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

Note 1

\n		\n

Business presentation

\n
\n

1.1Presentation of the business

\nBanijay Group N.V., a Dutch-based holding, hereafter \u201cBanijay Group\u201d, \u201cthe Company\u201d or \u201cthe Parent Company\u201d, detains and fosters the development of its controlled subsidiaries.

2.1Statement of compliance

\n

The consolidated financial statements for fiscal year 2025 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and available on the European Commission website.

\nThe consolidated financial statements are presented in euros. Unless otherwise indicated, all amounts are rounded to the nearest hundred thousand euros. Rounding differences may occur", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_18791488295245075_0_0": { "value": "Banijay Group N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_19987474360792755_0_0": { "value": "N.V.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10158937701967521_0_0": { "value": "It encompasses two main businesses operating in the Content production and distribution business and the Online sports betting and\u00a0gaming business.

The audiovisual and live entertainment business, hereafter \u201cContent production & distribution\u201d, is mainly represented by Banijay SAS and its subsidiaries, hereafter \u201cBanijay Entertainment & Live\u201d, which operates in the production of audiovisual programmes, and the distribution and marketing of intellectual property rights in relation to audiovisual, digital content and/or formats and the production of live experiences.

\n

The online sports betting and gaming business, hereafter \u201cOnline sports betting & gaming\u201d is represented by Betclic Everest Group and its subsidiaries, hereafter \u201cBanijay Gaming\u201d or \u201cBEG\u201d, which operates through its subsidiaries in the European and African online sports betting, online casino, online poker and online turf markets. It operates under the name of its well-known brand, Betclic. Bet-at-home, the former subsidiary of Betclic Everest Group was sold in December 2025.

\n

These two businesses together compose the Group, hereafter \u201cthe Group\u201d.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_9245914334847011_0_0": { "value": "

Banijay Group N.V. is ultimately controlled by Lov Group Invest SAS, a private French company.

\n

\n

2.2Scope of consolidation

\n

The legal entities and sub-groups forming part of the Group are as follows:

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

Name of the legal entity\u00a0or sub-group

\n		\n

Country of incorporation

\n		\n

% of ownership interest

\n
\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Banijay Group N.V.

\n		\n

The Netherlands

\n		\n

Parent company

\n		\n

Parent company

\n
\n

Banijay Events SAS

\n		\n

France

\n		\n

100.00%

\n		\n

100.00%

\n
\n

Banijay Holding SAS

\n		\n

France

\n		\n

100.00%

\n		\n

100.00%

\n
\n

Fonds de dotation FLE SAS

\n		\n

France

\n		\n

100.00%

\n		\n

100.00%

\n
\n

FLE Holding 1 SAS

\n		\n

France

\n		\n

100.00%

\n		\n

100.00%

\n
\n

Banijay Experience SAS

\n		\n

France

\n		\n

100.00%

\n		\n

100.00%

\n
\n

The Independents Group

\n		\n

Luxembourg

\n		\n

14.05%

\n		\n

14.22%

\n
\n

Sub-Group Banijay Gaming

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

\u2022Betclic Everest Group

\n		\n

France

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Sub-Group Banijay Entertainment &\u00a0Live

\n		\n

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

\u2022Banijay SAS

\n		\n

France

\n		\n

97.86%

\n		\n

98.88%

\n
\n

All companies and sub-groups in the table above are fully consolidated except The Independents Group, which was consolidated using the equity method. The sub-groups also have interests in associates and joint ventures.

\n
2.5.26 Related parties
\n

A related party is a person or an entity that is related to the Group. These include both people and entities that have, or are subject to, the influence or control of the Group (e.g.,\u00a0shareholders, key management personnel). Transactions with related parties are accounted for in accordance with the requirements of relevant IFRS and take into account the substance as well as the legal form.

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

Note 22

\n		\n

Other securities

\n
\n
Founder Shares characteristics
\n

As a result of the transaction with Pegasus, Founder Shares were contributed to former Founder Shares\u2019 holders of Pegasus Entrepreneurs. Terms and conditions applicable to Banijay Group\u2019s outstanding Founder Shares are similar to those issued by Pegasus.

\n

The Founder Shares have a nominal value of \u20ac0.01 each. From any profits, as remaining after application of the provisions in the Articles of Association regarding reservation and the profit entitlement of earn-out shares, an amount equal to 0.1% of the nominal value of each founder share shall be added to the dividend reserve for founder shares.

\n

Subject to the satisfaction of the conditions set out below and subject to certain capital adjustment measures (as described in the Articles of Association), the 2,575,000\u00a0outstanding Founder Shares held by former Pegasus founders shall be converted:

\n

\u2022up to 50% of the Founder Shares, held by each sponsor, in aggregate amounting to up to 1,287,500 Founder Shares will be exchanged on a one-for-one basis for Ordinary Shares (subject to the lock-up arrangements applicable to the sponsors, including the Pegasus Lock-up Arrangements), if, after 1\u00a0July 2022, the closing price of the Ordinary Shares equals or exceeds \u20ac11.50 per Ordinary Share for any 20 trading days within a 30\u00a0consecutive-trading day period; and

\n

\u2022up to 50% of the Founder Shares, held by each sponsor, in aggregate amounting to up to 1,287,500 Founder Shares will be exchanged on a one-for-one basis for Ordinary Shares (subject to the lock-up arrangements applicable to the sponsors, including the Pegasus Lock-up Arrangements), if, after 1 July 2022, the closing price of the Ordinary Shares equals or exceeds \u20ac13.00 per ordinary share for any 20 trading days within a 30\u00a0consecutive-trading day period.

\n

Existing shareholder agreement provides that any voting right attached to Founder Shares will not be exercised. Founder Shares can only be entitled to profit in the limit of the negligible amount equal to 0.1% of the nominal value (\u20ac0.01) per share.

\n
Founder Warrants characteristics
\n

Founder Warrants have been issued by Banijay Group at 1\u00a0July 2022 and distributed to Pegasus Founder.

\n

Founder Warrants have substantially the same terms as the public warrants and entitle their holder to purchase from Banijay Group one ordinary share at the price of \u20ac11.50 per ordinary share within a 5-year period from 1\u00a0July 2022. Additionally, the Founder Warrants will be exercisable on a cashless basis according to a table based on the redemption date and the fair market value of ordinary shares and be non-redeemable, so long as they are held by the Pegasus\u2019 founders and sponsors. If the Founder Warrants are held by someone other than Pegasus\u2019 founders and sponsors, the Founder Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the public warrants. The proceeds of a redemption of Warrants, the proceeds of the repurchase of warrants or a full or partial cash or cashless settlement of warrants may be subject to Dutch dividend withholding tax at a rate of 15%.

\n

Founder Warrants does not entitle to any right as shareholder such as dividends or voting rights.

\n

As of 31\u00a0December 2025, 5,250,000 Founder Warrants were outstanding.

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

Note 28

\n		\n

Related parties

\n
\n

Related parties consist of:

\n

\u2022Group LOV's controlling shareholders: Financi\u00e8re LOV Group and LOV Group Invest;

\n

\u2022other shareholders, notably: Group Vivendi's subsidiaries, Fimalac, De Agostini, Monte-Carlo SBM International, and Pegasus Founders, Sponsors;

\n

\u2022associates and joint ventures; and

\n

\u2022key management personnel.

\n

28.1Transactions with Financi\u00e8re LOV Group and LOV Group Invest

\n

The Group recorded several transactions with LOV\u2019s controlling shareholder (Financi\u00e8re LOV) and its subsidiaries that are not part of the Group\u2019s consolidation scope, as follows:

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Other securities

\n		\n

(78.1)

\n		\n

(102.6)

\n
\n

Net financial assets/(financial liabilities)/(provisions)

\n		\n

-

\n		\n

(7.0)

\n
\n

Net trade receivables/(payables)

\n		\n

(10.7)

\n		\n

(3.7)

\n
\n

Operating income/(operating expenses)(1)

\n		\n

(25.4)

\n		\n

(25.1)

\n
\n

Financial income/(expenses)

\n		\n

24.5

\n		\n

0.4

\n
\n

(1)Of which President compensation

\n		\n

(25.4)

\n		\n

(24.7)

\n
\n

The annual compensation of the president of Banijay Holding, Lov Group Invest (controlled by St\u00e9phane Courbit), a French soci\u00e9t\u00e9 par actions simplifi\u00e9e, having its registered office 8, rue Fran\u00e7ois 1er in Paris (75008), registered under number 494 031 008 RCS Paris (\u201cLGI\u201d), has been set at the average of (i) 0.38% of the consolidated turnover of the previous fiscal year and (ii) 2% of the consolidated EBITDA of the previous fiscal year.

\n

The annual compensation (exclusive of VAT if any) of the president of Betclic Everest Group, Lov Group Invest has been set at 2% of the gross margin realised during the said fiscal year, it being specified that the Gross Margin of Bet-at-home sub-group will be taken into account to the extent of the percentage of Betclic Everest Group\u2019s participation on 1 January of the said fiscal year, as such gross margin is defined in the audited consolidated financial statements of Betclic Everest Group as of 31\u00a0December\u00a02021. Such compensation shall be paid (i) in three instalments within one month of the financial statements, (ii) the balance being paid no later than one month following the closing of the audited consolidated financial statements.

\n

\n

28.2Transactions with other shareholders

\n
Disposal of Bet-at-home shares
\n

On 31 December 2025, Betclic divested its 53.9% stake in Bet-at-home with a high discount, including 207,031 Bet-at-home shares to Geyser Investments (single-family office of Pierre Cuilleret).

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

(in \u20ac million)

\n		\n

De Agostini

\n
\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Net financial assets/(financial liabilities)/(provisions)

\n		\n

-

\n		\n

(111.4)

\n
\n

Net trade receivables/(payables)

\n		\n

-

\n		\n

-

\n
\n

Operating income/(operating expenses)

\n		\n

-

\n		\n

-

\n
\n

Financial income/(expenses)

\n		\n

(0.8)

\n		\n

(6.4)

\n
\n

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

(in \u20ac million)

\n		\n

Vivendi

\n
\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Net financial assets/(financial liabilities)/(provisions)

\n		\n

-

\n		\n

-

\n
\n

Net trade receivables/(payables)

\n		\n

1.0

\n		\n

2.8

\n
\n

Operating income/(operating expenses)

\n		\n

9.4

\n		\n

44.2

\n
\n

Financial income/(expenses)

\n		\n

-

\n		\n

-

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

(in \u20ac million)

\n		\n

Residence du Roy

\n
\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Net financial assets/(financial liabilities)/(provisions)

\n		\n

(6.8)

\n		\n

(7.0)

\n
\n

Net trade receivables/(payables)

\n		\n

(0.6)

\n		\n

(0.2)

\n
\n

Operating income/(operating expenses)

\n		\n

0.2

\n		\n

(0.2)

\n
\n

Financial income/(expenses)

\n		\n

(0.3)

\n		\n

-

\n
\n

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

(in \u20ac million)

\n		\n

Fimalac

\n
\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Net financial assets/(financial liabilities)/(provisions)

\n		\n

-

\n		\n

-

\n
\n

Net trade receivables/(payables)

\n		\n

0.1

\n		\n

2.8

\n
\n

Operating income/(operating expenses)

\n		\n

0.5

\n		\n

44.2

\n
\n

Financial income/(expenses)

\n		\n

-

\n		\n

-

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

(in \u20ac million)

\n		\n

SBM International

\n
\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Other securities

\n		\n

-

\n		\n

-

\n
\n

Net trade receivables/(payables)

\n		\n

-

\n		\n

-

\n
\n

Operating income/(operating expenses)

\n		\n

-

\n		\n

-

\n
\n

Financial income/(expenses)

\n		\n

-

\n		\n

(2.1)

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

(in \u20ac million)

\n		\n

Pegasus Founders and Sponsors

\n
\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Other securities

\n		\n

(32.7)

\n		\n

(27.6)

\n
\n

Net trade receivables/(payables)

\n		\n

-

\n		\n

-

\n
\n

Operating income/(operating expenses)

\n		\n

-

\n		\n

-

\n
\n

Financial income/(expenses)

\n		\n

(5.1)

\n		\n

(2.8)

\n
\n

28.3Transactions with associates and JV

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Net financial assets/financial liabilities/provisions

\n		\n

29.8

\n		\n

24.9

\n
\n

Net trade receivables/payables

\n		\n

(0.0)

\n		\n

(0.0)

\n
\n

Operating income/operating expenses

\n		\n

(0.3)

\n		\n

1.8

\n
\n

Financial income/expenses

\n		\n

(0.2)

\n		\n

0.7

\n
\n

28.4Key Management Personnel compensation

\n

Key management personnel, who have the authority and responsibility for planning, directing and controlling the activities, directly or indirectly, are the members of the Board of Directors, the CEO of Banijay SAS(1) and the CEO of Betclic Everest Group. The compensation of the key management personnel is detailed in the table below:

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Short-term employee benefits (fixed salary and variable component)

\n		\n

(4.3)

\n		\n

(3.4)

\n
\n

Post-employment benefits (IAS\u00a019)

\n		\n

\n		\n

\u00a0

\n
\n

Other long-term benefits

\n		\n

\n		\n

\u00a0

\n
\n

Termination benefits

\n		\n

\n		\n

\u00a0

\n
\n

Share-based payment

\n		\n

(38.3)

\n		\n

(33.1)

\n
\n

Total compensation to key management personnel

\n		\n

(42.6)

\n		\n

(36.5)

\n
\n

(1)Position currently occupied by Marco Bassetti, who holds 1.2% of Banijay Group N.V. share capital.

\n
\n

Moreover, attendance fees allocated to the Board of Directors\u2019 members amounted to \u20ac0.5 million in 2025 (\u20ac0.5\u00a0million in 2024).

\n
28.4.1Remuneration of Executive Directors
\n

In 2025 and 2024, the remuneration components of the Executive Directors at Banijay Group N.V. level is as follows:

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

\n		\n

Fixed annual base salary

\n		\n

Short-term variable incentive

\n		\n

Long-term incentive plan

\n		\n

Other

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

Chief Executive Officer (CEO)(1)

\n		\n

\u20ac750,000

\n		\n

\u20ac750,000(2)

\n		\n

\u20ac262,500

\n		\n

\u20ac262,500

\n		\n

n/a

\n		\n

n/a

\n		\n

Termination indemnity as detailed below

\n
\n

Chief Financial Officer (CFO)(3)

\n		\n

\u20ac356,250(2)

\n		\n

\u20ac356,250(2)

\n		\n

\u20ac124,688

\n		\n

\u20ac128,150

\n		\n

\u20ac1,072,041

\n		\n

\u20ac1,185,912(4)

\n		\n

Termination indemnity as detailed below

\n
\n

(1)As from March 2026, Fran\u00e7ois Riahi\u2019s annual base salary has been increased to \u20ac1,000,000.

\n

(2)As from November\u00a02022, Fran\u00e7ois Riahi\u2019s annual base salary was increased to \u20ac750,000.

\n

(3)Since 1 February 2024, Sophie Kurinckx-Leclerc is also CFO of Financi\u00e8re Lov (as detailed in section 4.2.2.8).

\n

(4)The LTIP will be paid in 2028 as detailed below.

\n
\n

The total remuneration costs of the CEO and CFO in the P&L amount to: \u20ac2,343,347 (2024: \u20ac2,139,502).

\n

The mix between the fixed and the variable remuneration components for our Executive Directors is as follows:

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

Name

\n		\n

Fixed

\n		\n

Variable

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

CEO

\n		\n

74%

\n		\n

74%

\n		\n

26%

\n		\n

26%

\n
\n

CFO

\n		\n

74%

\n		\n

74%

\n		\n

26%

\n		\n

26%

\n
\n
Fixed remuneration
\n

The individual fixed remuneration for each Executive Director paid was as follows:

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

Name

\n		\n

Base salary 2025

\n		\n

Base salary 2024

\n
\n

Fran\u00e7ois Riahi (CEO)(1)

\n		\n

\u20ac750,000

\n		\n

\u20ac750,000(2)

\n
\n

Sophie Kurinckx-Leclerc (CFO)(3)

\n		\n

\u20ac356,250

\n		\n

\u20ac356,250

\n
\n

(1)As from March 2026, Fran\u00e7ois Riahi\u2019s annual base salary has been increased to \u20ac1,000,000.

\n

(2)As from November\u00a02022, Fran\u00e7ois Riahi\u2019s annual base salary was increased to \u20ac750,000.

\n

(3)Since 1 February 2024, Sophie Kurinckx-Leclerc is also CFO of Financi\u00e8re Lov (as detailed in Section 4.2.2.8).

\n
\n

\n

The total social charges related to fixed remuneration amounted to \u20ac613,500 and \u20ac470,761 respectively in 2025 and 2024.

\n
Short-term variable incentive
\n

The CEO is entitled to a variable compensation subject to performance criteria divided as follows: (i) 50% financial criteria (30% relating to consolidated EBITDA and 20% to free cash flow generated by Banijay Group during the year) and (ii) 50% extra-financial criteria (25% relating to the strategic positioning of the Group (incl. ESG strategy) and 25% to business development, M&A and integration). The various scenario analyses were performed when the criteria were determined. For Financial Year 2025, the HR & ESG Committee assessed that the CEO had achieved all the determined criteria; the CEO therefore received the maximum amount, i.e. \u20ac262,500.

\n

The CFO is entitled to a variable compensation subject to performance criteria divided as follows: (i) 50% financial criteria (30% relating to consolidated EBITDA and 20% to free cash flow generated by Banijay Group during the year) and (ii) 50% extra-financial criteria (30% relating to financial management performance, 20% to environmental, social and governance (ESG) matters). The various scenario analyses were performed when the criteria were determined. For Financial Year 2025, the HR & ESG Committee assessed that the CFO had achieved all the determined criteria; the CFO therefore received the maximum amount, i.e. \u20ac124,687,50.

\n
Long-term incentive plan
\n

The CFO benefits from a long-term cash incentive equivalent to the stock price of 130,000 Company shares which is aimed at aligning the interests of Sophie Kurinckx-Leclerc with the interests of the long-term shareholders. It will be paid in January 2028 provided Sophie Kurinckx-Leclerc remains an Executive Director of the Company until 31 December 2027. The amount will depend on the average of the stock price of the Company share over the 20 trading days weighted by the volumes preceding payment. As at 31 December 2025, the LTIP is estimated at \u20ac1,072,041.

\n

There is no long-term variable incentive for the CEO.

\n
Other
\n

In addition, the CFO benefits from a termination indemnity equal to 12\u2011months' base salary in certain circumstances.

\n

Fran\u00e7ois Riahi benefits, as chief executive officer of Financi\u00e8re Lov, from Financi\u00e8re Lov shares (as detailed below), based on value creation at the level of the Company. In this respect, Fran\u00e7ois Riahi's incentive is aligned with the interests of the Company's shareholders.

\n

Before becoming the Company's chief financial officer, Sophie Kurinckx-Leclerc was the chief financial officer of Banijay. As such, for the first six months of 2022, she also received remuneration from Banijay.

\n

In 2022, Sophie Kurinckx-Leclerc received a lump sum payment of \u20ac283,250 upon leaving Banijay.

\n

In July 2020, Sophie Kurinckx-Leclerc received free Banijay SAS shares. As at 31 December 2025, the shares are valued at \u20ac720.486. Furthermore, Sophie Kurinckx\u2011Leclerc benefits, at the level of Banijay, from a long-term cash incentive. The amount depends on the valuation of Banijay SAS at the time of payment. As at 31 December 2025, the total gross amount of this long-term cash incentive was valued at \u20ac1.813.395.

\n
Equity holdings of Executive Directors
\n

As at 31 December 2025, only Fran\u00e7ois Riahi directly own shares or stock options granting access to the Company's share capital.

\n

Fran\u00e7ois Riahi directly holds 126,093 Company shares;

\n

Fran\u00e7ois Riahi indirectly holds, via Financi\u00e8re Lov, 100 preferred shares of Financi\u00e8re Lov (representing less than 0.01% of Financi\u00e8re Lov\u2019s share capital and voting rights) which remain subject to a lock-up agreement until mid-2026. The value of such shares will depend on Financi\u00e8re Lov\u2019s internal rate of return (IRR).

\n
28.4.2 Remuneration of Non-Executive Directors
\n

The table below sets forth the remuneration of the Non-Executive Directors paid for 2025 and 2024. The amounts reflect the annual fee awarded for the services as Non-Executive Director and any additional roles as member of a committee or Chairperson of the Board or a committee, from the date of their appointment.

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

Name

\n		\n

Base salary

\n
\n

2025

\n		\n

2024

\n
\n

St\u00e9phane Courbit

\n		\n

\u20ac0(1)

\n		\n

\u20ac0(1)

\n
\n

Pierre Cuilleret

\n		\n

\u20ac60,000

\n		\n

\u20ac60,000

\n
\n

Susana Gallardo(2)

\n		\n

\u20ac37,500

\n		\n

\u20ac75,000

\n
\n

El\u00e9onore Ladreit de Lacharri\u00e8re

\n		\n

\u20ac50,000

\n		\n

\u20ac50,000

\n
\n

C\u00e9cile L\u00e9vi

\n		\n

\u20ac65,000

\n		\n

\u20ac65,000

\n
\n

Alain Minc

\n		\n

\u20ac70,000

\n		\n

\u20ac70,000

\n
\n

Marella Moretti

\n		\n

\u20ac60,000

\n		\n

\u20ac60,000

\n
\n

Herv\u00e9 Philippe(3)

\n		\n

\u20ac15,000

\n		\n

\u20ac60,000

\n
\n

Fran\u00e7ois Laroze(4)

\n		\n

\u20ac27,459

\n		\n

-

\n
\n

Albert Manzone

\n		\n

\u20ac60,000

\n		\n

\u20ac60,000

\n
\n

Isabelle Seillier(5)

\n		\n

\u20ac37,500

\n		\n

-

\n
\n

(1)St\u00e9phane Courbit has waived his right to compensation as Chairman of the Board of Directors and Non-Executive Director.

\n

(2)Member of the Board of Directors until 15 May 2025.

\n

(3)Member of the Board of Directors until 28 March 2025.

\n

(4)Member of the Board of Directors from 28 March 2025 until 12 September 2025.

\n

(5)Member of the Board of Directors since 31 July 2025.

\n
\n

\n
28.4.3Remuneration of the Senior Management Members
\n
Remuneration
\n

For Financial Year 2025, the total aggregate remuneration of the Senior Management Members paid by any entity within the Group was approximately \u20ac3,200,000 (including Banijay Entertainment free shares valued at \u20ac500,000) compared to \u20ac3,200,000 (including Banijay Entertainment free shares valued at \u20ac500,000 for Financial Year 2024) and compared to \u20ac2,900,000 (including Banijay Entertainment free shares valued at \u20ac500,000 for Financial Year 2023). This amount does not take into account the long-term incentive plan provided to the Senior Management Members. Please refer to the section below for more information on the Senior Management Team long-term incentive plan (LTIP).

\n

The Company does not pay the Senior Management Members' compensation for 2025. The remuneration will be paid by other companies within the Group. Since 1 January 2026, Nicolas B\u00e9raud is the Chairman of the Board of Directors of Banijay Gaming and is no longer a member of the Senior Management Team.

\n
Equity holdings of Senior Management Members
\n

As at 31 December 2025, Marco Bassetti indirectly holds 6,916,269 Ordinary Shares through family owned holding vehicle, Prader SRL, which Prader received as a result of an equity fam contribution of 2,690,437\u00a0shares in Banijay as part of the Lov\u00a0Reorganisation.

\n

In the context of the\u00a0All3 Media transaction, Prader has undertaken\u00a0to contribute to Banijay Group N.V. all its remaining shares in Banijay prior to completion of this transaction, on the basis of an exchange ratio of 4,971,984 Banijay Group N.V. shares for 1,799,761 Banijay shares.\u00a0

\n

Other than as set out above and in the following paragraph, as of 31\u00a0December 2025, none of the Senior Management Members directly owns shares or stock options granting access to the share capital of the Company.

\n
Senior Management Team long-term incentive plan (LTIP)
\n

From 2023, Nicolas B\u00e9raud was entitled to a long-term incentive plan subject to performance and presence conditions. In that context, Nicolas B\u00e9raud was entitled to an annual cash bonus.

\n

He was also entitled to Banijay Group N.V. free shares. The annual cash bonus ended on 31 December 2025 with his resignation as CEO of Betclic Everest Group.

\n

The long-term free share incentive plan of Nicolas B\u00e9raud was implemented through the allocation of free shares issued by Betclic Everest Group representing, before completion of the Tipico transaction, 3.3% of the share capital of this company.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_9325347413482315_0_0": { "value": "Lov Group Invest SAS", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_20415521195979289_0_0": { "value": "

1.2Seasonal activity

\n

Banijay Entertainment & Live business production operations can be impacted by the timing of delivery of both scripted and non-scripted productions (thus affecting the level of revenue and work in progress). The distribution activity tends to present greater seasonality in the last quarter of the year but is also impacted by the timing of recoupment of distribution advances. The live experiences activity can be impacted by the seasonality of major events.

\n

The Banijay Gaming business primarily generates its revenues from the sports betting segment.

\n

Sports betting volumes follow the various sports calendars. With football as the main attractive sport within the business, online sports betting volumes tend to follow the football calendar, typically starting in August and ending in May. Volumes are consequently higher during this period. The organisation of international events such as the FIFA World Cup or the European Football Championship, which usually take place during the summer break (except in 2022, when the FIFA World Cup took place in winter), leads to significant additional betting and player activity.

\n

In casino games and online poker segments, business volumes remain relatively stable throughout the calendar year, with an increase in activity during the winter season.

\n

As online sports betting involves fixed-odds betting, revenues rely on Gross Gaming Revenue, which represents the difference between bets and winnings. The margin is highly correlated with the results of the favourite teams, causing short-term fluctuations that directly impact financial results, either positively or negatively. However, being driven by its statistical approach, the sports betting margin will always converge in the long term to the applied sports pricing strategy.

\n

It is important to note that in jurisdictions where betting taxes are applied on the wagered amounts (e.g., Portugal and Poland), any adverse impact on the sports betting margin will further affect profitability and, subsequently, the overall results of operations and the business.

\n

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10418460562141207_0_0": { "value": "
\n\n\n\n\n
\n

Note 2

\n		\n

Basis of preparation

\n
\n

2.1Statement of compliance

\n

The consolidated financial statements for fiscal year 2025 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and available on the European Commission website.

\n

These standards include International Financial Reporting Standards and International Accounting Standards (IAS), as well as the related International Financial Reporting Interpretations Committee (IFRIC) interpretations.

\n

The consolidated financial statements are presented in euros. Unless otherwise indicated, all amounts are rounded to the nearest hundred thousand euros. Rounding differences may occur.

\n

These consolidated financial statements for fiscal year 2025 were approved by the Board of Directors on 10 April 2026.

\n

\n

2.2Scope of consolidation

\n

The legal entities and sub-groups forming part of the Group are as follows:

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

Name of the legal entity\u00a0or sub-group

\n		\n

Country of incorporation

\n		\n

% of ownership interest

\n
\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Banijay Group N.V.

\n		\n

The Netherlands

\n		\n

Parent company

\n		\n

Parent company

\n
\n

Banijay Events SAS

\n		\n

France

\n		\n

100.00%

\n		\n

100.00%

\n
\n

Banijay Holding SAS

\n		\n

France

\n		\n

100.00%

\n		\n

100.00%

\n
\n

Fonds de dotation FLE SAS

\n		\n

France

\n		\n

100.00%

\n		\n

100.00%

\n
\n

FLE Holding 1 SAS

\n		\n

France

\n		\n

100.00%

\n		\n

100.00%

\n
\n

Banijay Experience SAS

\n		\n

France

\n		\n

100.00%

\n		\n

100.00%

\n
\n

The Independents Group

\n		\n

Luxembourg

\n		\n

14.05%

\n		\n

14.22%

\n
\n

Sub-Group Banijay Gaming

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

\u2022Betclic Everest Group

\n		\n

France

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Sub-Group Banijay Entertainment &\u00a0Live

\n		\n

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

\u2022Banijay SAS

\n		\n

France

\n		\n

97.86%

\n		\n

98.88%

\n
\n

All companies and sub-groups in the table above are fully consolidated except The Independents Group, which was consolidated using the equity method. The sub-groups also have interests in associates and joint ventures.

\n

2.3Applicable accounting standards

\n

The consolidated financial statements for the years ended 31 December 2025 and 2024 have been prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d) as issued by the International Accounting Standards Board (\u201cIASB\u201d), as adopted by the European Union and available on the European Commission website.

\n

These standards include International Financial Reporting Standards and International Accounting Standards (\u201cIAS\u201d), as well as the related International Financial Reporting Interpretations Committee (\u201cIFRIC\u201d) interpretations. The financial statements have been prepared on the historical cost basis, except for the revaluation of certain properties and financial instruments that are measured at fair value at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

\n

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants took those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share\u2011based payment transactions that are within the scope of IFRS\u00a02, leasing transactions that are within the scope of IFRS\u00a016\u00a0Leases, and measurements that have some similarities to fair value but are not fair value, such as net realisable value in IAS\u00a02\u00a0Inventories or value in use in IAS\u00a036\u00a0Impairment of Assets.

\n

The principal accounting policies adopted are set out below.

\n
2.3.1Effective for fiscal years beginning on\u00a0or after 1\u00a0January 2025
\n
Standards, amendments and interpretation adopted by the European Union and effective for reporting periods beginning on or after 1\u00a0January 2025
\n

The new and amended standards effective from 1\u00a0January 2025 do not have a material effect on the unaudited consolidated financial statements.

\n

The following amendments to IFRS are effective as from 1\u00a0January 2025:

\n

\u2022Amendments to IAS 21 \u2013 Lack of Exchangeability.

\n
2.3.2Standards issued but not yet effective
\n
IFRS\u00a0standards adopted by the European Union
\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

Date of adoption

\n
\n

IFRS 18

\n		\n

Presentation and Disclosure in Financial Statements

\n		\n

16 February 2026

\n
\n
IFRS\u00a0standards not yet adopted by\u00a0the\u00a0European Union
\n

Certain new accounting standards and amendments have been published by the IASB but not yet adopted by the European Union, and have not been adopted early, including:

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

\u00a0

\n		\n

\n		\n

Expected dates of\u00a0adoption

\n
\n

Amendments to IFRS 9 and IFRS 7

\n		\n

Amendments to the Classification and Measurement of Financial Instruments

\n		\n

1 January 2026

\n
\n

IFRS 19

\n		\n

Subsidiaries without Public Accountability Disclosures

\n		\n

1 January 2027

\n
\n

Banijay Group N.V. is currently analysing the impact of applying IFRS\u00a018 on the presentation of its consolidated financial statements. The Group does not expect the application of the other standards and amendments set out above to have a material impact.

\n

2.4Significant assumptions and estimates

\n

The preparation of these consolidated financial statements requires the Group\u2019s management to make assumptions and estimates that may affect the application of the accounting methods, and the reported amounts of assets and liabilities, as well as certain income and expenses for the period. These assumptions and estimates mainly relate to:

\n

i)the calculation of debt related to earnouts on acquisitions;

\n

ii)the estimate of debt resulting from put options in favour of minority shareholders;

\n

iii)the estimate of liabilities related to employee long-term incentives and employee benefits resulting from a business acquisition;

\n

iv)the estimate of the valuation of securities;

\n

v)the determination of the recoverable amount of cash-generating units and the subsequent impairment test of the goodwill resulting from a business combination;

\n

vi)the amount of provisions for risks and other provisions in relation to the Group\u2019s activity.

\n

Actual results may differ from these estimates under different assumptions or conditions.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_12582607030928164_0_0": { "value": "

2.1Statement of compliance

\n

The consolidated financial statements for fiscal year 2025 have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union and available on the European Commission website.

\n

These standards include International Financial Reporting Standards and International Accounting Standards (IAS), as well as the related International Financial Reporting Interpretations Committee (IFRIC) interpretations.

\n", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10418949368085917_0_0": { "value": "

These consolidated financial statements for fiscal year 2025 were approved by the Board of Directors on 10 April 2026.

\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10419152627282303_0_0": { "value": "

2.2Scope of consolidation

\n

The legal entities and sub-groups forming part of the Group are as follows:

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

Name of the legal entity\u00a0or sub-group

\n		\n

Country of incorporation

\n		\n

% of ownership interest

\n
\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Banijay Group N.V.

\n		\n

The Netherlands

\n		\n

Parent company

\n		\n

Parent company

\n
\n

Banijay Events SAS

\n		\n

France

\n		\n

100.00%

\n		\n

100.00%

\n
\n

Banijay Holding SAS

\n		\n

France

\n		\n

100.00%

\n		\n

100.00%

\n
\n

Fonds de dotation FLE SAS

\n		\n

France

\n		\n

100.00%

\n		\n

100.00%

\n
\n

FLE Holding 1 SAS

\n		\n

France

\n		\n

100.00%

\n		\n

100.00%

\n
\n

Banijay Experience SAS

\n		\n

France

\n		\n

100.00%

\n		\n

100.00%

\n
\n

The Independents Group

\n		\n

Luxembourg

\n		\n

14.05%

\n		\n

14.22%

\n
\n

Sub-Group Banijay Gaming

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

\u2022Betclic Everest Group

\n		\n

France

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Sub-Group Banijay Entertainment &\u00a0Live

\n		\n

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

\u2022Banijay SAS

\n		\n

France

\n		\n

97.86%

\n		\n

98.88%

\n
\n

All companies and sub-groups in the table above are fully consolidated except The Independents Group, which was consolidated using the equity method. The sub-groups also have interests in associates and joint ventures.

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

Note 32

\n		\n

List of sub-group Banijay Entertainment and Live and sub-group Banijay Gaming's subsidiaries

\n
\n

32.1Banijay Entertainment and Live\u2019s sub-group consolidation scope

\n

The table below presents the percentage of ownership interest in Banijay\u00a0SAS subsidiaries held by the Group (including Banijay Group\u2019s indirect ownership):

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

Country of incorporation

\n		\n

Name of the legal entity

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Australia

\n		\n

Endemol Shine Australia Holdings Pty Limited

\n		\n

97.86%

\n		\n

98.88%

\n
\n

Australia

\n		\n

Endemol Shine Australia Pty Ltd

\n		\n

97.86%

\n		\n

6.54%

\n
\n

Australia

\n		\n

Endemol Southern Star Pty. Ltd.

\n		\n

97.86%

\n		\n

92.34%

\n
\n

Australia

\n		\n

ESA Productions 1 Pty Ltd

\n		\n

97.86%

\n		\n

0.00%

\n
\n

Australia

\n		\n

ESA Productions 2 Pty Ltd

\n		\n

97.86%

\n		\n

0.00%

\n
\n

Australia

\n		\n

ESA Productions 3 Pty Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

Australia

\n		\n

ESA Productions 4 PTY Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

Australia

\n		\n

ESA Productions 5 Pty Ltd

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

ESA Productions 6 Pty Ltd

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

ESA Productions 7 PTY LTD

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Australia

\n		\n

ESA Productions 8 PTY LTD

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Australia

\n		\n

ESA PRODUCTIONS 9 PTY LTD

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

ESA Services Pty Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Australia

\n		\n

HQWS APAC\u00a0PTY LTD

\n		\n

25.80%

\n		\n

25.80%

\n
\n

Australia

\n		\n

Screentime Commercial Pty Limited

\n		\n

97.86%

\n		\n

95.90%

\n
\n

Australia

\n		\n

Screentime Productions No 1\u00a0Pty Ltd

\n		\n

95.90%

\n		\n

93.98%

\n
\n

Australia

\n		\n

Screentime Productions No 2 pty Ltd

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

Screentime Productions No. 3 Pty Ltd

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

SCREENTIME Pty Limited

\n		\n

97.86%

\n		\n

95.90%

\n
\n

Australia

\n		\n

Shine Australia Holdings Pty Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Australia

\n		\n

Endemol Australia Pty Ltd

\n		\n

97.86%

\n		\n

25.45%

\n
\n

Austria

\n		\n

influence.vision GmbH

\n		\n

45.03%

\n		\n

-

\n
\n

Belgium

\n		\n

Banijay Belgium

\n		\n

97.86%

\n		\n

95.90%

\n
\n

Belgium

\n		\n

JONNYDEPONY BV

\n		\n

49.98%

\n		\n

48.99%

\n
\n

Brazil

\n		\n

A F\u00c1BRICA ENTRETENIMENTO E PARTICIPA\u00c7\u00d5ES S.A.

\n		\n

56.76%

\n		\n

48.91%

\n
\n

Brazil

\n		\n

Banijay Estudios Ltda

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Brazil

\n		\n

Endemol Shine Brasil Produ\u00e7\u00f4es Ltda

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Columbia

\n		\n

Banijay Colombia S.A.S

\n		\n

49.91%

\n		\n

-

\n
\n

Denmark

\n		\n

Banijay Denmark ApS

\n		\n

97.86%

\n		\n

45.03%

\n
\n

Denmark

\n		\n

Banijay Nordic ApS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Denmark

\n		\n

Jarowskij Danmark A/S

\n		\n

97.86%

\n		\n

49.98%

\n
\n

Denmark

\n		\n

Mastiff A/S

\n		\n

97.86%

\n		\n

56.76%

\n
\n

Denmark

\n		\n

Metronome Productions A/S

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Denmark

\n		\n

NORDISK FILM TV A/S

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Fiji

\n		\n

The Landing (Fiji) Pte Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Finland

\n		\n

Banijay Finland Oy

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Finland

\n		\n

BANIJAY Holding Suomi OY

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

4-3-3 Production

\n		\n

-

\n		\n

-

\n
\n

France

\n		\n

Adventure Line Productions

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Air Productions

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

ALP Music

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Alphonse Productions

\n		\n

-

\n		\n

48.93%

\n
\n

France

\n		\n

Atlantis Factory

\n		\n

48.93%

\n		\n

48.93%

\n
\n

France

\n		\n

Authentic Media SAS

\n		\n

64.59%

\n		\n

64.59%

\n
\n

France

\n		\n

Authentic Music SAS

\n		\n

64.59%

\n		\n

-

\n
\n

France

\n		\n

B PROD SAS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Balich Wonder Studio France SAS

\n		\n

50.57%

\n		\n

50.57%

\n
\n

France

\n		\n

Banijay Central 11 SAS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay Central 3

\n		\n

97.86%

\n		\n

-

\n
\n

France

\n		\n

Banijay Clipping

\n		\n

73.40%

\n		\n

36.70%

\n
\n

France

\n		\n

Banijay Content

\n		\n

73.40%

\n		\n

48.44%

\n
\n

France

\n		\n

BANIJAY EDITING

\n		\n

73.40%

\n		\n

48.44%

\n
\n

France

\n		\n

Banijay Entertainment SASU

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay France

\n		\n

97.86%

\n		\n

49.91%

\n
\n

France

\n		\n

BANIJAY INTERNATIONAL

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay Kids & Family Distribution France SAS

\n		\n

78.29%

\n		\n

75.35%

\n
\n

France

\n		\n

Banijay Live Events

\n		\n

97.86%

\n		\n

73.40%

\n
\n

France

\n		\n

Banijay Live Studio

\n		\n

97.86%

\n		\n

-

\n
\n

France

\n		\n

BANIJAY PRODUCTION MEDIA

\n		\n

97.86%

\n		\n

73.40%

\n
\n

France

\n		\n

Banijay Social Media SAS

\n		\n

73.40%

\n		\n

73.40%

\n
\n

France

\n		\n

Banijay Studios France

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay Studios France MA2 SAS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay Talent

\n		\n

73.40%

\n		\n

58.72%

\n
\n

France

\n		\n

BASE RECORDS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Beau Soir Productions

\n		\n

48.93%

\n		\n

48.93%

\n
\n

France

\n		\n

Connecting Prod

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

D.M.L.S TV

\n		\n

68.50%

\n		\n

51.38%

\n
\n

France

\n		\n

Daze MGMT

\n		\n

36.70%

\n		\n

36.70%

\n
\n

France

\n		\n

DMLS Films

\n		\n

68.50%

\n		\n

68.50%

\n
\n

France

\n		\n

DMLS Productions

\n		\n

-

\n		\n

51.38%

\n
\n

France

\n		\n

Endemol Fiction

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Endemol France

\n		\n

97.86%

\n		\n

48.93%

\n
\n

France

\n		\n

Endemol Production

\n		\n

-

\n		\n

97.86%

\n
\n

France

\n		\n

Festival'Air

\n		\n

97.86%

\n		\n

68.50%

\n
\n

France

\n		\n

Fiction'Air

\n		\n

97.86%

\n		\n

36.70%

\n
\n

France

\n		\n

G\u00e9t\u00e9v\u00e9 Productions

\n		\n

-

\n		\n

-

\n
\n

France

\n		\n

H2O DIVERTISSEMENT

\n		\n

-

\n		\n

-

\n
\n

France

\n		\n

H2O FICTIONS

\n		\n

-

\n		\n

97.86%

\n
\n

France

\n		\n

H2O JEUX

\n		\n

-

\n		\n

97.86%

\n
\n

France

\n		\n

H2O PRODUCTIONS

\n		\n

97.86%

\n		\n

-

\n
\n

France

\n		\n

IMAGES ON AIR

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

KM

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

KM Presse

\n		\n

97.86%

\n		\n

-

\n
\n

France

\n		\n

Lotchi

\n		\n

49.91%

\n		\n

-

\n
\n

France

\n		\n

Lodition

\n		\n

-

\n		\n

-

\n
\n

France

\n		\n

Monello Productions

\n		\n

59.50%

\n		\n

-

\n
\n

France

\n		\n

Montmartre Films

\n		\n

48.93%

\n		\n

-

\n
\n

France

\n		\n

Non Stop Edition

\n		\n

73.40%

\n		\n

73.40%

\n
\n

France

\n		\n

Non Stop Productions

\n		\n

73.40%

\n		\n

73.40%

\n
\n

France

\n		\n

Ollenom Studio

\n		\n

59.50%

\n		\n

57.27%

\n
\n

France

\n		\n

Pistache TV

\n		\n

97.76%

\n		\n

49.86%

\n
\n

France

\n		\n

Pitchipo\u00ef Productions

\n		\n

48.93%

\n		\n

-

\n
\n

France

\n		\n

Procidis SAS

\n		\n

39.93%

\n		\n

23.37%

\n
\n

France

\n		\n

Puzzle Media

\n		\n

49.91%

\n		\n

24.95%

\n
\n

France

\n		\n

Screenline

\n		\n

97.86%

\n		\n

73.40%

\n
\n

France

\n		\n

SCREENLINE SPV1

\n		\n

97.86%

\n		\n

73.40%

\n
\n

France

\n		\n

Shine Fiction

\n		\n

50.89%

\n		\n

30.94%

\n
\n

France

\n		\n

Kons'Air

\n		\n

97.86%

\n		\n

19.55%

\n
\n

France

\n		\n

Soci\u00e9t\u00e9 Miss France

\n		\n

97.86%

\n		\n

48.93%

\n
\n

France

\n		\n

Studio Kilim SNC

\n		\n

97.86%

\n		\n

39.93%

\n
\n

France

\n		\n

Studio Maboul

\n		\n

97.86%

\n		\n

49.91%

\n
\n

France

\n		\n

Sulak Film SAS

\n		\n

-

\n		\n

48.93%

\n
\n

France

\n		\n

Survivor Central Productions

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Talent Lab

\n		\n

73.40%

\n		\n

38.17%

\n
\n

France

\n		\n

Terence Films

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Upper Talent SAS

\n		\n

73.40%

\n		\n

73.40%

\n
\n

France

\n		\n

Vision Air

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Yasuke Production SAS

\n		\n

48.93%

\n		\n

48.93%

\n
\n

France

\n		\n

Zodiak Kids Studio France

\n		\n

78.29%

\n		\n

-

\n
\n

France

\n		\n

B PROD CA TOURNE SAS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

B PROD EDITING SAS

\n		\n

97.86%

\n		\n

73.40%

\n
\n

Germany

\n		\n

Banijay Germany GmbH

\n		\n

88.28%

\n		\n

78.50%

\n
\n

Germany

\n		\n

Banijay Germany Live GmbH

\n		\n

88.28%

\n		\n

58.88%

\n
\n

Germany

\n		\n

Banijay Media Germany GmbH

\n		\n

88.29%

\n		\n

78.50%

\n
\n

Germany

\n		\n

Banijay Productions Germany GmbH

\n		\n

83.87%

\n		\n

37.28%

\n
\n

Germany

\n		\n

BRAINPOOL Beteilligungsgesellschaft mbH

\n		\n

-

\n		\n

62.80%

\n
\n

Germany

\n		\n

BRAINPOOL Entertainment GmbH

\n		\n

88.29%

\n		\n

78.50%

\n
\n

Germany

\n		\n

BRAINPOOL Live Entertainment GmbH

\n		\n

-

\n		\n

78.50%

\n
\n

Germany

\n		\n

BRAINPOOL TV GmbH

\n		\n

88.29%

\n		\n

70.82%

\n
\n

Germany

\n		\n

CAPE CROSS Entertainment Services GmbH

\n		\n

88.29%

\n		\n

0.00%

\n
\n

Germany

\n		\n

CAPE CROSS Postproduktions GmbH

\n		\n

88.29%

\n		\n

70.83%

\n
\n

Germany

\n		\n

en2rage Management & Consulting GmbH

\n		\n

22.96%

\n		\n

17.50%

\n
\n

Germany

\n		\n

Endemol Shine Germany GmbH

\n		\n

88.28%

\n		\n

-

\n
\n

Germany

\n		\n

Endemol Shine Group Germany GmbH

\n		\n

88.28%

\n		\n

70.83%

\n
\n

Germany

\n		\n

Entera Unternehmergesellschaft (haftungsbeschr\u00e4nkt)

\n		\n

-

\n		\n

-

\n
\n

Germany

\n		\n

Good Times Fernsehproduktions GmbH

\n		\n

-

\n		\n

70.83%

\n
\n

Germany

\n		\n

Good Humor

\n		\n

86.52%

\n		\n

-

\n
\n

Germany

\n		\n

Lucky Pics GmbH

\n		\n

45.03%

\n		\n

36.12%

\n
\n

Germany

\n		\n

MadeFor Film GmbH

\n		\n

88.28%

\n		\n

18.42%

\n
\n

Germany

\n		\n

MadeFor Music Publishing GmbH

\n		\n

88.28%

\n		\n

70.82%

\n
\n

Germany

\n		\n

Major.Minor Musikverlag GmbH

\n		\n

88.28%

\n		\n

70.82%

\n
\n

Germany

\n		\n

MTS Management T\u00f6ne Stallmeyer GmbH

\n		\n

79.46%

\n		\n

-

\n
\n

Germany

\n		\n

M\u00fcnsteraner Tourneeservice MTS Live GmbH

\n		\n

70.65%

\n		\n

-

\n
\n

Germany

\n		\n

NOISY PICTURES GmbH

\n		\n

-

\n		\n

69.41%

\n
\n

Germany

\n		\n

OGPP only good party people GmbH (former OGP Live GmbH i.G.)

\n		\n

45.03%

\n		\n

18.42%

\n
\n

Germany

\n		\n

Raab TV-Produktion GmbH

\n		\n

-

\n		\n

-

\n
\n

Germany

\n		\n

POTATOHEAD PICTURES GmbH

\n		\n

61.80%

\n		\n

49.57%

\n
\n

Germany

\n		\n

Rainer Laux Productions GmbH

\n		\n

45.03%

\n		\n

32.51%

\n
\n

Germany

\n		\n

SR Management GmbH

\n		\n

45.03%

\n		\n

28.90%

\n
\n

Germany

\n		\n

WeMynd GmbH

\n		\n

15.89%

\n		\n

-

\n
\n

India

\n		\n

Endemol India Private Limited

\n		\n

97.86%

\n		\n

45.03%

\n
\n

India

\n		\n

Ink Pen Media Private Limited

\n		\n

97.86%

\n		\n

-

\n
\n

India

\n		\n

Logline Production Private Ltd

\n		\n

97.86%

\n		\n

45.03%

\n
\n

India

\n		\n

SEVENTAURAUS ENTERTAINMENT STUDIO PRIVATE LIMITED

\n		\n

94.75%

\n		\n

30.96%

\n
\n

Ireland

\n		\n

Beyond Entertainment Holdings Limited

\n		\n

97.86%

\n		\n

45.03%

\n
\n

Ireland

\n		\n

Beyond Rights (Ireland) Limited

\n		\n

-

\n		\n

45.03%

\n
\n

Ireland

\n		\n

Beyond Rights Distribution Limited

\n		\n

78.29%

\n		\n

12.24%

\n
\n

Ireland

\n		\n

Melodia Limited

\n		\n

-

\n		\n

32.62%

\n
\n

Israel

\n		\n

Endemol Israel Ltd

\n		\n

95.35%

\n		\n

95.35%

\n
\n

Israel

\n		\n

Movie Plus Productions (2005) Ltd.

\n		\n

48.63%

\n		\n

48.63%

\n
\n

Israel

\n		\n

Paolina Jerusalem Productions Ltd

\n		\n

48.63%

\n		\n

47.08%

\n
\n

Italy

\n		\n

Ascent Film S.r.l.

\n		\n

49.91%

\n		\n

49.91%

\n
\n

Italy

\n		\n

ATLANTIS FILM & VIDEO SRL

\n		\n

97.86%

\n		\n

-

\n
\n

Italy

\n		\n

AURORA TV SRL

\n		\n

97.86%

\n		\n

78.29%

\n
\n

Italy

\n		\n

BAG MEDIA S.R.L.

\n		\n

48.93%

\n		\n

-

\n
\n

Italy

\n		\n

Balich Wonder Studio SpA

\n		\n

50.57%

\n		\n

49.28%

\n
\n

Italy

\n		\n

Banijay Italia Holding S.R.L.

\n		\n

97.86%

\n		\n

48.63%

\n
\n

Italy

\n		\n

BANIJAY ITALIA SpA

\n		\n

97.86%

\n		\n

48.63%

\n
\n

Italy

\n		\n

Banijay Music Italy SrL

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Italy

\n		\n

BANIJAY STUDIOS ITALY SRL

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Italy

\n		\n

The Wonder Society S.r.l (former Bigb Holding SrL)

\n		\n

50.57%

\n		\n

49.91%

\n
\n

Italy

\n		\n

DOGHEAD ANIMATION APULIA S.r.l

\n		\n

38.73%

\n		\n

16.33%

\n
\n

Italy

\n		\n

DOGHEAD ANIMATION S.r.l

\n		\n

38.73%

\n		\n

16.66%

\n
\n

Italy

\n		\n

Endemol Shine Italy S.p.A.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Italy

\n		\n

For Fun Distribution S.r.l

\n		\n

-

\n		\n

34.58%

\n
\n

Italy

\n		\n

Groenlandia S.r.l.

\n		\n

49.91%

\n		\n

49.91%

\n
\n

Italy

\n		\n

ITV\u00a0MOVIE SRL

\n		\n

97.86%

\n		\n

89.30%

\n
\n

Italy

\n		\n

L'Officina SRL

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Italy

\n		\n

MOBO S.r.l

\n		\n

19.96%

\n		\n

7.61%

\n
\n

Italy

\n		\n

MOVIMENTI PRODUCTION SRL

\n		\n

39.93%

\n		\n

15.21%

\n
\n

Italy

\n		\n

RAIN FROG S.r.l

\n		\n

20.36%

\n		\n

19.60%

\n
\n

Italy

\n		\n

ROCKET MUSIC PUBLISHING S.r.l

\n		\n

20.36%

\n		\n

-

\n
\n

Mexico

\n		\n

Balich Wonder Studio Mexico S.A.

\n		\n

50.57%

\n		\n

-

\n
\n

Mexico

\n		\n

Banijay Mexico and US Hispanic, S.A.P.I. de C.V.

\n		\n

49.91%

\n		\n

49.91%

\n
\n

Mexico

\n		\n

Boomdog Studios, S.A. de C.V.

\n		\n

49.71%

\n		\n

49.71%

\n
\n

Mexico

\n		\n

Endemol Shine Boomdog Holding, S.A.P.I. de C.V.

\n		\n

49.91%

\n		\n

10.18%

\n
\n

Mexico

\n		\n

Endemol Shine Boomdog, S.A.P.I. de C.V.

\n		\n

49.89%

\n		\n

20.35%

\n
\n

Netherlands

\n		\n

8th Continent Film Production

\n		\n

97.86%

\n		\n

20.36%

\n
\n

Netherlands

\n		\n

Banijay Benelux B.V.

\n		\n

97.86%

\n		\n

20.36%

\n
\n

Netherlands

\n		\n

Banijay Benelux Holding B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Costa Film Productie B.V.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Netherlands

\n		\n

Endemol Licentie B.V.

\n		\n

97.86%

\n		\n

49.71%

\n
\n

Netherlands

\n		\n

Endemol Personeel B.V.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Netherlands

\n		\n

Endemol Shine IP B.V.

\n		\n

97.86%

\n		\n

49.89%

\n
\n

Netherlands

\n		\n

Endemol Shine Nederland B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Endemol Shine Nederland Producties B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Endemol Shine Scripted B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Escape TV Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Freek Tapes TV Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Geheugenspel Film Productie B.V.\u00a0

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Gouden Uur TV Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Grundy/Endemol Nederland v.o.f.

\n		\n

48.93%

\n		\n

48.93%

\n
\n

Netherlands

\n		\n

HolyMoly TV B.V.

\n		\n

48.93%

\n		\n

48.93%

\n
\n

Netherlands

\n		\n

Human Playground TV Production B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

MXMZ Media B.V. (former Endemol Shine Sport B.V.)

\n		\n

-

\n		\n

83.96%

\n
\n

Netherlands

\n		\n

NL Film en TV B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

NL Film Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

NL TV Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Posh Productions B.V.

\n		\n

49.91%

\n		\n

24.95%

\n
\n

Netherlands

\n		\n

Scenery B.V.

\n		\n

49.91%

\n		\n

24.95%

\n
\n

Netherlands

\n		\n

Scriptstudio B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

SimpelZodiak BV

\n		\n

97.86%

\n		\n

-

\n
\n

Netherlands

\n		\n

SNP Holding B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

SNP Media B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Southfields B.V.

\n		\n

83.96%

\n		\n

83.96%

\n
\n

Netherlands

\n		\n

Topkapi DHA B.V.

\n		\n

49.91%

\n		\n

25.46%

\n
\n

Netherlands

\n		\n

Topkapi Distribution B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi Films B.V.

\n		\n

49.91%

\n		\n

49.92%

\n
\n

Netherlands

\n		\n

Topkapi Production Services B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi Rights I B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Topkapi Rights ll B.V

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi Tuig B.V

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi TV B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi TV Droneland B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi TV Elixer B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi TV Etty B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

TVBV BV

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Twentytwo Producties B.V.

\n		\n

49.91%

\n		\n

25.46%

\n
\n

Netherlands

\n		\n

Van der Valk TV Production B.V.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Netherlands

\n		\n

Vuurwerk TV Productie B.V.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Netherlands

\n		\n

Werktitel Entertainment B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

New Zealand

\n		\n

153 Productions NZ Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

New Zealand

\n		\n

Berg Productions Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

New Zealand

\n		\n

Dead Head Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

ESA UK Productions Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

New Zealand

\n		\n

ESA US Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

First Responders Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

LUMA ENCHANTED LIMITED

\n		\n

97.86%

\n		\n

-

\n
\n

New Zealand

\n		\n

Off the Grid Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

Remarkable Productions NZ Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

Remarkable Studios Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

Screentime New Zealand Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

TASTE OF ART PRODUCTIONS LIMITED

\n		\n

97.86%

\n		\n

-

\n
\n

New Zealand

\n		\n

THE GULF PRODUCTIONS LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

THE SUMMIT PRODUCTIONS NZ 2022 LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Banijay Norway AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Beforeigners Production AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Mastiff AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Mastiff Entertainment AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Nordisk Banijay AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Rubicon Produksjon AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Rubicon TV AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Screen Media AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Yellow Bird Norge AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Poland

\n		\n

Endemol Shine Polska Sp. z.o.o.

\n		\n

88.28%

\n		\n

78.50%

\n
\n

Portugal

\n		\n

Endemol Portugal, Unipessoal Lda.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Portugal

\n		\n

Portocabo Atlantico Unipessoal Lda.

\n		\n

73.88%

\n		\n

73.88%

\n
\n

Portugal

\n		\n

Shine Iberia Portugal, Unipessoal, Lda

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Samoa

\n		\n

The Landing Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Saudi Arabia

\n		\n

Balich Wonder Studio for Entertainment LLC (former Balich Wonder Studio KSA)

\n		\n

50.57%

\n		\n

50.57%

\n
\n

Saudi Arabia

\n		\n

HQ Worldwide Shows Saudi Company for Exhibition and Conferences Organization (former HQWS KSA)

\n		\n

25.80%

\n		\n

25.80%

\n
\n

Spain

\n		\n

1992 La Serie SLU

\n		\n

49.94%

\n		\n

45.05%

\n
\n

Spain

\n		\n

30 Monedas La Serie SL

\n		\n

49.94%

\n		\n

49.94%

\n
\n

Spain

\n		\n

Anciana Milenaria SLU

\n		\n

49.94%

\n		\n

37.70%

\n
\n

Spain

\n		\n

Banijay Iberia SLU

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Spain

\n		\n

Crespeth Films AIE

\n		\n

49.42%

\n		\n

49.42%

\n
\n

Spain

\n		\n

CUARZO Producciones SL

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Spain

\n		\n

Culpa Mia SLU

\n		\n

49.94%

\n		\n

12.99%

\n
\n

Spain

\n		\n

DE LORENZO PRODUCCIONES E INVERSIONES SL

\n		\n

48.93%

\n		\n

24.97%

\n
\n

Spain

\n		\n

DIAGONAL TELEVISIO SLU

\n		\n

97.86%

\n		\n

49.94%

\n
\n

Spain

\n		\n

DLO NAVARRA SL

\n		\n

48.93%

\n		\n

24.97%

\n
\n

Spain

\n		\n

ENFRENTADOS SL

\n		\n

49.94%

\n		\n

49.94%

\n
\n

Spain

\n		\n

ENTREPRENEURS LA SERIE SL

\n		\n

49.94%

\n		\n

25.22%

\n
\n

Spain

\n		\n

Gestmusic Endemol, S.A.U.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Spain

\n		\n

Gestmusic Proyectos SLU

\n		\n

97.86%

\n		\n

49.94%

\n
\n

Spain

\n		\n

Global Palenove SLU

\n		\n

49.94%

\n		\n

24.97%

\n
\n

Spain

\n		\n

LA ASISTENTA LA PEL\u00cdCULA S.L.U.

\n		\n

49.94%

\n		\n

49.94%

\n
\n

Spain

\n		\n

La Bolita Movie SL

\n		\n

47.44%

\n		\n

23.72%

\n
\n

Spain

\n		\n

La Otra casa La Pel\u00edcula AIE

\n		\n

0.25%

\n		\n

25.47%

\n
\n

Spain

\n		\n

LaLiga Studios S.L.

\n		\n

49.91%

\n		\n

25.47%

\n
\n

Spain

\n		\n

Largas Sombras S.L.U.\u00a0

\n		\n

48.93%

\n		\n

48.93%

\n
\n

Spain

\n		\n

Magnolia TV Espana

\n		\n

-

\n		\n

97.86%

\n
\n

Spain

\n		\n

Monos con Pistolas La Serie SLU

\n		\n

49.94%

\n		\n

25.48%

\n
\n

Spain

\n		\n

Pedralonga Estudios SL

\n		\n

12.30%

\n		\n

6.28%

\n
\n

Spain

\n		\n

Pokeepsie Films, S.L.

\n		\n

49.94%

\n		\n

24.21%

\n
\n

Spain

\n		\n

Pokeepsietxea S.L.U.

\n		\n

49.94%

\n		\n

0.13%

\n
\n

Spain

\n		\n

Portocabo Canarias SLU

\n		\n

73.88%

\n		\n

37.68%

\n
\n

Spain

\n		\n

Portocabo Mediterraneo SLU

\n		\n

73.88%

\n		\n

36.94%

\n
\n

Spain

\n		\n

Portocabo TV SL

\n		\n

73.88%

\n		\n

-

\n
\n

Spain

\n		\n

Producciones Sol Naciente, AIE

\n		\n

-

\n		\n

24.97%

\n
\n

Spain

\n		\n

Project Academy Series SL

\n		\n

97.86%

\n		\n

12.30%

\n
\n

Spain

\n		\n

R. Zinman Productions, A.I.E.

\n		\n

94.63%

\n		\n

48.29%

\n
\n

Spain

\n		\n

Sabinas Diagonal S.L.

\n		\n

97.86%

\n		\n

49.94%

\n
\n

Spain

\n		\n

Shine Iberia S.L.U.

\n		\n

97.86%

\n		\n

73.88%

\n
\n

Spain

\n		\n

The Fear Collection I AIE

\n		\n

49.94%

\n		\n

37.70%

\n
\n

Spain

\n		\n

The Fear Collection III AIE

\n		\n

49.94%

\n		\n

37.70%

\n
\n

Spain

\n		\n

TODO COMIENZA CON UN JUEGO, A.I.E

\n		\n

-

\n		\n

-

\n
\n

Spain

\n		\n

Zeppelin Television, S.A.U.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Banijay Sweden AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Endemol Shine Nordics AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Filmlance International AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Friday TV AB

\n		\n

97.86%

\n		\n

49.94%

\n
\n

Sweden

\n		\n

Jarowskij Enterprises AB

\n		\n

-

\n		\n

49.94%

\n
\n

Sweden

\n		\n

Jarowskij Sverige AB

\n		\n

-

\n		\n

-

\n
\n

Sweden

\n		\n

Jarowskij Yellow Bird AB

\n		\n

97.86%

\n		\n

-

\n
\n

Sweden

\n		\n

Mastiff AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Mastiff Creative AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Mastiff Media Holding AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Meter Entertainment AB

\n		\n

97.86%

\n		\n

-

\n
\n

Sweden

\n		\n

Meter Television AB

\n		\n

-

\n		\n

-

\n
\n

Sweden

\n		\n

Metronome Rental AB

\n		\n

97.86%

\n		\n

-

\n
\n

Sweden

\n		\n

NORDISK FILM & TV PRODUKTION AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Solsidan Produktion HB

\n		\n

48.93%

\n		\n

48.93%

\n
\n

Sweden

\n		\n

We Are Post AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Yellow Bird Holding AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Yellow Bird Sweden AB

\n		\n

-

\n		\n

97.86%

\n
\n

Switzerland

\n		\n

B&B Endemol Shine AG

\n		\n

44.58%

\n		\n

-

\n
\n

United Arab Emirates

\n		\n

HQ Worldwide Shows LLC

\n		\n

25.80%

\n		\n

25.80%

\n
\n

United Kingdom

\n		\n

21CF Shine Holdings UK Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Among Giants Ltd

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United Kingdom

\n		\n

Artists Studio Management Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Artists' Studio TV Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Bad Ed The Movie Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Bandit (Delicious 3) Limited

\n		\n

97.86%

\n		\n

44.58%

\n
\n

United Kingdom

\n		\n

Banijay Brands Limited

\n		\n

-

\n		\n

25.45%

\n
\n

United Kingdom

\n		\n

Banijay Kids & Family (Holding) Limited

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Banijay Kids & Family Distribution Limited

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

BANIJAY MEDIA LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Banijay Rights Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Banijay Services Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Banijay UK Entertainment Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Banijay UK Productions Limited

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Bazal Productions Ltd.

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Black Mirror Drama (S4) Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Black Mirror Drama (S5) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Black Mirror Drama Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

BLACKLIGHT (DRAMA) LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

BlackLight Television Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Brand and Talent Consortium Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Brighter Pictures Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Brown Eyed Boy (MHB) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Brown Eyed Boy Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Bwark Films Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Bwark Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Castaway Television Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

ChannelFlip Media Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Dangerous Films Limited

\n		\n

68.50%

\n		\n

68.50%

\n
\n

United Kingdom

\n		\n

Darlow Smithson Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

DEFINITELY PRODUCTIONS LIMITED

\n		\n

-

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

DINOPAWS UK Limited

\n		\n

-

\n		\n

28.54%

\n
\n

United Kingdom

\n		\n

Double Dutch (Drama) Limited

\n		\n

49.03%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Double Dutch Productions Ltd

\n		\n

49.03%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Douglas Road Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Dragonfly Documentaries Limited (former Dragonfly Drama Limited)

\n		\n

97.86%

\n		\n

63.66%

\n
\n

United Kingdom

\n		\n

Dragonfly Film and Television Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Dream Alliance Productions Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Workerbee Live (Luminiscence) Limited (former DSP Drama 2 Limited)

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

DSP Drama 3 LTD

\n		\n

97.86%

\n		\n

49.03%

\n
\n

United Kingdom

\n		\n

DSP Drama 4 Limited

\n		\n

97.86%

\n		\n

49.03%

\n
\n

United Kingdom

\n		\n

DSP Drama Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Edam SLB Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Electric Robin (BITW) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Electric Robin (BTR) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Electric Robin (GOG) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Electric Robin Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Endemol Shine Gaming Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Endemol Shine Group Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Endemol UK Holding Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fall Productions Ltd

\n		\n

44.04%

\n		\n

44.04%

\n
\n

United Kingdom

\n		\n

Ty'r Ddraig Limited (former Far Moor Media Ltd)

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (AM) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (Domina) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (Fortitude 3) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (Guerrilla) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (KAW2) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms Productions Ltd

\n		\n

97.86%

\n		\n

44.04%

\n
\n

United Kingdom

\n		\n

FKAI productions Ltd

\n		\n

-

\n		\n

28.54%

\n
\n

United Kingdom

\n		\n

Garrison Drama Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Good Catch Ltd

\n		\n

-

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

GRAYPOOLE Films Ltd

\n		\n

-

\n		\n

28.54%

\n
\n

United Kingdom

\n		\n

Guilder Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

HANK ZIPZER Productions Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

Hawkshead Ltd.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

House of Tomorrow Drama Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

House of Tomorrow Holdings Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

House of Tomorrow Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Initial (Seaforth) Ltd.

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Initial Film & Television (Frankies House) Ltd.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Initial Film & Television (Horse Opera) Ltd.

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Initial Film & Television Ltd.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

IWC Media Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Izenda Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kale TV Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Kindle (Little Darlings) Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

Kindle Entertainment (Big and Small) Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

Kindle Entertainment (HANK ZIPZER) Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

KINDLE ENTERTAINMENT LIMITED

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

Kindle Entertainment Productions Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

KISS ME FIRST Ltd

\n		\n

-

\n		\n

28.54%

\n
\n

United Kingdom

\n		\n

Kudos (BG) Ltd

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Kudos (Broadchurch) Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

KUDOS (SAS 3) LIMITED (former Kudos (Burn Up) Ltd)

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Child) Ltd.

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Code 404) Limited

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Deadwater) Ltd.

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Deep Water) Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Eternal) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester 10) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester 8) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester 9) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester Five) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester Four) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester Seven) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester Six) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Gunpowder) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Hour) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Humans Three) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Humans) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (L&O) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Law) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Manhattan) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Morton) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Occupation) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (River) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (SAS 2) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (SAS) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Spooks) CP Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Squirrel) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

KUDOS (THIS TOWN) LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Tin Star) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Troy) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

KUDOS (GRANTCHESTER 11) LIMITED (former Kudos (Tsunami))

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Tunnel) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Two Weeks) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (WM) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (You) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Film & Television Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Financing Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Hustle Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Rights Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Scotland Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Lomond Television Ltd.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Lovely Day Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Mam Tor Productions (Open Water) Ltd

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Mam Tor Productions (Scotland) Ltd

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Mam Tor Productions (Wild Lion) Ltd

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Mam Tor Productions Limited

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

NC Shine Acquisition Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

New Moon Rising Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Newincco 1151 Ltd

\n		\n

48.94%

\n		\n

48.94%

\n
\n

United Kingdom

\n		\n

WORKERBEE MC DOC LIMITED (former Not Driving That Limited)

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

OP MEDIA Ltd

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 2 Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 3 Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 4 Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 5 Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 6 Limited

\n		\n

97.86%

\n		\n

48.94%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Princess Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

RDF Television Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Secret Life of Boys 5 Ltd

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Shelby Company Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Creative (UK) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Jet Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Midco Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Pictures (UK) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

SHINE TV (FM) LIMITED

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Shine TV (Hunted) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine TV Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shiny Button Productions (SPV) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shiny Button Productions (YCOM) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shiny Button Productions limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Simon's Cat Ltd

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Sound Pocket Music Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Spooks Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Superchargers Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Stan and Gran Productions Limited

\n		\n

78.29%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Ted\u2019s Top Ten Ltd

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Teen Taxis Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

THE A LIST (KEL) Ltd

\n		\n

-

\n		\n

29.11%

\n
\n

United Kingdom

\n		\n

THE A LIST 2 (KEL) Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

The Boys Are Back In Town Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

The Comedy Unit Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

The Fall 2 Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

The Fall 3 Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (3B) Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (AB4) Ltd

\n		\n

52.79%

\n		\n

-

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (AB5) Ltd.

\n		\n

52.79%

\n		\n

-

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Falling) Limited (former The Forge Entertainment (BE2) Ltd)

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (DEBS2) Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Debutante) Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (DM) Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Elizabeth) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (GenZ) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Highlands & Islands) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Home) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Kiri) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Marriage) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (National Treasure) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Productions) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Roadkill) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (REP) Limited (former The Forge Entertainment (ROTG) Ltd)

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Sandrine) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Shardlake) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (The Light) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (The Miniaturist) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment Limited

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Foundation T.V. Productions (Scotland) Limited

\n		\n

78.29%

\n		\n

40.64%

\n
\n

United Kingdom

\n		\n

The Natural Studios Limited

\n		\n

59.69%

\n		\n

32.20%

\n
\n

United Kingdom

\n		\n

The Natural Studios Productions Ltd

\n		\n

59.69%

\n		\n

32.20%

\n
\n

United Kingdom

\n		\n

TIGER ASPECT (3LB) LIMITED

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (BH&MP) Limited

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (Comedy) Ltd

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (Fortitude 2) Ltd

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (GKH) Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (GKH3) Limited

\n		\n

97.86%

\n		\n

59.69%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (Good Karma) Limited

\n		\n

97.86%

\n		\n

59.69%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (KAW) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (Viewpoint) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Animation Ltd

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Assets Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Drama (Curfew) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Drama (Ripper Street 4) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Drama Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Films Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Financing Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Holdings Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Kids & Family Limited

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Pictures (Dog Eat Dog) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Pictures (Royston Vasey) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Pictures (Tosspot) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Pictures Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Scotland Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Television Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Tigress Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tronpipe Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Victoria Real Ltd.

