019s functional and presentation currency. Each entity in the Group determines its own functional currency, and \u00a0items included in the financial statements of each entity are measured using that functional currency. \u00a0
Transactions of foreign currencies are initially recorded at the functional currency rate applicable at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies \u00a0are retranslated at the functional currency rate of exchange applicable at the balance sheet date. All differences are applied as either profit or loss. Non-monetary items that are measured in terms \u00a0of historical cost in a foreign currency are translated using the exchange rate applicable on the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are \u00a0translated using the exchange rate applicable on the date when the fair value was determined. \u00a0
As at the reporting date, the assets and liabilities of those subsidiaries that have a functional currency other than the EUR are translated into the presentation currency of ad pepper media \u00a0International N.V. (EUR) at the rate of exchange applicable at the balance sheet date, and their income statements are translated at the weighted average exchange rates for the year. The exchange \u00a0differences arising from the translation are applied directly to other comprehensive income (OCI). On disposal of a foreign entity, the deferred cumulative amount recognised in other comprehensive \u00a0income relating to that particular foreign operation is recognised in the income statement. \u00a0
The significant foreign currency exchange rates developed as follows: \u00a0
| Foreign currency | Closing rate | Closing rate | Average rate | Average rate |
| per EUR 1 | 31 / 12 / 25 | 31 / 12 / 24 | 2025 | 2024 |
| GBP | 0.8712 | 0.8295 | 0.8518 | 0.8524 |
| CHF | 0.9293 | 0.9435 | 1.044 | 1.0341 |
Foreign currency translation \u00a0
The Consolidated Financial Statements are presented in EUR, which is the Company\u2019s functional and presentation currency. Each entity in the Group determines its own functional currency, and \u00a0items included in the financial statements of each entity are measured using that functional currency. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97646_2025": {
"value": "Property, plant and equipment \u00a0
Property, plant and equipment are stated at historical cost, excluding the costs of day-to-day servicing, less accumulated depreciation and accumulated impairment in value. Subsequent costs are \u00a0included in the asset\u2019s carrying value or recognised as separate asset, as appropriate, only when it is probable that future economic benefits associated with the line item will flow to the Group and \u00a0the cost of the item can be reliably measured. Depreciation is calculated on a straight-line basis over the useful life of the assets. The estimated useful lives of the assets are between three and ten \u00a0years. An item recorded under property, plant and equipment is derecognised on disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on \u00a0derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement in the year the asset is \u00a0derecognised. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97604_2025": {
"value": "Property, plant and equipment \u00a0
Property, plant and equipment are stated at historical cost, excluding the costs of day-to-day servicing, less accumulated depreciation and accumulated impairment in value. Subsequent costs are \u00a0included in the asset\u2019s carrying value or recognised as separate asset, as appropriate, only when it is probable that future economic benefits associated with the line item will flow to the Group and \u00a0the cost of the item can be reliably measured. Depreciation is calculated on a straight-line basis over the useful life of the assets. The estimated useful lives of the assets are between three and ten \u00a0years. An item recorded under property, plant and equipment is derecognised on disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on \u00a0derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement in the year the asset is \u00a0derecognised. \u00a0
Right-of-use assets \u00a0
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange \u00a0for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities \u00a0to make lease payments and right-of-use assets representing the right to use the underlying assets. \u00a0
\u2022
Office space 1 to 5 years \u00a0
\u2022
Cars 3 years \u00a0
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated\u00a0useful life of \u00a0the asset. The right-of-use assets are also subject to impairment. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97591_2025": {
"value": "Property, plant and equipment \u00a0
Property, plant and equipment are stated at historical cost, excluding the costs of day-to-day servicing, less accumulated depreciation and accumulated impairment in value. Subsequent costs are \u00a0included in the asset\u2019s carrying value or recognised as separate asset, as appropriate, only when it is probable that future economic benefits associated with the line item will flow to the Group and \u00a0the cost of the item can be reliably measured. Depreciation is calculated on a straight-line basis over the useful life of the assets. The estimated useful lives of the assets are between three and ten \u00a0years. An item recorded under property, plant and equipment is derecognised on disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on \u00a0derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement in the year the asset is \u00a0derecognised. \u00a0
Right-of-use assets \u00a0
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange \u00a0for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities \u00a0to make lease payments and right-of-use assets representing the right to use the underlying assets. \u00a0
\u2022
Office space 1 to 5 years \u00a0
\u2022
Cars 3 years \u00a0
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated\u00a0useful life of \u00a0the asset. The right-of-use assets are also subject to impairment. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97628_2025": {
"value": "Intangible assets \u00a0
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is the fair value as at the date of acquisition. \u00a0Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets have finite lives and are amortised \u00a0using the straight-line method over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and \u00a0the amortisation method for an intangible asset are reviewed at least at each financial year-end. Gains or losses arising from derecognising an intangible asset are measured as the difference \u00a0between the net disposal proceeds and the carrying amount of the asset and are recognised in the income statement when the asset is derecognised. \u00a0
a) In\u00a0course of the business combinations with solute the Group acquired Trademarks and Customer Bases. \u00a0
Trademarks comprise the internet domain name \u201cbilliger.de\u201d and the brand \u201csolute\u201d. \u201cbilliger.de\u201d is protected in Germany and the EU as a word and figurative mark and comprise the trademark \u00a0\u201cbilliger.de\u201d and other marketing-related assets such as the domain \u201cbilliger.de\u201d or \u201cbilliger.com\u201d, \u201cbilliger.it\u201d. All these domains form the very own delivery channel for the client\u2019s campaigns. Since \u00a0the trademark \u201cbilliger.de\u201d is neither a pure product trademark, which would have a relatively short life cycle, or a pure company trademark with a theoretically unlimited duration, the Group \u00a0considers the useful life of 20 years as appropriate. \u00a0
\n The brand \u201csolute\u201d can be defined as a corporate brand and figures as a magnet for customer revenue in the performance marketing, operating in the e-commerce sector, corporate brands are \u00a0\n more frequent subject to changes. Therefore, we do not assume an indefinite useful life for the \u201csolute\u201d brand but, aligned its useful life with 20 years with that of the \u201cbilliger.de\u201d brand. \u00a0
\n Customer bases include customer relationships, which are secured by contract and on which solute depends for its generation of revenue. The useful life of 11 years is based on analyses of the \u00a0\n duration of customer relationship and period-specific churn rates. \u00a0
\n b) In\u00a0course of the business combination with Checkout Charlie the Group acquired Trademarks and Customer Bases. \u00a0\n
\n Trademarks comprise the internet domain name \u201csparwelt.de\u201d, \u201cgutscheine.de\u201d and \u201cShopmate\u201d All these domains form the very own delivery channel for the client\u2019s campaigns. Since the named \u00a0\n trademark are neither pure product trademark, which would have a relatively short life cycle, or pure company trademarks with a theoretically unlimited duration, the Group considers the useful \u00a0life of 20 years as appropriate. \u00a0
\n Customer bases include customer relationships, which are secured by contract and on which solute depends for its generation of revenue. The useful life of 6 years is based on analyses of the \u00a0\n duration of customer relationship and period-specific churn rates. \u00a0
\n A summary of the policies to the Group\u2019s intangible assets is, as follows: \u00a0\n
\n
\n \n \n \n \n \n \n \n \n | \n Trademarks / Brands | \n Customer Bases | \n Software | \n
\n \n | Useful lives | \n Finite / 20 years | \n Finite / 6 & 11 | \n Finite / 3-5 years | \n
\n \n | \n | \n years | \n | \n
\n \n | Amortisation method | \n Amortised on a | \n Amortised on a | \n Amortised on a | \n
\n \n | used | \n straight-line basis over | \n straight-line basis | straight-line basis | \n
\n \n | \n the period of | \n over the period of | \n over the period of |
\n \n | \n expected future | \n expected future | \n expected use | \n
\n \n | \n revenues | \n cash flows | \n | \n
\n \n | Internally generated | \n Acquired in course of | \n Acquired in | \n Acquired | \n
\n \n | or acquired | \n a business | \n course of a | \n | \n
\n \n | \n combination | \n business | \n | \n
\n \n | \n | \n combination | \n | \n
\n \n
\n
Intangible assets \u00a0
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is the fair value as at the date of acquisition. \u00a0Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets have finite lives and are amortised \u00a0using the straight-line method over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and \u00a0the amortisation method for an intangible asset are reviewed at least at each financial year-end. Gains or losses arising from derecognising an intangible asset are measured as the difference \u00a0between the net disposal proceeds and the carrying amount of the asset and are recognised in the income statement when the asset is derecognised. \u00a0
a) In\u00a0course of the business combinations with solute the Group acquired Trademarks and Customer Bases. \u00a0
Trademarks comprise the internet domain name \u201cbilliger.de\u201d and the brand \u201csolute\u201d. \u201cbilliger.de\u201d is protected in Germany and the EU as a word and figurative mark and comprise the trademark \u00a0\u201cbilliger.de\u201d and other marketing-related assets such as the domain \u201cbilliger.de\u201d or \u201cbilliger.com\u201d, \u201cbilliger.it\u201d. All these domains form the very own delivery channel for the client\u2019s campaigns. Since \u00a0the trademark \u201cbilliger.de\u201d is neither a pure product trademark, which would have a relatively short life cycle, or a pure company trademark with a theoretically unlimited duration, the Group \u00a0considers the useful life of 20 years as appropriate. \u00a0
\n The brand \u201csolute\u201d can be defined as a corporate brand and figures as a magnet for customer revenue in the performance marketing, operating in the e-commerce sector, corporate brands are \u00a0\n more frequent subject to changes. Therefore, we do not assume an indefinite useful life for the \u201csolute\u201d brand but, aligned its useful life with 20 years with that of the \u201cbilliger.de\u201d brand. \u00a0
\n Customer bases include customer relationships, which are secured by contract and on which solute depends for its generation of revenue. The useful life of 11 years is based on analyses of the \u00a0\n duration of customer relationship and period-specific churn rates. \u00a0
\n b) In\u00a0course of the business combination with Checkout Charlie the Group acquired Trademarks and Customer Bases. \u00a0\n
\n Trademarks comprise the internet domain name \u201csparwelt.de\u201d, \u201cgutscheine.de\u201d and \u201cShopmate\u201d All these domains form the very own delivery channel for the client\u2019s campaigns. Since the named \u00a0\n trademark are neither pure product trademark, which would have a relatively short life cycle, or pure company trademarks with a theoretically unlimited duration, the Group considers the useful \u00a0life of 20 years as appropriate. \u00a0
\n Customer bases include customer relationships, which are secured by contract and on which solute depends for its generation of revenue. The useful life of 6 years is based on analyses of the \u00a0\n duration of customer relationship and period-specific churn rates. \u00a0
\n A summary of the policies to the Group\u2019s intangible assets is, as follows: \u00a0\n
\n
\n \n \n \n \n \n \n \n \n | \n Trademarks / Brands | \n Customer Bases | \n Software | \n
\n \n | Useful lives | \n Finite / 20 years | \n Finite / 6 & 11 | \n Finite / 3-5 years | \n
\n \n | \n | \n years | \n | \n
\n \n | Amortisation method | \n Amortised on a | \n Amortised on a | \n Amortised on a | \n
\n \n | used | \n straight-line basis over | \n straight-line basis | straight-line basis | \n
\n \n | \n the period of | \n over the period of | \n over the period of |
\n \n | \n expected future | \n expected future | \n expected use | \n
\n \n | \n revenues | \n cash flows | \n | \n
\n \n | Internally generated | \n Acquired in course of | \n Acquired in | \n Acquired | \n
\n \n | or acquired | \n a business | \n course of a | \n | \n
\n \n | \n combination | \n business | \n | \n
\n \n | \n | \n combination | \n | \n
\n \n
\n
\n Leases \u00a0\n
Right-of-use assets \u00a0
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange \u00a0for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities \u00a0to make lease payments and right-of-use assets representing the right to use the underlying assets. \u00a0
\u2022
Office space 1 to 5 years \u00a0
\u2022
Cars 3 years \u00a0
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated\u00a0useful life of \u00a0the asset. The right-of-use assets are also subject to impairment. \u00a0
Lease liabilities \u00a0
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed \u00a0payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate. Variable lease payments that do not depend on \u00a0an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the \u00a0present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After \u00a0the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities \u00a0is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine \u00a0such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Group\u2019s lease liabilities are included in other long-term and short-term financial liabilities. \u00a0
Short-term leases and leases of low-value assets \u00a0
The Group applies the short-term lease recognition exemption to its short-term leases of office space and cars (i.e., those leases that have a lease term of 12 months or less from the commencement \u00a0date and do not contain a purchase option). \u00a0
It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be of low value. Lease payments on short-term leases and leases of low value \u00a0assets are recognised as expense on a straight-line basis over the lease term. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97631_2025": {
"value": "Investment in associates \u00a0
The Group held a 25.64 percent interest in an associate solute Holding GmbH & Co. KG as at 31 December 2024. During 2025 the Group acquired further 34,51 percent interest in solute and \u00a0consolidated solute as at 30 April 2025 in course of a step acquisition. \u00a0
An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not \u00a0control or joint control over those policies. In general, significant influence can be assumed when the interest in an associate is higher than 20 percent and lower than 50 percent of the voting rights. \u00a0
The considerations made in determining significant influence are similar to those necessary to determine control over subsidiaries. The Group\u2019s investment in its associate is accounted for using the \u00a0equity method. \u00a0
The aggregate of the Group\u2019s share of profit or loss of an associate is shown on the face of the statement of profit or loss outside operating loss and represents profit or loss after tax and non- \u00a0controlling interests in the subsidiaries of the associate. \u00a0
Under the equity method, the investment in an associate is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets or \u00a0the associate since the acquisition date. Goodwill relating to the associate is included in the carrying amount of the investment and is not tested separately. \u00a0
The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate. Any changes in OCI are presented as part of the Group\u2019s OCI. In addition, when there has been \u00a0a change recognised directly in the equity of the associate, the Group recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses \u00a0resulting from transactions between the Group and the associate are eliminated to the extent of the interest in the associate. \u00a0
After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its associate. Once a year, the Group determines whether \u00a0there is objective evidence that the investment in the associate is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable \u00a0amount of the associate and it\u2019s carrying value and then recognises the loss, if any, within \u201cShare of profit of an associate\u201d in the statement of profit or loss. \u00a0
Upon gaining of control over the associate in a step acquisition, the Group fully consolidates the subsidiary and accounts the business combination under the acquisition method. In accordance with \u00a0this method, the purchase price is allocated to the fair value of the interest held in the net assets of the consolidated subsidiaries at the time of acquisition. \u00a0
Upon loss of significant influence over the associate, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the associate upon \u00a0loss of significant influence and the fair value of the retained investment and proceeds from disposal is recognised in profit or loss. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97630_2025": {
"value": "Investment in associates \u00a0
The Group held a 25.64 percent interest in an associate solute Holding GmbH & Co. KG as at 31 December 2024. During 2025 the Group acquired further 34,51 percent interest in solute and \u00a0consolidated solute as at 30 April 2025 in course of a step acquisition. \u00a0
An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not \u00a0control or joint control over those policies. In general, significant influence can be assumed when the interest in an associate is higher than 20 percent and lower than 50 percent of the voting rights. \u00a0
The considerations made in determining significant influence are similar to those necessary to determine control over subsidiaries. The Group\u2019s investment in its associate is accounted for using the \u00a0equity method. \u00a0
The aggregate of the Group\u2019s share of profit or loss of an associate is shown on the face of the statement of profit or loss outside operating loss and represents profit or loss after tax and non- \u00a0controlling interests in the subsidiaries of the associate. \u00a0
Under the equity method, the investment in an associate is initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets or \u00a0the associate since the acquisition date. Goodwill relating to the associate is included in the carrying amount of the investment and is not tested separately. \u00a0
The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate. Any changes in OCI are presented as part of the Group\u2019s OCI. In addition, when there has been \u00a0a change recognised directly in the equity of the associate, the Group recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses \u00a0resulting from transactions between the Group and the associate are eliminated to the extent of the interest in the associate. \u00a0
After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its associate. Once a year, the Group determines whether \u00a0there is objective evidence that the investment in the associate is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable \u00a0amount of the associate and it\u2019s carrying value and then recognises the loss, if any, within \u201cShare of profit of an associate\u201d in the statement of profit or loss. \u00a0
Upon gaining of control over the associate in a step acquisition, the Group fully consolidates the subsidiary and accounts the business combination under the acquisition method. In accordance with \u00a0this method, the purchase price is allocated to the fair value of the interest held in the net assets of the consolidated subsidiaries at the time of acquisition. \u00a0
Upon loss of significant influence over the associate, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the associate upon \u00a0loss of significant influence and the fair value of the retained investment and proceeds from disposal is recognised in profit or loss. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97624_2025": {
"value": "Investment in associates \u00a0
After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its associate. Once a year, the Group determines whether \u00a0there is objective evidence that the investment in the associate is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable \u00a0amount of the associate and it\u2019s carrying value and then recognises the loss, if any, within \u201cShare of profit of an associate\u201d in the statement of profit or loss. \u00a0
Impairment of non-financial assets \u00a0
The Group assesses at each reporting date whether there is an indication that a non-monetary asset (property, plant and equipment; intangible assets, right-of-use assets) may be impaired. The \u00a0Group assesses whether climate risks, including physical risks and transition risks could have a significant impact. If any such indication exists, or when annual impairment testing for an asset is \u00a0required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of the fair value of the asset or cash-generating unit less costs of disposal and \u00a0its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the \u00a0carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash \u00a0
flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair \u00a0value less costs of disposal, an appropriate valuation model is used. The valuation model is based on a discounted cash flow method. \u00a0
Impairment losses are recognised in the income statement in those expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at \u00a0each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group makes an \u00a0estimate of the recoverable amount. \u00a0
A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. \u00a0If this is the case, the carrying amount of the asset is increased to its recoverable amount. This increased amount shall not exceed the carrying amount that would have been determined, net of \u00a0depreciation, had no impairment loss been recognised on the asset in prior years. Such reversal is recognised in profit or loss. Impairment losses recognised for goodwill are not reversed for \u00a0subsequent increases in its recoverable amount. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97622_2025": {
"value": "Investment in associates \u00a0
After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on its investment in its associate. Once a year, the Group determines whether \u00a0there is objective evidence that the investment in the associate is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference between the recoverable \u00a0amount of the associate and it\u2019s carrying value and then recognises the loss, if any, within \u201cShare of profit of an associate\u201d in the statement of profit or loss. \u00a0
Impairment of non-financial assets \u00a0
The Group assesses at each reporting date whether there is an indication that a non-monetary asset (property, plant and equipment; intangible assets, right-of-use assets) may be impaired. The \u00a0Group assesses whether climate risks, including physical risks and transition risks could have a significant impact. If any such indication exists, or when annual impairment testing for an asset is \u00a0required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of the fair value of the asset or cash-generating unit less costs of disposal and \u00a0its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the \u00a0carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash \u00a0
flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair \u00a0value less costs of disposal, an appropriate valuation model is used. The valuation model is based on a discounted cash flow method. \u00a0
Impairment losses are recognised in the income statement in those expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at \u00a0each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group makes an \u00a0estimate of the recoverable amount. \u00a0
A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. \u00a0If this is the case, the carrying amount of the asset is increased to its recoverable amount. This increased amount shall not exceed the carrying amount that would have been determined, net of \u00a0depreciation, had no impairment loss been recognised on the asset in prior years. Such reversal is recognised in profit or loss. Impairment losses recognised for goodwill are not reversed for \u00a0subsequent increases in its recoverable amount. \u00a0
Impairment of financial assets carried at amortised cost \u00a0
The Group recognises an allowance for expected credit losses (ECL) for all debt instruments not held at fair value through profit or loss. For trade receivables and contract assets, the Group applies \u00a0a simplified approach in calculating ECL in line with IFRS 9. An allowance for expected credit losses (ECLs) is a present value of the difference between the contractual cash flows due and all the cash \u00a0flows expected to be received. \u00a0
A default on receivables expected over the respective term (stage 2 of the impairment model) is determined for trade accounts receivable based on historical default rates for a respective customer \u00a0portfolio, adjusted for forward-looking factors specific to the debtors and the economic environment, based on segment and geographic allocation. \u00a0
When actions such as insolvency or comparable proceedings have been initiated or other substantial indications that receivables are impaired become apparent like a deterioration of the payment \u00a0behaviour, the receivables are individually tested for impairment (stage 3 of the impairment model). All receivables more than 90 days overdue are tested for impairment. Impaired debts are written \u00a0off when they are deemed uncollectable. In the reporting year, bad debt allowance on trade receivables was applied at a rate of 50 percent after 120 days overdue, 75 percent after 240 days \u00a0overdue, and 100 percent after one year overdue. However, in certain cases the Group may also consider a financial asset to be uncollectable when external information indicates that the Group is \u00a0unlikely to receive the outstanding contractual amounts in full, before taking into account any credit enhancements held by the Group. \u00a0
The carrying amount of the asset is reduced through use of an allowance account. The amount of the loss is recognised in profit or loss. If the amount of the impairment loss decreases in a subsequent \u00a0period and the decrease can be related objectively to an event occurring after the recognition of impairment, the impairment loss previously recognised is reversed. Any subsequent reversal of an \u00a0impairment loss is recognised in profit or loss to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97642_2025": {
"value": "Discontinued operations \u00a0
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as gain from discontinued operations, net of tax\u00a0from discontinued operations \u00a0in the statement of profit or loss. When an operation is classified as a discontinued operation, the comparative consolidated income statement and consolidated statement of cash flows are restated \u00a0and presented as if the operation had been classified as such from the start of the comparative year. Proceeds from the sale of discontinued operations are presented in continuing investing \u00a0activities. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97596_2025": {
"value": "Discontinued operations \u00a0
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as gain from discontinued operations, net of tax\u00a0from discontinued operations \u00a0in the statement of profit or loss. When an operation is classified as a discontinued operation, the comparative consolidated income statement and consolidated statement of cash flows are restated \u00a0and presented as if the operation had been classified as such from the start of the comparative year. Proceeds from the sale of discontinued operations are presented in continuing investing \u00a0activities. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97612_2025": {
"value": "Other receivables \u00a0
Other receivables consist mainly of advance payments. Upon initial recognition, other receivables are measured at fair value. Subsequently, they are measured at amortised cost, after deduction of \u00a0any write-downs. A write-down is applied when objective indications suggest that the receivable may not be fully collectible. An allowance for expected credit losses (ECLs) is a present value of the \u00a0difference between the contractual cash flows due, and all the cash flows expected to be received. \u00a0
Investments and other financial assets \u00a0
Financial assets within the scope of IFRS 9 Financial Instruments are classified and subsequently measured at fair value through profit or loss, amortised cost, or fair value through OCI, as appropriate. \u00a0The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. In order for a \u00a0financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are \u201csolely payments of principal and interest (SPPI)\u201d on the principal \u00a0amount outstanding. This assessment is referred to as the SPPI test and is performed at instrument level. The Group\u2019s business model for managing financial assets refers to how it manages its \u00a0financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. \u00a0
For purposes of subsequent measurement, financial assets are classified in four categories: \u00a0
\u2022
Financial assets at amortised cost (debt instruments) \u00a0
\u2022
Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) \u00a0
\u2022
Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) \u00a0
\u2022
Financial assets at fair value through profit or loss \u00a0
Fair value \u00a0
The fair value of investments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For \u00a0investments where there is no active market, fair value is determined using valuation techniques. Such techniques include using recent arm\u2019s length market transactions; reference to the current \u00a0market value of another instrument which is substantially the same; discounted cash flow analysis or other valuation models. \u00a0
Impairment of financial assets carried at amortised cost \u00a0
The Group recognises an allowance for expected credit losses (ECL) for all debt instruments not held at fair value through profit or loss. For trade receivables and contract assets, the Group applies \u00a0a simplified approach in calculating ECL in line with IFRS 9. An allowance for expected credit losses (ECLs) is a present value of the difference between the contractual cash flows due and all the cash \u00a0flows expected to be received. \u00a0
A default on receivables expected over the respective term (stage 2 of the impairment model) is determined for trade accounts receivable based on historical default rates for a respective customer \u00a0portfolio, adjusted for forward-looking factors specific to the debtors and the economic environment, based on segment and geographic allocation. \u00a0
When actions such as insolvency or comparable proceedings have been initiated or other substantial indications that receivables are impaired become apparent like a deterioration of the payment \u00a0behaviour, the receivables are individually tested for impairment (stage 3 of the impairment model). All receivables more than 90 days overdue are tested for impairment. Impaired debts are written \u00a0off when they are deemed uncollectable. In the reporting year, bad debt allowance on trade receivables was applied at a rate of 50 percent after 120 days overdue, 75 percent after 240 days \u00a0overdue, and 100 percent after one year overdue. However, in certain cases the Group may also consider a financial asset to be uncollectable when external information indicates that the Group is \u00a0unlikely to receive the outstanding contractual amounts in full, before taking into account any credit enhancements held by the Group. \u00a0
The carrying amount of the asset is reduced through use of an allowance account. The amount of the loss is recognised in profit or loss. If the amount of the impairment loss decreases in a subsequent \u00a0period and the decrease can be related objectively to an event occurring after the recognition of impairment, the impairment loss previously recognised is reversed. Any subsequent reversal of an \u00a0impairment loss is recognised in profit or loss to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date. \u00a0
Cash and cash equivalents \u00a0
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand and short-term highly liquid deposits with a maturity of three months or less, that are held for \u00a0the purpose of meeting short-term cash commitments and are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. \u00a0
For the purpose of the consolidated cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above. \u00a0
Current financial liabilities \u00a0
Current financial liabilities are liabilities, that must be settled in cash or other financial assets. Based on their nature, financial liabilities are measured at amortised costs and are derecognised upon \u00a0settlement or cancellation. \u00a0
The Company accounts for a written call / put option over the 35 percent non-controlling interest in ad pepper media Spain S.A. by considering a financial liability with the present value of the \u00a0exercise price of the option. The Company assessed that the prerequisites for the transfer of the shares are fulfilled at the balance sheet date and therefore assumes the exercise of the put option \u00a0by the holder, classifying the liability as current. The attributable changes in the value of the financial liability are recognised in the equity component \u201cother reserves\u201d. \u00a0
Interest income \u00a0
Interest income is recognised as it accrues using the effective interest rate method. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97610_2025": {
"value": "Other receivables \u00a0
Other receivables consist mainly of advance payments. Upon initial recognition, other receivables are measured at fair value. Subsequently, they are measured at amortised cost, after deduction of \u00a0any write-downs. A write-down is applied when objective indications suggest that the receivable may not be fully collectible. An allowance for expected credit losses (ECLs) is a present value of the \u00a0difference between the contractual cash flows due, and all the cash flows expected to be received. \u00a0
Investments and other financial assets \u00a0
Financial assets within the scope of IFRS 9 Financial Instruments are classified and subsequently measured at fair value through profit or loss, amortised cost, or fair value through OCI, as appropriate. \u00a0The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. In order for a \u00a0financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are \u201csolely payments of principal and interest (SPPI)\u201d on the principal \u00a0amount outstanding. This assessment is referred to as the SPPI test and is performed at instrument level. The Group\u2019s business model for managing financial assets refers to how it manages its \u00a0financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. \u00a0
For purposes of subsequent measurement, financial assets are classified in four categories: \u00a0
\u2022
Financial assets at amortised cost (debt instruments) \u00a0
\u2022
Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) \u00a0
\u2022
Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) \u00a0
\u2022
Financial assets at fair value through profit or loss \u00a0
Fair value \u00a0
The fair value of investments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For \u00a0investments where there is no active market, fair value is determined using valuation techniques. Such techniques include using recent arm\u2019s length market transactions; reference to the current \u00a0market value of another instrument which is substantially the same; discounted cash flow analysis or other valuation models. \u00a0
Impairment of financial assets carried at amortised cost \u00a0
The Group recognises an allowance for expected credit losses (ECL) for all debt instruments not held at fair value through profit or loss. For trade receivables and contract assets, the Group applies \u00a0a simplified approach in calculating ECL in line with IFRS 9. An allowance for expected credit losses (ECLs) is a present value of the difference between the contractual cash flows due and all the cash \u00a0flows expected to be received. \u00a0
A default on receivables expected over the respective term (stage 2 of the impairment model) is determined for trade accounts receivable based on historical default rates for a respective customer \u00a0portfolio, adjusted for forward-looking factors specific to the debtors and the economic environment, based on segment and geographic allocation. \u00a0
When actions such as insolvency or comparable proceedings have been initiated or other substantial indications that receivables are impaired become apparent like a deterioration of the payment \u00a0behaviour, the receivables are individually tested for impairment (stage 3 of the impairment model). All receivables more than 90 days overdue are tested for impairment. Impaired debts are written \u00a0off when they are deemed uncollectable. In the reporting year, bad debt allowance on trade receivables was applied at a rate of 50 percent after 120 days overdue, 75 percent after 240 days \u00a0overdue, and 100 percent after one year overdue. However, in certain cases the Group may also consider a financial asset to be uncollectable when external information indicates that the Group is \u00a0unlikely to receive the outstanding contractual amounts in full, before taking into account any credit enhancements held by the Group. \u00a0
The carrying amount of the asset is reduced through use of an allowance account. The amount of the loss is recognised in profit or loss. If the amount of the impairment loss decreases in a subsequent \u00a0period and the decrease can be related objectively to an event occurring after the recognition of impairment, the impairment loss previously recognised is reversed. Any subsequent reversal of an \u00a0impairment loss is recognised in profit or loss to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date. \u00a0
Cash and cash equivalents \u00a0
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand and short-term highly liquid deposits with a maturity of three months or less, that are held for \u00a0the purpose of meeting short-term cash commitments and are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. \u00a0
For the purpose of the consolidated cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97665_2025": {
"value": "Other receivables \u00a0
Other receivables consist mainly of advance payments. Upon initial recognition, other receivables are measured at fair value. Subsequently, they are measured at amortised cost, after deduction of \u00a0any write-downs. A write-down is applied when objective indications suggest that the receivable may not be fully collectible. An allowance for expected credit losses (ECLs) is a present value of the \u00a0difference between the contractual cash flows due, and all the cash flows expected to be received. \u00a0
Impairment of financial assets carried at amortised cost \u00a0
The Group recognises an allowance for expected credit losses (ECL) for all debt instruments not held at fair value through profit or loss. For trade receivables and contract assets, the Group applies \u00a0a simplified approach in calculating ECL in line with IFRS 9. An allowance for expected credit losses (ECLs) is a present value of the difference between the contractual cash flows due and all the cash \u00a0flows expected to be received. \u00a0