\n		\n

96.34%

\n		\n

96.34%

\n
\n

United Kingdom

\n		\n

Wild Mercury (Fear) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury (Moreton) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury (The Rig 2) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury (The Rig) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury (Troy) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury Production Company Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild West (Initial) Ltd.

\n		\n

97.86%

\n		\n

96.34%

\n
\n

United Kingdom

\n		\n

Wonder Television Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Workerbee (Jack) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

WORKERBEE (SPORTS) LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Workerbee Documentary Films Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

YELLOW BIRD PRODUCTIONS UK LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Yemen Distributions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Yemen Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Young Bwark Limited

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United Kingdom

\n		\n

Zeppotron Drama Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Zeppotron Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Zodiak Kids & Family Productions UK Limited

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Zodiak Kids UK Ltd

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Zodiak Music Publishing Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

51 Minds Entertainment LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

51 Minds, LLC

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

ACIP CO LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

All Knight Music LLC

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United States

\n		\n

Anonymous Music Library, LLC

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United States

\n		\n

Ant Eggs Rentals LLC

\n		\n

49.91%

\n		\n

39.93%

\n
\n

United States

\n		\n

Atrium Entertainment LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Authentic Entertainment Holding, LLC.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Authentic Entertainment, LLC.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Authentic Minds, LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Balich Wonder Studio USA Inc.

\n		\n

50.57%

\n		\n

25.29%

\n
\n

United States

\n		\n

Banijay Americas, Inc.

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

BANIJAY ENTERTAINMENT HOLDINGS US II INC

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United States

\n		\n

BANIJAY ENTERTAINMENT HOLDINGS US, INC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Banijay Mexico and US Hispanic, LLC

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United States

\n		\n

Banijay US Holdings Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Banijay US Live Entertainment, Inc

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

Berkeley Productions Inc

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United States

\n		\n

BG Apple LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Big Ant Productions, LLC

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United States

\n		\n

BL4 Productions Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

BMP Films Inc

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United States

\n		\n

Brigadier Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

BSNA Entertainment LLC

\n		\n

76.59%

\n		\n

76.59%

\n
\n

United States

\n		\n

BUNIM MURRAY PRODUCTIONS INC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

BUNIM MURRAY PRODUCTIONS LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Burbank North Productions, LLC

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

CCCM Projects LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Clock Tower Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Coconunu Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Complete Solution Pictures and Sound

\n		\n

76.59%

\n		\n

59.94%

\n
\n

United States

\n		\n

Creole Manny LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Cristal Ball Enterprises LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Crosswalk Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Distance Productions, Inc.

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

Endemol Beyond USA, LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol Latino N.A., Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol Shine Boomdog, LLC

\n		\n

49.91%

\n		\n

39.06%

\n
\n

United States

\n		\n

Endemol Shine SPV, LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol Shine US Office LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol Studios

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol USA Holding, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol USA Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Flow Ventures LLC

\n		\n

-

\n		\n

36.70%

\n
\n

United States

\n		\n

Front Yard Productions Inc.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United States

\n		\n

GloNation Studios LLC

\n		\n

4.99%

\n		\n

4.99%

\n
\n

United States

\n		\n

Go Ahead Productions Inc

\n		\n

76.59%

\n		\n

76.59%

\n
\n

United States

\n		\n

Gramercy\u00a0Global\u00a0Entertainment

\n		\n

58.23%

\n		\n

58.23%

\n
\n

United States

\n		\n

Gulf Stream Media Inc

\n		\n

76.59%

\n		\n

76.59%

\n
\n

United States

\n		\n

Hashtag Entertainment LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Hippocratical Productions LLC

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

Hizzoner LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

HMGGLO LLC

\n		\n

9.79%

\n		\n

0.50%

\n
\n

United States

\n		\n

Home Brewed Productions LLC

\n		\n

97.86%

\n		\n

76.59%

\n
\n

United States

\n		\n

Home Run Production Services LLC

\n		\n

75.84%

\n		\n

45.13%

\n
\n

United States

\n		\n

In the Keys Music LLC

\n		\n

48.93%

\n		\n

38.29%

\n
\n

United States

\n		\n

Keeping Track Music Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Legende Films Inc.

\n		\n

-

\n		\n

48.93%

\n
\n

United States

\n		\n

Lock and Key Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Lock Cut 9 LLC

\n		\n

48.93%

\n		\n

4.89%

\n
\n

United States

\n		\n

Look Both Ways Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

M Cable Television Inc

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

M Theory Entertainment, Inc

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

Media Production Services, LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Middleman LLC

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

Mobility Productions, Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Mountain View Productions LLC

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

Navy Street Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

No Doubt Post Production, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Note Republic LLC

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United States

\n		\n

NoVat Productions, LLC

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United States

\n		\n

Only on Oxnard LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Original Ink LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Original Media, LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Our House Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Oxnard Cats Entertainment LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Pico Script Lab, Inc.

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

PMPGL LLC

\n		\n

75.84%

\n		\n

38.68%

\n
\n

United States

\n		\n

Production Support Services, LLC.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Rhapsolody Music LB Inc.

\n		\n

49.91%

\n		\n

38.68%

\n
\n

United States

\n		\n

Road Rules Productions Inc

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

RW Productions Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

SHEA OFFICE SPACE AND FURNISHINGS

\n		\n

76.59%

\n		\n

76.59%

\n
\n

United States

\n		\n

Shine Television LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Shine US Holdings Inc

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

Snack Tray Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Spring Break Films LLC

\n		\n

-

\n		\n

24.95%

\n
\n

United States

\n		\n

Story Telling Inc.

\n		\n

-

\n		\n

48.93%

\n
\n

United States

\n		\n

Suns Productions, LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Sunset Ventures Inc

\n		\n

76.59%

\n		\n

59.94%

\n
\n

United States

\n		\n

Superior Production Services LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Swampy Projects LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Tasty Treat LLC

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United States

\n		\n

The American Cue Society LLC

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

Trade Winds Productions Inc

\n		\n

76.59%

\n		\n

-

\n
\n

United States

\n		\n

True Entertainment LLC

\n		\n

75.84%

\n		\n

58.78%

\n
\n

United States

\n		\n

True TTH, LLC

\n		\n

75.84%

\n		\n

59.35%

\n
\n

United States

\n		\n

Truly Original, LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Turnt up Productions LLC

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

UBBP Inc

\n		\n

76.59%

\n		\n

38.29%

\n
\n

United States

\n		\n

United Front Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Very Water Logged LLC

\n		\n

97.86%

\n		\n

76.59%

\n
\n

United States

\n		\n

Wheelhouse Productions LLC

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

YOLO Productions LLC

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

Zamora Films LLC

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

ZnakTV Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Zodiak Americas

\n		\n

97.86%

\n		\n

76.59%

\n
\n

United States

\n		\n

Zoom Equipment Rentals LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

\n
\n

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

Country of incorporation

\n		\n

Name of the legal entity

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Austria

\n		\n

influence.vision GmbH

\n		\n

-

\n		\n

36.93%

\n
\n

France

\n		\n

Black Lemon SAS

\n		\n

-

\n		\n

10.09%

\n
\n

France

\n		\n

Financi\u00e8re EMG

\n		\n

4.72%

\n		\n

4.77%

\n
\n

France

\n		\n

M.G. Productions

\n		\n

47.95%

\n		\n

48.45%

\n
\n

France

\n		\n

SA\u0112

\n		\n

47.95%

\n		\n

-

\n
\n

Germany

\n		\n

Dynamic Ally Pictures GmbH

\n		\n

29.13%

\n		\n

26.17%

\n
\n

Germany

\n		\n

Ladykracher TV-Produktion GmbH

\n		\n

44.14%

\n		\n

39.66%

\n
\n

Germany

\n		\n

Minestrone TV Produktion GbR

\n		\n

44.14%

\n		\n

39.66%

\n
\n

Italy

\n		\n

Greenboo Production S.r.l.

\n		\n

47.95%

\n		\n

48.45%

\n
\n

Netherlands

\n		\n

Content Intelligence B.V.

\n		\n

24.37%

\n		\n

24.62%

\n
\n

Netherlands

\n		\n

Crossmex B.V.

\n		\n

58.72%

\n		\n

59.33%

\n
\n

United Kingdom

\n		\n

Conker Pictures Limited

\n		\n

24.47%

\n		\n

24.72%

\n
\n

United Kingdom

\n		\n

Double Dutch (Drama) Limited

\n		\n

-

\n		\n

49.34%

\n
\n

United Kingdom

\n		\n

Double Dutch Productions Ltd

\n		\n

-

\n		\n

49.34%

\n
\n

United Kingdom

\n		\n

Esmeralda Productions Limited

\n		\n

29.33%

\n		\n

29.63%

\n
\n

United Kingdom

\n		\n

Immovable Studios Ltd.

\n		\n

19.57%

\n		\n

19.78%

\n
\n

United Kingdom

\n		\n

Rabbit Track Pictures Limited

\n		\n

20.93%

\n		\n

21.15%

\n
\n

United States

\n		\n

BD4 Productions LLC

\n		\n

47.95%

\n		\n

48.45%

\n
\n

United States

\n		\n

Hyphenated Media Group LLC

\n		\n

9.79%

\n		\n

9.89%

\n
\n

United States

\n		\n

Ensemble Entertainment LLC

\n		\n

1.47%

\n		\n

1.48%

\n
\n

\n

32.2Banijay Gaming\u2019s sub-group consolidation scope

\n

The table below presents the percentage of ownership interest in Betclic Everest Group\u00a0SAS subsidiaries held by the Group (including Banijay Group\u2019s indirect ownership)

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

Name of the legal entity

\n		\n

Country of incorporation

\n		\n

2025

\n		\n

2024

\n
\n

Betclic Everest Group SAS

\n		\n

France

\n		\n

Holding

\n		\n

Holding

\n
\n

Mangas Investment Ltd.

\n		\n

Malta

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Betclic Enterprises Ltd

\n		\n

Malta

\n		\n

94.60%

\n		\n

94.60%

\n
\n

BC Malta Services Ltd.

\n		\n

Malta

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Mangas Gaming Malta Ltd.

\n		\n

Malta

\n		\n

94.60%

\n		\n

94.60%

\n
\n

BEM Operations Ltd.

\n		\n

Malta

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Betclic Overseas Ltd

\n		\n

Malta

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Equinox Ltd.

\n		\n

Gibraltar

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Mater Ltd.

\n		\n

Gibraltar

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Betclic Ltd.

\n		\n

Malta

\n		\n

0.00%

\n		\n

94.60%

\n
\n

BC Marketing Agency Italia Srl.

\n		\n

Italy

\n		\n

0.00%

\n		\n

94.60%

\n
\n

BC Poland Services Sp z.o.o.

\n		\n

Poland

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Euro Gaming Investment SA

\n		\n

Luxembourg

\n		\n

94.60%

\n		\n

94.60%

\n
\n

EG Portugal Sul.

\n		\n

Portugal

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Mangas Gambling Engineering

\n		\n

France

\n		\n

94.60%

\n		\n

94.60%

\n
\n

WSF Odds S.r.l.

\n		\n

Italy

\n		\n

47.30%

\n		\n

47.30%

\n
\n

Oddshaker S.r.l

\n		\n

Italy

\n		\n

94.60%

\n		\n

0.00%

\n
\n

Betclic Holding SAS

\n		\n

France

\n		\n

94.60%

\n		\n

0.00%

\n
\n

Betclic Overseas SAS

\n		\n

France

\n		\n

85.14%

\n		\n

85.14%

\n
\n

Betclic Senegal SASU

\n		\n

Senegal

\n		\n

85.14%

\n		\n

85.14%

\n
\n

Betclic C\u00f4te d'Ivoire SASU

\n		\n

C\u00f4te d'Ivoire

\n		\n

85.14%

\n		\n

85.14%

\n
\n

Betclic RDC SASU

\n		\n

Democratic Republic of Congo

\n		\n

85.14%

\n		\n

85.14%

\n
\n

Betclic Cameroun SASU

\n		\n

Cameroun

\n		\n

85.14%

\n		\n

85.14%

\n
\n

Betclic B\u00e9nin SASU

\n		\n

Benin

\n		\n

85.14%

\n		\n

85.14%

\n
\n

Bet-at-home AG Germany

\n		\n

Germany

\n		\n

0.00%

\n		\n

50.99%

\n
\n

Bet-at-home Entertainment Gmbh

\n		\n

Austria

\n		\n

0.00%

\n		\n

50.99%

\n
\n

Entertainment Beteiligungsholding Gmbh

\n		\n

Austria

\n		\n

0.00%

\n		\n

50.99%

\n
\n

Bet-at-home.com Niederlande Gmbh

\n		\n

Austria

\n		\n

0.00%

\n		\n

50.99%

\n
\n

Jonsden Properties Ltd.

\n		\n

Gibraltar

\n		\n

0.00%

\n		\n

50.99%

\n
\n

Bet-at-home Holding Ltd.

\n		\n

Malta

\n		\n

0.00%

\n		\n

50.99%

\n
\n

Bet-at-home International Ltd.

\n		\n

Malta

\n		\n

0.00%

\n		\n

50.99%

\n
\n

Bet-at-home Internet Ltd.

\n		\n

Malta

\n		\n

0.00%

\n		\n

50.99%

\n
\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10419010984580435_0_0": { "value": "

2.2Scope of consolidation

\n

The legal entities and sub-groups forming part of the Group are as follows:

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

Name of the legal entity\u00a0or sub-group

\n		\n

Country of incorporation

\n		\n

% of ownership interest

\n
\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Banijay Group N.V.

\n		\n

The Netherlands

\n		\n

Parent company

\n		\n

Parent company

\n
\n

Banijay Events SAS

\n		\n

France

\n		\n

100.00%

\n		\n

100.00%

\n
\n

Banijay Holding SAS

\n		\n

France

\n		\n

100.00%

\n		\n

100.00%

\n
\n

Fonds de dotation FLE SAS

\n		\n

France

\n		\n

100.00%

\n		\n

100.00%

\n
\n

FLE Holding 1 SAS

\n		\n

France

\n		\n

100.00%

\n		\n

100.00%

\n
\n

Banijay Experience SAS

\n		\n

France

\n		\n

100.00%

\n		\n

100.00%

\n
\n

The Independents Group

\n		\n

Luxembourg

\n		\n

14.05%

\n		\n

14.22%

\n
\n

Sub-Group Banijay Gaming

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

\u2022Betclic Everest Group

\n		\n

France

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Sub-Group Banijay Entertainment &\u00a0Live

\n		\n

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

\u2022Banijay SAS

\n		\n

France

\n		\n

97.86%

\n		\n

98.88%

\n
\n

All companies and sub-groups in the table above are fully consolidated except The Independents Group, which was consolidated using the equity method. The sub-groups also have interests in associates and joint ventures.

\n
2.5.1Basis of consolidation
\n

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) up to 31\u00a0December each year. Control is achieved when the Company:

\n

\u2022has power over the investee;

\n

\u2022is exposed, or has rights, to variable returns from its involvement with the investee; and

\n

\u2022has the ability to use its power to affect its returns.

\n

The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

\n

Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the Company gains control until the date the Company ceases to control the subsidiary.

\n

Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non\u2011controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Company and to the non\u2011controlling interests even if this results in the non\u2011controlling interests having a deficit balance.

\n

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with the Group\u2019s accounting policies.

\n

All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation.

\n

Non\u2011controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. The interests of non\u2011controlling shareholders that represent ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non\u2011controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is made on an acquisition\u2011by\u2011acquisition basis. Other non\u2011controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non\u2011controlling interests is the amount of those interests at initial recognition plus the non\u2011controlling interests\u2019 share of subsequent changes in equity.

\n

Changes in the Group\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group\u2019s interests and the non\u2011controlling interests are adjusted to reflect changes in their relative interests in the subsidiaries. Any difference between the amount by which the non\u2011controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company.

\n

When the Group loses control of a subsidiary, the gain or loss on disposal recognised in profit or loss is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), less liabilities of the subsidiary and any non\u2011controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e.\u00a0reclassified to profit or loss or transferred to another category of equity as required/permitted by applicable IFRS\u00a0standards). The fair value of any investment retained in the former subsidiary at the date control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS\u00a09\u00a0Financial Instruments when applicable, or the cost on initial recognition of an investment in an associate or a joint venture.

\n
2.5.5Investments in associates and joint ventures
\n

An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.

\n

A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.

\n

The results and net assets (or net liabilities) of associates or joint ventures are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS\u00a05.

\n

Under the equity method, an investment in an associate or a joint venture is recognised initially in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the associate or joint venture.

\n

On acquisition of the investment in an associate or a joint venture, any excess of the cost of the investment over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment.

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

Note 4

\n		\n

Significant events

\n
\n

4.1Significant events that occurred in 2025

\n
4.1.2Banijay Entertainment & Live
\n
Lotchi
\n

On 2 January 2025, Banijay acquired Lotchi, a company based in France. Following the integration of Balich Wonder Studio in 2023, this acquisition is part of the Group's strategy to expand its Live Events division.

\n

Lotchi is a start-up founded by Romain Sarfati in 2023 which has gained recognition in France for its concept of live orchestras to deliver cultural shows in landmark venues. Lotchi is a creator of live immersive experiences with debut show \u201cLuminiscence\u201d already attracting more than 350,000\u00a0spectators across France at the time of the acquisition.

\n

Now part of the Group, Lotchi is deploying its immersive experience across iconic monuments in major international cities within Banijay\u2019s footprint. The concept was already live in 2025 in Brazil, Germany, the Netherlands, Spain, the UK, and the USA, and is expected to launch in Mexico in 2026.

\n
4.1.3Banijay Gaming
\n
Disposal OF Bet-at-home
\n

As part of Betclic\u2019s acquisition of a majority stake in Tipico \u2013 one of the leading sports betting operators in Germany \u2013 the Group was required to dispose of its 53.9% stake in Bet-at-home (\"BaH\"). Bet-at-home was deconsolidated on 30 November 2025, when the loss-of-control threshold under IFRS 10 was reached. All shares were disposed of as of 31 December 2025. Consolidated results are recognised up to that date.

\n

The deconsolidation resulted in the derecognition of BaH\u2019s net assets and a consolidated loss of \u20ac13.8 million.

\n

The disposal of Bet-at-home does not meet the definition of a discontinued operation under IFRS 5. The standard requires a complete exit from a major business line or geographical area, which is not the case here. The Group will remain active in the German sports betting market through Tipico subject to completion of the Tipico acquisition. Accordingly, the disposal does not represent the cessation of an activity as defined by IFRS 5 and should not be presented as a discontinued operation.

\n

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

Note 17

\n		\n

Investments in entities accounted for under the equity method

\n
\n

17.1Main investments in associates and joint ventures

\n

As of 31\u00a0December 2025, the Group The Independents, through the entity K10 Holding\u00a0S.A. (\u201cK10\u201d), was the main company accounted for by Banijay Group\u00a0N.V. under the equity method.

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

(in \u20ac million)

\n		\n

Voting interests

\n		\n

Net carrying amount
of equity affiliates

\n
\n

31 December 2025

\n		\n

31 December 2024

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

The Independents

\n		\n

14.05%(1)

\n		\n

14.22%

\n		\n

75.9

\n		\n

74.1

\n
\n

Other

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

21.8

\n		\n

35.7

\n
\n

Investments in associates and joint ventures

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

97.7

\n		\n

109.8

\n
\n

(1)Including (i) the direct participation through K10 C bis shares recognised as a financial asset (3.64%) and (ii) the indirect participation through Gardenia (1.49%)\u00a0as of December 2025 (and, respectively, 3.78% and 1.52% as of 31 December 2024) \u2013 please refer to Note 17.2 for further explanation.

\n
\n

Change in the value of investments in associates and joint ventures:

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Value as of 1\u00a0January

\n		\n

109.8

\n		\n

31.7

\n
\n

Results of the period

\n		\n

(0.9)

\n		\n

(3.1)

\n
\n

Dividend paid

\n		\n

(0.1)

\n		\n

(0.3)

\n
\n

Capital increase(1)

\n		\n

0.5

\n		\n

13.9

\n
\n

Impairment(2)

\n		\n

(10.0)

\n		\n

(2.4)

\n
\n

Change in consolidation scope(3)

\n		\n

(1.0)

\n		\n

80.3

\n
\n

Foreign currency translation reserve

\n		\n

(1.4)

\n		\n

0.9

\n
\n

Change in consolidation method

\n		\n

(0.0)

\n		\n

-

\n
\n

Negative equity portion transferred to provisions for financial risk

\n		\n

0.3

\n		\n

(0.1)

\n
\n

Reclassification in loan(4)

\n		\n

-

\n		\n

(11.0)

\n
\n

Others

\n		\n

0.5

\n		\n

0.0

\n
\n

Value as of 31\u00a0December

\n		\n

97.7

\n		\n

109.8

\n
\n

(1)Capital increase mainly relates to investments in Hyphenated Media Group (USA), Greenboo (Italy) and Esmeralda (UK).

\n

(2)Following fair value measurement based on expected performance and impairment has been booked in \u201cShare of net income from associates & joint venture\u2019\u2019.

\n

(3)Change in consolidation scope: mainly related to Double Dutch & Influence Vision (Equity to full consolidation).

\n

(4)In 2024, the decrease in investments in associates concerned Financi\u00e8re EMG due to a partial capital reimbursement from the entity converted into a convertible loan.

\n
\n

17.2The Independents Group

\n
17.2.1Overview of investments in The Independents
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u00a0

\n		\n

At acquisition date

\n		\n

31 December 2025

\n		\n

Measurement

\n
\n

K10 A Shares(1)

\n		\n

9.26%

\n		\n

8.92%

\n		\n

Equity method

\n
\n

K10 C bis shares

\n		\n

3.78%

\n		\n

3.64%

\n		\n

Financial assets at\u00a0fair value

\n
\n

Indirect K10 A shares detention through Gardenia

\n		\n

1.55%

\n		\n

1.49%

\n		\n

Financial assets at\u00a0fair value

\n
\n

Total proportion In K10\u00a0share capital

\n		\n

14.59%

\n		\n

14.05%

\n		\n

\u00a0

\n
\n

(1)The percentage used for the equity method amounts to 10.56% at the transaction date and 10.12% as of 31 December 2025, as described below.

\n
\n
17.2.2Equity accounting of The Independents
\n

In July 2024, the Group, through Banijay Events, exercised a call option to acquire 30% of Gardenia\u2019s ordinary shares in K10 Holding S.A (holding entity of the group The Independents), representing 5,323,985 K10 A ordinary shares for -\u20ac72.8 million by cash-out. The completion of these transactions occurred on 19 July 2024. Those K10\u00a0A ordinary shares represented, at the transaction date, 9.26% of the total share capital of K10 taking into account the preferred shares with non-voting shares or privileged dividend rights. The analysis of the shareholders' agreements as well as the rights and obligations provided by the ordinary shares demonstrates that the Group has a significant influence over K10.

\n

The Group relies on the estimation of TIL earnings to account for its interest in TIL under the equity method. The proportionate share in TIL to be accounted for is based on the Group\u2019s ownership interest in the ordinary shares and preferred shares with voting rights excluding (i) the C bis preferred shares for which the Group recognised a financial asset, (ii) the D preferred shares for which the priority dividends are adjusted from the profits to be considered for the equity method. This proportionate share represents 10.25% as of 31 December 2024 and 10.12% as of 31\u00a0December 2025.

\n

17.3Financial information of main investments in associates and joint ventures

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

The Independents (100%)(1)

\n		\n

Other

\n		\n

Associates
and joint ventures

\n
\n

Non-current assets

\n		\n

507.8

\n		\n

447.5

\n		\n

849.7

\n
\n

Current assets

\n		\n

331.2

\n		\n

121.1

\n		\n

474.7

\n
\n

Total assets

\n		\n

839.0

\n		\n

568.7

\n		\n

1 324.4

\n
\n

Total equity

\n		\n

219.9

\n		\n

(145.7)

\n		\n

127.9

\n
\n

Non-current liabilities

\n		\n

406.1

\n		\n

499.5

\n		\n

756.8

\n
\n

Current liabilities

\n		\n

212.9

\n		\n

214.8

\n		\n

439.7

\n
\n

Total liabilities

\n		\n

839.0

\n		\n

568.7

\n		\n

1 324.4

\n
\n

Revenue

\n		\n

626.2

\n		\n

250.1

\n		\n

731.0

\n
\n

Net result

\n		\n

0.2

\n		\n

(45.6)

\n		\n

(24.5)

\n
\n

(1)Figures as at 31\u00a0December 2024.

\n
\n

19.2Changes in ownership interest in subsidiaries that do not result in a loss of\u00a0control

\n

In 2025, the changes on non-controlling interests are impacted as follows:

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

(in \u20ac million)

\n		\n

31\u00a0December 2025

\n
\n

Shareholders\u2019 equity

\n		\n

Non-controlling interests

\n		\n

Total consolidated equity

\n
\n

\u2022Exercise of warrants at Banijay Entertainment level

\n		\n

11.2

\n		\n

0.8

\n		\n

12.0

\n
\n

\u2022Others

\n		\n

(1.5)

\n		\n

1.2

\n		\n

(0.3)

\n
\n

Changes in ownership interest in subsidiaries that do not result in a loss of control

\n		\n

9.7

\n		\n

2.0

\n		\n

11.7

\n
\n

In 2024, in the context of the Contribution of all Banijay SAS shares held by Banijay\u00a0SAS key managers in exchange for Ordinary Shares, consolidated equity was impacted as follows:

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

(in \u20ac million)

\n		\n

31\u00a0December 2024

\n
\n

Shareholders\u2019 equity

\n		\n

Non-controlling interests

\n		\n

Total consolidated equity

\n
\n

First accounting put option on entity already controlled

\n		\n

(17.4)

\n		\n

(1.0)

\n		\n

(18.4)

\n
\n

Changes in ownership interest in subsidiaries that\u00a0do\u00a0not result in a loss of control

\n		\n

(17.4)

\n		\n

(1.0)

\n		\n

(18.4)

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

Note 20

\n		\n

Non-controlling interests

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

(in \u20ac million)

\n

Name of the subsidiary

\n		\n

31\u00a0December 2025

\n
\n

Accumu-lated NCI
as of
01.01.2025

\n		\n

Profit for the period

\n		\n

OCI for the period

\n		\n

Changes in ownership interest in subsidiaries that do not result in a loss of control

\n		\n

Changes in non-controlling interests that result in a gain/(loss) of control

\n		\n

Dividends and share premium distributed to NCI

\n		\n

Others

\n		\n

Accumu-lated NCI
as of
31.12.2025

\n
\n

BEG Group

\n		\n

0.5

\n		\n

15.4

\n		\n

0.1

\n		\n

1.0

\n		\n

(9.1)

\n		\n

(8.8)

\n		\n

1.0

\n		\n

0.0

\n
\n

Banijay\u00a0SAS

\n		\n

18.5

\n		\n

1.8

\n		\n

(1.1)

\n		\n

1.0

\n		\n

\u00a0

\n		\n

(15.1)

\n		\n

9.4

\n		\n

14.4

\n
\n

Total

\n		\n

19.0

\n		\n

17.2

\n		\n

(1.0)

\n		\n

2.0

\n		\n

(9.1)

\n		\n

(23.9)

\n		\n

10.4

\n		\n

14.4

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

(in \u20ac million)

\n

Name of the subsidiary

\n		\n

31\u00a0December 2024

\n
\n

Accumu-lated NCI
as of
01.01.2024

\n		\n

Profit for the period

\n		\n

OCI for the period

\n		\n

Changes in ownership interest in subsidiaries that do not result in a loss of control

\n		\n

Changes in non-controlling interests that result in a gain/(loss) of control

\n		\n

Dividends and share premium distributed to NCI

\n		\n

Others

\n		\n

Accumu-lated NCI
as of
31.12.2024

\n
\n

BEG Group

\n		\n

(4.3)

\n		\n

9.2

\n		\n

(0.0)

\n		\n

\n		\n

\n		\n

(5.8)

\n		\n

1.4

\n		\n

0.5

\n
\n

Banijay\u00a0SAS

\n		\n

23.6

\n		\n

(0.7)

\n		\n

0.7

\n		\n

\u00a0

\n		\n

(1.5)

\n		\n

(10.6)

\n		\n

7.1

\n		\n

18.5

\n
\n

Total

\n		\n

19.3

\n		\n

8.5

\n		\n

0.6

\n		\n

-

\n		\n

(1.5)

\n		\n

(16.4)

\n		\n

8.5

\n		\n

19.0

\n
\n

\n

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

Note 32

\n		\n

List of sub-group Banijay Entertainment and Live and sub-group Banijay Gaming's subsidiaries

\n
\n

32.1Banijay Entertainment and Live\u2019s sub-group consolidation scope

\n

The table below presents the percentage of ownership interest in Banijay\u00a0SAS subsidiaries held by the Group (including Banijay Group\u2019s indirect ownership):

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

Country of incorporation

\n		\n

Name of the legal entity

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Australia

\n		\n

Endemol Shine Australia Holdings Pty Limited

\n		\n

97.86%

\n		\n

98.88%

\n
\n

Australia

\n		\n

Endemol Shine Australia Pty Ltd

\n		\n

97.86%

\n		\n

6.54%

\n
\n

Australia

\n		\n

Endemol Southern Star Pty. Ltd.

\n		\n

97.86%

\n		\n

92.34%

\n
\n

Australia

\n		\n

ESA Productions 1 Pty Ltd

\n		\n

97.86%

\n		\n

0.00%

\n
\n

Australia

\n		\n

ESA Productions 2 Pty Ltd

\n		\n

97.86%

\n		\n

0.00%

\n
\n

Australia

\n		\n

ESA Productions 3 Pty Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

Australia

\n		\n

ESA Productions 4 PTY Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

Australia

\n		\n

ESA Productions 5 Pty Ltd

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

ESA Productions 6 Pty Ltd

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

ESA Productions 7 PTY LTD

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Australia

\n		\n

ESA Productions 8 PTY LTD

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Australia

\n		\n

ESA PRODUCTIONS 9 PTY LTD

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

ESA Services Pty Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Australia

\n		\n

HQWS APAC\u00a0PTY LTD

\n		\n

25.80%

\n		\n

25.80%

\n
\n

Australia

\n		\n

Screentime Commercial Pty Limited

\n		\n

97.86%

\n		\n

95.90%

\n
\n

Australia

\n		\n

Screentime Productions No 1\u00a0Pty Ltd

\n		\n

95.90%

\n		\n

93.98%

\n
\n

Australia

\n		\n

Screentime Productions No 2 pty Ltd

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

Screentime Productions No. 3 Pty Ltd

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

SCREENTIME Pty Limited

\n		\n

97.86%

\n		\n

95.90%

\n
\n

Australia

\n		\n

Shine Australia Holdings Pty Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Australia

\n		\n

Endemol Australia Pty Ltd

\n		\n

97.86%

\n		\n

25.45%

\n
\n

Austria

\n		\n

influence.vision GmbH

\n		\n

45.03%

\n		\n

-

\n
\n

Belgium

\n		\n

Banijay Belgium

\n		\n

97.86%

\n		\n

95.90%

\n
\n

Belgium

\n		\n

JONNYDEPONY BV

\n		\n

49.98%

\n		\n

48.99%

\n
\n

Brazil

\n		\n

A F\u00c1BRICA ENTRETENIMENTO E PARTICIPA\u00c7\u00d5ES S.A.

\n		\n

56.76%

\n		\n

48.91%

\n
\n

Brazil

\n		\n

Banijay Estudios Ltda

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Brazil

\n		\n

Endemol Shine Brasil Produ\u00e7\u00f4es Ltda

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Columbia

\n		\n

Banijay Colombia S.A.S

\n		\n

49.91%

\n		\n

-

\n
\n

Denmark

\n		\n

Banijay Denmark ApS

\n		\n

97.86%

\n		\n

45.03%

\n
\n

Denmark

\n		\n

Banijay Nordic ApS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Denmark

\n		\n

Jarowskij Danmark A/S

\n		\n

97.86%

\n		\n

49.98%

\n
\n

Denmark

\n		\n

Mastiff A/S

\n		\n

97.86%

\n		\n

56.76%

\n
\n

Denmark

\n		\n

Metronome Productions A/S

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Denmark

\n		\n

NORDISK FILM TV A/S

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Fiji

\n		\n

The Landing (Fiji) Pte Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Finland

\n		\n

Banijay Finland Oy

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Finland

\n		\n

BANIJAY Holding Suomi OY

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

4-3-3 Production

\n		\n

-

\n		\n

-

\n
\n

France

\n		\n

Adventure Line Productions

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Air Productions

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

ALP Music

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Alphonse Productions

\n		\n

-

\n		\n

48.93%

\n
\n

France

\n		\n

Atlantis Factory

\n		\n

48.93%

\n		\n

48.93%

\n
\n

France

\n		\n

Authentic Media SAS

\n		\n

64.59%

\n		\n

64.59%

\n
\n

France

\n		\n

Authentic Music SAS

\n		\n

64.59%

\n		\n

-

\n
\n

France

\n		\n

B PROD SAS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Balich Wonder Studio France SAS

\n		\n

50.57%

\n		\n

50.57%

\n
\n

France

\n		\n

Banijay Central 11 SAS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay Central 3

\n		\n

97.86%

\n		\n

-

\n
\n

France

\n		\n

Banijay Clipping

\n		\n

73.40%

\n		\n

36.70%

\n
\n

France

\n		\n

Banijay Content

\n		\n

73.40%

\n		\n

48.44%

\n
\n

France

\n		\n

BANIJAY EDITING

\n		\n

73.40%

\n		\n

48.44%

\n
\n

France

\n		\n

Banijay Entertainment SASU

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay France

\n		\n

97.86%

\n		\n

49.91%

\n
\n

France

\n		\n

BANIJAY INTERNATIONAL

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay Kids & Family Distribution France SAS

\n		\n

78.29%

\n		\n

75.35%

\n
\n

France

\n		\n

Banijay Live Events

\n		\n

97.86%

\n		\n

73.40%

\n
\n

France

\n		\n

Banijay Live Studio

\n		\n

97.86%

\n		\n

-

\n
\n

France

\n		\n

BANIJAY PRODUCTION MEDIA

\n		\n

97.86%

\n		\n

73.40%

\n
\n

France

\n		\n

Banijay Social Media SAS

\n		\n

73.40%

\n		\n

73.40%

\n
\n

France

\n		\n

Banijay Studios France

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay Studios France MA2 SAS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay Talent

\n		\n

73.40%

\n		\n

58.72%

\n
\n

France

\n		\n

BASE RECORDS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Beau Soir Productions

\n		\n

48.93%

\n		\n

48.93%

\n
\n

France

\n		\n

Connecting Prod

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

D.M.L.S TV

\n		\n

68.50%

\n		\n

51.38%

\n
\n

France

\n		\n

Daze MGMT

\n		\n

36.70%

\n		\n

36.70%

\n
\n

France

\n		\n

DMLS Films

\n		\n

68.50%

\n		\n

68.50%

\n
\n

France

\n		\n

DMLS Productions

\n		\n

-

\n		\n

51.38%

\n
\n

France

\n		\n

Endemol Fiction

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Endemol France

\n		\n

97.86%

\n		\n

48.93%

\n
\n

France

\n		\n

Endemol Production

\n		\n

-

\n		\n

97.86%

\n
\n

France

\n		\n

Festival'Air

\n		\n

97.86%

\n		\n

68.50%

\n
\n

France

\n		\n

Fiction'Air

\n		\n

97.86%

\n		\n

36.70%

\n
\n

France

\n		\n

G\u00e9t\u00e9v\u00e9 Productions

\n		\n

-

\n		\n

-

\n
\n

France

\n		\n

H2O DIVERTISSEMENT

\n		\n

-

\n		\n

-

\n
\n

France

\n		\n

H2O FICTIONS

\n		\n

-

\n		\n

97.86%

\n
\n

France

\n		\n

H2O JEUX

\n		\n

-

\n		\n

97.86%

\n
\n

France

\n		\n

H2O PRODUCTIONS

\n		\n

97.86%

\n		\n

-

\n
\n

France

\n		\n

IMAGES ON AIR

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

KM

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

KM Presse

\n		\n

97.86%

\n		\n

-

\n
\n

France

\n		\n

Lotchi

\n		\n

49.91%

\n		\n

-

\n
\n

France

\n		\n

Lodition

\n		\n

-

\n		\n

-

\n
\n

France

\n		\n

Monello Productions

\n		\n

59.50%

\n		\n

-

\n
\n

France

\n		\n

Montmartre Films

\n		\n

48.93%

\n		\n

-

\n
\n

France

\n		\n

Non Stop Edition

\n		\n

73.40%

\n		\n

73.40%

\n
\n

France

\n		\n

Non Stop Productions

\n		\n

73.40%

\n		\n

73.40%

\n
\n

France

\n		\n

Ollenom Studio

\n		\n

59.50%

\n		\n

57.27%

\n
\n

France

\n		\n

Pistache TV

\n		\n

97.76%

\n		\n

49.86%

\n
\n

France

\n		\n

Pitchipo\u00ef Productions

\n		\n

48.93%

\n		\n

-

\n
\n

France

\n		\n

Procidis SAS

\n		\n

39.93%

\n		\n

23.37%

\n
\n

France

\n		\n

Puzzle Media

\n		\n

49.91%

\n		\n

24.95%

\n
\n

France

\n		\n

Screenline

\n		\n

97.86%

\n		\n

73.40%

\n
\n

France

\n		\n

SCREENLINE SPV1

\n		\n

97.86%

\n		\n

73.40%

\n
\n

France

\n		\n

Shine Fiction

\n		\n

50.89%

\n		\n

30.94%

\n
\n

France

\n		\n

Kons'Air

\n		\n

97.86%

\n		\n

19.55%

\n
\n

France

\n		\n

Soci\u00e9t\u00e9 Miss France

\n		\n

97.86%

\n		\n

48.93%

\n
\n

France

\n		\n

Studio Kilim SNC

\n		\n

97.86%

\n		\n

39.93%

\n
\n

France

\n		\n

Studio Maboul

\n		\n

97.86%

\n		\n

49.91%

\n
\n

France

\n		\n

Sulak Film SAS

\n		\n

-

\n		\n

48.93%

\n
\n

France

\n		\n

Survivor Central Productions

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Talent Lab

\n		\n

73.40%

\n		\n

38.17%

\n
\n

France

\n		\n

Terence Films

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Upper Talent SAS

\n		\n

73.40%

\n		\n

73.40%

\n
\n

France

\n		\n

Vision Air

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Yasuke Production SAS

\n		\n

48.93%

\n		\n

48.93%

\n
\n

France

\n		\n

Zodiak Kids Studio France

\n		\n

78.29%

\n		\n

-

\n
\n

France

\n		\n

B PROD CA TOURNE SAS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

B PROD EDITING SAS

\n		\n

97.86%

\n		\n

73.40%

\n
\n

Germany

\n		\n

Banijay Germany GmbH

\n		\n

88.28%

\n		\n

78.50%

\n
\n

Germany

\n		\n

Banijay Germany Live GmbH

\n		\n

88.28%

\n		\n

58.88%

\n
\n

Germany

\n		\n

Banijay Media Germany GmbH

\n		\n

88.29%

\n		\n

78.50%

\n
\n

Germany

\n		\n

Banijay Productions Germany GmbH

\n		\n

83.87%

\n		\n

37.28%

\n
\n

Germany

\n		\n

BRAINPOOL Beteilligungsgesellschaft mbH

\n		\n

-

\n		\n

62.80%

\n
\n

Germany

\n		\n

BRAINPOOL Entertainment GmbH

\n		\n

88.29%

\n		\n

78.50%

\n
\n

Germany

\n		\n

BRAINPOOL Live Entertainment GmbH

\n		\n

-

\n		\n

78.50%

\n
\n

Germany

\n		\n

BRAINPOOL TV GmbH

\n		\n

88.29%

\n		\n

70.82%

\n
\n

Germany

\n		\n

CAPE CROSS Entertainment Services GmbH

\n		\n

88.29%

\n		\n

0.00%

\n
\n

Germany

\n		\n

CAPE CROSS Postproduktions GmbH

\n		\n

88.29%

\n		\n

70.83%

\n
\n

Germany

\n		\n

en2rage Management & Consulting GmbH

\n		\n

22.96%

\n		\n

17.50%

\n
\n

Germany

\n		\n

Endemol Shine Germany GmbH

\n		\n

88.28%

\n		\n

-

\n
\n

Germany

\n		\n

Endemol Shine Group Germany GmbH

\n		\n

88.28%

\n		\n

70.83%

\n
\n

Germany

\n		\n

Entera Unternehmergesellschaft (haftungsbeschr\u00e4nkt)

\n		\n

-

\n		\n

-

\n
\n

Germany

\n		\n

Good Times Fernsehproduktions GmbH

\n		\n

-

\n		\n

70.83%

\n
\n

Germany

\n		\n

Good Humor

\n		\n

86.52%

\n		\n

-

\n
\n

Germany

\n		\n

Lucky Pics GmbH

\n		\n

45.03%

\n		\n

36.12%

\n
\n

Germany

\n		\n

MadeFor Film GmbH

\n		\n

88.28%

\n		\n

18.42%

\n
\n

Germany

\n		\n

MadeFor Music Publishing GmbH

\n		\n

88.28%

\n		\n

70.82%

\n
\n

Germany

\n		\n

Major.Minor Musikverlag GmbH

\n		\n

88.28%

\n		\n

70.82%

\n
\n

Germany

\n		\n

MTS Management T\u00f6ne Stallmeyer GmbH

\n		\n

79.46%

\n		\n

-

\n
\n

Germany

\n		\n

M\u00fcnsteraner Tourneeservice MTS Live GmbH

\n		\n

70.65%

\n		\n

-

\n
\n

Germany

\n		\n

NOISY PICTURES GmbH

\n		\n

-

\n		\n

69.41%

\n
\n

Germany

\n		\n

OGPP only good party people GmbH (former OGP Live GmbH i.G.)

\n		\n

45.03%

\n		\n

18.42%

\n
\n

Germany

\n		\n

Raab TV-Produktion GmbH

\n		\n

-

\n		\n

-

\n
\n

Germany

\n		\n

POTATOHEAD PICTURES GmbH

\n		\n

61.80%

\n		\n

49.57%

\n
\n

Germany

\n		\n

Rainer Laux Productions GmbH

\n		\n

45.03%

\n		\n

32.51%

\n
\n

Germany

\n		\n

SR Management GmbH

\n		\n

45.03%

\n		\n

28.90%

\n
\n

Germany

\n		\n

WeMynd GmbH

\n		\n

15.89%

\n		\n

-

\n
\n

India

\n		\n

Endemol India Private Limited

\n		\n

97.86%

\n		\n

45.03%

\n
\n

India

\n		\n

Ink Pen Media Private Limited

\n		\n

97.86%

\n		\n

-

\n
\n

India

\n		\n

Logline Production Private Ltd

\n		\n

97.86%

\n		\n

45.03%

\n
\n

India

\n		\n

SEVENTAURAUS ENTERTAINMENT STUDIO PRIVATE LIMITED

\n		\n

94.75%

\n		\n

30.96%

\n
\n

Ireland

\n		\n

Beyond Entertainment Holdings Limited

\n		\n

97.86%

\n		\n

45.03%

\n
\n

Ireland

\n		\n

Beyond Rights (Ireland) Limited

\n		\n

-

\n		\n

45.03%

\n
\n

Ireland

\n		\n

Beyond Rights Distribution Limited

\n		\n

78.29%

\n		\n

12.24%

\n
\n

Ireland

\n		\n

Melodia Limited

\n		\n

-

\n		\n

32.62%

\n
\n

Israel

\n		\n

Endemol Israel Ltd

\n		\n

95.35%

\n		\n

95.35%

\n
\n

Israel

\n		\n

Movie Plus Productions (2005) Ltd.

\n		\n

48.63%

\n		\n

48.63%

\n
\n

Israel

\n		\n

Paolina Jerusalem Productions Ltd

\n		\n

48.63%

\n		\n

47.08%

\n
\n

Italy

\n		\n

Ascent Film S.r.l.

\n		\n

49.91%

\n		\n

49.91%

\n
\n

Italy

\n		\n

ATLANTIS FILM & VIDEO SRL

\n		\n

97.86%

\n		\n

-

\n
\n

Italy

\n		\n

AURORA TV SRL

\n		\n

97.86%

\n		\n

78.29%

\n
\n

Italy

\n		\n

BAG MEDIA S.R.L.

\n		\n

48.93%

\n		\n

-

\n
\n

Italy

\n		\n

Balich Wonder Studio SpA

\n		\n

50.57%

\n		\n

49.28%

\n
\n

Italy

\n		\n

Banijay Italia Holding S.R.L.

\n		\n

97.86%

\n		\n

48.63%

\n
\n

Italy

\n		\n

BANIJAY ITALIA SpA

\n		\n

97.86%

\n		\n

48.63%

\n
\n

Italy

\n		\n

Banijay Music Italy SrL

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Italy

\n		\n

BANIJAY STUDIOS ITALY SRL

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Italy

\n		\n

The Wonder Society S.r.l (former Bigb Holding SrL)

\n		\n

50.57%

\n		\n

49.91%

\n
\n

Italy

\n		\n

DOGHEAD ANIMATION APULIA S.r.l

\n		\n

38.73%

\n		\n

16.33%

\n
\n

Italy

\n		\n

DOGHEAD ANIMATION S.r.l

\n		\n

38.73%

\n		\n

16.66%

\n
\n

Italy

\n		\n

Endemol Shine Italy S.p.A.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Italy

\n		\n

For Fun Distribution S.r.l

\n		\n

-

\n		\n

34.58%

\n
\n

Italy

\n		\n

Groenlandia S.r.l.

\n		\n

49.91%

\n		\n

49.91%

\n
\n

Italy

\n		\n

ITV\u00a0MOVIE SRL

\n		\n

97.86%

\n		\n

89.30%

\n
\n

Italy

\n		\n

L'Officina SRL

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Italy

\n		\n

MOBO S.r.l

\n		\n

19.96%

\n		\n

7.61%

\n
\n

Italy

\n		\n

MOVIMENTI PRODUCTION SRL

\n		\n

39.93%

\n		\n

15.21%

\n
\n

Italy

\n		\n

RAIN FROG S.r.l

\n		\n

20.36%

\n		\n

19.60%

\n
\n

Italy

\n		\n

ROCKET MUSIC PUBLISHING S.r.l

\n		\n

20.36%

\n		\n

-

\n
\n

Mexico

\n		\n

Balich Wonder Studio Mexico S.A.

\n		\n

50.57%

\n		\n

-

\n
\n

Mexico

\n		\n

Banijay Mexico and US Hispanic, S.A.P.I. de C.V.

\n		\n

49.91%

\n		\n

49.91%

\n
\n

Mexico

\n		\n

Boomdog Studios, S.A. de C.V.

\n		\n

49.71%

\n		\n

49.71%

\n
\n

Mexico

\n		\n

Endemol Shine Boomdog Holding, S.A.P.I. de C.V.

\n		\n

49.91%

\n		\n

10.18%

\n
\n

Mexico

\n		\n

Endemol Shine Boomdog, S.A.P.I. de C.V.

\n		\n

49.89%

\n		\n

20.35%

\n
\n

Netherlands

\n		\n

8th Continent Film Production

\n		\n

97.86%

\n		\n

20.36%

\n
\n

Netherlands

\n		\n

Banijay Benelux B.V.

\n		\n

97.86%

\n		\n

20.36%

\n
\n

Netherlands

\n		\n

Banijay Benelux Holding B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Costa Film Productie B.V.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Netherlands

\n		\n

Endemol Licentie B.V.

\n		\n

97.86%

\n		\n

49.71%

\n
\n

Netherlands

\n		\n

Endemol Personeel B.V.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Netherlands

\n		\n

Endemol Shine IP B.V.

\n		\n

97.86%

\n		\n

49.89%

\n
\n

Netherlands

\n		\n

Endemol Shine Nederland B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Endemol Shine Nederland Producties B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Endemol Shine Scripted B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Escape TV Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Freek Tapes TV Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Geheugenspel Film Productie B.V.\u00a0

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Gouden Uur TV Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Grundy/Endemol Nederland v.o.f.

\n		\n

48.93%

\n		\n

48.93%

\n
\n

Netherlands

\n		\n

HolyMoly TV B.V.

\n		\n

48.93%

\n		\n

48.93%

\n
\n

Netherlands

\n		\n

Human Playground TV Production B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

MXMZ Media B.V. (former Endemol Shine Sport B.V.)

\n		\n

-

\n		\n

83.96%

\n
\n

Netherlands

\n		\n

NL Film en TV B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

NL Film Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

NL TV Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Posh Productions B.V.

\n		\n

49.91%

\n		\n

24.95%

\n
\n

Netherlands

\n		\n

Scenery B.V.

\n		\n

49.91%

\n		\n

24.95%

\n
\n

Netherlands

\n		\n

Scriptstudio B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

SimpelZodiak BV

\n		\n

97.86%

\n		\n

-

\n
\n

Netherlands

\n		\n

SNP Holding B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

SNP Media B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Southfields B.V.

\n		\n

83.96%

\n		\n

83.96%

\n
\n

Netherlands

\n		\n

Topkapi DHA B.V.

\n		\n

49.91%

\n		\n

25.46%

\n
\n

Netherlands

\n		\n

Topkapi Distribution B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi Films B.V.

\n		\n

49.91%

\n		\n

49.92%

\n
\n

Netherlands

\n		\n

Topkapi Production Services B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi Rights I B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Topkapi Rights ll B.V

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi Tuig B.V

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi TV B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi TV Droneland B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi TV Elixer B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi TV Etty B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

TVBV BV

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Twentytwo Producties B.V.

\n		\n

49.91%

\n		\n

25.46%

\n
\n

Netherlands

\n		\n

Van der Valk TV Production B.V.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Netherlands

\n		\n

Vuurwerk TV Productie B.V.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Netherlands

\n		\n

Werktitel Entertainment B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

New Zealand

\n		\n

153 Productions NZ Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

New Zealand

\n		\n

Berg Productions Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

New Zealand

\n		\n

Dead Head Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

ESA UK Productions Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

New Zealand

\n		\n

ESA US Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

First Responders Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

LUMA ENCHANTED LIMITED

\n		\n

97.86%

\n		\n

-

\n
\n

New Zealand

\n		\n

Off the Grid Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

Remarkable Productions NZ Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

Remarkable Studios Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

Screentime New Zealand Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

TASTE OF ART PRODUCTIONS LIMITED

\n		\n

97.86%

\n		\n

-

\n
\n

New Zealand

\n		\n

THE GULF PRODUCTIONS LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

THE SUMMIT PRODUCTIONS NZ 2022 LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Banijay Norway AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Beforeigners Production AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Mastiff AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Mastiff Entertainment AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Nordisk Banijay AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Rubicon Produksjon AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Rubicon TV AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Screen Media AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Yellow Bird Norge AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Poland

\n		\n

Endemol Shine Polska Sp. z.o.o.

\n		\n

88.28%

\n		\n

78.50%

\n
\n

Portugal

\n		\n

Endemol Portugal, Unipessoal Lda.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Portugal

\n		\n

Portocabo Atlantico Unipessoal Lda.

\n		\n

73.88%

\n		\n

73.88%

\n
\n

Portugal

\n		\n

Shine Iberia Portugal, Unipessoal, Lda

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Samoa

\n		\n

The Landing Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Saudi Arabia

\n		\n

Balich Wonder Studio for Entertainment LLC (former Balich Wonder Studio KSA)

\n		\n

50.57%

\n		\n

50.57%

\n
\n

Saudi Arabia

\n		\n

HQ Worldwide Shows Saudi Company for Exhibition and Conferences Organization (former HQWS KSA)

\n		\n

25.80%

\n		\n

25.80%

\n
\n

Spain

\n		\n

1992 La Serie SLU

\n		\n

49.94%

\n		\n

45.05%

\n
\n

Spain

\n		\n

30 Monedas La Serie SL

\n		\n

49.94%

\n		\n

49.94%

\n
\n

Spain

\n		\n

Anciana Milenaria SLU

\n		\n

49.94%

\n		\n

37.70%

\n
\n

Spain

\n		\n

Banijay Iberia SLU

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Spain

\n		\n

Crespeth Films AIE

\n		\n

49.42%

\n		\n

49.42%

\n
\n

Spain

\n		\n

CUARZO Producciones SL

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Spain

\n		\n

Culpa Mia SLU

\n		\n

49.94%

\n		\n

12.99%

\n
\n

Spain

\n		\n

DE LORENZO PRODUCCIONES E INVERSIONES SL

\n		\n

48.93%

\n		\n

24.97%

\n
\n

Spain

\n		\n

DIAGONAL TELEVISIO SLU

\n		\n

97.86%

\n		\n

49.94%

\n
\n

Spain

\n		\n

DLO NAVARRA SL

\n		\n

48.93%

\n		\n

24.97%

\n
\n

Spain

\n		\n

ENFRENTADOS SL

\n		\n

49.94%

\n		\n

49.94%

\n
\n

Spain

\n		\n

ENTREPRENEURS LA SERIE SL

\n		\n

49.94%

\n		\n

25.22%

\n
\n

Spain

\n		\n

Gestmusic Endemol, S.A.U.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Spain

\n		\n

Gestmusic Proyectos SLU

\n		\n

97.86%

\n		\n

49.94%

\n
\n

Spain

\n		\n

Global Palenove SLU

\n		\n

49.94%

\n		\n

24.97%

\n
\n

Spain

\n		\n

LA ASISTENTA LA PEL\u00cdCULA S.L.U.

\n		\n

49.94%

\n		\n

49.94%

\n
\n

Spain

\n		\n

La Bolita Movie SL

\n		\n

47.44%

\n		\n

23.72%

\n
\n

Spain

\n		\n

La Otra casa La Pel\u00edcula AIE

\n		\n

0.25%

\n		\n

25.47%

\n
\n

Spain

\n		\n

LaLiga Studios S.L.

\n		\n

49.91%

\n		\n

25.47%

\n
\n

Spain

\n		\n

Largas Sombras S.L.U.\u00a0

\n		\n

48.93%

\n		\n

48.93%

\n
\n

Spain

\n		\n

Magnolia TV Espana

\n		\n

-

\n		\n

97.86%

\n
\n

Spain

\n		\n

Monos con Pistolas La Serie SLU

\n		\n

49.94%

\n		\n

25.48%

\n
\n

Spain

\n		\n

Pedralonga Estudios SL

\n		\n

12.30%

\n		\n

6.28%

\n
\n

Spain

\n		\n

Pokeepsie Films, S.L.

\n		\n

49.94%

\n		\n

24.21%

\n
\n

Spain

\n		\n

Pokeepsietxea S.L.U.

\n		\n

49.94%

\n		\n

0.13%

\n
\n

Spain

\n		\n

Portocabo Canarias SLU

\n		\n

73.88%

\n		\n

37.68%

\n
\n

Spain

\n		\n

Portocabo Mediterraneo SLU

\n		\n

73.88%

\n		\n

36.94%

\n
\n

Spain

\n		\n

Portocabo TV SL

\n		\n

73.88%

\n		\n

-

\n
\n

Spain

\n		\n

Producciones Sol Naciente, AIE

\n		\n

-

\n		\n

24.97%

\n
\n

Spain

\n		\n

Project Academy Series SL

\n		\n

97.86%

\n		\n

12.30%

\n
\n

Spain

\n		\n

R. Zinman Productions, A.I.E.

\n		\n

94.63%

\n		\n

48.29%

\n
\n

Spain

\n		\n

Sabinas Diagonal S.L.

\n		\n

97.86%

\n		\n

49.94%

\n
\n

Spain

\n		\n

Shine Iberia S.L.U.

\n		\n

97.86%

\n		\n

73.88%

\n
\n

Spain

\n		\n

The Fear Collection I AIE

\n		\n

49.94%

\n		\n

37.70%

\n
\n

Spain

\n		\n

The Fear Collection III AIE

\n		\n

49.94%

\n		\n

37.70%

\n
\n

Spain

\n		\n

TODO COMIENZA CON UN JUEGO, A.I.E

\n		\n

-

\n		\n

-

\n
\n

Spain

\n		\n

Zeppelin Television, S.A.U.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Banijay Sweden AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Endemol Shine Nordics AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Filmlance International AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Friday TV AB

\n		\n

97.86%

\n		\n

49.94%

\n
\n

Sweden

\n		\n

Jarowskij Enterprises AB

\n		\n

-

\n		\n

49.94%

\n
\n

Sweden

\n		\n

Jarowskij Sverige AB

\n		\n

-

\n		\n

-

\n
\n

Sweden

\n		\n

Jarowskij Yellow Bird AB

\n		\n

97.86%

\n		\n

-

\n
\n

Sweden

\n		\n

Mastiff AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Mastiff Creative AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Mastiff Media Holding AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Meter Entertainment AB

\n		\n

97.86%

\n		\n

-

\n
\n

Sweden

\n		\n

Meter Television AB

\n		\n

-

\n		\n

-

\n
\n

Sweden

\n		\n

Metronome Rental AB

\n		\n

97.86%

\n		\n

-

\n
\n

Sweden

\n		\n

NORDISK FILM & TV PRODUKTION AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Solsidan Produktion HB

\n		\n

48.93%

\n		\n

48.93%

\n
\n

Sweden

\n		\n

We Are Post AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Yellow Bird Holding AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Yellow Bird Sweden AB

\n		\n

-

\n		\n

97.86%

\n
\n

Switzerland

\n		\n

B&B Endemol Shine AG

\n		\n

44.58%

\n		\n

-

\n
\n

United Arab Emirates

\n		\n

HQ Worldwide Shows LLC

\n		\n

25.80%

\n		\n

25.80%

\n
\n

United Kingdom

\n		\n

21CF Shine Holdings UK Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Among Giants Ltd

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United Kingdom

\n		\n

Artists Studio Management Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Artists' Studio TV Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Bad Ed The Movie Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Bandit (Delicious 3) Limited

\n		\n

97.86%

\n		\n

44.58%

\n
\n

United Kingdom

\n		\n

Banijay Brands Limited

\n		\n

-

\n		\n

25.45%

\n
\n

United Kingdom

\n		\n

Banijay Kids & Family (Holding) Limited

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Banijay Kids & Family Distribution Limited

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

BANIJAY MEDIA LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Banijay Rights Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Banijay Services Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Banijay UK Entertainment Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Banijay UK Productions Limited

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Bazal Productions Ltd.

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Black Mirror Drama (S4) Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Black Mirror Drama (S5) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Black Mirror Drama Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

BLACKLIGHT (DRAMA) LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

BlackLight Television Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Brand and Talent Consortium Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Brighter Pictures Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Brown Eyed Boy (MHB) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Brown Eyed Boy Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Bwark Films Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Bwark Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Castaway Television Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

ChannelFlip Media Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Dangerous Films Limited

\n		\n

68.50%

\n		\n

68.50%

\n
\n

United Kingdom

\n		\n

Darlow Smithson Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

DEFINITELY PRODUCTIONS LIMITED

\n		\n

-

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

DINOPAWS UK Limited

\n		\n

-

\n		\n

28.54%

\n
\n

United Kingdom

\n		\n

Double Dutch (Drama) Limited

\n		\n

49.03%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Double Dutch Productions Ltd

\n		\n

49.03%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Douglas Road Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Dragonfly Documentaries Limited (former Dragonfly Drama Limited)

\n		\n

97.86%

\n		\n

63.66%

\n
\n

United Kingdom

\n		\n

Dragonfly Film and Television Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Dream Alliance Productions Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Workerbee Live (Luminiscence) Limited (former DSP Drama 2 Limited)

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

DSP Drama 3 LTD

\n		\n

97.86%

\n		\n

49.03%

\n
\n

United Kingdom

\n		\n

DSP Drama 4 Limited

\n		\n

97.86%

\n		\n

49.03%

\n
\n

United Kingdom

\n		\n

DSP Drama Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Edam SLB Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Electric Robin (BITW) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Electric Robin (BTR) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Electric Robin (GOG) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Electric Robin Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Endemol Shine Gaming Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Endemol Shine Group Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Endemol UK Holding Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fall Productions Ltd

\n		\n

44.04%

\n		\n

44.04%

\n
\n

United Kingdom

\n		\n

Ty'r Ddraig Limited (former Far Moor Media Ltd)

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (AM) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (Domina) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (Fortitude 3) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (Guerrilla) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (KAW2) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms Productions Ltd

\n		\n

97.86%

\n		\n

44.04%

\n
\n

United Kingdom

\n		\n

FKAI productions Ltd

\n		\n

-

\n		\n

28.54%

\n
\n

United Kingdom

\n		\n

Garrison Drama Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Good Catch Ltd

\n		\n

-

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

GRAYPOOLE Films Ltd

\n		\n

-

\n		\n

28.54%

\n
\n

United Kingdom

\n		\n

Guilder Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

HANK ZIPZER Productions Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

Hawkshead Ltd.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

House of Tomorrow Drama Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

House of Tomorrow Holdings Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

House of Tomorrow Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Initial (Seaforth) Ltd.

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Initial Film & Television (Frankies House) Ltd.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Initial Film & Television (Horse Opera) Ltd.

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Initial Film & Television Ltd.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

IWC Media Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Izenda Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kale TV Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Kindle (Little Darlings) Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

Kindle Entertainment (Big and Small) Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

Kindle Entertainment (HANK ZIPZER) Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

KINDLE ENTERTAINMENT LIMITED

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

Kindle Entertainment Productions Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

KISS ME FIRST Ltd

\n		\n

-

\n		\n

28.54%

\n
\n

United Kingdom

\n		\n

Kudos (BG) Ltd

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Kudos (Broadchurch) Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

KUDOS (SAS 3) LIMITED (former Kudos (Burn Up) Ltd)

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Child) Ltd.

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Code 404) Limited

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Deadwater) Ltd.

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Deep Water) Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Eternal) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester 10) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester 8) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester 9) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester Five) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester Four) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester Seven) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester Six) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Gunpowder) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Hour) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Humans Three) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Humans) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (L&O) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Law) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Manhattan) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Morton) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Occupation) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (River) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (SAS 2) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (SAS) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Spooks) CP Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Squirrel) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

KUDOS (THIS TOWN) LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Tin Star) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Troy) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

KUDOS (GRANTCHESTER 11) LIMITED (former Kudos (Tsunami))

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Tunnel) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Two Weeks) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (WM) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (You) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Film & Television Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Financing Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Hustle Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Rights Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Scotland Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Lomond Television Ltd.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Lovely Day Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Mam Tor Productions (Open Water) Ltd

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Mam Tor Productions (Scotland) Ltd

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Mam Tor Productions (Wild Lion) Ltd

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Mam Tor Productions Limited

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

NC Shine Acquisition Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

New Moon Rising Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Newincco 1151 Ltd

\n		\n

48.94%

\n		\n

48.94%

\n
\n

United Kingdom

\n		\n

WORKERBEE MC DOC LIMITED (former Not Driving That Limited)

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

OP MEDIA Ltd

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 2 Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 3 Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 4 Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 5 Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 6 Limited

\n		\n

97.86%

\n		\n

48.94%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Princess Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

RDF Television Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Secret Life of Boys 5 Ltd

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Shelby Company Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Creative (UK) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Jet Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Midco Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Pictures (UK) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

SHINE TV (FM) LIMITED

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Shine TV (Hunted) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine TV Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shiny Button Productions (SPV) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shiny Button Productions (YCOM) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shiny Button Productions limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Simon's Cat Ltd

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Sound Pocket Music Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Spooks Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Superchargers Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Stan and Gran Productions Limited

\n		\n

78.29%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Ted\u2019s Top Ten Ltd

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Teen Taxis Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

THE A LIST (KEL) Ltd

\n		\n

-

\n		\n

29.11%

\n
\n

United Kingdom

\n		\n

THE A LIST 2 (KEL) Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

The Boys Are Back In Town Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

The Comedy Unit Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

The Fall 2 Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

The Fall 3 Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (3B) Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (AB4) Ltd

\n		\n

52.79%

\n		\n

-

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (AB5) Ltd.

\n		\n

52.79%

\n		\n

-

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Falling) Limited (former The Forge Entertainment (BE2) Ltd)

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (DEBS2) Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Debutante) Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (DM) Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Elizabeth) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (GenZ) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Highlands & Islands) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Home) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Kiri) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Marriage) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (National Treasure) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Productions) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Roadkill) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (REP) Limited (former The Forge Entertainment (ROTG) Ltd)

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Sandrine) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Shardlake) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (The Light) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (The Miniaturist) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment Limited

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Foundation T.V. Productions (Scotland) Limited

\n		\n

78.29%

\n		\n

40.64%

\n
\n

United Kingdom

\n		\n

The Natural Studios Limited

\n		\n

59.69%

\n		\n

32.20%

\n
\n

United Kingdom

\n		\n

The Natural Studios Productions Ltd

\n		\n

59.69%

\n		\n

32.20%

\n
\n

United Kingdom

\n		\n

TIGER ASPECT (3LB) LIMITED

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (BH&MP) Limited

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (Comedy) Ltd

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (Fortitude 2) Ltd

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (GKH) Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (GKH3) Limited

\n		\n

97.86%

\n		\n

59.69%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (Good Karma) Limited

\n		\n

97.86%

\n		\n

59.69%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (KAW) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (Viewpoint) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Animation Ltd

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Assets Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Drama (Curfew) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Drama (Ripper Street 4) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Drama Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Films Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Financing Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Holdings Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Kids & Family Limited

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Pictures (Dog Eat Dog) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Pictures (Royston Vasey) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Pictures (Tosspot) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Pictures Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Scotland Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Television Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Tigress Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tronpipe Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Victoria Real Ltd.

\n		\n

96.34%

\n		\n

96.34%

\n
\n

United Kingdom

\n		\n

Wild Mercury (Fear) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury (Moreton) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury (The Rig 2) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury (The Rig) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury (Troy) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury Production Company Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild West (Initial) Ltd.

\n		\n

97.86%

\n		\n

96.34%

\n
\n

United Kingdom

\n		\n

Wonder Television Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Workerbee (Jack) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

WORKERBEE (SPORTS) LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Workerbee Documentary Films Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

YELLOW BIRD PRODUCTIONS UK LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Yemen Distributions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Yemen Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Young Bwark Limited

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United Kingdom

\n		\n

Zeppotron Drama Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Zeppotron Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Zodiak Kids & Family Productions UK Limited

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Zodiak Kids UK Ltd

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Zodiak Music Publishing Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

51 Minds Entertainment LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

51 Minds, LLC

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

ACIP CO LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

All Knight Music LLC

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United States

\n		\n

Anonymous Music Library, LLC

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United States

\n		\n

Ant Eggs Rentals LLC

\n		\n

49.91%

\n		\n

39.93%

\n
\n

United States

\n		\n

Atrium Entertainment LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Authentic Entertainment Holding, LLC.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Authentic Entertainment, LLC.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Authentic Minds, LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Balich Wonder Studio USA Inc.

\n		\n

50.57%

\n		\n

25.29%

\n
\n

United States

\n		\n

Banijay Americas, Inc.

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

BANIJAY ENTERTAINMENT HOLDINGS US II INC

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United States

\n		\n

BANIJAY ENTERTAINMENT HOLDINGS US, INC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Banijay Mexico and US Hispanic, LLC

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United States

\n		\n

Banijay US Holdings Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Banijay US Live Entertainment, Inc

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

Berkeley Productions Inc

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United States

\n		\n

BG Apple LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Big Ant Productions, LLC

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United States

\n		\n

BL4 Productions Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

BMP Films Inc

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United States

\n		\n

Brigadier Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

BSNA Entertainment LLC

\n		\n

76.59%

\n		\n

76.59%

\n
\n

United States

\n		\n

BUNIM MURRAY PRODUCTIONS INC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

BUNIM MURRAY PRODUCTIONS LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Burbank North Productions, LLC

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

CCCM Projects LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Clock Tower Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Coconunu Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Complete Solution Pictures and Sound

\n		\n

76.59%

\n		\n

59.94%

\n
\n

United States

\n		\n

Creole Manny LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Cristal Ball Enterprises LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Crosswalk Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Distance Productions, Inc.

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

Endemol Beyond USA, LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol Latino N.A., Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol Shine Boomdog, LLC

\n		\n

49.91%

\n		\n

39.06%

\n
\n

United States

\n		\n

Endemol Shine SPV, LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol Shine US Office LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol Studios

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol USA Holding, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol USA Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Flow Ventures LLC

\n		\n

-

\n		\n

36.70%

\n
\n

United States

\n		\n

Front Yard Productions Inc.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United States

\n		\n

GloNation Studios LLC

\n		\n

4.99%

\n		\n

4.99%

\n
\n

United States

\n		\n

Go Ahead Productions Inc

\n		\n

76.59%

\n		\n

76.59%

\n
\n

United States

\n		\n

Gramercy\u00a0Global\u00a0Entertainment

\n		\n

58.23%

\n		\n

58.23%

\n
\n

United States

\n		\n

Gulf Stream Media Inc

\n		\n

76.59%

\n		\n

76.59%

\n
\n

United States

\n		\n

Hashtag Entertainment LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Hippocratical Productions LLC

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

Hizzoner LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

HMGGLO LLC

\n		\n

9.79%

\n		\n

0.50%

\n
\n

United States

\n		\n

Home Brewed Productions LLC

\n		\n

97.86%

\n		\n

76.59%

\n
\n

United States

\n		\n

Home Run Production Services LLC

\n		\n

75.84%

\n		\n

45.13%

\n
\n

United States

\n		\n

In the Keys Music LLC

\n		\n

48.93%

\n		\n

38.29%

\n
\n

United States

\n		\n

Keeping Track Music Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Legende Films Inc.

\n		\n

-

\n		\n

48.93%

\n
\n

United States

\n		\n

Lock and Key Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Lock Cut 9 LLC

\n		\n

48.93%

\n		\n

4.89%

\n
\n

United States

\n		\n

Look Both Ways Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

M Cable Television Inc

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

M Theory Entertainment, Inc

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

Media Production Services, LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Middleman LLC

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

Mobility Productions, Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Mountain View Productions LLC

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

Navy Street Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

No Doubt Post Production, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Note Republic LLC

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United States

\n		\n

NoVat Productions, LLC

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United States

\n		\n

Only on Oxnard LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Original Ink LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Original Media, LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Our House Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Oxnard Cats Entertainment LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Pico Script Lab, Inc.

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

PMPGL LLC

\n		\n

75.84%

\n		\n

38.68%

\n
\n

United States

\n		\n

Production Support Services, LLC.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Rhapsolody Music LB Inc.

\n		\n

49.91%

\n		\n

38.68%

\n
\n

United States

\n		\n

Road Rules Productions Inc

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

RW Productions Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

SHEA OFFICE SPACE AND FURNISHINGS

\n		\n

76.59%

\n		\n

76.59%

\n
\n

United States

\n		\n

Shine Television LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Shine US Holdings Inc

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

Snack Tray Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Spring Break Films LLC

\n		\n

-

\n		\n

24.95%

\n
\n

United States

\n		\n

Story Telling Inc.

\n		\n

-

\n		\n

48.93%

\n
\n

United States

\n		\n

Suns Productions, LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Sunset Ventures Inc

\n		\n

76.59%

\n		\n

59.94%

\n
\n

United States

\n		\n

Superior Production Services LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Swampy Projects LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Tasty Treat LLC

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United States

\n		\n

The American Cue Society LLC

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

Trade Winds Productions Inc

\n		\n

76.59%

\n		\n

-

\n
\n

United States

\n		\n

True Entertainment LLC

\n		\n

75.84%

\n		\n

58.78%

\n
\n

United States

\n		\n

True TTH, LLC

\n		\n

75.84%

\n		\n

59.35%

\n
\n

United States

\n		\n

Truly Original, LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Turnt up Productions LLC

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

UBBP Inc

\n		\n

76.59%

\n		\n

38.29%

\n
\n

United States

\n		\n

United Front Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Very Water Logged LLC

\n		\n

97.86%

\n		\n

76.59%

\n
\n

United States

\n		\n

Wheelhouse Productions LLC

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

YOLO Productions LLC

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

Zamora Films LLC

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

ZnakTV Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Zodiak Americas

\n		\n

97.86%

\n		\n

76.59%

\n
\n

United States

\n		\n

Zoom Equipment Rentals LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

\n
\n

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

Country of incorporation

\n		\n

Name of the legal entity

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Austria

\n		\n

influence.vision GmbH

\n		\n

-

\n		\n

36.93%

\n
\n

France

\n		\n

Black Lemon SAS

\n		\n

-

\n		\n

10.09%

\n
\n

France

\n		\n

Financi\u00e8re EMG

\n		\n

4.72%

\n		\n

4.77%

\n
\n

France

\n		\n

M.G. Productions

\n		\n

47.95%

\n		\n

48.45%

\n
\n

France

\n		\n

SA\u0112

\n		\n

47.95%

\n		\n

-

\n
\n

Germany

\n		\n

Dynamic Ally Pictures GmbH

\n		\n

29.13%

\n		\n

26.17%

\n
\n

Germany

\n		\n

Ladykracher TV-Produktion GmbH

\n		\n

44.14%

\n		\n

39.66%

\n
\n

Germany

\n		\n

Minestrone TV Produktion GbR

\n		\n

44.14%

\n		\n

39.66%

\n
\n

Italy

\n		\n

Greenboo Production S.r.l.

\n		\n

47.95%

\n		\n

48.45%

\n
\n

Netherlands

\n		\n

Content Intelligence B.V.

\n		\n

24.37%

\n		\n

24.62%

\n
\n

Netherlands

\n		\n

Crossmex B.V.

\n		\n

58.72%

\n		\n

59.33%

\n
\n

United Kingdom

\n		\n

Conker Pictures Limited

\n		\n

24.47%

\n		\n

24.72%

\n
\n

United Kingdom

\n		\n

Double Dutch (Drama) Limited

\n		\n

-

\n		\n

49.34%

\n
\n

United Kingdom

\n		\n

Double Dutch Productions Ltd

\n		\n

-

\n		\n

49.34%

\n
\n

United Kingdom

\n		\n

Esmeralda Productions Limited

\n		\n

29.33%

\n		\n

29.63%

\n
\n

United Kingdom

\n		\n

Immovable Studios Ltd.

\n		\n

19.57%

\n		\n

19.78%

\n
\n

United Kingdom

\n		\n

Rabbit Track Pictures Limited

\n		\n

20.93%

\n		\n

21.15%

\n
\n

United States

\n		\n

BD4 Productions LLC

\n		\n

47.95%

\n		\n

48.45%

\n
\n

United States

\n		\n

Hyphenated Media Group LLC

\n		\n

9.79%

\n		\n

9.89%

\n
\n

United States

\n		\n

Ensemble Entertainment LLC

\n		\n

1.47%

\n		\n

1.48%

\n
\n

\n

32.2Banijay Gaming\u2019s sub-group consolidation scope

\n

The table below presents the percentage of ownership interest in Betclic Everest Group\u00a0SAS subsidiaries held by the Group (including Banijay Group\u2019s indirect ownership)

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

Name of the legal entity

\n		\n

Country of incorporation

\n		\n

2025

\n		\n

2024

\n
\n

Betclic Everest Group SAS

\n		\n

France

\n		\n

Holding

\n		\n

Holding

\n
\n

Mangas Investment Ltd.

\n		\n

Malta

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Betclic Enterprises Ltd

\n		\n

Malta

\n		\n

94.60%

\n		\n

94.60%

\n
\n

BC Malta Services Ltd.

\n		\n

Malta

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Mangas Gaming Malta Ltd.

\n		\n

Malta

\n		\n

94.60%

\n		\n

94.60%

\n
\n

BEM Operations Ltd.

\n		\n

Malta

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Betclic Overseas Ltd

\n		\n

Malta

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Equinox Ltd.

\n		\n

Gibraltar

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Mater Ltd.

\n		\n

Gibraltar

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Betclic Ltd.

\n		\n

Malta

\n		\n

0.00%

\n		\n

94.60%

\n
\n

BC Marketing Agency Italia Srl.

\n		\n

Italy

\n		\n

0.00%

\n		\n

94.60%

\n
\n

BC Poland Services Sp z.o.o.

\n		\n

Poland

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Euro Gaming Investment SA

\n		\n

Luxembourg

\n		\n

94.60%

\n		\n

94.60%

\n
\n

EG Portugal Sul.

\n		\n

Portugal

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Mangas Gambling Engineering

\n		\n

France

\n		\n

94.60%

\n		\n

94.60%

\n
\n

WSF Odds S.r.l.

\n		\n

Italy

\n		\n

47.30%

\n		\n

47.30%

\n
\n

Oddshaker S.r.l

\n		\n

Italy

\n		\n

94.60%

\n		\n

0.00%

\n
\n

Betclic Holding SAS

\n		\n

France

\n		\n

94.60%

\n		\n

0.00%

\n
\n

Betclic Overseas SAS

\n		\n

France

\n		\n

85.14%

\n		\n

85.14%

\n
\n

Betclic Senegal SASU

\n		\n

Senegal

\n		\n

85.14%

\n		\n

85.14%

\n
\n

Betclic C\u00f4te d'Ivoire SASU

\n		\n

C\u00f4te d'Ivoire

\n		\n

85.14%

\n		\n

85.14%

\n
\n

Betclic RDC SASU

\n		\n

Democratic Republic of Congo

\n		\n

85.14%

\n		\n

85.14%

\n
\n

Betclic Cameroun SASU

\n		\n

Cameroun

\n		\n

85.14%

\n		\n

85.14%

\n
\n

Betclic B\u00e9nin SASU

\n		\n

Benin

\n		\n

85.14%

\n		\n

85.14%

\n
\n

Bet-at-home AG Germany

\n		\n

Germany

\n		\n

0.00%

\n		\n

50.99%

\n
\n

Bet-at-home Entertainment Gmbh

\n		\n

Austria

\n		\n

0.00%

\n		\n

50.99%

\n
\n

Entertainment Beteiligungsholding Gmbh

\n		\n

Austria

\n		\n

0.00%

\n		\n

50.99%

\n
\n

Bet-at-home.com Niederlande Gmbh

\n		\n

Austria

\n		\n

0.00%

\n		\n

50.99%

\n
\n

Jonsden Properties Ltd.

\n		\n

Gibraltar

\n		\n

0.00%

\n		\n

50.99%

\n
\n

Bet-at-home Holding Ltd.

\n		\n

Malta

\n		\n

0.00%

\n		\n

50.99%

\n
\n

Bet-at-home International Ltd.

\n		\n

Malta

\n		\n

0.00%

\n		\n

50.99%

\n
\n

Bet-at-home Internet Ltd.

\n		\n

Malta

\n		\n

0.00%

\n		\n

50.99%

\n
\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_22989588598481270_0_0": { "value": "

2.2Scope of consolidation

\n

The legal entities and sub-groups forming part of the Group are as follows:

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

Name of the legal entity\u00a0or sub-group

\n		\n

Country of incorporation

\n		\n

% of ownership interest

\n
\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Banijay Group N.V.

\n		\n

The Netherlands

\n		\n

Parent company

\n		\n

Parent company

\n
\n

Banijay Events SAS

\n		\n

France

\n		\n

100.00%

\n		\n

100.00%

\n
\n

Banijay Holding SAS

\n		\n

France

\n		\n

100.00%

\n		\n

100.00%

\n
\n

Fonds de dotation FLE SAS

\n		\n

France

\n		\n

100.00%

\n		\n

100.00%

\n
\n

FLE Holding 1 SAS

\n		\n

France

\n		\n

100.00%

\n		\n

100.00%

\n
\n

Banijay Experience SAS

\n		\n

France

\n		\n

100.00%

\n		\n

100.00%

\n
\n

The Independents Group

\n		\n

Luxembourg

\n		\n

14.05%

\n		\n

14.22%

\n
\n

Sub-Group Banijay Gaming

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

\u2022Betclic Everest Group

\n		\n

France

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Sub-Group Banijay Entertainment &\u00a0Live

\n		\n

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

\u2022Banijay SAS

\n		\n

France

\n		\n

97.86%

\n		\n

98.88%

\n
\n

All companies and sub-groups in the table above are fully consolidated except The Independents Group, which was consolidated using the equity method. The sub-groups also have interests in associates and joint ventures.

\n
2.5.1Basis of consolidation
\n

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) up to 31\u00a0December each year. Control is achieved when the Company:

\n

\u2022has power over the investee;

\n

\u2022is exposed, or has rights, to variable returns from its involvement with the investee; and

\n

\u2022has the ability to use its power to affect its returns.

\n

The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

\n

Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the Company gains control until the date the Company ceases to control the subsidiary.

\n

Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non\u2011controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Company and to the non\u2011controlling interests even if this results in the non\u2011controlling interests having a deficit balance.

\n

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with the Group\u2019s accounting policies.

\n

All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation.

\n

Non\u2011controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. The interests of non\u2011controlling shareholders that represent ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non\u2011controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is made on an acquisition\u2011by\u2011acquisition basis. Other non\u2011controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non\u2011controlling interests is the amount of those interests at initial recognition plus the non\u2011controlling interests\u2019 share of subsequent changes in equity.

\n

Changes in the Group\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group\u2019s interests and the non\u2011controlling interests are adjusted to reflect changes in their relative interests in the subsidiaries. Any difference between the amount by which the non\u2011controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company.

\n

When the Group loses control of a subsidiary, the gain or loss on disposal recognised in profit or loss is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), less liabilities of the subsidiary and any non\u2011controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e.\u00a0reclassified to profit or loss or transferred to another category of equity as required/permitted by applicable IFRS\u00a0standards). The fair value of any investment retained in the former subsidiary at the date control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS\u00a09\u00a0Financial Instruments when applicable, or the cost on initial recognition of an investment in an associate or a joint venture.

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

Note 4

\n		\n

Significant events

\n
\n

4.1Significant events that occurred in 2025

\n
4.1.2Banijay Entertainment & Live
\n
Lotchi
\n

On 2 January 2025, Banijay acquired Lotchi, a company based in France. Following the integration of Balich Wonder Studio in 2023, this acquisition is part of the Group's strategy to expand its Live Events division.

\n

Lotchi is a start-up founded by Romain Sarfati in 2023 which has gained recognition in France for its concept of live orchestras to deliver cultural shows in landmark venues. Lotchi is a creator of live immersive experiences with debut show \u201cLuminiscence\u201d already attracting more than 350,000\u00a0spectators across France at the time of the acquisition.

\n

Now part of the Group, Lotchi is deploying its immersive experience across iconic monuments in major international cities within Banijay\u2019s footprint. The concept was already live in 2025 in Brazil, Germany, the Netherlands, Spain, the UK, and the USA, and is expected to launch in Mexico in 2026.

\n
4.1.3Banijay Gaming
\n
Disposal OF Bet-at-home
\n

As part of Betclic\u2019s acquisition of a majority stake in Tipico \u2013 one of the leading sports betting operators in Germany \u2013 the Group was required to dispose of its 53.9% stake in Bet-at-home (\"BaH\"). Bet-at-home was deconsolidated on 30 November 2025, when the loss-of-control threshold under IFRS 10 was reached. All shares were disposed of as of 31 December 2025. Consolidated results are recognised up to that date.

\n

The deconsolidation resulted in the derecognition of BaH\u2019s net assets and a consolidated loss of \u20ac13.8 million.

\n

The disposal of Bet-at-home does not meet the definition of a discontinued operation under IFRS 5. The standard requires a complete exit from a major business line or geographical area, which is not the case here. The Group will remain active in the German sports betting market through Tipico subject to completion of the Tipico acquisition. Accordingly, the disposal does not represent the cessation of an activity as defined by IFRS 5 and should not be presented as a discontinued operation.

\n

\n

19.2Changes in ownership interest in subsidiaries that do not result in a loss of\u00a0control

\n

In 2025, the changes on non-controlling interests are impacted as follows:

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

(in \u20ac million)

\n		\n

31\u00a0December 2025

\n
\n

Shareholders\u2019 equity

\n		\n

Non-controlling interests

\n		\n

Total consolidated equity

\n
\n

\u2022Exercise of warrants at Banijay Entertainment level

\n		\n

11.2

\n		\n

0.8

\n		\n

12.0

\n
\n

\u2022Others

\n		\n

(1.5)

\n		\n

1.2

\n		\n

(0.3)

\n
\n

Changes in ownership interest in subsidiaries that do not result in a loss of control

\n		\n

9.7

\n		\n

2.0

\n		\n

11.7

\n
\n

In 2024, in the context of the Contribution of all Banijay SAS shares held by Banijay\u00a0SAS key managers in exchange for Ordinary Shares, consolidated equity was impacted as follows:

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

(in \u20ac million)

\n		\n

31\u00a0December 2024

\n
\n

Shareholders\u2019 equity

\n		\n

Non-controlling interests

\n		\n

Total consolidated equity

\n
\n

First accounting put option on entity already controlled

\n		\n

(17.4)

\n		\n

(1.0)

\n		\n

(18.4)

\n
\n

Changes in ownership interest in subsidiaries that\u00a0do\u00a0not result in a loss of control

\n		\n

(17.4)

\n		\n

(1.0)

\n		\n

(18.4)

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

Note 20

\n		\n

Non-controlling interests

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

(in \u20ac million)

\n

Name of the subsidiary

\n		\n

31\u00a0December 2025

\n
\n

Accumu-lated NCI
as of
01.01.2025

\n		\n

Profit for the period

\n		\n

OCI for the period

\n		\n

Changes in ownership interest in subsidiaries that do not result in a loss of control

\n		\n

Changes in non-controlling interests that result in a gain/(loss) of control

\n		\n

Dividends and share premium distributed to NCI

\n		\n

Others

\n		\n

Accumu-lated NCI
as of
31.12.2025

\n
\n

BEG Group

\n		\n

0.5

\n		\n

15.4

\n		\n

0.1

\n		\n

1.0

\n		\n

(9.1)

\n		\n

(8.8)

\n		\n

1.0

\n		\n

0.0

\n
\n

Banijay\u00a0SAS

\n		\n

18.5

\n		\n

1.8

\n		\n

(1.1)

\n		\n

1.0

\n		\n

\u00a0

\n		\n

(15.1)

\n		\n

9.4

\n		\n

14.4

\n
\n

Total

\n		\n

19.0

\n		\n

17.2

\n		\n

(1.0)

\n		\n

2.0

\n		\n

(9.1)

\n		\n

(23.9)

\n		\n

10.4

\n		\n

14.4

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

(in \u20ac million)

\n

Name of the subsidiary

\n		\n

31\u00a0December 2024

\n
\n

Accumu-lated NCI
as of
01.01.2024

\n		\n

Profit for the period

\n		\n

OCI for the period

\n		\n

Changes in ownership interest in subsidiaries that do not result in a loss of control

\n		\n

Changes in non-controlling interests that result in a gain/(loss) of control

\n		\n

Dividends and share premium distributed to NCI

\n		\n

Others

\n		\n

Accumu-lated NCI
as of
31.12.2024

\n
\n

BEG Group

\n		\n

(4.3)

\n		\n

9.2

\n		\n

(0.0)

\n		\n

\n		\n

\n		\n

(5.8)

\n		\n

1.4

\n		\n

0.5

\n
\n

Banijay\u00a0SAS

\n		\n

23.6

\n		\n

(0.7)

\n		\n

0.7

\n		\n

\u00a0

\n		\n

(1.5)

\n		\n

(10.6)

\n		\n

7.1

\n		\n

18.5

\n
\n

Total

\n		\n

19.3

\n		\n

8.5

\n		\n

0.6

\n		\n

-

\n		\n

(1.5)

\n		\n

(16.4)

\n		\n

8.5

\n		\n

19.0

\n
\n

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

Note 32

\n		\n

List of sub-group Banijay Entertainment and Live and sub-group Banijay Gaming's subsidiaries

\n
\n

32.1Banijay Entertainment and Live\u2019s sub-group consolidation scope

\n

The table below presents the percentage of ownership interest in Banijay\u00a0SAS subsidiaries held by the Group (including Banijay Group\u2019s indirect ownership):

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

Country of incorporation

\n		\n

Name of the legal entity

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Australia

\n		\n

Endemol Shine Australia Holdings Pty Limited

\n		\n

97.86%

\n		\n

98.88%

\n
\n

Australia

\n		\n

Endemol Shine Australia Pty Ltd

\n		\n

97.86%

\n		\n

6.54%

\n
\n

Australia

\n		\n

Endemol Southern Star Pty. Ltd.

\n		\n

97.86%

\n		\n

92.34%

\n
\n

Australia

\n		\n

ESA Productions 1 Pty Ltd

\n		\n

97.86%

\n		\n

0.00%

\n
\n

Australia

\n		\n

ESA Productions 2 Pty Ltd

\n		\n

97.86%

\n		\n

0.00%

\n
\n

Australia

\n		\n

ESA Productions 3 Pty Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

Australia

\n		\n

ESA Productions 4 PTY Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

Australia

\n		\n

ESA Productions 5 Pty Ltd

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

ESA Productions 6 Pty Ltd

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

ESA Productions 7 PTY LTD

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Australia

\n		\n

ESA Productions 8 PTY LTD

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Australia

\n		\n

ESA PRODUCTIONS 9 PTY LTD

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

ESA Services Pty Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Australia

\n		\n

HQWS APAC\u00a0PTY LTD

\n		\n

25.80%

\n		\n

25.80%

\n
\n

Australia

\n		\n

Screentime Commercial Pty Limited

\n		\n

97.86%

\n		\n

95.90%

\n
\n

Australia

\n		\n

Screentime Productions No 1\u00a0Pty Ltd

\n		\n

95.90%

\n		\n

93.98%

\n
\n

Australia

\n		\n

Screentime Productions No 2 pty Ltd

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

Screentime Productions No. 3 Pty Ltd

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

SCREENTIME Pty Limited

\n		\n

97.86%

\n		\n

95.90%

\n
\n

Australia

\n		\n

Shine Australia Holdings Pty Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Australia

\n		\n

Endemol Australia Pty Ltd

\n		\n

97.86%

\n		\n

25.45%

\n
\n

Austria

\n		\n

influence.vision GmbH

\n		\n

45.03%

\n		\n

-

\n
\n

Belgium

\n		\n

Banijay Belgium

\n		\n

97.86%

\n		\n

95.90%

\n
\n

Belgium

\n		\n

JONNYDEPONY BV

\n		\n

49.98%

\n		\n

48.99%

\n
\n

Brazil

\n		\n

A F\u00c1BRICA ENTRETENIMENTO E PARTICIPA\u00c7\u00d5ES S.A.

\n		\n

56.76%

\n		\n

48.91%

\n
\n

Brazil

\n		\n

Banijay Estudios Ltda

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Brazil

\n		\n

Endemol Shine Brasil Produ\u00e7\u00f4es Ltda

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Columbia

\n		\n

Banijay Colombia S.A.S

\n		\n

49.91%

\n		\n

-

\n
\n

Denmark

\n		\n

Banijay Denmark ApS

\n		\n

97.86%

\n		\n

45.03%

\n
\n

Denmark

\n		\n

Banijay Nordic ApS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Denmark

\n		\n

Jarowskij Danmark A/S

\n		\n

97.86%

\n		\n

49.98%

\n
\n

Denmark

\n		\n

Mastiff A/S

\n		\n

97.86%

\n		\n

56.76%

\n
\n

Denmark

\n		\n

Metronome Productions A/S

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Denmark

\n		\n

NORDISK FILM TV A/S

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Fiji

\n		\n

The Landing (Fiji) Pte Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Finland

\n		\n

Banijay Finland Oy

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Finland

\n		\n

BANIJAY Holding Suomi OY

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

4-3-3 Production

\n		\n

-

\n		\n

-

\n
\n

France

\n		\n

Adventure Line Productions

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Air Productions

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

ALP Music

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Alphonse Productions

\n		\n

-

\n		\n

48.93%

\n
\n

France

\n		\n

Atlantis Factory

\n		\n

48.93%

\n		\n

48.93%

\n
\n

France

\n		\n

Authentic Media SAS

\n		\n

64.59%

\n		\n

64.59%

\n
\n

France

\n		\n

Authentic Music SAS

\n		\n

64.59%

\n		\n

-

\n
\n

France

\n		\n

B PROD SAS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Balich Wonder Studio France SAS

\n		\n

50.57%

\n		\n

50.57%

\n
\n

France

\n		\n

Banijay Central 11 SAS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay Central 3

\n		\n

97.86%

\n		\n

-

\n
\n

France

\n		\n

Banijay Clipping

\n		\n

73.40%

\n		\n

36.70%

\n
\n

France

\n		\n

Banijay Content

\n		\n

73.40%

\n		\n

48.44%

\n
\n

France

\n		\n

BANIJAY EDITING

\n		\n

73.40%

\n		\n

48.44%

\n
\n

France

\n		\n

Banijay Entertainment SASU

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay France

\n		\n

97.86%

\n		\n

49.91%

\n
\n

France

\n		\n

BANIJAY INTERNATIONAL

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay Kids & Family Distribution France SAS

\n		\n

78.29%

\n		\n

75.35%

\n
\n

France

\n		\n

Banijay Live Events

\n		\n

97.86%

\n		\n

73.40%

\n
\n

France

\n		\n

Banijay Live Studio

\n		\n

97.86%

\n		\n

-

\n
\n

France

\n		\n

BANIJAY PRODUCTION MEDIA

\n		\n

97.86%

\n		\n

73.40%

\n
\n

France

\n		\n

Banijay Social Media SAS

\n		\n

73.40%

\n		\n

73.40%

\n
\n

France

\n		\n

Banijay Studios France

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay Studios France MA2 SAS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay Talent

\n		\n

73.40%

\n		\n

58.72%

\n
\n

France

\n		\n

BASE RECORDS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Beau Soir Productions

\n		\n

48.93%

\n		\n

48.93%

\n
\n

France

\n		\n

Connecting Prod

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

D.M.L.S TV

\n		\n

68.50%

\n		\n

51.38%

\n
\n

France

\n		\n

Daze MGMT

\n		\n

36.70%

\n		\n

36.70%

\n
\n

France

\n		\n

DMLS Films

\n		\n

68.50%

\n		\n

68.50%

\n
\n

France

\n		\n

DMLS Productions

\n		\n

-

\n		\n

51.38%

\n
\n

France

\n		\n

Endemol Fiction

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Endemol France

\n		\n

97.86%

\n		\n

48.93%

\n
\n

France

\n		\n

Endemol Production

\n		\n

-

\n		\n

97.86%

\n
\n

France

\n		\n

Festival'Air

\n		\n

97.86%

\n		\n

68.50%

\n
\n

France

\n		\n

Fiction'Air

\n		\n

97.86%

\n		\n

36.70%

\n
\n

France

\n		\n

G\u00e9t\u00e9v\u00e9 Productions

\n		\n

-

\n		\n

-

\n
\n

France

\n		\n

H2O DIVERTISSEMENT

\n		\n

-

\n		\n

-

\n
\n

France

\n		\n

H2O FICTIONS

\n		\n

-

\n		\n

97.86%

\n
\n

France

\n		\n

H2O JEUX

\n		\n

-

\n		\n

97.86%

\n
\n

France

\n		\n

H2O PRODUCTIONS

\n		\n

97.86%

\n		\n

-

\n
\n

France

\n		\n

IMAGES ON AIR

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

KM

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

KM Presse

\n		\n

97.86%

\n		\n

-

\n
\n

France

\n		\n

Lotchi

\n		\n

49.91%

\n		\n

-

\n
\n

France

\n		\n

Lodition

\n		\n

-

\n		\n

-

\n
\n

France

\n		\n

Monello Productions

\n		\n

59.50%

\n		\n

-

\n
\n

France

\n		\n

Montmartre Films

\n		\n

48.93%

\n		\n

-

\n
\n

France

\n		\n

Non Stop Edition

\n		\n

73.40%

\n		\n

73.40%

\n
\n

France

\n		\n

Non Stop Productions

\n		\n

73.40%

\n		\n

73.40%

\n
\n

France

\n		\n

Ollenom Studio

\n		\n

59.50%

\n		\n

57.27%

\n
\n

France

\n		\n

Pistache TV

\n		\n

97.76%

\n		\n

49.86%

\n
\n

France

\n		\n

Pitchipo\u00ef Productions

\n		\n

48.93%

\n		\n

-

\n
\n

France

\n		\n

Procidis SAS

\n		\n

39.93%

\n		\n

23.37%

\n
\n

France

\n		\n

Puzzle Media

\n		\n

49.91%

\n		\n

24.95%

\n
\n

France

\n		\n

Screenline

\n		\n

97.86%

\n		\n

73.40%

\n
\n

France

\n		\n

SCREENLINE SPV1

\n		\n

97.86%

\n		\n

73.40%

\n
\n

France

\n		\n

Shine Fiction

\n		\n

50.89%

\n		\n

30.94%

\n
\n

France

\n		\n

Kons'Air

\n		\n

97.86%

\n		\n

19.55%

\n
\n

France

\n		\n

Soci\u00e9t\u00e9 Miss France

\n		\n

97.86%

\n		\n

48.93%

\n
\n

France

\n		\n

Studio Kilim SNC

\n		\n

97.86%

\n		\n

39.93%

\n
\n

France

\n		\n

Studio Maboul

\n		\n

97.86%

\n		\n

49.91%

\n
\n

France

\n		\n

Sulak Film SAS

\n		\n

-

\n		\n

48.93%

\n
\n

France

\n		\n

Survivor Central Productions

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Talent Lab

\n		\n

73.40%

\n		\n

38.17%

\n
\n

France

\n		\n

Terence Films

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Upper Talent SAS

\n		\n

73.40%

\n		\n

73.40%

\n
\n

France

\n		\n

Vision Air

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Yasuke Production SAS

\n		\n

48.93%

\n		\n

48.93%

\n
\n

France

\n		\n

Zodiak Kids Studio France

\n		\n

78.29%

\n		\n

-

\n
\n

France

\n		\n

B PROD CA TOURNE SAS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

B PROD EDITING SAS

\n		\n

97.86%

\n		\n

73.40%

\n
\n

Germany

\n		\n

Banijay Germany GmbH

\n		\n

88.28%

\n		\n

78.50%

\n
\n

Germany

\n		\n

Banijay Germany Live GmbH

\n		\n

88.28%

\n		\n

58.88%

\n
\n

Germany

\n		\n

Banijay Media Germany GmbH

\n		\n

88.29%

\n		\n

78.50%

\n
\n

Germany

\n		\n

Banijay Productions Germany GmbH

\n		\n

83.87%

\n		\n

37.28%

\n
\n

Germany

\n		\n

BRAINPOOL Beteilligungsgesellschaft mbH

\n		\n

-

\n		\n

62.80%

\n
\n

Germany

\n		\n

BRAINPOOL Entertainment GmbH

\n		\n

88.29%

\n		\n

78.50%

\n
\n

Germany

\n		\n

BRAINPOOL Live Entertainment GmbH

\n		\n

-

\n		\n

78.50%

\n
\n

Germany

\n		\n

BRAINPOOL TV GmbH

\n		\n

88.29%

\n		\n

70.82%

\n
\n

Germany

\n		\n

CAPE CROSS Entertainment Services GmbH

\n		\n

88.29%

\n		\n

0.00%

\n
\n

Germany

\n		\n

CAPE CROSS Postproduktions GmbH

\n		\n

88.29%

\n		\n

70.83%

\n
\n

Germany

\n		\n

en2rage Management & Consulting GmbH

\n		\n

22.96%

\n		\n

17.50%

\n
\n

Germany

\n		\n

Endemol Shine Germany GmbH

\n		\n

88.28%

\n		\n

-

\n
\n

Germany

\n		\n

Endemol Shine Group Germany GmbH

\n		\n

88.28%

\n		\n

70.83%

\n
\n

Germany

\n		\n

Entera Unternehmergesellschaft (haftungsbeschr\u00e4nkt)

\n		\n

-

\n		\n

-

\n
\n

Germany

\n		\n

Good Times Fernsehproduktions GmbH

\n		\n

-

\n		\n

70.83%

\n
\n

Germany

\n		\n

Good Humor

\n		\n

86.52%

\n		\n

-

\n
\n

Germany

\n		\n

Lucky Pics GmbH

\n		\n

45.03%

\n		\n

36.12%

\n
\n

Germany

\n		\n

MadeFor Film GmbH

\n		\n

88.28%

\n		\n

18.42%

\n
\n

Germany

\n		\n

MadeFor Music Publishing GmbH

\n		\n

88.28%

\n		\n

70.82%

\n
\n

Germany

\n		\n

Major.Minor Musikverlag GmbH

\n		\n

88.28%

\n		\n

70.82%

\n
\n

Germany

\n		\n

MTS Management T\u00f6ne Stallmeyer GmbH

\n		\n

79.46%

\n		\n

-

\n
\n

Germany

\n		\n

M\u00fcnsteraner Tourneeservice MTS Live GmbH

\n		\n

70.65%

\n		\n

-

\n
\n

Germany

\n		\n

NOISY PICTURES GmbH

\n		\n

-

\n		\n

69.41%

\n
\n

Germany

\n		\n

OGPP only good party people GmbH (former OGP Live GmbH i.G.)

\n		\n

45.03%

\n		\n

18.42%

\n
\n

Germany

\n		\n

Raab TV-Produktion GmbH

\n		\n

-

\n		\n

-

\n
\n

Germany

\n		\n

POTATOHEAD PICTURES GmbH

\n		\n

61.80%

\n		\n

49.57%

\n
\n

Germany

\n		\n

Rainer Laux Productions GmbH

\n		\n

45.03%

\n		\n

32.51%

\n
\n

Germany

\n		\n

SR Management GmbH

\n		\n

45.03%

\n		\n

28.90%

\n
\n

Germany

\n		\n

WeMynd GmbH

\n		\n

15.89%

\n		\n

-

\n
\n

India

\n		\n

Endemol India Private Limited

\n		\n

97.86%

\n		\n

45.03%

\n
\n

India

\n		\n

Ink Pen Media Private Limited

\n		\n

97.86%

\n		\n

-

\n
\n

India

\n		\n

Logline Production Private Ltd

\n		\n

97.86%

\n		\n

45.03%

\n
\n

India

\n		\n

SEVENTAURAUS ENTERTAINMENT STUDIO PRIVATE LIMITED

\n		\n

94.75%

\n		\n

30.96%

\n
\n

Ireland

\n		\n

Beyond Entertainment Holdings Limited

\n		\n

97.86%

\n		\n

45.03%

\n
\n

Ireland

\n		\n

Beyond Rights (Ireland) Limited

\n		\n

-

\n		\n

45.03%

\n
\n

Ireland

\n		\n

Beyond Rights Distribution Limited

\n		\n

78.29%

\n		\n

12.24%

\n
\n

Ireland

\n		\n

Melodia Limited

\n		\n

-

\n		\n

32.62%

\n
\n

Israel

\n		\n

Endemol Israel Ltd

\n		\n

95.35%

\n		\n

95.35%

\n
\n

Israel

\n		\n

Movie Plus Productions (2005) Ltd.

\n		\n

48.63%

\n		\n

48.63%

\n
\n

Israel

\n		\n

Paolina Jerusalem Productions Ltd

\n		\n

48.63%

\n		\n

47.08%

\n
\n

Italy

\n		\n

Ascent Film S.r.l.

\n		\n

49.91%

\n		\n

49.91%

\n
\n

Italy

\n		\n

ATLANTIS FILM & VIDEO SRL

\n		\n

97.86%

\n		\n

-

\n
\n

Italy

\n		\n

AURORA TV SRL

\n		\n

97.86%

\n		\n

78.29%

\n
\n

Italy

\n		\n

BAG MEDIA S.R.L.

\n		\n

48.93%

\n		\n

-

\n
\n

Italy

\n		\n

Balich Wonder Studio SpA

\n		\n

50.57%

\n		\n

49.28%

\n
\n

Italy

\n		\n

Banijay Italia Holding S.R.L.

\n		\n

97.86%

\n		\n

48.63%

\n
\n

Italy

\n		\n

BANIJAY ITALIA SpA

\n		\n

97.86%

\n		\n

48.63%

\n
\n

Italy

\n		\n

Banijay Music Italy SrL

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Italy

\n		\n

BANIJAY STUDIOS ITALY SRL

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Italy

\n		\n

The Wonder Society S.r.l (former Bigb Holding SrL)

\n		\n

50.57%

\n		\n

49.91%

\n
\n

Italy

\n		\n

DOGHEAD ANIMATION APULIA S.r.l

\n		\n

38.73%

\n		\n

16.33%

\n
\n

Italy

\n		\n

DOGHEAD ANIMATION S.r.l

\n		\n

38.73%

\n		\n

16.66%

\n
\n

Italy

\n		\n

Endemol Shine Italy S.p.A.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Italy

\n		\n

For Fun Distribution S.r.l

\n		\n

-

\n		\n

34.58%

\n
\n

Italy

\n		\n

Groenlandia S.r.l.

\n		\n

49.91%

\n		\n

49.91%

\n
\n

Italy

\n		\n

ITV\u00a0MOVIE SRL

\n		\n

97.86%

\n		\n

89.30%

\n
\n

Italy

\n		\n

L'Officina SRL

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Italy

\n		\n

MOBO S.r.l

\n		\n

19.96%

\n		\n

7.61%

\n
\n

Italy

\n		\n

MOVIMENTI PRODUCTION SRL

\n		\n

39.93%

\n		\n

15.21%

\n
\n

Italy

\n		\n

RAIN FROG S.r.l

\n		\n

20.36%

\n		\n

19.60%

\n
\n

Italy

\n		\n

ROCKET MUSIC PUBLISHING S.r.l

\n		\n

20.36%

\n		\n

-

\n
\n

Mexico

\n		\n

Balich Wonder Studio Mexico S.A.

\n		\n

50.57%

\n		\n

-

\n
\n

Mexico

\n		\n

Banijay Mexico and US Hispanic, S.A.P.I. de C.V.

\n		\n

49.91%

\n		\n

49.91%

\n
\n

Mexico

\n		\n

Boomdog Studios, S.A. de C.V.

\n		\n

49.71%

\n		\n

49.71%

\n
\n

Mexico

\n		\n

Endemol Shine Boomdog Holding, S.A.P.I. de C.V.

\n		\n

49.91%

\n		\n

10.18%

\n
\n

Mexico

\n		\n

Endemol Shine Boomdog, S.A.P.I. de C.V.

\n		\n

49.89%

\n		\n

20.35%

\n
\n

Netherlands

\n		\n

8th Continent Film Production

\n		\n

97.86%

\n		\n

20.36%

\n
\n

Netherlands

\n		\n

Banijay Benelux B.V.

\n		\n

97.86%

\n		\n

20.36%

\n
\n

Netherlands

\n		\n

Banijay Benelux Holding B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Costa Film Productie B.V.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Netherlands

\n		\n

Endemol Licentie B.V.

\n		\n

97.86%

\n		\n

49.71%

\n
\n

Netherlands

\n		\n

Endemol Personeel B.V.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Netherlands

\n		\n

Endemol Shine IP B.V.

\n		\n

97.86%

\n		\n

49.89%

\n
\n

Netherlands

\n		\n

Endemol Shine Nederland B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Endemol Shine Nederland Producties B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Endemol Shine Scripted B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Escape TV Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Freek Tapes TV Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Geheugenspel Film Productie B.V.\u00a0

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Gouden Uur TV Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Grundy/Endemol Nederland v.o.f.

\n		\n

48.93%

\n		\n

48.93%

\n
\n

Netherlands

\n		\n

HolyMoly TV B.V.

\n		\n

48.93%

\n		\n

48.93%

\n
\n

Netherlands

\n		\n

Human Playground TV Production B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

MXMZ Media B.V. (former Endemol Shine Sport B.V.)

\n		\n

-

\n		\n

83.96%

\n
\n

Netherlands

\n		\n

NL Film en TV B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

NL Film Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

NL TV Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Posh Productions B.V.

\n		\n

49.91%

\n		\n

24.95%

\n
\n

Netherlands

\n		\n

Scenery B.V.

\n		\n

49.91%

\n		\n

24.95%

\n
\n

Netherlands

\n		\n

Scriptstudio B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

SimpelZodiak BV

\n		\n

97.86%

\n		\n

-

\n
\n

Netherlands

\n		\n

SNP Holding B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

SNP Media B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Southfields B.V.

\n		\n

83.96%

\n		\n

83.96%

\n
\n

Netherlands

\n		\n

Topkapi DHA B.V.

\n		\n

49.91%

\n		\n

25.46%

\n
\n

Netherlands

\n		\n

Topkapi Distribution B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi Films B.V.

\n		\n

49.91%

\n		\n

49.92%

\n
\n

Netherlands

\n		\n

Topkapi Production Services B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi Rights I B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Topkapi Rights ll B.V

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi Tuig B.V

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi TV B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi TV Droneland B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi TV Elixer B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi TV Etty B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

TVBV BV

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Twentytwo Producties B.V.

\n		\n

49.91%

\n		\n

25.46%

\n
\n

Netherlands

\n		\n

Van der Valk TV Production B.V.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Netherlands

\n		\n

Vuurwerk TV Productie B.V.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Netherlands

\n		\n

Werktitel Entertainment B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

New Zealand

\n		\n

153 Productions NZ Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

New Zealand

\n		\n

Berg Productions Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

New Zealand

\n		\n

Dead Head Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

ESA UK Productions Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

New Zealand

\n		\n

ESA US Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

First Responders Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

LUMA ENCHANTED LIMITED

\n		\n

97.86%

\n		\n

-

\n
\n

New Zealand

\n		\n

Off the Grid Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

Remarkable Productions NZ Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

Remarkable Studios Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

Screentime New Zealand Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

TASTE OF ART PRODUCTIONS LIMITED

\n		\n

97.86%

\n		\n

-

\n
\n

New Zealand

\n		\n

THE GULF PRODUCTIONS LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

THE SUMMIT PRODUCTIONS NZ 2022 LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Banijay Norway AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Beforeigners Production AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Mastiff AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Mastiff Entertainment AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Nordisk Banijay AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Rubicon Produksjon AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Rubicon TV AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Screen Media AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Yellow Bird Norge AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Poland

\n		\n

Endemol Shine Polska Sp. z.o.o.

\n		\n

88.28%

\n		\n

78.50%

\n
\n

Portugal

\n		\n

Endemol Portugal, Unipessoal Lda.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Portugal

\n		\n

Portocabo Atlantico Unipessoal Lda.

\n		\n

73.88%

\n		\n

73.88%

\n
\n

Portugal

\n		\n

Shine Iberia Portugal, Unipessoal, Lda

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Samoa

\n		\n

The Landing Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Saudi Arabia

\n		\n

Balich Wonder Studio for Entertainment LLC (former Balich Wonder Studio KSA)

\n		\n

50.57%

\n		\n

50.57%

\n
\n

Saudi Arabia

\n		\n

HQ Worldwide Shows Saudi Company for Exhibition and Conferences Organization (former HQWS KSA)

\n		\n

25.80%

\n		\n

25.80%

\n
\n

Spain

\n		\n

1992 La Serie SLU

\n		\n

49.94%

\n		\n

45.05%

\n
\n

Spain

\n		\n

30 Monedas La Serie SL

\n		\n

49.94%

\n		\n

49.94%

\n
\n

Spain

\n		\n

Anciana Milenaria SLU

\n		\n

49.94%

\n		\n

37.70%

\n
\n

Spain

\n		\n

Banijay Iberia SLU

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Spain

\n		\n

Crespeth Films AIE

\n		\n

49.42%

\n		\n

49.42%

\n
\n

Spain

\n		\n

CUARZO Producciones SL

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Spain

\n		\n

Culpa Mia SLU

\n		\n

49.94%

\n		\n

12.99%

\n
\n

Spain

\n		\n

DE LORENZO PRODUCCIONES E INVERSIONES SL

\n		\n

48.93%

\n		\n

24.97%

\n
\n

Spain

\n		\n

DIAGONAL TELEVISIO SLU

\n		\n

97.86%

\n		\n

49.94%

\n
\n

Spain

\n		\n

DLO NAVARRA SL

\n		\n

48.93%

\n		\n

24.97%

\n
\n

Spain

\n		\n

ENFRENTADOS SL

\n		\n

49.94%

\n		\n

49.94%

\n
\n

Spain

\n		\n

ENTREPRENEURS LA SERIE SL

\n		\n

49.94%

\n		\n

25.22%

\n
\n

Spain

\n		\n

Gestmusic Endemol, S.A.U.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Spain

\n		\n

Gestmusic Proyectos SLU

\n		\n

97.86%

\n		\n

49.94%

\n
\n

Spain

\n		\n

Global Palenove SLU

\n		\n

49.94%

\n		\n

24.97%

\n
\n

Spain

\n		\n

LA ASISTENTA LA PEL\u00cdCULA S.L.U.

\n		\n

49.94%

\n		\n

49.94%

\n
\n

Spain

\n		\n

La Bolita Movie SL

\n		\n

47.44%

\n		\n

23.72%

\n
\n

Spain

\n		\n

La Otra casa La Pel\u00edcula AIE

\n		\n

0.25%

\n		\n

25.47%

\n
\n

Spain

\n		\n

LaLiga Studios S.L.

\n		\n

49.91%

\n		\n

25.47%

\n
\n

Spain

\n		\n

Largas Sombras S.L.U.\u00a0

\n		\n

48.93%

\n		\n

48.93%

\n
\n

Spain

\n		\n

Magnolia TV Espana

\n		\n

-

\n		\n

97.86%

\n
\n

Spain

\n		\n

Monos con Pistolas La Serie SLU

\n		\n

49.94%

\n		\n

25.48%

\n
\n

Spain

\n		\n

Pedralonga Estudios SL

\n		\n

12.30%

\n		\n

6.28%

\n
\n

Spain

\n		\n

Pokeepsie Films, S.L.

\n		\n

49.94%

\n		\n

24.21%

\n
\n

Spain

\n		\n

Pokeepsietxea S.L.U.

\n		\n

49.94%

\n		\n

0.13%

\n
\n

Spain

\n		\n

Portocabo Canarias SLU

\n		\n

73.88%

\n		\n

37.68%

\n
\n

Spain

\n		\n

Portocabo Mediterraneo SLU

\n		\n

73.88%

\n		\n

36.94%

\n
\n

Spain

\n		\n

Portocabo TV SL

\n		\n

73.88%

\n		\n

-

\n
\n

Spain

\n		\n

Producciones Sol Naciente, AIE

\n		\n

-

\n		\n

24.97%

\n
\n

Spain

\n		\n

Project Academy Series SL

\n		\n

97.86%

\n		\n

12.30%

\n
\n

Spain

\n		\n

R. Zinman Productions, A.I.E.

\n		\n

94.63%

\n		\n

48.29%

\n
\n

Spain

\n		\n

Sabinas Diagonal S.L.

\n		\n

97.86%

\n		\n

49.94%

\n
\n

Spain

\n		\n

Shine Iberia S.L.U.

\n		\n

97.86%

\n		\n

73.88%

\n
\n

Spain

\n		\n

The Fear Collection I AIE

\n		\n

49.94%

\n		\n

37.70%

\n
\n

Spain

\n		\n

The Fear Collection III AIE

\n		\n

49.94%

\n		\n

37.70%

\n
\n

Spain

\n		\n

TODO COMIENZA CON UN JUEGO, A.I.E

\n		\n

-

\n		\n

-

\n
\n

Spain

\n		\n

Zeppelin Television, S.A.U.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Banijay Sweden AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Endemol Shine Nordics AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Filmlance International AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Friday TV AB

\n		\n

97.86%

\n		\n

49.94%

\n
\n

Sweden

\n		\n

Jarowskij Enterprises AB

\n		\n

-

\n		\n

49.94%

\n
\n

Sweden

\n		\n

Jarowskij Sverige AB

\n		\n

-

\n		\n

-

\n
\n

Sweden

\n		\n

Jarowskij Yellow Bird AB

\n		\n

97.86%

\n		\n

-

\n
\n

Sweden

\n		\n

Mastiff AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Mastiff Creative AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Mastiff Media Holding AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Meter Entertainment AB

\n		\n

97.86%

\n		\n

-

\n
\n

Sweden

\n		\n

Meter Television AB

\n		\n

-

\n		\n

-

\n
\n

Sweden

\n		\n

Metronome Rental AB

\n		\n

97.86%

\n		\n

-

\n
\n

Sweden

\n		\n

NORDISK FILM & TV PRODUKTION AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Solsidan Produktion HB

\n		\n

48.93%

\n		\n

48.93%

\n
\n

Sweden

\n		\n

We Are Post AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Yellow Bird Holding AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Yellow Bird Sweden AB

\n		\n

-

\n		\n

97.86%

\n
\n

Switzerland

\n		\n

B&B Endemol Shine AG

\n		\n

44.58%

\n		\n

-

\n
\n

United Arab Emirates

\n		\n

HQ Worldwide Shows LLC

\n		\n

25.80%

\n		\n

25.80%

\n
\n

United Kingdom

\n		\n

21CF Shine Holdings UK Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Among Giants Ltd

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United Kingdom

\n		\n

Artists Studio Management Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Artists' Studio TV Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Bad Ed The Movie Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Bandit (Delicious 3) Limited

\n		\n

97.86%

\n		\n

44.58%

\n
\n

United Kingdom

\n		\n

Banijay Brands Limited

\n		\n

-

\n		\n

25.45%

\n
\n

United Kingdom

\n		\n

Banijay Kids & Family (Holding) Limited

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Banijay Kids & Family Distribution Limited

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

BANIJAY MEDIA LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Banijay Rights Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Banijay Services Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Banijay UK Entertainment Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Banijay UK Productions Limited

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Bazal Productions Ltd.

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Black Mirror Drama (S4) Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Black Mirror Drama (S5) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Black Mirror Drama Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

BLACKLIGHT (DRAMA) LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

BlackLight Television Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Brand and Talent Consortium Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Brighter Pictures Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Brown Eyed Boy (MHB) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Brown Eyed Boy Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Bwark Films Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Bwark Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Castaway Television Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

ChannelFlip Media Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Dangerous Films Limited

\n		\n

68.50%

\n		\n

68.50%

\n
\n

United Kingdom

\n		\n

Darlow Smithson Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

DEFINITELY PRODUCTIONS LIMITED

\n		\n

-

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

DINOPAWS UK Limited

\n		\n

-

\n		\n

28.54%

\n
\n

United Kingdom

\n		\n

Double Dutch (Drama) Limited

\n		\n

49.03%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Double Dutch Productions Ltd

\n		\n

49.03%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Douglas Road Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Dragonfly Documentaries Limited (former Dragonfly Drama Limited)

\n		\n

97.86%

\n		\n

63.66%

\n
\n

United Kingdom

\n		\n

Dragonfly Film and Television Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Dream Alliance Productions Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Workerbee Live (Luminiscence) Limited (former DSP Drama 2 Limited)

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

DSP Drama 3 LTD

\n		\n

97.86%

\n		\n

49.03%

\n
\n

United Kingdom

\n		\n

DSP Drama 4 Limited

\n		\n

97.86%

\n		\n

49.03%

\n
\n

United Kingdom

\n		\n

DSP Drama Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Edam SLB Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Electric Robin (BITW) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Electric Robin (BTR) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Electric Robin (GOG) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Electric Robin Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Endemol Shine Gaming Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Endemol Shine Group Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Endemol UK Holding Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fall Productions Ltd

\n		\n

44.04%

\n		\n

44.04%

\n
\n

United Kingdom

\n		\n

Ty'r Ddraig Limited (former Far Moor Media Ltd)

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (AM) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (Domina) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (Fortitude 3) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (Guerrilla) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (KAW2) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms Productions Ltd

\n		\n

97.86%

\n		\n

44.04%

\n
\n

United Kingdom

\n		\n

FKAI productions Ltd

\n		\n

-

\n		\n

28.54%

\n
\n

United Kingdom

\n		\n

Garrison Drama Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Good Catch Ltd

\n		\n

-

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

GRAYPOOLE Films Ltd

\n		\n

-

\n		\n

28.54%

\n
\n

United Kingdom

\n		\n

Guilder Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

HANK ZIPZER Productions Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

Hawkshead Ltd.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

House of Tomorrow Drama Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

House of Tomorrow Holdings Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

House of Tomorrow Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Initial (Seaforth) Ltd.

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Initial Film & Television (Frankies House) Ltd.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Initial Film & Television (Horse Opera) Ltd.

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Initial Film & Television Ltd.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

IWC Media Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Izenda Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kale TV Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Kindle (Little Darlings) Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

Kindle Entertainment (Big and Small) Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

Kindle Entertainment (HANK ZIPZER) Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

KINDLE ENTERTAINMENT LIMITED

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

Kindle Entertainment Productions Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

KISS ME FIRST Ltd

\n		\n

-

\n		\n

28.54%

\n
\n

United Kingdom

\n		\n

Kudos (BG) Ltd

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Kudos (Broadchurch) Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

KUDOS (SAS 3) LIMITED (former Kudos (Burn Up) Ltd)

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Child) Ltd.

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Code 404) Limited

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Deadwater) Ltd.

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Deep Water) Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Eternal) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester 10) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester 8) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester 9) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester Five) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester Four) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester Seven) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester Six) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Gunpowder) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Hour) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Humans Three) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Humans) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (L&O) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Law) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Manhattan) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Morton) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Occupation) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (River) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (SAS 2) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (SAS) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Spooks) CP Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Squirrel) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

KUDOS (THIS TOWN) LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Tin Star) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Troy) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

KUDOS (GRANTCHESTER 11) LIMITED (former Kudos (Tsunami))

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Tunnel) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Two Weeks) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (WM) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (You) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Film & Television Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Financing Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Hustle Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Rights Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Scotland Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Lomond Television Ltd.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Lovely Day Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Mam Tor Productions (Open Water) Ltd

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Mam Tor Productions (Scotland) Ltd

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Mam Tor Productions (Wild Lion) Ltd

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Mam Tor Productions Limited

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

NC Shine Acquisition Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

New Moon Rising Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Newincco 1151 Ltd

\n		\n

48.94%

\n		\n

48.94%

\n
\n

United Kingdom

\n		\n

WORKERBEE MC DOC LIMITED (former Not Driving That Limited)

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

OP MEDIA Ltd

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 2 Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 3 Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 4 Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 5 Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 6 Limited

\n		\n

97.86%

\n		\n

48.94%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Princess Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

RDF Television Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Secret Life of Boys 5 Ltd

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Shelby Company Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Creative (UK) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Jet Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Midco Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Pictures (UK) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

SHINE TV (FM) LIMITED

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Shine TV (Hunted) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine TV Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shiny Button Productions (SPV) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shiny Button Productions (YCOM) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shiny Button Productions limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Simon's Cat Ltd

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Sound Pocket Music Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Spooks Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Superchargers Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Stan and Gran Productions Limited

\n		\n

78.29%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Ted\u2019s Top Ten Ltd

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Teen Taxis Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

THE A LIST (KEL) Ltd

\n		\n

-

\n		\n

29.11%

\n
\n

United Kingdom

\n		\n

THE A LIST 2 (KEL) Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

The Boys Are Back In Town Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

The Comedy Unit Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

The Fall 2 Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

The Fall 3 Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (3B) Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (AB4) Ltd

\n		\n

52.79%

\n		\n

-

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (AB5) Ltd.

\n		\n

52.79%

\n		\n

-

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Falling) Limited (former The Forge Entertainment (BE2) Ltd)

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (DEBS2) Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Debutante) Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (DM) Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Elizabeth) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (GenZ) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Highlands & Islands) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Home) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Kiri) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Marriage) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (National Treasure) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Productions) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Roadkill) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (REP) Limited (former The Forge Entertainment (ROTG) Ltd)

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Sandrine) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Shardlake) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (The Light) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (The Miniaturist) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment Limited

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Foundation T.V. Productions (Scotland) Limited

\n		\n

78.29%

\n		\n

40.64%

\n
\n

United Kingdom

\n		\n

The Natural Studios Limited

\n		\n

59.69%

\n		\n

32.20%

\n
\n

United Kingdom

\n		\n

The Natural Studios Productions Ltd

\n		\n

59.69%

\n		\n

32.20%

\n
\n

United Kingdom

\n		\n

TIGER ASPECT (3LB) LIMITED

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (BH&MP) Limited

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (Comedy) Ltd

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (Fortitude 2) Ltd

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (GKH) Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (GKH3) Limited

\n		\n

97.86%

\n		\n

59.69%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (Good Karma) Limited

\n		\n

97.86%

\n		\n

59.69%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (KAW) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (Viewpoint) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Animation Ltd

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Assets Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Drama (Curfew) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Drama (Ripper Street 4) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Drama Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Films Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Financing Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Holdings Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Kids & Family Limited

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Pictures (Dog Eat Dog) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Pictures (Royston Vasey) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Pictures (Tosspot) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Pictures Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Scotland Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Television Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Tigress Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tronpipe Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Victoria Real Ltd.

\n		\n

96.34%

\n		\n

96.34%

\n
\n

United Kingdom

\n		\n

Wild Mercury (Fear) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury (Moreton) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury (The Rig 2) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury (The Rig) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury (Troy) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury Production Company Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild West (Initial) Ltd.

\n		\n

97.86%

\n		\n

96.34%

\n
\n

United Kingdom

\n		\n

Wonder Television Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Workerbee (Jack) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

WORKERBEE (SPORTS) LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Workerbee Documentary Films Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

YELLOW BIRD PRODUCTIONS UK LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Yemen Distributions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Yemen Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Young Bwark Limited

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United Kingdom

\n		\n

Zeppotron Drama Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Zeppotron Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Zodiak Kids & Family Productions UK Limited

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Zodiak Kids UK Ltd

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Zodiak Music Publishing Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

51 Minds Entertainment LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

51 Minds, LLC

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

ACIP CO LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

All Knight Music LLC

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United States

\n		\n

Anonymous Music Library, LLC

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United States

\n		\n

Ant Eggs Rentals LLC

\n		\n

49.91%

\n		\n

39.93%

\n
\n

United States

\n		\n

Atrium Entertainment LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Authentic Entertainment Holding, LLC.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Authentic Entertainment, LLC.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Authentic Minds, LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Balich Wonder Studio USA Inc.

\n		\n

50.57%

\n		\n

25.29%

\n
\n

United States

\n		\n

Banijay Americas, Inc.

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

BANIJAY ENTERTAINMENT HOLDINGS US II INC

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United States

\n		\n

BANIJAY ENTERTAINMENT HOLDINGS US, INC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Banijay Mexico and US Hispanic, LLC

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United States

\n		\n

Banijay US Holdings Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Banijay US Live Entertainment, Inc

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

Berkeley Productions Inc

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United States

\n		\n

BG Apple LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Big Ant Productions, LLC

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United States

\n		\n

BL4 Productions Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

BMP Films Inc

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United States

\n		\n

Brigadier Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

BSNA Entertainment LLC

\n		\n

76.59%

\n		\n

76.59%

\n
\n

United States

\n		\n

BUNIM MURRAY PRODUCTIONS INC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

BUNIM MURRAY PRODUCTIONS LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Burbank North Productions, LLC

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

CCCM Projects LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Clock Tower Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Coconunu Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Complete Solution Pictures and Sound

\n		\n

76.59%

\n		\n

59.94%

\n
\n

United States

\n		\n

Creole Manny LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Cristal Ball Enterprises LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Crosswalk Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Distance Productions, Inc.

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

Endemol Beyond USA, LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol Latino N.A., Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol Shine Boomdog, LLC

\n		\n

49.91%

\n		\n

39.06%

\n
\n

United States

\n		\n

Endemol Shine SPV, LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol Shine US Office LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol Studios

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol USA Holding, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol USA Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Flow Ventures LLC

\n		\n

-

\n		\n

36.70%

\n
\n

United States

\n		\n

Front Yard Productions Inc.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United States

\n		\n

GloNation Studios LLC

\n		\n

4.99%

\n		\n

4.99%

\n
\n

United States

\n		\n

Go Ahead Productions Inc

\n		\n

76.59%

\n		\n

76.59%

\n
\n

United States

\n		\n

Gramercy\u00a0Global\u00a0Entertainment

\n		\n

58.23%

\n		\n

58.23%

\n
\n

United States

\n		\n

Gulf Stream Media Inc

\n		\n

76.59%

\n		\n

76.59%

\n
\n

United States

\n		\n

Hashtag Entertainment LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Hippocratical Productions LLC

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

Hizzoner LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

HMGGLO LLC

\n		\n

9.79%

\n		\n

0.50%

\n
\n

United States

\n		\n

Home Brewed Productions LLC

\n		\n

97.86%

\n		\n

76.59%

\n
\n

United States

\n		\n

Home Run Production Services LLC

\n		\n

75.84%

\n		\n

45.13%

\n
\n

United States

\n		\n

In the Keys Music LLC

\n		\n

48.93%

\n		\n

38.29%

\n
\n

United States

\n		\n

Keeping Track Music Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Legende Films Inc.

\n		\n

-

\n		\n

48.93%

\n
\n

United States

\n		\n

Lock and Key Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Lock Cut 9 LLC

\n		\n

48.93%

\n		\n

4.89%

\n
\n

United States

\n		\n

Look Both Ways Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

M Cable Television Inc

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

M Theory Entertainment, Inc

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

Media Production Services, LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Middleman LLC

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

Mobility Productions, Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Mountain View Productions LLC

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

Navy Street Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

No Doubt Post Production, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Note Republic LLC

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United States

\n		\n

NoVat Productions, LLC

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United States

\n		\n

Only on Oxnard LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Original Ink LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Original Media, LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Our House Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Oxnard Cats Entertainment LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Pico Script Lab, Inc.

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

PMPGL LLC

\n		\n

75.84%

\n		\n

38.68%

\n
\n

United States

\n		\n

Production Support Services, LLC.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Rhapsolody Music LB Inc.

\n		\n

49.91%

\n		\n

38.68%

\n
\n

United States

\n		\n

Road Rules Productions Inc

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

RW Productions Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

SHEA OFFICE SPACE AND FURNISHINGS

\n		\n

76.59%

\n		\n

76.59%

\n
\n

United States

\n		\n

Shine Television LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Shine US Holdings Inc

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

Snack Tray Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Spring Break Films LLC

\n		\n

-

\n		\n

24.95%

\n
\n

United States

\n		\n

Story Telling Inc.

\n		\n

-

\n		\n

48.93%

\n
\n

United States

\n		\n

Suns Productions, LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Sunset Ventures Inc

\n		\n

76.59%

\n		\n

59.94%

\n
\n

United States

\n		\n

Superior Production Services LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Swampy Projects LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Tasty Treat LLC

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United States

\n		\n

The American Cue Society LLC

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

Trade Winds Productions Inc

\n		\n

76.59%

\n		\n

-

\n
\n

United States

\n		\n

True Entertainment LLC

\n		\n

75.84%

\n		\n

58.78%

\n
\n

United States

\n		\n

True TTH, LLC

\n		\n

75.84%

\n		\n

59.35%

\n
\n

United States

\n		\n

Truly Original, LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Turnt up Productions LLC

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

UBBP Inc

\n		\n

76.59%

\n		\n

38.29%

\n
\n

United States

\n		\n

United Front Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Very Water Logged LLC

\n		\n

97.86%

\n		\n

76.59%

\n
\n

United States

\n		\n

Wheelhouse Productions LLC

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

YOLO Productions LLC

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

Zamora Films LLC

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

ZnakTV Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Zodiak Americas

\n		\n

97.86%

\n		\n

76.59%

\n
\n

United States

\n		\n

Zoom Equipment Rentals LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

\n
\n

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

Country of incorporation

\n		\n

Name of the legal entity

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Austria

\n		\n

influence.vision GmbH

\n		\n

-

\n		\n

36.93%

\n
\n

France

\n		\n

Black Lemon SAS

\n		\n

-

\n		\n

10.09%

\n
\n

France

\n		\n

Financi\u00e8re EMG

\n		\n

4.72%

\n		\n

4.77%

\n
\n

France

\n		\n

M.G. Productions

\n		\n

47.95%

\n		\n

48.45%

\n
\n

France

\n		\n

SA\u0112

\n		\n

47.95%

\n		\n

-

\n
\n

Germany

\n		\n

Dynamic Ally Pictures GmbH

\n		\n

29.13%

\n		\n

26.17%

\n
\n

Germany

\n		\n

Ladykracher TV-Produktion GmbH

\n		\n

44.14%

\n		\n

39.66%

\n
\n

Germany

\n		\n

Minestrone TV Produktion GbR

\n		\n

44.14%

\n		\n

39.66%

\n
\n

Italy

\n		\n

Greenboo Production S.r.l.

\n		\n

47.95%

\n		\n

48.45%

\n
\n

Netherlands

\n		\n

Content Intelligence B.V.

\n		\n

24.37%

\n		\n

24.62%

\n
\n

Netherlands

\n		\n

Crossmex B.V.

\n		\n

58.72%

\n		\n

59.33%

\n
\n

United Kingdom

\n		\n

Conker Pictures Limited

\n		\n

24.47%

\n		\n

24.72%

\n
\n

United Kingdom

\n		\n

Double Dutch (Drama) Limited

\n		\n

-

\n		\n

49.34%

\n
\n

United Kingdom

\n		\n

Double Dutch Productions Ltd

\n		\n

-

\n		\n

49.34%

\n
\n

United Kingdom

\n		\n

Esmeralda Productions Limited

\n		\n

29.33%

\n		\n

29.63%

\n
\n

United Kingdom

\n		\n

Immovable Studios Ltd.

\n		\n

19.57%

\n		\n

19.78%

\n
\n

United Kingdom

\n		\n

Rabbit Track Pictures Limited

\n		\n

20.93%

\n		\n

21.15%

\n
\n

United States

\n		\n

BD4 Productions LLC

\n		\n

47.95%

\n		\n

48.45%

\n
\n

United States

\n		\n

Hyphenated Media Group LLC

\n		\n

9.79%

\n		\n

9.89%

\n
\n

United States

\n		\n

Ensemble Entertainment LLC

\n		\n

1.47%

\n		\n

1.48%

\n
\n

\n

32.2Banijay Gaming\u2019s sub-group consolidation scope

\n

The table below presents the percentage of ownership interest in Betclic Everest Group\u00a0SAS subsidiaries held by the Group (including Banijay Group\u2019s indirect ownership)

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

Name of the legal entity

\n		\n

Country of incorporation

\n		\n

2025

\n		\n

2024

\n
\n

Betclic Everest Group SAS

\n		\n

France

\n		\n

Holding

\n		\n

Holding

\n
\n

Mangas Investment Ltd.

\n		\n

Malta

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Betclic Enterprises Ltd

\n		\n

Malta

\n		\n

94.60%

\n		\n

94.60%

\n
\n

BC Malta Services Ltd.

\n		\n

Malta

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Mangas Gaming Malta Ltd.

\n		\n

Malta

\n		\n

94.60%

\n		\n

94.60%

\n
\n

BEM Operations Ltd.

\n		\n

Malta

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Betclic Overseas Ltd

\n		\n

Malta

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Equinox Ltd.

\n		\n

Gibraltar

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Mater Ltd.

\n		\n

Gibraltar

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Betclic Ltd.

\n		\n

Malta

\n		\n

0.00%

\n		\n

94.60%

\n
\n

BC Marketing Agency Italia Srl.

\n		\n

Italy

\n		\n

0.00%

\n		\n

94.60%

\n
\n

BC Poland Services Sp z.o.o.

\n		\n

Poland

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Euro Gaming Investment SA

\n		\n

Luxembourg

\n		\n

94.60%

\n		\n

94.60%

\n
\n

EG Portugal Sul.

\n		\n

Portugal

\n		\n

94.60%

\n		\n

94.60%

\n
\n

Mangas Gambling Engineering

\n		\n

France

\n		\n

94.60%

\n		\n

94.60%

\n
\n

WSF Odds S.r.l.

\n		\n

Italy

\n		\n

47.30%

\n		\n

47.30%

\n
\n

Oddshaker S.r.l

\n		\n

Italy

\n		\n

94.60%

\n		\n

0.00%

\n
\n

Betclic Holding SAS

\n		\n

France

\n		\n

94.60%

\n		\n

0.00%

\n
\n

Betclic Overseas SAS

\n		\n

France

\n		\n

85.14%

\n		\n

85.14%

\n
\n

Betclic Senegal SASU

\n		\n

Senegal

\n		\n

85.14%

\n		\n

85.14%

\n
\n

Betclic C\u00f4te d'Ivoire SASU

\n		\n

C\u00f4te d'Ivoire

\n		\n

85.14%

\n		\n

85.14%

\n
\n

Betclic RDC SASU

\n		\n

Democratic Republic of Congo

\n		\n

85.14%

\n		\n

85.14%

\n
\n

Betclic Cameroun SASU

\n		\n

Cameroun

\n		\n

85.14%

\n		\n

85.14%

\n
\n

Betclic B\u00e9nin SASU

\n		\n

Benin

\n		\n

85.14%

\n		\n

85.14%

\n
\n

Bet-at-home AG Germany

\n		\n

Germany

\n		\n

0.00%

\n		\n

50.99%

\n
\n

Bet-at-home Entertainment Gmbh

\n		\n

Austria

\n		\n

0.00%

\n		\n

50.99%

\n
\n

Entertainment Beteiligungsholding Gmbh

\n		\n

Austria

\n		\n

0.00%

\n		\n

50.99%

\n
\n

Bet-at-home.com Niederlande Gmbh

\n		\n

Austria

\n		\n

0.00%

\n		\n

50.99%

\n
\n

Jonsden Properties Ltd.

\n		\n

Gibraltar

\n		\n

0.00%

\n		\n

50.99%

\n
\n

Bet-at-home Holding Ltd.

\n		\n

Malta

\n		\n

0.00%

\n		\n

50.99%

\n
\n

Bet-at-home International Ltd.

\n		\n

Malta

\n		\n

0.00%

\n		\n

50.99%

\n
\n

Bet-at-home Internet Ltd.

\n		\n

Malta

\n		\n

0.00%

\n		\n

50.99%

\n
\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_21788443362186958_0_0": { "value": "The Netherlands\n", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10419591513798809_0_0": { "value": "
2.3.1Effective for fiscal years beginning on\u00a0or after 1\u00a0January 2025
\n
Standards, amendments and interpretation adopted by the European Union and effective for reporting periods beginning on or after 1\u00a0January 2025
\n

The new and amended standards effective from 1\u00a0January 2025 do not have a material effect on the unaudited consolidated financial statements.

\n

The following amendments to IFRS are effective as from 1\u00a0January 2025:

\n

\u2022Amendments to IAS 21 \u2013 Lack of Exchangeability.

\n
2.3.2Standards issued but not yet effective
\n
IFRS\u00a0standards adopted by the European Union
\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

Date of adoption

\n
\n

IFRS 18

\n		\n

Presentation and Disclosure in Financial Statements

\n		\n

16 February 2026

\n
\n
IFRS\u00a0standards not yet adopted by\u00a0the\u00a0European Union
\n

Certain new accounting standards and amendments have been published by the IASB but not yet adopted by the European Union, and have not been adopted early, including:

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

\u00a0

\n		\n

\n		\n

Expected dates of\u00a0adoption

\n
\n

Amendments to IFRS 9 and IFRS 7

\n		\n

Amendments to the Classification and Measurement of Financial Instruments

\n		\n

1 January 2026

\n
\n

IFRS 19

\n		\n

Subsidiaries without Public Accountability Disclosures

\n		\n

1 January 2027

\n
\n

Banijay Group N.V. is currently analysing the impact of applying IFRS\u00a018 on the presentation of its consolidated financial statements. The Group does not expect the application of the other standards and amendments set out above to have a material impact.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346741_0": { "value": "
2.3.1Effective for fiscal years beginning on\u00a0or after 1\u00a0January 2025
\n
Standards, amendments and interpretation adopted by the European Union and effective for reporting periods beginning on or after 1\u00a0January 2025
\n

The new and amended standards effective from 1\u00a0January 2025 do not have a material effect on the unaudited consolidated financial statements.

\n

The following amendments to IFRS are effective as from 1\u00a0January 2025:

\n

\u2022Amendments to IAS 21 \u2013 Lack of Exchangeability.