A default on receivables expected over the respective term (stage 2 of the impairment model) is determined for trade accounts receivable based on historical default rates for a respective customer \u00a0portfolio, adjusted for forward-looking factors specific to the debtors and the economic environment, based on segment and geographic allocation. \u00a0
When actions such as insolvency or comparable proceedings have been initiated or other substantial indications that receivables are impaired become apparent like a deterioration of the payment \u00a0behaviour, the receivables are individually tested for impairment (stage 3 of the impairment model). All receivables more than 90 days overdue are tested for impairment. Impaired debts are written \u00a0off when they are deemed uncollectable. In the reporting year, bad debt allowance on trade receivables was applied at a rate of 50 percent after 120 days overdue, 75 percent after 240 days \u00a0overdue, and 100 percent after one year overdue. However, in certain cases the Group may also consider a financial asset to be uncollectable when external information indicates that the Group is \u00a0unlikely to receive the outstanding contractual amounts in full, before taking into account any credit enhancements held by the Group. \u00a0
The carrying amount of the asset is reduced through use of an allowance account. The amount of the loss is recognised in profit or loss. If the amount of the impairment loss decreases in a subsequent \u00a0period and the decrease can be related objectively to an event occurring after the recognition of impairment, the impairment loss previously recognised is reversed. Any subsequent reversal of an \u00a0impairment loss is recognised in profit or loss to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97606_2025": {
"value": "Fair value \u00a0
The fair value of investments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For \u00a0investments where there is no active market, fair value is determined using valuation techniques. Such techniques include using recent arm\u2019s length market transactions; reference to the current \u00a0market value of another instrument which is substantially the same; discounted cash flow analysis or other valuation models. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97623_2025": {
"value": "Impairment of financial assets carried at amortised cost \u00a0
The Group recognises an allowance for expected credit losses (ECL) for all debt instruments not held at fair value through profit or loss. For trade receivables and contract assets, the Group applies \u00a0a simplified approach in calculating ECL in line with IFRS 9. An allowance for expected credit losses (ECLs) is a present value of the difference between the contractual cash flows due and all the cash \u00a0flows expected to be received. \u00a0
A default on receivables expected over the respective term (stage 2 of the impairment model) is determined for trade accounts receivable based on historical default rates for a respective customer \u00a0portfolio, adjusted for forward-looking factors specific to the debtors and the economic environment, based on segment and geographic allocation. \u00a0
When actions such as insolvency or comparable proceedings have been initiated or other substantial indications that receivables are impaired become apparent like a deterioration of the payment \u00a0behaviour, the receivables are individually tested for impairment (stage 3 of the impairment model). All receivables more than 90 days overdue are tested for impairment. Impaired debts are written \u00a0off when they are deemed uncollectable. In the reporting year, bad debt allowance on trade receivables was applied at a rate of 50 percent after 120 days overdue, 75 percent after 240 days \u00a0overdue, and 100 percent after one year overdue. However, in certain cases the Group may also consider a financial asset to be uncollectable when external information indicates that the Group is \u00a0unlikely to receive the outstanding contractual amounts in full, before taking into account any credit enhancements held by the Group. \u00a0
The carrying amount of the asset is reduced through use of an allowance account. The amount of the loss is recognised in profit or loss. If the amount of the impairment loss decreases in a subsequent \u00a0period and the decrease can be related objectively to an event occurring after the recognition of impairment, the impairment loss previously recognised is reversed. Any subsequent reversal of an \u00a0impairment loss is recognised in profit or loss to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97573_2025": {
"value": "Impairment of financial assets carried at amortised cost \u00a0
The Group recognises an allowance for expected credit losses (ECL) for all debt instruments not held at fair value through profit or loss. For trade receivables and contract assets, the Group applies \u00a0a simplified approach in calculating ECL in line with IFRS 9. An allowance for expected credit losses (ECLs) is a present value of the difference between the contractual cash flows due and all the cash \u00a0flows expected to be received. \u00a0
A default on receivables expected over the respective term (stage 2 of the impairment model) is determined for trade accounts receivable based on historical default rates for a respective customer \u00a0portfolio, adjusted for forward-looking factors specific to the debtors and the economic environment, based on segment and geographic allocation. \u00a0
When actions such as insolvency or comparable proceedings have been initiated or other substantial indications that receivables are impaired become apparent like a deterioration of the payment \u00a0behaviour, the receivables are individually tested for impairment (stage 3 of the impairment model). All receivables more than 90 days overdue are tested for impairment. Impaired debts are written \u00a0off when they are deemed uncollectable. In the reporting year, bad debt allowance on trade receivables was applied at a rate of 50 percent after 120 days overdue, 75 percent after 240 days \u00a0overdue, and 100 percent after one year overdue. However, in certain cases the Group may also consider a financial asset to be uncollectable when external information indicates that the Group is \u00a0unlikely to receive the outstanding contractual amounts in full, before taking into account any credit enhancements held by the Group. \u00a0
The carrying amount of the asset is reduced through use of an allowance account. The amount of the loss is recognised in profit or loss. If the amount of the impairment loss decreases in a subsequent \u00a0period and the decrease can be related objectively to an event occurring after the recognition of impairment, the impairment loss previously recognised is reversed. Any subsequent reversal of an \u00a0impairment loss is recognised in profit or loss to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date. \u00a0
\n TRADE RECEIVABLES [21] \u00a0\n
\n Trade receivables are initially measured at fair value and subsequently carried at amortised cost. Trade receivables consist of the following: \u00a0\n
\n \n \n \n \n \n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Trade receivables, gross | \n 22,966 | \n 16,555 | \n
\n \n | Provision | \n -850 | \n -537 | \n
\n \n | Trade receivables, net | \n 22,116 | \n 16,018 | \n
\n \n
\n
\n Trade receivables are only due from third-party customers; are non-interest bearing and generally have a term of 0 to 90 days. \u00a0\n
\n The provision is calculated based on all information available to the Company and includes all expected credit losses on receivables as at 31 December 2025. For further information, we refer to \u00a0\n Notes [3] and [41]. \u00a0
\n As at 31 December 2025, all campaigns were billed to the extent that revenue was recognised. Consequently, the amount of contract assets is nil. \u00a0\n
\n \n \n
\n OTHER RECEIVABLES [22] \u00a0\n
\n Other receivables consist of the following: \u00a0\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Value-added tax receivables | \n 7 | \n 0 | \n
\n \n | Prepayments | \n 703 | \n 305 | \n
\n \n | Total | \n 710 | \n 305 | \n
\n \n
\n
\n
\n 7. Credit risk management \u00a0\n
\n Credit risk is the risk of loss for the Group should contractual parties not meet their contractual obligations. Business relationships are only entered into with creditworthy counterparties, and, \u00a0\n where appropriate, the Group obtains collateral to reduce the risk of loss due to the non-fulfilment of obligations. The Group only enters into business relationships with entities that are rated \u00a0\u201cinvestment grade\u201d or above. If such information is not available, the Group makes use of other available financial information and its own trading records to evaluate its major customers. The risk \u00a0exposure of the Group and the credit ratings are continuously monitored. The Group has trade receivables with a large number of customers spread over various sectors and geographical territories. \u00a0Continuous credit assessments are carried out with regard to the financial condition of the receivables. \u00a0
\n An impairment analysis is performed at each reporting date to measure expected credit losses. The provision rates are based on days past due for every single customer, reflecting reasonable and \u00a0\n supportable information that is available at the reporting date about past events and current conditions and customer-specific, forward-looking information from the client-facing account manager. \u00a0
If a customer defaults, all outstanding amounts relating to that counterparty are subject to an allowance calculation. The default is primarily determined based on an individual assessment \u2013 \u00a0prompted by noticeable changes in payment behaviour, or an application for bankruptcy. The individual assessment is generally supported by the information provided by the client-facing account \u00a0manager. \u00a0
Generally, trade receivables are considered at 100 percent in the credit loss allowance if they are past due for more than one year. Trade receivables are written off and derecognised if there is \u00a0good reason to assume that the outstanding amount is unrecoverable in part or in whole, for example after the completion of insolvency proceedings. \u00a0
The Group is not exposed to any significant credit risks relating to a single contractual party or group of contractual parties with similar characteristics. The reported carrying amount reflects the \u00a0maximum credit risk of the Group. The Group defines contractual parties as those with similar characteristics if they are related parties. The concentration of credit risk from customer relationships \u00a0did not exceed 4.6 percent (2024: 4.0 percent) of the financial gross asset values at any time during the reporting period. The carrying amount of the financial assets included in the Consolidated \u00a0Financial Statements less any impairment losses represent the Group\u2019s maximum credit risk. Any collateral is ignored. There are no credit derivatives for hedging outstanding amounts from \u00a0customers, nor have there been. \u00a0
The expected loss rates (stage 2) of the impairment model amount to 0 percent for the ad pepper media segment. The expected loss rate for the Webgains segment is 0.5 percent and for the solute \u00a0segment 0.02 percent. \u00a0
The Group recognises an allowance for expected credit losses (ECL) for all debt instruments not held at fair value through profit or loss. An allowance for expected credit losses (ECLs) is a present \u00a0value of the difference between the contractual cash flows due, and all the cash flows expected to be received. \u00a0
A default on receivables expected over the respective term (stage 2 of the impairment model) is determined for trade accounts receivable based on historical default rates for a respective customer \u00a0portfolio, adjusted for forward-looking factors specific to the debtors and the economic environment, based on segment and geographic allocation. \u00a0
The Company abstains from disclosing an ECL table, as the application of the expected loss rates results in immaterial amounts for the Group. The Company tests for impairment (stage 3 of the \u00a0impairment model) if there are substantial indications that receivables may be uncollectable, e.g. deterioration of payment behaviour or initiation of insolvency proceedings. An account of individual \u00a0value adjustments is only maintained for trade receivables. \u00a0
The reconciliation of changes in the loss allowance is as follows: \u00a0
| Loss allowance | 2025 | 2024 |
| kEUR | kEUR |
| Balance at beginning of year | 537 | 618 |
| Allowances in the period | | |
| Additions | 902 | 275 |
| Reversals | -386 | -82 |
| Utilisation | -203 | -274 |
| Balance at end of period | 850 | 537 |
The analysis shows that allowances were set up on a gross receivables amount of EUR 918k (2024: EUR 681k). For all other financial assets, no material credit losses are anticipated despite trade \u00a0receivables that are subject to the impairment model according to IFRS 9.5.5. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97509_2025": {
"value": "Impairment of financial assets carried at amortised cost \u00a0
The Group recognises an allowance for expected credit losses (ECL) for all debt instruments not held at fair value through profit or loss. For trade receivables and contract assets, the Group applies \u00a0a simplified approach in calculating ECL in line with IFRS 9. An allowance for expected credit losses (ECLs) is a present value of the difference between the contractual cash flows due and all the cash \u00a0flows expected to be received. \u00a0
A default on receivables expected over the respective term (stage 2 of the impairment model) is determined for trade accounts receivable based on historical default rates for a respective customer \u00a0portfolio, adjusted for forward-looking factors specific to the debtors and the economic environment, based on segment and geographic allocation. \u00a0
When actions such as insolvency or comparable proceedings have been initiated or other substantial indications that receivables are impaired become apparent like a deterioration of the payment \u00a0behaviour, the receivables are individually tested for impairment (stage 3 of the impairment model). All receivables more than 90 days overdue are tested for impairment. Impaired debts are written \u00a0off when they are deemed uncollectable. In the reporting year, bad debt allowance on trade receivables was applied at a rate of 50 percent after 120 days overdue, 75 percent after 240 days \u00a0overdue, and 100 percent after one year overdue. However, in certain cases the Group may also consider a financial asset to be uncollectable when external information indicates that the Group is \u00a0unlikely to receive the outstanding contractual amounts in full, before taking into account any credit enhancements held by the Group. \u00a0
The carrying amount of the asset is reduced through use of an allowance account. The amount of the loss is recognised in profit or loss. If the amount of the impairment loss decreases in a subsequent \u00a0period and the decrease can be related objectively to an event occurring after the recognition of impairment, the impairment loss previously recognised is reversed. Any subsequent reversal of an \u00a0impairment loss is recognised in profit or loss to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date. \u00a0
\n \n
\n OTHER OPERATING EXPENSES [13] \u00a0\n
\n
\n Other operating expenses consist of the following: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 2025 | \n 2024 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Foreign exchange losses | \n 48 | \n 0 | \n
\n \n | Expected credit losses on | \n | \n | \n
\n \n | trade receivables | \n 246 | \n 162 | \n
\n \n | Total | \n 293 | \n 162 | \n
\n \n
\n
\n
\n TRADE RECEIVABLES [21] \u00a0\n
\n Trade receivables are initially measured at fair value and subsequently carried at amortised cost. Trade receivables consist of the following: \u00a0\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Trade receivables, gross | \n 22,966 | \n 16,555 | \n
\n \n | Provision | \n -850 | \n -537 | \n
\n \n | Trade receivables, net | \n 22,116 | \n 16,018 | \n
\n \n
\n
\n Trade receivables are only due from third-party customers; are non-interest bearing and generally have a term of 0 to 90 days. \u00a0\n
\n The provision is calculated based on all information available to the Company and includes all expected credit losses on receivables as at 31 December 2025. For further information, we refer to \u00a0\n Notes [3] and [41]. \u00a0
\n 4. Objectives of financial risk management \u00a0\n
\n The main financial liabilities used by the Group comprise trade payables and lease liabilities. The primary purpose of these financial liabilities is to finance the Group\u2019s business activities. The Group \u00a0\n has various financial assets, such as trade receivables and cash. \u00a0
\n Group management monitors and manages the financial risks of the Group. These risks include the market risk (including exchange rate risks, interest rate-related fair value risks and price risks), \u00a0\n the credit risk, the liquidity risk and interest rate-related cash flow risks. In addition, the management decides on the utilisation of derivative and non-derivative financial transactions and the \u00a0investment of surplus liquidity in securities and deposits. The Group does not enter into any contracts with or deal in financial instruments, including derivative financial instruments, for speculative \u00a0purposes. \u00a0
\n 5. Market risk \u00a0\n
\n The Group\u2019s activities expose it primarily to financial risks from changes in exchange rates (see 6. below). Market risk positions are determined by means of sensitivity analysis. As no further \u00a0\n investments in listed debt instruments are held by the Group, the market risk exposure in conjunction with interest rate risk of the Group decreased to zero. The nature and means of risk management \u00a0and assessment, however, remain unchanged. \u00a0
6. Foreign currency risk management \u00a0
Certain transactions in the Group are denominated in foreign currencies. This can result in risk from fluctuations in the exchange rate. The carrying amounts of the monetary assets and liabilities of \u00a0the Group denominated in foreign currencies are as follows: \u00a0
| Financial assets | 31/12/25 | 31/12/24 |
| kEUR | kEUR |
| GBP | 8,480 | 10,049 |
| USD | 1,281 | 613 |
| CHF | 0 | 1,286 |
| Total | 9,761 | 11,948 |
| Financial liabilities | 31/12/25 | 31/12/24 |
| kEUR | kEUR |
| GBP | 7,990 | 9,554 |
| USD | 121 | 264 |
| CHF | 0 | 176 |
| Total | 8,111 | 9,994 |
\n \n \n \n \n \n \n
\n Foreign currency sensitivity analysis \u00a0\n
\n The Group is primarily exposed to exchange rate risk from the currency USD. The following table shows the sensitivity from the point of view of the Group, assuming a 10 percent rise or fall in the \u00a0\n EUR against the respective foreign currency. The 10 percent shift represents management\u2019s assessment with regards to a reasonable possible change in the exchange rate. The sensitivity analysis \u00a0only includes outstanding monetary positions denominated in foreign currency and adjusts their translation at the end of the period to reflect a 10 percent change in the exchange rates. \u00a0
\n
\n \n \n \n \n \n \n \n | \n E\ufb00ect of USD | \n E\ufb00ect of USD | \n
\n \n | \n +10% | \n +10% | \n
\n \n | \n 31/12/25 | \n 31/12/24 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Net pro\ufb01t/(loss) for the | \n | \n | \n
\n \n | year | \n -140 | \n -79 | \n
\n \n
\n
\n
\n \n \n \n \n \n \n \n | \n E\ufb00ect of USD | \n E\ufb00ect of USD | \n
\n \n | \n -10% | \n -10% | \n
\n \n | \n 31/12/25 | \n 31/12/24 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Net pro\ufb01t/(loss) for the | \n | \n | \n
\n \n | year | \n 171 | \n 97 | \n
\n \n
\n
\n \n \n \n \n \n \n
\n 7. Credit risk management \u00a0\n
\n Credit risk is the risk of loss for the Group should contractual parties not meet their contractual obligations. Business relationships are only entered into with creditworthy counterparties, and, \u00a0\n where appropriate, the Group obtains collateral to reduce the risk of loss due to the non-fulfilment of obligations. The Group only enters into business relationships with entities that are rated \u00a0\u201cinvestment grade\u201d or above. If such information is not available, the Group makes use of other available financial information and its own trading records to evaluate its major customers. The risk \u00a0exposure of the Group and the credit ratings are continuously monitored. The Group has trade receivables with a large number of customers spread over various sectors and geographical territories. \u00a0Continuous credit assessments are carried out with regard to the financial condition of the receivables. \u00a0
\n An impairment analysis is performed at each reporting date to measure expected credit losses. The provision rates are based on days past due for every single customer, reflecting reasonable and \u00a0\n supportable information that is available at the reporting date about past events and current conditions and customer-specific, forward-looking information from the client-facing account manager. \u00a0
\n \n
If a customer defaults, all outstanding amounts relating to that counterparty are subject to an allowance calculation. The default is primarily determined based on an individual assessment \u2013 \u00a0prompted by noticeable changes in payment behaviour, or an application for bankruptcy. The individual assessment is generally supported by the information provided by the client-facing account \u00a0manager. \u00a0
Generally, trade receivables are considered at 100 percent in the credit loss allowance if they are past due for more than one year. Trade receivables are written off and derecognised if there is \u00a0good reason to assume that the outstanding amount is unrecoverable in part or in whole, for example after the completion of insolvency proceedings. \u00a0
The Group is not exposed to any significant credit risks relating to a single contractual party or group of contractual parties with similar characteristics. The reported carrying amount reflects the \u00a0maximum credit risk of the Group. The Group defines contractual parties as those with similar characteristics if they are related parties. The concentration of credit risk from customer relationships \u00a0did not exceed 4.6 percent (2024: 4.0 percent) of the financial gross asset values at any time during the reporting period. The carrying amount of the financial assets included in the Consolidated \u00a0Financial Statements less any impairment losses represent the Group\u2019s maximum credit risk. Any collateral is ignored. There are no credit derivatives for hedging outstanding amounts from \u00a0customers, nor have there been. \u00a0
The expected loss rates (stage 2) of the impairment model amount to 0 percent for the ad pepper media segment. The expected loss rate for the Webgains segment is 0.5 percent and for the solute \u00a0segment 0.02 percent. \u00a0
The Group recognises an allowance for expected credit losses (ECL) for all debt instruments not held at fair value through profit or loss. An allowance for expected credit losses (ECLs) is a present \u00a0value of the difference between the contractual cash flows due, and all the cash flows expected to be received. \u00a0
A default on receivables expected over the respective term (stage 2 of the impairment model) is determined for trade accounts receivable based on historical default rates for a respective customer \u00a0portfolio, adjusted for forward-looking factors specific to the debtors and the economic environment, based on segment and geographic allocation. \u00a0
The Company abstains from disclosing an ECL table, as the application of the expected loss rates results in immaterial amounts for the Group. The Company tests for impairment (stage 3 of the \u00a0impairment model) if there are substantial indications that receivables may be uncollectable, e.g. deterioration of payment behaviour or initiation of insolvency proceedings. An account of individual \u00a0value adjustments is only maintained for trade receivables. \u00a0
The reconciliation of changes in the loss allowance is as follows: \u00a0
| Loss allowance | 2025 | 2024 |
| kEUR | kEUR |
| Balance at beginning of year | 537 | 618 |
| Allowances in the period | | |
| Additions | 902 | 275 |
| Reversals | -386 | -82 |
| Utilisation | -203 | -274 |
| Balance at end of period | 850 | 537 |
The analysis shows that allowances were set up on a gross receivables amount of EUR 918k (2024: EUR 681k). For all other financial assets, no material credit losses are anticipated despite trade \u00a0receivables that are subject to the impairment model according to IFRS 9.5.5. \u00a0
9. Liquidity risk management \u00a0
The Group monitors the risk of liquidity shortage on a continuous basis with the help of a liquidity planning tool. This tool takes into account the maturities of financial investments and financial \u00a0assets (e.g., receivables, other financial assets) and expected cash flow from operating activities. The Group\u2019s aim is to maintain a balance between continuous coverage of funding needs and the \u00a0necessity of flexibility. \u00a0
The maturities of the financial liabilities of the Group as at 31 December 2025 are presented below. \u00a0
| Financial liabilities 31/12/25 | < 1 mth. | > 1 mth., | 3 mth. to 1 | 1 to 5 years | > 5 years | Total |
| | < 3 mth. | year | | | |
| kEUR | kEUR | kEUR | kEUR | kEUR | kEUR |
| Lease liabilities | 66 | 133 | 597 | 901 | 0 | 1,697 |
| Trade payables | 22,173 | 0 | 0 | 0 | 0 | 22,173 |
| Other \ufb01nancial liabilities | | | | | | |
| measured at amortised cost | 1,575 | 1,364 | 2,609 | 0 | 0 | 5,549 |
| Other \ufb01nancial liabilities | | | | | | |
| measured at fair value | 0 | 0 | 0 | 79 | 0 | 79 |
| Total | 23,814 | 1,497 | 3,206 | 980 | 0 | 29,498 |
| Financial liabilities 31/12/24 | < 1 mth. | > 1 mth., | 3 mth. to 1 | 1 to 5 years | > 5 years | Total |
| | < 3 mth. | year | | | |
| kEUR | kEUR | kEUR | kEUR | kEUR | kEUR |
| Lease liabilities | 40 | 79 | 356 | 840 | 0 | 1,315 |
| Trade payables | 20,344 | 266 | 0 | 0 | 0 | 20,610 |
| Other \ufb01nancial liabilities | | | | | | |
| measured at amortised cost | 488 | 483 | 2,025 | 0 | 0 | 2,996 |
| Other \ufb01nancial liabilities | | | | | | |
| measured at fair value | 0 | 0 | 0 | 13 | 0 | 13 |
| Total | 20,871 | 829 | 2,381 | 853 | 0 | 24,934 |
The lease liabilities disclosed in the above table are the gross amounts. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97504_2025": {
"value": "Impairment of financial assets carried at amortised cost \u00a0
The Group recognises an allowance for expected credit losses (ECL) for all debt instruments not held at fair value through profit or loss. For trade receivables and contract assets, the Group applies \u00a0a simplified approach in calculating ECL in line with IFRS 9. An allowance for expected credit losses (ECLs) is a present value of the difference between the contractual cash flows due and all the cash \u00a0flows expected to be received. \u00a0
A default on receivables expected over the respective term (stage 2 of the impairment model) is determined for trade accounts receivable based on historical default rates for a respective customer \u00a0portfolio, adjusted for forward-looking factors specific to the debtors and the economic environment, based on segment and geographic allocation. \u00a0
When actions such as insolvency or comparable proceedings have been initiated or other substantial indications that receivables are impaired become apparent like a deterioration of the payment \u00a0behaviour, the receivables are individually tested for impairment (stage 3 of the impairment model). All receivables more than 90 days overdue are tested for impairment. Impaired debts are written \u00a0off when they are deemed uncollectable. In the reporting year, bad debt allowance on trade receivables was applied at a rate of 50 percent after 120 days overdue, 75 percent after 240 days \u00a0overdue, and 100 percent after one year overdue. However, in certain cases the Group may also consider a financial asset to be uncollectable when external information indicates that the Group is \u00a0unlikely to receive the outstanding contractual amounts in full, before taking into account any credit enhancements held by the Group. \u00a0
The carrying amount of the asset is reduced through use of an allowance account. The amount of the loss is recognised in profit or loss. If the amount of the impairment loss decreases in a subsequent \u00a0period and the decrease can be related objectively to an event occurring after the recognition of impairment, the impairment loss previously recognised is reversed. Any subsequent reversal of an \u00a0impairment loss is recognised in profit or loss to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date. \u00a0
\n \n
\n OTHER OPERATING EXPENSES [13] \u00a0\n
\n
\n Other operating expenses consist of the following: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 2025 | \n 2024 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Foreign exchange losses | \n 48 | \n 0 | \n
\n \n | Expected credit losses on | \n | \n | \n
\n \n | trade receivables | \n 246 | \n 162 | \n
\n \n | Total | \n 293 | \n 162 | \n
\n \n
\n
\n
\n \n
\n FINANCIAL RESULT, NET [14] \u00a0\n
\n
\n Net financial result consists of the following: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 2025 | \n 2024 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Interest income | \n 266 | \n 291 | \n
\n \n | Realised gains from securities | \n | \n | \n
\n \n | measured at \u201dfair value through | \n | \n | \n
\n \n | other comprehensive income\u201c | \n 0 | \n 17 | \n
\n \n | Realised gains from securities | \n | \n | \n
\n \n | measures at \u201cfair value through | \n | \n | \n
\n \n | pro\ufb01t and loss\u201d | \n 14 | \n 0 | \n
\n \n | Financial income | \n 280 | \n 308 | \n
\n \n | Interest expenses | \n -56 | \n 0 | \n
\n \n | Interest on lease liabilities | \n -78 | \n -55 | \n
\n \n | Financial expenses | \n -134 | \n -55 | \n
\n \n | Net financial result | \n 146 | \n 253 | \n
\n \n
\n
\n
\n \n
\n OTHER NON-CURRENT FINANCIAL ASSETS [19] \u00a0\n
\n
\n Other financial assets consist of the following and are measured at amortised cost: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Deposits | \n 171 | \n 356 | \n
\n \n | Other receivables | \n 500 | \n 0 | \n
\n \n | Total | \n 671 | \n 356 | \n
\n \n
\n
\n
\n Other receivables consist of the last payment in conjunction with the sale of the ad agents segment, due in January 2027. \u00a0\n
\n
\n The maturities of the other financial assets as at the end of the period are as follows: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Due in between one and \ufb01ve | \n | \n | \n
\n \n | years | \n 671 | \n 249 | \n
\n \n | Due in more than \ufb01ve years | \n 0 | \n 0 | \n
\n \n | Total | \n 671 | \n 249 | \n
\n \n
\n
\n
CURRENT SECURITIES [20] \u00a0
Overview about current securities: \u00a0
| 2025 | Deposits | Total |
| kEUR | kEUR |
| Book value 1/1 | 0 | 0 |
| Maturity | 0 | 0 |
| Book value 31/12 | 0 | 0 |
\n \n
\n
\n \n \n \n \n \n \n \n \n | 2024 | \n Debt | \n Deposits | \n Total | \n
\n \n | securities | \n | \n | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Book value 1/1 | \n 1,985 | \n 1,538 | \n 3,523 | \n
\n \n | Maturity | \n -2,000 | \n -1,538 | \n -3,538 | \n
\n \n | Realised gains/losses (-) | \n 17 | \n 0 | \n 17 | \n
\n \n | Unrealised gains/losses | \n | \n | \n | \n
\n \n | (-) | \n -2 | \n 0 | \n -2 | \n
\n \n | Book value 31/12 | \n 0 | \n 0 | \n 0 | \n
\n \n
\n
\n \n
\n TRADE RECEIVABLES [21] \u00a0\n
\n Trade receivables are initially measured at fair value and subsequently carried at amortised cost. Trade receivables consist of the following: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Trade receivables, gross | \n 22,966 | \n 16,555 | \n
\n \n | Provision | \n -850 | \n -537 | \n
\n \n | Trade receivables, net | \n 22,116 | \n 16,018 | \n
\n \n
\n
\n Trade receivables are only due from third-party customers; are non-interest bearing and generally have a term of 0 to 90 days. \u00a0\n
\n The provision is calculated based on all information available to the Company and includes all expected credit losses on receivables as at 31 December 2025. For further information, we refer to \u00a0\n Notes [3] and [41]. \u00a0
\n As at 31 December 2025, all campaigns were billed to the extent that revenue was recognised. Consequently, the amount of contract assets is nil. \u00a0\n
\n OTHER CURRENT FINANCIAL ASSETS [24] \u00a0\n
\n Other current financial assets consist of the following: \u00a0\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Other | \n 2,760 | \n 15 | \n
\n \n | Total | \n 2,760 | \n 15 | \n
\n \n
\n
\n Other contain the receivable of the second payment instalment amounting to EUR 2,650k for the sale of the ad agents segment, due in the first quarter 2026. \u00a0\n
\n CASH AND CASH EQUIVALENTS [25] \u00a0\n
\n This item includes cash at banks and cash in hand. For the purpose of the consolidated cash flow statement, cash and cash equivalents comprise cash at banks and on hand of EUR\u00a027,330k (2024: \u00a0\n EUR 24,155k). \u00a0
TRADE PAYABLES [31] \u00a0
Trade payables include accrued liabilities and are recognised at amortised cost. Accrued liabilities for affiliate credits not yet disbursed in the Webgains segment amount to EUR 11,777k (2024: EUR \u00a012,875k). \u00a0
\n \n
\n OTHER FINANCIAL LIABILITIES [34] \u00a0\n
\n
\n Other financial liabilities consist of the following: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Liability for written put option | \n 2,551 | \n 1,996 | \n
\n \n | Bonuses and commissions | \n 1,534 | \n 609 | \n
\n \n | Accrued liabilities for outstanding | \n | \n | \n
\n \n | invoices | \n 400 | \n 390 | \n
\n \n | Current lease liabilities | \n 796 | \n 476 | \n
\n \n | Unpaid distributions to | \n | \n | \n
\n \n | shareholders | \n 648 | \n 0 | \n
\n \n | Other | \n 416 | \n 0 | \n
\n \n | Total | \n 6,345 | \n 3,471 | \n
\n \n
\n
\n
\n The put option liability relates to the obligation resulting from the written put / call option over the 35 percent non-controlling interest in ad pepper media Spain S.A with no termination date. The \u00a0\n amount of the financial liability is the exercise price of the option based on a contractually agreed EBIT multiple. \u00a0
\n \n
\n In accordance with IAS\ua88410 and IAS\ua88432, once a distribution to shareholders has been formally approved before the reporting date, the Company recognises a liability for approved but unpaid \u00a0\n distributions. Such distributions are no longer presented within equity, as the approval creates a present obligation to transfer economic resources. The outstanding amount is classified as a current \u00a0liability and will be settled in the subsequent financial period. \u00a0
\n \n \n
\n Other include mainly a severance payment liability of EUR 114k. \u00a0\n
\n
\n FINANCIAL INSTRUMENTS [41] \u00a0\n
\n The classes of financial instruments within the meaning of IFRS 7.6 are defined in accordance with the categories of financial instruments in IFRS 9. IFRS 9 contains three categories for classifying \u00a0\n financial assets: \u201cmeasured at amortised cost\u201d, \u201cmeasured at fair value through profit or loss\u201d and \u201cmeasured at fair value through other comprehensive income\u201d. \u00a0
\n 2. Material accounting policies \u00a0\n
\n The rent and similar deposits referred to in Note [19], carried at their nominal amount of EUR 53k (2024: EUR 98k), are pledged as collateral for bank guarantees. The Group does not hold any \u00a0\n collateral for credit facilities. Detailed information on the main accounting policies applied, including the recognition criteria, the measurement bases and the bases for the recognition of income and expenses, are presented separately for each category of financial assets, financial liabilities and equity instruments in the following section 3. \u00a0
3. Categories of financial instruments \u00a0
Carrying amount per category of financial instruments: \u00a0
| Financial assets | 31/12/25 | 31/12/24 |
| kEUR | kEUR |
| Debt instruments at amortised cost | 52,877 | 40,544 |
| Trade receivables (Note [21]) | 22,116 | 16,018 |
| Deposits (Note [19]) | 171 | 356 |
| Other receivables (Note [19], [23]) | 3,260 | 15 |
| Cash and cash equivalents (Note | | |
| [25]) | 27,330 | 24,155 |
| Total financial assets | 52,877 | 40,544 |
| Total current | 52,206 | 40,188 |
| Total non-current | 671 | 356 |
\n \n
\n
\n \n \n \n \n \n \n \n | Financial liabilities | \n 31/12/25 | \n 31/12/24 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Other financial liabilities measured | \n | \n | \n\n
\n \n | at amortised cost | \n 29,419 | \n 24,921 | \n
\n \n | Lease liabilities (Note [42]) | \n 1,697 | \n 1,317 | \n
\n \n | Trade payables (Note [31]) | \n 22,173 | \n 20,610 | \n
\n \n | Other payables (Note [34]) | \n 2,998 | \n 998 | \n
\n \n | Wri\ua881en put option (Note [34]) | \n 2,551 | \n 1,996 | \n
\n \n | Other financial liabilities measured | \n | \n | \n\n
\n \n | at fair value | \n 78 | \n 13 | \n
\n \n | Share appreciation rights (Note | \n | \n | \n\n
\n \n | [30]) | \n 78 | \n 13 | \n
\n \n | Total financial liabilities | \n 29,497 | \n 24,934 | \n
\n \n | Total current | \n 28,517 | \n 24,081 | \n
\n \n | Total non-current | \n 980 | \n 853 | \n
\n \n
\n
\n
\n Due to the short-term maturities of cash and cash equivalents, trade receivables and payables, current financial assets and liabilities, their respective fair values approximate their carrying amounts. \u00a0\n The fair values of non-current financial liabilities relating to lease liabilities are based on carrying amounts, which are a reasonable approximation of fair value. The fair value of non-current financial \u00a0liabilities relating to employee benefits for share appreciation rights are based on fair value as at 31 December 2025 (Note [39]). \u00a0
\n \n \n
\n \n
\n Net gains and losses per category of financial instruments (IFRS 7.20 (a)): \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | Financial assets | \n 31/12/25 | \n 31/12/24 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | At fair value through other | \n | \n | \n
\n \n | comprehensive income | \n | \n | \n
\n \n | Unrealised gains/losses (-) | \n 0 | \n -2 | \n
\n \n | Realised gains/losses (-) | \n 0 | \n 17 | \n
\n \n | Total | \n 0 | \n 15 | \n
\n \n
\n
\n
\n Unrealised losses result from the fair value changes of debt securities classified at fair value through other comprehensive income and realised losses result from the maturity of debt securities \u00a0\n classified at fair value through other comprehensive income. \u00a0
\n \n
\n
\n \n \n \n \n \n \n \n | Financial assets | \n 31/12/25 | \n 31/12/24 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | At fair value through profit or loss | \n | \n | \n
\n \n | Realised gains/losses (-) | \n 14 | \n 0 | \n
\n \n | Total | \n 14 | \n 0 | \n
\n \n
\n
\n
\n \n \n
\n Interest income and expenses per category of financial instruments (IFRS 7.20 (b)): \u00a0\n
\n
\n \n \n \n \n \n \n \n | Financial assets | \n 31/12/25 | \n 31/12/24 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Measured at amortised cost | \n 210 | \n 249 | \n
\n \n | Measured at fair value through other | \n | \n | \n
\n \n | comprehensive income | \n 0 | \n 42 | \n
\n \n | Measured at fair value through | \n | \n | \n
\n \n | pro\ufb01t or loss | \n 57 | \n 0 | \n
\n \n
\n
\n \n \n \n \n \n \n \n \n
\n 4. Objectives of financial risk management \u00a0\n
\n The main financial liabilities used by the Group comprise trade payables and lease liabilities. The primary purpose of these financial liabilities is to finance the Group\u2019s business activities. The Group \u00a0\n has various financial assets, such as trade receivables and cash. \u00a0
\n Group management monitors and manages the financial risks of the Group. These risks include the market risk (including exchange rate risks, interest rate-related fair value risks and price risks), \u00a0\n the credit risk, the liquidity risk and interest rate-related cash flow risks. In addition, the management decides on the utilisation of derivative and non-derivative financial transactions and the \u00a0investment of surplus liquidity in securities and deposits. The Group does not enter into any contracts with or deal in financial instruments, including derivative financial instruments, for speculative \u00a0purposes. \u00a0
\n 5. Market risk \u00a0\n
\n The Group\u2019s activities expose it primarily to financial risks from changes in exchange rates (see 6. below). Market risk positions are determined by means of sensitivity analysis. As no further \u00a0\n investments in listed debt instruments are held by the Group, the market risk exposure in conjunction with interest rate risk of the Group decreased to zero. The nature and means of risk management \u00a0and assessment, however, remain unchanged. \u00a0