\n
2.3.2Standards issued but not yet effective
\n
IFRS\u00a0standards adopted by the European Union
\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u00a0

\n		\n

\u00a0

\n		\n

Date of adoption

\n
\n

IFRS 18

\n		\n

Presentation and Disclosure in Financial Statements

\n		\n

16 February 2026

\n
\n
IFRS\u00a0standards not yet adopted by\u00a0the\u00a0European Union
\n

Certain new accounting standards and amendments have been published by the IASB but not yet adopted by the European Union, and have not been adopted early, including:

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

\u00a0

\n		\n

\n		\n

Expected dates of\u00a0adoption

\n
\n

Amendments to IFRS 9 and IFRS 7

\n		\n

Amendments to the Classification and Measurement of Financial Instruments

\n		\n

1 January 2026

\n
\n

IFRS 19

\n		\n

Subsidiaries without Public Accountability Disclosures

\n		\n

1 January 2027

\n
\n

Banijay Group N.V. is currently analysing the impact of applying IFRS\u00a018 on the presentation of its consolidated financial statements. The Group does not expect the application of the other standards and amendments set out above to have a material impact.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10419655674745250_0_0": { "value": "

2.4Significant assumptions and estimates

\n

The preparation of these consolidated financial statements requires the Group\u2019s management to make assumptions and estimates that may affect the application of the accounting methods, and the reported amounts of assets and liabilities, as well as certain income and expenses for the period. These assumptions and estimates mainly relate to:

\n

i)the calculation of debt related to earnouts on acquisitions;

\n

ii)the estimate of debt resulting from put options in favour of minority shareholders;

\n

iii)the estimate of liabilities related to employee long-term incentives and employee benefits resulting from a business acquisition;

\n

iv)the estimate of the valuation of securities;

\n

v)the determination of the recoverable amount of cash-generating units and the subsequent impairment test of the goodwill resulting from a business combination;

\n

vi)the amount of provisions for risks and other provisions in relation to the Group\u2019s activity.

\n

Actual results may differ from these estimates under different assumptions or conditions.

\n

13.3Impairment tests

\n

The recoverable amount as of 31 December 2025 and 2024 was determined based on a calculation of the value in use using cash flow projections from the budgets approved by Management covering a period of four years (see table below).

\n

The assumptions used by the Group are stated in the table below:

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

\n		\n

WACC*

\n		\n

Perpetual
growth rate

\n		\n

Budget (with some exceptions)

\n
\n

31\u00a0December 2025

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Banijay Entertainment &\u00a0Live

\n		\n

8.9%

\n		\n

2.3%

\n		\n

4 years

\n
\n

Banijay Gaming

\n		\n

9.8%

\n		\n

1.0%

\n		\n

4 years

\n
\n

31\u00a0December 2024

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Banijay Entertainment &\u00a0Live

\n		\n

8.9%

\n		\n

2.8%

\n		\n

4 years

\n
\n

Banijay Gaming

\n		\n

9.7%

\n		\n

1.5%

\n		\n

4 years

\n
\n

*WACC: Weighted Average Cost of Capital post-tax.

\n
\n

The projections include estimates for the inflation rates as well as the cost savings that have been realised and are to be realised from several cost savings initiatives for which the entity is committed at the closing date. By their nature, forward-looking statements involve risks and uncertainties as they relate to events and depend on circumstances that may or may not occur in the future. Accordingly, actual results of operations, financial condition and liquidity may differ from those assumed in the forward-looking statements. The Group also assessed the impact of the climate and other environmental matters and considered that no material effect should be considered in the projections.

\n

Based on the impairment tests conducted, Management did not identify any impairment for both CGUs and thus no impairment needs to be charged against goodwill, intangible and tangible assets, for the years ended 31 December 2025 and 2024.

\n
Sensitivity to changes in assumptions
\n

A sensitivity analysis of the value in use of Banijay Entertainment & Live and Banijay Gaming was carried out according to the parameters below. This sensitivity analysis did not call into question the impairment tests performed (the margins on impairment tests remaining significantly positive in all scenarios).

\n

The sensitivity of impairment tests to adverse, feasible changes in assumptions is set out below:

\n

\u2022reasonable sensitivity to changes in the discount rate: a simulated increase of 0.5% in the discount rate used would not change the findings of the Group's analysis;

\n

\u2022reasonable sensitivity to changes in the long-term growth rate: in a pessimistic scenario where the long\u2011term growth rate is reduced by 0.5%, the value in use of each CGU would still exceed its carrying amount;

\n

\u2022reasonable sensitivity to changes in the business plans: a 10% reduction in the revenue forecast contained in the business plan and decrease of 0.5% in the perpetual growth rate, with variable costs adjusted accordingly, would not change the conclusions of the Group's analysis.

\n

Consequently, none of the sensitivity tests reduced the value in use of any of the CGUs to below their carrying amount.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_12785824294894623_0_0": { "value": "

2.4Significant assumptions and estimates

\n

The preparation of these consolidated financial statements requires the Group\u2019s management to make assumptions and estimates that may affect the application of the accounting methods, and the reported amounts of assets and liabilities, as well as certain income and expenses for the period. These assumptions and estimates mainly relate to:

\n

i)the calculation of debt related to earnouts on acquisitions;

\n

ii)the estimate of debt resulting from put options in favour of minority shareholders;

\n

iii)the estimate of liabilities related to employee long-term incentives and employee benefits resulting from a business acquisition;

\n

iv)the estimate of the valuation of securities;

\n

v)the determination of the recoverable amount of cash-generating units and the subsequent impairment test of the goodwill resulting from a business combination;

\n

vi)the amount of provisions for risks and other provisions in relation to the Group\u2019s activity.

\nActual results may differ from these estimates under different assumptions or conditions

13.3Impairment tests

\n

The recoverable amount as of 31 December 2025 and 2024 was determined based on a calculation of the value in use using cash flow projections from the budgets approved by Management covering a period of four years (see table below).

\n

The assumptions used by the Group are stated in the table below:

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

\n		\n

WACC*

\n		\n

Perpetual
growth rate

\n		\n

Budget (with some exceptions)

\n
\n

31\u00a0December 2025

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Banijay Entertainment &\u00a0Live

\n		\n

8.9%

\n		\n

2.3%

\n		\n

4 years

\n
\n

Banijay Gaming

\n		\n

9.8%

\n		\n

1.0%

\n		\n

4 years

\n
\n

31\u00a0December 2024

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Banijay Entertainment &\u00a0Live

\n		\n

8.9%

\n		\n

2.8%

\n		\n

4 years

\n
\n

Banijay Gaming

\n		\n

9.7%

\n		\n

1.5%

\n		\n

4 years

\n
\n

*WACC: Weighted Average Cost of Capital post-tax.

\n
\n

The projections include estimates for the inflation rates as well as the cost savings that have been realised and are to be realised from several cost savings initiatives for which the entity is committed at the closing date. By their nature, forward-looking statements involve risks and uncertainties as they relate to events and depend on circumstances that may or may not occur in the future. Accordingly, actual results of operations, financial condition and liquidity may differ from those assumed in the forward-looking statements. The Group also assessed the impact of the climate and other environmental matters and considered that no material effect should be considered in the projections.

\n

Based on the impairment tests conducted, Management did not identify any impairment for both CGUs and thus no impairment needs to be charged against goodwill, intangible and tangible assets, for the years ended 31 December 2025 and 2024.

\n
Sensitivity to changes in assumptions
\n

A sensitivity analysis of the value in use of Banijay Entertainment & Live and Banijay Gaming was carried out according to the parameters below. This sensitivity analysis did not call into question the impairment tests performed (the margins on impairment tests remaining significantly positive in all scenarios).

\n

The sensitivity of impairment tests to adverse, feasible changes in assumptions is set out below:

\n

\u2022reasonable sensitivity to changes in the discount rate: a simulated increase of 0.5% in the discount rate used would not change the findings of the Group's analysis;

\n

\u2022reasonable sensitivity to changes in the long-term growth rate: in a pessimistic scenario where the long\u2011term growth rate is reduced by 0.5%, the value in use of each CGU would still exceed its carrying amount;

\n

\u2022reasonable sensitivity to changes in the business plans: a 10% reduction in the revenue forecast contained in the business plan and decrease of 0.5% in the perpetual growth rate, with variable costs adjusted accordingly, would not change the conclusions of the Group's analysis.

\n

Consequently, none of the sensitivity tests reduced the value in use of any of the CGUs to below their carrying amount.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_12785794243240821_0_0": { "value": "

2.4Significant assumptions and estimates

\n

The preparation of these consolidated financial statements requires the Group\u2019s management to make assumptions and estimates that may affect the application of the accounting methods, and the reported amounts of assets and liabilities, as well as certain income and expenses for the period. These assumptions and estimates mainly relate to:

\n

i)the calculation of debt related to earnouts on acquisitions;

\n

ii)the estimate of debt resulting from put options in favour of minority shareholders;

\n

iii)the estimate of liabilities related to employee long-term incentives and employee benefits resulting from a business acquisition;

\n

iv)the estimate of the valuation of securities;

\n

v)the determination of the recoverable amount of cash-generating units and the subsequent impairment test of the goodwill resulting from a business combination;

\n

vi)the amount of provisions for risks and other provisions in relation to the Group\u2019s activity.

\n

Actual results may differ from these estimates under different assumptions or conditions.

\n

13.3Impairment tests

\n

The recoverable amount as of 31 December 2025 and 2024 was determined based on a calculation of the value in use using cash flow projections from the budgets approved by Management covering a period of four years (see table below).

\n

The assumptions used by the Group are stated in the table below:

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

\n		\n

WACC*

\n		\n

Perpetual
growth rate

\n		\n

Budget (with some exceptions)

\n
\n

31\u00a0December 2025

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Banijay Entertainment &\u00a0Live

\n		\n

8.9%

\n		\n

2.3%

\n		\n

4 years

\n
\n

Banijay Gaming

\n		\n

9.8%

\n		\n

1.0%

\n		\n

4 years

\n
\n

31\u00a0December 2024

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Banijay Entertainment &\u00a0Live

\n		\n

8.9%

\n		\n

2.8%

\n		\n

4 years

\n
\n

Banijay Gaming

\n		\n

9.7%

\n		\n

1.5%

\n		\n

4 years

\n
\n

*WACC: Weighted Average Cost of Capital post-tax.

\n
\n

The projections include estimates for the inflation rates as well as the cost savings that have been realised and are to be realised from several cost savings initiatives for which the entity is committed at the closing date. By their nature, forward-looking statements involve risks and uncertainties as they relate to events and depend on circumstances that may or may not occur in the future. Accordingly, actual results of operations, financial condition and liquidity may differ from those assumed in the forward-looking statements. The Group also assessed the impact of the climate and other environmental matters and considered that no material effect should be considered in the projections.

\n

Based on the impairment tests conducted, Management did not identify any impairment for both CGUs and thus no impairment needs to be charged against goodwill, intangible and tangible assets, for the years ended 31 December 2025 and 2024.

\n
Sensitivity to changes in assumptions
\n

A sensitivity analysis of the value in use of Banijay Entertainment & Live and Banijay Gaming was carried out according to the parameters below. This sensitivity analysis did not call into question the impairment tests performed (the margins on impairment tests remaining significantly positive in all scenarios).

\n

The sensitivity of impairment tests to adverse, feasible changes in assumptions is set out below:

\n

\u2022reasonable sensitivity to changes in the discount rate: a simulated increase of 0.5% in the discount rate used would not change the findings of the Group's analysis;

\n

\u2022reasonable sensitivity to changes in the long-term growth rate: in a pessimistic scenario where the long\u2011term growth rate is reduced by 0.5%, the value in use of each CGU would still exceed its carrying amount;

\n

\u2022reasonable sensitivity to changes in the business plans: a 10% reduction in the revenue forecast contained in the business plan and decrease of 0.5% in the perpetual growth rate, with variable costs adjusted accordingly, would not change the conclusions of the Group's analysis.

\n

Consequently, none of the sensitivity tests reduced the value in use of any of the CGUs to below their carrying amount.

\n
", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_20415871503623211_0_0": { "value": "

2.5Main accounting policies

\n

The accounting methods described were consistently applied to all the reporting periods presented in the consolidated financial statements.

\n
2.5.1Basis of consolidation
\n

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) up to 31\u00a0December each year. Control is achieved when the Company:

\n

\u2022has power over the investee;

\n

\u2022is exposed, or has rights, to variable returns from its involvement with the investee; and

\n

\u2022has the ability to use its power to affect its returns.

\n

The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

\n

Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the Company gains control until the date the Company ceases to control the subsidiary.

\n

Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non\u2011controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Company and to the non\u2011controlling interests even if this results in the non\u2011controlling interests having a deficit balance.

\n

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with the Group\u2019s accounting policies.

\n

All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation.

\n

Non\u2011controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. The interests of non\u2011controlling shareholders that represent ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non\u2011controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is made on an acquisition\u2011by\u2011acquisition basis. Other non\u2011controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non\u2011controlling interests is the amount of those interests at initial recognition plus the non\u2011controlling interests\u2019 share of subsequent changes in equity.

\n

Changes in the Group\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group\u2019s interests and the non\u2011controlling interests are adjusted to reflect changes in their relative interests in the subsidiaries. Any difference between the amount by which the non\u2011controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company.

\n

When the Group loses control of a subsidiary, the gain or loss on disposal recognised in profit or loss is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), less liabilities of the subsidiary and any non\u2011controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e.\u00a0reclassified to profit or loss or transferred to another category of equity as required/permitted by applicable IFRS\u00a0standards). The fair value of any investment retained in the former subsidiary at the date control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS\u00a09\u00a0Financial Instruments when applicable, or the cost on initial recognition of an investment in an associate or a joint venture.

\n
2.5.2Business combinations
\n

Business combinations are accounted for under the acquisition method as published in IFRS\u00a03 when the acquired set of activities and assets meets the definition of a business and control is transferred to the Company.

\n

In determining whether a particular set of activities and assets is a business, the Company assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs.

\n

At the acquisition date, identifiable assets and liabilities are included in the consolidated financial statements at fair value. The difference between the acquisition price and the fair value of identifiable assets and liabilities is recognised under \u201cGoodwill\u201d. The purchase price allocation shall be performed within 12\u00a0months after the acquisition date. The costs directly attributable to business combinations are recognised in expenses for the period during which they occurred.

\n

For acquisitions in non-controlling interests, the Group can choose, at each acquisition date, whether it evaluates the non-controlling interest at fair value (\u201cfull goodwill\u201d) or based on the percentage of shares of identifiable assets and liabilities it possesses.

\n

According to IFRS\u00a010, acquisitions in non-controlling interests and disposals without loss of control are considered as transactions between shareholders. The difference between the acquisition price of the additional shares and the related share of equity is recognised in Shareholders\u2019 equity (Group share). The costs attributable to such transactions as well as their related fiscal impacts are booked in equity.

\n

The cash flows related to transactions with shareholders are presented in Cash flow from investing activities in the consolidated Statements of Cash Flows.

\n

When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as \"measurement period\" adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u201cmeasurement period\u201d (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.

\n

This liability is re-measured at each reporting period end in accordance with the contractual arrangements (at fair value or at present value if fixed price) and, in the absence of any guidance provided by IFRS, with an offsetting entry in net finance costs.

\n

The Group identifies the transactions that qualify as separate transactions in accordance with IFRS\u00a03, especially transactions that remunerate former Shareholders of the acquiree for future services. Those transactions are accounted for in accordance with the relevant IFRS\u00a0(refer to Note 2.5.20 on page 310).

\n
2.5.3Foreign currency translation of the financial statements of entities outside the eurozone
\n

The consolidated financial statements are presented in euros; the financial statements of entities presented in a different functional currency are translated into euros:

\n

\u2022at the period-end exchange rates for balance sheet items;

\n

\u2022at the average rates for the period for income statement items.

\n

Translation adjustments arising from the application of these rates are recorded in equity under \u201cForeign currency translation adjustment\u201d.

\n
2.5.4Goodwill
\n

Goodwill is initially recognised and measured as set out above.

\n

Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s Cash-Generating Units (or groups of cash-generating units), hereafter \u201cthe CGUs\u201d, expected to benefit from the synergies of the combination. Goodwill is allocated to two CGUs:

\n

\u2022Banijay Entertainment & Live business: incorporates the activities of production, distribution and marketing of content property rights for television and multimedia platforms as well as the production of live experiences;

\n

\u2022Banijay Gaming business: incorporates the activity of sports betting, poker, casino and turf.

\n


Cash-generating units to which goodwill has been allocated are tested for impairment annually, or each time events or changes in the economic environment may indicate a risk of impairment.

\n

The recoverable amount of the CGU is determined as the higher between the value in use, determined by discounting future cash flows that are derived from plans presented by each sub-group and approved by the Group\u2019s management (known as the \u201cdiscounted cash flow\u201d or \u201cDCF\u201d method) and the fair value (less the cost of disposal) determined based on market factors (stock market prices, comparison with similar listed companies, comparison with the value assigned to similar assets or companies during recent acquisition transactions).

\n

If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata, based on the carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be reversed in subsequent periods.

\n
2.5.5Investments in associates and joint ventures
\n

An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.

\n

A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.

\n

The results and net assets (or net liabilities) of associates or joint ventures are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS\u00a05.

\n

Under the equity method, an investment in an associate or a joint venture is recognised initially in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the associate or joint venture.

\n

On acquisition of the investment in an associate or a joint venture, any excess of the cost of the investment over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment.

\n
2.5.6Intangible assets
\n

Intangible assets with finite useful lives are initially recognised at cost, except for those acquired in a business combination, which are recognised at fair value.

\n

Intangible assets presented in the consolidated statement of financial position comprise:

\n

\u2022format rights acquired from a third party or through business combinations. They can be commercially exploited either through internal use, i.e., the production of television programmes by a Group entity, or through external use, i.e., sale or licensing to third parties;

\n

\u2022audiovisual rights, which refers to:

\n

(i)distribution advances which represent amounts paid to acquire distribution rights for audiovisual content;

\n

(ii)own-produced scripted programmes with retained intellectual property;

\n

(iii)fictions in progress which represent the costs incurred for fiction productions that are not yet finalised and not delivered to the client at the closing date, and for which: i) the Group retains the intellectual property (\"IP\") and ii) the Group expects significant further IP revenue;

\n

(iv)format rights acquired from a third party or through business combinations. They can be commercially exploited either through internal use, i.e., the production of television programmes by a Group entity, or through external use, i.e., sale or licensing to third parties;

\n

(v)catalogues, referred to as the Group\u2019s library of finished programmes, whether acquired or internally developed, where the Group has the legal right to distribute and to receive revenue from the distribution of the rights;

\n

Changes in the estimated total revenue for scripted programmes and distribution advances may affect the net book value of audiovisual rights, as the impairment test for those assets is based on estimated future revenue expected. Please refer to Note 13 for details on the carrying amount at the end of the reporting period. The Group monitors the performance of audiovisual assets at each forecast exercise, that is to say twice a year.

\n

\u2022software developed internally;

\n

\u2022production contracts or client contracts, acquired through business combinations, to produce television programmes, TV movies, or cinematic movies;

\n

\u2022fictions in progress which are the costs incurred for fiction productions that are not yet finalised and not delivered to the client at the closing date, and for which i) the Group retains the intellectual property (\u201cIP\u201d) and ii) the Group expects significant further IP revenue;

\n

\u2022rights for the movie adaptation of books;

\n

\u2022the rights to use a brand (applicable in some situations with JVs)

\n

\u2022intangible assets acquired in the normal activity of the Online sports betting & gaming business such as domain names, websites and customer databases;

\n

\u2022Online sports betting & gaming business software acquired from a third party or through business combinations or which represent the costs incurred to develop it (refer to Note 2.5.7 on page 305); and

\n

\u2022other intangible assets such as other administrative software.

\n

Following initial recognition, and except if indicated otherwise, intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. They are amortised on a straight-line basis based on the useful life of the asset.

\n

The method and period of amortisation are reviewed at least at the end of each Financial Year. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset result in changes in the method or period of amortisation.

\n

Audiovisual rights, such as distribution advances, are amortised on an accelerated basis following the decline in the net value of the asset after the asset's initial broadcasting by clients.

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

\n		\n

Content production &\u00a0distribution

\n		\n

Online sports betting
&\u00a0gaming

\n
\n

Method

\n		\n

Duration

\n		\n

Method

\n		\n

Duration

\n
\n

Catalogue &\u00a0formats

\n		\n

Straight-line

\n		\n

6\u00a0to 10\u00a0years

\n		\n

\n		\n

\n
\n

Client contracts

\n		\n

Straight-line

\n		\n

Contract term

\n		\n

\n		\n

\n
\n

Software assets

\n		\n

Straight-line

\n		\n

1\u00a0to 5\u00a0years

\n		\n

\n		\n

\n
\n

Right to use a brand

\n		\n

Straight-line

\n		\n

Contract term

\n		\n

\n		\n

\n
\n

Domain names

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

5\u00a0to 11\u00a0years

\n
\n

Customer databases

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

2\u00a0to 5\u00a0years

\n
\n

Websites

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

3\u00a0to 5\u00a0years

\n
\n

Computer software

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

2\u00a0to 5\u00a0years

\n
\n
2.5.7Software
\n
Internally generated software
\n

Betclic owns its online gaming platform and invests internally to continuously develop it. From mobile to desktop channels and, depending on the country and regulatory specificities, Betclic Everest Group invests in both back-end and front-end developments.

\n

Internally generated software is recognised if, and only if, all of the following conditions have been demonstrated:

\n

\u2022the technical feasibility of completing the intangible asset so that it will be available for use or sale;

\n

\u2022the intention to complete the intangible asset and use or sell it;

\n

\u2022the ability to use or sell the intangible asset;

\n

\u2022how the intangible asset will generate probable future economic benefits;

\n

\u2022the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and

\n

\u2022the ability to reliably measure the expenditure attributable to the intangible asset during its development.

\n

When no internally generated software can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred.

\n

Direct internal and external costs incurred for the development of software are capitalised during the development stage. Costs of significant upgrades and enhancements resulting in additional functionality are also capitalised. Other subsequent expenses such as maintenance, minor upgrades, and enhancement costs are expensed as they are incurred.

\n

Subsequent to initial recognition, internally generated software is reported at cost less accumulated amortisation and impairment losses, on the same basis as intangible assets that are acquired separately.

\n

The costs of configuring and customising software made available by a vendor under a Software as a Service (SaaS) contract are recognised as expenses for the year (and not as intangible assets), since the entity does not control the software and the configuration/customisation activities do not generate a resource that is controlled by the customer independently of the software.

\n
Software as a Service (SaaS) arrangements
\n

A SaaS arrangement allows an entity to access, using an Internet connection and for a specified period of time, software functions hosted on infrastructure operated by an external provider. If the Group does not control a SaaS solution, the related development costs (external and internal) are recognised as follows: (a) as an expense as incurred for internal costs and the costs of an integrator not related to the SaaS publisher, and (b) as an expense over the term of the SaaS arrangement for the costs of the SaaS publisher or its subcontractor. If the Group controls a SaaS solution, costs are capitalised if they meet the IAS\u00a038 criteria. Otherwise, they are expensed as incurred.

\n
2.5.8Property, plant and equipment
\n

Property, plant and equipment are recorded at their acquisition cost and then carried at historical cost less accumulated depreciation and impairment losses. Acquisition cost includes costs directly attributable to transporting an asset to its physical location and preparing it for its operational use, the collection of property, plant and equipment, and the rehabilitation of the physical location resulting from the incurred obligation.

\n

Depreciation is calculated on a straight-line basis over the useful life of such fixed assets. The residual value, useful life and depreciation methods of the fixed assets are reviewed and adjusted, if necessary, at the end of each Financial Year.

\n

Land and tangible assets in progress are not depreciated. When tangible assets in progress are ready for their intended use, they are transferred to the relevant category and depreciation starts. When property, plant and equipment include significant components with different useful lives, they are recorded and depreciated separately.

\n

Depreciation is recognised on the following basis:

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

\n		\n

Method

\n		\n

Duration

\n
\n

Technical facilities and equipment

\n		\n

Straight-line

\n		\n

3\u00a0to 20\u00a0years

\n
\n

Office furniture and equipment

\n		\n

Straight-line

\n		\n

3\u00a0to 5\u00a0years

\n
\n

Constructions

\n		\n

Straight-line

\n		\n

15\u00a0to 40\u00a0years

\n
\n

Other fixed assets

\n		\n

Straight-line

\n		\n

3\u00a0to 10\u00a0years

\n
\n
2.5.9Lease
\n
Right-of-use assets
\n

The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.

\n
Lease liabilities
\n

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 payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. The interest used at the inception of the contract will be the same for the whole life of the lease term aside if there are modifications in contract terms such as a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset.

\n
Short-term leases and leases of low-value assets
\n

The Group applies the short-term lease recognition exemption to its short-term leases of equipment (i.e., those leases that have a lease term of 12\u00a0months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term.

\n
Lease term of contracts with renewal options
\n

The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised by the Group, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.

\n

The Group has the option, under some of its real estate leases, to lease the assets for additional terms of several years. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew by considering all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy).

\n
2.5.10Impairment of property, plant and equipment, intangible assets (other than goodwill)
\n

The recoverable amount of intangible assets and tangible assets is tested for impairment as soon as external or internal signs of impairment losses exist, such as a decline in sector ratio, a strong overall decrease in the business relating to the cash-generating unit, lower activity with a major customer of the cash-generating unit, a change in betting and gaming license conditions (including government taxation policies) and the loss/non-renewal of licenses. External or internal signs of impairment are reviewed at each closing date.

\n

The recoverable amount of the assets to which it is possible to directly attribute independent cash inflows is assessed on a stand-alone basis. The other assets are grouped within the CGU to which they belong in order to estimate their value-in-use.

\n

The value-in-use of an asset or a CGU is measured as outlined in Note 2.5.4 on page 303.

\n

The value of the asset is tested for impairment to determine whether there is an impairment loss. If appropriate, an impairment loss is recorded for the portion of the net book value of the asset exceeding the recoverable amount.

\n

Where an impairment loss is recognised, it is accounted for directly in the statement of profit or loss. The value of assets, other than goodwill, for which an impairment loss has been recorded, is reviewed at each closing date for the purposes of reversing the impairment loss, if necessary. Where a reversal occurs, it is recorded as profit or loss. In such a case, the book value of the asset can be increased up to its recoverable amount. After reversing the impairment loss, the book value cannot exceed the carrying amount that would have been determined, net of amortisation or depreciation, had no impairment loss been recognised for the asset in prior years.

\n
2.5.11Production - Work in progress
\n

Inventories relating to work in progress are valued at production cost.

\n

For the production of audiovisual programmes, they represent outstanding production costs, excluding fictions for which (i) the Group retains a part of the Intellectual Property (IP) and (ii) expects significant IP revenue, that are not finalised and not delivered to the client at the closing date. In the case production losses are anticipated, a provision for losses on onerous contracts is recognised, after inventories have been written off.

\n

For the production of live experiences, the inventories relating to work in progress represent outstanding production costs of an event not yet delivered to the client at the closing date.

\n
2.5.12Financial instruments and equity instruments
\n

Financial instruments consist of:

\n

\u2022financial assets, including other non-current assets, trade receivables, other current assets, and cash and cash equivalents;

\n

\u2022financial liabilities, including securities issued that are not qualified as equity instruments, long and short-term borrowings and bank overdrafts, accounts and notes payable and other current and non-current liabilities;\u00a0and

\n

\u2022derivative instruments.

\n

Financial instruments (assets and liabilities) are recorded in the consolidated statement of financial position at fair value on initial recognition plus, in the case of an asset that is not subsequently recognised at fair value through profit or loss, transaction costs directly attributable to the acquisition of that asset. They are subsequently measured at either fair value (result or other comprehensive income) or amortised costs, depending on their nature. Amortised cost corresponds to the initial carrying amount (net of transaction costs), plus interest calculated using the effective interest rate, less cash outflows (coupon interest payments and repayments of principal and redemption premiums where applicable). Accrued interest (income and expense) is not recorded based on the financial instrument\u2019s nominal interest rate but based on its effective interest rate. The fair value of a financial instrument is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm\u2019s length transaction.

\n
Financial assets
\n

The classification of a financial asset in each of these categories depends on the management model applied by the enterprise and the characteristics of its contractual cash flows. Transactions relating to financial assets are recorded at the settlement date.

\n

Debt instrument at amortised costs

\n

These financial assets are initially recognised at their fair value to which are added directly attributable transaction costs, and then at amortised cost at each closing date, applying the effective interest rate method. This category of assets includes trade receivables and other debtors, loans and deposits, receivables attached to participating interests, cash and loans to associates or non-consolidated entities. In practice, trade receivables are measured using the amortised cost method, even though they may be subject to an assignment of receivables, for example, in the context of factoring.

\n

Equity instrument at fair value through OCI

\n

The Group elected to irrevocably classify its non-listed equity investments under this category as it intends to hold these investments for the foreseeable future.

\n

Impairment testing of debtor financial assets

\n

The Group conducts a review if, at the closing date, a debtor financial asset or a group of debtor financial assets is likely to suffer an impairment loss based on both the expected credit loss approach and an objective indication of loss.

\n

In practice, given the low level of loss incurred on prior years\u2019 receivables, the expected credit loss approach does not have any significant impact. If there is objective evidence that debtor financial assets carried at amortised cost or at fair value through OCI should be impaired, the amount of the loss is estimated as the difference between the book value and the discounted future cash flows such as expected (excluding future probable and not actual credit losses). The discount rate used is the initial effective interest rate (i.e., the effective interest rate computed at initial recognition of the asset). The book value is reduced using an allowance account. The amount of the loss is recorded as profit or loss. The loss allowance is updated for changes in these expected credit losses at each reporting date.

\n

If, subsequently, the impairment decreases and the decrease can be objectively linked to an event occurring after the impairment was recognised, the previously recognised impairment will be reversed. The reversal of an impairment loss is recognised as profit or loss, as long as the book value of the asset does not exceed its amortised cost at the date the loss allowance is reversed.

\n

With respect to receivables, a loss allowance is recorded when there is objective evidence (probability of insolvency or severe financial difficulties of the debtor) that the Group will be unable to recover the balance in accordance with the initial payment conditions. The book value of the receivable is reduced by way of an allowance for loss.

\n

Derecognition of financial assets

\n

Financial assets and related impairment are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership of the asset to another entity. On derecognition of a financial asset measured at amortised cost, the difference between the asset\u2019s carrying amount and the sum of the consideration received and receivable is recognised in profit or loss.

\n

\n
Classification as debt or equity
\n

Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

\n

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. A financial instrument is classified as an equity instrument only when (a) the instrument includes no contractual obligation (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the issuer; and (b) if the instrument will or may be settled in the issuer\u2019s own equity instruments, it is (i) a non-derivative that includes no contractual obligation for the issuer to deliver a variable number of its own equity instruments; or (ii) a derivative that will be settled only by the issuer exchanging a fixed amount of cash or another financial asset for a fixed number of its own equity instruments.

\n

Equity instruments issued by the Group are recognised at the proceeds received, net of direct issue costs.

\n

Repurchase of the Company\u2019s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company\u2019s own equity instruments.

\n
Financial liabilities
\n

Financial liabilities are divided into two categories: financial liabilities at amortised cost and financial liabilities at fair value through profit or loss.

\n

The financial liabilities of the Group mainly consist of liabilities valued at amortised cost. Among them are loans and similar debts including:

\n

\u2022bonds and Secured Notes;

\n

\u2022bank borrowings;

\n

\u2022bank overdrafts;

\n

\u2022other loans (such as vendor loans); and

\n

\u2022trade payables.

\n

The category of financial liabilities at fair value through profit or loss includes earnout liabilities, put options over non-controlling interests and securities.

\n

Interest-bearing debts and borrowings

\n

All loans and debts are recognised initially at the fair value of the consideration received, less costs directly attributable to the transaction. After initial recognition, interest-bearing liabilities and debts are measured at amortised cost using the effective interest rate method. Costs directly attributable to the issuance of debt are deducted from liabilities and amortised over the life of the debt, as a component of the effective interest rate.

\n

Financial liabilities at fair value through profit or loss (\"FVTPL\")

\n

Financial liabilities at FVTPL are measured at fair value, with any gains or losses arising on changes in fair value recognised in profit or loss to the extent that they are not part of a designated hedging relationship (see Hedge accounting policy). The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability and is included in the \u2018Other finance income/(costs)\u2019 line item in the income statement.

\n

Fair value is determined in the manner described in Note\u00a025 on page\u00a0354.

\n

Derecognition of financial liabilities

\n

The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss.

\n
Derivatives
\n

Hedging instruments

\n

The Group uses derivative financial instruments such as forward exchange contracts, options and interest rate swaps to cover its risks related to fluctuations in foreign currency exchange rates and interest rates. These derivative financial instruments are recognised initially at fair value on the date on which they are contracted. They are then re-estimated at their fair value at each closing date. Derivative financial instruments are recognised as assets in the balance sheet when the fair value is positive and as liabilities when the fair value is negative.

\n

For qualifying hedging instruments that are designated and qualify as cash flow hedges, the effective portion of changes in the fair value of derivatives and other is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item.

\n

For qualifying hedging instruments that are designated and qualify as fair value hedges, the fair value change is recognised in profit or loss except when the hedging instrument hedges an equity instrument designated at fair value through other comprehensive income (\"FVTOCI\") in which case it is recognised in other comprehensive income.

\n

For derivatives that do not qualify as hedging instruments, the fair value change is recognised directly in profit or loss.

\n

The fair value of forward exchange contracts is calculated by reference to the forward exchange rates applicable to contracts with similar maturity profiles. The fair value of interest rate swap contracts is determined by reference to the market values of similar instruments. The fair value of financial instruments that are traded on active markets is determined at each closing date by reference to the market quotations or transaction prices. Transaction costs are not taken into account.

\n

For instruments that are not traded on an active market, fair value is determined using appropriate valuation techniques. These may include:

\n

\u2022transactions entered into under normal market conditions between knowledgeable and willing parties;

\n

\u2022reference to the present fair value of another instrument that is substantially the same; and

\n

\u2022discounted cash flows or other valuation methods.

\n

Embedded derivatives

\n

An embedded derivative is a component of a hybrid contract that also includes a non-derivative host \u2013\u00a0with the effect that some of the cash flows of the consolidated instrument vary in a way similar to a stand-alone derivative.

\n

Derivatives embedded in hybrid contracts with hosts that are not financial assets within the scope of IFRS\u00a09\u00a0(e.g., financial liabilities) are treated as separate derivatives when they meet the definition of a derivative, their risks and characteristics are not closely related to those of the host contracts and the host contracts are not measured at FVTPL.

\n

An embedded derivative is presented as a non-current financial asset or non-current financial liability if the remaining maturity of the hybrid instrument to which the embedded derivative relates is more than 12\u00a0months and is not expected to be realised or settled within 12\u00a0months.

\n
2.5.13Cash and cash equivalents
\n

Cash and cash equivalents include bank accounts and short-term deposits whose initial maturity is less than three months that are already convertible into cash and are subject to insignificant risks of change in fair value.

\n

For the needs of the consolidated statement of cash flows, the amount of cash and cash equivalents includes the cash and cash equivalents as defined above reduced by bank overdrafts.

\n

Investments in securities, investments with initial maturities of more than three months without an early termination option and bank accounts subject to restrictions (blocked accounts), such as restrictions due to regulations specific to a country or activity sector (e.g., exchange controls), are not classified as cash equivalents but as financial assets.

\n
2.5.14Trade receivables
\n

They are initially recorded at their fair value and are subject to impairment when their realisable value falls below their book value.

\n
Trade receivables on \u201cproviders\u201d
\n

Trade receivables on \u201cproviders\u201d (payment service providers) correspond to balances in transit with the Group\u2019s payment partners and which are repatriated to bank accounts manually or automatically. These receivables are considered liquid because they can be transferred in a few minutes or a few days, depending on the partners.

\n
2.5.15Contract balances
\n

If accrued revenue constitutes an unconditional right to payment or consideration, i.e., if the passage of time is sufficient for payment of the consideration to fall due, the accrued revenue will constitute a receivable. In all other cases, it constitutes the contract assets.

\n

Revenue accruals are classified in \u201cTrade and other receivables\u201d since accrued revenue constitutes an unconditional right to consideration.

\n

Advance payments received from customers and deferred income are the contract liabilities. They are classified in \u201cOther current liabilities\u201d.

\n
2.5.16Commitments to purchase non-controlling interests (put options)
\n

When the Group grants firm or contingent commitments to purchase holdings from non-controlling shareholders, the Group has generally concluded that these agreements do not grant a present ownership interest but concludes that IAS 32 Financial Instruments: Presentation takes precedence over IFRS 10 Consolidated Financial Statements. By recognising a liability for the\u00a0put\u00a0option over the shares held by the non-controlling interest, no non-controlling interest is recognised, the relevant percentage is considered as the business combination is accounted for on the basis that the underlying shares subject to the non-controlling interest\u00a0put\u00a0have been acquired.

\n

This liability is re-measured at each reporting period end in accordance with the contractual arrangements (at fair value or at present value if fixed price) and, in the absence of any guidance provided by IFRS, with an offsetting entry in net finance costs, in the consolidated statement of income.

\n

The liability is booked in the other current and non-current liabilities.

\n

Under this approach, when dividends are paid and represent a repayment of the liability (for example, when the exercise price is adjusted to reflect dividends paid), this dividend may give rise to a reduction in equity attributable to owners of the parent.

\n
2.5.17Provisions and contingent assets and\u00a0liabilities
\n

Provisions are recorded only if the Group has a present obligation (legal or constructive) as a result of a past event, when it is likely that an expenditure will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

\n

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. It is accounted for as profit or loss in a dedicated line, net of any contingent reimbursement.

\n

If the effect of the time value of money is material, provisions are discounted using a discount pre-tax rate that reflects, where appropriate, the risks specific to the obligation. When discounting, the increase in the provision due to the passage of time is recognised in net financial income (loss).

\n

If the amount of the obligation cannot be reliably estimated, no provision is recorded and a disclosure is made in the notes to the consolidated financial statements.

\n

Non-financial guarantees are accounted for as a contingent liability until such time it becomes probable that the Group will be required to make a payment under the guarantee.

\n

Contingent liabilities are possible obligations or present obligations that cannot be measured with sufficient reliability or that are not probable unless assumed in a business combination. Contingent liabilities are reviewed continuously to assess whether an outflow of resources has become probable.

\n
2.5.18Pensions and other post-employment benefits
\n

The Group\u2019s obligations under defined benefit pension plans and other post-employment benefit plans are computed by independent actuaries using the projected unit credit method. The actuarial valuation involves making assumptions such as discount rates, retirement date, staff turnover, future wage increases, mortality rates and future pension increases.

\n

The effect of discounting of the provision is presented in net financial income (loss).

\n

For these post-employment benefit plans, the actuarial gains and losses are immediately and entirely recognised in other comprehensive income with no possibility of recycling in the income statement. Past service costs are immediately and fully recorded in the income statement on acquired rights as well as on future entitlements.

\n
2.5.19Employee long-term incentive plans
\n

The Group issued long-term incentive plans (LTIP). They are mostly based on the value created during a defined period, in accordance with formulas mostly based on operating indicators (such as EBITDA or Operating Profit). Some of them are settled in shares but are supplemented by a liquidity agreement granted by the Group. The others are settled in cash. Depending on the plans\u2019 terms and conditions, those transactions are recognised in accordance with IFRS\u00a02 (cash-settled share-based payment) or IAS\u00a019 (long-term incentives). These plans are subject to service conditions.

\n

A liability is recognised for the services acquired over the vesting period based on the valuation of the liability. At each reporting date until the liability is settled, and at the date of settlement, the value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year.

\n
2.5.20Employee benefits resulting from a\u00a0business acquisition arrangement
\n

The Group generally prospects, identifies and acquires companies that create high value. It also looks for the opportunity to secure acquisitions of companies held by talented managers with the strategy of maintaining and incenting such managers after closing.

\n

\n

In this context, the transaction is often accompanied by an employment agreement or a service agreement between the acquiree and the manager, pursuant to the closing. Share purchase agreements may also specify restrictions on the acquisition price, potential earnouts or the remaining minority interest options in case of early departure of the manager. These restrictions may be:

\n

\u2022a reduction in the acquisition price;

\n

\u2022a forfeiture of earnouts;

\n

\u2022a reimbursement of significant parts of the paid amounts; or

\n

\u2022a call option on minority interests held by the manager at a price lower than the fair value.

\n

These contingent consideration arrangements aim at compensating former shareholders of the business acquired for future services and shall be recognised as a separate transaction as required by IFRS\u00a03.

\n

Depending on the description of the contingent consideration, those transactions are recognised in accordance with IFRS\u00a02 (cash-settled share-based payment) or IAS\u00a019 (long-term incentives):

\n

\u2022when the terms of the agreement provide the possibility to deliver equity instruments to the manager, or if the price is based on the fair value of the equity instruments, the grant is measured at fair value (determined by an independent expert) in accordance with IFRS\u00a02; and

\n

\u2022in any other case, the grant is measured on the basis of the expected discounted cash outflow in accordance with IAS\u00a019. The measurement is usually supported by business plans.

\n

A liability is recognised for the goods or services acquired over the vesting period based on the fair value of these goods or services. At each reporting date until the liability is settled, and at the date of settlement, the liability is remeasured, with any changes in fair value recognised in profit or loss for the year

\n

When the consideration has already been paid, this amount is initially recognised as an asset. Subsequently, this arrangement is presented in the consolidated statement of financial position as an asset or as a liability, depending on the relationship between the manager\u2019s performance and the Group\u2019s payment.

\n
2.5.21Revenue
\n

Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of a product or service to a customer.

\n

The revenue from ordinary activities is recognised as soon as the economic benefits of the transaction will probably flow to the Group, the amount is reliably measured, and the amount of the transaction will likely be recovered.

\n

Revenue from the two businesses and their specificities are explained below.

\n
Revenue recognition for Banijay Entertainment & Live
\n

Revenue recognition is based on the delivery of performance obligations and an assessment of when control is transferred to the customer. Revenue is recognised either when the performance obligation in the contract has been performed (\u2018point in time\u2019 recognition) or \u2018over time\u2019 as control of the performance obligation is transferred progressively to the customer.

\n

Customer contracts can have a wide variety of performance obligations, from production contracts to format licenses and distribution activities. For these contracts, each performance obligation is identified and evaluated.

\n

The transaction price, being the amount to which the Group expects to be entitled and has rights to under the contract, is allocated to the identified performance obligations. The transaction price will also include an estimate of any variable consideration where the Group\u2019s performance may result in additional revenue based on the achievement of agreed targets such as audience targets. Variable consideration is not recognised until the performance obligations are met.

\n

Production revenue from producing television programmes

\n

Production revenue is recognised when the programmes are delivered to the client. Standard criteria to establish revenue recognition are:

\n

\u2022in most cases, the client\u2019s acceptance document (i.e.,\u00a0delivery notice signed / approved by the client, \u2026);

\n

\u2022delivery of a certain number of episodes.

\n

In case of partial delivery of the same programme over several periods of time (series,\u00a0etc.), revenue, costs and margin are recognised according to episodic deliveries. Production revenue does not include grants, subsidies and co-producers\u2019 contributions. These are presented as a reduction of cost of sales.

\n

Production revenue from live experiences

\n

Live experiences production revenue is recognised when the service is delivered to the customer, most of the time, on the date the event takes place (point in time or over time depending on the duration of the events which do not usually exceed several weeks).

\n

Distribution revenue from the sale of finished programmes and formats

\n

Distribution revenue is recognised when the rights are transferred to the client:

\n

\u2022based on a signed contract or a deal memo;

\n

\u2022when the related rights are opened; and

\n

\u2022for the full revenue (revenue is not spread over the licensing period), as it is an access to rights since there is limited ongoing involvement in the use of the license following its transfer to the customer.

\n

Minimum guaranteed revenue is recognised as revenue when the above criteria are met, and further variable payments are recognised when highly probable.

\n

Revenue from music rights is recognised as revenue when received based on royalty statements (output method).

\n

Revenues from other rights and services

\n

Other rights and services include merchandising, music rights, other ancillary revenues and digital services.

\n

Merchandising revenues are recognised when the rights are transferred to the client:

\n

\u2022on the basis of a signed contract or a deal memo; and

\n

\u2022when the licensing period begins; and

\n

\u2022for the full revenue (revenues are not spread over the licensing period).

\n

Minimum guarantee revenues are recognised as revenue when the above criteria are met, and further variable payments are recognised when received.

\n

Revenues from music rights are recognised as revenues when received based on royalty statements (output method).

\n

Revenues and costs related to the rendering of services are recognised on completion of the service rendered as long as they can be estimated reliably.

\n

When the outcome of the transaction cannot be estimated reliably, revenue shall be recognised only to the extent of the expenses recognised.

\n

Consideration as a Principal or an Agent in revenue recognition

\n

The Group had determined it is a principal in most of its performance obligations.

\n

In the course of its business, the Group resells finished tapes or formats purchased from third parties. Given it obtains the right to distribute the content, the Group usually controls the license. The distinction between agent and principal has an impact on the presentation of revenue, which is recognised as follows:

\n

\u2022on a gross basis when the Group is a principal;

\n

\u2022net of the cost of sales when the Group is an agent.

\n
Revenue recognition for the Banijay Gaming business
\n

The Online sports betting & gaming business generates its revenue from the conclusion and processing of sports bets and the provision of various other online casino activities, games and turf activities. In line with industry practices, the net results from bets and/or wagers placed by customers and pay-outs to customers are initially recognised as gross betting and gaming revenue.

\n

The net betting and gaming revenue recognised in the consolidated statements of income is the residual amount left after deducting betting fees and gambling levies.

\n

Revenue is made up of Gross Gaming Revenue less bonuses.

\n

Gross betting and gaming revenue

\n

Gross betting and gaming revenue is recognised once all of the obligations have been fulfilled, i.e. once the events and related player bets or the wagers on online casinos and other online games have been completed and the Group has calculated the winnings and published the results.

\n

It is based on the turnover. This results in the following principles:

\n

\u2022gross betting and gaming revenue from games in casinos and sports betting corresponds to money lost by players in these activities during the accounting period;

\n

\u2022gross betting and gaming from poker games corresponds to the commissions (rake) collected on poker games, increased by the entry fees collected over the period; and

\n

\u2022gross betting and gaming on the turf corresponds to the commissions collected on the bets of the players.

\n

The gross gaming proceeds from bets already placed on sporting events at closing but the results of which will not be known until after the end of the period (\u201cpending bets\u201d) are not recognised as revenue. This amount is recorded as financial liabilities to customers, and measured at fair value through P&L in accordance with IFRS 9 \u2013 Financial Instruments.

\n

Players\u2019 Bonuses

\n

Players\u2019 Bonuses mainly comprise four\u00a0categories:

\n

\u2022\u201cFree bets\u201d, a virtual amount (which can be withdrawn) that can be used to place a sports bet. In case of a positive betting outcome, the net winning (winnings minus stake) is credited to the customer balance. \u201cFree bets\u201d bonuses not yet consumed at the reporting date are recognised at their fair value through profit or loss;

\n

\u2022\u201cBoost bonus\u201d, an odd multiplier available for specific multiple bets increasing the expected winning amount;

\n

\u2022\u201cCash bonus\u201d, cash amount credited to the player balance and immediately withdrawable; and

\n

\u2022\u201cBlocked bonus\u201d, a bonus withdrawable pertaining to specific triggering conditions such as wagering requirements. Cost of bonus is reported when credited to the customer account to the exception of provision which is fair valued through profit and loss.

\n
2.5.22Production costs
\n
Production costs of scripted and non-scripted programmes
\n

Production costs of scripted and non-scripted programmes, attributable to the Banijay Entertainment business, are net of co-producers\u2019 contributions, grants and subsidies. They mainly include the costs of scripts, actors, directors, rental of equipment, technical staff, participants, hosts, sets, format fees,\u00a0etc.

\n

Until programmes are delivered, related production costs are capitalised in work in progress for non-scripted programmes and as intangible assets for scripted programmes for which i)\u00a0the Group retains the IP (Intellectual Property) and ii) the Group expects significant further IP revenue.

\n

At the revenue recognition date, the production costs of non-scripted programmes are expensed in the income statement.

\n

The production costs of scripted programmes for which the Group retains the IP and expects further significant IP revenue are amortised as production costs in the statement of profit or loss using the ultimate revenue method. The cumulated amortisation is calculated at the end of a given year as follows:

\n

Production costs x (actual cumulated revenue / total estimated revenue of programme)

\n

The total estimated revenue of a programme is the sum of actual cumulated revenue of the programme and the programme\u2019s future revenue forecast. Depreciation for a current year is calculated as the difference with the cumulated depreciation of previous years, if any. An impairment is booked if the net value of the programme is higher than the future revenue forecast. Initial depreciation of a scripted programme is expensed at delivery while the remaining value is depreciated when the subsequent distribution revenue is recognised.

\n
Production costs of live experiences
\n

Production costs of live experiences mainly include the costs incurred in the context of rendering a service to a client or organising an event for a client.

\n

Until the events occur and the services are rendered, related production costs are capitalised in work in progress.

\n

At the revenue recognition date, the production costs of live experiences are expensed in the income statement.

\n
Grants and subsidies
\n

Grants and subsidies are recognised when there is a reasonable assurance that the grant will be received, and all attached conditions will be fully complied with.

\n

Grants and subsidies which are strictly related to the financing of a given programmes are deducted from production costs. When they relate to an asset, grants and subsidies are directly deducted from the carrying amount of the asset and released to the depreciation and amortisation calculated on the net amount over the useful life of the asset.

\n

All other grants and subsidies (such as government grants not strictly related to a programme) are recognised as \u201cOther operating income\u201d when granted.

\n
Acquisition cost of clients
\n

Internal costs relating to acquisition of clients are recognised as expenses.

\n

Client databases are capitalised and recognised as intangible asset at cost or at fair value for client databases acquired in the process of business combinations.

\n
2.5.23 Operating segments
\n

According to IFRS\u00a08, an operating segment is a component of an entity that i) engages in business activities from which it may earn revenue and incur expenses, ii) whose operating results are regularly reviewed by the entity\u2019s chief operating decision maker (\"CODM\") to decide how resources should be allocated to the component and iii) for which discrete financial information is available.

\n

The operating segments are Banijay Entertainment & Live and Banijay Gaming. The segments are organised based on the nature of the business. Holding represents amounts not allocated to the operating segments and includes certain costs related to central activities as well as Group enabling functions. Intercompany elimination represents transaction inter segments that do not contribute to the Group figures.

\n

The operating segment reporting follows the internal reporting used by the CODM \u2013 Banijay Group\u2019s Board of Directors \u2013 to manage the business, assess performance based on available financial information and to allocate resources. The most important performance measures are Net Revenue, Adjusted EBITDA (definition in Note 5 on page 317), Cost of Net Debt, Adjusted Free Cash Flow and Adjusted Operating Free Cash Flow as management believes this is key in evaluating the results of the segments relative to other companies that operate within the same industry.

\n
2.5.24Other non-current operating income and expenses
\n

Those items comprise income and expenses that are both unusual in nature and significant in terms of value at consolidated level. The Group presents such income and expenses separately in the statement of profit or loss in order to facilitate the understanding of the recurring operating performance.

\n
2.5.25 Taxes
\n
Current tax
\n

Tax receivables or tax payables for the current period and prior periods are estimated at the amount that is expected to be received from or to be paid to the tax administration. Tax rates and tax laws used in order to estimate the tax receivable or the tax liability are those which have been enacted at the closing date. Current income taxes pertaining to items recognised in \u201cOther comprehensive income\u201d are recorded in the same category and not as profit or loss.

\n

The Group classifies the CVAE in France (Contribution on added value) and IRAP Tax in Italy (Regional production tax) as income\u00a0tax.

\n
Deferred taxes
\n

Differences existing at closing between the tax bases of assets and liabilities and their carrying amount in the consolidated statement of financial position give rise to temporary differences, except for non-tax-deductible goodwill. Pursuant to the liability method, these temporary differences result in the accounting of:

\n

\u2022deferred tax assets, when the tax base value is greater than the carrying amount (expected future tax saving);\u00a0and

\n

\u2022deferred tax liabilities, when the tax base value is lower than the carrying amount (expected future tax expense).

\n

Deferred tax assets and liabilities are measured at the expected tax rates for the year during which the Group expects the asset will be realised or the liability settled, based on tax rates (and tax regulations) enacted or substantially enacted by the closing date. They are reviewed at the end of each year, in line with any changes in applicable tax rates.

\n

Deferred tax assets for all deductible temporary differences, tax loss carry-forwards and unused tax credits are only recognised to the extent that it is probable that future taxable profit will be available to utilise them against.

\n

The carrying amount of deferred tax assets is reviewed at each closing date, and revalued or reduced to the extent that it is more or less probable that a taxable profit will be available to allow the deferred tax asset to be utilised. When assessing the probability of a taxable profit being available, account is taken, primarily, of prior years\u2019 results, forecasted future results, non-recurring items unlikely to occur in the future and the tax strategy. As such, the assessment of the Group\u2019s ability to utilise tax losses carried forward is to a large extent judgment-based. If the future taxable results of the Group proves to differ significantly from those expected, the Group would be required to increase or decrease the carrying amount of deferred tax assets with a potentially material impact on the Group\u2019s statement of financial position and statement of income.

\n

Deferred tax assets and liabilities are not discounted and are offset when they have the same maturity and relate to the same taxable entity or tax group. They are classified in the statement of financial position as non-current assets and liabilities.

\n

Deferred tax shall be charged or credited directly to equity, and not profit and loss if the tax relates to items that are credited or charged directly to equity. Deferred taxes resulting from the recognition of an asset or liability in a business combination are recognised in the same way.

\n
2.5.26 Related parties
\n

A related party is a person or an entity that is related to the Group. These include both people and entities that have, or are subject to, the influence or control of the Group (e.g.,\u00a0shareholders, key management personnel). Transactions with related parties are accounted for in accordance with the requirements of relevant IFRS and take into account the substance as well as the legal form.

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

Note 25

\n		\n

Financial instruments

\n
\n
Fair value hierarchy
\n

IFRS 13 Fair Value Measurement, establishes a fair value hierarchy consisting of three levels:

\n

\u2022Level 1: prices on the valuation date for identical instruments to those being valued, quoted on an active market to which the entity has access;

\n

\u2022Level 2: directly observable market inputs other than Level 1 inputs; and

\n

\u2022Level 3: inputs not based on observable market data (for example, data derived from extrapolations).

\n

This level applies when there is no observable market or data and the entity is obliged to rely on its own assumptions to assess the data that other market participants would have applied to price other instruments.

\n

Fair value is estimated for the majority of the Group's financial instruments, with the exception of marketable securities for which the market price is used.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_12059350774346608_0_0": { "value": "
2.5.1Basis of consolidation
\n

Non\u2011controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. The interests of non\u2011controlling shareholders that represent ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non\u2011controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is made on an acquisition\u2011by\u2011acquisition basis. Other non\u2011controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non\u2011controlling interests is the amount of those interests at initial recognition plus the non\u2011controlling interests\u2019 share of subsequent changes in equity.

\n

Changes in the Group\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group\u2019s interests and the non\u2011controlling interests are adjusted to reflect changes in their relative interests in the subsidiaries. Any difference between the amount by which the non\u2011controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10419843394902045_0_0": { "value": "
2.5.1Basis of consolidation
\n

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) up to 31\u00a0December each year. Control is achieved when the Company:

\n

\u2022has power over the investee;

\n

\u2022is exposed, or has rights, to variable returns from its involvement with the investee; and

\n

\u2022has the ability to use its power to affect its returns.

\n

The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

\n

Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the Company gains control until the date the Company ceases to control the subsidiary.

\n

Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non\u2011controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Company and to the non\u2011controlling interests even if this results in the non\u2011controlling interests having a deficit balance.

\n

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with the Group\u2019s accounting policies.

\n

All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation.

\n

Non\u2011controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. The interests of non\u2011controlling shareholders that represent ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non\u2011controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is made on an acquisition\u2011by\u2011acquisition basis. Other non\u2011controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non\u2011controlling interests is the amount of those interests at initial recognition plus the non\u2011controlling interests\u2019 share of subsequent changes in equity.

\n

Changes in the Group\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group\u2019s interests and the non\u2011controlling interests are adjusted to reflect changes in their relative interests in the subsidiaries. Any difference between the amount by which the non\u2011controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company.

\n

When the Group loses control of a subsidiary, the gain or loss on disposal recognised in profit or loss is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), less liabilities of the subsidiary and any non\u2011controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e.\u00a0reclassified to profit or loss or transferred to another category of equity as required/permitted by applicable IFRS\u00a0standards). The fair value of any investment retained in the former subsidiary at the date control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS\u00a09\u00a0Financial Instruments when applicable, or the cost on initial recognition of an investment in an associate or a joint venture.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10419820627619110_0_0": { "value": "
2.5.1Basis of consolidation
\n

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) up to 31\u00a0December each year. Control is achieved when the Company:

\n

\u2022has power over the investee;

\n

\u2022is exposed, or has rights, to variable returns from its involvement with the investee; and

\n

\u2022has the ability to use its power to affect its returns.

\n

The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

\n

Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the Company gains control until the date the Company ceases to control the subsidiary.

\n

Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non\u2011controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Company and to the non\u2011controlling interests even if this results in the non\u2011controlling interests having a deficit balance.

\n

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with the Group\u2019s accounting policies.

\n

All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation.

\n

Non\u2011controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. The interests of non\u2011controlling shareholders that represent ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non\u2011controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is made on an acquisition\u2011by\u2011acquisition basis. Other non\u2011controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non\u2011controlling interests is the amount of those interests at initial recognition plus the non\u2011controlling interests\u2019 share of subsequent changes in equity.

\n

Changes in the Group\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group\u2019s interests and the non\u2011controlling interests are adjusted to reflect changes in their relative interests in the subsidiaries. Any difference between the amount by which the non\u2011controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company.

\n

When the Group loses control of a subsidiary, the gain or loss on disposal recognised in profit or loss is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), less liabilities of the subsidiary and any non\u2011controlling interests. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e.\u00a0reclassified to profit or loss or transferred to another category of equity as required/permitted by applicable IFRS\u00a0standards). The fair value of any investment retained in the former subsidiary at the date control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS\u00a09\u00a0Financial Instruments when applicable, or the cost on initial recognition of an investment in an associate or a joint venture.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346689_0": { "value": "
2.5.1Basis of consolidation
\n

Non\u2011controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. The interests of non\u2011controlling shareholders that represent ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non\u2011controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is made on an acquisition\u2011by\u2011acquisition basis. Other non\u2011controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non\u2011controlling interests is the amount of those interests at initial recognition plus the non\u2011controlling interests\u2019 share of subsequent changes in equity.

\n

Changes in the Group\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group\u2019s interests and the non\u2011controlling interests are adjusted to reflect changes in their relative interests in the subsidiaries. Any difference between the amount by which the non\u2011controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company.

\n

19.2Changes in ownership interest in subsidiaries that do not result in a loss of\u00a0control

\n

In 2025, the changes on non-controlling interests are impacted as follows:

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

(in \u20ac million)

\n		\n

31\u00a0December 2025

\n
\n

Shareholders\u2019 equity

\n		\n

Non-controlling interests

\n		\n

Total consolidated equity

\n
\n

\u2022Exercise of warrants at Banijay Entertainment level

\n		\n

11.2

\n		\n

0.8

\n		\n

12.0

\n
\n

\u2022Others

\n		\n

(1.5)

\n		\n

1.2

\n		\n

(0.3)

\n
\n

Changes in ownership interest in subsidiaries that do not result in a loss of control

\n		\n

9.7

\n		\n

2.0

\n		\n

11.7

\n
\n

In 2024, in the context of the Contribution of all Banijay SAS shares held by Banijay\u00a0SAS key managers in exchange for Ordinary Shares, consolidated equity was impacted as follows:

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

(in \u20ac million)

\n		\n

31\u00a0December 2024

\n
\n

Shareholders\u2019 equity

\n		\n

Non-controlling interests

\n		\n

Total consolidated equity

\n
\n

First accounting put option on entity already controlled

\n		\n

(17.4)

\n		\n

(1.0)

\n		\n

(18.4)

\n
\n

Changes in ownership interest in subsidiaries that\u00a0do\u00a0not result in a loss of control

\n		\n

(17.4)

\n		\n

(1.0)

\n		\n

(18.4)

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

Note 20

\n		\n

Non-controlling interests

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

(in \u20ac million)

\n

Name of the subsidiary

\n		\n

31\u00a0December 2025

\n
\n

Accumu-lated NCI
as of
01.01.2025

\n		\n

Profit for the period

\n		\n

OCI for the period

\n		\n

Changes in ownership interest in subsidiaries that do not result in a loss of control

\n		\n

Changes in non-controlling interests that result in a gain/(loss) of control

\n		\n

Dividends and share premium distributed to NCI

\n		\n

Others

\n		\n

Accumu-lated NCI
as of
31.12.2025

\n
\n

BEG Group

\n		\n

0.5

\n		\n

15.4

\n		\n

0.1

\n		\n

1.0

\n		\n

(9.1)

\n		\n

(8.8)

\n		\n

1.0

\n		\n

0.0

\n
\n

Banijay\u00a0SAS

\n		\n

18.5

\n		\n

1.8

\n		\n

(1.1)

\n		\n

1.0

\n		\n

\u00a0

\n		\n

(15.1)

\n		\n

9.4

\n		\n

14.4

\n
\n

Total

\n		\n

19.0

\n		\n

17.2

\n		\n

(1.0)

\n		\n

2.0

\n		\n

(9.1)

\n		\n

(23.9)

\n		\n

10.4

\n		\n

14.4

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

(in \u20ac million)

\n

Name of the subsidiary

\n		\n

31\u00a0December 2024

\n
\n

Accumu-lated NCI
as of
01.01.2024

\n		\n

Profit for the period

\n		\n

OCI for the period

\n		\n

Changes in ownership interest in subsidiaries that do not result in a loss of control

\n		\n

Changes in non-controlling interests that result in a gain/(loss) of control

\n		\n

Dividends and share premium distributed to NCI

\n		\n

Others

\n		\n

Accumu-lated NCI
as of
31.12.2024

\n
\n

BEG Group

\n		\n

(4.3)

\n		\n

9.2

\n		\n

(0.0)

\n		\n

\n		\n

\n		\n

(5.8)

\n		\n

1.4

\n		\n

0.5

\n
\n

Banijay\u00a0SAS

\n		\n

23.6

\n		\n

(0.7)

\n		\n

0.7

\n		\n

\u00a0

\n		\n

(1.5)

\n		\n

(10.6)

\n		\n

7.1

\n		\n

18.5

\n
\n

Total

\n		\n

19.3

\n		\n

8.5

\n		\n

0.6

\n		\n

-

\n		\n

(1.5)

\n		\n

(16.4)

\n		\n

8.5

\n		\n

19.0

\n
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_19988233146383999_0_0": { "value": "
2.5.2Business combinations
\n

Business combinations are accounted for under the acquisition method as published in IFRS\u00a03 when the acquired set of activities and assets meets the definition of a business and control is transferred to the Company.

\n

In determining whether a particular set of activities and assets is a business, the Company assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs.

\n

At the acquisition date, identifiable assets and liabilities are included in the consolidated financial statements at fair value. The difference between the acquisition price and the fair value of identifiable assets and liabilities is recognised under \u201cGoodwill\u201d. The purchase price allocation shall be performed within 12\u00a0months after the acquisition date. The costs directly attributable to business combinations are recognised in expenses for the period during which they occurred.

\n

For acquisitions in non-controlling interests, the Group can choose, at each acquisition date, whether it evaluates the non-controlling interest at fair value (\u201cfull goodwill\u201d) or based on the percentage of shares of identifiable assets and liabilities it possesses.

\n

According to IFRS\u00a010, acquisitions in non-controlling interests and disposals without loss of control are considered as transactions between shareholders. The difference between the acquisition price of the additional shares and the related share of equity is recognised in Shareholders\u2019 equity (Group share). The costs attributable to such transactions as well as their related fiscal impacts are booked in equity.

\n

The cash flows related to transactions with shareholders are presented in Cash flow from investing activities in the consolidated Statements of Cash Flows.

\n

When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as \"measurement period\" adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u201cmeasurement period\u201d (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.

\n

This liability is re-measured at each reporting period end in accordance with the contractual arrangements (at fair value or at present value if fixed price) and, in the absence of any guidance provided by IFRS, with an offsetting entry in net finance costs.

\n

The Group identifies the transactions that qualify as separate transactions in accordance with IFRS\u00a03, especially transactions that remunerate former Shareholders of the acquiree for future services. Those transactions are accounted for in accordance with the relevant IFRS\u00a0(refer to Note 2.5.20 on page 310).

\n
2.5.20Employee benefits resulting from a\u00a0business acquisition arrangement
\n

The Group generally prospects, identifies and acquires companies that create high value. It also looks for the opportunity to secure acquisitions of companies held by talented managers with the strategy of maintaining and incenting such managers after closing.

\n

\n

In this context, the transaction is often accompanied by an employment agreement or a service agreement between the acquiree and the manager, pursuant to the closing. Share purchase agreements may also specify restrictions on the acquisition price, potential earnouts or the remaining minority interest options in case of early departure of the manager. These restrictions may be:

\n

\u2022a reduction in the acquisition price;

\n

\u2022a forfeiture of earnouts;

\n

\u2022a reimbursement of significant parts of the paid amounts; or

\n

\u2022a call option on minority interests held by the manager at a price lower than the fair value.

\n

These contingent consideration arrangements aim at compensating former shareholders of the business acquired for future services and shall be recognised as a separate transaction as required by IFRS\u00a03.

\n

Depending on the description of the contingent consideration, those transactions are recognised in accordance with IFRS\u00a02 (cash-settled share-based payment) or IAS\u00a019 (long-term incentives):

\n

\u2022when the terms of the agreement provide the possibility to deliver equity instruments to the manager, or if the price is based on the fair value of the equity instruments, the grant is measured at fair value (determined by an independent expert) in accordance with IFRS\u00a02; and

\n

\u2022in any other case, the grant is measured on the basis of the expected discounted cash outflow in accordance with IAS\u00a019. The measurement is usually supported by business plans.

\n

A liability is recognised for the goods or services acquired over the vesting period based on the fair value of these goods or services. At each reporting date until the liability is settled, and at the date of settlement, the liability is remeasured, with any changes in fair value recognised in profit or loss for the year

\n

When the consideration has already been paid, this amount is initially recognised as an asset. Subsequently, this arrangement is presented in the consolidated statement of financial position as an asset or as a liability, depending on the relationship between the manager\u2019s performance and the Group\u2019s payment.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_17470647712517542_0_0": { "value": "
2.5.2Business combinations
\n

At the acquisition date, identifiable assets and liabilities are included in the consolidated financial statements at fair value. The difference between the acquisition price and the fair value of identifiable assets and liabilities is recognised under \u201cGoodwill\u201d. The purchase price allocation shall be performed within 12\u00a0months after the acquisition date. The costs directly attributable to business combinations are recognised in expenses for the period during which they occurred.

\n

For acquisitions in non-controlling interests, the Group can choose, at each acquisition date, whether it evaluates the non-controlling interest at fair value (\u201cfull goodwill\u201d) or based on the percentage of shares of identifiable assets and liabilities it possesses.

\n
2.5.4Goodwill
\n

Goodwill is initially recognised and measured as set out above.

\n

Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s Cash-Generating Units (or groups of cash-generating units), hereafter \u201cthe CGUs\u201d, expected to benefit from the synergies of the combination. Goodwill is allocated to two CGUs:

\n

\u2022Banijay Entertainment & Live business: incorporates the activities of production, distribution and marketing of content property rights for television and multimedia platforms as well as the production of live experiences;

\n

\u2022Banijay Gaming business: incorporates the activity of sports betting, poker, casino and turf.

\n


Cash-generating units to which goodwill has been allocated are tested for impairment annually, or each time events or changes in the economic environment may indicate a risk of impairment.

\n

The recoverable amount of the CGU is determined as the higher between the value in use, determined by discounting future cash flows that are derived from plans presented by each sub-group and approved by the Group\u2019s management (known as the \u201cdiscounted cash flow\u201d or \u201cDCF\u201d method) and the fair value (less the cost of disposal) determined based on market factors (stock market prices, comparison with similar listed companies, comparison with the value assigned to similar assets or companies during recent acquisition transactions).

\n

If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata, based on the carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be reversed in subsequent periods.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_17470380600033501_0_0": { "value": "
2.5.2Business combinations
\n

At the acquisition date, identifiable assets and liabilities are included in the consolidated financial statements at fair value. The difference between the acquisition price and the fair value of identifiable assets and liabilities is recognised under \u201cGoodwill\u201d. The purchase price allocation shall be performed within 12\u00a0months after the acquisition date. The costs directly attributable to business combinations are recognised in expenses for the period during which they occurred.

\n

For acquisitions in non-controlling interests, the Group can choose, at each acquisition date, whether it evaluates the non-controlling interest at fair value (\u201cfull goodwill\u201d) or based on the percentage of shares of identifiable assets and liabilities it possesses.

\n
2.5.4Goodwill
\n

Goodwill is initially recognised and measured as set out above.

\n

Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s Cash-Generating Units (or groups of cash-generating units), hereafter \u201cthe CGUs\u201d, expected to benefit from the synergies of the combination. Goodwill is allocated to two CGUs:

\n

\u2022Banijay Entertainment & Live business: incorporates the activities of production, distribution and marketing of content property rights for television and multimedia platforms as well as the production of live experiences;

\n

\u2022Banijay Gaming business: incorporates the activity of sports betting, poker, casino and turf.

\n


Cash-generating units to which goodwill has been allocated are tested for impairment annually, or each time events or changes in the economic environment may indicate a risk of impairment.

\n

The recoverable amount of the CGU is determined as the higher between the value in use, determined by discounting future cash flows that are derived from plans presented by each sub-group and approved by the Group\u2019s management (known as the \u201cdiscounted cash flow\u201d or \u201cDCF\u201d method) and the fair value (less the cost of disposal) determined based on market factors (stock market prices, comparison with similar listed companies, comparison with the value assigned to similar assets or companies during recent acquisition transactions).

\n

If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata, based on the carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be reversed in subsequent periods.

\n
2.5.6Intangible assets
\n

Intangible assets with finite useful lives are initially recognised at cost, except for those acquired in a business combination, which are recognised at fair value.

\n

Intangible assets presented in the consolidated statement of financial position comprise:

\n

\u2022format rights acquired from a third party or through business combinations. They can be commercially exploited either through internal use, i.e., the production of television programmes by a Group entity, or through external use, i.e., sale or licensing to third parties;

\n

\u2022audiovisual rights, which refers to:

\n

(i)distribution advances which represent amounts paid to acquire distribution rights for audiovisual content;

\n

(ii)own-produced scripted programmes with retained intellectual property;

\n

(iii)fictions in progress which represent the costs incurred for fiction productions that are not yet finalised and not delivered to the client at the closing date, and for which: i) the Group retains the intellectual property (\"IP\") and ii) the Group expects significant further IP revenue;

\n

(iv)format rights acquired from a third party or through business combinations. They can be commercially exploited either through internal use, i.e., the production of television programmes by a Group entity, or through external use, i.e., sale or licensing to third parties;

\n

(v)catalogues, referred to as the Group\u2019s library of finished programmes, whether acquired or internally developed, where the Group has the legal right to distribute and to receive revenue from the distribution of the rights;

\n

Changes in the estimated total revenue for scripted programmes and distribution advances may affect the net book value of audiovisual rights, as the impairment test for those assets is based on estimated future revenue expected. Please refer to Note 13 for details on the carrying amount at the end of the reporting period. The Group monitors the performance of audiovisual assets at each forecast exercise, that is to say twice a year.

\n

\u2022software developed internally;

\n

\u2022production contracts or client contracts, acquired through business combinations, to produce television programmes, TV movies, or cinematic movies;

\n

\u2022fictions in progress which are the costs incurred for fiction productions that are not yet finalised and not delivered to the client at the closing date, and for which i) the Group retains the intellectual property (\u201cIP\u201d) and ii) the Group expects significant further IP revenue;

\n

\u2022rights for the movie adaptation of books;

\n

\u2022the rights to use a brand (applicable in some situations with JVs)

\n

\u2022intangible assets acquired in the normal activity of the Online sports betting & gaming business such as domain names, websites and customer databases;

\n

\u2022Online sports betting & gaming business software acquired from a third party or through business combinations or which represent the costs incurred to develop it (refer to Note 2.5.7 on page 305); and

\n

\u2022other intangible assets such as other administrative software.

\n

Following initial recognition, and except if indicated otherwise, intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. They are amortised on a straight-line basis based on the useful life of the asset.

\n

The method and period of amortisation are reviewed at least at the end of each Financial Year. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset result in changes in the method or period of amortisation.

\n

Audiovisual rights, such as distribution advances, are amortised on an accelerated basis following the decline in the net value of the asset after the asset's initial broadcasting by clients.

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

\n		\n

Content production &\u00a0distribution

\n		\n

Online sports betting
&\u00a0gaming

\n
\n

Method

\n		\n

Duration

\n		\n

Method

\n		\n

Duration

\n
\n

Catalogue &\u00a0formats

\n		\n

Straight-line

\n		\n

6\u00a0to 10\u00a0years

\n		\n

\n		\n

\n
\n

Client contracts

\n		\n

Straight-line

\n		\n

Contract term

\n		\n

\n		\n

\n
\n

Software assets

\n		\n

Straight-line

\n		\n

1\u00a0to 5\u00a0years

\n		\n

\n		\n

\n
\n

Right to use a brand

\n		\n

Straight-line

\n		\n

Contract term

\n		\n

\n		\n

\n
\n

Domain names

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

5\u00a0to 11\u00a0years

\n
\n

Customer databases

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

2\u00a0to 5\u00a0years

\n
\n

Websites

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

3\u00a0to 5\u00a0years

\n
\n

Computer software

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

2\u00a0to 5\u00a0years

\n
\n
2.5.7Software
\n
Internally generated software
\n

Betclic owns its online gaming platform and invests internally to continuously develop it. From mobile to desktop channels and, depending on the country and regulatory specificities, Betclic Everest Group invests in both back-end and front-end developments.

\n

Internally generated software is recognised if, and only if, all of the following conditions have been demonstrated:

\n

\u2022the technical feasibility of completing the intangible asset so that it will be available for use or sale;

\n

\u2022the intention to complete the intangible asset and use or sell it;

\n

\u2022the ability to use or sell the intangible asset;

\n

\u2022how the intangible asset will generate probable future economic benefits;

\n

\u2022the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and

\n

\u2022the ability to reliably measure the expenditure attributable to the intangible asset during its development.

\n

When no internally generated software can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred.

\n

Direct internal and external costs incurred for the development of software are capitalised during the development stage. Costs of significant upgrades and enhancements resulting in additional functionality are also capitalised. Other subsequent expenses such as maintenance, minor upgrades, and enhancement costs are expensed as they are incurred.

\n

Subsequent to initial recognition, internally generated software is reported at cost less accumulated amortisation and impairment losses, on the same basis as intangible assets that are acquired separately.

\n

The costs of configuring and customising software made available by a vendor under a Software as a Service (SaaS) contract are recognised as expenses for the year (and not as intangible assets), since the entity does not control the software and the configuration/customisation activities do not generate a resource that is controlled by the customer independently of the software.

\n
Software as a Service (SaaS) arrangements
\n

A SaaS arrangement allows an entity to access, using an Internet connection and for a specified period of time, software functions hosted on infrastructure operated by an external provider. If the Group does not control a SaaS solution, the related development costs (external and internal) are recognised as follows: (a) as an expense as incurred for internal costs and the costs of an integrator not related to the SaaS publisher, and (b) as an expense over the term of the SaaS arrangement for the costs of the SaaS publisher or its subcontractor. If the Group controls a SaaS solution, costs are capitalised if they meet the IAS\u00a038 criteria. Otherwise, they are expensed as incurred.

\n
2.5.10Impairment of property, plant and equipment, intangible assets (other than goodwill)
\n

The recoverable amount of intangible assets and tangible assets is tested for impairment as soon as external or internal signs of impairment losses exist, such as a decline in sector ratio, a strong overall decrease in the business relating to the cash-generating unit, lower activity with a major customer of the cash-generating unit, a change in betting and gaming license conditions (including government taxation policies) and the loss/non-renewal of licenses. External or internal signs of impairment are reviewed at each closing date.

\n

The recoverable amount of the assets to which it is possible to directly attribute independent cash inflows is assessed on a stand-alone basis. The other assets are grouped within the CGU to which they belong in order to estimate their value-in-use.

\n

The value-in-use of an asset or a CGU is measured as outlined in Note 2.5.4 on page 303.

\n

The value of the asset is tested for impairment to determine whether there is an impairment loss. If appropriate, an impairment loss is recorded for the portion of the net book value of the asset exceeding the recoverable amount.

\n

Where an impairment loss is recognised, it is accounted for directly in the statement of profit or loss. The value of assets, other than goodwill, for which an impairment loss has been recorded, is reviewed at each closing date for the purposes of reversing the impairment loss, if necessary. Where a reversal occurs, it is recorded as profit or loss. In such a case, the book value of the asset can be increased up to its recoverable amount. After reversing the impairment loss, the book value cannot exceed the carrying amount that would have been determined, net of amortisation or depreciation, had no impairment loss been recognised for the asset in prior years.

\n
2.5.22Production costs
\n
Acquisition cost of clients
\n

Internal costs relating to acquisition of clients are recognised as expenses.

\n

Client databases are capitalised and recognised as intangible asset at cost or at fair value for client databases acquired in the process of business combinations.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346920_0": { "value": "
2.5.2Business combinations
\n

At the acquisition date, identifiable assets and liabilities are included in the consolidated financial statements at fair value. The difference between the acquisition price and the fair value of identifiable assets and liabilities is recognised under \u201cGoodwill\u201d. The purchase price allocation shall be performed within 12\u00a0months after the acquisition date. The costs directly attributable to business combinations are recognised in expenses for the period during which they occurred.

\n

For acquisitions in non-controlling interests, the Group can choose, at each acquisition date, whether it evaluates the non-controlling interest at fair value (\u201cfull goodwill\u201d) or based on the percentage of shares of identifiable assets and liabilities it possesses.

\n
2.5.4Goodwill
\n

Goodwill is initially recognised and measured as set out above.

\n

Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s Cash-Generating Units (or groups of cash-generating units), hereafter \u201cthe CGUs\u201d, expected to benefit from the synergies of the combination. Goodwill is allocated to two CGUs:

\n

\u2022Banijay Entertainment & Live business: incorporates the activities of production, distribution and marketing of content property rights for television and multimedia platforms as well as the production of live experiences;

\n

\u2022Banijay Gaming business: incorporates the activity of sports betting, poker, casino and turf.

\n


Cash-generating units to which goodwill has been allocated are tested for impairment annually, or each time events or changes in the economic environment may indicate a risk of impairment.

\n

The recoverable amount of the CGU is determined as the higher between the value in use, determined by discounting future cash flows that are derived from plans presented by each sub-group and approved by the Group\u2019s management (known as the \u201cdiscounted cash flow\u201d or \u201cDCF\u201d method) and the fair value (less the cost of disposal) determined based on market factors (stock market prices, comparison with similar listed companies, comparison with the value assigned to similar assets or companies during recent acquisition transactions).

\n

If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata, based on the carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be reversed in subsequent periods.

\n
2.5.5Investments in associates and joint ventures
\n
2.5.6Intangible assets
\n

Intangible assets with finite useful lives are initially recognised at cost, except for those acquired in a business combination, which are recognised at fair value.

\n

Intangible assets presented in the consolidated statement of financial position comprise:

\n

\u2022format rights acquired from a third party or through business combinations. They can be commercially exploited either through internal use, i.e., the production of television programmes by a Group entity, or through external use, i.e., sale or licensing to third parties;

\n

\u2022audiovisual rights, which refers to:

\n

(i)distribution advances which represent amounts paid to acquire distribution rights for audiovisual content;

\n

(ii)own-produced scripted programmes with retained intellectual property;

\n

(iii)fictions in progress which represent the costs incurred for fiction productions that are not yet finalised and not delivered to the client at the closing date, and for which: i) the Group retains the intellectual property (\"IP\") and ii) the Group expects significant further IP revenue;

\n

(iv)format rights acquired from a third party or through business combinations. They can be commercially exploited either through internal use, i.e., the production of television programmes by a Group entity, or through external use, i.e., sale or licensing to third parties;

\n

(v)catalogues, referred to as the Group\u2019s library of finished programmes, whether acquired or internally developed, where the Group has the legal right to distribute and to receive revenue from the distribution of the rights;

\n

Changes in the estimated total revenue for scripted programmes and distribution advances may affect the net book value of audiovisual rights, as the impairment test for those assets is based on estimated future revenue expected. Please refer to Note 13 for details on the carrying amount at the end of the reporting period. The Group monitors the performance of audiovisual assets at each forecast exercise, that is to say twice a year.

\n

\u2022software developed internally;

\n

\u2022production contracts or client contracts, acquired through business combinations, to produce television programmes, TV movies, or cinematic movies;

\n

\u2022fictions in progress which are the costs incurred for fiction productions that are not yet finalised and not delivered to the client at the closing date, and for which i) the Group retains the intellectual property (\u201cIP\u201d) and ii) the Group expects significant further IP revenue;

\n

\u2022rights for the movie adaptation of books;

\n

\u2022the rights to use a brand (applicable in some situations with JVs)

\n

\u2022intangible assets acquired in the normal activity of the Online sports betting & gaming business such as domain names, websites and customer databases;

\n

\u2022Online sports betting & gaming business software acquired from a third party or through business combinations or which represent the costs incurred to develop it (refer to Note 2.5.7 on page 305); and

\n

\u2022other intangible assets such as other administrative software.

\n

Following initial recognition, and except if indicated otherwise, intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. They are amortised on a straight-line basis based on the useful life of the asset.

\n

The method and period of amortisation are reviewed at least at the end of each Financial Year. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset result in changes in the method or period of amortisation.

\n

Audiovisual rights, such as distribution advances, are amortised on an accelerated basis following the decline in the net value of the asset after the asset's initial broadcasting by clients.

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

\n		\n

Content production &\u00a0distribution

\n		\n

Online sports betting
&\u00a0gaming

\n
\n

Method

\n		\n

Duration

\n		\n

Method

\n		\n

Duration

\n
\n

Catalogue &\u00a0formats

\n		\n

Straight-line

\n		\n

6\u00a0to 10\u00a0years

\n		\n

\n		\n

\n
\n

Client contracts

\n		\n

Straight-line

\n		\n

Contract term

\n		\n

\n		\n

\n
\n

Software assets

\n		\n

Straight-line

\n		\n

1\u00a0to 5\u00a0years

\n		\n

\n		\n

\n
\n

Right to use a brand

\n		\n

Straight-line

\n		\n

Contract term

\n		\n

\n		\n

\n
\n

Domain names

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

5\u00a0to 11\u00a0years

\n
\n

Customer databases

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

2\u00a0to 5\u00a0years

\n
\n

Websites

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

3\u00a0to 5\u00a0years

\n
\n

Computer software

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

2\u00a0to 5\u00a0years

\n
\n
2.5.7Software
\n
Internally generated software
\n

Betclic owns its online gaming platform and invests internally to continuously develop it. From mobile to desktop channels and, depending on the country and regulatory specificities, Betclic Everest Group invests in both back-end and front-end developments.

\n

Internally generated software is recognised if, and only if, all of the following conditions have been demonstrated:

\n

\u2022the technical feasibility of completing the intangible asset so that it will be available for use or sale;

\n

\u2022the intention to complete the intangible asset and use or sell it;

\n

\u2022the ability to use or sell the intangible asset;

\n

\u2022how the intangible asset will generate probable future economic benefits;

\n

\u2022the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and

\n

\u2022the ability to reliably measure the expenditure attributable to the intangible asset during its development.

\n

When no internally generated software can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred.

\n

Direct internal and external costs incurred for the development of software are capitalised during the development stage. Costs of significant upgrades and enhancements resulting in additional functionality are also capitalised. Other subsequent expenses such as maintenance, minor upgrades, and enhancement costs are expensed as they are incurred.

\n

Subsequent to initial recognition, internally generated software is reported at cost less accumulated amortisation and impairment losses, on the same basis as intangible assets that are acquired separately.

\n

The costs of configuring and customising software made available by a vendor under a Software as a Service (SaaS) contract are recognised as expenses for the year (and not as intangible assets), since the entity does not control the software and the configuration/customisation activities do not generate a resource that is controlled by the customer independently of the software.

\n
Software as a Service (SaaS) arrangements
\n

A SaaS arrangement allows an entity to access, using an Internet connection and for a specified period of time, software functions hosted on infrastructure operated by an external provider. If the Group does not control a SaaS solution, the related development costs (external and internal) are recognised as follows: (a) as an expense as incurred for internal costs and the costs of an integrator not related to the SaaS publisher, and (b) as an expense over the term of the SaaS arrangement for the costs of the SaaS publisher or its subcontractor. If the Group controls a SaaS solution, costs are capitalised if they meet the IAS\u00a038 criteria. Otherwise, they are expensed as incurred.

\n
2.5.10Impairment of property, plant and equipment, intangible assets (other than goodwill)
\n

The recoverable amount of intangible assets and tangible assets is tested for impairment as soon as external or internal signs of impairment losses exist, such as a decline in sector ratio, a strong overall decrease in the business relating to the cash-generating unit, lower activity with a major customer of the cash-generating unit, a change in betting and gaming license conditions (including government taxation policies) and the loss/non-renewal of licenses. External or internal signs of impairment are reviewed at each closing date.

\n

The recoverable amount of the assets to which it is possible to directly attribute independent cash inflows is assessed on a stand-alone basis. The other assets are grouped within the CGU to which they belong in order to estimate their value-in-use.

\n

The value-in-use of an asset or a CGU is measured as outlined in Note 2.5.4 on page 303.

\n

The value of the asset is tested for impairment to determine whether there is an impairment loss. If appropriate, an impairment loss is recorded for the portion of the net book value of the asset exceeding the recoverable amount.

\n

Where an impairment loss is recognised, it is accounted for directly in the statement of profit or loss. The value of assets, other than goodwill, for which an impairment loss has been recorded, is reviewed at each closing date for the purposes of reversing the impairment loss, if necessary. Where a reversal occurs, it is recorded as profit or loss. In such a case, the book value of the asset can be increased up to its recoverable amount. After reversing the impairment loss, the book value cannot exceed the carrying amount that would have been determined, net of amortisation or depreciation, had no impairment loss been recognised for the asset in prior years.

\n
2.5.22Production costs
\n
Acquisition cost of clients
\n

Internal costs relating to acquisition of clients are recognised as expenses.

\n

Client databases are capitalised and recognised as intangible asset at cost or at fair value for client databases acquired in the process of business combinations.

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

Note 13

\n		\n

Goodwill

\n
\n

13.1Main acquisitions in 2025

\n

The Banijay Entertainment and Live sub-group acquired the following businesses during the year:

\n

Acquisition of Lotchi (France)

\n

On 2 January 2025, Banijay Entertainment and Live acquired Lotchi, a company based in France. Following the integration of Balich Wonder Studio in 2023, this acquisition is part of the Group's strategy to expand its Live Events division.

\n

The other acquisitions of the year are not material.

\n


The aggregated amounts recognised at the acquisition date for each major class of assets acquired and liabilities assumed in the consolidated statement of financial position for those acquisitions are the following:

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

(in \u20ac million)

\n		\n

2025

\n
\n

Non-current assets

\n		\n

16.6

\n
\n

Current assets

\n		\n

28.7

\n
\n

Assets

\n		\n

45.3

\n
\n

Non-controlling interests

\n		\n

(0.6)

\n
\n

Non-current liabilities

\n		\n

6.4

\n
\n

Current liabilities

\n		\n

35.6

\n
\n

Liabilities

\n		\n

42.0

\n
\n

Aggregated acquired assets and liabilities

\n		\n

4.0

\n
\n

The aggregated acquisition price for the business acquired in 2025 and the aggregated amount of goodwill recognised from the 2025 business acquisitions are the following:

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

(in \u20ac million)

\n		\n

2025

\n
\n

Total consideration, including contingent consideration and other component

\n		\n

30.9(1)

\n
\n

(less) Aggregated acquired assets and liabilities

\n		\n

(4.0)

\n
\n

Aggregated GoodwilL

\n		\n

26.9

\n
\n

(1)Cash consideration only includes current year\u2019s acquisition, not deferred payments related to previous year\u2019s acquisition.

\n
\n

The total amount of the acquisition goodwill in 2025 was \u20ac26.9 million.

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

(in \u20ac million)

\n		\n

2025

\n
\n

Net cash outflows arising on acquisition

\n		\n

\u00a0

\n
\n

Cash consideration(1)

\n		\n

17.3

\n
\n

Less: cash and cash equivalents balances acquired

\n		\n

(3.6)

\n
\n

Acquisition costs(2)

\n		\n

2.4

\n
\n

Cash out on earnout and put options

\n		\n

25.3

\n
\n

Purchases of consolidated companies, net of acquired cash(2)

\n		\n

41.4

\n
\n

(1)Cash consideration includes both current year acquisitions, and deferred payments related to prior year acquisitions for \u20ac5.8 million.

\n

(2)Of which -\u20ac0.1 million related to 2025 acquisition, the remaining concerning other current M&A projects or prior year acquisition costs disbursed (completed or abandoned projects).

\n
\n

The purchase price allocation of all those acquisitions is still in progress at the date of issuance of these consolidated financial statements.

\n

The total amount of the acquisition cash and cash equivalents balances acquired in 2025 was \u20ac3.6 million. Current year acquired consolidated companies contributed \u20ac46.4 million to the Group\u2019s revenue and \u20ac5.7 million to the Group\u2019s current operating profit for the period between the acquisition date and the reporting date.

\n

13.2Change in Goodwill

\n

Goodwill as of 31\u00a0December 2025\u00a0and 2024\u00a0is as follows:

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

(in \u20ac million)

\n		\n

Banijay Entertainment

\n		\n

Banijay Gaming

\n		\n

Gross value

\n		\n

Impairment

\n		\n

Goodwill, net

\n
\n

1\u00a0January 2024

\n		\n

2,524.3

\n		\n

241.4

\n		\n

2,765.8

\n		\n

-

\n		\n

2,765.8

\n
\n

Acquisitions

\n		\n

34.5

\n		\n

-

\n		\n

34.5

\n		\n

-

\n		\n

34.5

\n
\n

Divestures

\n		\n

(1.5)

\n		\n

-

\n		\n

(1.5)

\n		\n

-

\n		\n

(1.5)

\n
\n

Reclassifications

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Exchange difference

\n		\n

15.6

\n		\n

-

\n		\n

15.6

\n		\n

-

\n		\n

15.6

\n
\n

31\u00a0December 2024

\n		\n

2,572.9

\n		\n

241.4

\n		\n

2,814.4

\n		\n

-

\n		\n

2,814.4

\n
\n

1\u00a0January 2025

\n		\n

2,572.9

\n		\n

241.4

\n		\n

2,814.4

\n		\n

-

\n		\n

2,814.4

\n
\n

Acquisitions

\n		\n

27.2

\n		\n

5.6

\n		\n

32.8

\n		\n

-

\n		\n

32.8

\n
\n

Divestures

\n		\n

(0.6)

\n		\n

(1.9)

\n		\n

(2.6)

\n		\n

-

\n		\n

(2.6)

\n
\n

Reclassifications

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Exchange difference

\n		\n

(29.4)

\n		\n

-

\n		\n

(29.4)

\n		\n

-

\n		\n

(29.4)

\n
\n

31\u00a0December 2025

\n		\n

2,570.2

\n		\n

245.1

\n		\n

2,815.3

\n		\n

-

\n		\n

2,815.3

\n
\n

In 2025, the increase in acquisitions for \u20ac32.8 million was due to current year acquisitions in Banijay Entertainment: Lotchi, Double Dutch and Influence Vision.

\n

Following the disposal of Bet-at-home, divestures accounted for -\u20ac1.9 million.

\n

13.3Impairment tests

\n

The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. This impairment test is performed by comparing the recoverable amount of each cash-generating unit (CGU) with the carrying amount of the corresponding assets. The tests are carried out with rates specific to each division.

\n

CGUs are independently defined at each business level, corresponding to the Group\u2019s operating segments. The segments are based on the Group\u2019s internal Management reporting structure in order to facilitate decision-making with respect to the allocation of resources and assessment of the performance of the entity\u2019s operations. The Group\u2019s CGUs correspond to the two operating segments: Banijay Entertainment and Banijay Gaming. Refer to Note 5 \u2013 Segment information for further details.

\n

In 2025 and 2024, the Group examined the value of the goodwill associated with its cash-generating units (CGUs), ensuring that the recoverable amount of the CGUs tested exceeded their net book value, including goodwill.

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

(in \u20ac million)

\n		\n

Goodwill

\n		\n

CGU carrying amount

\n
\n

31\u00a0December 2025

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Banijay Entertainment &\u00a0Live

\n		\n

2,570.2

\n		\n

2,979.6

\n
\n

Banijay Gaming

\n		\n

245.1

\n		\n

661.4

\n
\n

31\u00a0December 2024

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Banijay Entertainment &\u00a0Live

\n		\n

2,572.9

\n		\n

3,040.2

\n
\n

Banijay Gaming

\n		\n

241.4

\n		\n

566.1

\n
\n

The recoverable amount as of 31 December 2025 and 2024 was determined based on a calculation of the value in use using cash flow projections from the budgets approved by Management covering a period of four years (see table below).

\n

The assumptions used by the Group are stated in the table below:

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

\n		\n

WACC*

\n		\n

Perpetual
growth rate

\n		\n

Budget (with some exceptions)

\n
\n

31\u00a0December 2025

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Banijay Entertainment &\u00a0Live

\n		\n

8.9%

\n		\n

2.3%

\n		\n

4 years

\n
\n

Banijay Gaming

\n		\n

9.8%

\n		\n

1.0%

\n		\n

4 years

\n
\n

31\u00a0December 2024

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Banijay Entertainment &\u00a0Live

\n		\n

8.9%

\n		\n

2.8%

\n		\n

4 years

\n
\n

Banijay Gaming

\n		\n

9.7%

\n		\n

1.5%

\n		\n

4 years

\n
\n

*WACC: Weighted Average Cost of Capital post-tax.

\n
\n

The projections include estimates for the inflation rates as well as the cost savings that have been realised and are to be realised from several cost savings initiatives for which the entity is committed at the closing date. By their nature, forward-looking statements involve risks and uncertainties as they relate to events and depend on circumstances that may or may not occur in the future. Accordingly, actual results of operations, financial condition and liquidity may differ from those assumed in the forward-looking statements. The Group also assessed the impact of the climate and other environmental matters and considered that no material effect should be considered in the projections.

\n

Based on the impairment tests conducted, Management did not identify any impairment for both CGUs and thus no impairment needs to be charged against goodwill, intangible and tangible assets, for the years ended 31 December 2025 and 2024.

\n
Sensitivity to changes in assumptions
\n

A sensitivity analysis of the value in use of Banijay Entertainment & Live and Banijay Gaming was carried out according to the parameters below. This sensitivity analysis did not call into question the impairment tests performed (the margins on impairment tests remaining significantly positive in all scenarios).

\n

The sensitivity of impairment tests to adverse, feasible changes in assumptions is set out below:

\n

\u2022reasonable sensitivity to changes in the discount rate: a simulated increase of 0.5% in the discount rate used would not change the findings of the Group's analysis;

\n

\u2022reasonable sensitivity to changes in the long-term growth rate: in a pessimistic scenario where the long\u2011term growth rate is reduced by 0.5%, the value in use of each CGU would still exceed its carrying amount;

\n

\u2022reasonable sensitivity to changes in the business plans: a 10% reduction in the revenue forecast contained in the business plan and decrease of 0.5% in the perpetual growth rate, with variable costs adjusted accordingly, would not change the conclusions of the Group's analysis.

\n

Consequently, none of the sensitivity tests reduced the value in use of any of the CGUs to below their carrying amount.

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

Note 14

\n		\n

Intangible assets

\n
\n

Intangible assets mainly comprise Audiovisual rights (including distribution advances with third parties, scripted programmes with international potential, acquired formats and catalogue, and scripted programmes in progress), software developed internally and other intangible assets.

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

(in \u20ac million)

\n		\n

Audiovisual rights

\n		\n

Software developed internally

\n		\n

Other intangible assets

\n		\n

2025

\n
\n

GROSS AMOUNT

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

As of 1 January

\n		\n

1,092.9

\n		\n

97.4

\n		\n

28.3

\n		\n

1,218.5

\n
\n

Investments

\n		\n

74.9

\n		\n

22.9

\n		\n

8.9

\n		\n

106.7

\n
\n

Divestitures

\n		\n

(0.0)

\n		\n

-

\n		\n

(0.8)

\n		\n

(0.9)

\n
\n

Changes in consolidation scope

\n		\n

(0.3)

\n		\n

-

\n		\n

(22.6)

\n		\n

(22.9)

\n
\n

Translation differences

\n		\n

(27.5)

\n		\n

-

\n		\n

(1.8)

\n		\n

(29.3)

\n
\n

Reclassifications and others

\n		\n

0.2

\n		\n

-

\n		\n

(1.2)

\n		\n

(1.0)

\n
\n

As of 31 December

\n		\n

1,140.2

\n		\n

120.3

\n		\n

10.7

\n		\n

1,271.3

\n
\n

ACCUMULATED AMORTIsATION AND IMPAIRMENT LOSSES

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

As of 1 January

\n		\n

(897.6)

\n		\n

(58.9)

\n		\n

(18.9)

\n		\n

(975.4)

\n
\n

Depreciation and amortisation

\n		\n

(85.8)

\n		\n

(9.3)

\n		\n

(5.8)

\n		\n

(100.9)

\n
\n

Divestitures and impairment losses

\n		\n

(0.0)

\n		\n

-

\n		\n

0.8

\n		\n

0.8

\n
\n

Changes in consolidation scope

\n		\n

0.3

\n		\n

-

\n		\n

32.6

\n		\n

32.9

\n
\n

Translation differences

\n		\n

21.5

\n		\n

-

\n		\n

1.0

\n		\n

22.5

\n
\n

Reclassifications and others

\n		\n

(0.6)

\n		\n

-

\n		\n

0.5

\n		\n

(0.1)

\n
\n

As of 31 December

\n		\n

(962.2)

\n		\n

(68.2)

\n		\n

10.1

\n		\n

(1,020.3)

\n
\n

NET CARRYING AMOUNT

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

As of 1 January

\n		\n

195.2

\n		\n

38.5

\n		\n

9.5

\n		\n

243.2

\n
\n

As of 31 December(1)

\n		\n

178.0

\n		\n

52.1

\n		\n

20.9

\n		\n

250.9

\n
\n

(1)Audiovisual rights includes fiction, internally generated amounted to \u20ac37.9 million (including fiction in progress for \u20ac19.6 million).

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

(in \u20ac million)

\n		\n

Audiovisual rights

\n		\n

Software developed internally

\n		\n

Other intangible assets

\n		\n

2024

\n
\n

GROSS AMOUNT

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

As of 1 January

\n		\n

954.1

\n		\n

71.9

\n		\n

22.2

\n		\n

1,048.2

\n
\n

Investments

\n		\n

98.1

\n		\n

25.5

\n		\n

3.8

\n		\n

127.4

\n
\n

Divestitures

\n		\n

(0.1)

\n		\n

-

\n		\n

(0.4)

\n		\n

(0.5)

\n
\n

Changes in consolidation scope

\n		\n

18.1

\n		\n

-

\n		\n

(2.7)

\n		\n

15.5

\n
\n

Translation differences

\n		\n

22.2

\n		\n

-

\n		\n

0.9

\n		\n

23.1

\n
\n

Reclassifications and others(1)

\n		\n

0.4

\n		\n

-

\n		\n

4.5

\n		\n

4.9

\n
\n

As of 31 December

\n		\n

1,092.9

\n		\n

97.4

\n		\n

28.3

\n		\n

1,218.5

\n
\n

ACCUMULATED AMORTIsATION AND IMPAIRMENT LOSSES

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

As of 1 January

\n		\n

(776.2)

\n		\n

(53.8)

\n		\n

(13.5)

\n		\n

(843.4)

\n
\n

Depreciation and amortisation

\n		\n

(106.1)

\n		\n

(5.1)

\n		\n

(4.0)

\n		\n

(115.2)

\n
\n

Divestitures and impairment losses

\n		\n

0.6

\n		\n

-

\n		\n

0.4

\n		\n

1.0

\n
\n

Changes in consolidation scope

\n		\n

(8.5)

\n		\n

-

\n		\n

2.7

\n		\n

(5.8)

\n
\n

Translation differences

\n		\n

(17.0)

\n		\n

-

\n		\n

(0.6)

\n		\n

(17.6)

\n
\n

Reclassifications and others(1)

\n		\n

9.6

\n		\n

-

\n		\n

(3.8)

\n		\n

5.7

\n
\n

As of 31 December

\n		\n

(897.6)

\n		\n

(58.9)

\n		\n

(18.9)

\n		\n

(975.4)

\n
\n

NET CARRYING AMOUNT

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

As of 1 January

\n		\n

177.9

\n		\n

18.1

\n		\n

8.2

\n		\n

204.7

\n
\n

As of 31 December(2)

\n		\n

195.2

\n		\n

38.5

\n		\n

9.5

\n		\n

243.2

\n
\n

(1)Reclassifications of (i) \u20ac10 million on content assets mainly explained by scripted programme initially classified under work in progress and reclassified under intangible assets given the international future expected revenue and (ii) -\u20ac5 million from gross amount to depreciation and amortisation.

\n

(2)Audiovisual rights includes fiction, internally generated amounted to \u20ac25.3 million (including fiction in progress for \u20ac16.0 million).

\n
\n

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346919_0": { "value": "
2.5.2Business combinations
\n

At the acquisition date, identifiable assets and liabilities are included in the consolidated financial statements at fair value. The difference between the acquisition price and the fair value of identifiable assets and liabilities is recognised under \u201cGoodwill\u201d. The purchase price allocation shall be performed within 12\u00a0months after the acquisition date. The costs directly attributable to business combinations are recognised in expenses for the period during which they occurred.

\n

For acquisitions in non-controlling interests, the Group can choose, at each acquisition date, whether it evaluates the non-controlling interest at fair value (\u201cfull goodwill\u201d) or based on the percentage of shares of identifiable assets and liabilities it possesses.

\n
2.5.4Goodwill
\n

Goodwill is initially recognised and measured as set out above.

\n

Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s Cash-Generating Units (or groups of cash-generating units), hereafter \u201cthe CGUs\u201d, expected to benefit from the synergies of the combination. Goodwill is allocated to two CGUs:

\n

\u2022Banijay Entertainment & Live business: incorporates the activities of production, distribution and marketing of content property rights for television and multimedia platforms as well as the production of live experiences;

\n

\u2022Banijay Gaming business: incorporates the activity of sports betting, poker, casino and turf.

\n


Cash-generating units to which goodwill has been allocated are tested for impairment annually, or each time events or changes in the economic environment may indicate a risk of impairment.

\n

The recoverable amount of the CGU is determined as the higher between the value in use, determined by discounting future cash flows that are derived from plans presented by each sub-group and approved by the Group\u2019s management (known as the \u201cdiscounted cash flow\u201d or \u201cDCF\u201d method) and the fair value (less the cost of disposal) determined based on market factors (stock market prices, comparison with similar listed companies, comparison with the value assigned to similar assets or companies during recent acquisition transactions).

\n

If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata, based on the carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be reversed in subsequent periods.

\n
2.5.5Investments in associates and joint ventures
\n
\n\n\n\n\n
\n

Note 13

\n		\n

Goodwill

\n
\n

13.1Main acquisitions in 2025

\n

The Banijay Entertainment and Live sub-group acquired the following businesses during the year:

\n

Acquisition of Lotchi (France)

\n

On 2 January 2025, Banijay Entertainment and Live acquired Lotchi, a company based in France. Following the integration of Balich Wonder Studio in 2023, this acquisition is part of the Group's strategy to expand its Live Events division.

\n

The other acquisitions of the year are not material.

\n


The aggregated amounts recognised at the acquisition date for each major class of assets acquired and liabilities assumed in the consolidated statement of financial position for those acquisitions are the following:

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

(in \u20ac million)

\n		\n

2025

\n
\n

Non-current assets

\n		\n

16.6

\n
\n

Current assets

\n		\n

28.7

\n
\n

Assets

\n		\n

45.3

\n
\n

Non-controlling interests

\n		\n

(0.6)

\n
\n

Non-current liabilities

\n		\n

6.4

\n
\n

Current liabilities

\n		\n

35.6

\n
\n

Liabilities

\n		\n

42.0

\n
\n

Aggregated acquired assets and liabilities

\n		\n

4.0

\n
\n

The aggregated acquisition price for the business acquired in 2025 and the aggregated amount of goodwill recognised from the 2025 business acquisitions are the following:

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

(in \u20ac million)

\n		\n

2025

\n
\n

Total consideration, including contingent consideration and other component

\n		\n

30.9(1)

\n
\n

(less) Aggregated acquired assets and liabilities

\n		\n

(4.0)

\n
\n

Aggregated GoodwilL

\n		\n

26.9

\n
\n

(1)Cash consideration only includes current year\u2019s acquisition, not deferred payments related to previous year\u2019s acquisition.

\n
\n

The total amount of the acquisition goodwill in 2025 was \u20ac26.9 million.

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

(in \u20ac million)

\n		\n

2025

\n
\n

Net cash outflows arising on acquisition

\n		\n

\u00a0

\n
\n

Cash consideration(1)

\n		\n

17.3

\n
\n

Less: cash and cash equivalents balances acquired

\n		\n

(3.6)

\n
\n

Acquisition costs(2)

\n		\n

2.4

\n
\n

Cash out on earnout and put options

\n		\n

25.3

\n
\n

Purchases of consolidated companies, net of acquired cash(2)

\n		\n

41.4

\n
\n

(1)Cash consideration includes both current year acquisitions, and deferred payments related to prior year acquisitions for \u20ac5.8 million.

\n

(2)Of which -\u20ac0.1 million related to 2025 acquisition, the remaining concerning other current M&A projects or prior year acquisition costs disbursed (completed or abandoned projects).

\n
\n

The purchase price allocation of all those acquisitions is still in progress at the date of issuance of these consolidated financial statements.

\n

The total amount of the acquisition cash and cash equivalents balances acquired in 2025 was \u20ac3.6 million. Current year acquired consolidated companies contributed \u20ac46.4 million to the Group\u2019s revenue and \u20ac5.7 million to the Group\u2019s current operating profit for the period between the acquisition date and the reporting date.

\n

13.2Change in Goodwill

\n

Goodwill as of 31\u00a0December 2025\u00a0and 2024\u00a0is as follows:

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

(in \u20ac million)

\n		\n

Banijay Entertainment

\n		\n

Banijay Gaming

\n		\n

Gross value

\n		\n

Impairment

\n		\n

Goodwill, net

\n
\n

1\u00a0January 2024

\n		\n

2,524.3

\n		\n

241.4

\n		\n

2,765.8

\n		\n

-

\n		\n

2,765.8

\n
\n

Acquisitions

\n		\n

34.5

\n		\n

-

\n		\n

34.5

\n		\n

-

\n		\n

34.5

\n
\n

Divestures

\n		\n

(1.5)

\n		\n

-

\n		\n

(1.5)

\n		\n

-

\n		\n

(1.5)

\n
\n

Reclassifications

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Exchange difference

\n		\n

15.6

\n		\n

-

\n		\n

15.6

\n		\n

-

\n		\n

15.6

\n
\n

31\u00a0December 2024

\n		\n

2,572.9

\n		\n

241.4

\n		\n

2,814.4

\n		\n

-

\n		\n

2,814.4

\n
\n

1\u00a0January 2025

\n		\n

2,572.9

\n		\n

241.4

\n		\n

2,814.4

\n		\n

-

\n		\n

2,814.4

\n
\n

Acquisitions

\n		\n

27.2

\n		\n

5.6

\n		\n

32.8

\n		\n

-

\n		\n

32.8

\n
\n

Divestures

\n		\n

(0.6)

\n		\n

(1.9)

\n		\n

(2.6)

\n		\n

-

\n		\n

(2.6)

\n
\n

Reclassifications

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Exchange difference

\n		\n

(29.4)

\n		\n

-

\n		\n

(29.4)

\n		\n

-

\n		\n

(29.4)

\n
\n

31\u00a0December 2025

\n		\n

2,570.2

\n		\n

245.1

\n		\n

2,815.3

\n		\n

-

\n		\n

2,815.3

\n
\n

In 2025, the increase in acquisitions for \u20ac32.8 million was due to current year acquisitions in Banijay Entertainment: Lotchi, Double Dutch and Influence Vision.

\n

Following the disposal of Bet-at-home, divestures accounted for -\u20ac1.9 million.

\n

13.3Impairment tests

\n

The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. This impairment test is performed by comparing the recoverable amount of each cash-generating unit (CGU) with the carrying amount of the corresponding assets. The tests are carried out with rates specific to each division.

\n

CGUs are independently defined at each business level, corresponding to the Group\u2019s operating segments. The segments are based on the Group\u2019s internal Management reporting structure in order to facilitate decision-making with respect to the allocation of resources and assessment of the performance of the entity\u2019s operations. The Group\u2019s CGUs correspond to the two operating segments: Banijay Entertainment and Banijay Gaming. Refer to Note 5 \u2013 Segment information for further details.

\n

In 2025 and 2024, the Group examined the value of the goodwill associated with its cash-generating units (CGUs), ensuring that the recoverable amount of the CGUs tested exceeded their net book value, including goodwill.

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

(in \u20ac million)

\n		\n

Goodwill

\n		\n

CGU carrying amount

\n
\n

31\u00a0December 2025

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Banijay Entertainment &\u00a0Live

\n		\n

2,570.2

\n		\n

2,979.6

\n
\n

Banijay Gaming

\n		\n

245.1

\n		\n

661.4

\n
\n

31\u00a0December 2024

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Banijay Entertainment &\u00a0Live

\n		\n

2,572.9

\n		\n

3,040.2

\n
\n

Banijay Gaming

\n		\n

241.4

\n		\n

566.1

\n
\n

The recoverable amount as of 31 December 2025 and 2024 was determined based on a calculation of the value in use using cash flow projections from the budgets approved by Management covering a period of four years (see table below).

\n

The assumptions used by the Group are stated in the table below:

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

\n		\n

WACC*

\n		\n

Perpetual
growth rate

\n		\n

Budget (with some exceptions)

\n
\n

31\u00a0December 2025

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Banijay Entertainment &\u00a0Live

\n		\n

8.9%

\n		\n

2.3%

\n		\n

4 years

\n
\n

Banijay Gaming

\n		\n

9.8%

\n		\n

1.0%

\n		\n

4 years

\n
\n

31\u00a0December 2024

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Banijay Entertainment &\u00a0Live

\n		\n

8.9%

\n		\n

2.8%

\n		\n

4 years

\n
\n

Banijay Gaming

\n		\n

9.7%

\n		\n

1.5%

\n		\n

4 years

\n
\n

*WACC: Weighted Average Cost of Capital post-tax.

\n
\n

The projections include estimates for the inflation rates as well as the cost savings that have been realised and are to be realised from several cost savings initiatives for which the entity is committed at the closing date. By their nature, forward-looking statements involve risks and uncertainties as they relate to events and depend on circumstances that may or may not occur in the future. Accordingly, actual results of operations, financial condition and liquidity may differ from those assumed in the forward-looking statements. The Group also assessed the impact of the climate and other environmental matters and considered that no material effect should be considered in the projections.

\n

Based on the impairment tests conducted, Management did not identify any impairment for both CGUs and thus no impairment needs to be charged against goodwill, intangible and tangible assets, for the years ended 31 December 2025 and 2024.

\n
Sensitivity to changes in assumptions
\n

A sensitivity analysis of the value in use of Banijay Entertainment & Live and Banijay Gaming was carried out according to the parameters below. This sensitivity analysis did not call into question the impairment tests performed (the margins on impairment tests remaining significantly positive in all scenarios).

\n

The sensitivity of impairment tests to adverse, feasible changes in assumptions is set out below:

\n

\u2022reasonable sensitivity to changes in the discount rate: a simulated increase of 0.5% in the discount rate used would not change the findings of the Group's analysis;

\n

\u2022reasonable sensitivity to changes in the long-term growth rate: in a pessimistic scenario where the long\u2011term growth rate is reduced by 0.5%, the value in use of each CGU would still exceed its carrying amount;

\n

\u2022reasonable sensitivity to changes in the business plans: a 10% reduction in the revenue forecast contained in the business plan and decrease of 0.5% in the perpetual growth rate, with variable costs adjusted accordingly, would not change the conclusions of the Group's analysis.

\n

Consequently, none of the sensitivity tests reduced the value in use of any of the CGUs to below their carrying amount.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346746_0": { "value": "
2.5.2Business combinations
\n

Business combinations are accounted for under the acquisition method as published in IFRS\u00a03 when the acquired set of activities and assets meets the definition of a business and control is transferred to the Company.

\n

In determining whether a particular set of activities and assets is a business, the Company assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs.

\n

At the acquisition date, identifiable assets and liabilities are included in the consolidated financial statements at fair value. The difference between the acquisition price and the fair value of identifiable assets and liabilities is recognised under \u201cGoodwill\u201d. The purchase price allocation shall be performed within 12\u00a0months after the acquisition date. The costs directly attributable to business combinations are recognised in expenses for the period during which they occurred.

\n

For acquisitions in non-controlling interests, the Group can choose, at each acquisition date, whether it evaluates the non-controlling interest at fair value (\u201cfull goodwill\u201d) or based on the percentage of shares of identifiable assets and liabilities it possesses.

\n

According to IFRS\u00a010, acquisitions in non-controlling interests and disposals without loss of control are considered as transactions between shareholders. The difference between the acquisition price of the additional shares and the related share of equity is recognised in Shareholders\u2019 equity (Group share). The costs attributable to such transactions as well as their related fiscal impacts are booked in equity.

\n

The cash flows related to transactions with shareholders are presented in Cash flow from investing activities in the consolidated Statements of Cash Flows.

\n

When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as \"measurement period\" adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u201cmeasurement period\u201d (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.

\n

This liability is re-measured at each reporting period end in accordance with the contractual arrangements (at fair value or at present value if fixed price) and, in the absence of any guidance provided by IFRS, with an offsetting entry in net finance costs.

\n

The Group identifies the transactions that qualify as separate transactions in accordance with IFRS\u00a03, especially transactions that remunerate former Shareholders of the acquiree for future services. Those transactions are accounted for in accordance with the relevant IFRS\u00a0(refer to Note 2.5.20 on page 310).

\n
2.5.20Employee benefits resulting from a\u00a0business acquisition arrangement
\n

The Group generally prospects, identifies and acquires companies that create high value. It also looks for the opportunity to secure acquisitions of companies held by talented managers with the strategy of maintaining and incenting such managers after closing.

\n

\n

In this context, the transaction is often accompanied by an employment agreement or a service agreement between the acquiree and the manager, pursuant to the closing. Share purchase agreements may also specify restrictions on the acquisition price, potential earnouts or the remaining minority interest options in case of early departure of the manager. These restrictions may be:

\n

\u2022a reduction in the acquisition price;

\n

\u2022a forfeiture of earnouts;

\n

\u2022a reimbursement of significant parts of the paid amounts; or

\n

\u2022a call option on minority interests held by the manager at a price lower than the fair value.

\n

These contingent consideration arrangements aim at compensating former shareholders of the business acquired for future services and shall be recognised as a separate transaction as required by IFRS\u00a03.

\n

Depending on the description of the contingent consideration, those transactions are recognised in accordance with IFRS\u00a02 (cash-settled share-based payment) or IAS\u00a019 (long-term incentives):

\n

\u2022when the terms of the agreement provide the possibility to deliver equity instruments to the manager, or if the price is based on the fair value of the equity instruments, the grant is measured at fair value (determined by an independent expert) in accordance with IFRS\u00a02; and

\n

\u2022in any other case, the grant is measured on the basis of the expected discounted cash outflow in accordance with IAS\u00a019. The measurement is usually supported by business plans.

\n

A liability is recognised for the goods or services acquired over the vesting period based on the fair value of these goods or services. At each reporting date until the liability is settled, and at the date of settlement, the liability is remeasured, with any changes in fair value recognised in profit or loss for the year

\n

When the consideration has already been paid, this amount is initially recognised as an asset. Subsequently, this arrangement is presented in the consolidated statement of financial position as an asset or as a liability, depending on the relationship between the manager\u2019s performance and the Group\u2019s payment.

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

Note 3

\n		\n

Ongoing acquisition of Tipico Group Limited

\n
\n

3.1Key dates in 2025

\n

\u202228 October 2025: Banijay Group announced that the Group had signed a binding agreement with CVC and Tipico\u2019s founders to combine Betclic and Tipico groups.

\n

3.2Key dates in 2026

\n

\u202221 January 2026: Banijay Gaming announced the successful pricing of Senior Secured Notes and Term Loan Facilities (EUR) and (USD) for a total amount of \u20ac3,139 million. In addition, an additional Revolving Credit Facility will be made available for \u20ac70.0 million.

\n

\u202223 January 2026: Banijay Gaming entered into hedging contracts to secure the variable rate and the currency risk.

\n

\n

3.3Description of the acquisition

\n

On 28 October 2025, Banijay Group announced that the Group had signed a binding agreement with CVC and Tipico\u2019s founders to combine Betclic and Tipico groups, becoming the majority shareholder of the combined entity, and creating a European champion in sports betting and online gaming. Banijay Group will buy the majority stake in Tipico from CVC in cash, and all shareholders of Betclic and Tipico, including the respective founders, will become shareholders of the combined entity.

\n

Betclic and Tipico are two complementary local champions with leading positions in six highly attractive markets (Germany, France, Portugal, Austria, Poland, and C\u00f4te d\u2019Ivoire) thanks to strong tech and product expertise, joining forces to become the fourth largest European sports betting and gaming player and the leader of sports betting in Continental Europe.

\n

As part of the transaction terms, the acquisition price is estimated at \u20ac3.1 billion including \u20ac1.2 billion paid in cash and \u20ac1.9 billion through the issuance of the new CombinedCo shares to Tipico\u2019s former shareholders (founders will roll over 100% of their shares and CVC will roll over its remaining stake into Banijay Gaming).

\n

After the closing (expected in April 2026), Banijay Gaming will own 100% of the voting shares of Tipico Group Limited and Banijay Group would hold around 65%, on a fully diluted basis, of the Combined Group.

\n

3.4Description of the acquisition financing

\n

On 21 January 2026, Banijay Gaming announced the successful pricing of a notes offering as part of the \u20ac3,139\u00a0million financing. The financing package comprised:

\n

\u20ac1,000 million Senior Secured Notes due in 2031 with a coupon of 5.125%.

\n

\u20ac1,500 million Term Loan B Facility maturing in 2031, priced with an OID at 99.75% and bearing interest at a rate of three-month EURIBOR plus a 3.000% margin. Banijay Gaming entered into two rate swap instruments to hedge 100% of the debt variable rate against a rate at 2.36%.

\n

$750 million Term Loan B Facility maturing in 2031, priced with an OID at 99.75% and bearing interest at a rate of SOFR plus a 2.750% margin. Banijay Gaming entered into two interest rate and currency hedging instruments. The two cross currency swaps have two main objectives: (i) to hedge the risk of fluctuations in the EUR/USD exchange rate (Fx. Rate per Eur. of c. $1.1731) and (ii) to lock the variable rate with a fixed rate of 5.2506%.

\n

Additional \u20ac70 million (equivalent) multicurrency Revolving Credit Facility.

\n

The proceeds of this financing, together with rollover equity and cash on the balance sheet, will be used to (i) acquire the share capital of Tipico Group Limited, (ii) refinance certain existing debt of Tipico Group Limited and (iii) pay certain costs, fees and expenses incurred, notably in connection with the Acquisition.

\n

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

Note 4

\n		\n

Significant events

\n
\n

4.1Significant events that occurred in 2025

\n
4.1.2Banijay Entertainment & Live
\n
Lotchi
\n

On 2 January 2025, Banijay acquired Lotchi, a company based in France. Following the integration of Balich Wonder Studio in 2023, this acquisition is part of the Group's strategy to expand its Live Events division.

\n

Lotchi is a start-up founded by Romain Sarfati in 2023 which has gained recognition in France for its concept of live orchestras to deliver cultural shows in landmark venues. Lotchi is a creator of live immersive experiences with debut show \u201cLuminiscence\u201d already attracting more than 350,000\u00a0spectators across France at the time of the acquisition.

\n

Now part of the Group, Lotchi is deploying its immersive experience across iconic monuments in major international cities within Banijay\u2019s footprint. The concept was already live in 2025 in Brazil, Germany, the Netherlands, Spain, the UK, and the USA, and is expected to launch in Mexico in 2026.

\n

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

Note 13

\n		\n

Goodwill

\n
\n

13.1Main acquisitions in 2025

\n

The Banijay Entertainment and Live sub-group acquired the following businesses during the year:

\n

Acquisition of Lotchi (France)

\n

On 2 January 2025, Banijay Entertainment and Live acquired Lotchi, a company based in France. Following the integration of Balich Wonder Studio in 2023, this acquisition is part of the Group's strategy to expand its Live Events division.

\n

The other acquisitions of the year are not material.

\n


The aggregated amounts recognised at the acquisition date for each major class of assets acquired and liabilities assumed in the consolidated statement of financial position for those acquisitions are the following:

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

(in \u20ac million)

\n		\n

2025

\n
\n

Non-current assets

\n		\n

16.6

\n
\n

Current assets

\n		\n

28.7

\n
\n

Assets

\n		\n

45.3

\n
\n

Non-controlling interests

\n		\n

(0.6)

\n
\n

Non-current liabilities

\n		\n

6.4

\n
\n

Current liabilities

\n		\n

35.6

\n
\n

Liabilities

\n		\n

42.0

\n
\n

Aggregated acquired assets and liabilities

\n		\n

4.0

\n
\n

The aggregated acquisition price for the business acquired in 2025 and the aggregated amount of goodwill recognised from the 2025 business acquisitions are the following:

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

(in \u20ac million)

\n		\n

2025

\n
\n

Total consideration, including contingent consideration and other component

\n		\n

30.9(1)

\n
\n

(less) Aggregated acquired assets and liabilities

\n		\n

(4.0)

\n
\n

Aggregated GoodwilL

\n		\n

26.9

\n
\n

(1)Cash consideration only includes current year\u2019s acquisition, not deferred payments related to previous year\u2019s acquisition.

\n
\n

The total amount of the acquisition goodwill in 2025 was \u20ac26.9 million.

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

(in \u20ac million)

\n		\n

2025

\n
\n

Net cash outflows arising on acquisition

\n		\n

\u00a0

\n
\n

Cash consideration(1)

\n		\n

17.3

\n
\n

Less: cash and cash equivalents balances acquired

\n		\n

(3.6)

\n
\n

Acquisition costs(2)

\n		\n

2.4

\n
\n

Cash out on earnout and put options

\n		\n

25.3

\n
\n

Purchases of consolidated companies, net of acquired cash(2)

\n		\n

41.4

\n
\n

(1)Cash consideration includes both current year acquisitions, and deferred payments related to prior year acquisitions for \u20ac5.8 million.

\n

(2)Of which -\u20ac0.1 million related to 2025 acquisition, the remaining concerning other current M&A projects or prior year acquisition costs disbursed (completed or abandoned projects).

\n
\n

The purchase price allocation of all those acquisitions is still in progress at the date of issuance of these consolidated financial statements.

\n

The total amount of the acquisition cash and cash equivalents balances acquired in 2025 was \u20ac3.6 million. Current year acquired consolidated companies contributed \u20ac46.4 million to the Group\u2019s revenue and \u20ac5.7 million to the Group\u2019s current operating profit for the period between the acquisition date and the reporting date.

\n

13.2Change in Goodwill

\n

Goodwill as of 31\u00a0December 2025\u00a0and 2024\u00a0is as follows:

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

(in \u20ac million)

\n		\n

Banijay Entertainment

\n		\n

Banijay Gaming

\n		\n

Gross value

\n		\n

Impairment

\n		\n

Goodwill, net

\n
\n

1\u00a0January 2024

\n		\n

2,524.3

\n		\n

241.4

\n		\n

2,765.8

\n		\n

-

\n		\n

2,765.8

\n
\n

Acquisitions

\n		\n

34.5

\n		\n

-

\n		\n

34.5

\n		\n

-

\n		\n

34.5

\n
\n

Divestures

\n		\n

(1.5)

\n		\n

-

\n		\n

(1.5)

\n		\n

-

\n		\n

(1.5)

\n
\n

Reclassifications

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Exchange difference

\n		\n

15.6

\n		\n

-

\n		\n

15.6

\n		\n

-

\n		\n

15.6

\n
\n

31\u00a0December 2024

\n		\n

2,572.9

\n		\n

241.4

\n		\n

2,814.4

\n		\n

-

\n		\n

2,814.4

\n
\n

1\u00a0January 2025

\n		\n

2,572.9

\n		\n

241.4

\n		\n

2,814.4

\n		\n

-

\n		\n

2,814.4

\n
\n

Acquisitions

\n		\n

27.2

\n		\n

5.6

\n		\n

32.8

\n		\n

-

\n		\n

32.8

\n
\n

Divestures

\n		\n

(0.6)

\n		\n

(1.9)

\n		\n

(2.6)

\n		\n

-

\n		\n

(2.6)

\n
\n

Reclassifications

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Exchange difference

\n		\n

(29.4)

\n		\n

-

\n		\n

(29.4)

\n		\n

-

\n		\n

(29.4)

\n
\n

31\u00a0December 2025

\n		\n

2,570.2

\n		\n

245.1

\n		\n

2,815.3

\n		\n

-

\n		\n

2,815.3

\n
\n

In 2025, the increase in acquisitions for \u20ac32.8 million was due to current year acquisitions in Banijay Entertainment: Lotchi, Double Dutch and Influence Vision.

\n

Following the disposal of Bet-at-home, divestures accounted for -\u20ac1.9 million.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346747_0": { "value": "
2.5.2Business combinations
\n

Business combinations are accounted for under the acquisition method as published in IFRS\u00a03 when the acquired set of activities and assets meets the definition of a business and control is transferred to the Company.

\n

In determining whether a particular set of activities and assets is a business, the Company assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs.

\n

At the acquisition date, identifiable assets and liabilities are included in the consolidated financial statements at fair value. The difference between the acquisition price and the fair value of identifiable assets and liabilities is recognised under \u201cGoodwill\u201d. The purchase price allocation shall be performed within 12\u00a0months after the acquisition date. The costs directly attributable to business combinations are recognised in expenses for the period during which they occurred.

\n

For acquisitions in non-controlling interests, the Group can choose, at each acquisition date, whether it evaluates the non-controlling interest at fair value (\u201cfull goodwill\u201d) or based on the percentage of shares of identifiable assets and liabilities it possesses.

\n

According to IFRS\u00a010, acquisitions in non-controlling interests and disposals without loss of control are considered as transactions between shareholders. The difference between the acquisition price of the additional shares and the related share of equity is recognised in Shareholders\u2019 equity (Group share). The costs attributable to such transactions as well as their related fiscal impacts are booked in equity.

\n

The cash flows related to transactions with shareholders are presented in Cash flow from investing activities in the consolidated Statements of Cash Flows.

\n

When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in fair value of the contingent consideration that qualify as \"measurement period\" adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u201cmeasurement period\u201d (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.

\n

This liability is re-measured at each reporting period end in accordance with the contractual arrangements (at fair value or at present value if fixed price) and, in the absence of any guidance provided by IFRS, with an offsetting entry in net finance costs.

\n

The Group identifies the transactions that qualify as separate transactions in accordance with IFRS\u00a03, especially transactions that remunerate former Shareholders of the acquiree for future services. Those transactions are accounted for in accordance with the relevant IFRS\u00a0(refer to Note 2.5.20 on page 310).

\n
2.5.4Goodwill
\n

Goodwill is initially recognised and measured as set out above.

\n

Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s Cash-Generating Units (or groups of cash-generating units), hereafter \u201cthe CGUs\u201d, expected to benefit from the synergies of the combination. Goodwill is allocated to two CGUs:

\n

\u2022Banijay Entertainment & Live business: incorporates the activities of production, distribution and marketing of content property rights for television and multimedia platforms as well as the production of live experiences;

\n

\u2022Banijay Gaming business: incorporates the activity of sports betting, poker, casino and turf.

\n


Cash-generating units to which goodwill has been allocated are tested for impairment annually, or each time events or changes in the economic environment may indicate a risk of impairment.

\n

The recoverable amount of the CGU is determined as the higher between the value in use, determined by discounting future cash flows that are derived from plans presented by each sub-group and approved by the Group\u2019s management (known as the \u201cdiscounted cash flow\u201d or \u201cDCF\u201d method) and the fair value (less the cost of disposal) determined based on market factors (stock market prices, comparison with similar listed companies, comparison with the value assigned to similar assets or companies during recent acquisition transactions).

\n

If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata, based on the carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be reversed in subsequent periods.

\n
2.5.20Employee benefits resulting from a\u00a0business acquisition arrangement
\n

The Group generally prospects, identifies and acquires companies that create high value. It also looks for the opportunity to secure acquisitions of companies held by talented managers with the strategy of maintaining and incenting such managers after closing.

\n

\n

In this context, the transaction is often accompanied by an employment agreement or a service agreement between the acquiree and the manager, pursuant to the closing. Share purchase agreements may also specify restrictions on the acquisition price, potential earnouts or the remaining minority interest options in case of early departure of the manager. These restrictions may be:

\n

\u2022a reduction in the acquisition price;

\n

\u2022a forfeiture of earnouts;

\n

\u2022a reimbursement of significant parts of the paid amounts; or

\n

\u2022a call option on minority interests held by the manager at a price lower than the fair value.

\n

These contingent consideration arrangements aim at compensating former shareholders of the business acquired for future services and shall be recognised as a separate transaction as required by IFRS\u00a03.

\n

Depending on the description of the contingent consideration, those transactions are recognised in accordance with IFRS\u00a02 (cash-settled share-based payment) or IAS\u00a019 (long-term incentives):

\n

\u2022when the terms of the agreement provide the possibility to deliver equity instruments to the manager, or if the price is based on the fair value of the equity instruments, the grant is measured at fair value (determined by an independent expert) in accordance with IFRS\u00a02; and

\n

\u2022in any other case, the grant is measured on the basis of the expected discounted cash outflow in accordance with IAS\u00a019. The measurement is usually supported by business plans.

\n

A liability is recognised for the goods or services acquired over the vesting period based on the fair value of these goods or services. At each reporting date until the liability is settled, and at the date of settlement, the liability is remeasured, with any changes in fair value recognised in profit or loss for the year

\n

When the consideration has already been paid, this amount is initially recognised as an asset. Subsequently, this arrangement is presented in the consolidated statement of financial position as an asset or as a liability, depending on the relationship between the manager\u2019s performance and the Group\u2019s payment.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_20416757373221326_0_0": { "value": "
2.5.3Foreign currency translation of the financial statements of entities outside the eurozone
\n

The consolidated financial statements are presented in euros; the financial statements of entities presented in a different functional currency are translated into euros:

\n

\u2022at the period-end exchange rates for balance sheet items;

\n

\u2022at the average rates for the period for income statement items.

\n

Translation adjustments arising from the application of these rates are recorded in equity under \u201cForeign currency translation adjustment\u201d.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_12059699184824715_0_0": { "value": "
2.5.4Goodwill
\n

Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s Cash-Generating Units (or groups of cash-generating units), hereafter \u201cthe CGUs\u201d, expected to benefit from the synergies of the combination. Goodwill is allocated to two CGUs:

\n

\u2022Banijay Entertainment & Live business: incorporates the activities of production, distribution and marketing of content property rights for television and multimedia platforms as well as the production of live experiences;

\n

\u2022Banijay Gaming business: incorporates the activity of sports betting, poker, casino and turf.

\n


Cash-generating units to which goodwill has been allocated are tested for impairment annually, or each time events or changes in the economic environment may indicate a risk of impairment.

\n

The recoverable amount of the CGU is determined as the higher between the value in use, determined by discounting future cash flows that are derived from plans presented by each sub-group and approved by the Group\u2019s management (known as the \u201cdiscounted cash flow\u201d or \u201cDCF\u201d method) and the fair value (less the cost of disposal) determined based on market factors (stock market prices, comparison with similar listed companies, comparison with the value assigned to similar assets or companies during recent acquisition transactions).

\n

If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata, based on the carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be reversed in subsequent periods.

\n
2.5.10Impairment of property, plant and equipment, intangible assets (other than goodwill)
\n

The recoverable amount of intangible assets and tangible assets is tested for impairment as soon as external or internal signs of impairment losses exist, such as a decline in sector ratio, a strong overall decrease in the business relating to the cash-generating unit, lower activity with a major customer of the cash-generating unit, a change in betting and gaming license conditions (including government taxation policies) and the loss/non-renewal of licenses. External or internal signs of impairment are reviewed at each closing date.

\n

The recoverable amount of the assets to which it is possible to directly attribute independent cash inflows is assessed on a stand-alone basis. The other assets are grouped within the CGU to which they belong in order to estimate their value-in-use.

\n

The value-in-use of an asset or a CGU is measured as outlined in Note 2.5.4 on page 303.

\n

The value of the asset is tested for impairment to determine whether there is an impairment loss. If appropriate, an impairment loss is recorded for the portion of the net book value of the asset exceeding the recoverable amount.

\n

Where an impairment loss is recognised, it is accounted for directly in the statement of profit or loss. The value of assets, other than goodwill, for which an impairment loss has been recorded, is reviewed at each closing date for the purposes of reversing the impairment loss, if necessary. Where a reversal occurs, it is recorded as profit or loss. In such a case, the book value of the asset can be increased up to its recoverable amount. After reversing the impairment loss, the book value cannot exceed the carrying amount that would have been determined, net of amortisation or depreciation, had no impairment loss been recognised for the asset in prior years.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_17627769204988558_0_0": { "value": "
2.5.4Goodwill
\n

The recoverable amount of the CGU is determined as the higher between the value in use, determined by discounting future cash flows that are derived from plans presented by each sub-group and approved by the Group\u2019s management (known as the \u201cdiscounted cash flow\u201d or \u201cDCF\u201d method) and the fair value (less the cost of disposal) determined based on market factors (stock market prices, comparison with similar listed companies, comparison with the value assigned to similar assets or companies during recent acquisition transactions).

\n

If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata, based on the carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be reversed in subsequent periods.

\n
2.5.6Intangible assets
\n

Intangible assets with finite useful lives are initially recognised at cost, except for those acquired in a business combination, which are recognised at fair value.

\n

Intangible assets presented in the consolidated statement of financial position comprise:

\n

\u2022format rights acquired from a third party or through business combinations. They can be commercially exploited either through internal use, i.e., the production of television programmes by a Group entity, or through external use, i.e., sale or licensing to third parties;

\n

\u2022audiovisual rights, which refers to:

\n

(i)distribution advances which represent amounts paid to acquire distribution rights for audiovisual content;

\n

(ii)own-produced scripted programmes with retained intellectual property;

\n

(iii)fictions in progress which represent the costs incurred for fiction productions that are not yet finalised and not delivered to the client at the closing date, and for which: i) the Group retains the intellectual property (\"IP\") and ii) the Group expects significant further IP revenue;

\n

(iv)format rights acquired from a third party or through business combinations. They can be commercially exploited either through internal use, i.e., the production of television programmes by a Group entity, or through external use, i.e., sale or licensing to third parties;

\n

(v)catalogues, referred to as the Group\u2019s library of finished programmes, whether acquired or internally developed, where the Group has the legal right to distribute and to receive revenue from the distribution of the rights;

\n

Changes in the estimated total revenue for scripted programmes and distribution advances may affect the net book value of audiovisual rights, as the impairment test for those assets is based on estimated future revenue expected. Please refer to Note 13 for details on the carrying amount at the end of the reporting period. The Group monitors the performance of audiovisual assets at each forecast exercise, that is to say twice a year.

\n

\u2022software developed internally;

\n

\u2022production contracts or client contracts, acquired through business combinations, to produce television programmes, TV movies, or cinematic movies;

\n

\u2022fictions in progress which are the costs incurred for fiction productions that are not yet finalised and not delivered to the client at the closing date, and for which i) the Group retains the intellectual property (\u201cIP\u201d) and ii) the Group expects significant further IP revenue;

\n

\u2022rights for the movie adaptation of books;

\n

\u2022the rights to use a brand (applicable in some situations with JVs)

\n

\u2022intangible assets acquired in the normal activity of the Online sports betting & gaming business such as domain names, websites and customer databases;

\n

\u2022Online sports betting & gaming business software acquired from a third party or through business combinations or which represent the costs incurred to develop it (refer to Note 2.5.7 on page 305); and

\n

\u2022other intangible assets such as other administrative software.

\n

Following initial recognition, and except if indicated otherwise, intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. They are amortised on a straight-line basis based on the useful life of the asset.

\n

The method and period of amortisation are reviewed at least at the end of each Financial Year. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset result in changes in the method or period of amortisation.

\n

Audiovisual rights, such as distribution advances, are amortised on an accelerated basis following the decline in the net value of the asset after the asset's initial broadcasting by clients.

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

\n		\n

Content production &\u00a0distribution

\n		\n

Online sports betting
&\u00a0gaming

\n
\n

Method

\n		\n

Duration

\n		\n

Method

\n		\n

Duration

\n
\n

Catalogue &\u00a0formats

\n		\n

Straight-line

\n		\n

6\u00a0to 10\u00a0years

\n		\n

\n		\n

\n
\n

Client contracts

\n		\n

Straight-line

\n		\n

Contract term

\n		\n

\n		\n

\n
\n

Software assets

\n		\n

Straight-line

\n		\n

1\u00a0to 5\u00a0years

\n		\n

\n		\n

\n
\n

Right to use a brand

\n		\n

Straight-line

\n		\n

Contract term

\n		\n

\n		\n

\n
\n

Domain names

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

5\u00a0to 11\u00a0years

\n
\n

Customer databases

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

2\u00a0to 5\u00a0years

\n
\n

Websites

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

3\u00a0to 5\u00a0years

\n
\n

Computer software

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

2\u00a0to 5\u00a0years

\n
\n
2.5.7Software
\n
Internally generated software
\n

Betclic owns its online gaming platform and invests internally to continuously develop it. From mobile to desktop channels and, depending on the country and regulatory specificities, Betclic Everest Group invests in both back-end and front-end developments.

\n

Internally generated software is recognised if, and only if, all of the following conditions have been demonstrated:

\n

\u2022the technical feasibility of completing the intangible asset so that it will be available for use or sale;

\n

\u2022the intention to complete the intangible asset and use or sell it;

\n

\u2022the ability to use or sell the intangible asset;

\n

\u2022how the intangible asset will generate probable future economic benefits;

\n

\u2022the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and

\n

\u2022the ability to reliably measure the expenditure attributable to the intangible asset during its development.

\n

When no internally generated software can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred.

\n

Direct internal and external costs incurred for the development of software are capitalised during the development stage. Costs of significant upgrades and enhancements resulting in additional functionality are also capitalised. Other subsequent expenses such as maintenance, minor upgrades, and enhancement costs are expensed as they are incurred.

\n

Subsequent to initial recognition, internally generated software is reported at cost less accumulated amortisation and impairment losses, on the same basis as intangible assets that are acquired separately.

\n

The costs of configuring and customising software made available by a vendor under a Software as a Service (SaaS) contract are recognised as expenses for the year (and not as intangible assets), since the entity does not control the software and the configuration/customisation activities do not generate a resource that is controlled by the customer independently of the software.

\n
Software as a Service (SaaS) arrangements
\n

A SaaS arrangement allows an entity to access, using an Internet connection and for a specified period of time, software functions hosted on infrastructure operated by an external provider. If the Group does not control a SaaS solution, the related development costs (external and internal) are recognised as follows: (a) as an expense as incurred for internal costs and the costs of an integrator not related to the SaaS publisher, and (b) as an expense over the term of the SaaS arrangement for the costs of the SaaS publisher or its subcontractor. If the Group controls a SaaS solution, costs are capitalised if they meet the IAS\u00a038 criteria. Otherwise, they are expensed as incurred.