\n \n \n
6. Foreign currency risk management \u00a0
Certain transactions in the Group are denominated in foreign currencies. This can result in risk from fluctuations in the exchange rate. The carrying amounts of the monetary assets and liabilities of \u00a0the Group denominated in foreign currencies are as follows: \u00a0
| Financial assets | 31/12/25 | 31/12/24 |
| kEUR | kEUR |
| GBP | 8,480 | 10,049 |
| USD | 1,281 | 613 |
| CHF | 0 | 1,286 |
| Total | 9,761 | 11,948 |
| Financial liabilities | 31/12/25 | 31/12/24 |
| kEUR | kEUR |
| GBP | 7,990 | 9,554 |
| USD | 121 | 264 |
| CHF | 0 | 176 |
| Total | 8,111 | 9,994 |
\n \n \n \n \n \n \n
\n Foreign currency sensitivity analysis \u00a0\n
\n The Group is primarily exposed to exchange rate risk from the currency USD. The following table shows the sensitivity from the point of view of the Group, assuming a 10 percent rise or fall in the \u00a0\n EUR against the respective foreign currency. The 10 percent shift represents management\u2019s assessment with regards to a reasonable possible change in the exchange rate. The sensitivity analysis \u00a0only includes outstanding monetary positions denominated in foreign currency and adjusts their translation at the end of the period to reflect a 10 percent change in the exchange rates. \u00a0
\n
\n \n \n \n \n \n \n \n | \n E\ufb00ect of USD | \n E\ufb00ect of USD | \n
\n \n | \n +10% | \n +10% | \n
\n \n | \n 31/12/25 | \n 31/12/24 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Net pro\ufb01t/(loss) for the | \n | \n | \n
\n \n | year | \n -140 | \n -79 | \n
\n \n
\n
\n
\n \n \n \n \n \n \n \n | \n E\ufb00ect of USD | \n E\ufb00ect of USD | \n
\n \n | \n -10% | \n -10% | \n
\n \n | \n 31/12/25 | \n 31/12/24 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Net pro\ufb01t/(loss) for the | \n | \n | \n
\n \n | year | \n 171 | \n 97 | \n
\n \n
\n
\n \n \n \n \n \n \n
\n 7. Credit risk management \u00a0\n
\n Credit risk is the risk of loss for the Group should contractual parties not meet their contractual obligations. Business relationships are only entered into with creditworthy counterparties, and, \u00a0\n where appropriate, the Group obtains collateral to reduce the risk of loss due to the non-fulfilment of obligations. The Group only enters into business relationships with entities that are rated \u00a0\u201cinvestment grade\u201d or above. If such information is not available, the Group makes use of other available financial information and its own trading records to evaluate its major customers. The risk \u00a0exposure of the Group and the credit ratings are continuously monitored. The Group has trade receivables with a large number of customers spread over various sectors and geographical territories. \u00a0Continuous credit assessments are carried out with regard to the financial condition of the receivables. \u00a0
\n An impairment analysis is performed at each reporting date to measure expected credit losses. The provision rates are based on days past due for every single customer, reflecting reasonable and \u00a0\n supportable information that is available at the reporting date about past events and current conditions and customer-specific, forward-looking information from the client-facing account manager. \u00a0
\n \n
If a customer defaults, all outstanding amounts relating to that counterparty are subject to an allowance calculation. The default is primarily determined based on an individual assessment \u2013 \u00a0prompted by noticeable changes in payment behaviour, or an application for bankruptcy. The individual assessment is generally supported by the information provided by the client-facing account \u00a0manager. \u00a0
Generally, trade receivables are considered at 100 percent in the credit loss allowance if they are past due for more than one year. Trade receivables are written off and derecognised if there is \u00a0good reason to assume that the outstanding amount is unrecoverable in part or in whole, for example after the completion of insolvency proceedings. \u00a0
The Group is not exposed to any significant credit risks relating to a single contractual party or group of contractual parties with similar characteristics. The reported carrying amount reflects the \u00a0maximum credit risk of the Group. The Group defines contractual parties as those with similar characteristics if they are related parties. The concentration of credit risk from customer relationships \u00a0did not exceed 4.6 percent (2024: 4.0 percent) of the financial gross asset values at any time during the reporting period. The carrying amount of the financial assets included in the Consolidated \u00a0Financial Statements less any impairment losses represent the Group\u2019s maximum credit risk. Any collateral is ignored. There are no credit derivatives for hedging outstanding amounts from \u00a0customers, nor have there been. \u00a0
The expected loss rates (stage 2) of the impairment model amount to 0 percent for the ad pepper media segment. The expected loss rate for the Webgains segment is 0.5 percent and for the solute \u00a0segment 0.02 percent. \u00a0
The Group recognises an allowance for expected credit losses (ECL) for all debt instruments not held at fair value through profit or loss. An allowance for expected credit losses (ECLs) is a present \u00a0value of the difference between the contractual cash flows due, and all the cash flows expected to be received. \u00a0
A default on receivables expected over the respective term (stage 2 of the impairment model) is determined for trade accounts receivable based on historical default rates for a respective customer \u00a0portfolio, adjusted for forward-looking factors specific to the debtors and the economic environment, based on segment and geographic allocation. \u00a0
The Company abstains from disclosing an ECL table, as the application of the expected loss rates results in immaterial amounts for the Group. The Company tests for impairment (stage 3 of the \u00a0impairment model) if there are substantial indications that receivables may be uncollectable, e.g. deterioration of payment behaviour or initiation of insolvency proceedings. An account of individual \u00a0value adjustments is only maintained for trade receivables. \u00a0
The reconciliation of changes in the loss allowance is as follows: \u00a0
| Loss allowance | 2025 | 2024 |
| kEUR | kEUR |
| Balance at beginning of year | 537 | 618 |
| Allowances in the period | | |
| Additions | 902 | 275 |
| Reversals | -386 | -82 |
| Utilisation | -203 | -274 |
| Balance at end of period | 850 | 537 |
The analysis shows that allowances were set up on a gross receivables amount of EUR 918k (2024: EUR 681k). For all other financial assets, no material credit losses are anticipated despite trade \u00a0receivables that are subject to the impairment model according to IFRS 9.5.5. \u00a0
9. Liquidity risk management \u00a0
The Group monitors the risk of liquidity shortage on a continuous basis with the help of a liquidity planning tool. This tool takes into account the maturities of financial investments and financial \u00a0assets (e.g., receivables, other financial assets) and expected cash flow from operating activities. The Group\u2019s aim is to maintain a balance between continuous coverage of funding needs and the \u00a0necessity of flexibility. \u00a0
The maturities of the financial liabilities of the Group as at 31 December 2025 are presented below. \u00a0
| Financial liabilities 31/12/25 | < 1 mth. | > 1 mth., | 3 mth. to 1 | 1 to 5 years | > 5 years | Total |
| | < 3 mth. | year | | | |
| kEUR | kEUR | kEUR | kEUR | kEUR | kEUR |
| Lease liabilities | 66 | 133 | 597 | 901 | 0 | 1,697 |
| Trade payables | 22,173 | 0 | 0 | 0 | 0 | 22,173 |
| Other \ufb01nancial liabilities | | | | | | |
| measured at amortised cost | 1,575 | 1,364 | 2,609 | 0 | 0 | 5,549 |
| Other \ufb01nancial liabilities | | | | | | |
| measured at fair value | 0 | 0 | 0 | 79 | 0 | 79 |
| Total | 23,814 | 1,497 | 3,206 | 980 | 0 | 29,498 |
| Financial liabilities 31/12/24 | < 1 mth. | > 1 mth., | 3 mth. to 1 | 1 to 5 years | > 5 years | Total |
| | < 3 mth. | year | | | |
| kEUR | kEUR | kEUR | kEUR | kEUR | kEUR |
| Lease liabilities | 40 | 79 | 356 | 840 | 0 | 1,315 |
| Trade payables | 20,344 | 266 | 0 | 0 | 0 | 20,610 |
| Other \ufb01nancial liabilities | | | | | | |
| measured at amortised cost | 488 | 483 | 2,025 | 0 | 0 | 2,996 |
| Other \ufb01nancial liabilities | | | | | | |
| measured at fair value | 0 | 0 | 0 | 13 | 0 | 13 |
| Total | 20,871 | 829 | 2,381 | 853 | 0 | 24,934 |
The lease liabilities disclosed in the above table are the gross amounts. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97478_2025": {
"value": "Impairment of financial assets carried at amortised cost \u00a0
The Group recognises an allowance for expected credit losses (ECL) for all debt instruments not held at fair value through profit or loss. For trade receivables and contract assets, the Group applies \u00a0a simplified approach in calculating ECL in line with IFRS 9. An allowance for expected credit losses (ECLs) is a present value of the difference between the contractual cash flows due and all the cash \u00a0flows expected to be received. \u00a0
A default on receivables expected over the respective term (stage 2 of the impairment model) is determined for trade accounts receivable based on historical default rates for a respective customer \u00a0portfolio, adjusted for forward-looking factors specific to the debtors and the economic environment, based on segment and geographic allocation. \u00a0
When actions such as insolvency or comparable proceedings have been initiated or other substantial indications that receivables are impaired become apparent like a deterioration of the payment \u00a0behaviour, the receivables are individually tested for impairment (stage 3 of the impairment model). All receivables more than 90 days overdue are tested for impairment. Impaired debts are written \u00a0off when they are deemed uncollectable. In the reporting year, bad debt allowance on trade receivables was applied at a rate of 50 percent after 120 days overdue, 75 percent after 240 days \u00a0overdue, and 100 percent after one year overdue. However, in certain cases the Group may also consider a financial asset to be uncollectable when external information indicates that the Group is \u00a0unlikely to receive the outstanding contractual amounts in full, before taking into account any credit enhancements held by the Group. \u00a0
The carrying amount of the asset is reduced through use of an allowance account. The amount of the loss is recognised in profit or loss. If the amount of the impairment loss decreases in a subsequent \u00a0period and the decrease can be related objectively to an event occurring after the recognition of impairment, the impairment loss previously recognised is reversed. Any subsequent reversal of an \u00a0impairment loss is recognised in profit or loss to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date. \u00a0
\n \n
\n OTHER OPERATING EXPENSES [13] \u00a0\n
\n
\n Other operating expenses consist of the following: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 2025 | \n 2024 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Foreign exchange losses | \n 48 | \n 0 | \n
\n \n | Expected credit losses on | \n | \n | \n
\n \n | trade receivables | \n 246 | \n 162 | \n
\n \n | Total | \n 293 | \n 162 | \n
\n \n
\n
\n
\n TRADE RECEIVABLES [21] \u00a0\n
\n Trade receivables are initially measured at fair value and subsequently carried at amortised cost. Trade receivables consist of the following: \u00a0\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Trade receivables, gross | \n 22,966 | \n 16,555 | \n
\n \n | Provision | \n -850 | \n -537 | \n
\n \n | Trade receivables, net | \n 22,116 | \n 16,018 | \n
\n \n
\n
\n Trade receivables are only due from third-party customers; are non-interest bearing and generally have a term of 0 to 90 days. \u00a0\n
\n The provision is calculated based on all information available to the Company and includes all expected credit losses on receivables as at 31 December 2025. For further information, we refer to \u00a0\n Notes [3] and [41]. \u00a0
\n 7. Credit risk management \u00a0\n
\n Credit risk is the risk of loss for the Group should contractual parties not meet their contractual obligations. Business relationships are only entered into with creditworthy counterparties, and, \u00a0\n where appropriate, the Group obtains collateral to reduce the risk of loss due to the non-fulfilment of obligations. The Group only enters into business relationships with entities that are rated \u00a0\u201cinvestment grade\u201d or above. If such information is not available, the Group makes use of other available financial information and its own trading records to evaluate its major customers. The risk \u00a0exposure of the Group and the credit ratings are continuously monitored. The Group has trade receivables with a large number of customers spread over various sectors and geographical territories. \u00a0Continuous credit assessments are carried out with regard to the financial condition of the receivables. \u00a0
\n An impairment analysis is performed at each reporting date to measure expected credit losses. The provision rates are based on days past due for every single customer, reflecting reasonable and \u00a0\n supportable information that is available at the reporting date about past events and current conditions and customer-specific, forward-looking information from the client-facing account manager. \u00a0
If a customer defaults, all outstanding amounts relating to that counterparty are subject to an allowance calculation. The default is primarily determined based on an individual assessment \u2013 \u00a0prompted by noticeable changes in payment behaviour, or an application for bankruptcy. The individual assessment is generally supported by the information provided by the client-facing account \u00a0manager. \u00a0
Generally, trade receivables are considered at 100 percent in the credit loss allowance if they are past due for more than one year. Trade receivables are written off and derecognised if there is \u00a0good reason to assume that the outstanding amount is unrecoverable in part or in whole, for example after the completion of insolvency proceedings. \u00a0
The Group is not exposed to any significant credit risks relating to a single contractual party or group of contractual parties with similar characteristics. The reported carrying amount reflects the \u00a0maximum credit risk of the Group. The Group defines contractual parties as those with similar characteristics if they are related parties. The concentration of credit risk from customer relationships \u00a0did not exceed 4.6 percent (2024: 4.0 percent) of the financial gross asset values at any time during the reporting period. The carrying amount of the financial assets included in the Consolidated \u00a0Financial Statements less any impairment losses represent the Group\u2019s maximum credit risk. Any collateral is ignored. There are no credit derivatives for hedging outstanding amounts from \u00a0customers, nor have there been. \u00a0
The expected loss rates (stage 2) of the impairment model amount to 0 percent for the ad pepper media segment. The expected loss rate for the Webgains segment is 0.5 percent and for the solute \u00a0segment 0.02 percent. \u00a0
The Group recognises an allowance for expected credit losses (ECL) for all debt instruments not held at fair value through profit or loss. An allowance for expected credit losses (ECLs) is a present \u00a0value of the difference between the contractual cash flows due, and all the cash flows expected to be received. \u00a0
A default on receivables expected over the respective term (stage 2 of the impairment model) is determined for trade accounts receivable based on historical default rates for a respective customer \u00a0portfolio, adjusted for forward-looking factors specific to the debtors and the economic environment, based on segment and geographic allocation. \u00a0
The Company abstains from disclosing an ECL table, as the application of the expected loss rates results in immaterial amounts for the Group. The Company tests for impairment (stage 3 of the \u00a0impairment model) if there are substantial indications that receivables may be uncollectable, e.g. deterioration of payment behaviour or initiation of insolvency proceedings. An account of individual \u00a0value adjustments is only maintained for trade receivables. \u00a0
The reconciliation of changes in the loss allowance is as follows: \u00a0
| Loss allowance | 2025 | 2024 |
| kEUR | kEUR |
| Balance at beginning of year | 537 | 618 |
| Allowances in the period | | |
| Additions | 902 | 275 |
| Reversals | -386 | -82 |
| Utilisation | -203 | -274 |
| Balance at end of period | 850 | 537 |
The analysis shows that allowances were set up on a gross receivables amount of EUR 918k (2024: EUR 681k). For all other financial assets, no material credit losses are anticipated despite trade \u00a0receivables that are subject to the impairment model according to IFRS 9.5.5. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97457_2025": {
"value": "Impairment of financial assets carried at amortised cost \u00a0
The Group recognises an allowance for expected credit losses (ECL) for all debt instruments not held at fair value through profit or loss. For trade receivables and contract assets, the Group applies \u00a0a simplified approach in calculating ECL in line with IFRS 9. An allowance for expected credit losses (ECLs) is a present value of the difference between the contractual cash flows due and all the cash \u00a0flows expected to be received. \u00a0
A default on receivables expected over the respective term (stage 2 of the impairment model) is determined for trade accounts receivable based on historical default rates for a respective customer \u00a0portfolio, adjusted for forward-looking factors specific to the debtors and the economic environment, based on segment and geographic allocation. \u00a0
When actions such as insolvency or comparable proceedings have been initiated or other substantial indications that receivables are impaired become apparent like a deterioration of the payment \u00a0behaviour, the receivables are individually tested for impairment (stage 3 of the impairment model). All receivables more than 90 days overdue are tested for impairment. Impaired debts are written \u00a0off when they are deemed uncollectable. In the reporting year, bad debt allowance on trade receivables was applied at a rate of 50 percent after 120 days overdue, 75 percent after 240 days \u00a0overdue, and 100 percent after one year overdue. However, in certain cases the Group may also consider a financial asset to be uncollectable when external information indicates that the Group is \u00a0unlikely to receive the outstanding contractual amounts in full, before taking into account any credit enhancements held by the Group. \u00a0
The carrying amount of the asset is reduced through use of an allowance account. The amount of the loss is recognised in profit or loss. If the amount of the impairment loss decreases in a subsequent \u00a0period and the decrease can be related objectively to an event occurring after the recognition of impairment, the impairment loss previously recognised is reversed. Any subsequent reversal of an \u00a0impairment loss is recognised in profit or loss to the extent that the carrying value of the asset does not exceed its amortised cost at the reversal date. \u00a0
\n \n
\n OTHER OPERATING EXPENSES [13] \u00a0\n
\n
\n Other operating expenses consist of the following: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 2025 | \n 2024 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Foreign exchange losses | \n 48 | \n 0 | \n
\n \n | Expected credit losses on | \n | \n | \n
\n \n | trade receivables | \n 246 | \n 162 | \n
\n \n | Total | \n 293 | \n 162 | \n
\n \n
\n
\n
\n TRADE RECEIVABLES [21] \u00a0\n
\n Trade receivables are initially measured at fair value and subsequently carried at amortised cost. Trade receivables consist of the following: \u00a0\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Trade receivables, gross | \n 22,966 | \n 16,555 | \n
\n \n | Provision | \n -850 | \n -537 | \n
\n \n | Trade receivables, net | \n 22,116 | \n 16,018 | \n
\n \n
\n
\n Trade receivables are only due from third-party customers; are non-interest bearing and generally have a term of 0 to 90 days. \u00a0\n
\n The provision is calculated based on all information available to the Company and includes all expected credit losses on receivables as at 31 December 2025. For further information, we refer to \u00a0\n Notes [3] and [41]. \u00a0
\n 7. Credit risk management \u00a0\n
\n Credit risk is the risk of loss for the Group should contractual parties not meet their contractual obligations. Business relationships are only entered into with creditworthy counterparties, and, \u00a0\n where appropriate, the Group obtains collateral to reduce the risk of loss due to the non-fulfilment of obligations. The Group only enters into business relationships with entities that are rated \u00a0\u201cinvestment grade\u201d or above. If such information is not available, the Group makes use of other available financial information and its own trading records to evaluate its major customers. The risk \u00a0exposure of the Group and the credit ratings are continuously monitored. The Group has trade receivables with a large number of customers spread over various sectors and geographical territories. \u00a0Continuous credit assessments are carried out with regard to the financial condition of the receivables. \u00a0
\n An impairment analysis is performed at each reporting date to measure expected credit losses. The provision rates are based on days past due for every single customer, reflecting reasonable and \u00a0\n supportable information that is available at the reporting date about past events and current conditions and customer-specific, forward-looking information from the client-facing account manager. \u00a0
If a customer defaults, all outstanding amounts relating to that counterparty are subject to an allowance calculation. The default is primarily determined based on an individual assessment \u2013 \u00a0prompted by noticeable changes in payment behaviour, or an application for bankruptcy. The individual assessment is generally supported by the information provided by the client-facing account \u00a0manager. \u00a0
Generally, trade receivables are considered at 100 percent in the credit loss allowance if they are past due for more than one year. Trade receivables are written off and derecognised if there is \u00a0good reason to assume that the outstanding amount is unrecoverable in part or in whole, for example after the completion of insolvency proceedings. \u00a0
The Group is not exposed to any significant credit risks relating to a single contractual party or group of contractual parties with similar characteristics. The reported carrying amount reflects the \u00a0maximum credit risk of the Group. The Group defines contractual parties as those with similar characteristics if they are related parties. The concentration of credit risk from customer relationships \u00a0did not exceed 4.6 percent (2024: 4.0 percent) of the financial gross asset values at any time during the reporting period. The carrying amount of the financial assets included in the Consolidated \u00a0Financial Statements less any impairment losses represent the Group\u2019s maximum credit risk. Any collateral is ignored. There are no credit derivatives for hedging outstanding amounts from \u00a0customers, nor have there been. \u00a0
The expected loss rates (stage 2) of the impairment model amount to 0 percent for the ad pepper media segment. The expected loss rate for the Webgains segment is 0.5 percent and for the solute \u00a0segment 0.02 percent. \u00a0
The Group recognises an allowance for expected credit losses (ECL) for all debt instruments not held at fair value through profit or loss. An allowance for expected credit losses (ECLs) is a present \u00a0value of the difference between the contractual cash flows due, and all the cash flows expected to be received. \u00a0
A default on receivables expected over the respective term (stage 2 of the impairment model) is determined for trade accounts receivable based on historical default rates for a respective customer \u00a0portfolio, adjusted for forward-looking factors specific to the debtors and the economic environment, based on segment and geographic allocation. \u00a0
The Company abstains from disclosing an ECL table, as the application of the expected loss rates results in immaterial amounts for the Group. The Company tests for impairment (stage 3 of the \u00a0impairment model) if there are substantial indications that receivables may be uncollectable, e.g. deterioration of payment behaviour or initiation of insolvency proceedings. An account of individual \u00a0value adjustments is only maintained for trade receivables. \u00a0
The reconciliation of changes in the loss allowance is as follows: \u00a0
| Loss allowance | 2025 | 2024 |
| kEUR | kEUR |
| Balance at beginning of year | 537 | 618 |
| Allowances in the period | | |
| Additions | 902 | 275 |
| Reversals | -386 | -82 |
| Utilisation | -203 | -274 |
| Balance at end of period | 850 | 537 |
The analysis shows that allowances were set up on a gross receivables amount of EUR 918k (2024: EUR 681k). For all other financial assets, no material credit losses are anticipated despite trade \u00a0receivables that are subject to the impairment model according to IFRS 9.5.5. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97595_2025": {
"value": "Cash and cash equivalents \u00a0
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand and short-term highly liquid deposits with a maturity of three months or less, that are held for \u00a0the purpose of meeting short-term cash commitments and are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value. \u00a0
For the purpose of the consolidated cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97669_2025": {
"value": "Treasury shares \u00a0
The Group\u2019s own equity instruments that are repurchased (treasury shares) are deducted from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue, or \u00a0cancellation of the Group\u2019s own equity instruments. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97647_2025": {
"value": "Provisions and accrued liabilities \u00a0
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be \u00a0required to settle the obligation and a reliable estimate can be made of the amount of the obligation although the respective due date or amount is still uncertain. If the effect of the time value of \u00a0money is material, long-term provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. \u00a0
Where discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost. \u00a0
Accrued liabilities are obligations to pay for goods or services received or delivered that have neither been paid, nor invoiced by the suppliers. Even though estimates are occasionally required to \u00a0determine the amount or timing of accrued liabilities, the degree of uncertainty is generally much lower than for provisions. Accrued liabilities are recognised under trade payables. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97664_2025": {
"value": "Provisions and accrued liabilities \u00a0
Accrued liabilities are obligations to pay for goods or services received or delivered that have neither been paid, nor invoiced by the suppliers. Even though estimates are occasionally required to \u00a0determine the amount or timing of accrued liabilities, the degree of uncertainty is generally much lower than for provisions. Accrued liabilities are recognised under trade payables. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97667_2025": {
"value": "Current financial liabilities \u00a0
Current financial liabilities are liabilities, that must be settled in cash or other financial assets. Based on their nature, financial liabilities are measured at amortised costs and are derecognised upon \u00a0settlement or cancellation. \u00a0
The Company accounts for a written call / put option over the 35 percent non-controlling interest in ad pepper media Spain S.A. by considering a financial liability with the present value of the \u00a0exercise price of the option. The Company assessed that the prerequisites for the transfer of the shares are fulfilled at the balance sheet date and therefore assumes the exercise of the put option \u00a0by the holder, classifying the liability as current. The attributable changes in the value of the financial liability are recognised in the equity component \u201cother reserves\u201d. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97614_2025": {
"value": "Current financial liabilities \u00a0
Current financial liabilities are liabilities, that must be settled in cash or other financial assets. Based on their nature, financial liabilities are measured at amortised costs and are derecognised upon \u00a0settlement or cancellation. \u00a0
The Company accounts for a written call / put option over the 35 percent non-controlling interest in ad pepper media Spain S.A. by considering a financial liability with the present value of the \u00a0exercise price of the option. The Company assessed that the prerequisites for the transfer of the shares are fulfilled at the balance sheet date and therefore assumes the exercise of the put option \u00a0by the holder, classifying the liability as current. The attributable changes in the value of the financial liability are recognised in the equity component \u201cother reserves\u201d. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97592_2025": {
"value": "Current financial liabilities \u00a0
Current financial liabilities are liabilities, that must be settled in cash or other financial assets. Based on their nature, financial liabilities are measured at amortised costs and are derecognised upon \u00a0settlement or cancellation. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97659_2025": {
"value": "Share-based payment transactions \u00a0
Equity-settled transactions \u00a0
Employees (including senior executives) of the Group receive remuneration in the form of share-based payment transactions, whereby employees render services as consideration for equity \u00a0instruments (\u201cequity-settled transactions\u201d). The cost of equity-settled transactions with employees is measured by reference to the fair value at the date on which they are granted. The fair value \u00a0is determined using an appropriate pricing model, further details of which are given in Note [39]. The cost of equity-settled transactions (remuneration cost) is recognised, together with a \u00a0
corresponding increase in equity, over the period in which the performance and / or service conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to \u00a0the award (the \u201cvesting date\u201d). \u00a0
The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best \u00a0estimate of the number of equity instruments that will ultimately vest. The income statement charge or credit for a period represents the movement in cumulative expense recognised as at the \u00a0beginning and end of that period. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of earnings per share (further details are provided in Note \u00a0[16]). \u00a0
Cash-settled transactions \u00a0
Board of Directors are granted share appreciation rights (SAR\u2019s), settled in cash. The options may be exercised over a period of four years at 25 percent each year, but at the earliest one year after \u00a0being granted. \u00a0
A liability is recognised and measured initially and at the end of each reporting period until settled, at the fair value of the share appreciation right, by applying an option price model, taking into \u00a0account the terms and conditions on which the share appreciation rights were granted, and the extent to which the director has rendered services to date. Fair value changes are recognised in \u00a0employee benefits expense included in the general & administrative costs. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97601_2025": {
"value": "Share-based payment transactions \u00a0
Equity-settled transactions \u00a0
Employees (including senior executives) of the Group receive remuneration in the form of share-based payment transactions, whereby employees render services as consideration for equity \u00a0instruments (\u201cequity-settled transactions\u201d). The cost of equity-settled transactions with employees is measured by reference to the fair value at the date on which they are granted. The fair value \u00a0is determined using an appropriate pricing model, further details of which are given in Note [39]. The cost of equity-settled transactions (remuneration cost) is recognised, together with a \u00a0
corresponding increase in equity, over the period in which the performance and / or service conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to \u00a0the award (the \u201cvesting date\u201d). \u00a0
The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best \u00a0estimate of the number of equity instruments that will ultimately vest. The income statement charge or credit for a period represents the movement in cumulative expense recognised as at the \u00a0beginning and end of that period. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of earnings per share (further details are provided in Note \u00a0[16]). \u00a0
Cash-settled transactions \u00a0
Board of Directors are granted share appreciation rights (SAR\u2019s), settled in cash. The options may be exercised over a period of four years at 25 percent each year, but at the earliest one year after \u00a0being granted. \u00a0
A liability is recognised and measured initially and at the end of each reporting period until settled, at the fair value of the share appreciation right, by applying an option price model, taking into \u00a0account the terms and conditions on which the share appreciation rights were granted, and the extent to which the director has rendered services to date. Fair value changes are recognised in \u00a0employee benefits expense included in the general & administrative costs. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97650_2025": {
"value": "Revenue from contracts with customers \u00a0
The Group is in the business of providing performance marketing services, in which third parties provide services to its customers. When another party provides goods or services to its customers, \u00a0the Group determines whether it is a principal or an agent in these transactions by evaluating the nature of its promise to the customer. The Company has concluded that it is acting as an agent in \u00a0the segments Webgains and ad pepper. The Company\u2019s role is restricted in those segments to arranging a third party that supplies ad inventory to deliver the ad to the end customer. Consequently, \u00a0the Group records revenue at the net amount that it retains for its services, which is limited to campaign management, while media cost for ad inventory used is excluded from the revenue definition. \u00a0In the newly acquired solute segment, which includes also revenues reported by Checkout Charlie, the Company has concluded that it is acting as a principal, as it controls and directs the delivery \u00a0either on own delivery channels or on third party ad inventory suppliers. Consequently, the Group records revenue at the amount billed to the client as exchange for the increased traffic. \u00a0
For further explanations, we refer to Note [2]. \u00a0
Revenue from contracts with customers is recognised when the service is rendered. Depending on the requirements of the specific product, this usually occurs when successful transactions result \u00a0from user action (CPA), ad impressions are generated (CPC) or personal data is provided (CPL). Gross sales represent the total amount billed or billable to clients by the Group, net of discounts, VAT \u00a0and other sales-related taxes. Disclosure of gross sales information is not required under IFRS, however, it is voluntarily disclosed in the Consolidated Income Statement, as management has \u00a0concluded that the information is useful for users of the financial statements. \u00a0
As all performance obligations have an original expected duration of less than one year and meet the requirement of the right to invoice practical expedient in IFRS 15.B16, the Company does not \u00a0disclose the amount of the remaining performance obligations. \u00a0
Rendering of services \u00a0
solute \u00a0
Revenue in this segment is generated by increasing customers traffic through the distribution of proper advertising products via the appropriate channels (Reach Based Marketing). \u00a0
In Reach-Based Marketing, advertising space is marketed to clients and remunerated based on the achieved reach or user interaction with the respective media offerings. Customers are typically \u00a0charged on a cost-per-click (CPC) or cost-per-order (CPO) basis. \u00a0
The advertising activities are carried out through the following channels: \u00a0
- Owned portals such as billiger.de, shopping.de, and juhuu.at, which rank among the leading and most wide-reaching online platforms for product search and price comparison in Germany. \u00a0\n
\n- Syndication by placing product data and editorial content on external partner websites (e.g. testberichte.de). \u00a0
- Performance Marketing campaigns via major search engines such as Google and Microsoft, including Product Listing Ads (PLA), Comparison Shopping Service Product Listing Ads (CSS-PLA), Search \u00a0Engine Advertising (SEA), and Display Ads. \u00a0
Checkout Charlie \u00a0
The Company operates leading German voucher and deal portals, such as sparwelt.de, shopmate.eu and gutscheine.de, offering users curated discounts and cashback opportunities. Revenue arises \u00a0mainly from affiliate marketing partnerships, where merchant partners are charged based on successful transactions with the end-customer (performance-based remuneration models such as cost- \u00a0per-sale or revenue share). \u00a0
Webgains \u00a0
Revenue in this segment is generated by placing the merchant\u2019s advertising on publishers\u2019 websites (affiliate marketing). By using the Webgains technology platform, appropriate publishers are \u00a0selected for placement of the advertisements on websites likely to drive traffic back to the merchant\u2019s website and consequently enhance the merchant\u2019s transaction values. The merchant pays us \u00a0on a cost-per-action basis (CPA), which means that the merchant only pays when successful transactions result from the traffic. The price billed to the merchant consists of an override and a \u00a0commission. The override is considered the amount the Group is entitled to for its services. \u00a0
The commission is the amount paid to our publishers and is excluded under IFRS 15 from the revenue definition. Consequently, commission to publishers is also not included in the Group\u2019s cost of \u00a0sales. The contractual agreement provides the customer with a recall period, where every occurred transaction can be cancelled within a certain period. \u00a0
Depending on the industry the transaction occurred in, the recall periods range from 30 days in the fashion and beauty industry up to 360 days for insurance, travel and mobile sales. Based on \u00a0historical data, the Group calculates at year-end the amount to be recognised as return assets and refund liabilities for transactions in the recall period. \u00a0
ad pepper \u00a0
Revenue in the ad pepper segment is generated by marketing internet advertising space. Advertising customers book units (ad impressions, ad clicks, registrations, mail-outs, transactions) via the \u00a0Company, and these are then supplied over a period defined by the customer. ad pepper customers pay us on the basis of cost per click (CPC), cost per lead (CPL) or cost per impression (CPM). All \u00a0of the three billing methods consist of media costs owed to ad pepper\u2019s delivery partners and a service charge as an amount levied by the Group for its services. The media cost is the amount paid \u00a0to the delivery partners and is excluded under IFRS 15 from the revenue definition. Consequently, media costs are also not included in the Group\u2019s cost of sales. \u00a0
In cases in which the campaign starts before the balance sheet date and lasts beyond this date, revenue is accounted proportionately based on the stage of completion at the end of the reporting \u00a0period. Stage of completion is determined as the proportion of the costs incurred until the end of the reporting period in the total costs of the campaign, which can be reliably estimated. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97629_2025": {
"value": "Interest income \u00a0
Interest income is recognised as it accrues using the effective interest rate method. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97609_2025": {
"value": "Interest income \u00a0
Interest income is recognised as it accrues using the effective interest rate method. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97625_2025": {
"value": "Current income tax \u00a0