\n
2.5.10Impairment of property, plant and equipment, intangible assets (other than goodwill)
\n

The recoverable amount of intangible assets and tangible assets is tested for impairment as soon as external or internal signs of impairment losses exist, such as a decline in sector ratio, a strong overall decrease in the business relating to the cash-generating unit, lower activity with a major customer of the cash-generating unit, a change in betting and gaming license conditions (including government taxation policies) and the loss/non-renewal of licenses. External or internal signs of impairment are reviewed at each closing date.

\n

The recoverable amount of the assets to which it is possible to directly attribute independent cash inflows is assessed on a stand-alone basis. The other assets are grouped within the CGU to which they belong in order to estimate their value-in-use.

\n

The value-in-use of an asset or a CGU is measured as outlined in Note 2.5.4 on page 303.

\n

The value of the asset is tested for impairment to determine whether there is an impairment loss. If appropriate, an impairment loss is recorded for the portion of the net book value of the asset exceeding the recoverable amount.

\n

Where an impairment loss is recognised, it is accounted for directly in the statement of profit or loss. The value of assets, other than goodwill, for which an impairment loss has been recorded, is reviewed at each closing date for the purposes of reversing the impairment loss, if necessary. Where a reversal occurs, it is recorded as profit or loss. In such a case, the book value of the asset can be increased up to its recoverable amount. After reversing the impairment loss, the book value cannot exceed the carrying amount that would have been determined, net of amortisation or depreciation, had no impairment loss been recognised for the asset in prior years.

\n
2.5.22Production costs
\n
Acquisition cost of clients
\n

Internal costs relating to acquisition of clients are recognised as expenses.

\n

Client databases are capitalised and recognised as intangible asset at cost or at fair value for client databases acquired in the process of business combinations.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346769_0": { "value": "
2.5.4Goodwill
\n

The recoverable amount of the CGU is determined as the higher between the value in use, determined by discounting future cash flows that are derived from plans presented by each sub-group and approved by the Group\u2019s management (known as the \u201cdiscounted cash flow\u201d or \u201cDCF\u201d method) and the fair value (less the cost of disposal) determined based on market factors (stock market prices, comparison with similar listed companies, comparison with the value assigned to similar assets or companies during recent acquisition transactions).

\n

If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata, based on the carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be reversed in subsequent periods.

\n
2.5.6Intangible assets
\n

Intangible assets with finite useful lives are initially recognised at cost, except for those acquired in a business combination, which are recognised at fair value.

\n

Intangible assets presented in the consolidated statement of financial position comprise:

\n

\u2022format rights acquired from a third party or through business combinations. They can be commercially exploited either through internal use, i.e., the production of television programmes by a Group entity, or through external use, i.e., sale or licensing to third parties;

\n

\u2022audiovisual rights, which refers to:

\n

(i)distribution advances which represent amounts paid to acquire distribution rights for audiovisual content;

\n

(ii)own-produced scripted programmes with retained intellectual property;

\n

(iii)fictions in progress which represent the costs incurred for fiction productions that are not yet finalised and not delivered to the client at the closing date, and for which: i) the Group retains the intellectual property (\"IP\") and ii) the Group expects significant further IP revenue;

\n

(iv)format rights acquired from a third party or through business combinations. They can be commercially exploited either through internal use, i.e., the production of television programmes by a Group entity, or through external use, i.e., sale or licensing to third parties;

\n

(v)catalogues, referred to as the Group\u2019s library of finished programmes, whether acquired or internally developed, where the Group has the legal right to distribute and to receive revenue from the distribution of the rights;

\n

Changes in the estimated total revenue for scripted programmes and distribution advances may affect the net book value of audiovisual rights, as the impairment test for those assets is based on estimated future revenue expected. Please refer to Note 13 for details on the carrying amount at the end of the reporting period. The Group monitors the performance of audiovisual assets at each forecast exercise, that is to say twice a year.

\n

\u2022software developed internally;

\n

\u2022production contracts or client contracts, acquired through business combinations, to produce television programmes, TV movies, or cinematic movies;

\n

\u2022fictions in progress which are the costs incurred for fiction productions that are not yet finalised and not delivered to the client at the closing date, and for which i) the Group retains the intellectual property (\u201cIP\u201d) and ii) the Group expects significant further IP revenue;

\n

\u2022rights for the movie adaptation of books;

\n

\u2022the rights to use a brand (applicable in some situations with JVs)

\n

\u2022intangible assets acquired in the normal activity of the Online sports betting & gaming business such as domain names, websites and customer databases;

\n

\u2022Online sports betting & gaming business software acquired from a third party or through business combinations or which represent the costs incurred to develop it (refer to Note 2.5.7 on page 305); and

\n

\u2022other intangible assets such as other administrative software.

\n

Following initial recognition, and except if indicated otherwise, intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. They are amortised on a straight-line basis based on the useful life of the asset.

\n

The method and period of amortisation are reviewed at least at the end of each Financial Year. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset result in changes in the method or period of amortisation.

\n

Audiovisual rights, such as distribution advances, are amortised on an accelerated basis following the decline in the net value of the asset after the asset's initial broadcasting by clients.

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

\n		\n

Content production &\u00a0distribution

\n		\n

Online sports betting
&\u00a0gaming

\n
\n

Method

\n		\n

Duration

\n		\n

Method

\n		\n

Duration

\n
\n

Catalogue &\u00a0formats

\n		\n

Straight-line

\n		\n

6\u00a0to 10\u00a0years

\n		\n

\n		\n

\n
\n

Client contracts

\n		\n

Straight-line

\n		\n

Contract term

\n		\n

\n		\n

\n
\n

Software assets

\n		\n

Straight-line

\n		\n

1\u00a0to 5\u00a0years

\n		\n

\n		\n

\n
\n

Right to use a brand

\n		\n

Straight-line

\n		\n

Contract term

\n		\n

\n		\n

\n
\n

Domain names

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

5\u00a0to 11\u00a0years

\n
\n

Customer databases

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

2\u00a0to 5\u00a0years

\n
\n

Websites

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

3\u00a0to 5\u00a0years

\n
\n

Computer software

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

2\u00a0to 5\u00a0years

\n
\n
2.5.7Software
\n
Internally generated software
\n

Betclic owns its online gaming platform and invests internally to continuously develop it. From mobile to desktop channels and, depending on the country and regulatory specificities, Betclic Everest Group invests in both back-end and front-end developments.

\n

Internally generated software is recognised if, and only if, all of the following conditions have been demonstrated:

\n

\u2022the technical feasibility of completing the intangible asset so that it will be available for use or sale;

\n

\u2022the intention to complete the intangible asset and use or sell it;

\n

\u2022the ability to use or sell the intangible asset;

\n

\u2022how the intangible asset will generate probable future economic benefits;

\n

\u2022the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and

\n

\u2022the ability to reliably measure the expenditure attributable to the intangible asset during its development.

\n

When no internally generated software can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred.

\n

Direct internal and external costs incurred for the development of software are capitalised during the development stage. Costs of significant upgrades and enhancements resulting in additional functionality are also capitalised. Other subsequent expenses such as maintenance, minor upgrades, and enhancement costs are expensed as they are incurred.

\n

Subsequent to initial recognition, internally generated software is reported at cost less accumulated amortisation and impairment losses, on the same basis as intangible assets that are acquired separately.

\n

The costs of configuring and customising software made available by a vendor under a Software as a Service (SaaS) contract are recognised as expenses for the year (and not as intangible assets), since the entity does not control the software and the configuration/customisation activities do not generate a resource that is controlled by the customer independently of the software.

\n
Software as a Service (SaaS) arrangements
\n

A SaaS arrangement allows an entity to access, using an Internet connection and for a specified period of time, software functions hosted on infrastructure operated by an external provider. If the Group does not control a SaaS solution, the related development costs (external and internal) are recognised as follows: (a) as an expense as incurred for internal costs and the costs of an integrator not related to the SaaS publisher, and (b) as an expense over the term of the SaaS arrangement for the costs of the SaaS publisher or its subcontractor. If the Group controls a SaaS solution, costs are capitalised if they meet the IAS\u00a038 criteria. Otherwise, they are expensed as incurred.

\n
2.5.10Impairment of property, plant and equipment, intangible assets (other than goodwill)
\n

The recoverable amount of intangible assets and tangible assets is tested for impairment as soon as external or internal signs of impairment losses exist, such as a decline in sector ratio, a strong overall decrease in the business relating to the cash-generating unit, lower activity with a major customer of the cash-generating unit, a change in betting and gaming license conditions (including government taxation policies) and the loss/non-renewal of licenses. External or internal signs of impairment are reviewed at each closing date.

\n

The recoverable amount of the assets to which it is possible to directly attribute independent cash inflows is assessed on a stand-alone basis. The other assets are grouped within the CGU to which they belong in order to estimate their value-in-use.

\n

The value-in-use of an asset or a CGU is measured as outlined in Note 2.5.4 on page 303.

\n

The value of the asset is tested for impairment to determine whether there is an impairment loss. If appropriate, an impairment loss is recorded for the portion of the net book value of the asset exceeding the recoverable amount.

\n

Where an impairment loss is recognised, it is accounted for directly in the statement of profit or loss. The value of assets, other than goodwill, for which an impairment loss has been recorded, is reviewed at each closing date for the purposes of reversing the impairment loss, if necessary. Where a reversal occurs, it is recorded as profit or loss. In such a case, the book value of the asset can be increased up to its recoverable amount. After reversing the impairment loss, the book value cannot exceed the carrying amount that would have been determined, net of amortisation or depreciation, had no impairment loss been recognised for the asset in prior years.

\n
2.5.22Production costs
\n
Acquisition cost of clients
\n

Internal costs relating to acquisition of clients are recognised as expenses.

\n

Client databases are capitalised and recognised as intangible asset at cost or at fair value for client databases acquired in the process of business combinations.

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

Note 14

\n		\n

Intangible assets

\n
\n

Intangible assets mainly comprise Audiovisual rights (including distribution advances with third parties, scripted programmes with international potential, acquired formats and catalogue, and scripted programmes in progress), software developed internally and other intangible assets.

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

(in \u20ac million)

\n		\n

Audiovisual rights

\n		\n

Software developed internally

\n		\n

Other intangible assets

\n		\n

2025

\n
\n

GROSS AMOUNT

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

As of 1 January

\n		\n

1,092.9

\n		\n

97.4

\n		\n

28.3

\n		\n

1,218.5

\n
\n

Investments

\n		\n

74.9

\n		\n

22.9

\n		\n

8.9

\n		\n

106.7

\n
\n

Divestitures

\n		\n

(0.0)

\n		\n

-

\n		\n

(0.8)

\n		\n

(0.9)

\n
\n

Changes in consolidation scope

\n		\n

(0.3)

\n		\n

-

\n		\n

(22.6)

\n		\n

(22.9)

\n
\n

Translation differences

\n		\n

(27.5)

\n		\n

-

\n		\n

(1.8)

\n		\n

(29.3)

\n
\n

Reclassifications and others

\n		\n

0.2

\n		\n

-

\n		\n

(1.2)

\n		\n

(1.0)

\n
\n

As of 31 December

\n		\n

1,140.2

\n		\n

120.3

\n		\n

10.7

\n		\n

1,271.3

\n
\n

ACCUMULATED AMORTIsATION AND IMPAIRMENT LOSSES

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

As of 1 January

\n		\n

(897.6)

\n		\n

(58.9)

\n		\n

(18.9)

\n		\n

(975.4)

\n
\n

Depreciation and amortisation

\n		\n

(85.8)

\n		\n

(9.3)

\n		\n

(5.8)

\n		\n

(100.9)

\n
\n

Divestitures and impairment losses

\n		\n

(0.0)

\n		\n

-

\n		\n

0.8

\n		\n

0.8

\n
\n

Changes in consolidation scope

\n		\n

0.3

\n		\n

-

\n		\n

32.6

\n		\n

32.9

\n
\n

Translation differences

\n		\n

21.5

\n		\n

-

\n		\n

1.0

\n		\n

22.5

\n
\n

Reclassifications and others

\n		\n

(0.6)

\n		\n

-

\n		\n

0.5

\n		\n

(0.1)

\n
\n

As of 31 December

\n		\n

(962.2)

\n		\n

(68.2)

\n		\n

10.1

\n		\n

(1,020.3)

\n
\n

NET CARRYING AMOUNT

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

As of 1 January

\n		\n

195.2

\n		\n

38.5

\n		\n

9.5

\n		\n

243.2

\n
\n

As of 31 December(1)

\n		\n

178.0

\n		\n

52.1

\n		\n

20.9

\n		\n

250.9

\n
\n

(1)Audiovisual rights includes fiction, internally generated amounted to \u20ac37.9 million (including fiction in progress for \u20ac19.6 million).

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

(in \u20ac million)

\n		\n

Audiovisual rights

\n		\n

Software developed internally

\n		\n

Other intangible assets

\n		\n

2024

\n
\n

GROSS AMOUNT

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

As of 1 January

\n		\n

954.1

\n		\n

71.9

\n		\n

22.2

\n		\n

1,048.2

\n
\n

Investments

\n		\n

98.1

\n		\n

25.5

\n		\n

3.8

\n		\n

127.4

\n
\n

Divestitures

\n		\n

(0.1)

\n		\n

-

\n		\n

(0.4)

\n		\n

(0.5)

\n
\n

Changes in consolidation scope

\n		\n

18.1

\n		\n

-

\n		\n

(2.7)

\n		\n

15.5

\n
\n

Translation differences

\n		\n

22.2

\n		\n

-

\n		\n

0.9

\n		\n

23.1

\n
\n

Reclassifications and others(1)

\n		\n

0.4

\n		\n

-

\n		\n

4.5

\n		\n

4.9

\n
\n

As of 31 December

\n		\n

1,092.9

\n		\n

97.4

\n		\n

28.3

\n		\n

1,218.5

\n
\n

ACCUMULATED AMORTIsATION AND IMPAIRMENT LOSSES

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

As of 1 January

\n		\n

(776.2)

\n		\n

(53.8)

\n		\n

(13.5)

\n		\n

(843.4)

\n
\n

Depreciation and amortisation

\n		\n

(106.1)

\n		\n

(5.1)

\n		\n

(4.0)

\n		\n

(115.2)

\n
\n

Divestitures and impairment losses

\n		\n

0.6

\n		\n

-

\n		\n

0.4

\n		\n

1.0

\n
\n

Changes in consolidation scope

\n		\n

(8.5)

\n		\n

-

\n		\n

2.7

\n		\n

(5.8)

\n
\n

Translation differences

\n		\n

(17.0)

\n		\n

-

\n		\n

(0.6)

\n		\n

(17.6)

\n
\n

Reclassifications and others(1)

\n		\n

9.6

\n		\n

-

\n		\n

(3.8)

\n		\n

5.7

\n
\n

As of 31 December

\n		\n

(897.6)

\n		\n

(58.9)

\n		\n

(18.9)

\n		\n

(975.4)

\n
\n

NET CARRYING AMOUNT

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

As of 1 January

\n		\n

177.9

\n		\n

18.1

\n		\n

8.2

\n		\n

204.7

\n
\n

As of 31 December(2)

\n		\n

195.2

\n		\n

38.5

\n		\n

9.5

\n		\n

243.2

\n
\n

(1)Reclassifications of (i) \u20ac10 million on content assets mainly explained by scripted programme initially classified under work in progress and reclassified under intangible assets given the international future expected revenue and (ii) -\u20ac5 million from gross amount to depreciation and amortisation.

\n

(2)Audiovisual rights includes fiction, internally generated amounted to \u20ac25.3 million (including fiction in progress for \u20ac16.0 million).

\n
\n

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346682_0": { "value": "
2.5.4Goodwill
\n

Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s Cash-Generating Units (or groups of cash-generating units), hereafter \u201cthe CGUs\u201d, expected to benefit from the synergies of the combination. Goodwill is allocated to two CGUs:

\n

\u2022Banijay Entertainment & Live business: incorporates the activities of production, distribution and marketing of content property rights for television and multimedia platforms as well as the production of live experiences;

\n

\u2022Banijay Gaming business: incorporates the activity of sports betting, poker, casino and turf.

\n


Cash-generating units to which goodwill has been allocated are tested for impairment annually, or each time events or changes in the economic environment may indicate a risk of impairment.

\n

The recoverable amount of the CGU is determined as the higher between the value in use, determined by discounting future cash flows that are derived from plans presented by each sub-group and approved by the Group\u2019s management (known as the \u201cdiscounted cash flow\u201d or \u201cDCF\u201d method) and the fair value (less the cost of disposal) determined based on market factors (stock market prices, comparison with similar listed companies, comparison with the value assigned to similar assets or companies during recent acquisition transactions).

\n

If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata, based on the carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be reversed in subsequent periods.

\n
2.5.10Impairment of property, plant and equipment, intangible assets (other than goodwill)
\n

The recoverable amount of intangible assets and tangible assets is tested for impairment as soon as external or internal signs of impairment losses exist, such as a decline in sector ratio, a strong overall decrease in the business relating to the cash-generating unit, lower activity with a major customer of the cash-generating unit, a change in betting and gaming license conditions (including government taxation policies) and the loss/non-renewal of licenses. External or internal signs of impairment are reviewed at each closing date.

\n

The recoverable amount of the assets to which it is possible to directly attribute independent cash inflows is assessed on a stand-alone basis. The other assets are grouped within the CGU to which they belong in order to estimate their value-in-use.

\n

The value-in-use of an asset or a CGU is measured as outlined in Note 2.5.4 on page 303.

\n

The value of the asset is tested for impairment to determine whether there is an impairment loss. If appropriate, an impairment loss is recorded for the portion of the net book value of the asset exceeding the recoverable amount.

\n

Where an impairment loss is recognised, it is accounted for directly in the statement of profit or loss. The value of assets, other than goodwill, for which an impairment loss has been recorded, is reviewed at each closing date for the purposes of reversing the impairment loss, if necessary. Where a reversal occurs, it is recorded as profit or loss. In such a case, the book value of the asset can be increased up to its recoverable amount. After reversing the impairment loss, the book value cannot exceed the carrying amount that would have been determined, net of amortisation or depreciation, had no impairment loss been recognised for the asset in prior years.

\n

13.3Impairment tests

\n

The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. This impairment test is performed by comparing the recoverable amount of each cash-generating unit (CGU) with the carrying amount of the corresponding assets. The tests are carried out with rates specific to each division.

\n

CGUs are independently defined at each business level, corresponding to the Group\u2019s operating segments. The segments are based on the Group\u2019s internal Management reporting structure in order to facilitate decision-making with respect to the allocation of resources and assessment of the performance of the entity\u2019s operations. The Group\u2019s CGUs correspond to the two operating segments: Banijay Entertainment and Banijay Gaming. Refer to Note 5 \u2013 Segment information for further details.

\n

In 2025 and 2024, the Group examined the value of the goodwill associated with its cash-generating units (CGUs), ensuring that the recoverable amount of the CGUs tested exceeded their net book value, including goodwill.

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

(in \u20ac million)

\n		\n

Goodwill

\n		\n

CGU carrying amount

\n
\n

31\u00a0December 2025

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Banijay Entertainment &\u00a0Live

\n		\n

2,570.2

\n		\n

2,979.6

\n
\n

Banijay Gaming

\n		\n

245.1

\n		\n

661.4

\n
\n

31\u00a0December 2024

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Banijay Entertainment &\u00a0Live

\n		\n

2,572.9

\n		\n

3,040.2

\n
\n

Banijay Gaming

\n		\n

241.4

\n		\n

566.1

\n
\n

The recoverable amount as of 31 December 2025 and 2024 was determined based on a calculation of the value in use using cash flow projections from the budgets approved by Management covering a period of four years (see table below).

\n

The assumptions used by the Group are stated in the table below:

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

\n		\n

WACC*

\n		\n

Perpetual
growth rate

\n		\n

Budget (with some exceptions)

\n
\n

31\u00a0December 2025

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Banijay Entertainment &\u00a0Live

\n		\n

8.9%

\n		\n

2.3%

\n		\n

4 years

\n
\n

Banijay Gaming

\n		\n

9.8%

\n		\n

1.0%

\n		\n

4 years

\n
\n

31\u00a0December 2024

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Banijay Entertainment &\u00a0Live

\n		\n

8.9%

\n		\n

2.8%

\n		\n

4 years

\n
\n

Banijay Gaming

\n		\n

9.7%

\n		\n

1.5%

\n		\n

4 years

\n
\n

*WACC: Weighted Average Cost of Capital post-tax.

\n
\n

The projections include estimates for the inflation rates as well as the cost savings that have been realised and are to be realised from several cost savings initiatives for which the entity is committed at the closing date. By their nature, forward-looking statements involve risks and uncertainties as they relate to events and depend on circumstances that may or may not occur in the future. Accordingly, actual results of operations, financial condition and liquidity may differ from those assumed in the forward-looking statements. The Group also assessed the impact of the climate and other environmental matters and considered that no material effect should be considered in the projections.

\n

Based on the impairment tests conducted, Management did not identify any impairment for both CGUs and thus no impairment needs to be charged against goodwill, intangible and tangible assets, for the years ended 31 December 2025 and 2024.

\n
Sensitivity to changes in assumptions
\n

A sensitivity analysis of the value in use of Banijay Entertainment & Live and Banijay Gaming was carried out according to the parameters below. This sensitivity analysis did not call into question the impairment tests performed (the margins on impairment tests remaining significantly positive in all scenarios).

\n

The sensitivity of impairment tests to adverse, feasible changes in assumptions is set out below:

\n

\u2022reasonable sensitivity to changes in the discount rate: a simulated increase of 0.5% in the discount rate used would not change the findings of the Group's analysis;

\n

\u2022reasonable sensitivity to changes in the long-term growth rate: in a pessimistic scenario where the long\u2011term growth rate is reduced by 0.5%, the value in use of each CGU would still exceed its carrying amount;

\n

\u2022reasonable sensitivity to changes in the business plans: a 10% reduction in the revenue forecast contained in the business plan and decrease of 0.5% in the perpetual growth rate, with variable costs adjusted accordingly, would not change the conclusions of the Group's analysis.

\n

Consequently, none of the sensitivity tests reduced the value in use of any of the CGUs to below their carrying amount.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346683_0": { "value": "
2.5.4Goodwill
\n

Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s Cash-Generating Units (or groups of cash-generating units), hereafter \u201cthe CGUs\u201d, expected to benefit from the synergies of the combination. Goodwill is allocated to two CGUs:

\n

\u2022Banijay Entertainment & Live business: incorporates the activities of production, distribution and marketing of content property rights for television and multimedia platforms as well as the production of live experiences;

\n

\u2022Banijay Gaming business: incorporates the activity of sports betting, poker, casino and turf.

\n


Cash-generating units to which goodwill has been allocated are tested for impairment annually, or each time events or changes in the economic environment may indicate a risk of impairment.

\n

The recoverable amount of the CGU is determined as the higher between the value in use, determined by discounting future cash flows that are derived from plans presented by each sub-group and approved by the Group\u2019s management (known as the \u201cdiscounted cash flow\u201d or \u201cDCF\u201d method) and the fair value (less the cost of disposal) determined based on market factors (stock market prices, comparison with similar listed companies, comparison with the value assigned to similar assets or companies during recent acquisition transactions).

\n

If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata, based on the carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be reversed in subsequent periods.

\n
2.5.10Impairment of property, plant and equipment, intangible assets (other than goodwill)
\n

The recoverable amount of intangible assets and tangible assets is tested for impairment as soon as external or internal signs of impairment losses exist, such as a decline in sector ratio, a strong overall decrease in the business relating to the cash-generating unit, lower activity with a major customer of the cash-generating unit, a change in betting and gaming license conditions (including government taxation policies) and the loss/non-renewal of licenses. External or internal signs of impairment are reviewed at each closing date.

\n

The recoverable amount of the assets to which it is possible to directly attribute independent cash inflows is assessed on a stand-alone basis. The other assets are grouped within the CGU to which they belong in order to estimate their value-in-use.

\n

The value-in-use of an asset or a CGU is measured as outlined in Note 2.5.4 on page 303.

\n

The value of the asset is tested for impairment to determine whether there is an impairment loss. If appropriate, an impairment loss is recorded for the portion of the net book value of the asset exceeding the recoverable amount.

\n

Where an impairment loss is recognised, it is accounted for directly in the statement of profit or loss. The value of assets, other than goodwill, for which an impairment loss has been recorded, is reviewed at each closing date for the purposes of reversing the impairment loss, if necessary. Where a reversal occurs, it is recorded as profit or loss. In such a case, the book value of the asset can be increased up to its recoverable amount. After reversing the impairment loss, the book value cannot exceed the carrying amount that would have been determined, net of amortisation or depreciation, had no impairment loss been recognised for the asset in prior years.

\n
2.5.12Financial instruments and equity instruments
\n

Impairment testing of debtor financial assets

\n

The Group conducts a review if, at the closing date, a debtor financial asset or a group of debtor financial assets is likely to suffer an impairment loss based on both the expected credit loss approach and an objective indication of loss.

\n

In practice, given the low level of loss incurred on prior years\u2019 receivables, the expected credit loss approach does not have any significant impact. If there is objective evidence that debtor financial assets carried at amortised cost or at fair value through OCI should be impaired, the amount of the loss is estimated as the difference between the book value and the discounted future cash flows such as expected (excluding future probable and not actual credit losses). The discount rate used is the initial effective interest rate (i.e., the effective interest rate computed at initial recognition of the asset). The book value is reduced using an allowance account. The amount of the loss is recorded as profit or loss. The loss allowance is updated for changes in these expected credit losses at each reporting date.

\n

If, subsequently, the impairment decreases and the decrease can be objectively linked to an event occurring after the impairment was recognised, the previously recognised impairment will be reversed. The reversal of an impairment loss is recognised as profit or loss, as long as the book value of the asset does not exceed its amortised cost at the date the loss allowance is reversed.

\n

With respect to receivables, a loss allowance is recorded when there is objective evidence (probability of insolvency or severe financial difficulties of the debtor) that the Group will be unable to recover the balance in accordance with the initial payment conditions. The book value of the receivable is reduced by way of an allowance for loss.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_21626154806136589_0_0": { "value": "
2.5.5Investments in associates and joint ventures
\n

An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.

\n

The results and net assets (or net liabilities) of associates or joint ventures are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS\u00a05.

\n

Under the equity method, an investment in an associate or a joint venture is recognised initially in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the associate or joint venture.

\n

On acquisition of the investment in an associate or a joint venture, any excess of the cost of the investment over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment.

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

Note 17

\n		\n

Investments in entities accounted for under the equity method

\n
\n

17.1Main investments in associates and joint ventures

\n

As of 31\u00a0December 2025, the Group The Independents, through the entity K10 Holding\u00a0S.A. (\u201cK10\u201d), was the main company accounted for by Banijay Group\u00a0N.V. under the equity method.

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

(in \u20ac million)

\n		\n

Voting interests

\n		\n

Net carrying amount
of equity affiliates

\n
\n

31 December 2025

\n		\n

31 December 2024

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

The Independents

\n		\n

14.05%(1)

\n		\n

14.22%

\n		\n

75.9

\n		\n

74.1

\n
\n

Other

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

21.8

\n		\n

35.7

\n
\n

Investments in associates and joint ventures

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

97.7

\n		\n

109.8

\n
\n

(1)Including (i) the direct participation through K10 C bis shares recognised as a financial asset (3.64%) and (ii) the indirect participation through Gardenia (1.49%)\u00a0as of December 2025 (and, respectively, 3.78% and 1.52% as of 31 December 2024) \u2013 please refer to Note 17.2 for further explanation.

\n
\n

Change in the value of investments in associates and joint ventures:

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Value as of 1\u00a0January

\n		\n

109.8

\n		\n

31.7

\n
\n

Results of the period

\n		\n

(0.9)

\n		\n

(3.1)

\n
\n

Dividend paid

\n		\n

(0.1)

\n		\n

(0.3)

\n
\n

Capital increase(1)

\n		\n

0.5

\n		\n

13.9

\n
\n

Impairment(2)

\n		\n

(10.0)

\n		\n

(2.4)

\n
\n

Change in consolidation scope(3)

\n		\n

(1.0)

\n		\n

80.3

\n
\n

Foreign currency translation reserve

\n		\n

(1.4)

\n		\n

0.9

\n
\n

Change in consolidation method

\n		\n

(0.0)

\n		\n

-

\n
\n

Negative equity portion transferred to provisions for financial risk

\n		\n

0.3

\n		\n

(0.1)

\n
\n

Reclassification in loan(4)

\n		\n

-

\n		\n

(11.0)

\n
\n

Others

\n		\n

0.5

\n		\n

0.0

\n
\n

Value as of 31\u00a0December

\n		\n

97.7

\n		\n

109.8

\n
\n

(1)Capital increase mainly relates to investments in Hyphenated Media Group (USA), Greenboo (Italy) and Esmeralda (UK).

\n

(2)Following fair value measurement based on expected performance and impairment has been booked in \u201cShare of net income from associates & joint venture\u2019\u2019.

\n

(3)Change in consolidation scope: mainly related to Double Dutch & Influence Vision (Equity to full consolidation).

\n

(4)In 2024, the decrease in investments in associates concerned Financi\u00e8re EMG due to a partial capital reimbursement from the entity converted into a convertible loan.

\n
\n

17.2The Independents Group

\n
17.2.1Overview of investments in The Independents
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u00a0

\n		\n

At acquisition date

\n		\n

31 December 2025

\n		\n

Measurement

\n
\n

K10 A Shares(1)

\n		\n

9.26%

\n		\n

8.92%

\n		\n

Equity method

\n
\n

K10 C bis shares

\n		\n

3.78%

\n		\n

3.64%

\n		\n

Financial assets at\u00a0fair value

\n
\n

Indirect K10 A shares detention through Gardenia

\n		\n

1.55%

\n		\n

1.49%

\n		\n

Financial assets at\u00a0fair value

\n
\n

Total proportion In K10\u00a0share capital

\n		\n

14.59%

\n		\n

14.05%

\n		\n

\u00a0

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(1)The percentage used for the equity method amounts to 10.56% at the transaction date and 10.12% as of 31 December 2025, as described below.

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17.2.2Equity accounting of The Independents
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In July 2024, the Group, through Banijay Events, exercised a call option to acquire 30% of Gardenia\u2019s ordinary shares in K10 Holding S.A (holding entity of the group The Independents), representing 5,323,985 K10 A ordinary shares for -\u20ac72.8 million by cash-out. The completion of these transactions occurred on 19 July 2024. Those K10\u00a0A ordinary shares represented, at the transaction date, 9.26% of the total share capital of K10 taking into account the preferred shares with non-voting shares or privileged dividend rights. The analysis of the shareholders' agreements as well as the rights and obligations provided by the ordinary shares demonstrates that the Group has a significant influence over K10.

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The Group relies on the estimation of TIL earnings to account for its interest in TIL under the equity method. The proportionate share in TIL to be accounted for is based on the Group\u2019s ownership interest in the ordinary shares and preferred shares with voting rights excluding (i) the C bis preferred shares for which the Group recognised a financial asset, (ii) the D preferred shares for which the priority dividends are adjusted from the profits to be considered for the equity method. This proportionate share represents 10.25% as of 31 December 2024 and 10.12% as of 31\u00a0December 2025.

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17.3Financial information of main investments in associates and joint ventures

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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
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(in \u20ac million)

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31 December 2025

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31 December 2024

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The Independents (100%)(1)

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Other

\n		\n

Associates
and joint ventures

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Non-current assets

\n		\n

507.8

\n		\n

447.5

\n		\n

849.7

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Current assets

\n		\n

331.2

\n		\n

121.1

\n		\n

474.7

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Total assets

\n		\n

839.0

\n		\n

568.7

\n		\n

1 324.4

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Total equity

\n		\n

219.9

\n		\n

(145.7)

\n		\n

127.9

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Non-current liabilities

\n		\n

406.1

\n		\n

499.5

\n		\n

756.8

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Current liabilities

\n		\n

212.9

\n		\n

214.8

\n		\n

439.7

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Total liabilities

\n		\n

839.0

\n		\n

568.7

\n		\n

1 324.4

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Revenue

\n		\n

626.2

\n		\n

250.1

\n		\n

731.0

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Net result

\n		\n

0.2

\n		\n

(45.6)

\n		\n

(24.5)

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(1)Figures as at 31\u00a0December 2024.

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Note 32

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List of sub-group Banijay Entertainment and Live and sub-group Banijay Gaming's subsidiaries

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32.1Banijay Entertainment and Live\u2019s sub-group consolidation scope

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The table below presents the percentage of ownership interest in Banijay\u00a0SAS subsidiaries held by the Group (including Banijay Group\u2019s indirect ownership):

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

Country of incorporation

\n		\n

Name of the legal entity

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Australia

\n		\n

Endemol Shine Australia Holdings Pty Limited

\n		\n

97.86%

\n		\n

98.88%

\n
\n

Australia

\n		\n

Endemol Shine Australia Pty Ltd

\n		\n

97.86%

\n		\n

6.54%

\n
\n

Australia

\n		\n

Endemol Southern Star Pty. Ltd.

\n		\n

97.86%

\n		\n

92.34%

\n
\n

Australia

\n		\n

ESA Productions 1 Pty Ltd

\n		\n

97.86%

\n		\n

0.00%

\n
\n

Australia

\n		\n

ESA Productions 2 Pty Ltd

\n		\n

97.86%

\n		\n

0.00%

\n
\n

Australia

\n		\n

ESA Productions 3 Pty Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

Australia

\n		\n

ESA Productions 4 PTY Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

Australia

\n		\n

ESA Productions 5 Pty Ltd

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

ESA Productions 6 Pty Ltd

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

ESA Productions 7 PTY LTD

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Australia

\n		\n

ESA Productions 8 PTY LTD

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Australia

\n		\n

ESA PRODUCTIONS 9 PTY LTD

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

ESA Services Pty Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Australia

\n		\n

HQWS APAC\u00a0PTY LTD

\n		\n

25.80%

\n		\n

25.80%

\n
\n

Australia

\n		\n

Screentime Commercial Pty Limited

\n		\n

97.86%

\n		\n

95.90%

\n
\n

Australia

\n		\n

Screentime Productions No 1\u00a0Pty Ltd

\n		\n

95.90%

\n		\n

93.98%

\n
\n

Australia

\n		\n

Screentime Productions No 2 pty Ltd

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

Screentime Productions No. 3 Pty Ltd

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

SCREENTIME Pty Limited

\n		\n

97.86%

\n		\n

95.90%

\n
\n

Australia

\n		\n

Shine Australia Holdings Pty Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Australia

\n		\n

Endemol Australia Pty Ltd

\n		\n

97.86%

\n		\n

25.45%

\n
\n

Austria

\n		\n

influence.vision GmbH

\n		\n

45.03%

\n		\n

-

\n
\n

Belgium

\n		\n

Banijay Belgium

\n		\n

97.86%

\n		\n

95.90%

\n
\n

Belgium

\n		\n

JONNYDEPONY BV

\n		\n

49.98%

\n		\n

48.99%

\n
\n

Brazil

\n		\n

A F\u00c1BRICA ENTRETENIMENTO E PARTICIPA\u00c7\u00d5ES S.A.

\n		\n

56.76%

\n		\n

48.91%

\n
\n

Brazil

\n		\n

Banijay Estudios Ltda

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Brazil

\n		\n

Endemol Shine Brasil Produ\u00e7\u00f4es Ltda

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Columbia

\n		\n

Banijay Colombia S.A.S

\n		\n

49.91%

\n		\n

-

\n
\n

Denmark

\n		\n

Banijay Denmark ApS

\n		\n

97.86%

\n		\n

45.03%

\n
\n

Denmark

\n		\n

Banijay Nordic ApS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Denmark

\n		\n

Jarowskij Danmark A/S

\n		\n

97.86%

\n		\n

49.98%

\n
\n

Denmark

\n		\n

Mastiff A/S

\n		\n

97.86%

\n		\n

56.76%

\n
\n

Denmark

\n		\n

Metronome Productions A/S

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Denmark

\n		\n

NORDISK FILM TV A/S

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Fiji

\n		\n

The Landing (Fiji) Pte Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Finland

\n		\n

Banijay Finland Oy

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Finland

\n		\n

BANIJAY Holding Suomi OY

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

4-3-3 Production

\n		\n

-

\n		\n

-

\n
\n

France

\n		\n

Adventure Line Productions

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Air Productions

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

ALP Music

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Alphonse Productions

\n		\n

-

\n		\n

48.93%

\n
\n

France

\n		\n

Atlantis Factory

\n		\n

48.93%

\n		\n

48.93%

\n
\n

France

\n		\n

Authentic Media SAS

\n		\n

64.59%

\n		\n

64.59%

\n
\n

France

\n		\n

Authentic Music SAS

\n		\n

64.59%

\n		\n

-

\n
\n

France

\n		\n

B PROD SAS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Balich Wonder Studio France SAS

\n		\n

50.57%

\n		\n

50.57%

\n
\n

France

\n		\n

Banijay Central 11 SAS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay Central 3

\n		\n

97.86%

\n		\n

-

\n
\n

France

\n		\n

Banijay Clipping

\n		\n

73.40%

\n		\n

36.70%

\n
\n

France

\n		\n

Banijay Content

\n		\n

73.40%

\n		\n

48.44%

\n
\n

France

\n		\n

BANIJAY EDITING

\n		\n

73.40%

\n		\n

48.44%

\n
\n

France

\n		\n

Banijay Entertainment SASU

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay France

\n		\n

97.86%

\n		\n

49.91%

\n
\n

France

\n		\n

BANIJAY INTERNATIONAL

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay Kids & Family Distribution France SAS

\n		\n

78.29%

\n		\n

75.35%

\n
\n

France

\n		\n

Banijay Live Events

\n		\n

97.86%

\n		\n

73.40%

\n
\n

France

\n		\n

Banijay Live Studio

\n		\n

97.86%

\n		\n

-

\n
\n

France

\n		\n

BANIJAY PRODUCTION MEDIA

\n		\n

97.86%

\n		\n

73.40%

\n
\n

France

\n		\n

Banijay Social Media SAS

\n		\n

73.40%

\n		\n

73.40%

\n
\n

France

\n		\n

Banijay Studios France

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay Studios France MA2 SAS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay Talent

\n		\n

73.40%

\n		\n

58.72%

\n
\n

France

\n		\n

BASE RECORDS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Beau Soir Productions

\n		\n

48.93%

\n		\n

48.93%

\n
\n

France

\n		\n

Connecting Prod

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

D.M.L.S TV

\n		\n

68.50%

\n		\n

51.38%

\n
\n

France

\n		\n

Daze MGMT

\n		\n

36.70%

\n		\n

36.70%

\n
\n

France

\n		\n

DMLS Films

\n		\n

68.50%

\n		\n

68.50%

\n
\n

France

\n		\n

DMLS Productions

\n		\n

-

\n		\n

51.38%

\n
\n

France

\n		\n

Endemol Fiction

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Endemol France

\n		\n

97.86%

\n		\n

48.93%

\n
\n

France

\n		\n

Endemol Production

\n		\n

-

\n		\n

97.86%

\n
\n

France

\n		\n

Festival'Air

\n		\n

97.86%

\n		\n

68.50%

\n
\n

France

\n		\n

Fiction'Air

\n		\n

97.86%

\n		\n

36.70%

\n
\n

France

\n		\n

G\u00e9t\u00e9v\u00e9 Productions

\n		\n

-

\n		\n

-

\n
\n

France

\n		\n

H2O DIVERTISSEMENT

\n		\n

-

\n		\n

-

\n
\n

France

\n		\n

H2O FICTIONS

\n		\n

-

\n		\n

97.86%

\n
\n

France

\n		\n

H2O JEUX

\n		\n

-

\n		\n

97.86%

\n
\n

France

\n		\n

H2O PRODUCTIONS

\n		\n

97.86%

\n		\n

-

\n
\n

France

\n		\n

IMAGES ON AIR

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

KM

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

KM Presse

\n		\n

97.86%

\n		\n

-

\n
\n

France

\n		\n

Lotchi

\n		\n

49.91%

\n		\n

-

\n
\n

France

\n		\n

Lodition

\n		\n

-

\n		\n

-

\n
\n

France

\n		\n

Monello Productions

\n		\n

59.50%

\n		\n

-

\n
\n

France

\n		\n

Montmartre Films

\n		\n

48.93%

\n		\n

-

\n
\n

France

\n		\n

Non Stop Edition

\n		\n

73.40%

\n		\n

73.40%

\n
\n

France

\n		\n

Non Stop Productions

\n		\n

73.40%

\n		\n

73.40%

\n
\n

France

\n		\n

Ollenom Studio

\n		\n

59.50%

\n		\n

57.27%

\n
\n

France

\n		\n

Pistache TV

\n		\n

97.76%

\n		\n

49.86%

\n
\n

France

\n		\n

Pitchipo\u00ef Productions

\n		\n

48.93%

\n		\n

-

\n
\n

France

\n		\n

Procidis SAS

\n		\n

39.93%

\n		\n

23.37%

\n
\n

France

\n		\n

Puzzle Media

\n		\n

49.91%

\n		\n

24.95%

\n
\n

France

\n		\n

Screenline

\n		\n

97.86%

\n		\n

73.40%

\n
\n

France

\n		\n

SCREENLINE SPV1

\n		\n

97.86%

\n		\n

73.40%

\n
\n

France

\n		\n

Shine Fiction

\n		\n

50.89%

\n		\n

30.94%

\n
\n

France

\n		\n

Kons'Air

\n		\n

97.86%

\n		\n

19.55%

\n
\n

France

\n		\n

Soci\u00e9t\u00e9 Miss France

\n		\n

97.86%

\n		\n

48.93%

\n
\n

France

\n		\n

Studio Kilim SNC

\n		\n

97.86%

\n		\n

39.93%

\n
\n

France

\n		\n

Studio Maboul

\n		\n

97.86%

\n		\n

49.91%

\n
\n

France

\n		\n

Sulak Film SAS

\n		\n

-

\n		\n

48.93%

\n
\n

France

\n		\n

Survivor Central Productions

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Talent Lab

\n		\n

73.40%

\n		\n

38.17%

\n
\n

France

\n		\n

Terence Films

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Upper Talent SAS

\n		\n

73.40%

\n		\n

73.40%

\n
\n

France

\n		\n

Vision Air

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Yasuke Production SAS

\n		\n

48.93%

\n		\n

48.93%

\n
\n

France

\n		\n

Zodiak Kids Studio France

\n		\n

78.29%

\n		\n

-

\n
\n

France

\n		\n

B PROD CA TOURNE SAS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

B PROD EDITING SAS

\n		\n

97.86%

\n		\n

73.40%

\n
\n

Germany

\n		\n

Banijay Germany GmbH

\n		\n

88.28%

\n		\n

78.50%

\n
\n

Germany

\n		\n

Banijay Germany Live GmbH

\n		\n

88.28%

\n		\n

58.88%

\n
\n

Germany

\n		\n

Banijay Media Germany GmbH

\n		\n

88.29%

\n		\n

78.50%

\n
\n

Germany

\n		\n

Banijay Productions Germany GmbH

\n		\n

83.87%

\n		\n

37.28%

\n
\n

Germany

\n		\n

BRAINPOOL Beteilligungsgesellschaft mbH

\n		\n

-

\n		\n

62.80%

\n
\n

Germany

\n		\n

BRAINPOOL Entertainment GmbH

\n		\n

88.29%

\n		\n

78.50%

\n
\n

Germany

\n		\n

BRAINPOOL Live Entertainment GmbH

\n		\n

-

\n		\n

78.50%

\n
\n

Germany

\n		\n

BRAINPOOL TV GmbH

\n		\n

88.29%

\n		\n

70.82%

\n
\n

Germany

\n		\n

CAPE CROSS Entertainment Services GmbH

\n		\n

88.29%

\n		\n

0.00%

\n
\n

Germany

\n		\n

CAPE CROSS Postproduktions GmbH

\n		\n

88.29%

\n		\n

70.83%

\n
\n

Germany

\n		\n

en2rage Management & Consulting GmbH

\n		\n

22.96%

\n		\n

17.50%

\n
\n

Germany

\n		\n

Endemol Shine Germany GmbH

\n		\n

88.28%

\n		\n

-

\n
\n

Germany

\n		\n

Endemol Shine Group Germany GmbH

\n		\n

88.28%

\n		\n

70.83%

\n
\n

Germany

\n		\n

Entera Unternehmergesellschaft (haftungsbeschr\u00e4nkt)

\n		\n

-

\n		\n

-

\n
\n

Germany

\n		\n

Good Times Fernsehproduktions GmbH

\n		\n

-

\n		\n

70.83%

\n
\n

Germany

\n		\n

Good Humor

\n		\n

86.52%

\n		\n

-

\n
\n

Germany

\n		\n

Lucky Pics GmbH

\n		\n

45.03%

\n		\n

36.12%

\n
\n

Germany

\n		\n

MadeFor Film GmbH

\n		\n

88.28%

\n		\n

18.42%

\n
\n

Germany

\n		\n

MadeFor Music Publishing GmbH

\n		\n

88.28%

\n		\n

70.82%

\n
\n

Germany

\n		\n

Major.Minor Musikverlag GmbH

\n		\n

88.28%

\n		\n

70.82%

\n
\n

Germany

\n		\n

MTS Management T\u00f6ne Stallmeyer GmbH

\n		\n

79.46%

\n		\n

-

\n
\n

Germany

\n		\n

M\u00fcnsteraner Tourneeservice MTS Live GmbH

\n		\n

70.65%

\n		\n

-

\n
\n

Germany

\n		\n

NOISY PICTURES GmbH

\n		\n

-

\n		\n

69.41%

\n
\n

Germany

\n		\n

OGPP only good party people GmbH (former OGP Live GmbH i.G.)

\n		\n

45.03%

\n		\n

18.42%

\n
\n

Germany

\n		\n

Raab TV-Produktion GmbH

\n		\n

-

\n		\n

-

\n
\n

Germany

\n		\n

POTATOHEAD PICTURES GmbH

\n		\n

61.80%

\n		\n

49.57%

\n
\n

Germany

\n		\n

Rainer Laux Productions GmbH

\n		\n

45.03%

\n		\n

32.51%

\n
\n

Germany

\n		\n

SR Management GmbH

\n		\n

45.03%

\n		\n

28.90%

\n
\n

Germany

\n		\n

WeMynd GmbH

\n		\n

15.89%

\n		\n

-

\n
\n

India

\n		\n

Endemol India Private Limited

\n		\n

97.86%

\n		\n

45.03%

\n
\n

India

\n		\n

Ink Pen Media Private Limited

\n		\n

97.86%

\n		\n

-

\n
\n

India

\n		\n

Logline Production Private Ltd

\n		\n

97.86%

\n		\n

45.03%

\n
\n

India

\n		\n

SEVENTAURAUS ENTERTAINMENT STUDIO PRIVATE LIMITED

\n		\n

94.75%

\n		\n

30.96%

\n
\n

Ireland

\n		\n

Beyond Entertainment Holdings Limited

\n		\n

97.86%

\n		\n

45.03%

\n
\n

Ireland

\n		\n

Beyond Rights (Ireland) Limited

\n		\n

-

\n		\n

45.03%

\n
\n

Ireland

\n		\n

Beyond Rights Distribution Limited

\n		\n

78.29%

\n		\n

12.24%

\n
\n

Ireland

\n		\n

Melodia Limited

\n		\n

-

\n		\n

32.62%

\n
\n

Israel

\n		\n

Endemol Israel Ltd

\n		\n

95.35%

\n		\n

95.35%

\n
\n

Israel

\n		\n

Movie Plus Productions (2005) Ltd.

\n		\n

48.63%

\n		\n

48.63%

\n
\n

Israel

\n		\n

Paolina Jerusalem Productions Ltd

\n		\n

48.63%

\n		\n

47.08%

\n
\n

Italy

\n		\n

Ascent Film S.r.l.

\n		\n

49.91%

\n		\n

49.91%

\n
\n

Italy

\n		\n

ATLANTIS FILM & VIDEO SRL

\n		\n

97.86%

\n		\n

-

\n
\n

Italy

\n		\n

AURORA TV SRL

\n		\n

97.86%

\n		\n

78.29%

\n
\n

Italy

\n		\n

BAG MEDIA S.R.L.

\n		\n

48.93%

\n		\n

-

\n
\n

Italy

\n		\n

Balich Wonder Studio SpA

\n		\n

50.57%

\n		\n

49.28%

\n
\n

Italy

\n		\n

Banijay Italia Holding S.R.L.

\n		\n

97.86%

\n		\n

48.63%

\n
\n

Italy

\n		\n

BANIJAY ITALIA SpA

\n		\n

97.86%

\n		\n

48.63%

\n
\n

Italy

\n		\n

Banijay Music Italy SrL

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Italy

\n		\n

BANIJAY STUDIOS ITALY SRL

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Italy

\n		\n

The Wonder Society S.r.l (former Bigb Holding SrL)

\n		\n

50.57%

\n		\n

49.91%

\n
\n

Italy

\n		\n

DOGHEAD ANIMATION APULIA S.r.l

\n		\n

38.73%

\n		\n

16.33%

\n
\n

Italy

\n		\n

DOGHEAD ANIMATION S.r.l

\n		\n

38.73%

\n		\n

16.66%

\n
\n

Italy

\n		\n

Endemol Shine Italy S.p.A.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Italy

\n		\n

For Fun Distribution S.r.l

\n		\n

-

\n		\n

34.58%

\n
\n

Italy

\n		\n

Groenlandia S.r.l.

\n		\n

49.91%

\n		\n

49.91%

\n
\n

Italy

\n		\n

ITV\u00a0MOVIE SRL

\n		\n

97.86%

\n		\n

89.30%

\n
\n

Italy

\n		\n

L'Officina SRL

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Italy

\n		\n

MOBO S.r.l

\n		\n

19.96%

\n		\n

7.61%

\n
\n

Italy

\n		\n

MOVIMENTI PRODUCTION SRL

\n		\n

39.93%

\n		\n

15.21%

\n
\n

Italy

\n		\n

RAIN FROG S.r.l

\n		\n

20.36%

\n		\n

19.60%

\n
\n

Italy

\n		\n

ROCKET MUSIC PUBLISHING S.r.l

\n		\n

20.36%

\n		\n

-

\n
\n

Mexico

\n		\n

Balich Wonder Studio Mexico S.A.

\n		\n

50.57%

\n		\n

-

\n
\n

Mexico

\n		\n

Banijay Mexico and US Hispanic, S.A.P.I. de C.V.

\n		\n

49.91%

\n		\n

49.91%

\n
\n

Mexico

\n		\n

Boomdog Studios, S.A. de C.V.

\n		\n

49.71%

\n		\n

49.71%

\n
\n

Mexico

\n		\n

Endemol Shine Boomdog Holding, S.A.P.I. de C.V.

\n		\n

49.91%

\n		\n

10.18%

\n
\n

Mexico

\n		\n

Endemol Shine Boomdog, S.A.P.I. de C.V.

\n		\n

49.89%

\n		\n

20.35%

\n
\n

Netherlands

\n		\n

8th Continent Film Production

\n		\n

97.86%

\n		\n

20.36%

\n
\n

Netherlands

\n		\n

Banijay Benelux B.V.

\n		\n

97.86%

\n		\n

20.36%

\n
\n

Netherlands

\n		\n

Banijay Benelux Holding B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Costa Film Productie B.V.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Netherlands

\n		\n

Endemol Licentie B.V.

\n		\n

97.86%

\n		\n

49.71%

\n
\n

Netherlands

\n		\n

Endemol Personeel B.V.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Netherlands

\n		\n

Endemol Shine IP B.V.

\n		\n

97.86%

\n		\n

49.89%

\n
\n

Netherlands

\n		\n

Endemol Shine Nederland B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Endemol Shine Nederland Producties B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Endemol Shine Scripted B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Escape TV Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Freek Tapes TV Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Geheugenspel Film Productie B.V.\u00a0

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Gouden Uur TV Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Grundy/Endemol Nederland v.o.f.

\n		\n

48.93%

\n		\n

48.93%

\n
\n

Netherlands

\n		\n

HolyMoly TV B.V.

\n		\n

48.93%

\n		\n

48.93%

\n
\n

Netherlands

\n		\n

Human Playground TV Production B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

MXMZ Media B.V. (former Endemol Shine Sport B.V.)

\n		\n

-

\n		\n

83.96%

\n
\n

Netherlands

\n		\n

NL Film en TV B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

NL Film Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

NL TV Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Posh Productions B.V.

\n		\n

49.91%

\n		\n

24.95%

\n
\n

Netherlands

\n		\n

Scenery B.V.

\n		\n

49.91%

\n		\n

24.95%

\n
\n

Netherlands

\n		\n

Scriptstudio B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

SimpelZodiak BV

\n		\n

97.86%

\n		\n

-

\n
\n

Netherlands

\n		\n

SNP Holding B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

SNP Media B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Southfields B.V.

\n		\n

83.96%

\n		\n

83.96%

\n
\n

Netherlands

\n		\n

Topkapi DHA B.V.

\n		\n

49.91%

\n		\n

25.46%

\n
\n

Netherlands

\n		\n

Topkapi Distribution B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi Films B.V.

\n		\n

49.91%

\n		\n

49.92%

\n
\n

Netherlands

\n		\n

Topkapi Production Services B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi Rights I B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Topkapi Rights ll B.V

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi Tuig B.V

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi TV B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi TV Droneland B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi TV Elixer B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi TV Etty B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

TVBV BV

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Twentytwo Producties B.V.

\n		\n

49.91%

\n		\n

25.46%

\n
\n

Netherlands

\n		\n

Van der Valk TV Production B.V.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Netherlands

\n		\n

Vuurwerk TV Productie B.V.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Netherlands

\n		\n

Werktitel Entertainment B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

New Zealand

\n		\n

153 Productions NZ Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

New Zealand

\n		\n

Berg Productions Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

New Zealand

\n		\n

Dead Head Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

ESA UK Productions Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

New Zealand

\n		\n

ESA US Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

First Responders Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

LUMA ENCHANTED LIMITED

\n		\n

97.86%

\n		\n

-

\n
\n

New Zealand

\n		\n

Off the Grid Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

Remarkable Productions NZ Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

Remarkable Studios Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

Screentime New Zealand Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

TASTE OF ART PRODUCTIONS LIMITED

\n		\n

97.86%

\n		\n

-

\n
\n

New Zealand

\n		\n

THE GULF PRODUCTIONS LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

THE SUMMIT PRODUCTIONS NZ 2022 LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Banijay Norway AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Beforeigners Production AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Mastiff AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Mastiff Entertainment AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Nordisk Banijay AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Rubicon Produksjon AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Rubicon TV AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Screen Media AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Yellow Bird Norge AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Poland

\n		\n

Endemol Shine Polska Sp. z.o.o.

\n		\n

88.28%

\n		\n

78.50%

\n
\n

Portugal

\n		\n

Endemol Portugal, Unipessoal Lda.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Portugal

\n		\n

Portocabo Atlantico Unipessoal Lda.

\n		\n

73.88%

\n		\n

73.88%

\n
\n

Portugal

\n		\n

Shine Iberia Portugal, Unipessoal, Lda

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Samoa

\n		\n

The Landing Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Saudi Arabia

\n		\n

Balich Wonder Studio for Entertainment LLC (former Balich Wonder Studio KSA)

\n		\n

50.57%

\n		\n

50.57%

\n
\n

Saudi Arabia

\n		\n

HQ Worldwide Shows Saudi Company for Exhibition and Conferences Organization (former HQWS KSA)

\n		\n

25.80%

\n		\n

25.80%

\n
\n

Spain

\n		\n

1992 La Serie SLU

\n		\n

49.94%

\n		\n

45.05%

\n
\n

Spain

\n		\n

30 Monedas La Serie SL

\n		\n

49.94%

\n		\n

49.94%

\n
\n

Spain

\n		\n

Anciana Milenaria SLU

\n		\n

49.94%

\n		\n

37.70%

\n
\n

Spain

\n		\n

Banijay Iberia SLU

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Spain

\n		\n

Crespeth Films AIE

\n		\n

49.42%

\n		\n

49.42%

\n
\n

Spain

\n		\n

CUARZO Producciones SL

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Spain

\n		\n

Culpa Mia SLU

\n		\n

49.94%

\n		\n

12.99%

\n
\n

Spain

\n		\n

DE LORENZO PRODUCCIONES E INVERSIONES SL

\n		\n

48.93%

\n		\n

24.97%

\n
\n

Spain

\n		\n

DIAGONAL TELEVISIO SLU

\n		\n

97.86%

\n		\n

49.94%

\n
\n

Spain

\n		\n

DLO NAVARRA SL

\n		\n

48.93%

\n		\n

24.97%

\n
\n

Spain

\n		\n

ENFRENTADOS SL

\n		\n

49.94%

\n		\n

49.94%

\n
\n

Spain

\n		\n

ENTREPRENEURS LA SERIE SL

\n		\n

49.94%

\n		\n

25.22%

\n
\n

Spain

\n		\n

Gestmusic Endemol, S.A.U.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Spain

\n		\n

Gestmusic Proyectos SLU

\n		\n

97.86%

\n		\n

49.94%

\n
\n

Spain

\n		\n

Global Palenove SLU

\n		\n

49.94%

\n		\n

24.97%

\n
\n

Spain

\n		\n

LA ASISTENTA LA PEL\u00cdCULA S.L.U.

\n		\n

49.94%

\n		\n

49.94%

\n
\n

Spain

\n		\n

La Bolita Movie SL

\n		\n

47.44%

\n		\n

23.72%

\n
\n

Spain

\n		\n

La Otra casa La Pel\u00edcula AIE

\n		\n

0.25%

\n		\n

25.47%

\n
\n

Spain

\n		\n

LaLiga Studios S.L.

\n		\n

49.91%

\n		\n

25.47%

\n
\n

Spain

\n		\n

Largas Sombras S.L.U.\u00a0

\n		\n

48.93%

\n		\n

48.93%

\n
\n

Spain

\n		\n

Magnolia TV Espana

\n		\n

-

\n		\n

97.86%

\n
\n

Spain

\n		\n

Monos con Pistolas La Serie SLU

\n		\n

49.94%

\n		\n

25.48%

\n
\n

Spain

\n		\n

Pedralonga Estudios SL

\n		\n

12.30%

\n		\n

6.28%

\n
\n

Spain

\n		\n

Pokeepsie Films, S.L.

\n		\n

49.94%

\n		\n

24.21%

\n
\n

Spain

\n		\n

Pokeepsietxea S.L.U.

\n		\n

49.94%

\n		\n

0.13%

\n
\n

Spain

\n		\n

Portocabo Canarias SLU

\n		\n

73.88%

\n		\n

37.68%

\n
\n

Spain

\n		\n

Portocabo Mediterraneo SLU

\n		\n

73.88%

\n		\n

36.94%

\n
\n

Spain

\n		\n

Portocabo TV SL

\n		\n

73.88%

\n		\n

-

\n
\n

Spain

\n		\n

Producciones Sol Naciente, AIE

\n		\n

-

\n		\n

24.97%

\n
\n

Spain

\n		\n

Project Academy Series SL

\n		\n

97.86%

\n		\n

12.30%

\n
\n

Spain

\n		\n

R. Zinman Productions, A.I.E.

\n		\n

94.63%

\n		\n

48.29%

\n
\n

Spain

\n		\n

Sabinas Diagonal S.L.

\n		\n

97.86%

\n		\n

49.94%

\n
\n

Spain

\n		\n

Shine Iberia S.L.U.

\n		\n

97.86%

\n		\n

73.88%

\n
\n

Spain

\n		\n

The Fear Collection I AIE

\n		\n

49.94%

\n		\n

37.70%

\n
\n

Spain

\n		\n

The Fear Collection III AIE

\n		\n

49.94%

\n		\n

37.70%

\n
\n

Spain

\n		\n

TODO COMIENZA CON UN JUEGO, A.I.E

\n		\n

-

\n		\n

-

\n
\n

Spain

\n		\n

Zeppelin Television, S.A.U.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Banijay Sweden AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Endemol Shine Nordics AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Filmlance International AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Friday TV AB

\n		\n

97.86%

\n		\n

49.94%

\n
\n

Sweden

\n		\n

Jarowskij Enterprises AB

\n		\n

-

\n		\n

49.94%

\n
\n

Sweden

\n		\n

Jarowskij Sverige AB

\n		\n

-

\n		\n

-

\n
\n

Sweden

\n		\n

Jarowskij Yellow Bird AB

\n		\n

97.86%

\n		\n

-

\n
\n

Sweden

\n		\n

Mastiff AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Mastiff Creative AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Mastiff Media Holding AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Meter Entertainment AB

\n		\n

97.86%

\n		\n

-

\n
\n

Sweden

\n		\n

Meter Television AB

\n		\n

-

\n		\n

-

\n
\n

Sweden

\n		\n

Metronome Rental AB

\n		\n

97.86%

\n		\n

-

\n
\n

Sweden

\n		\n

NORDISK FILM & TV PRODUKTION AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Solsidan Produktion HB

\n		\n

48.93%

\n		\n

48.93%

\n
\n

Sweden

\n		\n

We Are Post AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Yellow Bird Holding AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Yellow Bird Sweden AB

\n		\n

-

\n		\n

97.86%

\n
\n

Switzerland

\n		\n

B&B Endemol Shine AG

\n		\n

44.58%

\n		\n

-

\n
\n

United Arab Emirates

\n		\n

HQ Worldwide Shows LLC

\n		\n

25.80%

\n		\n

25.80%

\n
\n

United Kingdom

\n		\n

21CF Shine Holdings UK Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Among Giants Ltd

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United Kingdom

\n		\n

Artists Studio Management Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Artists' Studio TV Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Bad Ed The Movie Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Bandit (Delicious 3) Limited

\n		\n

97.86%

\n		\n

44.58%

\n
\n

United Kingdom

\n		\n

Banijay Brands Limited

\n		\n

-

\n		\n

25.45%

\n
\n

United Kingdom

\n		\n

Banijay Kids & Family (Holding) Limited

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Banijay Kids & Family Distribution Limited

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

BANIJAY MEDIA LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Banijay Rights Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Banijay Services Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Banijay UK Entertainment Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Banijay UK Productions Limited

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Bazal Productions Ltd.

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Black Mirror Drama (S4) Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Black Mirror Drama (S5) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Black Mirror Drama Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

BLACKLIGHT (DRAMA) LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

BlackLight Television Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Brand and Talent Consortium Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Brighter Pictures Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Brown Eyed Boy (MHB) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Brown Eyed Boy Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Bwark Films Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Bwark Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Castaway Television Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

ChannelFlip Media Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Dangerous Films Limited

\n		\n

68.50%

\n		\n

68.50%

\n
\n

United Kingdom

\n		\n

Darlow Smithson Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

DEFINITELY PRODUCTIONS LIMITED

\n		\n

-

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

DINOPAWS UK Limited

\n		\n

-

\n		\n

28.54%

\n
\n

United Kingdom

\n		\n

Double Dutch (Drama) Limited

\n		\n

49.03%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Double Dutch Productions Ltd

\n		\n

49.03%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Douglas Road Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Dragonfly Documentaries Limited (former Dragonfly Drama Limited)

\n		\n

97.86%

\n		\n

63.66%

\n
\n

United Kingdom

\n		\n

Dragonfly Film and Television Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Dream Alliance Productions Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Workerbee Live (Luminiscence) Limited (former DSP Drama 2 Limited)

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

DSP Drama 3 LTD

\n		\n

97.86%

\n		\n

49.03%

\n
\n

United Kingdom

\n		\n

DSP Drama 4 Limited

\n		\n

97.86%

\n		\n

49.03%

\n
\n

United Kingdom

\n		\n

DSP Drama Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Edam SLB Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Electric Robin (BITW) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Electric Robin (BTR) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Electric Robin (GOG) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Electric Robin Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Endemol Shine Gaming Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Endemol Shine Group Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Endemol UK Holding Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fall Productions Ltd

\n		\n

44.04%

\n		\n

44.04%

\n
\n

United Kingdom

\n		\n

Ty'r Ddraig Limited (former Far Moor Media Ltd)

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (AM) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (Domina) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (Fortitude 3) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (Guerrilla) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (KAW2) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms Productions Ltd

\n		\n

97.86%

\n		\n

44.04%

\n
\n

United Kingdom

\n		\n

FKAI productions Ltd

\n		\n

-

\n		\n

28.54%

\n
\n

United Kingdom

\n		\n

Garrison Drama Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Good Catch Ltd

\n		\n

-

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

GRAYPOOLE Films Ltd

\n		\n

-

\n		\n

28.54%

\n
\n

United Kingdom

\n		\n

Guilder Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

HANK ZIPZER Productions Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

Hawkshead Ltd.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

House of Tomorrow Drama Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

House of Tomorrow Holdings Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

House of Tomorrow Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Initial (Seaforth) Ltd.

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Initial Film & Television (Frankies House) Ltd.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Initial Film & Television (Horse Opera) Ltd.

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Initial Film & Television Ltd.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

IWC Media Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Izenda Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kale TV Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Kindle (Little Darlings) Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

Kindle Entertainment (Big and Small) Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

Kindle Entertainment (HANK ZIPZER) Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

KINDLE ENTERTAINMENT LIMITED

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

Kindle Entertainment Productions Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

KISS ME FIRST Ltd

\n		\n

-

\n		\n

28.54%

\n
\n

United Kingdom

\n		\n

Kudos (BG) Ltd

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Kudos (Broadchurch) Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

KUDOS (SAS 3) LIMITED (former Kudos (Burn Up) Ltd)

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Child) Ltd.

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Code 404) Limited

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Deadwater) Ltd.

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Deep Water) Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Eternal) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester 10) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester 8) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester 9) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester Five) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester Four) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester Seven) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester Six) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Gunpowder) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Hour) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Humans Three) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Humans) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (L&O) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Law) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Manhattan) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Morton) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Occupation) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (River) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (SAS 2) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (SAS) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Spooks) CP Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Squirrel) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

KUDOS (THIS TOWN) LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Tin Star) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Troy) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

KUDOS (GRANTCHESTER 11) LIMITED (former Kudos (Tsunami))

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Tunnel) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Two Weeks) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (WM) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (You) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Film & Television Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Financing Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Hustle Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Rights Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Scotland Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Lomond Television Ltd.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Lovely Day Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Mam Tor Productions (Open Water) Ltd

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Mam Tor Productions (Scotland) Ltd

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Mam Tor Productions (Wild Lion) Ltd

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Mam Tor Productions Limited

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

NC Shine Acquisition Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

New Moon Rising Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Newincco 1151 Ltd

\n		\n

48.94%

\n		\n

48.94%

\n
\n

United Kingdom

\n		\n

WORKERBEE MC DOC LIMITED (former Not Driving That Limited)

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

OP MEDIA Ltd

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 2 Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 3 Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 4 Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 5 Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 6 Limited

\n		\n

97.86%

\n		\n

48.94%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Princess Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

RDF Television Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Secret Life of Boys 5 Ltd

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Shelby Company Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Creative (UK) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Jet Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Midco Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Pictures (UK) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

SHINE TV (FM) LIMITED

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Shine TV (Hunted) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine TV Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shiny Button Productions (SPV) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shiny Button Productions (YCOM) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shiny Button Productions limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Simon's Cat Ltd

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Sound Pocket Music Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Spooks Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Superchargers Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Stan and Gran Productions Limited

\n		\n

78.29%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Ted\u2019s Top Ten Ltd

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Teen Taxis Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

THE A LIST (KEL) Ltd

\n		\n

-

\n		\n

29.11%

\n
\n

United Kingdom

\n		\n

THE A LIST 2 (KEL) Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

The Boys Are Back In Town Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

The Comedy Unit Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

The Fall 2 Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

The Fall 3 Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (3B) Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (AB4) Ltd

\n		\n

52.79%

\n		\n

-

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (AB5) Ltd.

\n		\n

52.79%

\n		\n

-

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Falling) Limited (former The Forge Entertainment (BE2) Ltd)

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (DEBS2) Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Debutante) Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (DM) Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Elizabeth) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (GenZ) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Highlands & Islands) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Home) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Kiri) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Marriage) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (National Treasure) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Productions) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Roadkill) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (REP) Limited (former The Forge Entertainment (ROTG) Ltd)

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Sandrine) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Shardlake) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (The Light) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (The Miniaturist) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment Limited

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Foundation T.V. Productions (Scotland) Limited

\n		\n

78.29%

\n		\n

40.64%

\n
\n

United Kingdom

\n		\n

The Natural Studios Limited

\n		\n

59.69%

\n		\n

32.20%

\n
\n

United Kingdom

\n		\n

The Natural Studios Productions Ltd

\n		\n

59.69%

\n		\n

32.20%

\n
\n

United Kingdom

\n		\n

TIGER ASPECT (3LB) LIMITED

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (BH&MP) Limited

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (Comedy) Ltd

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (Fortitude 2) Ltd

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (GKH) Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (GKH3) Limited

\n		\n

97.86%

\n		\n

59.69%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (Good Karma) Limited

\n		\n

97.86%

\n		\n

59.69%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (KAW) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (Viewpoint) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Animation Ltd

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Assets Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Drama (Curfew) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Drama (Ripper Street 4) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Drama Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Films Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Financing Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Holdings Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Kids & Family Limited

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Pictures (Dog Eat Dog) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Pictures (Royston Vasey) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Pictures (Tosspot) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Pictures Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Scotland Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Television Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Tigress Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tronpipe Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Victoria Real Ltd.

\n		\n

96.34%

\n		\n

96.34%

\n
\n

United Kingdom

\n		\n

Wild Mercury (Fear) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury (Moreton) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury (The Rig 2) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury (The Rig) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury (Troy) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury Production Company Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild West (Initial) Ltd.

\n		\n

97.86%

\n		\n

96.34%

\n
\n

United Kingdom

\n		\n

Wonder Television Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Workerbee (Jack) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

WORKERBEE (SPORTS) LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Workerbee Documentary Films Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

YELLOW BIRD PRODUCTIONS UK LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Yemen Distributions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Yemen Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Young Bwark Limited

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United Kingdom

\n		\n

Zeppotron Drama Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Zeppotron Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Zodiak Kids & Family Productions UK Limited

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Zodiak Kids UK Ltd

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Zodiak Music Publishing Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

51 Minds Entertainment LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

51 Minds, LLC

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

ACIP CO LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

All Knight Music LLC

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United States

\n		\n

Anonymous Music Library, LLC

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United States

\n		\n

Ant Eggs Rentals LLC

\n		\n

49.91%

\n		\n

39.93%

\n
\n

United States

\n		\n

Atrium Entertainment LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Authentic Entertainment Holding, LLC.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Authentic Entertainment, LLC.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Authentic Minds, LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Balich Wonder Studio USA Inc.