Current taxes are determined on the basis of annual earnings with due reference to national tax rates and tax legislation in the various tax jurisdictions valid as of the balance sheet date. Current \u00a0income tax relating to items recognised directly in other comprehensive income is only recognised there and not in the income statement. \u00a0
Current tax assets and liabilities are only offset by each entity in the Group if: \u00a0
\u2022
It has a legally enforceable right to set off the recognised amounts, and \u00a0
\u2022
It intends to either settle on a net basis or realise the asset and settle the liability simultaneously. \u00a0
Entities in the Group typically have the right to offset a current tax asset against a current tax liability if both are related to income taxes levied by the same taxation authority and the authority \u00a0allows for a single net payment. In the Consolidated Financial Statements, offsetting of current tax assets and liabilities across different entities in the Group is permissible only if the entities in the \u00a0Group have a legal right to make or receive a single net payment and intend to do so, or plan to realise the asset and settle the liability at the same time. \u00a0
Deferred tax \u00a0
Deferred income tax is provided using the liability method on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial \u00a0reporting purposes. Deferred tax liabilities are recognised for all taxable temporary differences, except for goodwill, whereon the recognition is not permitted. \u00a0
Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be \u00a0available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised. The carrying amount of deferred tax assets is reviewed \u00a0at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. \u00a0
Unrecognised deferred tax assets are reassessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset \u00a0to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and \u00a0tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred income tax relating to items recognised directly in other comprehensive income is only recognised \u00a0there and not in the income statement. Deferred tax assets and deferred tax liabilities are offset if there is a legally enforceable right to set off current tax assets against current income tax liabilities \u00a0and the deferred income taxes relate to the same taxable entity and the same taxation authority. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97590_2025": {
"value": "Deferred tax \u00a0
Deferred income tax is provided using the liability method on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial \u00a0reporting purposes. Deferred tax liabilities are recognised for all taxable temporary differences, except for goodwill, whereon the recognition is not permitted. \u00a0
Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be \u00a0available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised. The carrying amount of deferred tax assets is reviewed \u00a0at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. \u00a0
Unrecognised deferred tax assets are reassessed at each balance sheet date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax asset \u00a0to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and \u00a0tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred income tax relating to items recognised directly in other comprehensive income is only recognised \u00a0there and not in the income statement. Deferred tax assets and deferred tax liabilities are offset if there is a legally enforceable right to set off current tax assets against current income tax liabilities \u00a0and the deferred income taxes relate to the same taxable entity and the same taxation authority. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97466_2025": {
"value": "BUSINESS COMBINATIONS & ACQUISITIONS OF NON-CONTROLLING INTERESTS [4] \u00a0
As at 31 December 2024, ad pepper held a 25.64 percent interest in solute with a carrying value of EUR 5,056k (so-called wave 1). \u00a0
On 24 February 2025, the Group acquired an additional 18.73 percent interest in the voting shares of solute, increasing its ownership interest to 44.37 percent for a purchase price of EUR 5,486k \u00a0paid in 2,305,195 newly issued shares (so-called wave 2). The carrying value of the investment has been adjusted by the purchase price of EUR 5,486k acc. to IAS 28. The Group determined that \u00a0with the 44.37 percent interest it continues to have significant influence over solute. As ad pepper Group is not part of the managing board of solute and has no majority in the voting shares of \u00a0solute, ad pepper Group determined it had no power over the investee. \u00a0
On 24 April 2025, the Group acquired an additional 14.49 percent interest in the voting shares of solute (so-called wave 3). Together with the equity investment of 44.37 percent, the Group\u2019s total \u00a0shareholding as per 24 April 2025 in solute amounts to 58.86 percent. The purchase price for the 14.49 percent interest amounted to EUR 3,489k, to be paid in cash. \u00a0
As at 24 April 2025, the Group held the majority of voting rights. Control was obtained on 30 April 2025, when Dr Jens K\u00f6rner was assigned sole managing director of solute Holding GmbH & Co. KG, \u00a0parent Company of solute GmbH. This given, the Group has the ability to direct all major operating activities of solute and has therefore power over the investee to affect variable returns from its \u00a0involvement in solute. ad pepper Group determined that it controls the investee according to IFRS 3 and consolidates solute as at 30 April 2025 in course of a step acquisition. \u00a0
ad pepper Group and solute operate complementary business models with adjacent technical capabilities, customer relationships and geographic footprints. The objective of the transaction is to \u00a0create a dynamic, innovative and well-established listed market leader in performance marketing and digital marketplaces (price comparison). \u00a0
The Group has elected to measure the non-controlling interests in the acquiree at the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable \u00a0net assets. \u00a0
The acquisition has been accounted for using the step acquisition method, revaluing the existing 44.37 percent interest accounted for using an equity method according to IAS 28 at the date of \u00a0obtaining control to its acquisition-date fair value. \u00a0
The carrying value of the minority equity investment of 44.37 percent as at 30 April was as follows: \u00a0
\n \n
\n
\n \n \n \n \n \n \n | \n kEUR | \n
\n \n | Wave 1 signed 2 October 2023 | \n 3,488 | \n
\n \n | Pro\ufb01t share 2023 | \n 199 | \n
\n \n | Pro\ufb01t share 2024 | \n 1,501 | \n
\n \n | Dividend distribu\ua882on 2024 | \n -132 | \n
\n \n | Carrying value of the 25.64% investment in | \n | \n
\n \n | associate as at 31 December 2024 | \n 5,056 | \n
\n \n | Wave 2 signed 24 February 2025 | \n 5,486 | \n
\n \n | Pro\ufb01t share 2025 | \n 276 | \n
\n \n | Carrying value of the 44.37% investment in | \n | \n
\n \n | associate as at 30 April 2025 | \n 10,818 | \n
\n \n
\n
\n
\n
\n \n \n \n \n \n \n | \n kEUR | \n
\n \n | Carrying value of investment in associate acc. to | \n | \n
\n \n | IAS 28 | \n 10,818 | \n
\n \n | Acquisi\ua882on-date fair value of ini\ua882al 44.37% (wave | \n | \n
\n \n | 1 and wave 2) | \n 10,684 | \n
\n \n | Loss in pro\ufb01t or loss as result of remeasuring | \n -134 | \n
\n \n
\n
\n
\n The resulting loss has been recognised in net finance income / (loss) for the period. \u00a0\n
\n
\n \n
\n The fair values of the identifiable assets and liabilities of solute as at 30 April 2025, the date of acquisition were: \u00a0\n
\n
\n
\n \n \n \n \n \n \n | \n Fair value | \n
\n \n | \n recognised on | \n
\n \n | \n acquisition | \n
\n \n | \n \n kEUR \n | \n
\n \n | Assets | \n | \n
\n \n | Intangible assets | \n 15,836 | \n
\n \n | thereof So\ufb05ware | \n 684 | \n
\n \n | thereof Customer relations | \n 10,404 | \n
\n \n | thereof Brands | \n 4,748 | \n
\n \n | Property, plant and equipment | \n 594 | \n
\n \n | Right-of-use assets | \n 871 | \n
\n \n | Trade receivables | \n 5,446 | \n
\n \n | Deferred tax assets | \n 152 | \n
\n \n | Other \ufb01nancial assets | \n 989 | \n
\n \n | Securities | \n 2,501 | \n
\n \n | Cash and cash equivalents | \n 9,255 | \n
\n \n | Total assets | \n 35,644 | \n
\n \n | Liabilities | \n | \n
\n \n | Trade payables | \n 2,495 | \n
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n | \n Fair value | \n
\n \n | \n recognised on | \n
\n \n | \n acquisition | \n
\n \n | \n \n kEUR \n | \n
\n \n | Provisions | \n 1,569 | \n
\n \n | Other \ufb01nancial liabilities | \n 770 | \n
\n \n | Other liabilities | \n 351 | \n
\n \n | Income tax liabilities | \n 509 | \n
\n \n | Lease liabilities | \n 871 | \n
\n \n | Deferred tax liabilities | \n 4,809 | \n
\n \n | Total liabilities | \n 11,374 | \n
\n \n | Total identi\ufb01able net assets at fair value | \n 24,270 | \n
\n \n | Non-controlling interest (41.14%) measured | \n | \n
\n \n | at proportionate share in the recognised | \n | \n
\n \n | amounts identi\ufb01able net assets | \n 9,985 | \n
\n \n | Gain from a bargain purchase (negative | \n | \n
\n \n | goodwill) | \n -112 | \n
\n \n | Purchase consideration transferred | \n 14,173 | \n
\n \n
\n
\n
\n The reason for the paid purchase price consideration, which resulted in a bargain purchase transaction was that the acquired voting shares were non-tradable for the sellers due to lack of an active \u00a0\n market and stakes mostly below 5 percent. The resulting gain from the transaction was recognised in other operating income. \u00a0
\n \n
\n \n
\n Purchase consideration \u00a0\n
\n
\n
\n \n \n \n \n \n \n | \n kEUR | \n
\n \n | Acquisition date fair value of initial 44.37% (wave1 | \n | \n
\n \n | and wave 2) | \n 10,684 | \n
\n \n | Cash paid for 14.49% for Wave 3 | \n 3,489 | \n
\n \n | Total consideration | \n 14,173 | \n
\n \n
\n
\n
\n Analysis of cash flows on acquisition \u00a0\n
\n
\n
\n \n \n \n \n \n \n | \n kEUR | \n
\n \n | Net liquid funds* acquired with the subsidiary | \n | \n
\n \n | (Included in cash \ufb02ows from investing activities) | \n 11,756 | \n
\n \n | Transaction costs of the acquisition (included in | \n | \n
\n \n | cash \ufb02ows from operating activities) | \n -278 | \n
\n \n | Cash paid for 14.49%\u00a0for Wave 3 | \n -3,489 | \n
\n \n | Net cash in\ufb02ow on acquisition | \n 7,989 | \n
\n \n
\n
\n
\n *Liquid funds include cash and cash equivalents and securities. \u00a0\n
\n
\n The acquisition date fair value of the trade receivables amounts to EUR 5,446k. The gross amount of trade receivables is EUR 5,446k and it is expected that the full contractual amounts can be \u00a0\n collected. \u00a0
\n \n
\n The Group measures the acquired lease liabilities using the present value of the remaining lease payments at the date of acquisition. The right-of-use assets were measured at an amount equal to \u00a0\n the lease liabilities. \u00a0
\n \n
\n The deferred tax liability as of consolidation date, 1 May 2025, mainly comprises the tax effect of the accelerated depreciation for tax purposes of intangible assets and the reclassification of the \u00a0\n identified intangible assets of solute with a fair value of EUR 15,197k. This results in deferred tax liabilities of EUR 4,799k at a tax rate of 31.58 percent. \u00a0
\n \n
\n \n
\n From the date of acquisition, solute contributed EUR 33,214k of revenue and EUR 1,994k to profit before income. If the combination had taken place at the beginning of the year, revenue from \u00a0\n continuing operations would have been EUR 66,060k and profit before tax of the Group would have been EUR 2,841k. \u00a0
\n \n
\n From 1 January 2025 to 30 April 2025 a profit share of EUR 276k was considered in the carrying value of the at equity valued investment of 44.37 percent. \u00a0\n
\n
\n Transaction costs of EUR 278k have been expensed and are included in general and administrative expenses. \u00a0\n
\n
\n Acquisition of additional interest in Solute Holding GmbH & Co. KG \u00a0\n
\n
\n On 9 July 2025, the Group acquired additional 1.29 percent interest in the voting shares of Solute Holding GmbH & Co. KG, increasing its ownership interest to 60.15 percent. Cash consideration\u00a0of \u00a0\n EUR 310k was paid to the non-controlling shareholders. The carrying value of the net assets of solute Holding GmbH & Co. KG was EUR 24,899k. \u00a0Following is a schedule of additional interest acquired in solute Holding GmbH & Co. KG: \u00a0
\n \n \n
\n
\n \n \n \n \n \n \n | \n kEUR | \n
\n \n | Cash consideration paid to non-controlling | \n | \n
\n \n | shareholders | \n -310 | \n
\n \n | Carrying value of the additional non-controlling | \n | \n
\n \n | interest in solute Holding GmbH & Co. KG | \n 321 | \n
\n \n | Di\ufb00erence recognised in other reserves for the | \n | \n
\n \n | acquisition of non-controlling interests in solute | \n | \n
\n \n | Holding GmbH & Co. KG | \n 11 | \n
\n \n
\n
\n
\n Acquisition of Checkout Charlie \u00a0\n
\n
\n On 18 July 2025, solute GmbH signed a Share Purchase Agreement with effective date as at 30 September 2025 over 100 percent of the voting shares in Checkout Charlie GmbH (Checkout Charlie), \u00a0\n a non-listed company based in Berlin and operating several leading voucher and cashback portals in the DACH region. \u00a0
\n \n
\n The acquisition represents a significant strategic milestone in the ad pepper Group\u2019s growth strategy and complements its existing digital portfolio. \u00a0\n
\n
Assets acquired and liabilities assumed \u00a0
| Fair value |
| recognised on |
| acquisition |
| kEUR |
| Assets | |
| Intangible assets | 3,299 |
| thereof So\ufb05ware | 119 |
| thereof Customer relations | 859 |
| thereof Brands | 2,321 |
| Property, plant and equipment | 8 |
| Trade receivables | 1,514 |
| Other receivables | 220 |
| Deferred tax assets | 50 |
| Cash and cash equivalents | 3,938 |
| Total assets | 9,030 |
| Liabilities | |
| Trade payables | 167 |
| Other \ufb01nancial liabilities | 1,417 |
| Fair value |
| recognised on |
| acquisition |
| kEUR |
| Deferred tax liabilities | 850 |
| Total liabilities | 2,435 |
| Total identi\ufb01able net assets at fair value | 6,595 |
| Gain / (loss) | 113 |
| Purchase consideration transferred | 6,482 |
Purchase consideration in cash only \u00a0
| kEUR |
| Cash paid | 6,482 |
| Total consideration | 6,482 |
\n Analysis of cash flows on acquisition \u00a0\n
\n
\n \n \n \n \n \n \n | \n kEUR | \n
\n \n | Net cash acquired with the subsidiary (Included in | \n | \n
\n \n | cash \ufb02ows from investing activities) | \n 3,938 | \n
\n \n | Cash paid | \n -6,482 | \n
\n \n | Transaction costs of the acquisition (included in | \n | \n
\n \n | cash \ufb02ows from operating activities) | \n -252 | \n
\n \n | Net cash outflow on acquisition | \n -2,796 | \n
\n \n
\n
\n The acquisition date fair value of the trade receivables amounts to EUR 1,514k. The gross amount of trade receivables is EUR 1,514k and it is expected that the full contractual amount can be \u00a0\n collected. \u00a0
\n The deferred tax liability mainly comprises the tax effect of the accelerated depreciation for the tax purposes of tangible and intangible assets. \u00a0\n
\n From the date of acquisition, Checkout Charlie contributed EUR 1,832k of revenue and EUR 653k to profit before tax. If the combination had taken place at the beginning of the year, revenue from \u00a0\n continuing operations would have been EUR 56,684k and profit before tax of the Group would have been EUR 3,599k. \u00a0
\n Transaction costs of EUR 252k have been expensed and are included in general and administrative expenses. \u00a0\n
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97542_2025": {
"value": "\n DISCONTINUED OPERATIONS [5] \u00a0\n
\n On 22 December 2025, the Group signed a management-buy-out sales agreement for the 60 percent shareholding in ad agents GmbH, with effect as at 31 December 2025. The total purchase price \u00a0\n amounted of EUR 3,900k, of which EUR 750k was paid upon closing. With ad agents GmbH being sold, the ad agents segment is no longer presented in the segment note. \u00a0
Details of the sale of the ad agents business \u00a0
| 31.12.2025 |
| kEUR |
| Consideration | 3,900 |
| Cash received | 750 |
| Current receivable | 2,650 |
| Non-current receivable | 500 |
| Total disposal consideration | 3,900 |
| Carrying amount of net assets sold | (2,702) |
| Derecognition of non-controlling interest of 40% | 1,080 |
| Gain on sale before reclassi\ufb01cation of foreign currency | 2,278 |
| translation reserve | |
| Reclassi\ufb01cation of foreign currency translation reserve | 116 |
| Gain on sale | 2,394 |
\n \n
\n Information on the financial performance of discontinued operation ad agents \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 01/01/-31/12/25 | \n 01/01/-31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Revenue | \n 6,770 | \n 7,000 | \n
\n \n | Costs and expenses | \n 6,144 | \n 6,477 | \n
\n \n | of which depreciation and amortisation | \n 159 | \n 199 | \n
\n \n | Operating pro\ufb01t | \n 626 | \n 523 | \n
\n \n | Financial expense | \n -6 | \n -5 | \n
\n \n | Pro\ufb01t before tax from operating activities | \n 620 | \n 518 | \n
\n \n | Income tax | \n -154 | \n -228 | \n
\n \n | Pro\ufb01t for the year from operating activities | \n 466 | \n 290 | \n
\n \n | Gain on sale of discontinued operations | \n 2,394 | \n 0 | \n
\n \n | Transaction costs | \n -53 | \n 0 | \n
\n \n | Gain on sale operations, net of transaction costs | \n 2,807 | \n 0 | \n
\n \n | Gain from discontinued operations, net of tax | \n 2,807 | \n 290 | \n
\n \n
\n
\n
\n DISCONTINUED OPERATIONS [5] \u00a0\n
\n On 22 December 2025, the Group signed a management-buy-out sales agreement for the 60 percent shareholding in ad agents GmbH, with effect as at 31 December 2025. The total purchase price \u00a0\n amounted of EUR 3,900k, of which EUR 750k was paid upon closing. With ad agents GmbH being sold, the ad agents segment is no longer presented in the segment note. \u00a0
Details of the sale of the ad agents business \u00a0
| 31.12.2025 |
| kEUR |
| Consideration | 3,900 |
| Cash received | 750 |
| Current receivable | 2,650 |
| Non-current receivable | 500 |
| Total disposal consideration | 3,900 |
| Carrying amount of net assets sold | (2,702) |
| Derecognition of non-controlling interest of 40% | 1,080 |
| Gain on sale before reclassi\ufb01cation of foreign currency | 2,278 |
| translation reserve | |
| Reclassi\ufb01cation of foreign currency translation reserve | 116 |
| Gain on sale | 2,394 |
\n \n
\n Information on the financial performance of discontinued operation ad agents \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 01/01/-31/12/25 | \n 01/01/-31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Revenue | \n 6,770 | \n 7,000 | \n
\n \n | Costs and expenses | \n 6,144 | \n 6,477 | \n
\n \n | of which depreciation and amortisation | \n 159 | \n 199 | \n
\n \n | Operating pro\ufb01t | \n 626 | \n 523 | \n
\n \n | Financial expense | \n -6 | \n -5 | \n
\n \n | Pro\ufb01t before tax from operating activities | \n 620 | \n 518 | \n
\n \n | Income tax | \n -154 | \n -228 | \n
\n \n | Pro\ufb01t for the year from operating activities | \n 466 | \n 290 | \n
\n \n | Gain on sale of discontinued operations | \n 2,394 | \n 0 | \n
\n \n | Transaction costs | \n -53 | \n 0 | \n
\n \n | Gain on sale operations, net of transaction costs | \n 2,807 | \n 0 | \n
\n \n | Gain from discontinued operations, net of tax | \n 2,807 | \n 290 | \n
\n \n
\n
\n
\n \n
\n REVENUE FROM CONTRACTS WITH CUSTOMERS [6] \u00a0\n
\n
\n Disaggregated revenue information \u00a0\n
\n
\n The following is a breakdown of the Group\u2019s revenue from contracts with customers, which is based on the invoicing country and reflect continued operations only. \u00a0\n Revenue for discontinued operations is shown separately in Note [5]. \u00a0
\n \n
\n
\n \n \n \n \n \n \n \n \n \n | \n For the year ended 31 December 2025 | \n
\n \n | Segments | \n solute | \n Webgains | \n ad pepper | \n Total | \n
\n \n | Geographical markets | \n | \n | \n | \n | \n
\n \n | Germany | \n 35,045 | \n 2,233 | \n 2,043 | \n 39,321 | \n
\n \n | United Kingdom | \n 0 | \n 5,973 | \n 0 | \n 5,973 | \n
\n \n | Spain | \n 0 | \n 2,144 | \n 1,254 | \n 3,399 | \n
\n \n | Netherlands | \n 0 | \n 454 | \n 0 | \n 454 | \n
\n \n | Other* | \n 0 | \n 1,041 | \n 0 | \n 1,041 | \n
\n \n | Revenue | \n 35,045 | \n 11,845 | \n 3,297 | \n 50,187 | \n
\n \n
\n
\n
\n \n \n
\n
\n \n \n \n \n \n \n \n \n | \n For the year ended 31 December 2024 | \n
\n \n | Segments | \n Webgains | \n ad pepper | \n Total | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Geographical markets | \n | \n | \n | \n
\n \n | Germany | \n 2,566 | \n 1,026 | \n 3,592 | \n
\n \n | United Kingdom | \n 6,066 | \n 0 | \n 6,066 | \n
\n \n | Spain | \n 2,146 | \n 1,068 | \n 3,214 | \n
\n \n | Netherlands | \n 503 | \n 0 | \n 503 | \n
\n \n | Other* | \n 1,075 | \n 0 | \n 1,075 | \n
\n \n | Revenue | \n 12,355 | \n 2,095 | \n 14,450 | \n
\n \n
\n
\n *includes France and Italy. \u00a0\n
\n \n \n \n \n \n \n \n \n
\n Contract balances \u00a0\n
\n \n
| 31/12/25 | 31/12/24 |
| kEUR | kEUR |
| Contract liabilities | 57 | 223 |
\n Contract liabilities include short-term advances received from customers during 2025 in the solute and Webgains segment. \u00a0\n
\n
Performance obligations \u00a0
Information about the Group\u2019s performance obligations is summarised below: \u00a0
solute \u00a0
The performance obligation is satisfied over time and occurs when traffic is generated to the client\u2019s online shop. Contracts with clients are generally concluded for an indefinite period. Revenue \u00a0therefore accrues each time when an end-customer enters the client\u2019s online shop. Clients are invoiced monthly in the amount of the consideration to which solute is entitled in exchange of the \u00a0increased traffic, based on verified transactions. \u00a0
Advertising channels used for traffic generation are either solute own portals or third-party websites. In both cases solute controls the performance obligations towards the client by selecting and \u00a0directing the delivery channels. Therefore, solute acts as principal in performing the performance obligation to the client and recognises the revenue in the amount of the consideration to which\u00a0it \u00a0is entitled. \u00a0
As all performance obligations have an original expected duration of less than one year and meet the requirement of the right to invoice practical expedient in IFRS 15.B16, the Company does not \u00a0disclose the amount of the remaining performance obligations. \u00a0
Checkout Charlie \u00a0
The performance obligation for Checkout Charlie is fulfilled over time by successfully facilitating a transaction between an end-customer and the advertiser/merchant via its owned platforms (e.g., \u00a0sparwelt.de, gutscheine.de). \u00a0
Revenue is generated when an end-customer uses a Checkout Charlie-provided coupon/link to complete a successful, tracked transaction. Customers are invoiced monthly based on the agreed \u00a0commission per transaction. For revenue from advertising subsidies or fixed-fee placements, the obligation is satisfied by providing the agreed promotional visibility, with revenue recognised over \u00a0the contracted service period. \u00a0
Checkout Charlie acts as the principal by owning and managing its proprietary coupon/voucher platforms, selecting featured deals, and controlling the integration with affiliate networks (AWIN, \u00a0Webgains). By directing the use of its channels and taking responsibility for delivering a validated order, the Company recognises revenue in the amount of consideration to which it is entitled. \u00a0As all performance obligations generally have an original expected term of less than one year and meet the requirements for the right to invoice in accordance with IFRS 15.B16, the Company does \u00a0not disclose the amount of the remaining performance obligations. \u00a0
Webgains \u00a0
The performance obligation is satisfied over time and occurs when successful transactions result from traffic. Contracts with clients are generally concluded for periods of 12 months or less. The \u00a0invoicing is transaction-based and is carried out monthly. \u00a0
The contract provides the customer with a recall period, in which any transaction can be cancelled within a certain period. Depending on the industry, the recall periods range from 30 days in the \u00a0fashion and beauty industry and up to 360 days for insurance, travel and mobile sales. Based on historical data, at year-end the Group calculates the amount to be recognised as return assets and \u00a0refund liabilities for transactions in the recall period. As at 31 December 2025 and 31 December 2024, the Group\u2019s calculation resulted in amounts that have no material impact on the revenue \u00a0recognised in the financial year. \u00a0
As all performance obligations have an original expected duration of less than one year and meet the requirement of the right to invoice practical expedient in IFRS 15.B16, the Company does not \u00a0disclose the amount of the remaining performance obligations. \u00a0
ad pepper \u00a0
Service orders received from clients in accordance with framework agreements are generally short term in nature. The performance obligation is satisfied over time and usually occurs when the \u00a0user provides personal data or when an impression is generated on the user\u2019s device. Revenue therefore accrues each time the ad is displayed, or personal data is entered by the user. Clients are \u00a0invoiced monthly for the service delivered during the month based on the agreed transaction price multiplied by the delivered amounts. Payment is generally due within 14 days of invoicing. \u00a0
As all ads are placed on third-party ad inventory properties, the Group has no control over the advertising inventory before it is transferred to its customers, with the Group acting as an agent in all \u00a0contractual arrangements. \u00a0
SEGMENT REPORTING [7] \u00a0
\n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n | Financial year 2025 | \n solute | \n Webgains | \n ad pepper | \n Admin | \n Intersegment | Group | \n
\n \n | \n | \n | \n | \n | \n elimination | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Gross sales* | \n 35,086 | \n 58,084 | \n 7,129 | \n 285 | \n -326 | \n 100,258 | \n
\n \n | Thereof external | \n 35,045 | \n 58,084 | \n 7,129 | \n 0 | \n 0 | \n 100,258 | \n
\n \n | Thereof intersegment | \n 41 | \n 0 | \n 0 | \n 285 | \n -326 | \n 0 | \n
\n \n | Revenue | \n 35,086 | \n 11,844 | \n 3,298 | \n 285 | \n -326 | \n 50,187 | \n
\n \n | Thereof external | \n 35,045 | \n 11,844 | \n 3,298 | \n 0 | \n 0 | \n 50,187 | \n
\n \n | Thereof intersegment | \n 41 | \n 0 | \n 0 | \n 285 | \n -326 | \n 0 | \n
\n \n | Gross pro\ufb01t | \n 14,742 | \n 11,608 | \n 3,288 | \n 0 | \n 0 | \n 29,638 | \n
\n \n | Expenses (including cost | \n | \n | \n | \n | \n | \n | \n
\n \n | of sales) | \n | \n | \n | \n | \n | \n | \n
\n \n | and other income | \n -32,559 | \n -10,159 | \n -2,908 | \n -3,067 | \n 326 | \n -48,366 | \n
\n \n | thereof external | \n -32,559 | \n -10,117 | \n -2,623 | \n -3,067 | \n 0 | \n -48,366 | \n
\n \n | thereof intersegment | \n 0 | \n -41 | \n -285 | \n 0 | \n 326 | \n 0 | \n
\n \n | thereof amortisation | \n | \n | \n | \n | \n | \n | \n
\n \n | and depreciation | \n -1,724 | \n -286 | \n -58 | \n -156 | \n 0 | \n -2,224 | \n
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n | Financial year 2025 | \n solute | \n Webgains | \n ad pepper | \n Admin | \n Intersegment | Group | \n
\n \n | \n | \n | \n | \n | \n elimination | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | thereof other non-cash | \n | \n | \n | \n | \n | \n | \n
\n \n | expenses | \n -96 | \n -150 | \n 0 | \n 0 | \n 0 | \n -246 | \n
\n \n | thereof other non-cash | \n | \n | \n | \n | \n | \n | \n
\n \n | income | \n 130 | \n 656 | \n 5 | \n 19 | \n 0 | \n 810 | \n
\n \n | EBITDA | \n 4,251 | \n 1,972 | \n 448 | \n -2,625 | \n 0 | \n 4,045 | \n
\n \n | Operating pro\ufb01t (EBIT) | \n 2,528 | \n 1,686 | \n 390 | \n -2,782 | \n 0 | \n 1,821 | \n
\n \n | Financial income | \n 183 | \n 12 | \n 3 | \n 82 | \n 0 | \n 280 | \n
\n \n | Financial expenses | \n -80 | \n -37 | \n -5 | \n -15 | \n 0 | \n -137 | \n
\n \n | Share of pro\ufb01t of an | \n | \n | \n | \n | \n | \n | \n
\n \n | associate | \n 0 | \n 0 | \n 0 | \n 253 | \n 0 | \n 253 | \n
\n \n | Income taxes | \n -312 | \n -216 | \n -86 | \n 2 | \n 0 | \n -612 | \n
\n \n | Net pro\ufb01t/(loss) for the | \n | \n | \n | \n | \n | \n | \n
\n \n | year | \n 2,319 | \n 1,445 | \n 302 | \n -2,460 | \n 0 | \n 1,607 | \n
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n | Financial year 2024 | \n solute | \n Webgains | \n ad pepper | \n Admin | \n Intersegment | Group | \n
\n \n | \n | \n | \n | \n | \n elimination | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Gross sales* | \n 0 | \n 58,274 | \n 4,282 | \n 171 | \n -171 | \n 62,556 | \n
\n \n | Thereof external | \n 0 | \n 58,274 | \n 4,282 | \n 0 | \n 0 | \n 62,556 | \n
\n \n | Thereof intersegment | \n 0 | \n 0 | \n 0 | \n 171 | \n -171 | \n 0 | \n
\n \n | Revenue | \n 0 | \n 12,355 | \n 2,095 | \n 171 | \n -171 | \n 14,450 | \n
\n \n | Thereof external | \n 0 | \n 12,355 | \n 2,095 | \n 0 | \n 0 | \n 14,450 | \n
\n \n | Thereof intersegment | \n 0 | \n 0 | \n 0 | \n 171 | \n -171 | \n 0 | \n
\n \n | Gross pro\ufb01t | \n 0 | \n 12,052 | \n 1,846 | \n 171 | \n 0 | \n 14,069 | \n
\n \n | Expenses (including cost of sales) | \n 0 | \n | \n | \n | \n | \n | \n
\n \n | and other income | \n | \n -9,895 | \n -2,476 | \n -1,613 | \n 171 | \n 13,813 | \n
\n \n | Thereof amortisation and | \n 0 | \n | \n | \n | \n | \n | \n
\n \n | depreciation | \n | \n -347 | \n -109 | \n -188 | \n 0 | \n -644 | \n
\n \n | Thereof other non-cash expenses | \n 0 | \n -75 | \n -100 | \n 0 | \n 0 | \n -175 | \n
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n | Thereof other non-cash income | \n 0 | \n 1,053 | \n 177 | \n 50 | \n 0 | \n 1,280 | \n
\n \n | EBITDA | \n 0 | \n 2,808 | \n -273 | \n -1,254 | \n 0 | \n 1,281 | \n
\n \n | Operating pro\ufb01t (EBIT) | \n 0 | \n 2,461 | \n -382 | \n -1,442 | \n 0 | \n 637 | \n
\n \n | Financial income | \n 0 | \n 54 | \n 0 | \n 299 | \n -45 | \n 308 | \n
\n \n | Financial expenses | \n 0 | \n -74 | \n -24 | \n -2 | \n 45 | \n -55 | \n
\n \n | Share of pro\ufb01t of an associate | \n 0 | \n 0 | \n 0 | \n 1,501 | \n 0 | \n 1,501 | \n
\n \n | Income taxes | \n 0 | \n -205 | \n -50 | \n -6 | \n 0 | \n 261 | \n
\n \n | Net pro\ufb01t/(loss) for the year | \n 0 | \n 2,236 | \n -455 | \n 349 | \n 0 | \n 2,130 | \n
\n \n
\n
\n
\n *Gross sales represent the total amount billed or billable to clients by the Group, net of discounts, VAT and other sales-related taxes. Disclosure of gross revenue information is not required under \u00a0\n IFRS; however, it is voluntarily disclosed from 1 January 2018 onwards in the Consolidated Income Statement since management has concluded that the information is useful for users of the financial \u00a0statements. \u00a0
\n \n \n
Geographical information \u00a0
The Group operates in three principal geographical areas \u2013 the United Kingdom, Germany and Spain. The Group also operates in France and Italy, which are grouped in the table below under \u00a0\u201cother\u201d. The Group\u2019s revenue from continuing operations from external customers and information about its non-current assets by geographical locations are detailed below whereby non-current \u00a0assets are shown exclusive of financial instruments and investments. \u00a0
| Revenue from external customers | Non-current assets | Investment in an associate |
| 2025 | 2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 |
| kEUR | kEUR | kEUR | kEUR | kEUR | kEUR |
| Germany | 39,321 | 3,593 | 20,561 | 850 | 0 | 5,056 |
| United Kingdom | 5,973 | 6,066 | 384 | 628 | 0 | 0 |
| Spain | 3,399 | 3,214 | 123 | 80 | 0 | 0 |
| Netherlands | 454 | 0 | 0 | 0 | 0 | 0 |
| Other | 1,040 | 1,577 | 28 | 74 | 0 | 0 |
| Total | 50,187 | 14,450 | 21,096 | 1,633 | 0 | 5,056 |
\n \n
\n REVENUE FROM CONTRACTS WITH CUSTOMERS [6] \u00a0\n
\n
\n Disaggregated revenue information \u00a0\n
\n
\n The following is a breakdown of the Group\u2019s revenue from contracts with customers, which is based on the invoicing country and reflect continued operations only. \u00a0\n Revenue for discontinued operations is shown separately in Note [5]. \u00a0
\n \n
\n
\n \n \n \n \n \n \n \n \n \n | \n For the year ended 31 December 2025 | \n
\n \n | Segments | \n solute | \n Webgains | \n ad pepper | \n Total | \n
\n \n | Geographical markets | \n | \n | \n | \n | \n
\n \n | Germany | \n 35,045 | \n 2,233 | \n 2,043 | \n 39,321 | \n
\n \n | United Kingdom | \n 0 | \n 5,973 | \n 0 | \n 5,973 | \n
\n \n | Spain | \n 0 | \n 2,144 | \n 1,254 | \n 3,399 | \n
\n \n | Netherlands | \n 0 | \n 454 | \n 0 | \n 454 | \n
\n \n | Other* | \n 0 | \n 1,041 | \n 0 | \n 1,041 | \n
\n \n | Revenue | \n 35,045 | \n 11,845 | \n 3,297 | \n 50,187 | \n
\n \n
\n
\n
\n
\n \n \n \n \n \n \n \n \n | \n For the year ended 31 December 2024 | \n
\n \n | Segments | \n Webgains | \n ad pepper | \n Total | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Geographical markets | \n | \n | \n | \n
\n \n | Germany | \n 2,566 | \n 1,026 | \n 3,592 | \n
\n \n | United Kingdom | \n 6,066 | \n 0 | \n 6,066 | \n
\n \n | Spain | \n 2,146 | \n 1,068 | \n 3,214 | \n
\n \n | Netherlands | \n 503 | \n 0 | \n 503 | \n
\n \n | Other* | \n 1,075 | \n 0 | \n 1,075 | \n
\n \n | Revenue | \n 12,355 | \n 2,095 | \n 14,450 | \n
\n \n
\n
\n *includes France and Italy. \u00a0\n
SEGMENT REPORTING [7] \u00a0
IFRS 8 requires entities to report financial and descriptive information on their reportable segments. Reportable segments are operating segments or aggregations of operating segments that meet \u00a0specific criteria. Operating segments are components of an entity for which separate financial information is available that is evaluated regularly by the chief operating decision-maker in deciding \u00a0how to allocate resources and in assessing performance. \u00a0
Generally, financial information must be reported on the same basis as it is used internally for evaluating operating segment performance and deciding how to allocate resources to operating \u00a0segments. Financial information reported to the Group\u2019s chief operating decision-maker for the purposes of resource allocation and assessment of segment performance is focused on the category \u00a0Segment profit, reflecting the EBIT (Earnings before interest and taxes) or EBITDA (Earnings before interest, taxes, depreciation and amortisation) earned by each segment as stipulated by the IFRS. \u00a0
This is the measure reported to the chief operating decision-maker for the purposes of resource allocation and assessment of segment performance. The basis of accounting for intersegment \u00a0transactions is the \u201cdealing at arm\u2019s length\u201d principle. \u00a0
The tables below reflect continued operations only. Discontinued operations are shown separately in Note [5]. \u00a0
\n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n | Financial year 2025 | \n solute | \n Webgains | \n ad pepper | \n Admin | \n Intersegment | Group | \n
\n \n | \n | \n | \n | \n | \n elimination | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Gross sales* | \n 35,086 | \n 58,084 | \n 7,129 | \n 285 | \n -326 | \n 100,258 | \n
\n \n | Thereof external | \n 35,045 | \n 58,084 | \n 7,129 | \n 0 | \n 0 | \n 100,258 | \n
\n \n | Thereof intersegment | \n 41 | \n 0 | \n 0 | \n 285 | \n -326 | \n 0 | \n
\n \n | Revenue | \n 35,086 | \n 11,844 | \n 3,298 | \n 285 | \n -326 | \n 50,187 | \n
\n \n | Thereof external | \n 35,045 | \n 11,844 | \n 3,298 | \n 0 | \n 0 | \n 50,187 | \n
\n \n | Thereof intersegment | \n 41 | \n 0 | \n 0 | \n 285 | \n -326 | \n 0 | \n
\n \n | Gross pro\ufb01t | \n 14,742 | \n 11,608 | \n 3,288 | \n 0 | \n 0 | \n 29,638 | \n
\n \n | Expenses (including cost | \n | \n | \n | \n | \n | \n | \n
\n \n | of sales) | \n | \n | \n | \n | \n | \n | \n
\n \n | and other income | \n -32,559 | \n -10,159 | \n -2,908 | \n -3,067 | \n 326 | \n -48,366 | \n
\n \n | thereof external | \n -32,559 | \n -10,117 | \n -2,623 | \n -3,067 | \n 0 | \n -48,366 | \n
\n \n | thereof intersegment | \n 0 | \n -41 | \n -285 | \n 0 | \n 326 | \n 0 | \n
\n \n | thereof amortisation | \n | \n | \n | \n | \n | \n | \n
\n \n | and depreciation | \n -1,724 | \n -286 | \n -58 | \n -156 | \n 0 | \n -2,224 | \n
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n | Financial year 2025 | \n solute | \n Webgains | \n ad pepper | \n Admin | \n Intersegment | Group | \n
\n \n | \n | \n | \n | \n | \n elimination | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | thereof other non-cash | \n | \n | \n | \n | \n | \n | \n
\n \n | expenses | \n -96 | \n -150 | \n 0 | \n 0 | \n 0 | \n -246 | \n
\n \n | thereof other non-cash | \n | \n | \n | \n | \n | \n | \n
\n \n | income | \n 130 | \n 656 | \n 5 | \n 19 | \n 0 | \n 810 | \n
\n \n | EBITDA | \n 4,251 | \n 1,972 | \n 448 | \n -2,625 | \n 0 | \n 4,045 | \n
\n \n | Operating pro\ufb01t (EBIT) | \n 2,528 | \n 1,686 | \n 390 | \n -2,782 | \n 0 | \n 1,821 | \n
\n \n | Financial income | \n 183 | \n 12 | \n 3 | \n 82 | \n 0 | \n 280 | \n
\n \n | Financial expenses | \n -80 | \n -37 | \n -5 | \n -15 | \n 0 | \n -137 | \n
\n \n | Share of pro\ufb01t of an | \n | \n | \n | \n | \n | \n | \n
\n \n | associate | \n 0 | \n 0 | \n 0 | \n 253 | \n 0 | \n 253 | \n
\n \n | Income taxes | \n -312 | \n -216 | \n -86 | \n 2 | \n 0 | \n -612 | \n
\n \n | Net pro\ufb01t/(loss) for the | \n | \n | \n | \n | \n | \n | \n
\n \n | year | \n 2,319 | \n 1,445 | \n 302 | \n -2,460 | \n 0 | \n 1,607 | \n
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n | Financial year 2024 | \n solute | \n Webgains | \n ad pepper | \n Admin | \n Intersegment | Group | \n
\n \n | \n | \n | \n | \n | \n elimination | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Gross sales* | \n 0 | \n 58,274 | \n 4,282 | \n 171 | \n -171 | \n 62,556 | \n
\n \n | Thereof external | \n 0 | \n 58,274 | \n 4,282 | \n 0 | \n 0 | \n 62,556 | \n
\n \n | Thereof intersegment | \n 0 | \n 0 | \n 0 | \n 171 | \n -171 | \n 0 | \n
\n \n | Revenue | \n 0 | \n 12,355 | \n 2,095 | \n 171 | \n -171 | \n 14,450 | \n
\n \n | Thereof external | \n 0 | \n 12,355 | \n 2,095 | \n 0 | \n 0 | \n 14,450 | \n
\n \n | Thereof intersegment | \n 0 | \n 0 | \n 0 | \n 171 | \n -171 | \n 0 | \n
\n \n | Gross pro\ufb01t | \n 0 | \n 12,052 | \n 1,846 | \n 171 | \n 0 | \n 14,069 | \n
\n \n | Expenses (including cost of sales) | \n 0 | \n | \n | \n | \n | \n | \n
\n \n | and other income | \n | \n -9,895 | \n -2,476 | \n -1,613 | \n 171 | \n 13,813 | \n
\n \n | Thereof amortisation and | \n 0 | \n | \n | \n | \n | \n | \n
\n \n | depreciation | \n | \n -347 | \n -109 | \n -188 | \n 0 | \n -644 | \n
\n \n | Thereof other non-cash expenses | \n 0 | \n -75 | \n -100 | \n 0 | \n 0 | \n -175 | \n
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n | Thereof other non-cash income | \n 0 | \n 1,053 | \n 177 | \n 50 | \n 0 | \n 1,280 | \n
\n \n | EBITDA | \n 0 | \n 2,808 | \n -273 | \n -1,254 | \n 0 | \n 1,281 | \n
\n \n | Operating pro\ufb01t (EBIT) | \n 0 | \n 2,461 | \n -382 | \n -1,442 | \n 0 | \n 637 | \n
\n \n | Financial income | \n 0 | \n 54 | \n 0 | \n 299 | \n -45 | \n 308 | \n
\n \n | Financial expenses | \n 0 | \n -74 | \n -24 | \n -2 | \n 45 | \n -55 | \n
\n \n | Share of pro\ufb01t of an associate | \n 0 | \n 0 | \n 0 | \n 1,501 | \n 0 | \n 1,501 | \n
\n \n | Income taxes | \n 0 | \n -205 | \n -50 | \n -6 | \n 0 | \n 261 | \n
\n \n | Net pro\ufb01t/(loss) for the year | \n 0 | \n 2,236 | \n -455 | \n 349 | \n 0 | \n 2,130 | \n
\n \n
\n
\n
\n *Gross sales represent the total amount billed or billable to clients by the Group, net of discounts, VAT and other sales-related taxes. Disclosure of gross revenue information is not required under \u00a0\n IFRS; however, it is voluntarily disclosed from 1 January 2018 onwards in the Consolidated Income Statement since management has concluded that the information is useful for users of the financial \u00a0statements. \u00a0
\n \n \n
Geographical information \u00a0
The Group operates in three principal geographical areas \u2013 the United Kingdom, Germany and Spain. The Group also operates in France and Italy, which are grouped in the table below under \u00a0\u201cother\u201d. The Group\u2019s revenue from continuing operations from external customers and information about its non-current assets by geographical locations are detailed below whereby non-current \u00a0assets are shown exclusive of financial instruments and investments. \u00a0
| Revenue from external customers | Non-current assets | Investment in an associate |
| 2025 | 2024 | 31/12/2025 | 31/12/2024 | 31/12/2025 | 31/12/2024 |
| kEUR | kEUR | kEUR | kEUR | kEUR | kEUR |
| Germany | 39,321 | 3,593 | 20,561 | 850 | 0 | 5,056 |
| United Kingdom | 5,973 | 6,066 | 384 | 628 | 0 | 0 |
| Spain | 3,399 | 3,214 | 123 | 80 | 0 | 0 |
| Netherlands | 454 | 0 | 0 | 0 | 0 | 0 |
| Other | 1,040 | 1,577 | 28 | 74 | 0 | 0 |
| Total | 50,187 | 14,450 | 21,096 | 1,633 | 0 | 5,056 |
\n \n
\n REVENUE FROM CONTRACTS WITH CUSTOMERS [6] \u00a0\n
\n
\n Disaggregated revenue information \u00a0\n
\n
\n The following is a breakdown of the Group\u2019s revenue from contracts with customers, which is based on the invoicing country and reflect continued operations only. \u00a0\n Revenue for discontinued operations is shown separately in Note [5]. \u00a0
\n \n
\n
\n \n \n \n \n \n \n \n \n \n | \n For the year ended 31 December 2025 | \n
\n \n | Segments | \n solute | \n Webgains | \n ad pepper | \n Total | \n
\n \n | Geographical markets | \n | \n | \n | \n | \n
\n \n | Germany | \n 35,045 | \n 2,233 | \n 2,043 | \n 39,321 | \n
\n \n | United Kingdom | \n 0 | \n 5,973 | \n 0 | \n 5,973 | \n
\n \n | Spain | \n 0 | \n 2,144 | \n 1,254 | \n 3,399 | \n
\n \n | Netherlands | \n 0 | \n 454 | \n 0 | \n 454 | \n
\n \n | Other* | \n 0 | \n 1,041 | \n 0 | \n 1,041 | \n
\n \n | Revenue | \n 35,045 | \n 11,845 | \n 3,297 | \n 50,187 | \n
\n \n
\n
\n
\n \n \n
\n
\n \n \n \n \n \n \n \n \n | \n For the year ended 31 December 2024 | \n
\n \n | Segments | \n Webgains | \n ad pepper | \n Total | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Geographical markets | \n | \n | \n | \n
\n \n | Germany | \n 2,566 | \n 1,026 | \n 3,592 | \n
\n \n | United Kingdom | \n 6,066 | \n 0 | \n 6,066 | \n
\n \n | Spain | \n 2,146 | \n 1,068 | \n 3,214 | \n
\n \n | Netherlands | \n 503 | \n 0 | \n 503 | \n
\n \n | Other* | \n 1,075 | \n 0 | \n 1,075 | \n
\n \n | Revenue | \n 12,355 | \n 2,095 | \n 14,450 | \n
\n \n
\n
\n *includes France and Italy. \u00a0\n
\n \n \n \n \n \n \n \n \n
\n Contract balances \u00a0\n
\n \n
| 31/12/25 | 31/12/24 |
| kEUR | kEUR |
| Contract liabilities | 57 | 223 |
\n Contract liabilities include short-term advances received from customers during 2025 in the solute and Webgains segment. \u00a0\n
\n
Performance obligations \u00a0
Information about the Group\u2019s performance obligations is summarised below: \u00a0
solute \u00a0
The performance obligation is satisfied over time and occurs when traffic is generated to the client\u2019s online shop. Contracts with clients are generally concluded for an indefinite period. Revenue \u00a0therefore accrues each time when an end-customer enters the client\u2019s online shop. Clients are invoiced monthly in the amount of the consideration to which solute is entitled in exchange of the \u00a0increased traffic, based on verified transactions. \u00a0
Advertising channels used for traffic generation are either solute own portals or third-party websites. In both cases solute controls the performance obligations towards the client by selecting and \u00a0directing the delivery channels. Therefore, solute acts as principal in performing the performance obligation to the client and recognises the revenue in the amount of the consideration to which\u00a0it \u00a0is entitled. \u00a0
As all performance obligations have an original expected duration of less than one year and meet the requirement of the right to invoice practical expedient in IFRS 15.B16, the Company does not \u00a0disclose the amount of the remaining performance obligations. \u00a0
Checkout Charlie \u00a0
The performance obligation for Checkout Charlie is fulfilled over time by successfully facilitating a transaction between an end-customer and the advertiser/merchant via its owned platforms (e.g., \u00a0sparwelt.de, gutscheine.de). \u00a0
Revenue is generated when an end-customer uses a Checkout Charlie-provided coupon/link to complete a successful, tracked transaction. Customers are invoiced monthly based on the agreed \u00a0commission per transaction. For revenue from advertising subsidies or fixed-fee placements, the obligation is satisfied by providing the agreed promotional visibility, with revenue recognised over \u00a0the contracted service period. \u00a0
Checkout Charlie acts as the principal by owning and managing its proprietary coupon/voucher platforms, selecting featured deals, and controlling the integration with affiliate networks (AWIN, \u00a0Webgains). By directing the use of its channels and taking responsibility for delivering a validated order, the Company recognises revenue in the amount of consideration to which it is entitled. \u00a0As all performance obligations generally have an original expected term of less than one year and meet the requirements for the right to invoice in accordance with IFRS 15.B16, the Company does \u00a0not disclose the amount of the remaining performance obligations. \u00a0
Webgains \u00a0
The performance obligation is satisfied over time and occurs when successful transactions result from traffic. Contracts with clients are generally concluded for periods of 12 months or less. The \u00a0invoicing is transaction-based and is carried out monthly. \u00a0
The contract provides the customer with a recall period, in which any transaction can be cancelled within a certain period. Depending on the industry, the recall periods range from 30 days in the \u00a0fashion and beauty industry and up to 360 days for insurance, travel and mobile sales. Based on historical data, at year-end the Group calculates the amount to be recognised as return assets and \u00a0refund liabilities for transactions in the recall period. As at 31 December 2025 and 31 December 2024, the Group\u2019s calculation resulted in amounts that have no material impact on the revenue \u00a0recognised in the financial year. \u00a0
As all performance obligations have an original expected duration of less than one year and meet the requirement of the right to invoice practical expedient in IFRS 15.B16, the Company does not \u00a0disclose the amount of the remaining performance obligations. \u00a0
ad pepper \u00a0
Service orders received from clients in accordance with framework agreements are generally short term in nature. The performance obligation is satisfied over time and usually occurs when the \u00a0user provides personal data or when an impression is generated on the user\u2019s device. Revenue therefore accrues each time the ad is displayed, or personal data is entered by the user. Clients are \u00a0invoiced monthly for the service delivered during the month based on the agreed transaction price multiplied by the delivered amounts. Payment is generally due within 14 days of invoicing. \u00a0
As all ads are placed on third-party ad inventory properties, the Group has no control over the advertising inventory before it is transferred to its customers, with the Group acting as an agent in all \u00a0contractual arrangements. \u00a0
CONTRACT LIABILITIES [32] \u00a0
Contract liabilities consist of short-term advances for search engine advertising services from clients in the ad pepper and solute segment. \u00a0
| 31/12/2025 | 31/12/2024 |
| kEUR | kEUR |
| At 1/1 | 223 | 382 |
| Deferred during the year | 57 | 1,683 |
| Recognised as revenue | | |
| during the year | -56 | -1,842 |
| Deconsolidation of ad agents | -167 | 0 |
| At 31/12 | 57 | 223 |
\n REVENUE FROM CONTRACTS WITH CUSTOMERS [6] \u00a0\n
\n Contract balances \u00a0\n
\n \n
| 31/12/25 | 31/12/24 |
| kEUR | kEUR |
| Contract liabilities | 57 | 223 |
\n Contract liabilities include short-term advances received from customers during 2025 in the solute and Webgains segment. \u00a0\n
CONTRACT LIABILITIES [32] \u00a0
Contract liabilities consist of short-term advances for search engine advertising services from clients in the ad pepper and solute segment. \u00a0
| 31/12/2025 | 31/12/2024 |
| kEUR | kEUR |
| At 1/1 | 223 | 382 |
| Deferred during the year | 57 | 1,683 |
| Recognised as revenue | | |
| during the year | -56 | -1,842 |
| Deconsolidation of ad agents | -167 | 0 |
| At 31/12 | 57 | 223 |
SEGMENT REPORTING [7] \u00a0
IFRS 8 requires entities to report financial and descriptive information on their reportable segments. Reportable segments are operating segments or aggregations of operating segments that meet \u00a0specific criteria. Operating segments are components of an entity for which separate financial information is available that is evaluated regularly by the chief operating decision-maker in deciding \u00a0how to allocate resources and in assessing performance. \u00a0
Generally, financial information must be reported on the same basis as it is used internally for evaluating operating segment performance and deciding how to allocate resources to operating \u00a0segments. Financial information reported to the Group\u2019s chief operating decision-maker for the purposes of resource allocation and assessment of segment performance is focused on the category \u00a0Segment profit, reflecting the EBIT (Earnings before interest and taxes) or EBITDA (Earnings before interest, taxes, depreciation and amortisation) earned by each segment as stipulated by the IFRS. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97494_2025": {
"value": "NOTES TO THE INCOME STATEMENT [8] \u00a0
The income statement was prepared using the function of expense method. The expenses include personnel expenses of EUR 18,804k (2024: EUR 9,985) as well as depreciation and amortisation \u00a0of EUR 2,224k (2024: EUR 644k), thereof EUR 583k (2024: EUR 463k) depreciation on right-of-use assets. Amortisation of intangible assets is included in selling expenses EUR 1,309k (2024: EUR \u00a082k) and administration expenses EUR 12k (2024: EUR 2k). The personnel expenses include the employer\u2019s contribution to state pension schemes amounting to EUR 748k (2024: EUR 269k), which \u00a0must be disclosed as employer\u2019s contribution to a defined contribution plan. \u00a0
MEDIA COST AND COST OF SALES [9] \u00a0
| Media cost | 2025 | 2024 |
| kEUR | kEUR |
| solute | 0 | 0 |
| Webgains | 46,240 | 45,919 |
| ad pepper | 3,831 | 2,187 |
| Total media cost | 50,071 | 48,106 |
| COS | 20,549 | 380 |
| Total | 70,620 | 48,486 |
Cost of sales predominantly comprises third-party affiliate partner costs in the solute segment. For segments Webgains and ad pepper which are on net revenue according to IFRS 15 this position \u00a0includes only data center services, professional fees, and other purchased services. \u00a0
SELLING AND MARKETING EXPENSES [10] \u00a0
This item comprises all costs associated with attracting customers and orders. The expenses are broken down as follows: \u00a0
| 2025 | 2024 |
| kEUR | kEUR |
| Personnel costs | 12,906 | 6,696 |
| Depreciation and amortisation | 1,589 | 115 |
| Advertising and sales promotion | 1,218 | 215 |
| Professional and other services | 1,331 | 605 |
| General operating costs | | |
| (communication, travel, other | | |
| supplies) | 1,293 | 1,020 |
| Other | 12 | 6 |
| Total | 18,349 | 8,656 |
GENERAL AND ADMINISTRATIVE EXPENSES [11] \u00a0
The expenses are broken down as follows: \u00a0
| 2025 | 2024 |
| kEUR | kEUR |
| Personnel costs | 5,898 | 3,289 |
| Depreciation on right-of-use | | |
| assets | 583 | 463 |
| Depreciation and amortisation | 52 | 65 |
| Other facility costs | 492 | 370 |
| Professional and other services | 1,941 | 880 |
| Acquisition-related costs | 223 | 0 |
| General operating costs | | |
| (communication, travel, other | | |
| supplies) | 730 | 600 |
| Other | 0 | 15 |
| Total | 9,919 | 5,682 |
\n \n
\n OTHER OPERATING EXPENSES [13] \u00a0\n
\n
\n Other operating expenses consist of the following: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 2025 | \n 2024 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Foreign exchange losses | \n 48 | \n 0 | \n
\n \n | Expected credit losses on | \n | \n | \n
\n \n | trade receivables | \n 246 | \n 162 | \n
\n \n | Total | \n 293 | \n 162 | \n
\n \n
\n
\n
INTANGIBLE ASSETS [17] \u00a0
\n \n
\n MOVEMENT SCHEDULE OF INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT [18] \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n | \n | \n | \n Historical cost | \n | \n | \n Accumulated depreciation/amortisation/impairment | \n | \n Book value | \n
\n \n | Financial year | \n Balance at | Additions | Acquisition | Disposals | Exchange | Balance at | Balance at | \n Depreciation/ | Disposals | Exchange | \n Balance at | \n Financial | \n Previous | \n
\n \n | 2025 | \n 1/1/ | \n | of a | \n from | \n di\ufb00erences | 31/12/ | \n 1/1/ | \n Amortisation | \n | di\ufb00erences | \n 31/12/ | \n year | \n year\u00a031/12/ |
\n \n \n | 2025 | \n | subsidiary | \n discontinued | | 2025 | \n 2025 | \n | \n | \n | 2025 | \n 31/12/ | \n 2024 | \n
\n \n | \n | \n | \n | \n operations | \n | \n | \n | \n | \n | \n | \n | \n 2025 | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Intangible | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | assets | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | So\ufb05ware | \n 3,478 | \n 419 | \n 802 | \n -185 | \n -57 | \n 4,457 | \n -3,143 | \n -409 | \n 180 | \n 57 | \n -3,315 | \n 1,142 | \n 335 | \n
\n \n | Trademarks/ | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Brands | \n 644 | \n 0 | \n 7,068 | \n 0 | \n 0 | \n 7,712 | \n -643 | \n -187 | \n 0 | \n 0 | \n -830 | \n 6,882 | \n 1 | \n
\n \n | Customer | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Bases | \n 0 | \n 0 | \n 11,263 | \n 0 | \n 0 | \n 11,263 | \n 0 | \n -730 | \n 0 | \n 0 | \n -730 | \n 10,533 | \n 0 | \n
\n \n | Total | \n 4,122 | \n 419 | \n 19,133 | \n -185 | \n -57 | \n 23,432 | \n -3,786 | \n -1,326 | \n 180 | \n 57 | \n -4,875 | \n 18,557 | \n 336 | \n
\n \n | Property, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | plant and | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Other | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | operational | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | and o\ufb03ce | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment | \n 811 | \n 632 | \n 602 | \n -353 | \n -11 | \n 1,681 | \n -711 | \n -332 | \n 307 | \n 10 | \n -726 | \n 955 | \n 100 | \n
\n \n | Total | \n 4,933 | \n 1,051 | \n 19,735 | \n -538 | \n -68 | \n 25,113 | \n -4,497 | \n -1,658 | \n 487 | \n 67 | \n -5,601 | \n 19,512 | \n 436 | \n
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n | \n | \n | \n Historical cost | \n | \n | \n | \n Accumulated depreciation/amortisation/impairment | \n Book value | \n
\n \n | Financial year | \n Balance\u00a0at | \n Additions | Acquisition | Disposals | Exchange | \n Balance at | \n Balance at | Depreciation/ | Disposals | Exchange | \n Balance at | \n Financial year | Previous | \n
\n \n | 2024 | \n 1/1/ | \n | of a | \n | di\ufb00erences | \n 31/12/ | \n 1/1/ | \n amortisation | \n | di\ufb00erences | \n 31/12/ | \n 31/12/ | \n year\u00a031/12/ |
\n \n \n | \n 2024 | \n | \n subsidiary | \n | \n | \n 2024 | \n 2024 | \n | \n | \n | \n 2024 | \n 2024 | \n 2023 | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Intangible | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | assets | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | So\ufb05ware | \n 3,161 | \n 261 | \n 0 | \n 0 | \n 56 | \n 3,478 | \n -2,994 | \n -96 | \n 0 | \n -53 | \n -3,143 | \n 335 | \n 167 | \n
\n \n | Brands | \n 644 | \n 0 | \n 0 | \n 0 | \n 0 | \n 644 | \n -643 | \n 0 | \n 0 | \n 0 | \n -643 | \n 1 | \n 1 | \n
\n \n | Customer | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Bases | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n
\n \n | Total | \n 3,805 | \n 261 | \n 0 | \n 0 | \n 56 | \n 4,122 | \n -3,637 | \n -96 | \n 0 | \n -53 | \n -3,786 | \n 336 | \n 168 | \n
\n \n | Property, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | plant and | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Other | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | operational | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | and o\ufb03ce | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment | \n 1,091 | \n 42 | \n 0 | \n -332 | \n 10 | \n 811 | \n -918 | \n -116 | \n 332 | \n -9 | \n -711 | \n 100 | \n 173 | \n
\n \n | Total | \n 4,896 | \n 303 | \n 0 | \n -332 | \n 66 | \n 4,933 | \n -4,555 | \n -213 | \n 332 | \n -62 | \n -4,498 | \n 436 | \n 341 | \n
\n \n
\n
\n
LEASES [42] \u00a0
\n \n
\n Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n \n \n | \n Right-of-use assets | \n Lease | \n
\n \n | \n | \n | \n | \n liabilities | \n
\n \n | \n O\ufb03ce | \n Cars | \n Total | \n | \n
\n \n | \n space | \n | \n | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | As at 1 January | \n | \n | \n | \n | \n
\n \n | 2025 | \n 1,972 | \n 268 | \n 2,239 | \n -1,316 | \n
\n \n | Additions | \n 125 | \n 93 | \n 218 | \n -218 | \n
\n \n | Additions in | \n | \n | \n | \n | \n
\n \n | course of the | \n | \n | \n | \n |
\n \n | business | \n | \n | \n | \n | \n
\n \n | acquisition of | \n | \n | \n | \n | \n
\n \n | solute | \n 699 | \n 297 | \n 997 | \n -997 | \n
\n \n | Disposal | \n -226 | \n -125 | \n -351 | \n 28 | \n
\n \n | Discontinued | \n | \n | \n | \n | \n
\n \n | operations | \n 0 | \n -114 | \n -114 | \n 58 | \n
\n \n | Exchange rate | \n | \n | \n | \n | \n
\n \n | di\ufb00erence | \n -47 | \n 0 | \n -47 | \n 35 | \n
\n \n | Subtotal | \n 2,523 | \n 420 | \n 2,942 | \n -2,411 | \n
\n\n\n | \n Depreciation 1/1\n | \n \n -857\n | \n \n -185\n | \n \n -1,042\n | \n \n
\n\n\n \n
\n
\n
\n
\n
\n \n \n \n \n \n \n \n \n \n | \n \n Right-of-use assets\n | \n \n Lease\n | \n
\n \n | \n | \n | \n | \n \n liabilities\n | \n
\n \n | \n \n O\ufb03ce\n | \n \n Cars\n | \n \n Total\n | \n | \n
\n \n | \n \n space\n | \n | \n | \n | \n
\n \n | \n Depreciation\n | \n | \n | \n | \n | \n
\n \n | \n expense\n | \n \n -589\n | \n \n -136\n | \n \n -725\n | \n | \n
\n \n | \n Disposal\n | \n \n 197\n | \n \n 125\n | \n \n 322\n | \n | \n
\n \n | \n Discontinued\n | \n | \n | \n | \n | \n
\n \n | \n operations\n | \n \n 0\n | \n \n 60\n | \n \n 60\n | \n | \n
\n \n | \n Exchange rate\n | \n | \n | \n | \n | \n
\n \n | \n di\ufb00erence\n | \n \n 26\n | \n \n 0\n | \n \n 26\n | \n | \n
\n \n | \n Depreciation\n | \n | \n | \n | \n | \n
\n \n | \n expense as at 31\n | \n | \n | \n | \n | \n
\n \n | \n December 2025\n | \n \n -1,223\n | \n \n -136\n | \n \n -1,359\n | \n | \n
\n \n | \n Payments\n | \n | \n | \n | \n \n 800\n | \n
\n \n | \n Interest\n | \n | \n | \n | \n | \n
\n \n | \n expense\n | \n | \n | \n | \n \n -86\n | \n
\n \n | \n As at 31\n | \n | \n | \n | \n | \n
\n \n | \n December 2025\n | \n \n 1,300\n | \n \n 284\n | \n \n 1,583\n | \n \n -1,697\n | \n
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n \n \n | \n Right-of-use assets | \n Lease | \n
\n \n | \n | \n | \n | \n liabilities | \n
\n \n | \n O\ufb03ce | \n Cars | \n Total | \n | \n
\n \n | \n space | \n | \n | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | As at 1 January | \n | \n | \n | \n | \n
\n \n | 2024 | \n 2,587 | \n 247 | \n 2,834 | -1,290 | \n
\n \n | Additions | \n 566 | \n 46 | \n 612 | -612 | \n
\n \n | Disposal | \n -1,227 | \n -25 | \n -1,252 | 0 | \n
\n \n | Exchange rate | \n | \n | \n | \n | \n
\n \n | di\ufb00erence | \n 47 | \n 0 | \n 47 | \n -42 | \n
\n \n | Subtotal | \n 1,972 | \n 268 | \n 2,241 | -1,944 | \n
\n \n | Depreciation | \n | \n | \n | \n | \n
\n \n | expense as at 1 | \n | \n | \n | \n | \n
\n \n | January 2024 | \n -1,506 | \n -144 | \n -1,650 | \n | \n
\n \n | Depreciation | \n | \n | \n | \n | \n
\n \n | expense | \n -566 | \n -65 | \n -631 | \n | \n
\n \n | Disposal | \n 1,227 | \n 24 | \n 1,251 | |
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n \n \n | \n Right-of-use assets | \n Lease | \n
\n \n | \n | \n | \n | \n liabilities | \n
\n \n | \n O\ufb03ce | \n Cars | \n Total | \n | \n
\n \n | \n space | \n | \n | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Exchange rate | \n | \n | \n | \n | \n
\n \n | di\ufb00erence | \n -12 | \n 0 | \n -12 | \n | \n
\n \n | Depreciation | \n | \n | \n | \n | \n
\n \n | expense as at 31 | \n | \n | \n | \n | \n
\n \n | December 2024 | \n -857 | \n -185 | \n -1,042 | |
\n \n | Payments | \n \n | | \n | \n 698 | \n
\n \n | Interest | \n | \n | \n | \n | \n
\n \n | expense | \n | \n | \n | \n -69 | \n
\n \n | As at 31 | \n | \n | \n | \n | \n
\n \n | December 2024 | \n 1,115 | \n 82 | \n 1,197 | \n -1,316 | \n
\n \n
\n
\n
\n The total amount of lease payments including short term leasing in 2025 amounts to EUR 805k (2024: EUR 648k). \u00a0\n
\n
The amounts recognised in profit or loss, are as follows: \u00a0
| 2025 | 2024 |
| kEUR | kEUR |
| Depreciation expenses of right-of- | | |
| use assets | 725 | 631 |
| Interest expense on lease liabilities | 86 | 69 |
| Expense relating to short-term | | |
| leases (included in administrative | | |
| expense) | 91 | 20 |
| Total amount recognised in profit | | |
| or loss | 902 | 720 |
NOTES TO THE INCOME STATEMENT [8] \u00a0
The income statement was prepared using the function of expense method. The expenses include personnel expenses of EUR 18,804k (2024: EUR 9,985) as well as depreciation and amortisation \u00a0of EUR 2,224k (2024: EUR 644k), thereof EUR 583k (2024: EUR 463k) depreciation on right-of-use assets. Amortisation of intangible assets is included in selling expenses EUR 1,309k (2024: EUR \u00a082k) and administration expenses EUR 12k (2024: EUR 2k). The personnel expenses include the employer\u2019s contribution to state pension schemes amounting to EUR 748k (2024: EUR 269k), which \u00a0must be disclosed as employer\u2019s contribution to a defined contribution plan. \u00a0
MEDIA COST AND COST OF SALES [9] \u00a0
| Media cost | 2025 | 2024 |
| kEUR | kEUR |
| solute | 0 | 0 |
| Webgains | 46,240 | 45,919 |
| ad pepper | 3,831 | 2,187 |
| Total media cost | 50,071 | 48,106 |
| COS | 20,549 | 380 |
| Total | 70,620 | 48,486 |
Cost of sales predominantly comprises third-party affiliate partner costs in the solute segment. For segments Webgains and ad pepper which are on net revenue according to IFRS 15 this position \u00a0includes only data center services, professional fees, and other purchased services. \u00a0
SELLING AND MARKETING EXPENSES [10] \u00a0
This item comprises all costs associated with attracting customers and orders. The expenses are broken down as follows: \u00a0
| 2025 | 2024 |
| kEUR | kEUR |
| Personnel costs | 12,906 | 6,696 |
| Depreciation and amortisation | 1,589 | 115 |
| Advertising and sales promotion | 1,218 | 215 |
| Professional and other services | 1,331 | 605 |
| General operating costs | | |
| (communication, travel, other | | |
| supplies) | 1,293 | 1,020 |
| Other | 12 | 6 |
| Total | 18,349 | 8,656 |
GENERAL AND ADMINISTRATIVE EXPENSES [11] \u00a0
The expenses are broken down as follows: \u00a0
| 2025 | 2024 |
| kEUR | kEUR |
| Personnel costs | 5,898 | 3,289 |
| Depreciation on right-of-use | | |
| assets | 583 | 463 |
| Depreciation and amortisation | 52 | 65 |
| Other facility costs | 492 | 370 |
| Professional and other services | 1,941 | 880 |
| Acquisition-related costs | 223 | 0 |
| General operating costs | | |
| (communication, travel, other | | |
| supplies) | 730 | 600 |
| Other | 0 | 15 |
| Total | 9,919 | 5,682 |
NOTES TO THE INCOME STATEMENT [8] \u00a0
The income statement was prepared using the function of expense method. The expenses include personnel expenses of EUR 18,804k (2024: EUR 9,985) as well as depreciation and amortisation \u00a0of EUR 2,224k (2024: EUR 644k), thereof EUR 583k (2024: EUR 463k) depreciation on right-of-use assets. Amortisation of intangible assets is included in selling expenses EUR 1,309k (2024: EUR \u00a082k) and administration expenses EUR 12k (2024: EUR 2k). The personnel expenses include the employer\u2019s contribution to state pension schemes amounting to EUR 748k (2024: EUR 269k), which \u00a0must be disclosed as employer\u2019s contribution to a defined contribution plan. \u00a0
SELLING AND MARKETING EXPENSES [10] \u00a0
This item comprises all costs associated with attracting customers and orders. The expenses are broken down as follows: \u00a0
| 2025 | 2024 |
| kEUR | kEUR |
| Personnel costs | 12,906 | 6,696 |
| Depreciation and amortisation | 1,589 | 115 |
| Advertising and sales promotion | 1,218 | 215 |
| Professional and other services | 1,331 | 605 |
| General operating costs | | |
| (communication, travel, other | | |
| supplies) | 1,293 | 1,020 |
| Other | 12 | 6 |
| Total | 18,349 | 8,656 |
GENERAL AND ADMINISTRATIVE EXPENSES [11] \u00a0
The expenses are broken down as follows: \u00a0
| 2025 | 2024 |
| kEUR | kEUR |
| Personnel costs | 5,898 | 3,289 |
| Depreciation on right-of-use | | |
| assets | 583 | 463 |
| Depreciation and amortisation | 52 | 65 |
| Other facility costs | 492 | 370 |
| Professional and other services | 1,941 | 880 |
| Acquisition-related costs | 223 | 0 |
| General operating costs | | |
| (communication, travel, other | | |
| supplies) | 730 | 600 |
| Other | 0 | 15 |
| Total | 9,919 | 5,682 |
NOTES TO THE INCOME STATEMENT [8] \u00a0
The income statement was prepared using the function of expense method. The expenses include personnel expenses of EUR 18,804k (2024: EUR 9,985) as well as depreciation and amortisation \u00a0of EUR 2,224k (2024: EUR 644k), thereof EUR 583k (2024: EUR 463k) depreciation on right-of-use assets. Amortisation of intangible assets is included in selling expenses EUR 1,309k (2024: EUR \u00a082k) and administration expenses EUR 12k (2024: EUR 2k). The personnel expenses include the employer\u2019s contribution to state pension schemes amounting to EUR 748k (2024: EUR 269k), which \u00a0must be disclosed as employer\u2019s contribution to a defined contribution plan. \u00a0
SELLING AND MARKETING EXPENSES [10] \u00a0
This item comprises all costs associated with attracting customers and orders. The expenses are broken down as follows: \u00a0
| 2025 | 2024 |
| kEUR | kEUR |
| Personnel costs | 12,906 | 6,696 |
| Depreciation and amortisation | 1,589 | 115 |
| Advertising and sales promotion | 1,218 | 215 |
| Professional and other services | 1,331 | 605 |
| General operating costs | | |
| (communication, travel, other | | |
| supplies) | 1,293 | 1,020 |
| Other | 12 | 6 |
| Total | 18,349 | 8,656 |
GENERAL AND ADMINISTRATIVE EXPENSES [11] \u00a0
The expenses are broken down as follows: \u00a0
| 2025 | 2024 |
| kEUR | kEUR |
| Personnel costs | 5,898 | 3,289 |
| Depreciation on right-of-use | | |
| assets | 583 | 463 |
| Depreciation and amortisation | 52 | 65 |
| Other facility costs | 492 | 370 |
| Professional and other services | 1,941 | 880 |
| Acquisition-related costs | 223 | 0 |
| General operating costs | | |
| (communication, travel, other | | |
| supplies) | 730 | 600 |
| Other | 0 | 15 |
| Total | 9,919 | 5,682 |
INTANGIBLE ASSETS [17] \u00a0
\n \n
\n MOVEMENT SCHEDULE OF INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT [18] \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n | \n | \n | \n Historical cost | \n | \n | \n Accumulated depreciation/amortisation/impairment | \n | \n Book value | \n
\n \n | Financial year | \n Balance at | Additions | Acquisition | Disposals | Exchange | Balance at | Balance at | \n Depreciation/ | Disposals | Exchange | \n Balance at | \n Financial | \n Previous | \n
\n \n | 2025 | \n 1/1/ | \n | of a | \n from | \n di\ufb00erences | 31/12/ | \n 1/1/ | \n Amortisation | \n | di\ufb00erences | \n 31/12/ | \n year | \n year\u00a031/12/ |
\n \n \n | 2025 | \n | subsidiary | \n discontinued | | 2025 | \n 2025 | \n | \n | \n | 2025 | \n 31/12/ | \n 2024 | \n
\n \n | \n | \n | \n | \n operations | \n | \n | \n | \n | \n | \n | \n | \n 2025 | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Intangible | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | assets | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | So\ufb05ware | \n 3,478 | \n 419 | \n 802 | \n -185 | \n -57 | \n 4,457 | \n -3,143 | \n -409 | \n 180 | \n 57 | \n -3,315 | \n 1,142 | \n 335 | \n
\n \n | Trademarks/ | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Brands | \n 644 | \n 0 | \n 7,068 | \n 0 | \n 0 | \n 7,712 | \n -643 | \n -187 | \n 0 | \n 0 | \n -830 | \n 6,882 | \n 1 | \n
\n \n | Customer | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Bases | \n 0 | \n 0 | \n 11,263 | \n 0 | \n 0 | \n 11,263 | \n 0 | \n -730 | \n 0 | \n 0 | \n -730 | \n 10,533 | \n 0 | \n
\n \n | Total | \n 4,122 | \n 419 | \n 19,133 | \n -185 | \n -57 | \n 23,432 | \n -3,786 | \n -1,326 | \n 180 | \n 57 | \n -4,875 | \n 18,557 | \n 336 | \n
\n \n | Property, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | plant and | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Other | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | operational | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | and o\ufb03ce | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment | \n 811 | \n 632 | \n 602 | \n -353 | \n -11 | \n 1,681 | \n -711 | \n -332 | \n 307 | \n 10 | \n -726 | \n 955 | \n 100 | \n
\n \n | Total | \n 4,933 | \n 1,051 | \n 19,735 | \n -538 | \n -68 | \n 25,113 | \n -4,497 | \n -1,658 | \n 487 | \n 67 | \n -5,601 | \n 19,512 | \n 436 | \n
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n | \n | \n | \n Historical cost | \n | \n | \n | \n Accumulated depreciation/amortisation/impairment | \n Book value | \n
\n \n | Financial year | \n Balance\u00a0at | \n Additions | Acquisition | Disposals | Exchange | \n Balance at | \n Balance at | Depreciation/ | Disposals | Exchange | \n Balance at | \n Financial year | Previous | \n
\n \n | 2024 | \n 1/1/ | \n | of a | \n | di\ufb00erences | \n 31/12/ | \n 1/1/ | \n amortisation | \n | di\ufb00erences | \n 31/12/ | \n 31/12/ | \n year\u00a031/12/ |
\n \n \n | \n 2024 | \n | \n subsidiary | \n | \n | \n 2024 | \n 2024 | \n | \n | \n | \n 2024 | \n 2024 | \n 2023 | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Intangible | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | assets | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | So\ufb05ware | \n 3,161 | \n 261 | \n 0 | \n 0 | \n 56 | \n 3,478 | \n -2,994 | \n -96 | \n 0 | \n -53 | \n -3,143 | \n 335 | \n 167 | \n
\n \n | Brands | \n 644 | \n 0 | \n 0 | \n 0 | \n 0 | \n 644 | \n -643 | \n 0 | \n 0 | \n 0 | \n -643 | \n 1 | \n 1 | \n
\n \n | Customer | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Bases | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n
\n \n | Total | \n 3,805 | \n 261 | \n 0 | \n 0 | \n 56 | \n 4,122 | \n -3,637 | \n -96 | \n 0 | \n -53 | \n -3,786 | \n 336 | \n 168 | \n
\n \n | Property, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | plant and | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Other | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | operational | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | and o\ufb03ce | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment | \n 1,091 | \n 42 | \n 0 | \n -332 | \n 10 | \n 811 | \n -918 | \n -116 | \n 332 | \n -9 | \n -711 | \n 100 | \n 173 | \n
\n \n | Total | \n 4,896 | \n 303 | \n 0 | \n -332 | \n 66 | \n 4,933 | \n -4,555 | \n -213 | \n 332 | \n -62 | \n -4,498 | \n 436 | \n 341 | \n
\n \n
\n
\n
LEASES [42] \u00a0
\n \n
\n Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n \n \n | \n Right-of-use assets | \n Lease | \n
\n \n | \n | \n | \n | \n liabilities | \n
\n \n | \n O\ufb03ce | \n Cars | \n Total | \n | \n
\n \n | \n space | \n | \n | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | As at 1 January | \n | \n | \n | \n | \n
\n \n | 2025 | \n 1,972 | \n 268 | \n 2,239 | \n -1,316 | \n
\n \n | Additions | \n 125 | \n 93 | \n 218 | \n -218 | \n
\n \n | Additions in | \n | \n | \n | \n | \n
\n \n | course of the | \n | \n | \n | \n |
\n \n | business | \n | \n | \n | \n | \n
\n \n | acquisition of | \n | \n | \n | \n | \n
\n \n | solute | \n 699 | \n 297 | \n 997 | \n -997 | \n
\n \n | Disposal | \n -226 | \n -125 | \n -351 | \n 28 | \n
\n \n | Discontinued | \n | \n | \n | \n | \n
\n \n | operations | \n 0 | \n -114 | \n -114 | \n 58 | \n
\n \n | Exchange rate | \n | \n | \n | \n | \n
\n \n | di\ufb00erence | \n -47 | \n 0 | \n -47 | \n 35 | \n
\n \n | Subtotal | \n 2,523 | \n 420 | \n 2,942 | \n -2,411 | \n
\n\n\n | \n Depreciation 1/1\n | \n \n -857\n | \n \n -185\n | \n \n -1,042\n | \n \n
\n\n\n \n
\n
\n
\n
\n
\n \n \n \n \n \n \n \n \n \n | \n \n Right-of-use assets\n | \n \n Lease\n | \n
\n \n | \n | \n | \n | \n \n liabilities\n | \n
\n \n | \n \n O\ufb03ce\n | \n \n Cars\n | \n \n Total\n | \n | \n
\n \n | \n \n space\n | \n | \n | \n | \n
\n \n | \n Depreciation\n | \n | \n | \n | \n | \n
\n \n | \n expense\n | \n \n -589\n | \n \n -136\n | \n \n -725\n | \n | \n
\n \n | \n Disposal\n | \n \n 197\n | \n \n 125\n | \n \n 322\n | \n | \n
\n \n | \n Discontinued\n | \n | \n | \n | \n | \n
\n \n | \n operations\n | \n \n 0\n | \n \n 60\n | \n \n 60\n | \n | \n
\n \n | \n Exchange rate\n | \n | \n | \n | \n | \n
\n \n | \n di\ufb00erence\n | \n \n 26\n | \n \n 0\n | \n \n 26\n | \n | \n
\n \n | \n Depreciation\n | \n | \n | \n | \n | \n
\n \n | \n expense as at 31\n | \n | \n | \n | \n | \n
\n \n | \n December 2025\n | \n \n -1,223\n | \n \n -136\n | \n \n -1,359\n | \n | \n
\n \n | \n Payments\n | \n | \n | \n | \n \n 800\n | \n
\n \n | \n Interest\n | \n | \n | \n | \n | \n
\n \n | \n expense\n | \n | \n | \n | \n \n -86\n | \n
\n \n | \n As at 31\n | \n | \n | \n | \n | \n
\n \n | \n December 2025\n | \n \n 1,300\n | \n \n 284\n | \n \n 1,583\n | \n \n -1,697\n | \n
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n \n \n | \n Right-of-use assets | \n Lease | \n
\n \n | \n | \n | \n | \n liabilities | \n
\n \n | \n O\ufb03ce | \n Cars | \n Total | \n | \n
\n \n | \n space | \n | \n | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | As at 1 January | \n | \n | \n | \n | \n
\n \n | 2024 | \n 2,587 | \n 247 | \n 2,834 | -1,290 | \n
\n \n | Additions | \n 566 | \n 46 | \n 612 | -612 | \n
\n \n | Disposal | \n -1,227 | \n -25 | \n -1,252 | 0 | \n
\n \n | Exchange rate | \n | \n | \n | \n | \n
\n \n | di\ufb00erence | \n 47 | \n 0 | \n 47 | \n -42 | \n
\n \n | Subtotal | \n 1,972 | \n 268 | \n 2,241 | -1,944 | \n
\n \n | Depreciation | \n | \n | \n | \n | \n
\n \n | expense as at 1 | \n | \n | \n | \n | \n
\n \n | January 2024 | \n -1,506 | \n -144 | \n -1,650 | \n | \n
\n \n | Depreciation | \n | \n | \n | \n | \n
\n \n | expense | \n -566 | \n -65 | \n -631 | \n | \n
\n \n | Disposal | \n 1,227 | \n 24 | \n 1,251 | |
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n \n \n | \n Right-of-use assets | \n Lease | \n
\n \n | \n | \n | \n | \n liabilities | \n
\n \n | \n O\ufb03ce | \n Cars | \n Total | \n | \n
\n \n | \n space | \n | \n | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Exchange rate | \n | \n | \n | \n | \n
\n \n | di\ufb00erence | \n -12 | \n 0 | \n -12 | \n | \n
\n \n | Depreciation | \n | \n | \n | \n | \n
\n \n | expense as at 31 | \n | \n | \n | \n | \n
\n \n | December 2024 | \n -857 | \n -185 | \n -1,042 | |
\n \n | Payments | \n \n | | \n | \n 698 | \n
\n \n | Interest | \n | \n | \n | \n | \n
\n \n | expense | \n | \n | \n | \n -69 | \n
\n \n | As at 31 | \n | \n | \n | \n | \n
\n \n | December 2024 | \n 1,115 | \n 82 | \n 1,197 | \n -1,316 | \n
\n \n
\n
\n
\n The total amount of lease payments including short term leasing in 2025 amounts to EUR 805k (2024: EUR 648k). \u00a0\n
\n
The amounts recognised in profit or loss, are as follows: \u00a0
| 2025 | 2024 |
| kEUR | kEUR |
| Depreciation expenses of right-of- | | |
| use assets | 725 | 631 |
| Interest expense on lease liabilities | 86 | 69 |
| Expense relating to short-term | | |
| leases (included in administrative | | |
| expense) | 91 | 20 |
| Total amount recognised in profit | | |
| or loss | 902 | 720 |
MEDIA COST AND COST OF SALES [9] \u00a0
| Media cost | 2025 | 2024 |
| kEUR | kEUR |
| solute | 0 | 0 |
| Webgains | 46,240 | 45,919 |
| ad pepper | 3,831 | 2,187 |
| Total media cost | 50,071 | 48,106 |
| COS | 20,549 | 380 |
| Total | 70,620 | 48,486 |
Cost of sales predominantly comprises third-party affiliate partner costs in the solute segment. For segments Webgains and ad pepper which are on net revenue according to IFRS 15 this position \u00a0includes only data center services, professional fees, and other purchased services. \u00a0
GENERAL AND ADMINISTRATIVE EXPENSES [11] \u00a0
The expenses are broken down as follows: \u00a0
| 2025 | 2024 |
| kEUR | kEUR |
| Personnel costs | 5,898 | 3,289 |
| Depreciation on right-of-use | | |
| assets | 583 | 463 |
| Depreciation and amortisation | 52 | 65 |
| Other facility costs | 492 | 370 |
| Professional and other services | 1,941 | 880 |
| Acquisition-related costs | 223 | 0 |
| General operating costs | | |
| (communication, travel, other | | |
| supplies) | 730 | 600 |
| Other | 0 | 15 |
| Total | 9,919 | 5,682 |
\n \n
\n OTHER OPERATING INCOME [12] \u00a0\n
\n
\n Other operating income consists of the following: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 2025 | \n 2024 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Foreign exchange gains | \n 0 | \n 36 | \n
\n \n | Gains on sale of property, plant | \n | \n | \n
\n \n | and equipment | \n 0 | \n 21 | \n
\n \n | Income from the release of | \n | \n | \n
\n \n | accrued liabilities | \n 407 | \n 755 | \n
\n \n | Gain from bargain purchase | \n 225 | \n 0 | \n
\n \n | Other | \n 112 | \n 254 | \n
\n \n | Total | \n 744 | \n 1,067 | \n
\n \n
\n
\n
\n Income from the release of accrued liabilities includes an amount of EUR 351k (2024: EUR 620k) relating to reversals of non-disbursed affiliate credits in the Webgains segment that the ad pepper \u00a0\n Group believes are unlikely to be paid out and reversals of EUR 56k in connection with time-barred claims (2024: EUR\u00a0168k). \u00a0
\n \n
\n For further information on the gain from bargain purchase we refer to Note [4]. \u00a0\n
\n
\n \n
\n OTHER OPERATING EXPENSES [13] \u00a0\n
\n
\n Other operating expenses consist of the following: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 2025 | \n 2024 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Foreign exchange losses | \n 48 | \n 0 | \n
\n \n | Expected credit losses on | \n | \n | \n
\n \n | trade receivables | \n 246 | \n 162 | \n
\n \n | Total | \n 293 | \n 162 | \n
\n \n
\n
\n
\n \n
\n OTHER OPERATING INCOME [12] \u00a0\n
\n
\n Other operating income consists of the following: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 2025 | \n 2024 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Foreign exchange gains | \n 0 | \n 36 | \n
\n \n | Gains on sale of property, plant | \n | \n | \n
\n \n | and equipment | \n 0 | \n 21 | \n
\n \n | Income from the release of | \n | \n | \n
\n \n | accrued liabilities | \n 407 | \n 755 | \n
\n \n | Gain from bargain purchase | \n 225 | \n 0 | \n
\n \n | Other | \n 112 | \n 254 | \n
\n \n | Total | \n 744 | \n 1,067 | \n
\n \n
\n
\n
\n Income from the release of accrued liabilities includes an amount of EUR 351k (2024: EUR 620k) relating to reversals of non-disbursed affiliate credits in the Webgains segment that the ad pepper \u00a0\n Group believes are unlikely to be paid out and reversals of EUR 56k in connection with time-barred claims (2024: EUR\u00a0168k). \u00a0
\n \n
\n For further information on the gain from bargain purchase we refer to Note [4]. \u00a0\n
\n
\n \n
\n OTHER OPERATING EXPENSES [13] \u00a0\n
\n
\n Other operating expenses consist of the following: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 2025 | \n 2024 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Foreign exchange losses | \n 48 | \n 0 | \n
\n \n | Expected credit losses on | \n | \n | \n
\n \n | trade receivables | \n 246 | \n 162 | \n
\n \n | Total | \n 293 | \n 162 | \n
\n \n
\n
\n
RESERVES [28] \u00a0
\n \n
\n Other comprehensive income \u00a0\n
\n
\n The total other comprehensive income recognised directly in equity and the corresponding income taxes are as follows: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n \n | 2025 | \n Before | \n Income | A\ufb05er | \n
\n \n | \n income | \n taxes | \n income | \n
\n \n | \n taxes | \n | \n taxes | \n
\n \n | Currency translation | \n | \n | \n | \n
\n \n | di\ufb00erences | \n -36 | \n 0 | \n -36 | \n
\n \n | Currency translation | \n | \n | \n | \n
\n \n | di\ufb00erences reclassi\ufb01ed into | \n | \n | \n | \n
\n \n | pro\ufb01t or loss | \n -118 | \n 0 | \n -118 | \n
\n \n | Total other comprehensive | \n | \n | \n | \n
\n \n | income | \n -154 | \n 0 | \n -154 | \n
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n \n | 2024 | \n Before | \n Income | A\ufb05er | \n
\n \n | \n income | \n taxes | \n income | \n
\n \n | \n taxes | \n | \n taxes | \n
\n \n | Currency translation | \n | \n | \n | \n
\n \n | di\ufb00erences | \n 50 | \n 0 | \n 50 | \n
\n \n | Currency translation | \n | \n | \n | \n
\n \n | di\ufb00erences reclassi\ufb01ed into | \n | \n | \n | \n
\n \n | pro\ufb01t or loss | \n -146 | \n 0 | \n -146 | \n
\n \n | Revaluation of listed debt | \n | \n | \n | \n
\n \n | securities | \n -2 | \n 0 | \n -2 | \n
\n \n | Total other comprehensive | \n | \n | \n | \n
\n \n | income | \n -98 | \n 0 | \n -98 | \n
\n \n
\n
\n
\n \n
\n OTHER OPERATING EXPENSES [13] \u00a0\n
\n
\n Other operating expenses consist of the following: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 2025 | \n 2024 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Foreign exchange losses | \n 48 | \n 0 | \n
\n \n | Expected credit losses on | \n | \n | \n
\n \n | trade receivables | \n 246 | \n 162 | \n
\n \n | Total | \n 293 | \n 162 | \n
\n \n
\n
\n
\n \n
\n FINANCIAL RESULT, NET [14] \u00a0\n
\n
\n Net financial result consists of the following: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 2025 | \n 2024 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Interest income | \n 266 | \n 291 | \n
\n \n | Realised gains from securities | \n | \n | \n
\n \n | measured at \u201dfair value through | \n | \n | \n
\n \n | other comprehensive income\u201c | \n 0 | \n 17 | \n
\n \n | Realised gains from securities | \n | \n | \n
\n \n | measures at \u201cfair value through | \n | \n | \n
\n \n | pro\ufb01t and loss\u201d | \n 14 | \n 0 | \n
\n \n | Financial income | \n 280 | \n 308 | \n
\n \n | Interest expenses | \n -56 | \n 0 | \n