\n		\n

50.57%

\n		\n

25.29%

\n
\n

United States

\n		\n

Banijay Americas, Inc.

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

BANIJAY ENTERTAINMENT HOLDINGS US II INC

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United States

\n		\n

BANIJAY ENTERTAINMENT HOLDINGS US, INC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Banijay Mexico and US Hispanic, LLC

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United States

\n		\n

Banijay US Holdings Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Banijay US Live Entertainment, Inc

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

Berkeley Productions Inc

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United States

\n		\n

BG Apple LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Big Ant Productions, LLC

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United States

\n		\n

BL4 Productions Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

BMP Films Inc

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United States

\n		\n

Brigadier Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

BSNA Entertainment LLC

\n		\n

76.59%

\n		\n

76.59%

\n
\n

United States

\n		\n

BUNIM MURRAY PRODUCTIONS INC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

BUNIM MURRAY PRODUCTIONS LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Burbank North Productions, LLC

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

CCCM Projects LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Clock Tower Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Coconunu Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Complete Solution Pictures and Sound

\n		\n

76.59%

\n		\n

59.94%

\n
\n

United States

\n		\n

Creole Manny LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Cristal Ball Enterprises LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Crosswalk Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Distance Productions, Inc.

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

Endemol Beyond USA, LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol Latino N.A., Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol Shine Boomdog, LLC

\n		\n

49.91%

\n		\n

39.06%

\n
\n

United States

\n		\n

Endemol Shine SPV, LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol Shine US Office LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol Studios

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol USA Holding, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol USA Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Flow Ventures LLC

\n		\n

-

\n		\n

36.70%

\n
\n

United States

\n		\n

Front Yard Productions Inc.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United States

\n		\n

GloNation Studios LLC

\n		\n

4.99%

\n		\n

4.99%

\n
\n

United States

\n		\n

Go Ahead Productions Inc

\n		\n

76.59%

\n		\n

76.59%

\n
\n

United States

\n		\n

Gramercy\u00a0Global\u00a0Entertainment

\n		\n

58.23%

\n		\n

58.23%

\n
\n

United States

\n		\n

Gulf Stream Media Inc

\n		\n

76.59%

\n		\n

76.59%

\n
\n

United States

\n		\n

Hashtag Entertainment LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Hippocratical Productions LLC

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

Hizzoner LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

HMGGLO LLC

\n		\n

9.79%

\n		\n

0.50%

\n
\n

United States

\n		\n

Home Brewed Productions LLC

\n		\n

97.86%

\n		\n

76.59%

\n
\n

United States

\n		\n

Home Run Production Services LLC

\n		\n

75.84%

\n		\n

45.13%

\n
\n

United States

\n		\n

In the Keys Music LLC

\n		\n

48.93%

\n		\n

38.29%

\n
\n

United States

\n		\n

Keeping Track Music Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Legende Films Inc.

\n		\n

-

\n		\n

48.93%

\n
\n

United States

\n		\n

Lock and Key Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Lock Cut 9 LLC

\n		\n

48.93%

\n		\n

4.89%

\n
\n

United States

\n		\n

Look Both Ways Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

M Cable Television Inc

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

M Theory Entertainment, Inc

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

Media Production Services, LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Middleman LLC

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

Mobility Productions, Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Mountain View Productions LLC

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

Navy Street Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

No Doubt Post Production, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Note Republic LLC

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United States

\n		\n

NoVat Productions, LLC

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United States

\n		\n

Only on Oxnard LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Original Ink LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Original Media, LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Our House Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Oxnard Cats Entertainment LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Pico Script Lab, Inc.

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

PMPGL LLC

\n		\n

75.84%

\n		\n

38.68%

\n
\n

United States

\n		\n

Production Support Services, LLC.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Rhapsolody Music LB Inc.

\n		\n

49.91%

\n		\n

38.68%

\n
\n

United States

\n		\n

Road Rules Productions Inc

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

RW Productions Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

SHEA OFFICE SPACE AND FURNISHINGS

\n		\n

76.59%

\n		\n

76.59%

\n
\n

United States

\n		\n

Shine Television LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Shine US Holdings Inc

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

Snack Tray Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Spring Break Films LLC

\n		\n

-

\n		\n

24.95%

\n
\n

United States

\n		\n

Story Telling Inc.

\n		\n

-

\n		\n

48.93%

\n
\n

United States

\n		\n

Suns Productions, LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Sunset Ventures Inc

\n		\n

76.59%

\n		\n

59.94%

\n
\n

United States

\n		\n

Superior Production Services LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Swampy Projects LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Tasty Treat LLC

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United States

\n		\n

The American Cue Society LLC

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

Trade Winds Productions Inc

\n		\n

76.59%

\n		\n

-

\n
\n

United States

\n		\n

True Entertainment LLC

\n		\n

75.84%

\n		\n

58.78%

\n
\n

United States

\n		\n

True TTH, LLC

\n		\n

75.84%

\n		\n

59.35%

\n
\n

United States

\n		\n

Truly Original, LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Turnt up Productions LLC

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

UBBP Inc

\n		\n

76.59%

\n		\n

38.29%

\n
\n

United States

\n		\n

United Front Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Very Water Logged LLC

\n		\n

97.86%

\n		\n

76.59%

\n
\n

United States

\n		\n

Wheelhouse Productions LLC

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

YOLO Productions LLC

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

Zamora Films LLC

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

ZnakTV Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Zodiak Americas

\n		\n

97.86%

\n		\n

76.59%

\n
\n

United States

\n		\n

Zoom Equipment Rentals LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

\n
\n

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

Country of incorporation

\n		\n

Name of the legal entity

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Austria

\n		\n

influence.vision GmbH

\n		\n

-

\n		\n

36.93%

\n
\n

France

\n		\n

Black Lemon SAS

\n		\n

-

\n		\n

10.09%

\n
\n

France

\n		\n

Financi\u00e8re EMG

\n		\n

4.72%

\n		\n

4.77%

\n
\n

France

\n		\n

M.G. Productions

\n		\n

47.95%

\n		\n

48.45%

\n
\n

France

\n		\n

SA\u0112

\n		\n

47.95%

\n		\n

-

\n
\n

Germany

\n		\n

Dynamic Ally Pictures GmbH

\n		\n

29.13%

\n		\n

26.17%

\n
\n

Germany

\n		\n

Ladykracher TV-Produktion GmbH

\n		\n

44.14%

\n		\n

39.66%

\n
\n

Germany

\n		\n

Minestrone TV Produktion GbR

\n		\n

44.14%

\n		\n

39.66%

\n
\n

Italy

\n		\n

Greenboo Production S.r.l.

\n		\n

47.95%

\n		\n

48.45%

\n
\n

Netherlands

\n		\n

Content Intelligence B.V.

\n		\n

24.37%

\n		\n

24.62%

\n
\n

Netherlands

\n		\n

Crossmex B.V.

\n		\n

58.72%

\n		\n

59.33%

\n
\n

United Kingdom

\n		\n

Conker Pictures Limited

\n		\n

24.47%

\n		\n

24.72%

\n
\n

United Kingdom

\n		\n

Double Dutch (Drama) Limited

\n		\n

-

\n		\n

49.34%

\n
\n

United Kingdom

\n		\n

Double Dutch Productions Ltd

\n		\n

-

\n		\n

49.34%

\n
\n

United Kingdom

\n		\n

Esmeralda Productions Limited

\n		\n

29.33%

\n		\n

29.63%

\n
\n

United Kingdom

\n		\n

Immovable Studios Ltd.

\n		\n

19.57%

\n		\n

19.78%

\n
\n

United Kingdom

\n		\n

Rabbit Track Pictures Limited

\n		\n

20.93%

\n		\n

21.15%

\n
\n

United States

\n		\n

BD4 Productions LLC

\n		\n

47.95%

\n		\n

48.45%

\n
\n

United States

\n		\n

Hyphenated Media Group LLC

\n		\n

9.79%

\n		\n

9.89%

\n
\n

United States

\n		\n

Ensemble Entertainment LLC

\n		\n

1.47%

\n		\n

1.48%

\n
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10421018382149746_0_0": { "value": "
2.5.5Investments in associates and joint ventures
\n

An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.

\n

A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.

\n

The results and net assets (or net liabilities) of associates or joint ventures are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS\u00a05.

\n

Under the equity method, an investment in an associate or a joint venture is recognised initially in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the associate or joint venture.

\n

On acquisition of the investment in an associate or a joint venture, any excess of the cost of the investment over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_9253499575776593_0_0": { "value": "
2.5.5Investments in associates and joint ventures
\n

A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.

\n

The results and net assets (or net liabilities) of associates or joint ventures are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS\u00a05.

\n

Under the equity method, an investment in an associate or a joint venture is recognised initially in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the associate or joint venture.

\n

On acquisition of the investment in an associate or a joint venture, any excess of the cost of the investment over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346796_0": { "value": "
2.5.5Investments in associates and joint ventures
\n

An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.

\n

A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.

\n

The results and net assets (or net liabilities) of associates or joint ventures are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS\u00a05.

\n

Under the equity method, an investment in an associate or a joint venture is recognised initially in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the associate or joint venture.

\n

On acquisition of the investment in an associate or a joint venture, any excess of the cost of the investment over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment.

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

Note 17

\n		\n

Investments in entities accounted for under the equity method

\n
\n

17.1Main investments in associates and joint ventures

\n

As of 31\u00a0December 2025, the Group The Independents, through the entity K10 Holding\u00a0S.A. (\u201cK10\u201d), was the main company accounted for by Banijay Group\u00a0N.V. under the equity method.

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

(in \u20ac million)

\n		\n

Voting interests

\n		\n

Net carrying amount
of equity affiliates

\n
\n

31 December 2025

\n		\n

31 December 2024

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

The Independents

\n		\n

14.05%(1)

\n		\n

14.22%

\n		\n

75.9

\n		\n

74.1

\n
\n

Other

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

21.8

\n		\n

35.7

\n
\n

Investments in associates and joint ventures

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

97.7

\n		\n

109.8

\n
\n

(1)Including (i) the direct participation through K10 C bis shares recognised as a financial asset (3.64%) and (ii) the indirect participation through Gardenia (1.49%)\u00a0as of December 2025 (and, respectively, 3.78% and 1.52% as of 31 December 2024) \u2013 please refer to Note 17.2 for further explanation.

\n
\n

Change in the value of investments in associates and joint ventures:

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Value as of 1\u00a0January

\n		\n

109.8

\n		\n

31.7

\n
\n

Results of the period

\n		\n

(0.9)

\n		\n

(3.1)

\n
\n

Dividend paid

\n		\n

(0.1)

\n		\n

(0.3)

\n
\n

Capital increase(1)

\n		\n

0.5

\n		\n

13.9

\n
\n

Impairment(2)

\n		\n

(10.0)

\n		\n

(2.4)

\n
\n

Change in consolidation scope(3)

\n		\n

(1.0)

\n		\n

80.3

\n
\n

Foreign currency translation reserve

\n		\n

(1.4)

\n		\n

0.9

\n
\n

Change in consolidation method

\n		\n

(0.0)

\n		\n

-

\n
\n

Negative equity portion transferred to provisions for financial risk

\n		\n

0.3

\n		\n

(0.1)

\n
\n

Reclassification in loan(4)

\n		\n

-

\n		\n

(11.0)

\n
\n

Others

\n		\n

0.5

\n		\n

0.0

\n
\n

Value as of 31\u00a0December

\n		\n

97.7

\n		\n

109.8

\n
\n

(1)Capital increase mainly relates to investments in Hyphenated Media Group (USA), Greenboo (Italy) and Esmeralda (UK).

\n

(2)Following fair value measurement based on expected performance and impairment has been booked in \u201cShare of net income from associates & joint venture\u2019\u2019.

\n

(3)Change in consolidation scope: mainly related to Double Dutch & Influence Vision (Equity to full consolidation).

\n

(4)In 2024, the decrease in investments in associates concerned Financi\u00e8re EMG due to a partial capital reimbursement from the entity converted into a convertible loan.

\n
\n

17.2The Independents Group

\n
17.2.1Overview of investments in The Independents
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u00a0

\n		\n

At acquisition date

\n		\n

31 December 2025

\n		\n

Measurement

\n
\n

K10 A Shares(1)

\n		\n

9.26%

\n		\n

8.92%

\n		\n

Equity method

\n
\n

K10 C bis shares

\n		\n

3.78%

\n		\n

3.64%

\n		\n

Financial assets at\u00a0fair value

\n
\n

Indirect K10 A shares detention through Gardenia

\n		\n

1.55%

\n		\n

1.49%

\n		\n

Financial assets at\u00a0fair value

\n
\n

Total proportion In K10\u00a0share capital

\n		\n

14.59%

\n		\n

14.05%

\n		\n

\u00a0

\n
\n

(1)The percentage used for the equity method amounts to 10.56% at the transaction date and 10.12% as of 31 December 2025, as described below.

\n
\n
17.2.2Equity accounting of The Independents
\n

In July 2024, the Group, through Banijay Events, exercised a call option to acquire 30% of Gardenia\u2019s ordinary shares in K10 Holding S.A (holding entity of the group The Independents), representing 5,323,985 K10 A ordinary shares for -\u20ac72.8 million by cash-out. The completion of these transactions occurred on 19 July 2024. Those K10\u00a0A ordinary shares represented, at the transaction date, 9.26% of the total share capital of K10 taking into account the preferred shares with non-voting shares or privileged dividend rights. The analysis of the shareholders' agreements as well as the rights and obligations provided by the ordinary shares demonstrates that the Group has a significant influence over K10.

\n

The Group relies on the estimation of TIL earnings to account for its interest in TIL under the equity method. The proportionate share in TIL to be accounted for is based on the Group\u2019s ownership interest in the ordinary shares and preferred shares with voting rights excluding (i) the C bis preferred shares for which the Group recognised a financial asset, (ii) the D preferred shares for which the priority dividends are adjusted from the profits to be considered for the equity method. This proportionate share represents 10.25% as of 31 December 2024 and 10.12% as of 31\u00a0December 2025.

\n

17.3Financial information of main investments in associates and joint ventures

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

The Independents (100%)(1)

\n		\n

Other

\n		\n

Associates
and joint ventures

\n
\n

Non-current assets

\n		\n

507.8

\n		\n

447.5

\n		\n

849.7

\n
\n

Current assets

\n		\n

331.2

\n		\n

121.1

\n		\n

474.7

\n
\n

Total assets

\n		\n

839.0

\n		\n

568.7

\n		\n

1 324.4

\n
\n

Total equity

\n		\n

219.9

\n		\n

(145.7)

\n		\n

127.9

\n
\n

Non-current liabilities

\n		\n

406.1

\n		\n

499.5

\n		\n

756.8

\n
\n

Current liabilities

\n		\n

212.9

\n		\n

214.8

\n		\n

439.7

\n
\n

Total liabilities

\n		\n

839.0

\n		\n

568.7

\n		\n

1 324.4

\n
\n

Revenue

\n		\n

626.2

\n		\n

250.1

\n		\n

731.0

\n
\n

Net result

\n		\n

0.2

\n		\n

(45.6)

\n		\n

(24.5)

\n
\n

(1)Figures as at 31\u00a0December 2024.

\n
\n

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

Note 32

\n		\n

List of sub-group Banijay Entertainment and Live and sub-group Banijay Gaming's subsidiaries

\n
\n

32.1Banijay Entertainment and Live\u2019s sub-group consolidation scope

\n

The table below presents the percentage of ownership interest in Banijay\u00a0SAS subsidiaries held by the Group (including Banijay Group\u2019s indirect ownership):

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

Country of incorporation

\n		\n

Name of the legal entity

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Australia

\n		\n

Endemol Shine Australia Holdings Pty Limited

\n		\n

97.86%

\n		\n

98.88%

\n
\n

Australia

\n		\n

Endemol Shine Australia Pty Ltd

\n		\n

97.86%

\n		\n

6.54%

\n
\n

Australia

\n		\n

Endemol Southern Star Pty. Ltd.

\n		\n

97.86%

\n		\n

92.34%

\n
\n

Australia

\n		\n

ESA Productions 1 Pty Ltd

\n		\n

97.86%

\n		\n

0.00%

\n
\n

Australia

\n		\n

ESA Productions 2 Pty Ltd

\n		\n

97.86%

\n		\n

0.00%

\n
\n

Australia

\n		\n

ESA Productions 3 Pty Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

Australia

\n		\n

ESA Productions 4 PTY Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

Australia

\n		\n

ESA Productions 5 Pty Ltd

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

ESA Productions 6 Pty Ltd

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

ESA Productions 7 PTY LTD

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Australia

\n		\n

ESA Productions 8 PTY LTD

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Australia

\n		\n

ESA PRODUCTIONS 9 PTY LTD

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

ESA Services Pty Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Australia

\n		\n

HQWS APAC\u00a0PTY LTD

\n		\n

25.80%

\n		\n

25.80%

\n
\n

Australia

\n		\n

Screentime Commercial Pty Limited

\n		\n

97.86%

\n		\n

95.90%

\n
\n

Australia

\n		\n

Screentime Productions No 1\u00a0Pty Ltd

\n		\n

95.90%

\n		\n

93.98%

\n
\n

Australia

\n		\n

Screentime Productions No 2 pty Ltd

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

Screentime Productions No. 3 Pty Ltd

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

SCREENTIME Pty Limited

\n		\n

97.86%

\n		\n

95.90%

\n
\n

Australia

\n		\n

Shine Australia Holdings Pty Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Australia

\n		\n

Endemol Australia Pty Ltd

\n		\n

97.86%

\n		\n

25.45%

\n
\n

Austria

\n		\n

influence.vision GmbH

\n		\n

45.03%

\n		\n

-

\n
\n

Belgium

\n		\n

Banijay Belgium

\n		\n

97.86%

\n		\n

95.90%

\n
\n

Belgium

\n		\n

JONNYDEPONY BV

\n		\n

49.98%

\n		\n

48.99%

\n
\n

Brazil

\n		\n

A F\u00c1BRICA ENTRETENIMENTO E PARTICIPA\u00c7\u00d5ES S.A.

\n		\n

56.76%

\n		\n

48.91%

\n
\n

Brazil

\n		\n

Banijay Estudios Ltda

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Brazil

\n		\n

Endemol Shine Brasil Produ\u00e7\u00f4es Ltda

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Columbia

\n		\n

Banijay Colombia S.A.S

\n		\n

49.91%

\n		\n

-

\n
\n

Denmark

\n		\n

Banijay Denmark ApS

\n		\n

97.86%

\n		\n

45.03%

\n
\n

Denmark

\n		\n

Banijay Nordic ApS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Denmark

\n		\n

Jarowskij Danmark A/S

\n		\n

97.86%

\n		\n

49.98%

\n
\n

Denmark

\n		\n

Mastiff A/S

\n		\n

97.86%

\n		\n

56.76%

\n
\n

Denmark

\n		\n

Metronome Productions A/S

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Denmark

\n		\n

NORDISK FILM TV A/S

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Fiji

\n		\n

The Landing (Fiji) Pte Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Finland

\n		\n

Banijay Finland Oy

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Finland

\n		\n

BANIJAY Holding Suomi OY

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

4-3-3 Production

\n		\n

-

\n		\n

-

\n
\n

France

\n		\n

Adventure Line Productions

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Air Productions

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

ALP Music

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Alphonse Productions

\n		\n

-

\n		\n

48.93%

\n
\n

France

\n		\n

Atlantis Factory

\n		\n

48.93%

\n		\n

48.93%

\n
\n

France

\n		\n

Authentic Media SAS

\n		\n

64.59%

\n		\n

64.59%

\n
\n

France

\n		\n

Authentic Music SAS

\n		\n

64.59%

\n		\n

-

\n
\n

France

\n		\n

B PROD SAS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Balich Wonder Studio France SAS

\n		\n

50.57%

\n		\n

50.57%

\n
\n

France

\n		\n

Banijay Central 11 SAS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay Central 3

\n		\n

97.86%

\n		\n

-

\n
\n

France

\n		\n

Banijay Clipping

\n		\n

73.40%

\n		\n

36.70%

\n
\n

France

\n		\n

Banijay Content

\n		\n

73.40%

\n		\n

48.44%

\n
\n

France

\n		\n

BANIJAY EDITING

\n		\n

73.40%

\n		\n

48.44%

\n
\n

France

\n		\n

Banijay Entertainment SASU

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay France

\n		\n

97.86%

\n		\n

49.91%

\n
\n

France

\n		\n

BANIJAY INTERNATIONAL

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay Kids & Family Distribution France SAS

\n		\n

78.29%

\n		\n

75.35%

\n
\n

France

\n		\n

Banijay Live Events

\n		\n

97.86%

\n		\n

73.40%

\n
\n

France

\n		\n

Banijay Live Studio

\n		\n

97.86%

\n		\n

-

\n
\n

France

\n		\n

BANIJAY PRODUCTION MEDIA

\n		\n

97.86%

\n		\n

73.40%

\n
\n

France

\n		\n

Banijay Social Media SAS

\n		\n

73.40%

\n		\n

73.40%

\n
\n

France

\n		\n

Banijay Studios France

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay Studios France MA2 SAS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay Talent

\n		\n

73.40%

\n		\n

58.72%

\n
\n

France

\n		\n

BASE RECORDS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Beau Soir Productions

\n		\n

48.93%

\n		\n

48.93%

\n
\n

France

\n		\n

Connecting Prod

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

D.M.L.S TV

\n		\n

68.50%

\n		\n

51.38%

\n
\n

France

\n		\n

Daze MGMT

\n		\n

36.70%

\n		\n

36.70%

\n
\n

France

\n		\n

DMLS Films

\n		\n

68.50%

\n		\n

68.50%

\n
\n

France

\n		\n

DMLS Productions

\n		\n

-

\n		\n

51.38%

\n
\n

France

\n		\n

Endemol Fiction

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Endemol France

\n		\n

97.86%

\n		\n

48.93%

\n
\n

France

\n		\n

Endemol Production

\n		\n

-

\n		\n

97.86%

\n
\n

France

\n		\n

Festival'Air

\n		\n

97.86%

\n		\n

68.50%

\n
\n

France

\n		\n

Fiction'Air

\n		\n

97.86%

\n		\n

36.70%

\n
\n

France

\n		\n

G\u00e9t\u00e9v\u00e9 Productions

\n		\n

-

\n		\n

-

\n
\n

France

\n		\n

H2O DIVERTISSEMENT

\n		\n

-

\n		\n

-

\n
\n

France

\n		\n

H2O FICTIONS

\n		\n

-

\n		\n

97.86%

\n
\n

France

\n		\n

H2O JEUX

\n		\n

-

\n		\n

97.86%

\n
\n

France

\n		\n

H2O PRODUCTIONS

\n		\n

97.86%

\n		\n

-

\n
\n

France

\n		\n

IMAGES ON AIR

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

KM

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

KM Presse

\n		\n

97.86%

\n		\n

-

\n
\n

France

\n		\n

Lotchi

\n		\n

49.91%

\n		\n

-

\n
\n

France

\n		\n

Lodition

\n		\n

-

\n		\n

-

\n
\n

France

\n		\n

Monello Productions

\n		\n

59.50%

\n		\n

-

\n
\n

France

\n		\n

Montmartre Films

\n		\n

48.93%

\n		\n

-

\n
\n

France

\n		\n

Non Stop Edition

\n		\n

73.40%

\n		\n

73.40%

\n
\n

France

\n		\n

Non Stop Productions

\n		\n

73.40%

\n		\n

73.40%

\n
\n

France

\n		\n

Ollenom Studio

\n		\n

59.50%

\n		\n

57.27%

\n
\n

France

\n		\n

Pistache TV

\n		\n

97.76%

\n		\n

49.86%

\n
\n

France

\n		\n

Pitchipo\u00ef Productions

\n		\n

48.93%

\n		\n

-

\n
\n

France

\n		\n

Procidis SAS

\n		\n

39.93%

\n		\n

23.37%

\n
\n

France

\n		\n

Puzzle Media

\n		\n

49.91%

\n		\n

24.95%

\n
\n

France

\n		\n

Screenline

\n		\n

97.86%

\n		\n

73.40%

\n
\n

France

\n		\n

SCREENLINE SPV1

\n		\n

97.86%

\n		\n

73.40%

\n
\n

France

\n		\n

Shine Fiction

\n		\n

50.89%

\n		\n

30.94%

\n
\n

France

\n		\n

Kons'Air

\n		\n

97.86%

\n		\n

19.55%

\n
\n

France

\n		\n

Soci\u00e9t\u00e9 Miss France

\n		\n

97.86%

\n		\n

48.93%

\n
\n

France

\n		\n

Studio Kilim SNC

\n		\n

97.86%

\n		\n

39.93%

\n
\n

France

\n		\n

Studio Maboul

\n		\n

97.86%

\n		\n

49.91%

\n
\n

France

\n		\n

Sulak Film SAS

\n		\n

-

\n		\n

48.93%

\n
\n

France

\n		\n

Survivor Central Productions

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Talent Lab

\n		\n

73.40%

\n		\n

38.17%

\n
\n

France

\n		\n

Terence Films

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Upper Talent SAS

\n		\n

73.40%

\n		\n

73.40%

\n
\n

France

\n		\n

Vision Air

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Yasuke Production SAS

\n		\n

48.93%

\n		\n

48.93%

\n
\n

France

\n		\n

Zodiak Kids Studio France

\n		\n

78.29%

\n		\n

-

\n
\n

France

\n		\n

B PROD CA TOURNE SAS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

B PROD EDITING SAS

\n		\n

97.86%

\n		\n

73.40%

\n
\n

Germany

\n		\n

Banijay Germany GmbH

\n		\n

88.28%

\n		\n

78.50%

\n
\n

Germany

\n		\n

Banijay Germany Live GmbH

\n		\n

88.28%

\n		\n

58.88%

\n
\n

Germany

\n		\n

Banijay Media Germany GmbH

\n		\n

88.29%

\n		\n

78.50%

\n
\n

Germany

\n		\n

Banijay Productions Germany GmbH

\n		\n

83.87%

\n		\n

37.28%

\n
\n

Germany

\n		\n

BRAINPOOL Beteilligungsgesellschaft mbH

\n		\n

-

\n		\n

62.80%

\n
\n

Germany

\n		\n

BRAINPOOL Entertainment GmbH

\n		\n

88.29%

\n		\n

78.50%

\n
\n

Germany

\n		\n

BRAINPOOL Live Entertainment GmbH

\n		\n

-

\n		\n

78.50%

\n
\n

Germany

\n		\n

BRAINPOOL TV GmbH

\n		\n

88.29%

\n		\n

70.82%

\n
\n

Germany

\n		\n

CAPE CROSS Entertainment Services GmbH

\n		\n

88.29%

\n		\n

0.00%

\n
\n

Germany

\n		\n

CAPE CROSS Postproduktions GmbH

\n		\n

88.29%

\n		\n

70.83%

\n
\n

Germany

\n		\n

en2rage Management & Consulting GmbH

\n		\n

22.96%

\n		\n

17.50%

\n
\n

Germany

\n		\n

Endemol Shine Germany GmbH

\n		\n

88.28%

\n		\n

-

\n
\n

Germany

\n		\n

Endemol Shine Group Germany GmbH

\n		\n

88.28%

\n		\n

70.83%

\n
\n

Germany

\n		\n

Entera Unternehmergesellschaft (haftungsbeschr\u00e4nkt)

\n		\n

-

\n		\n

-

\n
\n

Germany

\n		\n

Good Times Fernsehproduktions GmbH

\n		\n

-

\n		\n

70.83%

\n
\n

Germany

\n		\n

Good Humor

\n		\n

86.52%

\n		\n

-

\n
\n

Germany

\n		\n

Lucky Pics GmbH

\n		\n

45.03%

\n		\n

36.12%

\n
\n

Germany

\n		\n

MadeFor Film GmbH

\n		\n

88.28%

\n		\n

18.42%

\n
\n

Germany

\n		\n

MadeFor Music Publishing GmbH

\n		\n

88.28%

\n		\n

70.82%

\n
\n

Germany

\n		\n

Major.Minor Musikverlag GmbH

\n		\n

88.28%

\n		\n

70.82%

\n
\n

Germany

\n		\n

MTS Management T\u00f6ne Stallmeyer GmbH

\n		\n

79.46%

\n		\n

-

\n
\n

Germany

\n		\n

M\u00fcnsteraner Tourneeservice MTS Live GmbH

\n		\n

70.65%

\n		\n

-

\n
\n

Germany

\n		\n

NOISY PICTURES GmbH

\n		\n

-

\n		\n

69.41%

\n
\n

Germany

\n		\n

OGPP only good party people GmbH (former OGP Live GmbH i.G.)

\n		\n

45.03%

\n		\n

18.42%

\n
\n

Germany

\n		\n

Raab TV-Produktion GmbH

\n		\n

-

\n		\n

-

\n
\n

Germany

\n		\n

POTATOHEAD PICTURES GmbH

\n		\n

61.80%

\n		\n

49.57%

\n
\n

Germany

\n		\n

Rainer Laux Productions GmbH

\n		\n

45.03%

\n		\n

32.51%

\n
\n

Germany

\n		\n

SR Management GmbH

\n		\n

45.03%

\n		\n

28.90%

\n
\n

Germany

\n		\n

WeMynd GmbH

\n		\n

15.89%

\n		\n

-

\n
\n

India

\n		\n

Endemol India Private Limited

\n		\n

97.86%

\n		\n

45.03%

\n
\n

India

\n		\n

Ink Pen Media Private Limited

\n		\n

97.86%

\n		\n

-

\n
\n

India

\n		\n

Logline Production Private Ltd

\n		\n

97.86%

\n		\n

45.03%

\n
\n

India

\n		\n

SEVENTAURAUS ENTERTAINMENT STUDIO PRIVATE LIMITED

\n		\n

94.75%

\n		\n

30.96%

\n
\n

Ireland

\n		\n

Beyond Entertainment Holdings Limited

\n		\n

97.86%

\n		\n

45.03%

\n
\n

Ireland

\n		\n

Beyond Rights (Ireland) Limited

\n		\n

-

\n		\n

45.03%

\n
\n

Ireland

\n		\n

Beyond Rights Distribution Limited

\n		\n

78.29%

\n		\n

12.24%

\n
\n

Ireland

\n		\n

Melodia Limited

\n		\n

-

\n		\n

32.62%

\n
\n

Israel

\n		\n

Endemol Israel Ltd

\n		\n

95.35%

\n		\n

95.35%

\n
\n

Israel

\n		\n

Movie Plus Productions (2005) Ltd.

\n		\n

48.63%

\n		\n

48.63%

\n
\n

Israel

\n		\n

Paolina Jerusalem Productions Ltd

\n		\n

48.63%

\n		\n

47.08%

\n
\n

Italy

\n		\n

Ascent Film S.r.l.

\n		\n

49.91%

\n		\n

49.91%

\n
\n

Italy

\n		\n

ATLANTIS FILM & VIDEO SRL

\n		\n

97.86%

\n		\n

-

\n
\n

Italy

\n		\n

AURORA TV SRL

\n		\n

97.86%

\n		\n

78.29%

\n
\n

Italy

\n		\n

BAG MEDIA S.R.L.

\n		\n

48.93%

\n		\n

-

\n
\n

Italy

\n		\n

Balich Wonder Studio SpA

\n		\n

50.57%

\n		\n

49.28%

\n
\n

Italy

\n		\n

Banijay Italia Holding S.R.L.

\n		\n

97.86%

\n		\n

48.63%

\n
\n

Italy

\n		\n

BANIJAY ITALIA SpA

\n		\n

97.86%

\n		\n

48.63%

\n
\n

Italy

\n		\n

Banijay Music Italy SrL

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Italy

\n		\n

BANIJAY STUDIOS ITALY SRL

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Italy

\n		\n

The Wonder Society S.r.l (former Bigb Holding SrL)

\n		\n

50.57%

\n		\n

49.91%

\n
\n

Italy

\n		\n

DOGHEAD ANIMATION APULIA S.r.l

\n		\n

38.73%

\n		\n

16.33%

\n
\n

Italy

\n		\n

DOGHEAD ANIMATION S.r.l

\n		\n

38.73%

\n		\n

16.66%

\n
\n

Italy

\n		\n

Endemol Shine Italy S.p.A.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Italy

\n		\n

For Fun Distribution S.r.l

\n		\n

-

\n		\n

34.58%

\n
\n

Italy

\n		\n

Groenlandia S.r.l.

\n		\n

49.91%

\n		\n

49.91%

\n
\n

Italy

\n		\n

ITV\u00a0MOVIE SRL

\n		\n

97.86%

\n		\n

89.30%

\n
\n

Italy

\n		\n

L'Officina SRL

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Italy

\n		\n

MOBO S.r.l

\n		\n

19.96%

\n		\n

7.61%

\n
\n

Italy

\n		\n

MOVIMENTI PRODUCTION SRL

\n		\n

39.93%

\n		\n

15.21%

\n
\n

Italy

\n		\n

RAIN FROG S.r.l

\n		\n

20.36%

\n		\n

19.60%

\n
\n

Italy

\n		\n

ROCKET MUSIC PUBLISHING S.r.l

\n		\n

20.36%

\n		\n

-

\n
\n

Mexico

\n		\n

Balich Wonder Studio Mexico S.A.

\n		\n

50.57%

\n		\n

-

\n
\n

Mexico

\n		\n

Banijay Mexico and US Hispanic, S.A.P.I. de C.V.

\n		\n

49.91%

\n		\n

49.91%

\n
\n

Mexico

\n		\n

Boomdog Studios, S.A. de C.V.

\n		\n

49.71%

\n		\n

49.71%

\n
\n

Mexico

\n		\n

Endemol Shine Boomdog Holding, S.A.P.I. de C.V.

\n		\n

49.91%

\n		\n

10.18%

\n
\n

Mexico

\n		\n

Endemol Shine Boomdog, S.A.P.I. de C.V.

\n		\n

49.89%

\n		\n

20.35%

\n
\n

Netherlands

\n		\n

8th Continent Film Production

\n		\n

97.86%

\n		\n

20.36%

\n
\n

Netherlands

\n		\n

Banijay Benelux B.V.

\n		\n

97.86%

\n		\n

20.36%

\n
\n

Netherlands

\n		\n

Banijay Benelux Holding B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Costa Film Productie B.V.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Netherlands

\n		\n

Endemol Licentie B.V.

\n		\n

97.86%

\n		\n

49.71%

\n
\n

Netherlands

\n		\n

Endemol Personeel B.V.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Netherlands

\n		\n

Endemol Shine IP B.V.

\n		\n

97.86%

\n		\n

49.89%

\n
\n

Netherlands

\n		\n

Endemol Shine Nederland B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Endemol Shine Nederland Producties B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Endemol Shine Scripted B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Escape TV Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Freek Tapes TV Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Geheugenspel Film Productie B.V.\u00a0

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Gouden Uur TV Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Grundy/Endemol Nederland v.o.f.

\n		\n

48.93%

\n		\n

48.93%

\n
\n

Netherlands

\n		\n

HolyMoly TV B.V.

\n		\n

48.93%

\n		\n

48.93%

\n
\n

Netherlands

\n		\n

Human Playground TV Production B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

MXMZ Media B.V. (former Endemol Shine Sport B.V.)

\n		\n

-

\n		\n

83.96%

\n
\n

Netherlands

\n		\n

NL Film en TV B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

NL Film Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

NL TV Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Posh Productions B.V.

\n		\n

49.91%

\n		\n

24.95%

\n
\n

Netherlands

\n		\n

Scenery B.V.

\n		\n

49.91%

\n		\n

24.95%

\n
\n

Netherlands

\n		\n

Scriptstudio B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

SimpelZodiak BV

\n		\n

97.86%

\n		\n

-

\n
\n

Netherlands

\n		\n

SNP Holding B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

SNP Media B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Southfields B.V.

\n		\n

83.96%

\n		\n

83.96%

\n
\n

Netherlands

\n		\n

Topkapi DHA B.V.

\n		\n

49.91%

\n		\n

25.46%

\n
\n

Netherlands

\n		\n

Topkapi Distribution B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi Films B.V.

\n		\n

49.91%

\n		\n

49.92%

\n
\n

Netherlands

\n		\n

Topkapi Production Services B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi Rights I B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Topkapi Rights ll B.V

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi Tuig B.V

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi TV B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi TV Droneland B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi TV Elixer B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi TV Etty B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

TVBV BV

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Twentytwo Producties B.V.

\n		\n

49.91%

\n		\n

25.46%

\n
\n

Netherlands

\n		\n

Van der Valk TV Production B.V.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Netherlands

\n		\n

Vuurwerk TV Productie B.V.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Netherlands

\n		\n

Werktitel Entertainment B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

New Zealand

\n		\n

153 Productions NZ Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

New Zealand

\n		\n

Berg Productions Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

New Zealand

\n		\n

Dead Head Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

ESA UK Productions Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

New Zealand

\n		\n

ESA US Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

First Responders Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

LUMA ENCHANTED LIMITED

\n		\n

97.86%

\n		\n

-

\n
\n

New Zealand

\n		\n

Off the Grid Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

Remarkable Productions NZ Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

Remarkable Studios Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

Screentime New Zealand Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

TASTE OF ART PRODUCTIONS LIMITED

\n		\n

97.86%

\n		\n

-

\n
\n

New Zealand

\n		\n

THE GULF PRODUCTIONS LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

THE SUMMIT PRODUCTIONS NZ 2022 LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Banijay Norway AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Beforeigners Production AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Mastiff AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Mastiff Entertainment AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Nordisk Banijay AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Rubicon Produksjon AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Rubicon TV AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Screen Media AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Yellow Bird Norge AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Poland

\n		\n

Endemol Shine Polska Sp. z.o.o.

\n		\n

88.28%

\n		\n

78.50%

\n
\n

Portugal

\n		\n

Endemol Portugal, Unipessoal Lda.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Portugal

\n		\n

Portocabo Atlantico Unipessoal Lda.

\n		\n

73.88%

\n		\n

73.88%

\n
\n

Portugal

\n		\n

Shine Iberia Portugal, Unipessoal, Lda

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Samoa

\n		\n

The Landing Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Saudi Arabia

\n		\n

Balich Wonder Studio for Entertainment LLC (former Balich Wonder Studio KSA)

\n		\n

50.57%

\n		\n

50.57%

\n
\n

Saudi Arabia

\n		\n

HQ Worldwide Shows Saudi Company for Exhibition and Conferences Organization (former HQWS KSA)

\n		\n

25.80%

\n		\n

25.80%

\n
\n

Spain

\n		\n

1992 La Serie SLU

\n		\n

49.94%

\n		\n

45.05%

\n
\n

Spain

\n		\n

30 Monedas La Serie SL

\n		\n

49.94%

\n		\n

49.94%

\n
\n

Spain

\n		\n

Anciana Milenaria SLU

\n		\n

49.94%

\n		\n

37.70%

\n
\n

Spain

\n		\n

Banijay Iberia SLU

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Spain

\n		\n

Crespeth Films AIE

\n		\n

49.42%

\n		\n

49.42%

\n
\n

Spain

\n		\n

CUARZO Producciones SL

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Spain

\n		\n

Culpa Mia SLU

\n		\n

49.94%

\n		\n

12.99%

\n
\n

Spain

\n		\n

DE LORENZO PRODUCCIONES E INVERSIONES SL

\n		\n

48.93%

\n		\n

24.97%

\n
\n

Spain

\n		\n

DIAGONAL TELEVISIO SLU

\n		\n

97.86%

\n		\n

49.94%

\n
\n

Spain

\n		\n

DLO NAVARRA SL

\n		\n

48.93%

\n		\n

24.97%

\n
\n

Spain

\n		\n

ENFRENTADOS SL

\n		\n

49.94%

\n		\n

49.94%

\n
\n

Spain

\n		\n

ENTREPRENEURS LA SERIE SL

\n		\n

49.94%

\n		\n

25.22%

\n
\n

Spain

\n		\n

Gestmusic Endemol, S.A.U.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Spain

\n		\n

Gestmusic Proyectos SLU

\n		\n

97.86%

\n		\n

49.94%

\n
\n

Spain

\n		\n

Global Palenove SLU

\n		\n

49.94%

\n		\n

24.97%

\n
\n

Spain

\n		\n

LA ASISTENTA LA PEL\u00cdCULA S.L.U.

\n		\n

49.94%

\n		\n

49.94%

\n
\n

Spain

\n		\n

La Bolita Movie SL

\n		\n

47.44%

\n		\n

23.72%

\n
\n

Spain

\n		\n

La Otra casa La Pel\u00edcula AIE

\n		\n

0.25%

\n		\n

25.47%

\n
\n

Spain

\n		\n

LaLiga Studios S.L.

\n		\n

49.91%

\n		\n

25.47%

\n
\n

Spain

\n		\n

Largas Sombras S.L.U.\u00a0

\n		\n

48.93%

\n		\n

48.93%

\n
\n

Spain

\n		\n

Magnolia TV Espana

\n		\n

-

\n		\n

97.86%

\n
\n

Spain

\n		\n

Monos con Pistolas La Serie SLU

\n		\n

49.94%

\n		\n

25.48%

\n
\n

Spain

\n		\n

Pedralonga Estudios SL

\n		\n

12.30%

\n		\n

6.28%

\n
\n

Spain

\n		\n

Pokeepsie Films, S.L.

\n		\n

49.94%

\n		\n

24.21%

\n
\n

Spain

\n		\n

Pokeepsietxea S.L.U.

\n		\n

49.94%

\n		\n

0.13%

\n
\n

Spain

\n		\n

Portocabo Canarias SLU

\n		\n

73.88%

\n		\n

37.68%

\n
\n

Spain

\n		\n

Portocabo Mediterraneo SLU

\n		\n

73.88%

\n		\n

36.94%

\n
\n

Spain

\n		\n

Portocabo TV SL

\n		\n

73.88%

\n		\n

-

\n
\n

Spain

\n		\n

Producciones Sol Naciente, AIE

\n		\n

-

\n		\n

24.97%

\n
\n

Spain

\n		\n

Project Academy Series SL

\n		\n

97.86%

\n		\n

12.30%

\n
\n

Spain

\n		\n

R. Zinman Productions, A.I.E.

\n		\n

94.63%

\n		\n

48.29%

\n
\n

Spain

\n		\n

Sabinas Diagonal S.L.

\n		\n

97.86%

\n		\n

49.94%

\n
\n

Spain

\n		\n

Shine Iberia S.L.U.

\n		\n

97.86%

\n		\n

73.88%

\n
\n

Spain

\n		\n

The Fear Collection I AIE

\n		\n

49.94%

\n		\n

37.70%

\n
\n

Spain

\n		\n

The Fear Collection III AIE

\n		\n

49.94%

\n		\n

37.70%

\n
\n

Spain

\n		\n

TODO COMIENZA CON UN JUEGO, A.I.E

\n		\n

-

\n		\n

-

\n
\n

Spain

\n		\n

Zeppelin Television, S.A.U.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Banijay Sweden AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Endemol Shine Nordics AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Filmlance International AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Friday TV AB

\n		\n

97.86%

\n		\n

49.94%

\n
\n

Sweden

\n		\n

Jarowskij Enterprises AB

\n		\n

-

\n		\n

49.94%

\n
\n

Sweden

\n		\n

Jarowskij Sverige AB

\n		\n

-

\n		\n

-

\n
\n

Sweden

\n		\n

Jarowskij Yellow Bird AB

\n		\n

97.86%

\n		\n

-

\n
\n

Sweden

\n		\n

Mastiff AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Mastiff Creative AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Mastiff Media Holding AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Meter Entertainment AB

\n		\n

97.86%

\n		\n

-

\n
\n

Sweden

\n		\n

Meter Television AB

\n		\n

-

\n		\n

-

\n
\n

Sweden

\n		\n

Metronome Rental AB

\n		\n

97.86%

\n		\n

-

\n
\n

Sweden

\n		\n

NORDISK FILM & TV PRODUKTION AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Solsidan Produktion HB

\n		\n

48.93%

\n		\n

48.93%

\n
\n

Sweden

\n		\n

We Are Post AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Yellow Bird Holding AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Yellow Bird Sweden AB

\n		\n

-

\n		\n

97.86%

\n
\n

Switzerland

\n		\n

B&B Endemol Shine AG

\n		\n

44.58%

\n		\n

-

\n
\n

United Arab Emirates

\n		\n

HQ Worldwide Shows LLC

\n		\n

25.80%

\n		\n

25.80%

\n
\n

United Kingdom

\n		\n

21CF Shine Holdings UK Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Among Giants Ltd

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United Kingdom

\n		\n

Artists Studio Management Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Artists' Studio TV Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Bad Ed The Movie Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Bandit (Delicious 3) Limited

\n		\n

97.86%

\n		\n

44.58%

\n
\n

United Kingdom

\n		\n

Banijay Brands Limited

\n		\n

-

\n		\n

25.45%

\n
\n

United Kingdom

\n		\n

Banijay Kids & Family (Holding) Limited

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Banijay Kids & Family Distribution Limited

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

BANIJAY MEDIA LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Banijay Rights Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Banijay Services Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Banijay UK Entertainment Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Banijay UK Productions Limited

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Bazal Productions Ltd.

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Black Mirror Drama (S4) Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Black Mirror Drama (S5) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Black Mirror Drama Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

BLACKLIGHT (DRAMA) LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

BlackLight Television Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Brand and Talent Consortium Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Brighter Pictures Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Brown Eyed Boy (MHB) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Brown Eyed Boy Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Bwark Films Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Bwark Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Castaway Television Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

ChannelFlip Media Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Dangerous Films Limited

\n		\n

68.50%

\n		\n

68.50%

\n
\n

United Kingdom

\n		\n

Darlow Smithson Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

DEFINITELY PRODUCTIONS LIMITED

\n		\n

-

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

DINOPAWS UK Limited

\n		\n

-

\n		\n

28.54%

\n
\n

United Kingdom

\n		\n

Double Dutch (Drama) Limited

\n		\n

49.03%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Double Dutch Productions Ltd

\n		\n

49.03%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Douglas Road Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Dragonfly Documentaries Limited (former Dragonfly Drama Limited)

\n		\n

97.86%

\n		\n

63.66%

\n
\n

United Kingdom

\n		\n

Dragonfly Film and Television Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Dream Alliance Productions Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Workerbee Live (Luminiscence) Limited (former DSP Drama 2 Limited)

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

DSP Drama 3 LTD

\n		\n

97.86%

\n		\n

49.03%

\n
\n

United Kingdom

\n		\n

DSP Drama 4 Limited

\n		\n

97.86%

\n		\n

49.03%

\n
\n

United Kingdom

\n		\n

DSP Drama Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Edam SLB Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Electric Robin (BITW) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Electric Robin (BTR) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Electric Robin (GOG) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Electric Robin Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Endemol Shine Gaming Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Endemol Shine Group Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Endemol UK Holding Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fall Productions Ltd

\n		\n

44.04%

\n		\n

44.04%

\n
\n

United Kingdom

\n		\n

Ty'r Ddraig Limited (former Far Moor Media Ltd)

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (AM) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (Domina) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (Fortitude 3) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (Guerrilla) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (KAW2) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms Productions Ltd

\n		\n

97.86%

\n		\n

44.04%

\n
\n

United Kingdom

\n		\n

FKAI productions Ltd

\n		\n

-

\n		\n

28.54%

\n
\n

United Kingdom

\n		\n

Garrison Drama Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Good Catch Ltd

\n		\n

-

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

GRAYPOOLE Films Ltd

\n		\n

-

\n		\n

28.54%

\n
\n

United Kingdom

\n		\n

Guilder Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

HANK ZIPZER Productions Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

Hawkshead Ltd.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

House of Tomorrow Drama Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

House of Tomorrow Holdings Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

House of Tomorrow Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Initial (Seaforth) Ltd.

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Initial Film & Television (Frankies House) Ltd.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Initial Film & Television (Horse Opera) Ltd.

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Initial Film & Television Ltd.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

IWC Media Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Izenda Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kale TV Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Kindle (Little Darlings) Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

Kindle Entertainment (Big and Small) Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

Kindle Entertainment (HANK ZIPZER) Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

KINDLE ENTERTAINMENT LIMITED

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

Kindle Entertainment Productions Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

KISS ME FIRST Ltd

\n		\n

-

\n		\n

28.54%

\n
\n

United Kingdom

\n		\n

Kudos (BG) Ltd

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Kudos (Broadchurch) Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

KUDOS (SAS 3) LIMITED (former Kudos (Burn Up) Ltd)

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Child) Ltd.

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Code 404) Limited

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Deadwater) Ltd.

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Deep Water) Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Eternal) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester 10) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester 8) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester 9) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester Five) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester Four) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester Seven) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester Six) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Gunpowder) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Hour) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Humans Three) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Humans) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (L&O) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Law) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Manhattan) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Morton) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Occupation) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (River) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (SAS 2) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (SAS) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Spooks) CP Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Squirrel) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

KUDOS (THIS TOWN) LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Tin Star) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Troy) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

KUDOS (GRANTCHESTER 11) LIMITED (former Kudos (Tsunami))

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Tunnel) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Two Weeks) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (WM) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (You) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Film & Television Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Financing Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Hustle Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Rights Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Scotland Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Lomond Television Ltd.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Lovely Day Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Mam Tor Productions (Open Water) Ltd

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Mam Tor Productions (Scotland) Ltd

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Mam Tor Productions (Wild Lion) Ltd

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Mam Tor Productions Limited

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

NC Shine Acquisition Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

New Moon Rising Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Newincco 1151 Ltd

\n		\n

48.94%

\n		\n

48.94%

\n
\n

United Kingdom

\n		\n

WORKERBEE MC DOC LIMITED (former Not Driving That Limited)

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

OP MEDIA Ltd

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 2 Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 3 Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 4 Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 5 Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 6 Limited

\n		\n

97.86%

\n		\n

48.94%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Princess Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

RDF Television Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Secret Life of Boys 5 Ltd

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Shelby Company Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Creative (UK) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Jet Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Midco Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Pictures (UK) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

SHINE TV (FM) LIMITED

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Shine TV (Hunted) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine TV Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shiny Button Productions (SPV) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shiny Button Productions (YCOM) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shiny Button Productions limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Simon's Cat Ltd

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Sound Pocket Music Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Spooks Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Superchargers Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Stan and Gran Productions Limited

\n		\n

78.29%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Ted\u2019s Top Ten Ltd

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Teen Taxis Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

THE A LIST (KEL) Ltd

\n		\n

-

\n		\n

29.11%

\n
\n

United Kingdom

\n		\n

THE A LIST 2 (KEL) Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

The Boys Are Back In Town Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

The Comedy Unit Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

The Fall 2 Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

The Fall 3 Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (3B) Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (AB4) Ltd

\n		\n

52.79%

\n		\n

-

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (AB5) Ltd.

\n		\n

52.79%

\n		\n

-

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Falling) Limited (former The Forge Entertainment (BE2) Ltd)

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (DEBS2) Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Debutante) Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (DM) Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Elizabeth) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (GenZ) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Highlands & Islands) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Home) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Kiri) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Marriage) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (National Treasure) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Productions) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Roadkill) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (REP) Limited (former The Forge Entertainment (ROTG) Ltd)

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Sandrine) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Shardlake) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (The Light) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (The Miniaturist) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment Limited

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Foundation T.V. Productions (Scotland) Limited

\n		\n

78.29%

\n		\n

40.64%

\n
\n

United Kingdom

\n		\n

The Natural Studios Limited

\n		\n

59.69%

\n		\n

32.20%

\n
\n

United Kingdom

\n		\n

The Natural Studios Productions Ltd

\n		\n

59.69%

\n		\n

32.20%

\n
\n

United Kingdom

\n		\n

TIGER ASPECT (3LB) LIMITED

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (BH&MP) Limited

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (Comedy) Ltd

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (Fortitude 2) Ltd

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (GKH) Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (GKH3) Limited

\n		\n

97.86%

\n		\n

59.69%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (Good Karma) Limited

\n		\n

97.86%

\n		\n

59.69%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (KAW) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (Viewpoint) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Animation Ltd

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Assets Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Drama (Curfew) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Drama (Ripper Street 4) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Drama Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Films Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Financing Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Holdings Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Kids & Family Limited

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Pictures (Dog Eat Dog) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Pictures (Royston Vasey) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Pictures (Tosspot) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Pictures Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Scotland Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Television Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Tigress Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tronpipe Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Victoria Real Ltd.

\n		\n

96.34%

\n		\n

96.34%

\n
\n

United Kingdom

\n		\n

Wild Mercury (Fear) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury (Moreton) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury (The Rig 2) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury (The Rig) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury (Troy) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury Production Company Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild West (Initial) Ltd.

\n		\n

97.86%

\n		\n

96.34%

\n
\n

United Kingdom

\n		\n

Wonder Television Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Workerbee (Jack) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

WORKERBEE (SPORTS) LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Workerbee Documentary Films Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

YELLOW BIRD PRODUCTIONS UK LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Yemen Distributions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Yemen Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Young Bwark Limited

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United Kingdom

\n		\n

Zeppotron Drama Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Zeppotron Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Zodiak Kids & Family Productions UK Limited

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Zodiak Kids UK Ltd

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Zodiak Music Publishing Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

51 Minds Entertainment LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

51 Minds, LLC

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

ACIP CO LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

All Knight Music LLC

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United States

\n		\n

Anonymous Music Library, LLC

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United States

\n		\n

Ant Eggs Rentals LLC

\n		\n

49.91%

\n		\n

39.93%

\n
\n

United States

\n		\n

Atrium Entertainment LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Authentic Entertainment Holding, LLC.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Authentic Entertainment, LLC.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Authentic Minds, LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Balich Wonder Studio USA Inc.

\n		\n

50.57%

\n		\n

25.29%

\n
\n

United States

\n		\n

Banijay Americas, Inc.

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

BANIJAY ENTERTAINMENT HOLDINGS US II INC

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United States

\n		\n

BANIJAY ENTERTAINMENT HOLDINGS US, INC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Banijay Mexico and US Hispanic, LLC

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United States

\n		\n

Banijay US Holdings Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Banijay US Live Entertainment, Inc

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

Berkeley Productions Inc

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United States

\n		\n

BG Apple LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Big Ant Productions, LLC

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United States

\n		\n

BL4 Productions Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

BMP Films Inc

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United States

\n		\n

Brigadier Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

BSNA Entertainment LLC

\n		\n

76.59%

\n		\n

76.59%

\n
\n

United States

\n		\n

BUNIM MURRAY PRODUCTIONS INC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

BUNIM MURRAY PRODUCTIONS LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Burbank North Productions, LLC

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

CCCM Projects LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Clock Tower Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Coconunu Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Complete Solution Pictures and Sound

\n		\n

76.59%

\n		\n

59.94%

\n
\n

United States

\n		\n

Creole Manny LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Cristal Ball Enterprises LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Crosswalk Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Distance Productions, Inc.

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

Endemol Beyond USA, LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol Latino N.A., Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol Shine Boomdog, LLC

\n		\n

49.91%

\n		\n

39.06%

\n
\n

United States

\n		\n

Endemol Shine SPV, LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol Shine US Office LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol Studios

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol USA Holding, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol USA Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Flow Ventures LLC

\n		\n

-

\n		\n

36.70%

\n
\n

United States

\n		\n

Front Yard Productions Inc.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United States

\n		\n

GloNation Studios LLC

\n		\n

4.99%

\n		\n

4.99%

\n
\n

United States

\n		\n

Go Ahead Productions Inc

\n		\n

76.59%

\n		\n

76.59%

\n
\n

United States

\n		\n

Gramercy\u00a0Global\u00a0Entertainment

\n		\n

58.23%

\n		\n

58.23%

\n
\n

United States

\n		\n

Gulf Stream Media Inc

\n		\n

76.59%

\n		\n

76.59%

\n
\n

United States

\n		\n

Hashtag Entertainment LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Hippocratical Productions LLC

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

Hizzoner LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

HMGGLO LLC

\n		\n

9.79%

\n		\n

0.50%

\n
\n

United States

\n		\n

Home Brewed Productions LLC

\n		\n

97.86%

\n		\n

76.59%

\n
\n

United States

\n		\n

Home Run Production Services LLC

\n		\n

75.84%

\n		\n

45.13%

\n
\n

United States

\n		\n

In the Keys Music LLC

\n		\n

48.93%

\n		\n

38.29%

\n
\n

United States

\n		\n

Keeping Track Music Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Legende Films Inc.

\n		\n

-

\n		\n

48.93%

\n
\n

United States

\n		\n

Lock and Key Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Lock Cut 9 LLC

\n		\n

48.93%

\n		\n

4.89%

\n
\n

United States

\n		\n

Look Both Ways Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

M Cable Television Inc

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

M Theory Entertainment, Inc

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

Media Production Services, LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Middleman LLC

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

Mobility Productions, Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Mountain View Productions LLC

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

Navy Street Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

No Doubt Post Production, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Note Republic LLC

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United States

\n		\n

NoVat Productions, LLC

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United States

\n		\n

Only on Oxnard LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Original Ink LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Original Media, LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Our House Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Oxnard Cats Entertainment LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Pico Script Lab, Inc.

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

PMPGL LLC

\n		\n

75.84%

\n		\n

38.68%

\n
\n

United States

\n		\n

Production Support Services, LLC.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Rhapsolody Music LB Inc.

\n		\n

49.91%

\n		\n

38.68%

\n
\n

United States

\n		\n

Road Rules Productions Inc

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

RW Productions Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

SHEA OFFICE SPACE AND FURNISHINGS

\n		\n

76.59%

\n		\n

76.59%

\n
\n

United States

\n		\n

Shine Television LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Shine US Holdings Inc

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

Snack Tray Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Spring Break Films LLC

\n		\n

-

\n		\n

24.95%

\n
\n

United States

\n		\n

Story Telling Inc.

\n		\n

-

\n		\n

48.93%

\n
\n

United States

\n		\n

Suns Productions, LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Sunset Ventures Inc

\n		\n

76.59%

\n		\n

59.94%

\n
\n

United States

\n		\n

Superior Production Services LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Swampy Projects LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Tasty Treat LLC

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United States

\n		\n

The American Cue Society LLC

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

Trade Winds Productions Inc

\n		\n

76.59%

\n		\n

-

\n
\n

United States

\n		\n

True Entertainment LLC

\n		\n

75.84%

\n		\n

58.78%

\n
\n

United States

\n		\n

True TTH, LLC

\n		\n

75.84%

\n		\n

59.35%

\n
\n

United States

\n		\n

Truly Original, LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Turnt up Productions LLC

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

UBBP Inc

\n		\n

76.59%

\n		\n

38.29%

\n
\n

United States

\n		\n

United Front Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Very Water Logged LLC

\n		\n

97.86%

\n		\n

76.59%

\n
\n

United States

\n		\n

Wheelhouse Productions LLC

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

YOLO Productions LLC

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

Zamora Films LLC

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

ZnakTV Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Zodiak Americas

\n		\n

97.86%

\n		\n

76.59%

\n
\n

United States

\n		\n

Zoom Equipment Rentals LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

\n
\n

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

Country of incorporation

\n		\n

Name of the legal entity

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Austria

\n		\n

influence.vision GmbH

\n		\n

-

\n		\n

36.93%

\n
\n

France

\n		\n

Black Lemon SAS

\n		\n

-

\n		\n

10.09%

\n
\n

France

\n		\n

Financi\u00e8re EMG

\n		\n

4.72%

\n		\n

4.77%

\n
\n

France

\n		\n

M.G. Productions

\n		\n

47.95%

\n		\n

48.45%

\n
\n

France

\n		\n

SA\u0112

\n		\n

47.95%

\n		\n

-

\n
\n

Germany

\n		\n

Dynamic Ally Pictures GmbH

\n		\n

29.13%

\n		\n

26.17%

\n
\n

Germany

\n		\n

Ladykracher TV-Produktion GmbH

\n		\n

44.14%

\n		\n

39.66%

\n
\n

Germany

\n		\n

Minestrone TV Produktion GbR

\n		\n

44.14%

\n		\n

39.66%

\n
\n

Italy

\n		\n

Greenboo Production S.r.l.

\n		\n

47.95%

\n		\n

48.45%

\n
\n

Netherlands

\n		\n

Content Intelligence B.V.

\n		\n

24.37%

\n		\n

24.62%

\n
\n

Netherlands

\n		\n

Crossmex B.V.

\n		\n

58.72%

\n		\n

59.33%

\n
\n

United Kingdom

\n		\n

Conker Pictures Limited

\n		\n

24.47%

\n		\n

24.72%

\n
\n

United Kingdom

\n		\n

Double Dutch (Drama) Limited

\n		\n

-

\n		\n

49.34%

\n
\n

United Kingdom

\n		\n

Double Dutch Productions Ltd

\n		\n

-

\n		\n

49.34%

\n
\n

United Kingdom

\n		\n

Esmeralda Productions Limited

\n		\n

29.33%

\n		\n

29.63%

\n
\n

United Kingdom

\n		\n

Immovable Studios Ltd.

\n		\n

19.57%

\n		\n

19.78%

\n
\n

United Kingdom

\n		\n

Rabbit Track Pictures Limited

\n		\n

20.93%

\n		\n

21.15%

\n
\n

United States

\n		\n

BD4 Productions LLC

\n		\n

47.95%

\n		\n

48.45%

\n
\n

United States

\n		\n

Hyphenated Media Group LLC

\n		\n

9.79%

\n		\n

9.89%

\n
\n

United States

\n		\n

Ensemble Entertainment LLC

\n		\n

1.47%

\n		\n

1.48%

\n
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346792_0": { "value": "
2.5.5Investments in associates and joint ventures
\n

A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.

\n

The results and net assets (or net liabilities) of associates or joint ventures are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS\u00a05.

\n

Under the equity method, an investment in an associate or a joint venture is recognised initially in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the associate or joint venture.

\n

On acquisition of the investment in an associate or a joint venture, any excess of the cost of the investment over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment.

\n

17.1Main investments in associates and joint ventures

\n

As of 31\u00a0December 2025, the Group The Independents, through the entity K10 Holding\u00a0S.A. (\u201cK10\u201d), was the main company accounted for by Banijay Group\u00a0N.V. under the equity method.

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

(in \u20ac million)

\n		\n

Voting interests

\n		\n

Net carrying amount
of equity affiliates

\n
\n

31 December 2025

\n		\n

31 December 2024

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

The Independents

\n		\n

14.05%(1)

\n		\n

14.22%

\n		\n

75.9

\n		\n

74.1

\n
\n

Other

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

21.8

\n		\n

35.7

\n
\n

Investments in associates and joint ventures

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

97.7

\n		\n

109.8

\n
\n

(1)Including (i) the direct participation through K10 C bis shares recognised as a financial asset (3.64%) and (ii) the indirect participation through Gardenia (1.49%)\u00a0as of December 2025 (and, respectively, 3.78% and 1.52% as of 31 December 2024) \u2013 please refer to Note 17.2 for further explanation.

\n
\n

Change in the value of investments in associates and joint ventures:

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Value as of 1\u00a0January

\n		\n

109.8

\n		\n

31.7

\n
\n

Results of the period

\n		\n

(0.9)

\n		\n

(3.1)

\n
\n

Dividend paid

\n		\n

(0.1)

\n		\n

(0.3)

\n
\n

Capital increase(1)

\n		\n

0.5

\n		\n

13.9

\n
\n

Impairment(2)

\n		\n

(10.0)

\n		\n

(2.4)

\n
\n

Change in consolidation scope(3)

\n		\n

(1.0)

\n		\n

80.3

\n
\n

Foreign currency translation reserve

\n		\n

(1.4)

\n		\n

0.9

\n
\n

Change in consolidation method

\n		\n

(0.0)

\n		\n

-

\n
\n

Negative equity portion transferred to provisions for financial risk

\n		\n

0.3

\n		\n

(0.1)

\n
\n

Reclassification in loan(4)

\n		\n

-

\n		\n

(11.0)

\n
\n

Others

\n		\n

0.5

\n		\n

0.0

\n
\n

Value as of 31\u00a0December

\n		\n

97.7

\n		\n

109.8

\n
\n

(1)Capital increase mainly relates to investments in Hyphenated Media Group (USA), Greenboo (Italy) and Esmeralda (UK).

\n

(2)Following fair value measurement based on expected performance and impairment has been booked in \u201cShare of net income from associates & joint venture\u2019\u2019.

\n

(3)Change in consolidation scope: mainly related to Double Dutch & Influence Vision (Equity to full consolidation).

\n

(4)In 2024, the decrease in investments in associates concerned Financi\u00e8re EMG due to a partial capital reimbursement from the entity converted into a convertible loan.

\n
\n

17.3Financial information of main investments in associates and joint ventures

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

The Independents (100%)(1)

\n		\n

Other

\n		\n

Associates
and joint ventures

\n
\n

Non-current assets

\n		\n

507.8

\n		\n

447.5

\n		\n

849.7

\n
\n

Current assets

\n		\n

331.2

\n		\n

121.1

\n		\n

474.7

\n
\n

Total assets

\n		\n

839.0

\n		\n

568.7

\n		\n

1 324.4

\n
\n

Total equity

\n		\n

219.9

\n		\n

(145.7)

\n		\n

127.9

\n
\n

Non-current liabilities

\n		\n

406.1

\n		\n

499.5

\n		\n

756.8

\n
\n

Current liabilities

\n		\n

212.9

\n		\n

214.8

\n		\n

439.7

\n
\n

Total liabilities

\n		\n

839.0

\n		\n

568.7

\n		\n

1 324.4

\n
\n

Revenue

\n		\n

626.2

\n		\n

250.1

\n		\n

731.0

\n
\n

Net result

\n		\n

0.2

\n		\n

(45.6)

\n		\n

(24.5)

\n
\n

(1)Figures as at 31\u00a0December 2024.

\n
\n

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

Note 32

\n		\n

List of sub-group Banijay Entertainment and Live and sub-group Banijay Gaming's subsidiaries

\n
\n

32.1Banijay Entertainment and Live\u2019s sub-group consolidation scope

\n

The table below presents the percentage of ownership interest in Banijay\u00a0SAS subsidiaries held by the Group (including Banijay Group\u2019s indirect ownership):

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

Country of incorporation

\n		\n

Name of the legal entity

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Australia

\n		\n

Endemol Shine Australia Holdings Pty Limited

\n		\n

97.86%

\n		\n

98.88%

\n
\n

Australia

\n		\n

Endemol Shine Australia Pty Ltd

\n		\n

97.86%

\n		\n

6.54%

\n
\n

Australia

\n		\n

Endemol Southern Star Pty. Ltd.

\n		\n

97.86%

\n		\n

92.34%

\n
\n

Australia

\n		\n

ESA Productions 1 Pty Ltd

\n		\n

97.86%

\n		\n

0.00%

\n
\n

Australia

\n		\n

ESA Productions 2 Pty Ltd

\n		\n

97.86%

\n		\n

0.00%

\n
\n

Australia

\n		\n

ESA Productions 3 Pty Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

Australia

\n		\n

ESA Productions 4 PTY Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

Australia

\n		\n

ESA Productions 5 Pty Ltd

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

ESA Productions 6 Pty Ltd

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

ESA Productions 7 PTY LTD

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Australia

\n		\n

ESA Productions 8 PTY LTD

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Australia

\n		\n

ESA PRODUCTIONS 9 PTY LTD

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

ESA Services Pty Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Australia

\n		\n

HQWS APAC\u00a0PTY LTD

\n		\n

25.80%

\n		\n

25.80%

\n
\n

Australia

\n		\n

Screentime Commercial Pty Limited

\n		\n

97.86%

\n		\n

95.90%

\n
\n

Australia

\n		\n

Screentime Productions No 1\u00a0Pty Ltd

\n		\n

95.90%

\n		\n

93.98%

\n
\n

Australia

\n		\n

Screentime Productions No 2 pty Ltd

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

Screentime Productions No. 3 Pty Ltd

\n		\n

95.90%

\n		\n

95.90%

\n
\n

Australia

\n		\n

SCREENTIME Pty Limited

\n		\n

97.86%

\n		\n

95.90%

\n
\n

Australia

\n		\n

Shine Australia Holdings Pty Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Australia

\n		\n

Endemol Australia Pty Ltd

\n		\n

97.86%

\n		\n

25.45%

\n
\n

Austria

\n		\n

influence.vision GmbH

\n		\n

45.03%

\n		\n

-

\n
\n

Belgium

\n		\n

Banijay Belgium

\n		\n

97.86%

\n		\n

95.90%

\n
\n

Belgium

\n		\n

JONNYDEPONY BV

\n		\n

49.98%

\n		\n

48.99%

\n
\n

Brazil

\n		\n

A F\u00c1BRICA ENTRETENIMENTO E PARTICIPA\u00c7\u00d5ES S.A.