\n \n | Interest on lease liabilities | \n -78 | \n -55 | \n
\n \n | Financial expenses | \n -134 | \n -55 | \n
\n \n | Net financial result | \n 146 | \n 253 | \n
\n \n
\n
\n
3. Categories of financial instruments \u00a0
\n Interest income and expenses per category of financial instruments (IFRS 7.20 (b)): \u00a0\n
\n
\n \n \n \n \n \n \n \n | Financial assets | \n 31/12/25 | \n 31/12/24 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Measured at amortised cost | \n 210 | \n 249 | \n
\n \n | Measured at fair value through other | \n | \n | \n
\n \n | comprehensive income | \n 0 | \n 42 | \n
\n \n | Measured at fair value through | \n | \n | \n
\n \n | pro\ufb01t or loss | \n 57 | \n 0 | \n
\n \n
\n
\n \n
\n FINANCIAL RESULT, NET [14] \u00a0\n
\n
\n Net financial result consists of the following: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 2025 | \n 2024 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Interest income | \n 266 | \n 291 | \n
\n \n | Realised gains from securities | \n | \n | \n
\n \n | measured at \u201dfair value through | \n | \n | \n
\n \n | other comprehensive income\u201c | \n 0 | \n 17 | \n
\n \n | Realised gains from securities | \n | \n | \n
\n \n | measures at \u201cfair value through | \n | \n | \n
\n \n | pro\ufb01t and loss\u201d | \n 14 | \n 0 | \n
\n \n | Financial income | \n 280 | \n 308 | \n
\n \n | Interest expenses | \n -56 | \n 0 | \n
\n \n | Interest on lease liabilities | \n -78 | \n -55 | \n
\n \n | Financial expenses | \n -134 | \n -55 | \n
\n \n | Net financial result | \n 146 | \n 253 | \n
\n \n
\n
\n
3. Categories of financial instruments \u00a0
\n Interest income and expenses per category of financial instruments (IFRS 7.20 (b)): \u00a0\n
\n
\n \n \n \n \n \n \n \n | Financial assets | \n 31/12/25 | \n 31/12/24 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Measured at amortised cost | \n 210 | \n 249 | \n
\n \n | Measured at fair value through other | \n | \n | \n
\n \n | comprehensive income | \n 0 | \n 42 | \n
\n \n | Measured at fair value through | \n | \n | \n
\n \n | pro\ufb01t or loss | \n 57 | \n 0 | \n
\n \n
\n
\n \n
\n FINANCIAL RESULT, NET [14] \u00a0\n
\n
\n Net financial result consists of the following: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 2025 | \n 2024 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Interest income | \n 266 | \n 291 | \n
\n \n | Realised gains from securities | \n | \n | \n
\n \n | measured at \u201dfair value through | \n | \n | \n
\n \n | other comprehensive income\u201c | \n 0 | \n 17 | \n
\n \n | Realised gains from securities | \n | \n | \n
\n \n | measures at \u201cfair value through | \n | \n | \n
\n \n | pro\ufb01t and loss\u201d | \n 14 | \n 0 | \n
\n \n | Financial income | \n 280 | \n 308 | \n
\n \n | Interest expenses | \n -56 | \n 0 | \n
\n \n | Interest on lease liabilities | \n -78 | \n -55 | \n
\n \n | Financial expenses | \n -134 | \n -55 | \n
\n \n | Net financial result | \n 146 | \n 253 | \n
\n \n
\n
\n
3. Categories of financial instruments \u00a0
\n \n
\n Net gains and losses per category of financial instruments (IFRS 7.20 (a)): \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | Financial assets | \n 31/12/25 | \n 31/12/24 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | At fair value through other | \n | \n | \n
\n \n | comprehensive income | \n | \n | \n
\n \n | Unrealised gains/losses (-) | \n 0 | \n -2 | \n
\n \n | Realised gains/losses (-) | \n 0 | \n 17 | \n
\n \n | Total | \n 0 | \n 15 | \n
\n \n
\n
\n
\n Unrealised losses result from the fair value changes of debt securities classified at fair value through other comprehensive income and realised losses result from the maturity of debt securities \u00a0\n classified at fair value through other comprehensive income. \u00a0
\n \n
\n
\n \n \n \n \n \n \n \n | Financial assets | \n 31/12/25 | \n 31/12/24 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | At fair value through profit or loss | \n | \n | \n
\n \n | Realised gains/losses (-) | \n 14 | \n 0 | \n
\n \n | Total | \n 14 | \n 0 | \n
\n \n
\n
\n
\n Interest income and expenses per category of financial instruments (IFRS 7.20 (b)): \u00a0\n
\n
\n \n \n \n \n \n \n \n | Financial assets | \n 31/12/25 | \n 31/12/24 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Measured at amortised cost | \n 210 | \n 249 | \n
\n \n | Measured at fair value through other | \n | \n | \n
\n \n | comprehensive income | \n 0 | \n 42 | \n
\n \n | Measured at fair value through | \n | \n | \n
\n \n | pro\ufb01t or loss | \n 57 | \n 0 | \n
\n \n
\n
\n \n
\n FINANCIAL RESULT, NET [14] \u00a0\n
\n
\n Net financial result consists of the following: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 2025 | \n 2024 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Interest income | \n 266 | \n 291 | \n
\n \n | Realised gains from securities | \n | \n | \n
\n \n | measured at \u201dfair value through | \n | \n | \n
\n \n | other comprehensive income\u201c | \n 0 | \n 17 | \n
\n \n | Realised gains from securities | \n | \n | \n
\n \n | measures at \u201cfair value through | \n | \n | \n
\n \n | pro\ufb01t and loss\u201d | \n 14 | \n 0 | \n
\n \n | Financial income | \n 280 | \n 308 | \n
\n \n | Interest expenses | \n -56 | \n 0 | \n
\n \n | Interest on lease liabilities | \n -78 | \n -55 | \n
\n \n | Financial expenses | \n -134 | \n -55 | \n
\n \n | Net financial result | \n 146 | \n 253 | \n
\n \n
\n
\n
3. Categories of financial instruments \u00a0
\n \n
\n Net gains and losses per category of financial instruments (IFRS 7.20 (a)): \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | Financial assets | \n 31/12/25 | \n 31/12/24 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | At fair value through other | \n | \n | \n
\n \n | comprehensive income | \n | \n | \n
\n \n | Unrealised gains/losses (-) | \n 0 | \n -2 | \n
\n \n | Realised gains/losses (-) | \n 0 | \n 17 | \n
\n \n | Total | \n 0 | \n 15 | \n
\n \n
\n
\n
\n Unrealised losses result from the fair value changes of debt securities classified at fair value through other comprehensive income and realised losses result from the maturity of debt securities \u00a0\n classified at fair value through other comprehensive income. \u00a0
\n \n
\n
\n \n \n \n \n \n \n \n | Financial assets | \n 31/12/25 | \n 31/12/24 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | At fair value through profit or loss | \n | \n | \n
\n \n | Realised gains/losses (-) | \n 14 | \n 0 | \n
\n \n | Total | \n 14 | \n 0 | \n
\n \n
\n
\n
\n Interest income and expenses per category of financial instruments (IFRS 7.20 (b)): \u00a0\n
\n
\n \n \n \n \n \n \n \n | Financial assets | \n 31/12/25 | \n 31/12/24 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Measured at amortised cost | \n 210 | \n 249 | \n
\n \n | Measured at fair value through other | \n | \n | \n
\n \n | comprehensive income | \n 0 | \n 42 | \n
\n \n | Measured at fair value through | \n | \n | \n
\n \n | pro\ufb01t or loss | \n 57 | \n 0 | \n
\n \n
\n
\n \n
\n FINANCIAL RESULT, NET [14] \u00a0\n
\n
\n Net financial result consists of the following: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 2025 | \n 2024 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Interest income | \n 266 | \n 291 | \n
\n \n | Realised gains from securities | \n | \n | \n
\n \n | measured at \u201dfair value through | \n | \n | \n
\n \n | other comprehensive income\u201c | \n 0 | \n 17 | \n
\n \n | Realised gains from securities | \n | \n | \n
\n \n | measures at \u201cfair value through | \n | \n | \n
\n \n | pro\ufb01t and loss\u201d | \n 14 | \n 0 | \n
\n \n | Financial income | \n 280 | \n 308 | \n
\n \n | Interest expenses | \n -56 | \n 0 | \n
\n \n | Interest on lease liabilities | \n -78 | \n -55 | \n
\n \n | Financial expenses | \n -134 | \n -55 | \n
\n \n | Net financial result | \n 146 | \n 253 | \n
\n \n
\n
\n
3. Categories of financial instruments \u00a0
\n \n
\n Net gains and losses per category of financial instruments (IFRS 7.20 (a)): \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | Financial assets | \n 31/12/25 | \n 31/12/24 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | At fair value through other | \n | \n | \n
\n \n | comprehensive income | \n | \n | \n
\n \n | Unrealised gains/losses (-) | \n 0 | \n -2 | \n
\n \n | Realised gains/losses (-) | \n 0 | \n 17 | \n
\n \n | Total | \n 0 | \n 15 | \n
\n \n
\n
\n
\n Unrealised losses result from the fair value changes of debt securities classified at fair value through other comprehensive income and realised losses result from the maturity of debt securities \u00a0\n classified at fair value through other comprehensive income. \u00a0
\n \n
\n
\n \n \n \n \n \n \n \n | Financial assets | \n 31/12/25 | \n 31/12/24 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | At fair value through profit or loss | \n | \n | \n
\n \n | Realised gains/losses (-) | \n 14 | \n 0 | \n
\n \n | Total | \n 14 | \n 0 | \n
\n \n
\n
\n
\n Interest income and expenses per category of financial instruments (IFRS 7.20 (b)): \u00a0\n
\n
\n \n \n \n \n \n \n \n | Financial assets | \n 31/12/25 | \n 31/12/24 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Measured at amortised cost | \n 210 | \n 249 | \n
\n \n | Measured at fair value through other | \n | \n | \n
\n \n | comprehensive income | \n 0 | \n 42 | \n
\n \n | Measured at fair value through | \n | \n | \n
\n \n | pro\ufb01t or loss | \n 57 | \n 0 | \n
\n \n
\n
\n \n
\n FINANCIAL RESULT, NET [14] \u00a0\n
\n
\n Net financial result consists of the following: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 2025 | \n 2024 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Interest income | \n 266 | \n 291 | \n
\n \n | Realised gains from securities | \n | \n | \n
\n \n | measured at \u201dfair value through | \n | \n | \n
\n \n | other comprehensive income\u201c | \n 0 | \n 17 | \n
\n \n | Realised gains from securities | \n | \n | \n
\n \n | measures at \u201cfair value through | \n | \n | \n
\n \n | pro\ufb01t and loss\u201d | \n 14 | \n 0 | \n
\n \n | Financial income | \n 280 | \n 308 | \n
\n \n | Interest expenses | \n -56 | \n 0 | \n
\n \n | Interest on lease liabilities | \n -78 | \n -55 | \n
\n \n | Financial expenses | \n -134 | \n -55 | \n
\n \n | Net financial result | \n 146 | \n 253 | \n
\n \n
\n
\n
3. Categories of financial instruments \u00a0
\n Interest income and expenses per category of financial instruments (IFRS 7.20 (b)): \u00a0\n
\n
\n \n \n \n \n \n \n \n | Financial assets | \n 31/12/25 | \n 31/12/24 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Measured at amortised cost | \n 210 | \n 249 | \n
\n \n | Measured at fair value through other | \n | \n | \n
\n \n | comprehensive income | \n 0 | \n 42 | \n
\n \n | Measured at fair value through | \n | \n | \n
\n \n | pro\ufb01t or loss | \n 57 | \n 0 | \n
\n \n
\n
\n \n
\n INCOME TAXES [15] \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n \n \n | Income tax expenses | \n 2025 | \n | \n 2024 | \n | \n
\n \n | \n | \n Thereof: | \n | \n Thereof: | \n
\n \n | \n Total | \n Discontinued | Total | \n Discontinued |
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Current income tax expenses | \n -1,555 | \n -154 | \n -374 | \n -143 | \n
\n \n | Deferred income tax | \n | \n | \n | \n | \n
\n \n | income/(expense) | \n 789 | \n 0 | \n -115 | \n -87 | \n
\n \n | Total | \n -766 | \n -154 | \n -489 | \n -228 | \n
\n \n
\n
\n
\n Total current and deferred income tax expense related to continued operations is EUR -612k. \u00a0\n
\n
\n The current income taxes reported relate to the taxes paid or payable by individual local entities. \u00a0\n\n
\n The gain from the sale/discontinuance per 31 Dezember 2025 of ad agents GmbH and ad agents AG amounts to EUR 3,657k of which only 5 percent result in taxable income (EUR 183k) - which is \u00a0\n more than offset with current-year losses in ad pepper media International N.V. Hence, the effective current tax from the discontinuance is zero. \n
The calculation of the deferred taxes was based on the country-specific tax rates. The deferred income taxes recognised in profit or loss relate to the following reasons: \u00a0
\n \n \n \n \n
\n \n
\n
\n \n \n \n \n \n \n \n | Deferred income tax income/ | \n 2025 | \n 2024 | \n
\n \n | (expense) | \n | \n | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Changes in deferred tax assets on | \n | \n | \n
\n \n | unused tax losses | \n 47 | \n -124 | \n
\n \n | Changes in deferred tax assets on | \n | \n | \n
\n \n | temporary differences | \n -20 | \n 9 | \n
\n \n | Changes in deferred tax liabilities | \n | \n | \n
\n \n | on temporary differences | \n 762 | \n 0 | \n
\n \n | Total | \n 789 | \n -115 | \n
\n \n
\n
\n
\n Deferred tax assets and liabilities are netted if the Company has the legally enforceable right to set off current tax assets against current tax liabilities and if they relate to the same tax authorities \u00a0\n and the same taxable entity. \u00a0
\n \n
\n As a result, deferred tax assets of EUR 288k (2024: EUR 68k) and deferred tax liabilities of EUR 4,887k (2024: EUR 0k) were recognised in the statement of financial position. Deferred tax assets and \u00a0\n liabilities are classified as non-current. \u00a0
\n \n
\n The calculation of the deferred taxes was based on the country-specific tax rates. Due to the existing unused tax losses in ad pepper media International N.V., ad pepper media France S.A.R.L., \u00a0\n Webgains B.V., Marktplatz Mittelstand Operations GmbH(acquisition) and Webgains Italy S.r.l. SB, deferred tax assets of EUR 9,031k (2024: EUR 10,222k) were calculated on the basis of the unused \u00a0tax losses of EUR 33,851k (2024: EUR 33,206k). Deferred tax assets from unused tax losses were recorded to the extent that it is probable that future taxable profit is available against which they \u00a0can be utilised within a foreseeable planning period. Thus, an amount of deferred tax assets of EUR 88k (2024: EUR 41k) has been recognised for the tax loss carry forwards. All the available tax loss \u00a0carry forwards are non-expiring. The deferred tax asset for the tax loss carry forward is calculated with the local substantially enacted future tax rate on the budgeted taxable income for the following \u00a0financial year; at maximum for the following three years where planning certainty is high. \u00a0
\n \n \n \n \n \n
\n No deferred tax positions were released for discontinuing operations, i.e. sale and de-consolidation per 31 December 2025 of the 60 percent-stake in ad agents GmbH, Germany, and\u00a0ad agents AG, \u00a0\n Switzerland. \u00a0
\n \n
\n No deferred tax liabilities were recognised as at 31 December (2024: EUR 0k) for taxes on non-distributed profits of subsidiaries. If deferred taxes were to be recognised for these temporary \u00a0\n differences, only the source tax rates applicable in each case, where appropriate considering the German tax of 5 percent on the distributed dividends, would have to be applied for the computation. \u00a0
\n \n
\n In addition to the deferred tax assets from the unused tax losses of EUR 88k (2024: EUR 41k), the following deferred tax positions arise from temporary differences: \u00a0\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n \n \n | Deferred tax assets | \n 2025 | \n Changes | \n Additions | \n 2024 | \n
\n \n | from temporary di\ufb00erences | \n | recognised in | \n through | \n |
\n \n | \n | \n pro\ufb01t or loss | \n acquisitions | | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Acquisitions* | \n 175 | \n -17 | \n +192 | \n 0 | \n
\n \n | Other | \n 25 | \n -3 | \n 0 | \n 28 | \n
\n \n | Total | \n 200 | \n -20 | \n +192 | \n 28 | \n
\n \n
\n
\n
\n
\n \n \n \n \n \n \n \n \n \n | Deferred tax liabilities | \n 2025 | \n Changes | \n Additions | \n 2024 | \n
\n \n | from temporary di\ufb00erences | \n | recognised in | \n through | \n |
\n \n | \n | \n pro\ufb01t or loss | \n acquisitions | | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Acquisitions* | \n 4,860 | \n -789 | \n +5,649 | \n 0 | \n
\n \n | Other | \n 27 | \n +27 | \n 0 | \n 0 | \n
\n \n | Total | \n 4,887 | \n -762 | \n +5,649 | \n 0 | \n
\n \n
\n
\n
\n *Acquisitions refers to the following \u201cBusiness Combinations\u201d in the financial year 2025. The deferred tax liabilities recognised as a result of these acquisitions were recorded through \u00a0\n goodwill/bargain purchase: \u00a0
\n \n
\n ad pepper Group acquired a majority stake in solute Holding GmbH & Co. KG on 30 April 2025. \u00a0\n
\n
\n Temporary differences between IFRS and tax base give rise to deferred tax positions. Per 31 Dezember 2025, there is a net position of deferred tax assets of EUR 123k (30.04.2025: EUR 142k), \u00a0\n comprised of deferred tax assets of EUR 147k (30.04.2025: EUR 152k) and deferred tax liabilities of EUR 24k (30.04.2025: EUR 10k). Intangible assets of EUR 15,151k with useful lives between 10 \u00a0and 20 years were identified and recognised from the purchase price allocation (\u201cPPA\u201d) in solute GmbH. Measured with the prevailing tax rate of 31.58 percent at acquisition date, this resulted in \u00a0a deferred tax liability of EUR 4,785k. After the acquisition date, Germany substantially enacted lower tax rates from 2028 on in July 2025. Their application resulted in a one-off release through \u00a0profit and loss of EUR 485k which was recorded per 30 September 2025. \u00a0
\n \n \n \n \n
\n In addition, EUR 14k in deferred tax liabilities was recognised on the book value difference (EUR 46k) of an investment account which was later sold, and the deferred tax liabilities released. \u00a0\n
\n
Thus, as per 31 Dezember 2025 the deferred tax liabilities hereof amount to EUR 4,030k. \u00a0
solute GmbH acquired a 100 percent-stake in Checkout Charlie GmbH on 30 September 2025. \u00a0
Temporary differences between IFRS and tax base give rise to deferred tax positions. Per 31 December 2025, there is a net position of deferred tax assets of EUR 52k (30.09.2025: EUR 50k), \u00a0comprised of deferred tax assets of EUR 52k (PY: n/a) and deferred tax liabilities of kEUR - (PY: n/a). Intangible assets of EUR 3,180k with useful lives between 6 and 20 years were identified and \u00a0recognised from the purchase price allocation (\u201cPPA\u201d). Measured with the prevailing tax rates over the useful lives substantially enacted at acquisition date, this resulted in a deferred tax liability \u00a0of EUR 850k. As per 31 Dezember 2025 the deferred tax liabilities hereof amount to EUR 830k. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97517_2025": {
"value": "\n \n
\n INCOME TAXES [15] \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n \n \n | Income tax expenses | \n 2025 | \n | \n 2024 | \n | \n
\n \n | \n | \n Thereof: | \n | \n Thereof: | \n
\n \n | \n Total | \n Discontinued | Total | \n Discontinued |
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Current income tax expenses | \n -1,555 | \n -154 | \n -374 | \n -143 | \n
\n \n | Deferred income tax | \n | \n | \n | \n | \n
\n \n | income/(expense) | \n 789 | \n 0 | \n -115 | \n -87 | \n
\n \n | Total | \n -766 | \n -154 | \n -489 | \n -228 | \n
\n \n
\n
\n
\n Total current and deferred income tax expense related to continued operations is EUR -612k. \u00a0\n
\n
\n The current income taxes reported relate to the taxes paid or payable by individual local entities. \u00a0\n\n
\n The gain from the sale/discontinuance per 31 Dezember 2025 of ad agents GmbH and ad agents AG amounts to EUR 3,657k of which only 5 percent result in taxable income (EUR 183k) - which is \u00a0\n more than offset with current-year losses in ad pepper media International N.V. Hence, the effective current tax from the discontinuance is zero. \n
The calculation of the deferred taxes was based on the country-specific tax rates. The deferred income taxes recognised in profit or loss relate to the following reasons: \u00a0
\n \n \n \n \n
\n \n
\n
\n \n \n \n \n \n \n \n | Deferred income tax income/ | \n 2025 | \n 2024 | \n
\n \n | (expense) | \n | \n | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Changes in deferred tax assets on | \n | \n | \n
\n \n | unused tax losses | \n 47 | \n -124 | \n
\n \n | Changes in deferred tax assets on | \n | \n | \n
\n \n | temporary differences | \n -20 | \n 9 | \n
\n \n | Changes in deferred tax liabilities | \n | \n | \n
\n \n | on temporary differences | \n 762 | \n 0 | \n
\n \n | Total | \n 789 | \n -115 | \n
\n \n
\n
\n
\n Deferred tax assets and liabilities are netted if the Company has the legally enforceable right to set off current tax assets against current tax liabilities and if they relate to the same tax authorities \u00a0\n and the same taxable entity. \u00a0
\n \n
\n As a result, deferred tax assets of EUR 288k (2024: EUR 68k) and deferred tax liabilities of EUR 4,887k (2024: EUR 0k) were recognised in the statement of financial position. Deferred tax assets and \u00a0\n liabilities are classified as non-current. \u00a0
\n \n
\n The calculation of the deferred taxes was based on the country-specific tax rates. Due to the existing unused tax losses in ad pepper media International N.V., ad pepper media France S.A.R.L., \u00a0\n Webgains B.V., Marktplatz Mittelstand Operations GmbH(acquisition) and Webgains Italy S.r.l. SB, deferred tax assets of EUR 9,031k (2024: EUR 10,222k) were calculated on the basis of the unused \u00a0tax losses of EUR 33,851k (2024: EUR 33,206k). Deferred tax assets from unused tax losses were recorded to the extent that it is probable that future taxable profit is available against which they \u00a0can be utilised within a foreseeable planning period. Thus, an amount of deferred tax assets of EUR 88k (2024: EUR 41k) has been recognised for the tax loss carry forwards. All the available tax loss \u00a0carry forwards are non-expiring. The deferred tax asset for the tax loss carry forward is calculated with the local substantially enacted future tax rate on the budgeted taxable income for the following \u00a0financial year; at maximum for the following three years where planning certainty is high. \u00a0
\n \n \n \n \n \n
\n No deferred tax positions were released for discontinuing operations, i.e. sale and de-consolidation per 31 December 2025 of the 60 percent-stake in ad agents GmbH, Germany, and\u00a0ad agents AG, \u00a0\n Switzerland. \u00a0
\n \n
\n No deferred tax liabilities were recognised as at 31 December (2024: EUR 0k) for taxes on non-distributed profits of subsidiaries. If deferred taxes were to be recognised for these temporary \u00a0\n differences, only the source tax rates applicable in each case, where appropriate considering the German tax of 5 percent on the distributed dividends, would have to be applied for the computation. \u00a0
\n \n
\n In addition to the deferred tax assets from the unused tax losses of EUR 88k (2024: EUR 41k), the following deferred tax positions arise from temporary differences: \u00a0\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n \n \n | Deferred tax assets | \n 2025 | \n Changes | \n Additions | \n 2024 | \n
\n \n | from temporary di\ufb00erences | \n | recognised in | \n through | \n |
\n \n | \n | \n pro\ufb01t or loss | \n acquisitions | | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Acquisitions* | \n 175 | \n -17 | \n +192 | \n 0 | \n
\n \n | Other | \n 25 | \n -3 | \n 0 | \n 28 | \n
\n \n | Total | \n 200 | \n -20 | \n +192 | \n 28 | \n
\n \n
\n
\n
\n
\n \n \n \n \n \n \n \n \n \n | Deferred tax liabilities | \n 2025 | \n Changes | \n Additions | \n 2024 | \n
\n \n | from temporary di\ufb00erences | \n | recognised in | \n through | \n |
\n \n | \n | \n pro\ufb01t or loss | \n acquisitions | | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Acquisitions* | \n 4,860 | \n -789 | \n +5,649 | \n 0 | \n
\n \n | Other | \n 27 | \n +27 | \n 0 | \n 0 | \n
\n \n | Total | \n 4,887 | \n -762 | \n +5,649 | \n 0 | \n
\n \n
\n
\n
\n *Acquisitions refers to the following \u201cBusiness Combinations\u201d in the financial year 2025. The deferred tax liabilities recognised as a result of these acquisitions were recorded through \u00a0\n goodwill/bargain purchase: \u00a0
\n \n
\n ad pepper Group acquired a majority stake in solute Holding GmbH & Co. KG on 30 April 2025. \u00a0\n
\n
\n Temporary differences between IFRS and tax base give rise to deferred tax positions. Per 31 Dezember 2025, there is a net position of deferred tax assets of EUR 123k (30.04.2025: EUR 142k), \u00a0\n comprised of deferred tax assets of EUR 147k (30.04.2025: EUR 152k) and deferred tax liabilities of EUR 24k (30.04.2025: EUR 10k). Intangible assets of EUR 15,151k with useful lives between 10 \u00a0and 20 years were identified and recognised from the purchase price allocation (\u201cPPA\u201d) in solute GmbH. Measured with the prevailing tax rate of 31.58 percent at acquisition date, this resulted in \u00a0a deferred tax liability of EUR 4,785k. After the acquisition date, Germany substantially enacted lower tax rates from 2028 on in July 2025. Their application resulted in a one-off release through \u00a0profit and loss of EUR 485k which was recorded per 30 September 2025. \u00a0
\n \n \n \n \n
\n In addition, EUR 14k in deferred tax liabilities was recognised on the book value difference (EUR 46k) of an investment account which was later sold, and the deferred tax liabilities released. \u00a0\n
\n
Thus, as per 31 Dezember 2025 the deferred tax liabilities hereof amount to EUR 4,030k. \u00a0
solute GmbH acquired a 100 percent-stake in Checkout Charlie GmbH on 30 September 2025. \u00a0
Temporary differences between IFRS and tax base give rise to deferred tax positions. Per 31 December 2025, there is a net position of deferred tax assets of EUR 52k (30.09.2025: EUR 50k), \u00a0comprised of deferred tax assets of EUR 52k (PY: n/a) and deferred tax liabilities of kEUR - (PY: n/a). Intangible assets of EUR 3,180k with useful lives between 6 and 20 years were identified and \u00a0recognised from the purchase price allocation (\u201cPPA\u201d). Measured with the prevailing tax rates over the useful lives substantially enacted at acquisition date, this resulted in a deferred tax liability \u00a0of EUR 850k. As per 31 Dezember 2025 the deferred tax liabilities hereof amount to EUR 830k. \u00a0
ad pepper media International N.V. has its tax domicile in Germany and forms a fiscal unity with ad pepper media GmbH and Webgains GmbH. The reconciliation between expected income tax \u00a0expense and actual income tax expense based on the German statutory tax rate (combined corporate income tax and trade tax on income) of 32.17 percent (2024: 32.17 percent) is as follows: \u00a0
| 2025 | Thereof: | Thereof: | 2024 | Thereof: |
| kEUR | Discontinued | Acquisitions* | kEUR | Discontinued |
| | kEUR | kEUR | | kEUR |
| Expected income tax | -1,666 | -905 | -888 | -936 | -167 |
| E\ufb00ect of lower tax | | | | | |
| rate | | | | | |
| in another jurisdiction | 207 | 92 | 26 | 213 | 82 |
| Tax-free gains | | | | | |
| 775 | 705 | 35 | 42 | 0 |
| Prior year income tax | 25 | 0 | 31 | -21 | -13 |
| Gains on databases | | | | | |
| sold intercompany | \n-17 | \n0 | \n0 | | \n0 |
| Utilisation of | | | | | |
| previously | | | | | |
| unrecognised tax | | | | | |
| losses | 7 | 0 | 7 | 0 | 0 |
| Deferred tax income | | | | | |
| from PPA intangibles | | | | | |
| due to change in tax | | | | | |
| rates | 485 | 0 | 485 | 0 | 0 |
\n
\n \n \n \n \n \n \n \n \n \n \n | \n 2025 | \n Thereof: | \n Thereof: | \n 2024 | \n Thereof: | \n
\n \n | \n kEUR | \n Discontinued | \n Acquisitions | \n kEUR | \n Discontinued | \n
\n \n | \n | \n kEUR | \n kEUR | \n | \n kEUR | \n
\n \n | Current year tax losses | \n | \n | \n | \n | \n | \n
\n \n | not recognised | \n -598 | \n -46 | \n 0 | \n -244 | \n -34 | \n
\n \n | Non-deductible stock | \n | \n | \n | \n | \n | \n
\n \n | option | \n | \n | \n | \n | \n | \n
\n \n | income/(expense) | \n -65 | \n 0 | \n 0 | \n -19 | \n 0 | \n
\n \n | (De) recognition of | \n | \n | \n | \n | \n | \n
\n \n | prior year losses | \n 88 | \n 0 | \n 0 | \n 66 | \n -87 | \n
\n \n | Tax-exempt income | \n | \n | \n | \n | \n | \n
\n \n | from investment | \n 45 | \n 0 | \n 0 | \n 485 | \n 0 | \n
\n \n | Non-tax-deductible | \n | \n | \n | \n | \n | \n
\n \n | expenses and other | \n -52 | \n -1 | \n -8 | \n -75 | \n -9 | \n
\n \n | Actual income tax | \n | \n | \n | \n | \n | \n
\n \n | expenses | \n -766 | \n -154 | \n -312 | \n -489 | \n -228 | \n
\n \n
\n
\n Current income tax liabilities are the income tax accruals after netting with prepaid taxes (if any), amounting to EUR 493k (2024: EUR 177k) for the whole group. \u00a0\n
\n INCOME TAX RECEIVABLES [23] \u00a0\n
\n Net income tax payments of EUR 1,360k were made in 2025 (2024: EUR 841k). \u00a0\n
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97489_2025": {
"value": "\n EARNINGS PER SHARE [16] \u00a0\n
\n Basic earnings per share are calculated by dividing net profit for the year from continuing operations attributable to ordinary equity holders of the parent by the weighted average number of \u00a0\n ordinary shares outstanding during the year. Diluted earnings per share are calculated by dividing the net profit for the year from continuing operations attributable to ordinary equity holders of \u00a0the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the \u00a0dilutive potential ordinary shares into ordinary shares. \u00a0
\n The income and share data used in the computations of basic and diluted earnings per share are as follows: \u00a0\n
\n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n | \n Continuing operations | \n Discontinued operations | \n Total | \n
\n \n | \n 2025 | \n 2024 | \n 2025 | \n 2024 | \n 2025 | \n 2024 | \n
\n \n | Net pro\ufb01t in kEUR | \n 1,607 | \n 2,130 | \n 2,807 | \n 290 | \n 4,414 | \n 2,419 | \n
\n \n | Net pro\ufb01t attributable to non-controlling interests in | \n | \n | \n | \n | \n | \n | \n
\n \n | kEUR | \n 1,321 | \n 230 | \n 0 | \n 115 | \n 1,321 | \n 345 | \n
\n \n | Net pro\ufb01t attributable to shareholders of the parent | \n | \n | \n | \n | \n | \n | \n
\n \n | Company in kEUR | \n 286 | \n 1,900 | \n 2,807 | \n 174 | \n 3,093 | \n 2,074 | \n
\n \n | Weighted average number of shares outstanding | \n | \n | \n | \n | \n | \n | \n
\n \n | (basic) | \n 23,367,208 | \n 21,951,116 | \n 23,367,208 | \n 21,951,116 | \n 23,367,208 | \n 21,951,116 | \n
\n \n | Weighted average number of shares outstanding | \n | \n | \n | \n | \n | \n | \n
\n \n | (diluted) | \n 23,615,613 | \n 21,987,446 | \n 23,615,613 | \n 21,987,446 | \n 23,615,613 | \n 21,987,446 | \n
\n \n | Earnings per share in EUR (basic) | \n 0.01 | \n 0.08 | \n 0.12 | \n 0.01 | \n 0.13 | \n 0.09 | \n
\n \n | Earnings per share in EUR (diluted) | \n 0.01 | \n 0.08 | \n 0.12 | \n 0.01 | \n 0.13 | \n 0.09 | \n
\n \n
\n
\n
\n The weighted average number of shares outstanding in 2025 was calculated on a daily basis. In 2025 the options granted resulted in a dilution of 248,405 shares (2024: 36,330). \u00a0\n
\n
\n 15,000 treasury shares (2024: no shares) were sold in connection with the exercise of employee stock options. Diluted earnings per share are computed based on the weighted average number of \u00a0\n ordinary shares outstanding, including the dilutive effect of shares to be issued in the future under certain arrangements such as option plans. \u00a0
\n \n
INTANGIBLE ASSETS [17] \u00a0
Acquisition during the year \u00a0
Intangible assets include software, brands and customer databases acquired through business combinations. For useful lives we refer to Note [2] Material Accounting Policies. \u00a0
\n \n
\n MOVEMENT SCHEDULE OF INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT [18] \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n | \n | \n | \n Historical cost | \n | \n | \n Accumulated depreciation/amortisation/impairment | \n | \n Book value | \n
\n \n | Financial year | \n Balance at | Additions | Acquisition | Disposals | Exchange | Balance at | Balance at | \n Depreciation/ | Disposals | Exchange | \n Balance at | \n Financial | \n Previous | \n
\n \n | 2025 | \n 1/1/ | \n | of a | \n from | \n di\ufb00erences | 31/12/ | \n 1/1/ | \n Amortisation | \n | di\ufb00erences | \n 31/12/ | \n year | \n year\u00a031/12/ |
\n \n \n | 2025 | \n | subsidiary | \n discontinued | | 2025 | \n 2025 | \n | \n | \n | 2025 | \n 31/12/ | \n 2024 | \n
\n \n | \n | \n | \n | \n operations | \n | \n | \n | \n | \n | \n | \n | \n 2025 | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Intangible | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | assets | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | So\ufb05ware | \n 3,478 | \n 419 | \n 802 | \n -185 | \n -57 | \n 4,457 | \n -3,143 | \n -409 | \n 180 | \n 57 | \n -3,315 | \n 1,142 | \n 335 | \n
\n \n | Trademarks/ | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Brands | \n 644 | \n 0 | \n 7,068 | \n 0 | \n 0 | \n 7,712 | \n -643 | \n -187 | \n 0 | \n 0 | \n -830 | \n 6,882 | \n 1 | \n
\n \n | Customer | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Bases | \n 0 | \n 0 | \n 11,263 | \n 0 | \n 0 | \n 11,263 | \n 0 | \n -730 | \n 0 | \n 0 | \n -730 | \n 10,533 | \n 0 | \n
\n \n | Total | \n 4,122 | \n 419 | \n 19,133 | \n -185 | \n -57 | \n 23,432 | \n -3,786 | \n -1,326 | \n 180 | \n 57 | \n -4,875 | \n 18,557 | \n 336 | \n
\n \n | Property, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | plant and | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Other | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | operational | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | and o\ufb03ce | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment | \n 811 | \n 632 | \n 602 | \n -353 | \n -11 | \n 1,681 | \n -711 | \n -332 | \n 307 | \n 10 | \n -726 | \n 955 | \n 100 | \n
\n \n | Total | \n 4,933 | \n 1,051 | \n 19,735 | \n -538 | \n -68 | \n 25,113 | \n -4,497 | \n -1,658 | \n 487 | \n 67 | \n -5,601 | \n 19,512 | \n 436 | \n
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n | \n | \n | \n Historical cost | \n | \n | \n | \n Accumulated depreciation/amortisation/impairment | \n Book value | \n
\n \n | Financial year | \n Balance\u00a0at | \n Additions | Acquisition | Disposals | Exchange | \n Balance at | \n Balance at | Depreciation/ | Disposals | Exchange | \n Balance at | \n Financial year | Previous | \n
\n \n | 2024 | \n 1/1/ | \n | of a | \n | di\ufb00erences | \n 31/12/ | \n 1/1/ | \n amortisation | \n | di\ufb00erences | \n 31/12/ | \n 31/12/ | \n year\u00a031/12/ |
\n \n \n | \n 2024 | \n | \n subsidiary | \n | \n | \n 2024 | \n 2024 | \n | \n | \n | \n 2024 | \n 2024 | \n 2023 | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Intangible | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | assets | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | So\ufb05ware | \n 3,161 | \n 261 | \n 0 | \n 0 | \n 56 | \n 3,478 | \n -2,994 | \n -96 | \n 0 | \n -53 | \n -3,143 | \n 335 | \n 167 | \n
\n \n | Brands | \n 644 | \n 0 | \n 0 | \n 0 | \n 0 | \n 644 | \n -643 | \n 0 | \n 0 | \n 0 | \n -643 | \n 1 | \n 1 | \n
\n \n | Customer | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Bases | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n
\n \n | Total | \n 3,805 | \n 261 | \n 0 | \n 0 | \n 56 | \n 4,122 | \n -3,637 | \n -96 | \n 0 | \n -53 | \n -3,786 | \n 336 | \n 168 | \n
\n \n | Property, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | plant and | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Other | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | operational | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | and o\ufb03ce | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment | \n 1,091 | \n 42 | \n 0 | \n -332 | \n 10 | \n 811 | \n -918 | \n -116 | \n 332 | \n -9 | \n -711 | \n 100 | \n 173 | \n
\n \n | Total | \n 4,896 | \n 303 | \n 0 | \n -332 | \n 66 | \n 4,933 | \n -4,555 | \n -213 | \n 332 | \n -62 | \n -4,498 | \n 436 | \n 341 | \n
\n \n
\n
\n
INTANGIBLE ASSETS [17] \u00a0
Acquisition during the year \u00a0
Intangible assets include software, brands and customer databases acquired through business combinations. For useful lives we refer to Note [2] Material Accounting Policies. \u00a0
\n \n
\n MOVEMENT SCHEDULE OF INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT [18] \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n | \n | \n | \n Historical cost | \n | \n | \n Accumulated depreciation/amortisation/impairment | \n | \n Book value | \n
\n \n | Financial year | \n Balance at | Additions | Acquisition | Disposals | Exchange | Balance at | Balance at | \n Depreciation/ | Disposals | Exchange | \n Balance at | \n Financial | \n Previous | \n
\n \n | 2025 | \n 1/1/ | \n | of a | \n from | \n di\ufb00erences | 31/12/ | \n 1/1/ | \n Amortisation | \n | di\ufb00erences | \n 31/12/ | \n year | \n year\u00a031/12/ |
\n \n \n | 2025 | \n | subsidiary | \n discontinued | | 2025 | \n 2025 | \n | \n | \n | 2025 | \n 31/12/ | \n 2024 | \n
\n \n | \n | \n | \n | \n operations | \n | \n | \n | \n | \n | \n | \n | \n 2025 | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Intangible | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | assets | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | So\ufb05ware | \n 3,478 | \n 419 | \n 802 | \n -185 | \n -57 | \n 4,457 | \n -3,143 | \n -409 | \n 180 | \n 57 | \n -3,315 | \n 1,142 | \n 335 | \n
\n \n | Trademarks/ | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Brands | \n 644 | \n 0 | \n 7,068 | \n 0 | \n 0 | \n 7,712 | \n -643 | \n -187 | \n 0 | \n 0 | \n -830 | \n 6,882 | \n 1 | \n
\n \n | Customer | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Bases | \n 0 | \n 0 | \n 11,263 | \n 0 | \n 0 | \n 11,263 | \n 0 | \n -730 | \n 0 | \n 0 | \n -730 | \n 10,533 | \n 0 | \n
\n \n | Total | \n 4,122 | \n 419 | \n 19,133 | \n -185 | \n -57 | \n 23,432 | \n -3,786 | \n -1,326 | \n 180 | \n 57 | \n -4,875 | \n 18,557 | \n 336 | \n
\n \n | Property, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | plant and | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Other | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | operational | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | and o\ufb03ce | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment | \n 811 | \n 632 | \n 602 | \n -353 | \n -11 | \n 1,681 | \n -711 | \n -332 | \n 307 | \n 10 | \n -726 | \n 955 | \n 100 | \n
\n \n | Total | \n 4,933 | \n 1,051 | \n 19,735 | \n -538 | \n -68 | \n 25,113 | \n -4,497 | \n -1,658 | \n 487 | \n 67 | \n -5,601 | \n 19,512 | \n 436 | \n
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n | \n | \n | \n Historical cost | \n | \n | \n | \n Accumulated depreciation/amortisation/impairment | \n Book value | \n
\n \n | Financial year | \n Balance\u00a0at | \n Additions | Acquisition | Disposals | Exchange | \n Balance at | \n Balance at | Depreciation/ | Disposals | Exchange | \n Balance at | \n Financial year | Previous | \n
\n \n | 2024 | \n 1/1/ | \n | of a | \n | di\ufb00erences | \n 31/12/ | \n 1/1/ | \n amortisation | \n | di\ufb00erences | \n 31/12/ | \n 31/12/ | \n year\u00a031/12/ |
\n \n \n | \n 2024 | \n | \n subsidiary | \n | \n | \n 2024 | \n 2024 | \n | \n | \n | \n 2024 | \n 2024 | \n 2023 | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Intangible | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | assets | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | So\ufb05ware | \n 3,161 | \n 261 | \n 0 | \n 0 | \n 56 | \n 3,478 | \n -2,994 | \n -96 | \n 0 | \n -53 | \n -3,143 | \n 335 | \n 167 | \n
\n \n | Brands | \n 644 | \n 0 | \n 0 | \n 0 | \n 0 | \n 644 | \n -643 | \n 0 | \n 0 | \n 0 | \n -643 | \n 1 | \n 1 | \n
\n \n | Customer | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Bases | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n
\n \n | Total | \n 3,805 | \n 261 | \n 0 | \n 0 | \n 56 | \n 4,122 | \n -3,637 | \n -96 | \n 0 | \n -53 | \n -3,786 | \n 336 | \n 168 | \n
\n \n | Property, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | plant and | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Other | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | operational | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | and o\ufb03ce | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment | \n 1,091 | \n 42 | \n 0 | \n -332 | \n 10 | \n 811 | \n -918 | \n -116 | \n 332 | \n -9 | \n -711 | \n 100 | \n 173 | \n
\n \n | Total | \n 4,896 | \n 303 | \n 0 | \n -332 | \n 66 | \n 4,933 | \n -4,555 | \n -213 | \n 332 | \n -62 | \n -4,498 | \n 436 | \n 341 | \n
\n \n
\n
\n
\n \n
\n MOVEMENT SCHEDULE OF INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT [18] \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n | \n | \n | \n Historical cost | \n | \n | \n Accumulated depreciation/amortisation/impairment | \n | \n Book value | \n
\n \n | Financial year | \n Balance at | Additions | Acquisition | Disposals | Exchange | Balance at | Balance at | \n Depreciation/ | Disposals | Exchange | \n Balance at | \n Financial | \n Previous | \n
\n \n | 2025 | \n 1/1/ | \n | of a | \n from | \n di\ufb00erences | 31/12/ | \n 1/1/ | \n Amortisation | \n | di\ufb00erences | \n 31/12/ | \n year | \n year\u00a031/12/ |
\n \n \n | 2025 | \n | subsidiary | \n discontinued | | 2025 | \n 2025 | \n | \n | \n | 2025 | \n 31/12/ | \n 2024 | \n
\n \n | \n | \n | \n | \n operations | \n | \n | \n | \n | \n | \n | \n | \n 2025 | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Intangible | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | assets | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | So\ufb05ware | \n 3,478 | \n 419 | \n 802 | \n -185 | \n -57 | \n 4,457 | \n -3,143 | \n -409 | \n 180 | \n 57 | \n -3,315 | \n 1,142 | \n 335 | \n
\n \n | Trademarks/ | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Brands | \n 644 | \n 0 | \n 7,068 | \n 0 | \n 0 | \n 7,712 | \n -643 | \n -187 | \n 0 | \n 0 | \n -830 | \n 6,882 | \n 1 | \n
\n \n | Customer | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Bases | \n 0 | \n 0 | \n 11,263 | \n 0 | \n 0 | \n 11,263 | \n 0 | \n -730 | \n 0 | \n 0 | \n -730 | \n 10,533 | \n 0 | \n
\n \n | Total | \n 4,122 | \n 419 | \n 19,133 | \n -185 | \n -57 | \n 23,432 | \n -3,786 | \n -1,326 | \n 180 | \n 57 | \n -4,875 | \n 18,557 | \n 336 | \n
\n \n | Property, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | plant and | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Other | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | operational | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | and o\ufb03ce | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment | \n 811 | \n 632 | \n 602 | \n -353 | \n -11 | \n 1,681 | \n -711 | \n -332 | \n 307 | \n 10 | \n -726 | \n 955 | \n 100 | \n
\n \n | Total | \n 4,933 | \n 1,051 | \n 19,735 | \n -538 | \n -68 | \n 25,113 | \n -4,497 | \n -1,658 | \n 487 | \n 67 | \n -5,601 | \n 19,512 | \n 436 | \n
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n | \n | \n | \n Historical cost | \n | \n | \n | \n Accumulated depreciation/amortisation/impairment | \n Book value | \n
\n \n | Financial year | \n Balance\u00a0at | \n Additions | Acquisition | Disposals | Exchange | \n Balance at | \n Balance at | Depreciation/ | Disposals | Exchange | \n Balance at | \n Financial year | Previous | \n
\n \n | 2024 | \n 1/1/ | \n | of a | \n | di\ufb00erences | \n 31/12/ | \n 1/1/ | \n amortisation | \n | di\ufb00erences | \n 31/12/ | \n 31/12/ | \n year\u00a031/12/ |
\n \n \n | \n 2024 | \n | \n subsidiary | \n | \n | \n 2024 | \n 2024 | \n | \n | \n | \n 2024 | \n 2024 | \n 2023 | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Intangible | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | assets | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | So\ufb05ware | \n 3,161 | \n 261 | \n 0 | \n 0 | \n 56 | \n 3,478 | \n -2,994 | \n -96 | \n 0 | \n -53 | \n -3,143 | \n 335 | \n 167 | \n
\n \n | Brands | \n 644 | \n 0 | \n 0 | \n 0 | \n 0 | \n 644 | \n -643 | \n 0 | \n 0 | \n 0 | \n -643 | \n 1 | \n 1 | \n
\n \n | Customer | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Bases | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n
\n \n | Total | \n 3,805 | \n 261 | \n 0 | \n 0 | \n 56 | \n 4,122 | \n -3,637 | \n -96 | \n 0 | \n -53 | \n -3,786 | \n 336 | \n 168 | \n
\n \n | Property, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | plant and | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Other | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment, | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | operational | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | and o\ufb03ce | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | equipment | \n 1,091 | \n 42 | \n 0 | \n -332 | \n 10 | \n 811 | \n -918 | \n -116 | \n 332 | \n -9 | \n -711 | \n 100 | \n 173 | \n
\n \n | Total | \n 4,896 | \n 303 | \n 0 | \n -332 | \n 66 | \n 4,933 | \n -4,555 | \n -213 | \n 332 | \n -62 | \n -4,498 | \n 436 | \n 341 | \n
\n \n
\n
\n
\n \n
\n OTHER NON-CURRENT FINANCIAL ASSETS [19] \u00a0\n
\n
\n Other financial assets consist of the following and are measured at amortised cost: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Deposits | \n 171 | \n 356 | \n
\n \n | Other receivables | \n 500 | \n 0 | \n
\n \n | Total | \n 671 | \n 356 | \n
\n \n
\n
\n
\n Other receivables consist of the last payment in conjunction with the sale of the ad agents segment, due in January 2027. \u00a0\n
\n
\n The maturities of the other financial assets as at the end of the period are as follows: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Due in between one and \ufb01ve | \n | \n | \n
\n \n | years | \n 671 | \n 249 | \n
\n \n | Due in more than \ufb01ve years | \n 0 | \n 0 | \n
\n \n | Total | \n 671 | \n 249 | \n
\n \n
\n
\n
\n \n
\n OTHER NON-CURRENT FINANCIAL ASSETS [19] \u00a0\n
\n
\n Other financial assets consist of the following and are measured at amortised cost: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Deposits | \n 171 | \n 356 | \n
\n \n | Other receivables | \n 500 | \n 0 | \n
\n \n | Total | \n 671 | \n 356 | \n
\n \n
\n
\n
\n Other receivables consist of the last payment in conjunction with the sale of the ad agents segment, due in January 2027. \u00a0\n
\n
\n The maturities of the other financial assets as at the end of the period are as follows: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Due in between one and \ufb01ve | \n | \n | \n
\n \n | years | \n 671 | \n 249 | \n
\n \n | Due in more than \ufb01ve years | \n 0 | \n 0 | \n
\n \n | Total | \n 671 | \n 249 | \n
\n \n
\n
\n
\n OTHER RECEIVABLES [22] \u00a0\n
\n Other receivables consist of the following: \u00a0\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Value-added tax receivables | \n 7 | \n 0 | \n
\n \n | Prepayments | \n 703 | \n 305 | \n
\n \n | Total | \n 710 | \n 305 | \n
\n \n
\n
\n OTHER CURRENT FINANCIAL ASSETS [24] \u00a0\n
\n Other current financial assets consist of the following: \u00a0\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Other | \n 2,760 | \n 15 | \n
\n \n | Total | \n 2,760 | \n 15 | \n
\n \n
\n
\n Other contain the receivable of the second payment instalment amounting to EUR 2,650k for the sale of the ad agents segment, due in the first quarter 2026. \u00a0\n
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97472_2025": {
"value": "\n \n
\n OTHER NON-CURRENT FINANCIAL ASSETS [19] \u00a0\n
\n
\n Other financial assets consist of the following and are measured at amortised cost: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Deposits | \n 171 | \n 356 | \n
\n \n | Other receivables | \n 500 | \n 0 | \n
\n \n | Total | \n 671 | \n 356 | \n
\n \n
\n
\n
\n Other receivables consist of the last payment in conjunction with the sale of the ad agents segment, due in January 2027. \u00a0\n
\n
\n The maturities of the other financial assets as at the end of the period are as follows: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Due in between one and \ufb01ve | \n | \n | \n
\n \n | years | \n 671 | \n 249 | \n
\n \n | Due in more than \ufb01ve years | \n 0 | \n 0 | \n
\n \n | Total | \n 671 | \n 249 | \n
\n \n
\n
\n
\n 2. Material accounting policies \u00a0\n
The rent and similar deposits referred to in Note [19], carried at their nominal amount of EUR 53k (2024: EUR 98k), are pledged as collateral for bank guarantees. The Group does not hold any \u00a0collateral for credit facilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97554_2025": {
"value": "\n \n
\n OTHER NON-CURRENT FINANCIAL ASSETS [19] \u00a0\n
\n
\n Other financial assets consist of the following and are measured at amortised cost: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Deposits | \n 171 | \n 356 | \n
\n \n | Other receivables | \n 500 | \n 0 | \n
\n \n | Total | \n 671 | \n 356 | \n
\n \n
\n
\n
\n Other receivables consist of the last payment in conjunction with the sale of the ad agents segment, due in January 2027. \u00a0\n
\n
\n The maturities of the other financial assets as at the end of the period are as follows: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Due in between one and \ufb01ve | \n | \n | \n
\n \n | years | \n 671 | \n 249 | \n
\n \n | Due in more than \ufb01ve years | \n 0 | \n 0 | \n
\n \n | Total | \n 671 | \n 249 | \n
\n \n
\n
\n
\n OTHER RECEIVABLES [22] \u00a0\n
\n Other receivables consist of the following: \u00a0\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Value-added tax receivables | \n 7 | \n 0 | \n
\n \n | Prepayments | \n 703 | \n 305 | \n
\n \n | Total | \n 710 | \n 305 | \n
\n \n
\n
\n OTHER CURRENT FINANCIAL ASSETS [24] \u00a0\n
\n Other current financial assets consist of the following: \u00a0\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Other | \n 2,760 | \n 15 | \n
\n \n | Total | \n 2,760 | \n 15 | \n
\n \n
\n
\n Other contain the receivable of the second payment instalment amounting to EUR 2,650k for the sale of the ad agents segment, due in the first quarter 2026. \u00a0\n
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97479_2025": {
"value": "CURRENT SECURITIES [20] \u00a0
Overview about current securities: \u00a0
| 2025 | Deposits | Total |
| kEUR | kEUR |
| Book value 1/1 | 0 | 0 |
| Maturity | 0 | 0 |
| Book value 31/12 | 0 | 0 |
\n
\n \n \n \n \n \n \n \n \n | 2024 | \n Debt | \n Deposits | \n Total | \n
\n \n | securities | \n | \n | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Book value 1/1 | \n 1,985 | \n 1,538 | \n 3,523 | \n
\n \n | Maturity | \n -2,000 | \n -1,538 | \n -3,538 | \n
\n \n | Realised gains/losses (-) | \n 17 | \n 0 | \n 17 | \n
\n \n | Unrealised gains/losses | \n | \n | \n | \n
\n \n | (-) | \n -2 | \n 0 | \n -2 | \n
\n \n | Book value 31/12 | \n 0 | \n 0 | \n 0 | \n
\n \n
\n
\n FINANCIAL INSTRUMENTS [41] \u00a0\n
3. Categories of financial instruments \u00a0
Carrying amount per category of financial instruments: \u00a0
| Financial assets | 31/12/25 | 31/12/24 |
| kEUR | kEUR |
| Debt instruments at amortised cost | 52,877 | 40,544 |
| Trade receivables (Note [21]) | 22,116 | 16,018 |
| Deposits (Note [19]) | 171 | 356 |
| Other receivables (Note [19], [23]) | 3,260 | 15 |
| Cash and cash equivalents (Note | | |
| [25]) | 27,330 | 24,155 |
| Total financial assets | 52,877 | 40,544 |
| Total current | 52,206 | 40,188 |
| Total non-current | 671 | 356 |
\n OTHER RECEIVABLES [22] \u00a0\n
\n Other receivables consist of the following: \u00a0\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Value-added tax receivables | \n 7 | \n 0 | \n
\n \n | Prepayments | \n 703 | \n 305 | \n
\n \n | Total | \n 710 | \n 305 | \n
\n \n
\n
\n OTHER CURRENT FINANCIAL ASSETS [24] \u00a0\n
\n Other current financial assets consist of the following: \u00a0\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Other | \n 2,760 | \n 15 | \n
\n \n | Total | \n 2,760 | \n 15 | \n
\n \n
\n
\n Other contain the receivable of the second payment instalment amounting to EUR 2,650k for the sale of the ad agents segment, due in the first quarter 2026. \u00a0\n
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97571_2025": {
"value": "\n INCOME TAX RECEIVABLES [23] \u00a0\n
\n Net income tax payments of EUR 1,360k were made in 2025 (2024: EUR 841k). \u00a0\n
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97468_2025": {
"value": "\n CASH AND CASH EQUIVALENTS [25] \u00a0\n
\n This item includes cash at banks and cash in hand. For the purpose of the consolidated cash flow statement, cash and cash equivalents comprise cash at banks and on hand of EUR\u00a027,330k (2024: \u00a0\n EUR 24,155k). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97567_2025": {
"value": "\n \n
\n EQUITY \u00a0\n
\n \n
\n ISSUED CAPITAL [26] \u00a0\n
\n In the business combination for solute 2,305,195 new shares in ad pepper media International N.V. were issued and admitted for trading on the Frankfurt Stock Exchange in 2025 (2024: no\u00a0new \u00a0\n shares). The issued capital of ad pepper media International N.V. comprises 25,498,439 (2024: 23,193,244) bearer shares each with a nominal value of EUR 0.05 and is fully paid in. \u00a0
\n \n
\n SHARE PREMIUM [27] \u00a0\n
\n
\n
\n \n \n \n \n \n \n | \n kEUR | \n
\n \n | At 1/1/2025 | \n 67,150 | \n
\n \n | Issuance of share capital for the acquisition | \n | \n
\n \n | of the investment in solute Holding GmbH & | \n | \n
\n \n | Co. KG | \n 5,371 | \n
\n \n | Transaction costs for issued share capital | \n -48 | \n
\n \n | At 31/12/2025 | \n 72,473 | \n
\n \n
\n
\n
\n \n
| kEUR |
| At 1/1/2024 | 67,173 |
| Transaction costs for issued share capital | -23 |
| At 31/12/2024 | 67,150 |
\n \n \n \n \n \n \n
The capital reserve mainly comprises the premium paid upon share issued. \u00a0
RESERVES [28] \u00a0
Legal reserves \u00a0
Legal reserves include the currency translation reserve amounting to EUR -1,371k (2024: EUR -1,216k). \u00a0
Other reserves \u00a0
Other reserves include treasury reserves with a value of EUR -6,110k (2024: EUR -6,138k). \u00a0
By a shareholders\u2019 resolution dated 24 June 2025, the Board of Directors was authorised to repurchase treasury stock of up to 50 percent of the issued capital within the following 18 months. There \u00a0is currently no active share repurchase programme. \u00a0
As at 31 December 2025, the Company held 1,227,128 treasury shares (2023: 1,242,128) at a nominal value of EUR 0.05 each, which equals 4.81 percent (2024: 5.36 percent) of the share capital. \u00a0According to a shareholder resolution, those shares can only be used for a stock option plan (\u201cSOP\u201d) or the cancellation of shares. 15,000 shares were sold for EUR 28k under the employee stock \u00a0option plan (2024: no shares). \u00a0
The number of shares issued and outstanding as at 31 December 2025 totalled 24,271,311 (2024: 21,951,116). Each share has a nominal value of EUR 0.05. \u00a0
Other reserves include also the expenses incurred for stock option plans amounting to EUR 3,247k (2024: EUR 3,167k) and the remaining amount of the revaluation of the financial liability for the \u00a0written put option in ad pepper media Spain S.A., after reclassification of non-controlling interest considering ad pepper media Spain S.A. \u00a0
The authorised share capital of the Company amounts to EUR 4,000,000, divided into 80,000,000 shares with a par value of EUR 0.05 each. The Board of Directors is authorised, upon approval by \u00a0the Supervisory Board, to issue shares until 16 May 2027, or to grant rights to subscribe for shares until the issued share capital amounts to EUR 2,000,000. \u00a0
\n \n
\n Other comprehensive income \u00a0\n
\n
\n The total other comprehensive income recognised directly in equity and the corresponding income taxes are as follows: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n \n | 2025 | \n Before | \n Income | A\ufb05er | \n
\n \n | \n income | \n taxes | \n income | \n
\n \n | \n taxes | \n | \n taxes | \n
\n \n | Currency translation | \n | \n | \n | \n
\n \n | di\ufb00erences | \n -36 | \n 0 | \n -36 | \n
\n \n | Currency translation | \n | \n | \n | \n
\n \n | di\ufb00erences reclassi\ufb01ed into | \n | \n | \n | \n
\n \n | pro\ufb01t or loss | \n -118 | \n 0 | \n -118 | \n
\n \n | Total other comprehensive | \n | \n | \n | \n
\n \n | income | \n -154 | \n 0 | \n -154 | \n
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n \n | 2024 | \n Before | \n Income | A\ufb05er | \n
\n \n | \n income | \n taxes | \n income | \n
\n \n | \n taxes | \n | \n taxes | \n
\n \n | Currency translation | \n | \n | \n | \n
\n \n | di\ufb00erences | \n 50 | \n 0 | \n 50 | \n
\n \n | Currency translation | \n | \n | \n | \n
\n \n | di\ufb00erences reclassi\ufb01ed into | \n | \n | \n | \n
\n \n | pro\ufb01t or loss | \n -146 | \n 0 | \n -146 | \n
\n \n | Revaluation of listed debt | \n | \n | \n | \n
\n \n | securities | \n -2 | \n 0 | \n -2 | \n
\n \n | Total other comprehensive | \n | \n | \n | \n
\n \n | income | \n -98 | \n 0 | \n -98 | \n
\n \n
\n
\n
NON-CONTROLLING INTERESTS [29] \u00a0
Financial information of subsidiaries with material non-controlling interests in provided below: \u00a0
| Name | Location | 2025 | 2024 |
| | in % | in % |
| solute GmbH | Karlsruhe / Germany | 39.85 | 0 |
| Checkout Charlie GmbH | Berlin / Germany | 39.85 | 0 |
| Marktplatz Mittelstand Operations | | | 25.64 |
| GmbH (MMO GmbH) | Karlsruhe / Germany | 39.85 | |
| solute Holding GmbH & Co. KG | Frankfurt / Germany | 39.85 | 25.64 |
| solute Verwaltungs-GmbH | Karlsruhe / Germany | 39.85 | 25.64 |
| ad pepper media Spain S.A. | Madrid/Spain | 35 | 35 |
| Webgains S.L. | Madrid/Spain | 35 | 35 |
These result from the sale of a 35 percent share in ad pepper media Spain S.A. and the most recent acquisition 60.15 percent in voting shares in solute. Checkout Charlie is a 100 percent \u00a0investment of solute GmbH. The net profit / loss for the year is allocated proportionately to the non-controlling interests. In 2025, non-controlling interests in ad pepper media Spain S.A. received \u00a0a dividend payment of EUR 230k (2024: EUR 230k), while no dividend was paid to non-controlling interests of ad agents GmbH (2024: EUR 115k) and solute GmbH (2024: n/A). \u00a0
Summarised financial information in respect of ad pepper media\u2019s subsidiaries that have material\u00a0non-controlling interest as at 31 December 2025 reflecting 100 percent of the underlying \u00a0subsidiary\u2019s relevant figures, is set out in the following tables: \u00a0
Summarised statement of financial position as at 31 December 2025: \u00a0
\n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n | \n solute GmbH | \n Checkout Charlie | \n MMO GmbH | \n solute Holding | \n solute Verwaltungs- | \n Webgains S.L. | \n ad pepper media Spain | \n
\n \n | \n | \n GmbH | \n | \n GmbH & Co. | \n GmbH | \n | \n S.A. | \n
\n \n | \n | \n | \n | \n KG | \n | \n | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Non-current assets | \n 16,829 | \n 3,324 | \n 35 | \n 0 | \n 0 | \n 33 | \n 132 | \n
\n \n | Current assets | \n 14,748 | \n 6,075 | \n 33 | \n 495 | \n 53 | \n 2,475 | \n 1,122 | \n
\n \n | Total assets | \n 31,576 | \n 9,399 | \n 68 | \n 495 | \n 53 | \n 2,508 | \n 1,254 | \n
\n \n | Non-current liabilities | \n 4,808 | \n 830 | \n 0 | \n 0 | \n 0 | \n 29 | \n 89 | \n
\n \n | Current liabilities | \n 6,981 | \n 1,589 | \n 2 | \n 791 | \n 1 | \n 1,842 | \n 574 | \n
\n \n | Total liabilities | \n 11,789 | \n 2,420 | \n 2 | \n 791 | \n 1 | \n 1,871 | \n 663 | \n
\n \n | Net assets | \n 19,787 | \n 6,979 | \n 66 | \n -297 | \n 52 | \n 637 | \n 592 | \n
\n \n | Equity a\ua881ributable to owners | \n 11,902 | \n 4,197 | \n 40 | \n -178 | \n 31 | \n 637 | \n 592 | \n
\n \n | of the Company | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Non-controlling interests | \n 7,885 | \n 2,782 | \n 26 | \n -118 | \n 21 | \n 0* | \n 0* | \n
\n \n | Non-controlling interests in % | \n 39.85 | \n 39.85 | \n 39.85 | \n 39.85 | \n 39.85 | \n 35 | \n 35 | \n
\n \n
\n
\n
\n *After reclassification into current liabilities in conjunction with the put option. For further information please refer to Note [2] and Note [34]. \u00a0\n
\n
\n Summarised statement of financial position as at 31 December 2024: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n \n \n | \n ad pepper media Spain S.A. | \n Webgains S.L. | \n ad agents GmbH | \n ad agents AG | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Non-current assets | \n 58 | \n 65 | \n 322 | \n 229 | \n
\n \n | Current assets | \n 736 | \n 2,021 | \n 6,467 | \n 1,088 | \n
\n \n | Total assets | \n 793 | \n 2,086 | \n 6,788 | \n 1,317 | \n
\n \n | Non-current liabilities | \n 0 | \n 27 | \n 29 | \n 28 | \n
\n \n | Current liabilities | \n 308 | \n 1,492 | \n 5,223 | \n 605 | \n
\n \n | Total liabilities | \n 308 | \n 1,519 | \n 5,252 | \n 632 | \n
\n \n | Net assets | \n 486 | \n 566 | \n 1,536 | \n 685 | \n
\n \n | Equity a\ua881ributable to owners of the | \n | \n | \n | \n | \n
\n \n | Company | \n 486 | \n 566 | \n 922 | \n 411 | \n
\n \n | Non-controlling interests a\ufb05er | \n | \n | \n | \n | \n
\n \n | reclassi\ufb01cation into current | \n | \n | \n | \n | \n
\n \n | liabilities in conjunction with put | \n | \n | \n | \n | \n
\n \n | option | \n 0** | \n 0** | \n 615 | \n 274 | \n
\n \n | Non-controlling interests in % | \n 35 | \n 35 | \n 40 | \n 40 | \n
\n \n
\n
\n
**Due to immaterial abbreviation of EUR -4k in the valuation of the put liability, the Group abstained in 2024 from the reclassification of the non-controlling interest effect amounting to EUR 5k \u00a0into current liabilities. \u00a0
\n \n
\n Summarised statement of profit or loss and cash flows for 2025: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n | \n solute GmbH | \n Checkout Charlie GmbH | MMO GmbH | \n solute Holding | \n solute Verwaltungs- | \n Webgains S.L. | ad pepper media | \n
\n \n | \n | \n | \n | \n GmbH & Co. KG | \n GmbH | \n | \n Spain S.A. | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Revenue | \n 33,211 | \n 1,850 | \n 42 | \n 0 | \n 0 | \n 843 | \n 1,254 | \n
\n \n | Expenses | \n -31,409 | \n -1,353 | \n 0 | \n -6 | \n 0 | \n -242 | \n -1,023 | \n
\n \n | Net pro\ufb01t/(loss) for the year | \n 1,802 | \n 497 | \n 42 | \n -6 | \n 0 | \n 601 | \n 231 | \n
\n \n | \n | \n | \n | \n | \n | \n 391 | \n 150 | \n
\n \n | Net pro\ufb01t/(loss) attributable to | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | owners of the Company | \n 1,084 | \n 299 | \n 25 | \n -4 | \n 0 | \n | \n | \n
\n \n | \n | \n | \n | \n | \n | \n 210 | \n 81 | \n
\n \n | Net pro\ufb01t/(loss) attributable to | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | non-controlling interests* | \n 718 | \n 198 | \n 17 | \n -2 | \n 0 | \n | \n | \n
\n \n | \n | \n | \n | \n | \n | \n 0 | \n 0 | \n
\n \n | Other comprehensive income | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | a\ua881ributable to owners of the | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Company | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n | \n | \n
\n \n | \n | \n | \n | \n | \n | \n 0 | \n 0 | \n
\n \n | Other comprehensive income | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | attributable to non-controlling | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | interests | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n | \n | \n
\n \n | Total comprehensive | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | income/(loss) for the year | \n 718 | \n 198 | \n 17 | \n -2 | \n 0 | \n 210 | \n 81 | \n
\n \n | Net cash in\ufb02ow/(outflow) | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | from operating activities | \n 2,929 | \n 112 | \n 0 | \n 0 | \n 0 | \n 806 | \n 324 | \n
\n \n | Net cash in\ufb02ow/(outflow) | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | from investing activities | \n -4,861 | \n -34 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n
\n \n | Net cash in\ufb02ow/(outflow) | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | from \ufb01nancing activities | \n -93 | \n 0 | \n 0 | \n -48 | \n -5 | \n -563 | \n -164 | \n
\n \n | \n | \n | \n | \n | \n -5 | \n 243 | \n 160 | \n
\n \n | Total net cash in\ufb02ow/(outflow) | \n -2,025 | \n 78 | \n 0 | \n -48 | \n \n | \n | \n
\n \n
\n
\n
\n \n
\n *Net profit attributable to non-controlling interests for the ad agents segment amounted in 2025 to EUR 98k. \u00a0\n
\n
\n Summarised statement of profit or loss and cash flows for 2024: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n \n \n | \n ad pepper media Spain S.A. | \n Webgains S.L. | \n ad agents GmbH | \n ad agents AG | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Revenue | \n 1,068 | \n 1,275 | \n 5,102 | \n 1,898 | \n
\n \n | Expenses | \n -943 | \n -745 | \n -5,335 | \n -1,376 | \n
\n \n | Net pro\ufb01t/(loss) for the year | \n 125 | \n 530 | \n -232 | \n 522 | \n
\n \n | Net pro\ufb01t/(loss) a\ua881ributable to | \n | \n | \n | \n | \n
\n \n | owners of the Company | \n 81 | \n 344 | \n -139 | \n 314 | \n
\n \n | Net pro\ufb01t/(loss) a\ua881ributable to | \n | \n | \n | \n | \n
\n \n | non-controlling interests | \n 44 | \n 186 | \n -93 | \n 209 | \n
\n \n | Other comprehensive income | \n | \n | \n | \n | \n
\n \n | attributable to owners of the | \n | \n | \n | \n | \n
\n \n | Company | \n 0 | \n 0 | \n 0 | \n 0 | \n
\n \n | Other comprehensive income | \n | \n | \n | \n | \n
\n \n | attributable to non-controlling | \n | \n | \n | \n | \n
\n \n | interests | \n 0 | \n 0 | \n 0 | \n 0 | \n
\n \n | Total comprehensive | \n | \n | \n | \n | \n
\n \n | income/(loss) for the year | \n 125 | \n 530 | \n -232 | \n 522 | \n
\n \n | Net cash in\ufb02ow/(outflow) | \n | \n | \n | \n | \n
\n \n | from operating activities | \n -66 | \n 651 | \n -1,249 | \n 582 | \n
\n \n | Net cash in\ufb02ow/(outflow) | \n | \n | \n | \n | \n
\n \n | from investing activities | \n -1 | \n 0 | \n -14 | \n 0 | \n
\n \n | Net cash in\ufb02ow/(outflow) | \n | \n | \n | \n | \n
\n \n | from \ufb01nancing activities | \n -190 | \n -524 | \n -655 | \n -616 | \n
\n \n | Total net cash in\ufb02ow/(outflow) | \n -257 | \n 127 | \n -1,918 | \n -34 | \n
\n \n
\n
\n
\n ISSUED CAPITAL [26] \u00a0\n
\n In the business combination for solute 2,305,195 new shares in ad pepper media International N.V. were issued and admitted for trading on the Frankfurt Stock Exchange in 2025 (2024: no\u00a0new \u00a0\n shares). The issued capital of ad pepper media International N.V. comprises 25,498,439 (2024: 23,193,244) bearer shares each with a nominal value of EUR 0.05 and is fully paid in. \u00a0
RESERVES [28] \u00a0
The number of shares issued and outstanding as at 31 December 2025 totalled 24,271,311 (2024: 21,951,116). Each share has a nominal value of EUR 0.05. \u00a0The authorised share capital of the Company amounts to EUR 4,000,000, divided into 80,000,000 shares with a par value of EUR 0.05 each. The Board of Directors is authorised, upon approval by \u00a0the Supervisory Board, to issue shares until 16 May 2027, or to grant rights to subscribe for shares until the issued share capital amounts to EUR 2,000,000. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97575_2025": {
"value": "RESERVES [28] \u00a0
Other reserves \u00a0
Other reserves include treasury reserves with a value of EUR -6,110k (2024: EUR -6,138k). \u00a0
By a shareholders\u2019 resolution dated 24 June 2025, the Board of Directors was authorised to repurchase treasury stock of up to 50 percent of the issued capital within the following 18 months. There \u00a0is currently no active share repurchase programme. \u00a0
As at 31 December 2025, the Company held 1,227,128 treasury shares (2023: 1,242,128) at a nominal value of EUR 0.05 each, which equals 4.81 percent (2024: 5.36 percent) of the share capital. \u00a0According to a shareholder resolution, those shares can only be used for a stock option plan (\u201cSOP\u201d) or the cancellation of shares. 15,000 shares were sold for EUR 28k under the employee stock \u00a0option plan (2024: no shares). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97568_2025": {
"value": "RESERVES [28] \u00a0
Other reserves \u00a0
As at 31 December 2025, the Company held 1,227,128 treasury shares (2023: 1,242,128) at a nominal value of EUR 0.05 each, which equals 4.81 percent (2024: 5.36 percent) of the share capital. \u00a0According to a shareholder resolution, those shares can only be used for a stock option plan (\u201cSOP\u201d) or the cancellation of shares. 15,000 shares were sold for EUR 28k under the employee stock \u00a0option plan (2024: no shares). \u00a0
The number of shares issued and outstanding as at 31 December 2025 totalled 24,271,311 (2024: 21,951,116). Each share has a nominal value of EUR 0.05. \u00a0
Other reserves include also the expenses incurred for stock option plans amounting to EUR 3,247k (2024: EUR 3,167k) and the remaining amount of the revaluation of the financial liability for the \u00a0written put option in ad pepper media Spain S.A., after reclassification of non-controlling interest considering ad pepper media Spain S.A. \u00a0
\n OTHER LONG-TERM LIABILITIES [30] \u00a0\n
\n Other long-term liabilities consist of the following: \u00a0\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Employee bene\ufb01ts liabilities | \n 78 | \n 13 | \n
\n \n | Lease liabilities | \n 902 | \n 840 | \n
\n \n | Total | \n 980 | \n 853 | \n
\n \n
\n
\n The employee benefits liability relates to the obligation resulting from the cash-settled stock option plans. For further details on cash-settled stock option plans, please refer to Note [39]. During \u00a0\n the year, lease liabilities including interests were paid for an amount of EUR 800k (2024: EUR 698k). \u00a0
\n The maturities of the other long-term liabilities as of the end of the period are as follows: \u00a0\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Due in between one and \ufb01ve | \n | \n | \n
\n \n | years | \n 980 | \n 853 | \n
\n \n | Due in more than \ufb01ve years | \n 0 | \n 0 | \n
\n \n | Total | \n 980 | \n 853 | \n
\n \n
\n
STOCK OPTION PROGRAMMES [39] \u00a0
Options granted under the Ongoing SOP\u2019s are subject to the following provisions: \u00a0
An employee equity participation programme involving 600,000 options was granted for executive employees in January 2023 (\u201cSOP 2023 MD\u201d). The options may be exercised over a period of four \u00a0years at 25 percent each year, but at the earliest one year after being granted. The valuation was carried out by simulation (Monte Carlo method). The volatility was calculated from the development \u00a0of the Company's share price between 3 January 2017 and 2 January 2023. The fair value of the individual tranches at the time of granting is between EUR 0.369 and EUR 0.613 per issued option. \u00a0The maximum cost of the programme over the entire time is EUR 302k. \u00a0
An employee equity participation programme involving 54,000 options was granted for Supervisory Board members in January 2023 (\u201cSOP 2023 SB\u201d). The plan retains the Company the right to fulfilits commitment to transfer shares by paying to the beneficiary a cash amount equal to the difference between the issue price and the average closing price on Xetra during the last ten trading daysbefore exercising the option limited to EUR 7. The options may be exercised over a period of four years at 25 percent each year, but at the earliest one year after being granted. The valuation was carried out by simulation (Monte Carlo method). The volatility was calculated from the development of the Company\u2019s share price between 3 January 2017 and 2 January 2023. The fair value of the \u00a0individual tranches at the time of granting is between EUR 0.355 and EUR 0.564 per issued option. The maximum cost of the programme over the entire time is EUR 26k. \u00a0
A share appreciation rights programme involving 187,500 options and settled in cash was granted for Board of Directors in January 2023 (\u201cSOP 2023 BoD\u201d). The options may be exercised over a \u00a0period of four years at 25 percent each year, but at the earliest one year after being granted. The fair value of the individual tranches at the time of granting was between EUR 0.355 and EUR 0.564 \u00a0per issued option. The fair value of the individual tranches as at 31 December 2025 is between EUR 0.148 and EUR 0.528 (31. December 2024: EUR 0.148 and EUR 0.528). \u00a0
An employee equity participation programme involving 150,000 options was granted for Board of Directors in December 2025 (\u201cSOP 2025 BoD\u201d). The options may be exercised over a period of four \u00a0years at 25 percent each year, but at the earliest one year after being granted. The valuation was carried out by simulation (Monte Carlo method). The volatility was calculated from the development \u00a0of the Company's share price between 12 December 2021 and 11 December 2025. The fair value of the individual tranches at the time of granting is between EUR 0.548 and EUR 0.979 per issued \u00a0option. The maximum cost of the programme over the entire time is EUR 117k. \u00a0
An employee equity participation programme involving 600,000 options was granted for executive employees in December 2025 (\u201cSOP 2025 MD\u201d). The options may be exercised over a period of \u00a0four years at 25 percent each year, but at the earliest one year after being granted. The valuation was carried out by simulation (Monte Carlo method). The volatility was calculated from the \u00a0development of the Company's share price between 12 December 2021 and 11 December 2025. The fair value of the individual tranches at the time of granting is between EUR 0.548 and EUR 0.979 \u00a0per issued option. The maximum cost of the programme over the entire time is EUR 469k. \u00a0
\n
\n An employee equity participation programme involving 60,000\n options was granted for Supervisory Board in December 2025 (\u201cSOP 2025 SB\u201d). The options may be exercised over a period of four\n \u00a0\n years at 25 percent each year, but at the earliest one year\n after being granted. The valuation was carried out by simulation\n (Monte Carlo method). The volatility was calculated from the\n development \u00a0of the Company's share price between 12 December 2021 and 11\n December 2025. The fair value of the individual tranches at the\n time of granting is between EUR 0.548 and EUR 0.979 per issued\n \u00a0option. The maximum cost of the programme over the entire time is EUR 46k. \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n \n SOP 2025\n | \n \n SOP 2023\n | \n
\n \n | \n \n (BoD, MD, SB)\n | \n \n (BoD, MD, SB)\n | \n
\n \n | \n Share price when granted, in EUR\n | \n \n 2.72\n | \n \n 1.86\n | \n
\n \n | \n Date of grant\n | \n \n 11/12/2025\n | \n \n 3/1/23\n | \n
\n \n | \n Exercise price, in EUR\n | \n \n 2.72\n | \n \n 1.86\n | \n
\n \n | \n Risk-free interest rate, in %\n | \n \n 2.36\n | \n \n 2.42\n | \n
\n \n | \n Estimated term, in years\n | \n \n 4\n | \n \n 7\n | \n
\n \n | \n Future dividend, in EUR\n | \n \n 0.05\n | \n \n 0.05\n | \n
\n \n | \n Estimated volatility, in %\n | \n \n 46.28\n | \n \n 42.85\n | \n
\n \n
\n
\n
\n The average share price during 2025 was EUR 2.83 (2024: EUR\n 2.00). \u00a0\n
\n
\n \n
\n The personnel expense recognised for employee services received during the year is shown in the following table: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 2025 | \n 2024 | \n
\n \n | Expense arising from equity- | \n | \n | \n
\n \n | se\ua881led share-based payment | \n | \n | \n
\n \n | transactions | \n 80 | \n 94 | \n
\n \n | Expense/(income) arising from | \n | \n | \n
\n \n | the measurement of the liability | \n | \n | \n
\n \n | for cash-se\ua881led share-based | \n | \n | \n
\n \n | payment transactions | \n 122 | \n -15 | \n
\n \n | Total expense/(income) arising | \n | \n | \n
\n \n | from share-based payment | \n | \n | \n
\n \n | transactions | \n 202 | \n 79 | \n
\n \n
\n
\n
\n The following table shows the changes in the options during the financial year 2025 and 2024: \u00a0\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n \n \n | \n 2025 | \n 2024 | \n Weighted | \n Weighted | \n
\n \n | \n | \n | \n average | \n average | \n
\n \n | \n | \n | \n exercise price | \n exercise price |
\n \n | \n | \n | \n 2025 | \n 2024 | \n
\n \n | Options outstanding at the beginning of the \ufb01nancial year | \n 794,625 | \n 846,500 | \n | \n | \n
\n \n | Options granted during the \ufb01nancial year | \n 810,000 | \n 0 | \n | \n | \n
\n \n | Options exercised during the \ufb01nancial year | \n -61,875 | \n -46,875 | \n 1.86 | \n 1.86 | \n
\n \n | Options forfeited during the \ufb01nancial year | \n 0 | \n -5,000 | \n | \n | \n
\n \n | Options cancelled during the \ufb01nancial year | \n 0 | \n 0 | \n | \n | \n
\n \n | Options outstanding at the end of the \ufb01nancial year | \n 1,542,750 | \n 794,625 | \n | \n | \n
\n \n | Exercisable options as at 31 December | \n 319,500 | \n 163,500 | \n | \n | \n
\n \n | Exercise prices of outstanding options as at 31 December | \n 1.86 | \n 1.86 | \n | \n | \n
\n \n
\n
\n
\n The weighted exercise price of stock options exercised during 2025 amounts to EUR 1.86 (2024: not applicable). All outstanding stock option programmes have an expiration date with an average \u00a0\n remaining contractual life of 4 years. \u00a0
\n \n
RESERVES [28] \u00a0
Other reserves \u00a0
Other reserves include treasury reserves with a value of EUR -6,110k (2024: EUR -6,138k). \u00a0
By a shareholders\u2019 resolution dated 24 June 2025, the Board of Directors was authorised to repurchase treasury stock of up to 50 percent of the issued capital within the following 18 months. There \u00a0is currently no active share repurchase programme. \u00a0
As at 31 December 2025, the Company held 1,227,128 treasury shares (2023: 1,242,128) at a nominal value of EUR 0.05 each, which equals 4.81 percent (2024: 5.36 percent) of the share capital. \u00a0According to a shareholder resolution, those shares can only be used for a stock option plan (\u201cSOP\u201d) or the cancellation of shares. 15,000 shares were sold for EUR 28k under the employee stock \u00a0option plan (2024: no shares). \u00a0
Other reserves include also the expenses incurred for stock option plans amounting to EUR 3,247k (2024: EUR 3,167k) and the remaining amount of the revaluation of the financial liability for the \u00a0written put option in ad pepper media Spain S.A., after reclassification of non-controlling interest considering ad pepper media Spain S.A. \u00a0
\n \n
\n Other comprehensive income \u00a0\n
\n
\n The total other comprehensive income recognised directly in equity and the corresponding income taxes are as follows: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n \n | 2025 | \n Before | \n Income | A\ufb05er | \n
\n \n | \n income | \n taxes | \n income | \n
\n \n | \n taxes | \n | \n taxes | \n
\n \n | Currency translation | \n | \n | \n | \n
\n \n | di\ufb00erences | \n -36 | \n 0 | \n -36 | \n
\n \n | Currency translation | \n | \n | \n | \n
\n \n | di\ufb00erences reclassi\ufb01ed into | \n | \n | \n | \n
\n \n | pro\ufb01t or loss | \n -118 | \n 0 | \n -118 | \n
\n \n | Total other comprehensive | \n | \n | \n | \n
\n \n | income | \n -154 | \n 0 | \n -154 | \n
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n \n | 2024 | \n Before | \n Income | A\ufb05er | \n
\n \n | \n income | \n taxes | \n income | \n
\n \n | \n taxes | \n | \n taxes | \n
\n \n | Currency translation | \n | \n | \n | \n
\n \n | di\ufb00erences | \n 50 | \n 0 | \n 50 | \n
\n \n | Currency translation | \n | \n | \n | \n
\n \n | di\ufb00erences reclassi\ufb01ed into | \n | \n | \n | \n
\n \n | pro\ufb01t or loss | \n -146 | \n 0 | \n -146 | \n
\n \n | Revaluation of listed debt | \n | \n | \n | \n
\n \n | securities | \n -2 | \n 0 | \n -2 | \n
\n \n | Total other comprehensive | \n | \n | \n | \n
\n \n | income | \n -98 | \n 0 | \n -98 | \n
\n \n
\n
\n
NON-CONTROLLING INTERESTS [29] \u00a0
Financial information of subsidiaries with material non-controlling interests in provided below: \u00a0
| Name | Location | 2025 | 2024 |
| | in % | in % |
| solute GmbH | Karlsruhe / Germany | 39.85 | 0 |
| Checkout Charlie GmbH | Berlin / Germany | 39.85 | 0 |
| Marktplatz Mittelstand Operations | | | 25.64 |
| GmbH (MMO GmbH) | Karlsruhe / Germany | 39.85 | |
| solute Holding GmbH & Co. KG | Frankfurt / Germany | 39.85 | 25.64 |
| solute Verwaltungs-GmbH | Karlsruhe / Germany | 39.85 | 25.64 |
| ad pepper media Spain S.A. | Madrid/Spain | 35 | 35 |
| Webgains S.L. | Madrid/Spain | 35 | 35 |
These result from the sale of a 35 percent share in ad pepper media Spain S.A. and the most recent acquisition 60.15 percent in voting shares in solute. Checkout Charlie is a 100 percent \u00a0investment of solute GmbH. The net profit / loss for the year is allocated proportionately to the non-controlling interests. In 2025, non-controlling interests in ad pepper media Spain S.A. received \u00a0a dividend payment of EUR 230k (2024: EUR 230k), while no dividend was paid to non-controlling interests of ad agents GmbH (2024: EUR 115k) and solute GmbH (2024: n/A). \u00a0
Summarised financial information in respect of ad pepper media\u2019s subsidiaries that have material\u00a0non-controlling interest as at 31 December 2025 reflecting 100 percent of the underlying \u00a0subsidiary\u2019s relevant figures, is set out in the following tables: \u00a0
Summarised statement of financial position as at 31 December 2025: \u00a0
\n \n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n | \n solute GmbH | \n Checkout Charlie | \n MMO GmbH | \n solute Holding | \n solute Verwaltungs- | \n Webgains S.L. | \n ad pepper media Spain | \n
\n \n | \n | \n GmbH | \n | \n GmbH & Co. | \n GmbH | \n | \n S.A. | \n
\n \n | \n | \n | \n | \n KG | \n | \n | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Non-current assets | \n 16,829 | \n 3,324 | \n 35 | \n 0 | \n 0 | \n 33 | \n 132 | \n
\n \n | Current assets | \n 14,748 | \n 6,075 | \n 33 | \n 495 | \n 53 | \n 2,475 | \n 1,122 | \n
\n \n | Total assets | \n 31,576 | \n 9,399 | \n 68 | \n 495 | \n 53 | \n 2,508 | \n 1,254 | \n
\n \n | Non-current liabilities | \n 4,808 | \n 830 | \n 0 | \n 0 | \n 0 | \n 29 | \n 89 | \n
\n \n | Current liabilities | \n 6,981 | \n 1,589 | \n 2 | \n 791 | \n 1 | \n 1,842 | \n 574 | \n
\n \n | Total liabilities | \n 11,789 | \n 2,420 | \n 2 | \n 791 | \n 1 | \n 1,871 | \n 663 | \n
\n \n | Net assets | \n 19,787 | \n 6,979 | \n 66 | \n -297 | \n 52 | \n 637 | \n 592 | \n
\n \n | Equity a\ua881ributable to owners | \n 11,902 | \n 4,197 | \n 40 | \n -178 | \n 31 | \n 637 | \n 592 | \n
\n \n | of the Company | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Non-controlling interests | \n 7,885 | \n 2,782 | \n 26 | \n -118 | \n 21 | \n 0* | \n 0* | \n
\n \n | Non-controlling interests in % | \n 39.85 | \n 39.85 | \n 39.85 | \n 39.85 | \n 39.85 | \n 35 | \n 35 | \n
\n \n
\n
\n
\n *After reclassification into current liabilities in conjunction with the put option. For further information please refer to Note [2] and Note [34]. \u00a0\n
\n
\n Summarised statement of financial position as at 31 December 2024: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n \n \n | \n ad pepper media Spain S.A. | \n Webgains S.L. | \n ad agents GmbH | \n ad agents AG | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Non-current assets | \n 58 | \n 65 | \n 322 | \n 229 | \n
\n \n | Current assets | \n 736 | \n 2,021 | \n 6,467 | \n 1,088 | \n
\n \n | Total assets | \n 793 | \n 2,086 | \n 6,788 | \n 1,317 | \n
\n \n | Non-current liabilities | \n 0 | \n 27 | \n 29 | \n 28 | \n
\n \n | Current liabilities | \n 308 | \n 1,492 | \n 5,223 | \n 605 | \n
\n \n | Total liabilities | \n 308 | \n 1,519 | \n 5,252 | \n 632 | \n
\n \n | Net assets | \n 486 | \n 566 | \n 1,536 | \n 685 | \n
\n \n | Equity a\ua881ributable to owners of the | \n | \n | \n | \n | \n
\n \n | Company | \n 486 | \n 566 | \n 922 | \n 411 | \n
\n \n | Non-controlling interests a\ufb05er | \n | \n | \n | \n | \n
\n \n | reclassi\ufb01cation into current | \n | \n | \n | \n | \n
\n \n | liabilities in conjunction with put | \n | \n | \n | \n | \n
\n \n | option | \n 0** | \n 0** | \n 615 | \n 274 | \n
\n \n | Non-controlling interests in % | \n 35 | \n 35 | \n 40 | \n 40 | \n
\n \n
\n
\n
**Due to immaterial abbreviation of EUR -4k in the valuation of the put liability, the Group abstained in 2024 from the reclassification of the non-controlling interest effect amounting to EUR 5k \u00a0into current liabilities. \u00a0
\n \n
\n Summarised statement of profit or loss and cash flows for 2025: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n | \n solute GmbH | \n Checkout Charlie GmbH | MMO GmbH | \n solute Holding | \n solute Verwaltungs- | \n Webgains S.L. | ad pepper media | \n
\n \n | \n | \n | \n | \n GmbH & Co. KG | \n GmbH | \n | \n Spain S.A. | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Revenue | \n 33,211 | \n 1,850 | \n 42 | \n 0 | \n 0 | \n 843 | \n 1,254 | \n
\n \n | Expenses | \n -31,409 | \n -1,353 | \n 0 | \n -6 | \n 0 | \n -242 | \n -1,023 | \n
\n \n | Net pro\ufb01t/(loss) for the year | \n 1,802 | \n 497 | \n 42 | \n -6 | \n 0 | \n 601 | \n 231 | \n
\n \n | \n | \n | \n | \n | \n | \n 391 | \n 150 | \n
\n \n | Net pro\ufb01t/(loss) attributable to | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | owners of the Company | \n 1,084 | \n 299 | \n 25 | \n -4 | \n 0 | \n | \n | \n
\n \n | \n | \n | \n | \n | \n | \n 210 | \n 81 | \n
\n \n | Net pro\ufb01t/(loss) attributable to | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | non-controlling interests* | \n 718 | \n 198 | \n 17 | \n -2 | \n 0 | \n | \n | \n
\n \n | \n | \n | \n | \n | \n | \n 0 | \n 0 | \n
\n \n | Other comprehensive income | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | a\ua881ributable to owners of the | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | Company | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n | \n | \n
\n \n | \n | \n | \n | \n | \n | \n 0 | \n 0 | \n
\n \n | Other comprehensive income | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | attributable to non-controlling | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | interests | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n | \n | \n
\n \n | Total comprehensive | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | income/(loss) for the year | \n 718 | \n 198 | \n 17 | \n -2 | \n 0 | \n 210 | \n 81 | \n
\n \n | Net cash in\ufb02ow/(outflow) | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | from operating activities | \n 2,929 | \n 112 | \n 0 | \n 0 | \n 0 | \n 806 | \n 324 | \n
\n \n | Net cash in\ufb02ow/(outflow) | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | from investing activities | \n -4,861 | \n -34 | \n 0 | \n 0 | \n 0 | \n 0 | \n 0 | \n
\n \n | Net cash in\ufb02ow/(outflow) | \n | \n | \n | \n | \n | \n | \n | \n
\n \n | from \ufb01nancing activities | \n -93 | \n 0 | \n 0 | \n -48 | \n -5 | \n -563 | \n -164 | \n
\n \n | \n | \n | \n | \n | \n -5 | \n 243 | \n 160 | \n
\n \n | Total net cash in\ufb02ow/(outflow) | \n -2,025 | \n 78 | \n 0 | \n -48 | \n \n | \n | \n
\n \n
\n
\n
\n \n
\n *Net profit attributable to non-controlling interests for the ad agents segment amounted in 2025 to EUR 98k. \u00a0\n
\n
\n Summarised statement of profit or loss and cash flows for 2024: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n \n \n | \n ad pepper media Spain S.A. | \n Webgains S.L. | \n ad agents GmbH | \n ad agents AG | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Revenue | \n 1,068 | \n 1,275 | \n 5,102 | \n 1,898 | \n
\n \n | Expenses | \n -943 | \n -745 | \n -5,335 | \n -1,376 | \n
\n \n | Net pro\ufb01t/(loss) for the year | \n 125 | \n 530 | \n -232 | \n 522 | \n
\n \n | Net pro\ufb01t/(loss) a\ua881ributable to | \n | \n | \n | \n | \n
\n \n | owners of the Company | \n 81 | \n 344 | \n -139 | \n 314 | \n
\n \n | Net pro\ufb01t/(loss) a\ua881ributable to | \n | \n | \n | \n | \n
\n \n | non-controlling interests | \n 44 | \n 186 | \n -93 | \n 209 | \n
\n \n | Other comprehensive income | \n | \n | \n | \n | \n
\n \n | attributable to owners of the | \n | \n | \n | \n | \n
\n \n | Company | \n 0 | \n 0 | \n 0 | \n 0 | \n
\n \n | Other comprehensive income | \n | \n | \n | \n | \n
\n \n | attributable to non-controlling | \n | \n | \n | \n | \n
\n \n | interests | \n 0 | \n 0 | \n 0 | \n 0 | \n
\n \n | Total comprehensive | \n | \n | \n | \n | \n
\n \n | income/(loss) for the year | \n 125 | \n 530 | \n -232 | \n 522 | \n
\n \n | Net cash in\ufb02ow/(outflow) | \n | \n | \n | \n | \n
\n \n | from operating activities | \n -66 | \n 651 | \n -1,249 | \n 582 | \n
\n \n | Net cash in\ufb02ow/(outflow) | \n | \n | \n | \n | \n
\n \n | from investing activities | \n -1 | \n 0 | \n -14 | \n 0 | \n
\n \n | Net cash in\ufb02ow/(outflow) | \n | \n | \n | \n | \n
\n \n | from \ufb01nancing activities | \n -190 | \n -524 | \n -655 | \n -616 | \n
\n \n | Total net cash in\ufb02ow/(outflow) | \n -257 | \n 127 | \n -1,918 | \n -34 | \n
\n \n
\n
\n
\n \n
\n NON-CURRENT LIABILITIES \u00a0\n
\n \n \n \n \n \n \n
\n OTHER LONG-TERM LIABILITIES [30] \u00a0\n
\n Other long-term liabilities consist of the following: \u00a0\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Employee bene\ufb01ts liabilities | \n 78 | \n 13 | \n
\n \n | Lease liabilities | \n 902 | \n 840 | \n
\n \n | Total | \n 980 | \n 853 | \n
\n \n
\n
\n The employee benefits liability relates to the obligation resulting from the cash-settled stock option plans. For further details on cash-settled stock option plans, please refer to Note [39]. During \u00a0\n the year, lease liabilities including interests were paid for an amount of EUR 800k (2024: EUR 698k). \u00a0
\n The maturities of the other long-term liabilities as of the end of the period are as follows: \u00a0\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Due in between one and \ufb01ve | \n | \n | \n
\n \n | years | \n 980 | \n 853 | \n
\n \n | Due in more than \ufb01ve years | \n 0 | \n 0 | \n
\n \n | Total | \n 980 | \n 853 | \n
\n \n
\n
\n
CURRENT LIABILITIES \u00a0
TRADE PAYABLES [31] \u00a0
Trade payables include accrued liabilities and are recognised at amortised cost. Accrued liabilities for affiliate credits not yet disbursed in the Webgains segment amount to EUR 11,777k (2024: EUR \u00a012,875k). \u00a0
\n \n
\n OTHER LIABILITIES [33] \u00a0\n
\n
\n Other liabilities consist of the following: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Value-added tax liabilities | \n 1,268 | \n 1,860 | \n
\n \n | Liabilities for payroll tax and | \n | \n | \n
\n \n | social security contributions | \n 487 | \n 366 | \n
\n \n | Employee holiday accrual | \n 294 | \n 163 | \n
\n \n | Other | \n 0 | \n 44 | \n
\n \n | Total | \n 2,049 | \n 2,433 | \n
\n \n
\n
\n
\n \n
\n OTHER FINANCIAL LIABILITIES [34] \u00a0\n
\n
\n Other financial liabilities consist of the following: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Liability for written put option | \n 2,551 | \n 1,996 | \n
\n \n | Bonuses and commissions | \n 1,534 | \n 609 | \n
\n \n | Accrued liabilities for outstanding | \n | \n | \n
\n \n | invoices | \n 400 | \n 390 | \n
\n \n | Current lease liabilities | \n 796 | \n 476 | \n
\n \n | Unpaid distributions to | \n | \n | \n
\n \n | shareholders | \n 648 | \n 0 | \n
\n \n | Other | \n 416 | \n 0 | \n
\n \n | Total | \n 6,345 | \n 3,471 | \n
\n \n
\n
\n
\n The put option liability relates to the obligation resulting from the written put / call option over the 35 percent non-controlling interest in ad pepper media Spain S.A with no termination date. The \u00a0\n amount of the financial liability is the exercise price of the option based on a contractually agreed EBIT multiple. \u00a0
\n \n
\n In accordance with IAS\ua88410 and IAS\ua88432, once a distribution to shareholders has been formally approved before the reporting date, the Company recognises a liability for approved but unpaid \u00a0\n distributions. Such distributions are no longer presented within equity, as the approval creates a present obligation to transfer economic resources. The outstanding amount is classified as a current \u00a0liability and will be settled in the subsequent financial period. \u00a0
\n \n \n
\n Other include mainly a severance payment liability of EUR 114k. \u00a0\n
\n
\n OTHER LONG-TERM LIABILITIES [30] \u00a0\n
\n Other long-term liabilities consist of the following: \u00a0\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Employee bene\ufb01ts liabilities | \n 78 | \n 13 | \n
\n \n | Lease liabilities | \n 902 | \n 840 | \n
\n \n | Total | \n 980 | \n 853 | \n
\n \n
\n
\n The employee benefits liability relates to the obligation resulting from the cash-settled stock option plans. For further details on cash-settled stock option plans, please refer to Note [39]. During \u00a0\n the year, lease liabilities including interests were paid for an amount of EUR 800k (2024: EUR 698k). \u00a0
\n The maturities of the other long-term liabilities as of the end of the period are as follows: \u00a0\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Due in between one and \ufb01ve | \n | \n | \n
\n \n | years | \n 980 | \n 853 | \n
\n \n | Due in more than \ufb01ve years | \n 0 | \n 0 | \n
\n \n | Total | \n 980 | \n 853 | \n
\n \n
\n
\n \n
\n OTHER LIABILITIES [33] \u00a0\n
\n
\n Other liabilities consist of the following: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Value-added tax liabilities | \n 1,268 | \n 1,860 | \n
\n \n | Liabilities for payroll tax and | \n | \n | \n
\n \n | social security contributions | \n 487 | \n 366 | \n
\n \n | Employee holiday accrual | \n 294 | \n 163 | \n
\n \n | Other | \n 0 | \n 44 | \n
\n \n | Total | \n 2,049 | \n 2,433 | \n
\n \n
\n
\n
\n \n
\n OTHER FINANCIAL LIABILITIES [34] \u00a0\n
\n
\n Other financial liabilities consist of the following: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Liability for written put option | \n 2,551 | \n 1,996 | \n
\n \n | Bonuses and commissions | \n 1,534 | \n 609 | \n
\n \n | Accrued liabilities for outstanding | \n | \n | \n
\n \n | invoices | \n 400 | \n 390 | \n
\n \n | Current lease liabilities | \n 796 | \n 476 | \n
\n \n | Unpaid distributions to | \n | \n | \n
\n \n | shareholders | \n 648 | \n 0 | \n
\n \n | Other | \n 416 | \n 0 | \n
\n \n | Total | \n 6,345 | \n 3,471 | \n
\n \n
\n
\n
\n The put option liability relates to the obligation resulting from the written put / call option over the 35 percent non-controlling interest in ad pepper media Spain S.A with no termination date. The \u00a0\n amount of the financial liability is the exercise price of the option based on a contractually agreed EBIT multiple. \u00a0
\n \n
\n In accordance with IAS\ua88410 and IAS\ua88432, once a distribution to shareholders has been formally approved before the reporting date, the Company recognises a liability for approved but unpaid \u00a0\n distributions. Such distributions are no longer presented within equity, as the approval creates a present obligation to transfer economic resources. The outstanding amount is classified as a current \u00a0liability and will be settled in the subsequent financial period. \u00a0
\n \n \n
\n Other include mainly a severance payment liability of EUR 114k. \u00a0\n
\n
\n OTHER LONG-TERM LIABILITIES [30] \u00a0\n
\n Other long-term liabilities consist of the following: \u00a0\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Employee bene\ufb01ts liabilities | \n 78 | \n 13 | \n
\n \n | Lease liabilities | \n 902 | \n 840 | \n
\n \n | Total | \n 980 | \n 853 | \n
\n \n
\n
\n The employee benefits liability relates to the obligation resulting from the cash-settled stock option plans. For further details on cash-settled stock option plans, please refer to Note [39]. During \u00a0\n the year, lease liabilities including interests were paid for an amount of EUR 800k (2024: EUR 698k). \u00a0
\n The maturities of the other long-term liabilities as of the end of the period are as follows: \u00a0\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Due in between one and \ufb01ve | \n | \n | \n
\n \n | years | \n 980 | \n 853 | \n
\n \n | Due in more than \ufb01ve years | \n 0 | \n 0 | \n
\n \n | Total | \n 980 | \n 853 | \n
\n \n
\n
TRADE PAYABLES [31] \u00a0
Trade payables include accrued liabilities and are recognised at amortised cost. Accrued liabilities for affiliate credits not yet disbursed in the Webgains segment amount to EUR 11,777k (2024: EUR \u00a012,875k). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97547_2025": {
"value": "\n \n
\n OTHER LIABILITIES [33] \u00a0\n
\n
\n Other liabilities consist of the following: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Value-added tax liabilities | \n 1,268 | \n 1,860 | \n
\n \n | Liabilities for payroll tax and | \n | \n | \n
\n \n | social security contributions | \n 487 | \n 366 | \n
\n \n | Employee holiday accrual | \n 294 | \n 163 | \n
\n \n | Other | \n 0 | \n 44 | \n
\n \n | Total | \n 2,049 | \n 2,433 | \n
\n \n
\n
\n
\n \n
\n OTHER FINANCIAL LIABILITIES [34] \u00a0\n
\n
\n Other financial liabilities consist of the following: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 |
\n \n | \n kEUR | \n kEUR | \n
\n \n | Liability for written put option | \n 2,551 | \n 1,996 | \n
\n \n | Bonuses and commissions | \n 1,534 | \n 609 | \n
\n \n | Accrued liabilities for outstanding | \n | \n | \n
\n \n | invoices | \n 400 | \n 390 | \n
\n \n | Current lease liabilities | \n 796 | \n 476 | \n
\n \n | Unpaid distributions to | \n | \n | \n
\n \n | shareholders | \n 648 | \n 0 | \n
\n \n | Other | \n 416 | \n 0 | \n
\n \n | Total | \n 6,345 | \n 3,471 | \n
\n \n
\n
\n
\n The put option liability relates to the obligation resulting from the written put / call option over the 35 percent non-controlling interest in ad pepper media Spain S.A with no termination date. The \u00a0\n amount of the financial liability is the exercise price of the option based on a contractually agreed EBIT multiple. \u00a0
\n \n
\n In accordance with IAS\ua88410 and IAS\ua88432, once a distribution to shareholders has been formally approved before the reporting date, the Company recognises a liability for approved but unpaid \u00a0\n distributions. Such distributions are no longer presented within equity, as the approval creates a present obligation to transfer economic resources. The outstanding amount is classified as a current \u00a0liability and will be settled in the subsequent financial period. \u00a0
\n \n \n
\n Other include mainly a severance payment liability of EUR 114k. \u00a0\n
\n
\n RELATED PARTY DISCLOSURES [35] \u00a0\n
\n Pursuant to the IAS 24 definition, the Board of Directors and members of the Supervisory Board have been identified as related parties. The compensation paid to all members of these boards is \u00a0\n based exclusively on their functions as individuals in key positions. Further information about the compensation paid to these individuals can be found in Note [39]. All entities over which the \u00a0Supervisory Board Chairman Michael Oschmann has significant influence are considered as related parties to the Company. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97519_2025": {
"value": "\n RELATED PARTY DISCLOSURES [35] \u00a0\n
\n Pursuant to the IAS 24 definition, the Board of Directors and members of the Supervisory Board have been identified as related parties. The compensation paid to all members of these boards is \u00a0\n based exclusively on their functions as individuals in key positions. Further information about the compensation paid to these individuals can be found in Note [39]. All entities over which the \u00a0Supervisory Board Chairman Michael Oschmann has significant influence are considered as related parties to the Company. \u00a0
TOTAL REMUNERATION OF KEY MANAGEMENT [40] \u00a0
| 2025 | 2024 |
| kEUR | kEUR |
| Short-term employee bene\ufb01ts | 653 | 441 |
| Post-employment bene\ufb01ts | | |
| (pensions and health insurance) | 20 | 20 |
| Stock options | 127 | -36 |
| Total remuneration of key | | |
| management | 800 | 425 |
The amounts shown in the table above are recognised as expenses during the reporting period. Income resulting from the share-based payments is due to the decreased fair value of the cash- \u00a0settled stock option plan and the corresponding adjustment of the liability through profit or loss. Share appreciation rights and equity settled stock options held by the members of the Board of \u00a0Directors have the following expiration dates and exercise prices: \u00a0
\n
\n \n \n \n \n \n \n \n \n \n | \n Expiration | \n Exercise\u00a0price | 31/12/25 | \n 31/12/24 | \n
\n \n | \n | \n EUR | \n Number | \n Number | \n
\n \n | SOP 2023 (share | \n | \n | \n | \n | \n
\n \n | appreciation rights) | \n 2/1/2030 | \n 1.86 | \n 93,750 | \n 140,625 | \n
\n \n | SOP 2025 (equity | \n | \n | \n | \n | \n
\n \n | plan) | \n 11/12/2029 | \n 2,72 | \n 150,000 | \n 0 | \n
\n \n
\n
The Board of Directors of ad pepper media International N.V. comprised the following members in the financial year 2025: \u00a0
Dr Jens K\u00f6rner, \u00a0
CEO \u00a0
Nuremberg, Germany \u00a0
The Supervisory Board of ad pepper media International N.V. in the financial year 2025 consisted of: \u00a0
Michael Oschmann (Chairman) \u00a0
Thomas Bauer \u00a0
Dr Stephan Roppel \u00a0
Dr Silke Feige (since 24 June 2025) \u00a0
Dagmar Bottenbruch (until 24 June 2025) \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97475_2025": {
"value": "\n \n \n \n \n \n \n \n \n \n \n
\n LITIGATION AND CLAIMS [36] \u00a0\n
\n Neither the ultimate parent nor any of its subsidiaries are involved in any material litigation with third parties. \u00a0\n
\n CONTINGENT LIABILITIES AND OTHER FINANCIAL OBLIGATIONS [37] \u00a0\n
\n ad pepper media International N.V. has provided guarantees for all outstanding liabilities of its subsidiary, ad pepper media GmbH (register number: HRB 16494) as at 31 December 2025, until these \u00a0\n are satisfied in full. As a result, the individual local statutory accounts of ad pepper media GmbH are exempt from audit under the requirements of Section 264 para. 3 of the German Commercial \u00a0Code (HGB). As at 31 December 2025, ad pepper media GmbH\u2019s outstanding liabilities amounted to EUR 996k (2024: EUR 513k). \u00a0
\n ad pepper media International N.V. has provided guarantees for all outstanding liabilities of its subsidiary Webgains GmbH (registered number: HRB 37198) that existed as at 31 December 2025, \u00a0\n until these are satisfied in full. As a result, the individual local statutory accounts of Webgains GmbH are exempt from audit under the requirements of Section 264 para. 3 German Commercial Code \u00a0(HGB). As at 31 December 2025, the outstanding liabilities of Webgains GmbH amount to EUR 4,863k (2024: EUR 4,432k). \u00a0
\n ad pepper media International N.V. has provided guarantees for all outstanding liabilities of its subsidiary Webgains B.V. (registered number: Dutch Trade Register 27182121 ) that existed as at 31 \u00a0\n December 2024, until these are satisfied in full. As a result, the individual local statutory accounts of Webgains B.V. are exempt from audit under the requirements of article 2:403 paragraph 1 under \u00a0b of the Dutch Civil Code. As at 31 December 2025, the outstanding liabilities of Webgains B.V. amount to EUR 825k (2024: EUR 1,050k) \u00a0
\n \n \n \n \n
\n Other financial obligations mainly result from short-term office leases and office equipment. \u00a0\n
\n The future minimum payment obligations resulting from the contracts in place as at 31 December 2025 are as follows: \u00a0\n
\n
\n \n \n \n \n \n \n \n \n \n | \n < 1 year | \n > 1 year | \n > 5 years | Total | \n
\n \n | \n | \n to 5 | \n | \n | \n
\n \n | \n | \n years | \n | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Other \ufb01nancial | \n | \n | \n | \n | \n
\n \n | obligations | \n 222 | \n 31 | \n 5 | \n 259 | \n
\n \n
\n
\n
\n LITIGATION AND CLAIMS [36] \u00a0\n
\n Neither the ultimate parent nor any of its subsidiaries are involved in any material litigation with third parties. \u00a0\n
\n CONTINGENT LIABILITIES AND OTHER FINANCIAL OBLIGATIONS [37] \u00a0\n
\n ad pepper media International N.V. has provided guarantees for all outstanding liabilities of its subsidiary, ad pepper media GmbH (register number: HRB 16494) as at 31 December 2025, until these \u00a0\n are satisfied in full. As a result, the individual local statutory accounts of ad pepper media GmbH are exempt from audit under the requirements of Section 264 para. 3 of the German Commercial \u00a0Code (HGB). As at 31 December 2025, ad pepper media GmbH\u2019s outstanding liabilities amounted to EUR 996k (2024: EUR 513k). \u00a0
\n ad pepper media International N.V. has provided guarantees for all outstanding liabilities of its subsidiary Webgains GmbH (registered number: HRB 37198) that existed as at 31 December 2025, \u00a0\n until these are satisfied in full. As a result, the individual local statutory accounts of Webgains GmbH are exempt from audit under the requirements of Section 264 para. 3 German Commercial Code \u00a0(HGB). As at 31 December 2025, the outstanding liabilities of Webgains GmbH amount to EUR 4,863k (2024: EUR 4,432k). \u00a0
\n ad pepper media International N.V. has provided guarantees for all outstanding liabilities of its subsidiary Webgains B.V. (registered number: Dutch Trade Register 27182121 ) that existed as at 31 \u00a0\n December 2024, until these are satisfied in full. As a result, the individual local statutory accounts of Webgains B.V. are exempt from audit under the requirements of article 2:403 paragraph 1 under \u00a0b of the Dutch Civil Code. As at 31 December 2025, the outstanding liabilities of Webgains B.V. amount to EUR 825k (2024: EUR 1,050k) \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97993_2025": {
"value": "\n LITIGATION AND CLAIMS [36] \u00a0\n
\n Neither the ultimate parent nor any of its subsidiaries are involved in any material litigation with third parties. \u00a0\n
\n CONTINGENT LIABILITIES AND OTHER FINANCIAL OBLIGATIONS [37] \u00a0\n
\n ad pepper media International N.V. has provided guarantees for all outstanding liabilities of its subsidiary, ad pepper media GmbH (register number: HRB 16494) as at 31 December 2025, until these \u00a0\n are satisfied in full. As a result, the individual local statutory accounts of ad pepper media GmbH are exempt from audit under the requirements of Section 264 para. 3 of the German Commercial \u00a0Code (HGB). As at 31 December 2025, ad pepper media GmbH\u2019s outstanding liabilities amounted to EUR 996k (2024: EUR 513k). \u00a0
\n ad pepper media International N.V. has provided guarantees for all outstanding liabilities of its subsidiary Webgains GmbH (registered number: HRB 37198) that existed as at 31 December 2025, \u00a0\n until these are satisfied in full. As a result, the individual local statutory accounts of Webgains GmbH are exempt from audit under the requirements of Section 264 para. 3 German Commercial Code \u00a0(HGB). As at 31 December 2025, the outstanding liabilities of Webgains GmbH amount to EUR 4,863k (2024: EUR 4,432k). \u00a0
\n ad pepper media International N.V. has provided guarantees for all outstanding liabilities of its subsidiary Webgains B.V. (registered number: Dutch Trade Register 27182121 ) that existed as at 31 \u00a0\n December 2024, until these are satisfied in full. As a result, the individual local statutory accounts of Webgains B.V. are exempt from audit under the requirements of article 2:403 paragraph 1 under \u00a0b of the Dutch Civil Code. As at 31 December 2025, the outstanding liabilities of Webgains B.V. amount to EUR 825k (2024: EUR 1,050k) \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97474_2025": {
"value": "\n CONTINGENT LIABILITIES AND OTHER FINANCIAL OBLIGATIONS [37] \u00a0\n
\n Other financial obligations mainly result from short-term office leases and office equipment. \u00a0\n
\n The future minimum payment obligations resulting from the contracts in place as at 31 December 2025 are as follows: \u00a0\n
\n
\n \n \n \n \n \n \n \n \n \n | \n < 1 year | \n > 1 year | \n > 5 years | Total | \n
\n \n | \n | \n to 5 | \n | \n | \n
\n \n | \n | \n years | \n | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Other \ufb01nancial | \n | \n | \n | \n | \n
\n \n | obligations | \n 222 | \n 31 | \n 5 | \n 259 | \n
\n \n
\n
ADDITIONAL CASH FLOW INFORMATION [38] \u00a0
The following information is provided to supplement the statement of cash flows: \u00a0
Net cash flow used in investing activities of EUR 1,361k considers the cash paid upon closing of EUR 750k, net of cash sold with the ad agents segment.
Other non-cash expenses and income comprise expenses for allocation to and income from the release of valuation allowances on trade receivables and expenses from writing down receivables. \u00a0This item also includes write-downs of affiliate credits not yet disbursed and reversals of time-barred claims. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97544_2025": {
"value": "\n 1. Capital risk management \u00a0\n
\n The Group manages its capital with the aim of optimising returns on investments in business entities by optimising the debt equity ratio and maximising its shareholder value by maintaining\u00a0a high \u00a0\n credit rating and a good equity ratio. At the same time, the Group ensures that entities can operate under the going concern assumption. The capital structure of the Group consists of liabilities \u00a0other than borrowings, cash and cash equivalents and the equity attributable to the parent company\u2019s shareholders, consisting of issued shares in circulation, the capital reserve, retained earnings \u00a0brought forward and other equity items. \u00a0
\n Net indebtedness \u00a0\n
\n The Group manages its capital structure and makes adjustments to it that take into account changes in the general economic environment. In order to maintain or adjust the capital structure, the \u00a0\n Group can make dividend payments or pay back capital to the shareholders, issue new shares or buy back its own shares. No changes in the objectives, guidelines and procedures were made as at \u00a031 December 2025 compared to 31 December 2024. Net indebtedness at the end of the year was as follows: \u00a0
\n
\n \n \n \n \n \n \n \n | \n 31/12/25 | \n 31/12/24 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Current and non-current \ufb01nancial | \n | \n | \n
\n \n | liabilities | \n 29,497 | \n 24,934 | \n
\n \n | Cash and cash equivalents | \n -27,330 | \n -24,155 | \n
\n \n | Net liabilities | \n 2,167 | \n 779 | \n
\n \n | Equity per balance sheet | \n | \n | \n
\n \n | including non-controlling interest | \n 38,311 | \n 20,603 | \n
\n \n | Net indebtedness, in % | \n 6 | \n 4 | \n
\n \n
\n
3. Categories of financial instruments \u00a0
Carrying amount per category of financial instruments: \u00a0
| Financial assets | 31/12/25 | 31/12/24 |
| kEUR | kEUR |
| Debt instruments at amortised cost | 52,877 | 40,544 |
| Trade receivables (Note [21]) | 22,116 | 16,018 |
| Deposits (Note [19]) | 171 | 356 |
| Other receivables (Note [19], [23]) | 3,260 | 15 |
| Cash and cash equivalents (Note | | |
| [25]) | 27,330 | 24,155 |
| Total financial assets | 52,877 | 40,544 |
| Total current | 52,206 | 40,188 |
| Total non-current | 671 | 356 |
\n \n
\n
\n \n \n \n \n \n \n \n | Financial liabilities | \n 31/12/25 | \n 31/12/24 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Other financial liabilities measured | \n | \n | \n\n
\n \n | at amortised cost | \n 29,419 | \n 24,921 | \n
\n \n | Lease liabilities (Note [42]) | \n 1,697 | \n 1,317 | \n
\n \n | Trade payables (Note [31]) | \n 22,173 | \n 20,610 | \n
\n \n | Other payables (Note [34]) | \n 2,998 | \n 998 | \n
\n \n | Wri\ua881en put option (Note [34]) | \n 2,551 | \n 1,996 | \n
\n \n | Other financial liabilities measured | \n | \n | \n\n
\n \n | at fair value | \n 78 | \n 13 | \n
\n \n | Share appreciation rights (Note | \n | \n | \n\n
\n \n | [30]) | \n 78 | \n 13 | \n
\n \n | Total financial liabilities | \n 29,497 | \n 24,934 | \n
\n \n | Total current | \n 28,517 | \n 24,081 | \n
\n \n | Total non-current | \n 980 | \n 853 | \n
\n \n
\n
\n
\n Due to the short-term maturities of cash and cash equivalents, trade receivables and payables, current financial assets and liabilities, their respective fair values approximate their carrying amounts. \u00a0\n The fair values of non-current financial liabilities relating to lease liabilities are based on carrying amounts, which are a reasonable approximation of fair value. The fair value of non-current financial \u00a0liabilities relating to employee benefits for share appreciation rights are based on fair value as at 31 December 2025 (Note [39]). \u00a0
\n \n \n
3. Categories of financial instruments \u00a0
\n Due to the short-term maturities of cash and cash equivalents, trade receivables and payables, current financial assets and liabilities, their respective fair values approximate their carrying amounts. \u00a0\n The fair values of non-current financial liabilities relating to lease liabilities are based on carrying amounts, which are a reasonable approximation of fair value. The fair value of non-current financial \u00a0liabilities relating to employee benefits for share appreciation rights are based on fair value as at 31 December 2025 (Note [39]). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97539_2025": {
"value": "\n 5. Market risk \u00a0\n
\n The Group\u2019s activities expose it primarily to financial risks from changes in exchange rates (see 6. below). Market risk positions are determined by means of sensitivity analysis. As no further \u00a0\n investments in listed debt instruments are held by the Group, the market risk exposure in conjunction with interest rate risk of the Group decreased to zero. The nature and means of risk management \u00a0and assessment, however, remain unchanged. \u00a0
6. Foreign currency risk management \u00a0
Certain transactions in the Group are denominated in foreign currencies. This can result in risk from fluctuations in the exchange rate. The carrying amounts of the monetary assets and liabilities of \u00a0the Group denominated in foreign currencies are as follows: \u00a0
| Financial assets | 31/12/25 | 31/12/24 |
| kEUR | kEUR |
| GBP | 8,480 | 10,049 |
| USD | 1,281 | 613 |
| CHF | 0 | 1,286 |
| Total | 9,761 | 11,948 |
| Financial liabilities | 31/12/25 | 31/12/24 |
| kEUR | kEUR |
| GBP | 7,990 | 9,554 |
| USD | 121 | 264 |
| CHF | 0 | 176 |
| Total | 8,111 | 9,994 |
\n Foreign currency sensitivity analysis \u00a0\n
\n The Group is primarily exposed to exchange rate risk from the currency USD. The following table shows the sensitivity from the point of view of the Group, assuming a 10 percent rise or fall in the \u00a0\n EUR against the respective foreign currency. The 10 percent shift represents management\u2019s assessment with regards to a reasonable possible change in the exchange rate. The sensitivity analysis \u00a0only includes outstanding monetary positions denominated in foreign currency and adjusts their translation at the end of the period to reflect a 10 percent change in the exchange rates. \u00a0
\n
\n \n \n \n \n \n \n \n | \n E\ufb00ect of USD | \n E\ufb00ect of USD | \n
\n \n | \n +10% | \n +10% | \n
\n \n | \n 31/12/25 | \n 31/12/24 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Net pro\ufb01t/(loss) for the | \n | \n | \n
\n \n | year | \n -140 | \n -79 | \n
\n \n
\n
\n
\n \n \n \n \n \n \n \n | \n E\ufb00ect of USD | \n E\ufb00ect of USD | \n
\n \n | \n -10% | \n -10% | \n
\n \n | \n 31/12/25 | \n 31/12/24 | \n
\n \n | \n kEUR | \n kEUR | \n
\n \n | Net pro\ufb01t/(loss) for the | \n | \n | \n
\n \n | year | \n 171 | \n 97 | \n
\n \n
\n
9. Liquidity risk management \u00a0
The Group monitors the risk of liquidity shortage on a continuous basis with the help of a liquidity planning tool. This tool takes into account the maturities of financial investments and financial \u00a0assets (e.g., receivables, other financial assets) and expected cash flow from operating activities. The Group\u2019s aim is to maintain a balance between continuous coverage of funding needs and the \u00a0necessity of flexibility. \u00a0
The maturities of the financial liabilities of the Group as at 31 December 2025 are presented below. \u00a0
| Financial liabilities 31/12/25 | < 1 mth. | > 1 mth., | 3 mth. to 1 | 1 to 5 years | > 5 years | Total |
| | < 3 mth. | year | | | |
| kEUR | kEUR | kEUR | kEUR | kEUR | kEUR |
| Lease liabilities | 66 | 133 | 597 | 901 | 0 | 1,697 |
| Trade payables | 22,173 | 0 | 0 | 0 | 0 | 22,173 |
| Other \ufb01nancial liabilities | | | | | | |
| measured at amortised cost | 1,575 | 1,364 | 2,609 | 0 | 0 | 5,549 |
| Other \ufb01nancial liabilities | | | | | | |
| measured at fair value | 0 | 0 | 0 | 79 | 0 | 79 |
| Total | 23,814 | 1,497 | 3,206 | 980 | 0 | 29,498 |
| Financial liabilities 31/12/24 | < 1 mth. | > 1 mth., | 3 mth. to 1 | 1 to 5 years | > 5 years | Total |
| | < 3 mth. | year | | | |
| kEUR | kEUR | kEUR | kEUR | kEUR | kEUR |
| Lease liabilities | 40 | 79 | 356 | 840 | 0 | 1,315 |
| Trade payables | 20,344 | 266 | 0 | 0 | 0 | 20,610 |
| Other \ufb01nancial liabilities | | | | | | |
| measured at amortised cost | 488 | 483 | 2,025 | 0 | 0 | 2,996 |
| Other \ufb01nancial liabilities | | | | | | |
| measured at fair value | 0 | 0 | 0 | 13 | 0 | 13 |
| Total | 20,871 | 829 | 2,381 | 853 | 0 | 24,934 |
The lease liabilities disclosed in the above table are the gross amounts. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97535_2025": {
"value": "9. Liquidity risk management \u00a0
The maturities of the financial liabilities of the Group as at 31 December 2025 are presented below. \u00a0
| Financial liabilities 31/12/25 | < 1 mth. | > 1 mth., | 3 mth. to 1 | 1 to 5 years | > 5 years | Total |
| | < 3 mth. | year | | | |
| kEUR | kEUR | kEUR | kEUR | kEUR | kEUR |
| Lease liabilities | 66 | 133 | 597 | 901 | 0 | 1,697 |
| Trade payables | 22,173 | 0 | 0 | 0 | 0 | 22,173 |
| Other \ufb01nancial liabilities | | | | | | |
| measured at amortised cost | 1,575 | 1,364 | 2,609 | 0 | 0 | 5,549 |
| Other \ufb01nancial liabilities | | | | | | |
| measured at fair value | 0 | 0 | 0 | 79 | 0 | 79 |
| Total | 23,814 | 1,497 | 3,206 | 980 | 0 | 29,498 |
| Financial liabilities 31/12/24 | < 1 mth. | > 1 mth., | 3 mth. to 1 | 1 to 5 years | > 5 years | Total |
| | < 3 mth. | year | | | |
| kEUR | kEUR | kEUR | kEUR | kEUR | kEUR |
| Lease liabilities | 40 | 79 | 356 | 840 | 0 | 1,315 |
| Trade payables | 20,344 | 266 | 0 | 0 | 0 | 20,610 |
| Other \ufb01nancial liabilities | | | | | | |
| measured at amortised cost | 488 | 483 | 2,025 | 0 | 0 | 2,996 |
| Other \ufb01nancial liabilities | | | | | | |
| measured at fair value | 0 | 0 | 0 | 13 | 0 | 13 |
| Total | 20,871 | 829 | 2,381 | 853 | 0 | 24,934 |
The lease liabilities disclosed in the above table are the gross amounts. \u00a0
LEASES [42] \u00a0
The Group has lease contracts for office space (lease terms between 1 and 5 years) and cars (3 years). The Group\u2019s obligations under its leases are secured by the lessor\u2019s title to the leased assets. \u00a0There are several lease contracts that include extension and termination options, which are further discussed below. \u00a0
The Group also has certain leases with terms of 12 months or less. The Group applies the \u201cshort-term lease\u201d recognition exemptions. \u00a0
\n \n
\n Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period: \u00a0\n
\n
\n
\n \n \n \n \n \n \n \n \n \n | \n Right-of-use assets | \n Lease | \n
\n \n | \n | \n | \n | \n liabilities | \n
\n \n | \n O\ufb03ce | \n Cars | \n Total | \n | \n
\n \n | \n space | \n | \n | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | As at 1 January | \n | \n | \n | \n | \n
\n \n | 2025 | \n 1,972 | \n 268 | \n 2,239 | \n -1,316 | \n
\n \n | Additions | \n 125 | \n 93 | \n 218 | \n -218 | \n
\n \n | Additions in | \n | \n | \n | \n | \n
\n \n | course of the | \n | \n | \n | \n |
\n \n | business | \n | \n | \n | \n | \n
\n \n | acquisition of | \n | \n | \n | \n | \n
\n \n | solute | \n 699 | \n 297 | \n 997 | \n -997 | \n
\n \n | Disposal | \n -226 | \n -125 | \n -351 | \n 28 | \n
\n \n | Discontinued | \n | \n | \n | \n | \n
\n \n | operations | \n 0 | \n -114 | \n -114 | \n 58 | \n
\n \n | Exchange rate | \n | \n | \n | \n | \n
\n \n | di\ufb00erence | \n -47 | \n 0 | \n -47 | \n 35 | \n
\n \n | Subtotal | \n 2,523 | \n 420 | \n 2,942 | \n -2,411 | \n
\n\n\n | \n Depreciation 1/1\n | \n \n -857\n | \n \n -185\n | \n \n -1,042\n | \n \n
\n\n\n \n
\n
\n
\n
\n
\n \n \n \n \n \n \n \n \n \n | \n \n Right-of-use assets\n | \n \n Lease\n | \n
\n \n | \n | \n | \n | \n \n liabilities\n | \n
\n \n | \n \n O\ufb03ce\n | \n \n Cars\n | \n \n Total\n | \n | \n
\n \n | \n \n space\n | \n | \n | \n | \n
\n \n | \n Depreciation\n | \n | \n | \n | \n | \n
\n \n | \n expense\n | \n \n -589\n | \n \n -136\n | \n \n -725\n | \n | \n
\n \n | \n Disposal\n | \n \n 197\n | \n \n 125\n | \n \n 322\n | \n | \n
\n \n | \n Discontinued\n | \n | \n | \n | \n | \n
\n \n | \n operations\n | \n \n 0\n | \n \n 60\n | \n \n 60\n | \n | \n
\n \n | \n Exchange rate\n | \n | \n | \n | \n | \n
\n \n | \n di\ufb00erence\n | \n \n 26\n | \n \n 0\n | \n \n 26\n | \n | \n
\n \n | \n Depreciation\n | \n | \n | \n | \n | \n
\n \n | \n expense as at 31\n | \n | \n | \n | \n | \n
\n \n | \n December 2025\n | \n \n -1,223\n | \n \n -136\n | \n \n -1,359\n | \n | \n
\n \n | \n Payments\n | \n | \n | \n | \n \n 800\n | \n
\n \n | \n Interest\n | \n | \n | \n | \n | \n
\n \n | \n expense\n | \n | \n | \n | \n \n -86\n | \n
\n \n | \n As at 31\n | \n | \n | \n | \n | \n
\n \n | \n December 2025\n | \n \n 1,300\n | \n \n 284\n | \n \n 1,583\n | \n \n -1,697\n | \n
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n \n \n | \n Right-of-use assets | \n Lease | \n
\n \n | \n | \n | \n | \n liabilities | \n
\n \n | \n O\ufb03ce | \n Cars | \n Total | \n | \n
\n \n | \n space | \n | \n | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | As at 1 January | \n | \n | \n | \n | \n
\n \n | 2024 | \n 2,587 | \n 247 | \n 2,834 | -1,290 | \n
\n \n | Additions | \n 566 | \n 46 | \n 612 | -612 | \n
\n \n | Disposal | \n -1,227 | \n -25 | \n -1,252 | 0 | \n
\n \n | Exchange rate | \n | \n | \n | \n | \n
\n \n | di\ufb00erence | \n 47 | \n 0 | \n 47 | \n -42 | \n
\n \n | Subtotal | \n 1,972 | \n 268 | \n 2,241 | -1,944 | \n
\n \n | Depreciation | \n | \n | \n | \n | \n
\n \n | expense as at 1 | \n | \n | \n | \n | \n
\n \n | January 2024 | \n -1,506 | \n -144 | \n -1,650 | \n | \n
\n \n | Depreciation | \n | \n | \n | \n | \n
\n \n | expense | \n -566 | \n -65 | \n -631 | \n | \n
\n \n | Disposal | \n 1,227 | \n 24 | \n 1,251 | |
\n \n
\n
\n
\n \n
\n
\n \n \n \n \n \n \n \n \n \n | \n Right-of-use assets | \n Lease | \n
\n \n | \n | \n | \n | \n liabilities | \n
\n \n | \n O\ufb03ce | \n Cars | \n Total | \n | \n
\n \n | \n space | \n | \n | \n | \n
\n \n | \n kEUR | \n kEUR | \n kEUR | \n kEUR | \n
\n \n | Exchange rate | \n | \n | \n | \n | \n
\n \n | di\ufb00erence | \n -12 | \n 0 | \n -12 | \n | \n
\n \n | Depreciation | \n | \n | \n | \n | \n
\n \n | expense as at 31 | \n | \n | \n | \n | \n
\n \n | December 2024 | \n -857 | \n -185 | \n -1,042 | |
\n \n | Payments | \n \n | | \n | \n 698 | \n
\n \n | Interest | \n | \n | \n | \n | \n
\n \n | expense | \n | \n | \n | \n -69 | \n
\n \n | As at 31 | \n | \n | \n | \n | \n
\n \n | December 2024 | \n 1,115 | \n 82 | \n 1,197 | \n -1,316 | \n
\n \n
\n
\n
\n The total amount of lease payments including short term leasing in 2025 amounts to EUR 805k (2024: EUR 648k). \u00a0\n
\n
The amounts recognised in profit or loss, are as follows: \u00a0
| 2025 | 2024 |
| kEUR | kEUR |
| Depreciation expenses of right-of- | | |
| use assets | 725 | 631 |
| Interest expense on lease liabilities | 86 | 69 |
| Expense relating to short-term | | |
| leases (included in administrative | | |
| expense) | 91 | 20 |
| Total amount recognised in profit | | |
| or loss | 902 | 720 |
Rental agreements for the office lease in Madrid and Karlsruhe contain extension options on automatic annual renewal terms. Due to uncertainties, these options have not been executed\u00a0so far. \u00a0Therefore, these options are not considered in the valuation process. There are no purchase options or restrictions imposed by lease arrangements. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"esef-97493_2025": {
"value": "EVENTS AFTER THE BALANCE SHEET DATE [43] \u00a0
On 27 January 2026 Norman Rentrop informed us that he had exceeded the 5 percent threshold and now holds a total of 6.99 percent of the company. No further subsequent events are to \u00a0disclose. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:52990050T51W55KK4X45",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
}
}
}