\n		\n

56.76%

\n		\n

48.91%

\n
\n

Brazil

\n		\n

Banijay Estudios Ltda

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Brazil

\n		\n

Endemol Shine Brasil Produ\u00e7\u00f4es Ltda

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Columbia

\n		\n

Banijay Colombia S.A.S

\n		\n

49.91%

\n		\n

-

\n
\n

Denmark

\n		\n

Banijay Denmark ApS

\n		\n

97.86%

\n		\n

45.03%

\n
\n

Denmark

\n		\n

Banijay Nordic ApS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Denmark

\n		\n

Jarowskij Danmark A/S

\n		\n

97.86%

\n		\n

49.98%

\n
\n

Denmark

\n		\n

Mastiff A/S

\n		\n

97.86%

\n		\n

56.76%

\n
\n

Denmark

\n		\n

Metronome Productions A/S

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Denmark

\n		\n

NORDISK FILM TV A/S

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Fiji

\n		\n

The Landing (Fiji) Pte Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Finland

\n		\n

Banijay Finland Oy

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Finland

\n		\n

BANIJAY Holding Suomi OY

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

4-3-3 Production

\n		\n

-

\n		\n

-

\n
\n

France

\n		\n

Adventure Line Productions

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Air Productions

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

ALP Music

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Alphonse Productions

\n		\n

-

\n		\n

48.93%

\n
\n

France

\n		\n

Atlantis Factory

\n		\n

48.93%

\n		\n

48.93%

\n
\n

France

\n		\n

Authentic Media SAS

\n		\n

64.59%

\n		\n

64.59%

\n
\n

France

\n		\n

Authentic Music SAS

\n		\n

64.59%

\n		\n

-

\n
\n

France

\n		\n

B PROD SAS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Balich Wonder Studio France SAS

\n		\n

50.57%

\n		\n

50.57%

\n
\n

France

\n		\n

Banijay Central 11 SAS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay Central 3

\n		\n

97.86%

\n		\n

-

\n
\n

France

\n		\n

Banijay Clipping

\n		\n

73.40%

\n		\n

36.70%

\n
\n

France

\n		\n

Banijay Content

\n		\n

73.40%

\n		\n

48.44%

\n
\n

France

\n		\n

BANIJAY EDITING

\n		\n

73.40%

\n		\n

48.44%

\n
\n

France

\n		\n

Banijay Entertainment SASU

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay France

\n		\n

97.86%

\n		\n

49.91%

\n
\n

France

\n		\n

BANIJAY INTERNATIONAL

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay Kids & Family Distribution France SAS

\n		\n

78.29%

\n		\n

75.35%

\n
\n

France

\n		\n

Banijay Live Events

\n		\n

97.86%

\n		\n

73.40%

\n
\n

France

\n		\n

Banijay Live Studio

\n		\n

97.86%

\n		\n

-

\n
\n

France

\n		\n

BANIJAY PRODUCTION MEDIA

\n		\n

97.86%

\n		\n

73.40%

\n
\n

France

\n		\n

Banijay Social Media SAS

\n		\n

73.40%

\n		\n

73.40%

\n
\n

France

\n		\n

Banijay Studios France

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay Studios France MA2 SAS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Banijay Talent

\n		\n

73.40%

\n		\n

58.72%

\n
\n

France

\n		\n

BASE RECORDS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Beau Soir Productions

\n		\n

48.93%

\n		\n

48.93%

\n
\n

France

\n		\n

Connecting Prod

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

D.M.L.S TV

\n		\n

68.50%

\n		\n

51.38%

\n
\n

France

\n		\n

Daze MGMT

\n		\n

36.70%

\n		\n

36.70%

\n
\n

France

\n		\n

DMLS Films

\n		\n

68.50%

\n		\n

68.50%

\n
\n

France

\n		\n

DMLS Productions

\n		\n

-

\n		\n

51.38%

\n
\n

France

\n		\n

Endemol Fiction

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Endemol France

\n		\n

97.86%

\n		\n

48.93%

\n
\n

France

\n		\n

Endemol Production

\n		\n

-

\n		\n

97.86%

\n
\n

France

\n		\n

Festival'Air

\n		\n

97.86%

\n		\n

68.50%

\n
\n

France

\n		\n

Fiction'Air

\n		\n

97.86%

\n		\n

36.70%

\n
\n

France

\n		\n

G\u00e9t\u00e9v\u00e9 Productions

\n		\n

-

\n		\n

-

\n
\n

France

\n		\n

H2O DIVERTISSEMENT

\n		\n

-

\n		\n

-

\n
\n

France

\n		\n

H2O FICTIONS

\n		\n

-

\n		\n

97.86%

\n
\n

France

\n		\n

H2O JEUX

\n		\n

-

\n		\n

97.86%

\n
\n

France

\n		\n

H2O PRODUCTIONS

\n		\n

97.86%

\n		\n

-

\n
\n

France

\n		\n

IMAGES ON AIR

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

KM

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

KM Presse

\n		\n

97.86%

\n		\n

-

\n
\n

France

\n		\n

Lotchi

\n		\n

49.91%

\n		\n

-

\n
\n

France

\n		\n

Lodition

\n		\n

-

\n		\n

-

\n
\n

France

\n		\n

Monello Productions

\n		\n

59.50%

\n		\n

-

\n
\n

France

\n		\n

Montmartre Films

\n		\n

48.93%

\n		\n

-

\n
\n

France

\n		\n

Non Stop Edition

\n		\n

73.40%

\n		\n

73.40%

\n
\n

France

\n		\n

Non Stop Productions

\n		\n

73.40%

\n		\n

73.40%

\n
\n

France

\n		\n

Ollenom Studio

\n		\n

59.50%

\n		\n

57.27%

\n
\n

France

\n		\n

Pistache TV

\n		\n

97.76%

\n		\n

49.86%

\n
\n

France

\n		\n

Pitchipo\u00ef Productions

\n		\n

48.93%

\n		\n

-

\n
\n

France

\n		\n

Procidis SAS

\n		\n

39.93%

\n		\n

23.37%

\n
\n

France

\n		\n

Puzzle Media

\n		\n

49.91%

\n		\n

24.95%

\n
\n

France

\n		\n

Screenline

\n		\n

97.86%

\n		\n

73.40%

\n
\n

France

\n		\n

SCREENLINE SPV1

\n		\n

97.86%

\n		\n

73.40%

\n
\n

France

\n		\n

Shine Fiction

\n		\n

50.89%

\n		\n

30.94%

\n
\n

France

\n		\n

Kons'Air

\n		\n

97.86%

\n		\n

19.55%

\n
\n

France

\n		\n

Soci\u00e9t\u00e9 Miss France

\n		\n

97.86%

\n		\n

48.93%

\n
\n

France

\n		\n

Studio Kilim SNC

\n		\n

97.86%

\n		\n

39.93%

\n
\n

France

\n		\n

Studio Maboul

\n		\n

97.86%

\n		\n

49.91%

\n
\n

France

\n		\n

Sulak Film SAS

\n		\n

-

\n		\n

48.93%

\n
\n

France

\n		\n

Survivor Central Productions

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Talent Lab

\n		\n

73.40%

\n		\n

38.17%

\n
\n

France

\n		\n

Terence Films

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Upper Talent SAS

\n		\n

73.40%

\n		\n

73.40%

\n
\n

France

\n		\n

Vision Air

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

Yasuke Production SAS

\n		\n

48.93%

\n		\n

48.93%

\n
\n

France

\n		\n

Zodiak Kids Studio France

\n		\n

78.29%

\n		\n

-

\n
\n

France

\n		\n

B PROD CA TOURNE SAS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

France

\n		\n

B PROD EDITING SAS

\n		\n

97.86%

\n		\n

73.40%

\n
\n

Germany

\n		\n

Banijay Germany GmbH

\n		\n

88.28%

\n		\n

78.50%

\n
\n

Germany

\n		\n

Banijay Germany Live GmbH

\n		\n

88.28%

\n		\n

58.88%

\n
\n

Germany

\n		\n

Banijay Media Germany GmbH

\n		\n

88.29%

\n		\n

78.50%

\n
\n

Germany

\n		\n

Banijay Productions Germany GmbH

\n		\n

83.87%

\n		\n

37.28%

\n
\n

Germany

\n		\n

BRAINPOOL Beteilligungsgesellschaft mbH

\n		\n

-

\n		\n

62.80%

\n
\n

Germany

\n		\n

BRAINPOOL Entertainment GmbH

\n		\n

88.29%

\n		\n

78.50%

\n
\n

Germany

\n		\n

BRAINPOOL Live Entertainment GmbH

\n		\n

-

\n		\n

78.50%

\n
\n

Germany

\n		\n

BRAINPOOL TV GmbH

\n		\n

88.29%

\n		\n

70.82%

\n
\n

Germany

\n		\n

CAPE CROSS Entertainment Services GmbH

\n		\n

88.29%

\n		\n

0.00%

\n
\n

Germany

\n		\n

CAPE CROSS Postproduktions GmbH

\n		\n

88.29%

\n		\n

70.83%

\n
\n

Germany

\n		\n

en2rage Management & Consulting GmbH

\n		\n

22.96%

\n		\n

17.50%

\n
\n

Germany

\n		\n

Endemol Shine Germany GmbH

\n		\n

88.28%

\n		\n

-

\n
\n

Germany

\n		\n

Endemol Shine Group Germany GmbH

\n		\n

88.28%

\n		\n

70.83%

\n
\n

Germany

\n		\n

Entera Unternehmergesellschaft (haftungsbeschr\u00e4nkt)

\n		\n

-

\n		\n

-

\n
\n

Germany

\n		\n

Good Times Fernsehproduktions GmbH

\n		\n

-

\n		\n

70.83%

\n
\n

Germany

\n		\n

Good Humor

\n		\n

86.52%

\n		\n

-

\n
\n

Germany

\n		\n

Lucky Pics GmbH

\n		\n

45.03%

\n		\n

36.12%

\n
\n

Germany

\n		\n

MadeFor Film GmbH

\n		\n

88.28%

\n		\n

18.42%

\n
\n

Germany

\n		\n

MadeFor Music Publishing GmbH

\n		\n

88.28%

\n		\n

70.82%

\n
\n

Germany

\n		\n

Major.Minor Musikverlag GmbH

\n		\n

88.28%

\n		\n

70.82%

\n
\n

Germany

\n		\n

MTS Management T\u00f6ne Stallmeyer GmbH

\n		\n

79.46%

\n		\n

-

\n
\n

Germany

\n		\n

M\u00fcnsteraner Tourneeservice MTS Live GmbH

\n		\n

70.65%

\n		\n

-

\n
\n

Germany

\n		\n

NOISY PICTURES GmbH

\n		\n

-

\n		\n

69.41%

\n
\n

Germany

\n		\n

OGPP only good party people GmbH (former OGP Live GmbH i.G.)

\n		\n

45.03%

\n		\n

18.42%

\n
\n

Germany

\n		\n

Raab TV-Produktion GmbH

\n		\n

-

\n		\n

-

\n
\n

Germany

\n		\n

POTATOHEAD PICTURES GmbH

\n		\n

61.80%

\n		\n

49.57%

\n
\n

Germany

\n		\n

Rainer Laux Productions GmbH

\n		\n

45.03%

\n		\n

32.51%

\n
\n

Germany

\n		\n

SR Management GmbH

\n		\n

45.03%

\n		\n

28.90%

\n
\n

Germany

\n		\n

WeMynd GmbH

\n		\n

15.89%

\n		\n

-

\n
\n

India

\n		\n

Endemol India Private Limited

\n		\n

97.86%

\n		\n

45.03%

\n
\n

India

\n		\n

Ink Pen Media Private Limited

\n		\n

97.86%

\n		\n

-

\n
\n

India

\n		\n

Logline Production Private Ltd

\n		\n

97.86%

\n		\n

45.03%

\n
\n

India

\n		\n

SEVENTAURAUS ENTERTAINMENT STUDIO PRIVATE LIMITED

\n		\n

94.75%

\n		\n

30.96%

\n
\n

Ireland

\n		\n

Beyond Entertainment Holdings Limited

\n		\n

97.86%

\n		\n

45.03%

\n
\n

Ireland

\n		\n

Beyond Rights (Ireland) Limited

\n		\n

-

\n		\n

45.03%

\n
\n

Ireland

\n		\n

Beyond Rights Distribution Limited

\n		\n

78.29%

\n		\n

12.24%

\n
\n

Ireland

\n		\n

Melodia Limited

\n		\n

-

\n		\n

32.62%

\n
\n

Israel

\n		\n

Endemol Israel Ltd

\n		\n

95.35%

\n		\n

95.35%

\n
\n

Israel

\n		\n

Movie Plus Productions (2005) Ltd.

\n		\n

48.63%

\n		\n

48.63%

\n
\n

Israel

\n		\n

Paolina Jerusalem Productions Ltd

\n		\n

48.63%

\n		\n

47.08%

\n
\n

Italy

\n		\n

Ascent Film S.r.l.

\n		\n

49.91%

\n		\n

49.91%

\n
\n

Italy

\n		\n

ATLANTIS FILM & VIDEO SRL

\n		\n

97.86%

\n		\n

-

\n
\n

Italy

\n		\n

AURORA TV SRL

\n		\n

97.86%

\n		\n

78.29%

\n
\n

Italy

\n		\n

BAG MEDIA S.R.L.

\n		\n

48.93%

\n		\n

-

\n
\n

Italy

\n		\n

Balich Wonder Studio SpA

\n		\n

50.57%

\n		\n

49.28%

\n
\n

Italy

\n		\n

Banijay Italia Holding S.R.L.

\n		\n

97.86%

\n		\n

48.63%

\n
\n

Italy

\n		\n

BANIJAY ITALIA SpA

\n		\n

97.86%

\n		\n

48.63%

\n
\n

Italy

\n		\n

Banijay Music Italy SrL

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Italy

\n		\n

BANIJAY STUDIOS ITALY SRL

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Italy

\n		\n

The Wonder Society S.r.l (former Bigb Holding SrL)

\n		\n

50.57%

\n		\n

49.91%

\n
\n

Italy

\n		\n

DOGHEAD ANIMATION APULIA S.r.l

\n		\n

38.73%

\n		\n

16.33%

\n
\n

Italy

\n		\n

DOGHEAD ANIMATION S.r.l

\n		\n

38.73%

\n		\n

16.66%

\n
\n

Italy

\n		\n

Endemol Shine Italy S.p.A.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Italy

\n		\n

For Fun Distribution S.r.l

\n		\n

-

\n		\n

34.58%

\n
\n

Italy

\n		\n

Groenlandia S.r.l.

\n		\n

49.91%

\n		\n

49.91%

\n
\n

Italy

\n		\n

ITV\u00a0MOVIE SRL

\n		\n

97.86%

\n		\n

89.30%

\n
\n

Italy

\n		\n

L'Officina SRL

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Italy

\n		\n

MOBO S.r.l

\n		\n

19.96%

\n		\n

7.61%

\n
\n

Italy

\n		\n

MOVIMENTI PRODUCTION SRL

\n		\n

39.93%

\n		\n

15.21%

\n
\n

Italy

\n		\n

RAIN FROG S.r.l

\n		\n

20.36%

\n		\n

19.60%

\n
\n

Italy

\n		\n

ROCKET MUSIC PUBLISHING S.r.l

\n		\n

20.36%

\n		\n

-

\n
\n

Mexico

\n		\n

Balich Wonder Studio Mexico S.A.

\n		\n

50.57%

\n		\n

-

\n
\n

Mexico

\n		\n

Banijay Mexico and US Hispanic, S.A.P.I. de C.V.

\n		\n

49.91%

\n		\n

49.91%

\n
\n

Mexico

\n		\n

Boomdog Studios, S.A. de C.V.

\n		\n

49.71%

\n		\n

49.71%

\n
\n

Mexico

\n		\n

Endemol Shine Boomdog Holding, S.A.P.I. de C.V.

\n		\n

49.91%

\n		\n

10.18%

\n
\n

Mexico

\n		\n

Endemol Shine Boomdog, S.A.P.I. de C.V.

\n		\n

49.89%

\n		\n

20.35%

\n
\n

Netherlands

\n		\n

8th Continent Film Production

\n		\n

97.86%

\n		\n

20.36%

\n
\n

Netherlands

\n		\n

Banijay Benelux B.V.

\n		\n

97.86%

\n		\n

20.36%

\n
\n

Netherlands

\n		\n

Banijay Benelux Holding B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Costa Film Productie B.V.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Netherlands

\n		\n

Endemol Licentie B.V.

\n		\n

97.86%

\n		\n

49.71%

\n
\n

Netherlands

\n		\n

Endemol Personeel B.V.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Netherlands

\n		\n

Endemol Shine IP B.V.

\n		\n

97.86%

\n		\n

49.89%

\n
\n

Netherlands

\n		\n

Endemol Shine Nederland B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Endemol Shine Nederland Producties B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Endemol Shine Scripted B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Escape TV Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Freek Tapes TV Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Geheugenspel Film Productie B.V.\u00a0

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Gouden Uur TV Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Grundy/Endemol Nederland v.o.f.

\n		\n

48.93%

\n		\n

48.93%

\n
\n

Netherlands

\n		\n

HolyMoly TV B.V.

\n		\n

48.93%

\n		\n

48.93%

\n
\n

Netherlands

\n		\n

Human Playground TV Production B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

MXMZ Media B.V. (former Endemol Shine Sport B.V.)

\n		\n

-

\n		\n

83.96%

\n
\n

Netherlands

\n		\n

NL Film en TV B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

NL Film Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

NL TV Productie B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Posh Productions B.V.

\n		\n

49.91%

\n		\n

24.95%

\n
\n

Netherlands

\n		\n

Scenery B.V.

\n		\n

49.91%

\n		\n

24.95%

\n
\n

Netherlands

\n		\n

Scriptstudio B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

SimpelZodiak BV

\n		\n

97.86%

\n		\n

-

\n
\n

Netherlands

\n		\n

SNP Holding B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

SNP Media B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Southfields B.V.

\n		\n

83.96%

\n		\n

83.96%

\n
\n

Netherlands

\n		\n

Topkapi DHA B.V.

\n		\n

49.91%

\n		\n

25.46%

\n
\n

Netherlands

\n		\n

Topkapi Distribution B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi Films B.V.

\n		\n

49.91%

\n		\n

49.92%

\n
\n

Netherlands

\n		\n

Topkapi Production Services B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi Rights I B.V.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Topkapi Rights ll B.V

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi Tuig B.V

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi TV B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi TV Droneland B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi TV Elixer B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

Topkapi TV Etty B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

Netherlands

\n		\n

TVBV BV

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Netherlands

\n		\n

Twentytwo Producties B.V.

\n		\n

49.91%

\n		\n

25.46%

\n
\n

Netherlands

\n		\n

Van der Valk TV Production B.V.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Netherlands

\n		\n

Vuurwerk TV Productie B.V.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Netherlands

\n		\n

Werktitel Entertainment B.V.

\n		\n

49.91%

\n		\n

-

\n
\n

New Zealand

\n		\n

153 Productions NZ Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

New Zealand

\n		\n

Berg Productions Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

New Zealand

\n		\n

Dead Head Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

ESA UK Productions Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

New Zealand

\n		\n

ESA US Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

First Responders Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

LUMA ENCHANTED LIMITED

\n		\n

97.86%

\n		\n

-

\n
\n

New Zealand

\n		\n

Off the Grid Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

Remarkable Productions NZ Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

Remarkable Studios Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

Screentime New Zealand Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

TASTE OF ART PRODUCTIONS LIMITED

\n		\n

97.86%

\n		\n

-

\n
\n

New Zealand

\n		\n

THE GULF PRODUCTIONS LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

New Zealand

\n		\n

THE SUMMIT PRODUCTIONS NZ 2022 LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Banijay Norway AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Beforeigners Production AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Mastiff AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Mastiff Entertainment AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Nordisk Banijay AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Rubicon Produksjon AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Rubicon TV AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Screen Media AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Norway

\n		\n

Yellow Bird Norge AS

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Poland

\n		\n

Endemol Shine Polska Sp. z.o.o.

\n		\n

88.28%

\n		\n

78.50%

\n
\n

Portugal

\n		\n

Endemol Portugal, Unipessoal Lda.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Portugal

\n		\n

Portocabo Atlantico Unipessoal Lda.

\n		\n

73.88%

\n		\n

73.88%

\n
\n

Portugal

\n		\n

Shine Iberia Portugal, Unipessoal, Lda

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Samoa

\n		\n

The Landing Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Saudi Arabia

\n		\n

Balich Wonder Studio for Entertainment LLC (former Balich Wonder Studio KSA)

\n		\n

50.57%

\n		\n

50.57%

\n
\n

Saudi Arabia

\n		\n

HQ Worldwide Shows Saudi Company for Exhibition and Conferences Organization (former HQWS KSA)

\n		\n

25.80%

\n		\n

25.80%

\n
\n

Spain

\n		\n

1992 La Serie SLU

\n		\n

49.94%

\n		\n

45.05%

\n
\n

Spain

\n		\n

30 Monedas La Serie SL

\n		\n

49.94%

\n		\n

49.94%

\n
\n

Spain

\n		\n

Anciana Milenaria SLU

\n		\n

49.94%

\n		\n

37.70%

\n
\n

Spain

\n		\n

Banijay Iberia SLU

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Spain

\n		\n

Crespeth Films AIE

\n		\n

49.42%

\n		\n

49.42%

\n
\n

Spain

\n		\n

CUARZO Producciones SL

\n		\n

97.86%

\n		\n

49.91%

\n
\n

Spain

\n		\n

Culpa Mia SLU

\n		\n

49.94%

\n		\n

12.99%

\n
\n

Spain

\n		\n

DE LORENZO PRODUCCIONES E INVERSIONES SL

\n		\n

48.93%

\n		\n

24.97%

\n
\n

Spain

\n		\n

DIAGONAL TELEVISIO SLU

\n		\n

97.86%

\n		\n

49.94%

\n
\n

Spain

\n		\n

DLO NAVARRA SL

\n		\n

48.93%

\n		\n

24.97%

\n
\n

Spain

\n		\n

ENFRENTADOS SL

\n		\n

49.94%

\n		\n

49.94%

\n
\n

Spain

\n		\n

ENTREPRENEURS LA SERIE SL

\n		\n

49.94%

\n		\n

25.22%

\n
\n

Spain

\n		\n

Gestmusic Endemol, S.A.U.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Spain

\n		\n

Gestmusic Proyectos SLU

\n		\n

97.86%

\n		\n

49.94%

\n
\n

Spain

\n		\n

Global Palenove SLU

\n		\n

49.94%

\n		\n

24.97%

\n
\n

Spain

\n		\n

LA ASISTENTA LA PEL\u00cdCULA S.L.U.

\n		\n

49.94%

\n		\n

49.94%

\n
\n

Spain

\n		\n

La Bolita Movie SL

\n		\n

47.44%

\n		\n

23.72%

\n
\n

Spain

\n		\n

La Otra casa La Pel\u00edcula AIE

\n		\n

0.25%

\n		\n

25.47%

\n
\n

Spain

\n		\n

LaLiga Studios S.L.

\n		\n

49.91%

\n		\n

25.47%

\n
\n

Spain

\n		\n

Largas Sombras S.L.U.\u00a0

\n		\n

48.93%

\n		\n

48.93%

\n
\n

Spain

\n		\n

Magnolia TV Espana

\n		\n

-

\n		\n

97.86%

\n
\n

Spain

\n		\n

Monos con Pistolas La Serie SLU

\n		\n

49.94%

\n		\n

25.48%

\n
\n

Spain

\n		\n

Pedralonga Estudios SL

\n		\n

12.30%

\n		\n

6.28%

\n
\n

Spain

\n		\n

Pokeepsie Films, S.L.

\n		\n

49.94%

\n		\n

24.21%

\n
\n

Spain

\n		\n

Pokeepsietxea S.L.U.

\n		\n

49.94%

\n		\n

0.13%

\n
\n

Spain

\n		\n

Portocabo Canarias SLU

\n		\n

73.88%

\n		\n

37.68%

\n
\n

Spain

\n		\n

Portocabo Mediterraneo SLU

\n		\n

73.88%

\n		\n

36.94%

\n
\n

Spain

\n		\n

Portocabo TV SL

\n		\n

73.88%

\n		\n

-

\n
\n

Spain

\n		\n

Producciones Sol Naciente, AIE

\n		\n

-

\n		\n

24.97%

\n
\n

Spain

\n		\n

Project Academy Series SL

\n		\n

97.86%

\n		\n

12.30%

\n
\n

Spain

\n		\n

R. Zinman Productions, A.I.E.

\n		\n

94.63%

\n		\n

48.29%

\n
\n

Spain

\n		\n

Sabinas Diagonal S.L.

\n		\n

97.86%

\n		\n

49.94%

\n
\n

Spain

\n		\n

Shine Iberia S.L.U.

\n		\n

97.86%

\n		\n

73.88%

\n
\n

Spain

\n		\n

The Fear Collection I AIE

\n		\n

49.94%

\n		\n

37.70%

\n
\n

Spain

\n		\n

The Fear Collection III AIE

\n		\n

49.94%

\n		\n

37.70%

\n
\n

Spain

\n		\n

TODO COMIENZA CON UN JUEGO, A.I.E

\n		\n

-

\n		\n

-

\n
\n

Spain

\n		\n

Zeppelin Television, S.A.U.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Banijay Sweden AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Endemol Shine Nordics AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Filmlance International AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Friday TV AB

\n		\n

97.86%

\n		\n

49.94%

\n
\n

Sweden

\n		\n

Jarowskij Enterprises AB

\n		\n

-

\n		\n

49.94%

\n
\n

Sweden

\n		\n

Jarowskij Sverige AB

\n		\n

-

\n		\n

-

\n
\n

Sweden

\n		\n

Jarowskij Yellow Bird AB

\n		\n

97.86%

\n		\n

-

\n
\n

Sweden

\n		\n

Mastiff AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Mastiff Creative AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Mastiff Media Holding AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Meter Entertainment AB

\n		\n

97.86%

\n		\n

-

\n
\n

Sweden

\n		\n

Meter Television AB

\n		\n

-

\n		\n

-

\n
\n

Sweden

\n		\n

Metronome Rental AB

\n		\n

97.86%

\n		\n

-

\n
\n

Sweden

\n		\n

NORDISK FILM & TV PRODUKTION AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Solsidan Produktion HB

\n		\n

48.93%

\n		\n

48.93%

\n
\n

Sweden

\n		\n

We Are Post AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Yellow Bird Holding AB

\n		\n

97.86%

\n		\n

97.86%

\n
\n

Sweden

\n		\n

Yellow Bird Sweden AB

\n		\n

-

\n		\n

97.86%

\n
\n

Switzerland

\n		\n

B&B Endemol Shine AG

\n		\n

44.58%

\n		\n

-

\n
\n

United Arab Emirates

\n		\n

HQ Worldwide Shows LLC

\n		\n

25.80%

\n		\n

25.80%

\n
\n

United Kingdom

\n		\n

21CF Shine Holdings UK Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Among Giants Ltd

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United Kingdom

\n		\n

Artists Studio Management Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Artists' Studio TV Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Bad Ed The Movie Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Bandit (Delicious 3) Limited

\n		\n

97.86%

\n		\n

44.58%

\n
\n

United Kingdom

\n		\n

Banijay Brands Limited

\n		\n

-

\n		\n

25.45%

\n
\n

United Kingdom

\n		\n

Banijay Kids & Family (Holding) Limited

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Banijay Kids & Family Distribution Limited

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

BANIJAY MEDIA LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Banijay Rights Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Banijay Services Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Banijay UK Entertainment Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Banijay UK Productions Limited

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Bazal Productions Ltd.

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Black Mirror Drama (S4) Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Black Mirror Drama (S5) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Black Mirror Drama Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

BLACKLIGHT (DRAMA) LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

BlackLight Television Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Brand and Talent Consortium Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Brighter Pictures Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Brown Eyed Boy (MHB) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Brown Eyed Boy Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Bwark Films Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Bwark Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Castaway Television Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

ChannelFlip Media Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Dangerous Films Limited

\n		\n

68.50%

\n		\n

68.50%

\n
\n

United Kingdom

\n		\n

Darlow Smithson Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

DEFINITELY PRODUCTIONS LIMITED

\n		\n

-

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

DINOPAWS UK Limited

\n		\n

-

\n		\n

28.54%

\n
\n

United Kingdom

\n		\n

Double Dutch (Drama) Limited

\n		\n

49.03%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Double Dutch Productions Ltd

\n		\n

49.03%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Douglas Road Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Dragonfly Documentaries Limited (former Dragonfly Drama Limited)

\n		\n

97.86%

\n		\n

63.66%

\n
\n

United Kingdom

\n		\n

Dragonfly Film and Television Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Dream Alliance Productions Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Workerbee Live (Luminiscence) Limited (former DSP Drama 2 Limited)

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

DSP Drama 3 LTD

\n		\n

97.86%

\n		\n

49.03%

\n
\n

United Kingdom

\n		\n

DSP Drama 4 Limited

\n		\n

97.86%

\n		\n

49.03%

\n
\n

United Kingdom

\n		\n

DSP Drama Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Edam SLB Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Electric Robin (BITW) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Electric Robin (BTR) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Electric Robin (GOG) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Electric Robin Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Endemol Shine Gaming Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Endemol Shine Group Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Endemol UK Holding Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fall Productions Ltd

\n		\n

44.04%

\n		\n

44.04%

\n
\n

United Kingdom

\n		\n

Ty'r Ddraig Limited (former Far Moor Media Ltd)

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (AM) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (Domina) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (Fortitude 3) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (Guerrilla) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms (KAW2) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Fifty Fathoms Productions Ltd

\n		\n

97.86%

\n		\n

44.04%

\n
\n

United Kingdom

\n		\n

FKAI productions Ltd

\n		\n

-

\n		\n

28.54%

\n
\n

United Kingdom

\n		\n

Garrison Drama Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Good Catch Ltd

\n		\n

-

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

GRAYPOOLE Films Ltd

\n		\n

-

\n		\n

28.54%

\n
\n

United Kingdom

\n		\n

Guilder Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

HANK ZIPZER Productions Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

Hawkshead Ltd.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

House of Tomorrow Drama Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

House of Tomorrow Holdings Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

House of Tomorrow Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Initial (Seaforth) Ltd.

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Initial Film & Television (Frankies House) Ltd.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Initial Film & Television (Horse Opera) Ltd.

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Initial Film & Television Ltd.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

IWC Media Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Izenda Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kale TV Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Kindle (Little Darlings) Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

Kindle Entertainment (Big and Small) Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

Kindle Entertainment (HANK ZIPZER) Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

KINDLE ENTERTAINMENT LIMITED

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

Kindle Entertainment Productions Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

KISS ME FIRST Ltd

\n		\n

-

\n		\n

28.54%

\n
\n

United Kingdom

\n		\n

Kudos (BG) Ltd

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Kudos (Broadchurch) Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

KUDOS (SAS 3) LIMITED (former Kudos (Burn Up) Ltd)

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Child) Ltd.

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Code 404) Limited

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Deadwater) Ltd.

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Deep Water) Ltd

\n		\n

97.86%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Kudos (Eternal) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester 10) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester 8) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester 9) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester Five) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester Four) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester Seven) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester Six) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Grantchester) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Gunpowder) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Hour) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Humans Three) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Humans) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (L&O) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Law) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Manhattan) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Morton) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Occupation) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (River) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (SAS 2) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (SAS) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Spooks) CP Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Squirrel) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

KUDOS (THIS TOWN) LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Tin Star) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Troy) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

KUDOS (GRANTCHESTER 11) LIMITED (former Kudos (Tsunami))

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Tunnel) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (Two Weeks) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (WM) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos (You) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Film & Television Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Financing Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Hustle Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Rights Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Kudos Scotland Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Lomond Television Ltd.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Lovely Day Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Mam Tor Productions (Open Water) Ltd

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Mam Tor Productions (Scotland) Ltd

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Mam Tor Productions (Wild Lion) Ltd

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Mam Tor Productions Limited

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

NC Shine Acquisition Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

New Moon Rising Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Newincco 1151 Ltd

\n		\n

48.94%

\n		\n

48.94%

\n
\n

United Kingdom

\n		\n

WORKERBEE MC DOC LIMITED (former Not Driving That Limited)

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

OP MEDIA Ltd

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 2 Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 3 Limited

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 4 Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 5 Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions 6 Limited

\n		\n

97.86%

\n		\n

48.94%

\n
\n

United Kingdom

\n		\n

Peaky Blinders Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Princess Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

RDF Television Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Secret Life of Boys 5 Ltd

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Shelby Company Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Creative (UK) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Jet Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Midco Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine Pictures (UK) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

SHINE TV (FM) LIMITED

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Shine TV (Hunted) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shine TV Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shiny Button Productions (SPV) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shiny Button Productions (YCOM) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Shiny Button Productions limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Simon's Cat Ltd

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United Kingdom

\n		\n

Sound Pocket Music Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Spooks Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Superchargers Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Stan and Gran Productions Limited

\n		\n

78.29%

\n		\n

-

\n
\n

United Kingdom

\n		\n

Ted\u2019s Top Ten Ltd

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Teen Taxis Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

THE A LIST (KEL) Ltd

\n		\n

-

\n		\n

29.11%

\n
\n

United Kingdom

\n		\n

THE A LIST 2 (KEL) Ltd

\n		\n

-

\n		\n

57.08%

\n
\n

United Kingdom

\n		\n

The Boys Are Back In Town Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

The Comedy Unit Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

The Fall 2 Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

The Fall 3 Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (3B) Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (AB4) Ltd

\n		\n

52.79%

\n		\n

-

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (AB5) Ltd.

\n		\n

52.79%

\n		\n

-

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Falling) Limited (former The Forge Entertainment (BE2) Ltd)

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (DEBS2) Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Debutante) Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (DM) Ltd

\n		\n

52.79%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Elizabeth) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (GenZ) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Highlands & Islands) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Home) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Kiri) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Marriage) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (National Treasure) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Productions) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Roadkill) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (REP) Limited (former The Forge Entertainment (ROTG) Ltd)

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Sandrine) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (Shardlake) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (The Light) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment (The Miniaturist) Ltd

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Forge Entertainment Limited

\n		\n

52.79%

\n		\n

28.47%

\n
\n

United Kingdom

\n		\n

The Foundation T.V. Productions (Scotland) Limited

\n		\n

78.29%

\n		\n

40.64%

\n
\n

United Kingdom

\n		\n

The Natural Studios Limited

\n		\n

59.69%

\n		\n

32.20%

\n
\n

United Kingdom

\n		\n

The Natural Studios Productions Ltd

\n		\n

59.69%

\n		\n

32.20%

\n
\n

United Kingdom

\n		\n

TIGER ASPECT (3LB) LIMITED

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (BH&MP) Limited

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (Comedy) Ltd

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (Fortitude 2) Ltd

\n		\n

97.86%

\n		\n

52.79%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (GKH) Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (GKH3) Limited

\n		\n

97.86%

\n		\n

59.69%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (Good Karma) Limited

\n		\n

97.86%

\n		\n

59.69%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (KAW) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect (Viewpoint) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Animation Ltd

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Assets Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Drama (Curfew) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Drama (Ripper Street 4) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Drama Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Films Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Financing Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Holdings Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Kids & Family Limited

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Pictures (Dog Eat Dog) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Pictures (Royston Vasey) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Pictures (Tosspot) Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Pictures Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Productions Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Aspect Scotland Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tiger Television Ltd

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United Kingdom

\n		\n

Tigress Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Tronpipe Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Victoria Real Ltd.

\n		\n

96.34%

\n		\n

96.34%

\n
\n

United Kingdom

\n		\n

Wild Mercury (Fear) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury (Moreton) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury (The Rig 2) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury (The Rig) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury (Troy) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild Mercury Production Company Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Wild West (Initial) Ltd.

\n		\n

97.86%

\n		\n

96.34%

\n
\n

United Kingdom

\n		\n

Wonder Television Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Workerbee (Jack) Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

WORKERBEE (SPORTS) LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Workerbee Documentary Films Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

YELLOW BIRD PRODUCTIONS UK LIMITED

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Yemen Distributions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Yemen Productions Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Young Bwark Limited

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United Kingdom

\n		\n

Zeppotron Drama Ltd

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Zeppotron Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United Kingdom

\n		\n

Zodiak Kids & Family Productions UK Limited

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Zodiak Kids UK Ltd

\n		\n

78.29%

\n		\n

75.35%

\n
\n

United Kingdom

\n		\n

Zodiak Music Publishing Limited

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

51 Minds Entertainment LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

51 Minds, LLC

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

ACIP CO LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

All Knight Music LLC

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United States

\n		\n

Anonymous Music Library, LLC

\n		\n

97.86%

\n		\n

78.29%

\n
\n

United States

\n		\n

Ant Eggs Rentals LLC

\n		\n

49.91%

\n		\n

39.93%

\n
\n

United States

\n		\n

Atrium Entertainment LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Authentic Entertainment Holding, LLC.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Authentic Entertainment, LLC.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Authentic Minds, LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Balich Wonder Studio USA Inc.

\n		\n

50.57%

\n		\n

25.29%

\n
\n

United States

\n		\n

Banijay Americas, Inc.

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

BANIJAY ENTERTAINMENT HOLDINGS US II INC

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United States

\n		\n

BANIJAY ENTERTAINMENT HOLDINGS US, INC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Banijay Mexico and US Hispanic, LLC

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United States

\n		\n

Banijay US Holdings Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Banijay US Live Entertainment, Inc

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

Berkeley Productions Inc

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United States

\n		\n

BG Apple LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Big Ant Productions, LLC

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United States

\n		\n

BL4 Productions Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

BMP Films Inc

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United States

\n		\n

Brigadier Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

BSNA Entertainment LLC

\n		\n

76.59%

\n		\n

76.59%

\n
\n

United States

\n		\n

BUNIM MURRAY PRODUCTIONS INC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

BUNIM MURRAY PRODUCTIONS LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Burbank North Productions, LLC

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

CCCM Projects LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Clock Tower Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Coconunu Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Complete Solution Pictures and Sound

\n		\n

76.59%

\n		\n

59.94%

\n
\n

United States

\n		\n

Creole Manny LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Cristal Ball Enterprises LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Crosswalk Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Distance Productions, Inc.

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

Endemol Beyond USA, LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol Latino N.A., Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol Shine Boomdog, LLC

\n		\n

49.91%

\n		\n

39.06%

\n
\n

United States

\n		\n

Endemol Shine SPV, LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol Shine US Office LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol Studios

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol USA Holding, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Endemol USA Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Flow Ventures LLC

\n		\n

-

\n		\n

36.70%

\n
\n

United States

\n		\n

Front Yard Productions Inc.

\n		\n

97.86%

\n		\n

49.91%

\n
\n

United States

\n		\n

GloNation Studios LLC

\n		\n

4.99%

\n		\n

4.99%

\n
\n

United States

\n		\n

Go Ahead Productions Inc

\n		\n

76.59%

\n		\n

76.59%

\n
\n

United States

\n		\n

Gramercy\u00a0Global\u00a0Entertainment

\n		\n

58.23%

\n		\n

58.23%

\n
\n

United States

\n		\n

Gulf Stream Media Inc

\n		\n

76.59%

\n		\n

76.59%

\n
\n

United States

\n		\n

Hashtag Entertainment LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Hippocratical Productions LLC

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

Hizzoner LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

HMGGLO LLC

\n		\n

9.79%

\n		\n

0.50%

\n
\n

United States

\n		\n

Home Brewed Productions LLC

\n		\n

97.86%

\n		\n

76.59%

\n
\n

United States

\n		\n

Home Run Production Services LLC

\n		\n

75.84%

\n		\n

45.13%

\n
\n

United States

\n		\n

In the Keys Music LLC

\n		\n

48.93%

\n		\n

38.29%

\n
\n

United States

\n		\n

Keeping Track Music Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Legende Films Inc.

\n		\n

-

\n		\n

48.93%

\n
\n

United States

\n		\n

Lock and Key Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Lock Cut 9 LLC

\n		\n

48.93%

\n		\n

4.89%

\n
\n

United States

\n		\n

Look Both Ways Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

M Cable Television Inc

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

M Theory Entertainment, Inc

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

Media Production Services, LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Middleman LLC

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

Mobility Productions, Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Mountain View Productions LLC

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

Navy Street Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

No Doubt Post Production, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Note Republic LLC

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United States

\n		\n

NoVat Productions, LLC

\n		\n

49.91%

\n		\n

49.91%

\n
\n

United States

\n		\n

Only on Oxnard LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Original Ink LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Original Media, LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Our House Productions, Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Oxnard Cats Entertainment LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Pico Script Lab, Inc.

\n		\n

97.86%

\n		\n

48.93%

\n
\n

United States

\n		\n

PMPGL LLC

\n		\n

75.84%

\n		\n

38.68%

\n
\n

United States

\n		\n

Production Support Services, LLC.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Rhapsolody Music LB Inc.

\n		\n

49.91%

\n		\n

38.68%

\n
\n

United States

\n		\n

Road Rules Productions Inc

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

RW Productions Inc

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

SHEA OFFICE SPACE AND FURNISHINGS

\n		\n

76.59%

\n		\n

76.59%

\n
\n

United States

\n		\n

Shine Television LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Shine US Holdings Inc

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

Snack Tray Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Spring Break Films LLC

\n		\n

-

\n		\n

24.95%

\n
\n

United States

\n		\n

Story Telling Inc.

\n		\n

-

\n		\n

48.93%

\n
\n

United States

\n		\n

Suns Productions, LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Sunset Ventures Inc

\n		\n

76.59%

\n		\n

59.94%

\n
\n

United States

\n		\n

Superior Production Services LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Swampy Projects LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Tasty Treat LLC

\n		\n

48.93%

\n		\n

48.93%

\n
\n

United States

\n		\n

The American Cue Society LLC

\n		\n

97.86%

\n		\n

-

\n
\n

United States

\n		\n

Trade Winds Productions Inc

\n		\n

76.59%

\n		\n

-

\n
\n

United States

\n		\n

True Entertainment LLC

\n		\n

75.84%

\n		\n

58.78%

\n
\n

United States

\n		\n

True TTH, LLC

\n		\n

75.84%

\n		\n

59.35%

\n
\n

United States

\n		\n

Truly Original, LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

United States

\n		\n

Turnt up Productions LLC

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

UBBP Inc

\n		\n

76.59%

\n		\n

38.29%

\n
\n

United States

\n		\n

United Front Productions LLC

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Very Water Logged LLC

\n		\n

97.86%

\n		\n

76.59%

\n
\n

United States

\n		\n

Wheelhouse Productions LLC

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

YOLO Productions LLC

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

Zamora Films LLC

\n		\n

97.86%

\n		\n

75.84%

\n
\n

United States

\n		\n

ZnakTV Inc.

\n		\n

97.86%

\n		\n

97.86%

\n
\n

United States

\n		\n

Zodiak Americas

\n		\n

97.86%

\n		\n

76.59%

\n
\n

United States

\n		\n

Zoom Equipment Rentals LLC

\n		\n

75.84%

\n		\n

75.84%

\n
\n

\n
\n

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

Country of incorporation

\n		\n

Name of the legal entity

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Austria

\n		\n

influence.vision GmbH

\n		\n

-

\n		\n

36.93%

\n
\n

France

\n		\n

Black Lemon SAS

\n		\n

-

\n		\n

10.09%

\n
\n

France

\n		\n

Financi\u00e8re EMG

\n		\n

4.72%

\n		\n

4.77%

\n
\n

France

\n		\n

M.G. Productions

\n		\n

47.95%

\n		\n

48.45%

\n
\n

France

\n		\n

SA\u0112

\n		\n

47.95%

\n		\n

-

\n
\n

Germany

\n		\n

Dynamic Ally Pictures GmbH

\n		\n

29.13%

\n		\n

26.17%

\n
\n

Germany

\n		\n

Ladykracher TV-Produktion GmbH

\n		\n

44.14%

\n		\n

39.66%

\n
\n

Germany

\n		\n

Minestrone TV Produktion GbR

\n		\n

44.14%

\n		\n

39.66%

\n
\n

Italy

\n		\n

Greenboo Production S.r.l.

\n		\n

47.95%

\n		\n

48.45%

\n
\n

Netherlands

\n		\n

Content Intelligence B.V.

\n		\n

24.37%

\n		\n

24.62%

\n
\n

Netherlands

\n		\n

Crossmex B.V.

\n		\n

58.72%

\n		\n

59.33%

\n
\n

United Kingdom

\n		\n

Conker Pictures Limited

\n		\n

24.47%

\n		\n

24.72%

\n
\n

United Kingdom

\n		\n

Double Dutch (Drama) Limited

\n		\n

-

\n		\n

49.34%

\n
\n

United Kingdom

\n		\n

Double Dutch Productions Ltd

\n		\n

-

\n		\n

49.34%

\n
\n

United Kingdom

\n		\n

Esmeralda Productions Limited

\n		\n

29.33%

\n		\n

29.63%

\n
\n

United Kingdom

\n		\n

Immovable Studios Ltd.

\n		\n

19.57%

\n		\n

19.78%

\n
\n

United Kingdom

\n		\n

Rabbit Track Pictures Limited

\n		\n

20.93%

\n		\n

21.15%

\n
\n

United States

\n		\n

BD4 Productions LLC

\n		\n

47.95%

\n		\n

48.45%

\n
\n

United States

\n		\n

Hyphenated Media Group LLC

\n		\n

9.79%

\n		\n

9.89%

\n
\n

United States

\n		\n

Ensemble Entertainment LLC

\n		\n

1.47%

\n		\n

1.48%

\n
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_17469923614054243_0_0": { "value": "
2.5.5Investments in associates and joint ventures
\n

An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.

\n

The results and net assets (or net liabilities) of associates or joint ventures are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS\u00a05.

\n

Under the equity method, an investment in an associate or a joint venture is recognised initially in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group\u2019s share of the profit or loss and other comprehensive income of the associate or joint venture.

\n

On acquisition of the investment in an associate or a joint venture, any excess of the cost of the investment over the Group\u2019s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_12134009760821700_0_0": { "value": "
2.5.6Intangible assets
\n

Following initial recognition, and except if indicated otherwise, intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. They are amortised on a straight-line basis based on the useful life of the asset.

\n

The method and period of amortisation are reviewed at least at the end of each Financial Year. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset result in changes in the method or period of amortisation.

\n

Audiovisual rights, such as distribution advances, are amortised on an accelerated basis following the decline in the net value of the asset after the asset's initial broadcasting by clients.

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

\n		\n

Content production &\u00a0distribution

\n		\n

Online sports betting
&\u00a0gaming

\n
\n

Method

\n		\n

Duration

\n		\n

Method

\n		\n

Duration

\n
\n

Catalogue &\u00a0formats

\n		\n

Straight-line

\n		\n

6\u00a0to 10\u00a0years

\n		\n

\n		\n

\n
\n

Client contracts

\n		\n

Straight-line

\n		\n

Contract term

\n		\n

\n		\n

\n
\n

Software assets

\n		\n

Straight-line

\n		\n

1\u00a0to 5\u00a0years

\n		\n

\n		\n

\n
\n

Right to use a brand

\n		\n

Straight-line

\n		\n

Contract term

\n		\n

\n		\n

\n
\n

Domain names

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

5\u00a0to 11\u00a0years

\n
\n

Customer databases

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

2\u00a0to 5\u00a0years

\n
\n

Websites

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

3\u00a0to 5\u00a0years

\n
\n

Computer software

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

2\u00a0to 5\u00a0years

\n
\n
2.5.8Property, plant and equipment
\n

Depreciation is calculated on a straight-line basis over the useful life of such fixed assets. The residual value, useful life and depreciation methods of the fixed assets are reviewed and adjusted, if necessary, at the end of each Financial Year.

\n

Land and tangible assets in progress are not depreciated. When tangible assets in progress are ready for their intended use, they are transferred to the relevant category and depreciation starts. When property, plant and equipment include significant components with different useful lives, they are recorded and depreciated separately.

\n

Depreciation is recognised on the following basis:

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

\n		\n

Method

\n		\n

Duration

\n
\n

Technical facilities and equipment

\n		\n

Straight-line

\n		\n

3\u00a0to 20\u00a0years

\n
\n

Office furniture and equipment

\n		\n

Straight-line

\n		\n

3\u00a0to 5\u00a0years

\n
\n

Constructions

\n		\n

Straight-line

\n		\n

15\u00a0to 40\u00a0years

\n
\n

Other fixed assets

\n		\n

Straight-line

\n		\n

3\u00a0to 10\u00a0years

\n
\n
2.5.9Lease
\n
Right-of-use assets
\n

The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.

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

Note 9

\n		\n

Depreciation and amortisation

\n
\n

Depreciation and amortisation expenses by category of assets are as follows:

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Intangible assets(1)

\n		\n

(75.6)

\n		\n

(89.8)

\n
\n

Property, plant and equipment, own property

\n		\n

(22.1)

\n		\n

(22.1)

\n
\n

Property, plant and equipment, right-of-use

\n		\n

(43.3)

\n		\n

(42.2)

\n
\n

Others

\n		\n

1.7

\n		\n

(0.8)

\n
\n

Depreciation and amortisation, net of reversals

\n		\n

(139.3)

\n		\n

(155.0)

\n
\n

Amortisation of intangible assets acquired in business combinations

\n		\n

(28.5)

\n		\n

(26.8)

\n
\n

Depreciation and amortisation expenses, net of reversals

\n		\n

(167.8)

\n		\n

(181.8)

\n
\n

(1)Of which amortisation of \u20ac5.2 million for fiction production recognised in 2025 (\u20ac16.5 million in 2024).

\n
\n

Amortisation decreased compared to the prior year, mainly due to lower amortisation of production assets, including fiction content and distribution advances.

\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_17639802087278747_0_0": { "value": "
2.5.6Intangible assets
\n

Following initial recognition, and except if indicated otherwise, intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. They are amortised on a straight-line basis based on the useful life of the asset.

\n

The method and period of amortisation are reviewed at least at the end of each Financial Year. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset result in changes in the method or period of amortisation.

\n

Audiovisual rights, such as distribution advances, are amortised on an accelerated basis following the decline in the net value of the asset after the asset's initial broadcasting by clients.

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

\n		\n

Content production &\u00a0distribution

\n		\n

Online sports betting
&\u00a0gaming

\n
\n

Method

\n		\n

Duration

\n		\n

Method

\n		\n

Duration

\n
\n

Catalogue &\u00a0formats

\n		\n

Straight-line

\n		\n

6\u00a0to 10\u00a0years

\n		\n

\n		\n

\n
\n

Client contracts

\n		\n

Straight-line

\n		\n

Contract term

\n		\n

\n		\n

\n
\n

Software assets

\n		\n

Straight-line

\n		\n

1\u00a0to 5\u00a0years

\n		\n

\n		\n

\n
\n

Right to use a brand

\n		\n

Straight-line

\n		\n

Contract term

\n		\n

\n		\n

\n
\n

Domain names

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

5\u00a0to 11\u00a0years

\n
\n

Customer databases

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

2\u00a0to 5\u00a0years

\n
\n

Websites

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

3\u00a0to 5\u00a0years

\n
\n

Computer software

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

2\u00a0to 5\u00a0years

\n
\n
2.5.8Property, plant and equipment
\n

Depreciation is calculated on a straight-line basis over the useful life of such fixed assets. The residual value, useful life and depreciation methods of the fixed assets are reviewed and adjusted, if necessary, at the end of each Financial Year.

\n

Land and tangible assets in progress are not depreciated. When tangible assets in progress are ready for their intended use, they are transferred to the relevant category and depreciation starts. When property, plant and equipment include significant components with different useful lives, they are recorded and depreciated separately.

\n

Depreciation is recognised on the following basis:

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

\n		\n

Method

\n		\n

Duration

\n
\n

Technical facilities and equipment

\n		\n

Straight-line

\n		\n

3\u00a0to 20\u00a0years

\n
\n

Office furniture and equipment

\n		\n

Straight-line

\n		\n

3\u00a0to 5\u00a0years

\n
\n

Constructions

\n		\n

Straight-line

\n		\n

15\u00a0to 40\u00a0years

\n
\n

Other fixed assets

\n		\n

Straight-line

\n		\n

3\u00a0to 10\u00a0years

\n
\n
2.5.9Lease
\n
Right-of-use assets
\n

The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.

\n
Short-term leases and leases of low-value assets
\n

The Group applies the short-term lease recognition exemption to its short-term leases of equipment (i.e., those leases that have a lease term of 12\u00a0months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term.

\n
2.5.22Production costs
\n
Production costs of scripted and non-scripted programmes
\n

Production costs of scripted and non-scripted programmes, attributable to the Banijay Entertainment business, are net of co-producers\u2019 contributions, grants and subsidies. They mainly include the costs of scripts, actors, directors, rental of equipment, technical staff, participants, hosts, sets, format fees,\u00a0etc.

\n

Until programmes are delivered, related production costs are capitalised in work in progress for non-scripted programmes and as intangible assets for scripted programmes for which i)\u00a0the Group retains the IP (Intellectual Property) and ii) the Group expects significant further IP revenue.

\n

At the revenue recognition date, the production costs of non-scripted programmes are expensed in the income statement.

\n

The production costs of scripted programmes for which the Group retains the IP and expects further significant IP revenue are amortised as production costs in the statement of profit or loss using the ultimate revenue method. The cumulated amortisation is calculated at the end of a given year as follows:

\n

Production costs x (actual cumulated revenue / total estimated revenue of programme)

\n

The total estimated revenue of a programme is the sum of actual cumulated revenue of the programme and the programme\u2019s future revenue forecast. Depreciation for a current year is calculated as the difference with the cumulated depreciation of previous years, if any. An impairment is booked if the net value of the programme is higher than the future revenue forecast. Initial depreciation of a scripted programme is expensed at delivery while the remaining value is depreciated when the subsequent distribution revenue is recognised.

\n
Production costs of live experiences
\n

Production costs of live experiences mainly include the costs incurred in the context of rendering a service to a client or organising an event for a client.

\n

Until the events occur and the services are rendered, related production costs are capitalised in work in progress.

\n

At the revenue recognition date, the production costs of live experiences are expensed in the income statement.

\n
Grants and subsidies
\n

Grants and subsidies are recognised when there is a reasonable assurance that the grant will be received, and all attached conditions will be fully complied with.

\n

Grants and subsidies which are strictly related to the financing of a given programmes are deducted from production costs. When they relate to an asset, grants and subsidies are directly deducted from the carrying amount of the asset and released to the depreciation and amortisation calculated on the net amount over the useful life of the asset.

\n

All other grants and subsidies (such as government grants not strictly related to a programme) are recognised as \u201cOther operating income\u201d when granted.

\n
Acquisition cost of clients
\n

Internal costs relating to acquisition of clients are recognised as expenses.

\n

Client databases are capitalised and recognised as intangible asset at cost or at fair value for client databases acquired in the process of business combinations.

\n
2.5.25 Taxes
\n
Current tax
\n

Tax receivables or tax payables for the current period and prior periods are estimated at the amount that is expected to be received from or to be paid to the tax administration. Tax rates and tax laws used in order to estimate the tax receivable or the tax liability are those which have been enacted at the closing date. Current income taxes pertaining to items recognised in \u201cOther comprehensive income\u201d are recorded in the same category and not as profit or loss.

\n

The Group classifies the CVAE in France (Contribution on added value) and IRAP Tax in Italy (Regional production tax) as income\u00a0tax.

\n
Deferred taxes
\n

Differences existing at closing between the tax bases of assets and liabilities and their carrying amount in the consolidated statement of financial position give rise to temporary differences, except for non-tax-deductible goodwill. Pursuant to the liability method, these temporary differences result in the accounting of:

\n

\u2022deferred tax assets, when the tax base value is greater than the carrying amount (expected future tax saving);\u00a0and

\n

\u2022deferred tax liabilities, when the tax base value is lower than the carrying amount (expected future tax expense).

\n

Deferred tax assets and liabilities are measured at the expected tax rates for the year during which the Group expects the asset will be realised or the liability settled, based on tax rates (and tax regulations) enacted or substantially enacted by the closing date. They are reviewed at the end of each year, in line with any changes in applicable tax rates.

\n

Deferred tax assets for all deductible temporary differences, tax loss carry-forwards and unused tax credits are only recognised to the extent that it is probable that future taxable profit will be available to utilise them against.

\n

The carrying amount of deferred tax assets is reviewed at each closing date, and revalued or reduced to the extent that it is more or less probable that a taxable profit will be available to allow the deferred tax asset to be utilised. When assessing the probability of a taxable profit being available, account is taken, primarily, of prior years\u2019 results, forecasted future results, non-recurring items unlikely to occur in the future and the tax strategy. As such, the assessment of the Group\u2019s ability to utilise tax losses carried forward is to a large extent judgment-based. If the future taxable results of the Group proves to differ significantly from those expected, the Group would be required to increase or decrease the carrying amount of deferred tax assets with a potentially material impact on the Group\u2019s statement of financial position and statement of income.

\n

Deferred tax assets and liabilities are not discounted and are offset when they have the same maturity and relate to the same taxable entity or tax group. They are classified in the statement of financial position as non-current assets and liabilities.

\n

Deferred tax shall be charged or credited directly to equity, and not profit and loss if the tax relates to items that are credited or charged directly to equity. Deferred taxes resulting from the recognition of an asset or liability in a business combination are recognised in the same way.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346765_0": { "value": "
2.5.6Intangible assets
\n

Following initial recognition, and except if indicated otherwise, intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. They are amortised on a straight-line basis based on the useful life of the asset.

\n

The method and period of amortisation are reviewed at least at the end of each Financial Year. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset result in changes in the method or period of amortisation.

\n

Audiovisual rights, such as distribution advances, are amortised on an accelerated basis following the decline in the net value of the asset after the asset's initial broadcasting by clients.

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

\n		\n

Content production &\u00a0distribution

\n		\n

Online sports betting
&\u00a0gaming

\n
\n

Method

\n		\n

Duration

\n		\n

Method

\n		\n

Duration

\n
\n

Catalogue &\u00a0formats

\n		\n

Straight-line

\n		\n

6\u00a0to 10\u00a0years

\n		\n

\n		\n

\n
\n

Client contracts

\n		\n

Straight-line

\n		\n

Contract term

\n		\n

\n		\n

\n
\n

Software assets

\n		\n

Straight-line

\n		\n

1\u00a0to 5\u00a0years

\n		\n

\n		\n

\n
\n

Right to use a brand

\n		\n

Straight-line

\n		\n

Contract term

\n		\n

\n		\n

\n
\n

Domain names

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

5\u00a0to 11\u00a0years

\n
\n

Customer databases

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

2\u00a0to 5\u00a0years

\n
\n

Websites

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

3\u00a0to 5\u00a0years

\n
\n

Computer software

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

2\u00a0to 5\u00a0years

\n
\n
2.5.8Property, plant and equipment
\n

Depreciation is calculated on a straight-line basis over the useful life of such fixed assets. The residual value, useful life and depreciation methods of the fixed assets are reviewed and adjusted, if necessary, at the end of each Financial Year.

\n

Land and tangible assets in progress are not depreciated. When tangible assets in progress are ready for their intended use, they are transferred to the relevant category and depreciation starts. When property, plant and equipment include significant components with different useful lives, they are recorded and depreciated separately.

\n

Depreciation is recognised on the following basis:

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

\n		\n

Method

\n		\n

Duration

\n
\n

Technical facilities and equipment

\n		\n

Straight-line

\n		\n

3\u00a0to 20\u00a0years

\n
\n

Office furniture and equipment

\n		\n

Straight-line

\n		\n

3\u00a0to 5\u00a0years

\n
\n

Constructions

\n		\n

Straight-line

\n		\n

15\u00a0to 40\u00a0years

\n
\n

Other fixed assets

\n		\n

Straight-line

\n		\n

3\u00a0to 10\u00a0years

\n
\n
2.5.9Lease
\n
Right-of-use assets
\n

The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.

\n
Short-term leases and leases of low-value assets
\n

The Group applies the short-term lease recognition exemption to its short-term leases of equipment (i.e., those leases that have a lease term of 12\u00a0months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term.

\n
2.5.22Production costs
\n
Production costs of scripted and non-scripted programmes
\n

Production costs of scripted and non-scripted programmes, attributable to the Banijay Entertainment business, are net of co-producers\u2019 contributions, grants and subsidies. They mainly include the costs of scripts, actors, directors, rental of equipment, technical staff, participants, hosts, sets, format fees,\u00a0etc.

\n

Until programmes are delivered, related production costs are capitalised in work in progress for non-scripted programmes and as intangible assets for scripted programmes for which i)\u00a0the Group retains the IP (Intellectual Property) and ii) the Group expects significant further IP revenue.

\n

At the revenue recognition date, the production costs of non-scripted programmes are expensed in the income statement.

\n

The production costs of scripted programmes for which the Group retains the IP and expects further significant IP revenue are amortised as production costs in the statement of profit or loss using the ultimate revenue method. The cumulated amortisation is calculated at the end of a given year as follows:

\n

Production costs x (actual cumulated revenue / total estimated revenue of programme)

\n

The total estimated revenue of a programme is the sum of actual cumulated revenue of the programme and the programme\u2019s future revenue forecast. Depreciation for a current year is calculated as the difference with the cumulated depreciation of previous years, if any. An impairment is booked if the net value of the programme is higher than the future revenue forecast. Initial depreciation of a scripted programme is expensed at delivery while the remaining value is depreciated when the subsequent distribution revenue is recognised.

\n
Production costs of live experiences
\n

Production costs of live experiences mainly include the costs incurred in the context of rendering a service to a client or organising an event for a client.

\n

Until the events occur and the services are rendered, related production costs are capitalised in work in progress.

\n

At the revenue recognition date, the production costs of live experiences are expensed in the income statement.

\n
Grants and subsidies
\n

Grants and subsidies are recognised when there is a reasonable assurance that the grant will be received, and all attached conditions will be fully complied with.

\n

Grants and subsidies which are strictly related to the financing of a given programmes are deducted from production costs. When they relate to an asset, grants and subsidies are directly deducted from the carrying amount of the asset and released to the depreciation and amortisation calculated on the net amount over the useful life of the asset.

\n

All other grants and subsidies (such as government grants not strictly related to a programme) are recognised as \u201cOther operating income\u201d when granted.

\n
Acquisition cost of clients
\n

Internal costs relating to acquisition of clients are recognised as expenses.

\n

Client databases are capitalised and recognised as intangible asset at cost or at fair value for client databases acquired in the process of business combinations.

\n
2.5.25 Taxes
\n
Current tax
\n

Tax receivables or tax payables for the current period and prior periods are estimated at the amount that is expected to be received from or to be paid to the tax administration. Tax rates and tax laws used in order to estimate the tax receivable or the tax liability are those which have been enacted at the closing date. Current income taxes pertaining to items recognised in \u201cOther comprehensive income\u201d are recorded in the same category and not as profit or loss.

\n

The Group classifies the CVAE in France (Contribution on added value) and IRAP Tax in Italy (Regional production tax) as income\u00a0tax.

\n
Deferred taxes
\n

Differences existing at closing between the tax bases of assets and liabilities and their carrying amount in the consolidated statement of financial position give rise to temporary differences, except for non-tax-deductible goodwill. Pursuant to the liability method, these temporary differences result in the accounting of:

\n

\u2022deferred tax assets, when the tax base value is greater than the carrying amount (expected future tax saving);\u00a0and

\n

\u2022deferred tax liabilities, when the tax base value is lower than the carrying amount (expected future tax expense).

\n

Deferred tax assets and liabilities are measured at the expected tax rates for the year during which the Group expects the asset will be realised or the liability settled, based on tax rates (and tax regulations) enacted or substantially enacted by the closing date. They are reviewed at the end of each year, in line with any changes in applicable tax rates.

\n

Deferred tax assets for all deductible temporary differences, tax loss carry-forwards and unused tax credits are only recognised to the extent that it is probable that future taxable profit will be available to utilise them against.

\n

The carrying amount of deferred tax assets is reviewed at each closing date, and revalued or reduced to the extent that it is more or less probable that a taxable profit will be available to allow the deferred tax asset to be utilised. When assessing the probability of a taxable profit being available, account is taken, primarily, of prior years\u2019 results, forecasted future results, non-recurring items unlikely to occur in the future and the tax strategy. As such, the assessment of the Group\u2019s ability to utilise tax losses carried forward is to a large extent judgment-based. If the future taxable results of the Group proves to differ significantly from those expected, the Group would be required to increase or decrease the carrying amount of deferred tax assets with a potentially material impact on the Group\u2019s statement of financial position and statement of income.

\n

Deferred tax assets and liabilities are not discounted and are offset when they have the same maturity and relate to the same taxable entity or tax group. They are classified in the statement of financial position as non-current assets and liabilities.

\n

Deferred tax shall be charged or credited directly to equity, and not profit and loss if the tax relates to items that are credited or charged directly to equity. Deferred taxes resulting from the recognition of an asset or liability in a business combination are recognised in the same way.

\n

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

Note 7

\n		\n

External expenses

\n
\n

External expenses for the years ended 31 December 2025 and 2024 are as follows:

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

In \u20ac million

\n		\n

2025

\n		\n

2024

\n
\n

Content production costs

\n		\n

(1,706.1)

\n		\n

(1,675.2)

\n
\n

Grants received

\n		\n

172.1

\n		\n

127.7

\n
\n

Betting taxes

\n		\n

(793.2)

\n		\n

(696.3)

\n
\n

Banking and processor fees on transactions

\n		\n

(77.7)

\n		\n

(60.7)

\n
\n

Marketing costs

\n		\n

(114.1)

\n		\n

(126.9)

\n
\n

IT costs and trading tools

\n		\n

(97.9)

\n		\n

(85.2)

\n
\n

Consulting/audit/other fees

\n		\n

(37.4)

\n		\n

(39.5)

\n
\n

Other external services

\n		\n

(45.8)

\n		\n

(40.9)

\n
\n

EXTERNAL EXPENSES

\n		\n

(2,700.1)

\n		\n

(2,597.0)

\n
\n

The increase in external expenses is directly related to the activity growth of Banijay Gaming, mainly impacting betting taxes, which are also impacted by the new taxes implemented in France starting in July 2025 (higher rates for online sportsbook and poker as well as a new tax on Marketing expenses).

\n

Content production costs mainly includes production subcontracting costs allocated to production.

\n

The \u201cGrants received\u201d line corresponds to government funding for delivered audiovisual productions (mainly scripted programmes) in the various geographical areas in which Banijay Entertainment operates. In 2025, government grants deducted from production costs amounted to \u20ac172.1\u00a0million (\u20ac127.7 million in 2024). Those grants relate to the financing of given programmes, mostly scripted productions, and had the nature of tax credits or subsidies granted by regional or trade organisations. There are no unfulfilled conditions or contingencies attached to these grants.

\n

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

Note 8

\n		\n

Staff costs

\n
\n

8.1Payroll

\n

Payroll costs broke down as follows in 2025 and 2024:

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Employee remuneration and social security costs

\n		\n

(1,180.0)

\n		\n

(1,245.1)

\n
\n

Employee benefits LTIP

\n		\n

(78.3)

\n		\n

(145.9)

\n
\n

Employment-related earnout and put option expenses

\n		\n

(26.3)

\n		\n

(24.3)

\n
\n

Other employee benefits

\n		\n

(7.2)

\n		\n

(7.1)

\n
\n

Post-employment benefit - Defined benefit obligation

\n		\n

(1.4)

\n		\n

(1.5)

\n
\n

Personnel expenses

\n		\n

(1,293.2)

\n		\n

(1,423.9)

\n
\n

Total personnel expenses in 2025 decreased from the amount in 2024, mainly reflecting lower costs for both permanent and temporary employees, and a significant decrease in expenses related to long-term incentive plans (LTIP).

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

Note 9

\n		\n

Depreciation and amortisation

\n
\n

Depreciation and amortisation expenses by category of assets are as follows:

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Intangible assets(1)

\n		\n

(75.6)

\n		\n

(89.8)

\n
\n

Property, plant and equipment, own property

\n		\n

(22.1)

\n		\n

(22.1)

\n
\n

Property, plant and equipment, right-of-use

\n		\n

(43.3)

\n		\n

(42.2)

\n
\n

Others

\n		\n

1.7

\n		\n

(0.8)

\n
\n

Depreciation and amortisation, net of reversals

\n		\n

(139.3)

\n		\n

(155.0)

\n
\n

Amortisation of intangible assets acquired in business combinations

\n		\n

(28.5)

\n		\n

(26.8)

\n
\n

Depreciation and amortisation expenses, net of reversals

\n		\n

(167.8)

\n		\n

(181.8)

\n
\n

(1)Of which amortisation of \u20ac5.2 million for fiction production recognised in 2025 (\u20ac16.5 million in 2024).

\n
\n

Amortisation decreased compared to the prior year, mainly due to lower amortisation of production assets, including fiction content and distribution advances.

\n

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

Note 10

\n		\n

Other operating income and expenses

\n
\n

Other operating income and expenses for the year ended in 2025\u00a0and 2024\u00a0are as follows:

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Restructuring charges and other non-core items

\n		\n

(51.3)

\n		\n

(54.8)

\n
\n

Tax and duties

\n		\n

(4.0)

\n		\n

(6.8)

\n
\n

President fees

\n		\n

(25.4)

\n		\n

(24.7)

\n
\n

Other operational expenses

\n		\n

(1.0)

\n		\n

(4.8)

\n
\n

Other operational income

\n		\n

3.2

\n		\n

1.2

\n
\n

Other operating income and expenses

\n		\n

(78.5)

\n		\n

(89.9)

\n
\n

Of which other operating income

\n		\n

3.4

\n		\n

2.1

\n
\n

Of which other operating expenses

\n		\n

(81.9)

\n		\n

(92.0)

\n
\n

Other operating income and expenses mainly relate to the restructuring charges and other non-core items in 2025, which mainly consist of:

\n

\u2022Restructuring costs and reorganisation, mainly including expenses with personnel and relocation, or similar costs incurred in order to achieve synergies in the context of Banijay\u2019s acquisitions over the period in the different subsidiaries as well as discontinued project costs;

\n

\u2022Scope variation effect as of December 2025 and 2024, mainly relating to the disposal in 2025 of Bet-at-home with an impact of -\u20ac27.3 million and other M&A project costs during the period;

\n

\u2022Significant litigation and disputes, mainly corresponding to the allowance related to the Bet-at-home sub-group\u2019s litigation process in 2025.

\n

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

Note 12

\n		\n

Income tax

\n
\n

12.1Income tax expense

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Current income tax

\n		\n

(113.5)

\n		\n

(127.4)

\n
\n

Deferred income tax

\n		\n

(19.4)

\n		\n

25.1

\n
\n

Pillar II top-up tax

\n		\n

(9.7)

\n		\n

(7.8)

\n
\n

Total tax expense

\n		\n

(142.5)

\n		\n

(110.1)

\n
\n

The income tax for the period ended 31 December 2025 amounts to -\u20ac142.5 million compared to -\u20ac110.1 million in the period ended in 2024.

\n

At the end of December 2025, a Pillar II top-up tax of \u2011\u20ac9.7\u00a0million was recognised by the Group (See Note 12.3).

\n

In addition to the amount charged to profit or loss, the following amounts relating to tax have been recognised in other comprehensive income:

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Deferred Tax

\n		\n

1.5

\n		\n

1.8

\n
\n

Deferred tax on cash flow hedge fair value adjustment

\n		\n

1.5

\n		\n

1.8

\n
\n

Items to be subsequently reclassified to profit or loss

\n		\n

1.5

\n		\n

1.8

\n
\n

16.3Low value leases and short-term leases

\n

Rental expenses recognised in external purchases for the years ended 31 December 2025 and 2024 amounted to \u20ac92.2 million and \u20ac98.0 million, respectively. These expenses mostly concern short-term contracts related to studios, equipment and facilities leased as part of productions, incurred by Banijay Entertainment and qualified as low value assets and/or short-term leases.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_12595313981024754_0_0": { "value": "
2.5.6Intangible assets
\n

Following initial recognition, and except if indicated otherwise, intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses. They are amortised on a straight-line basis based on the useful life of the asset.

\n

The method and period of amortisation are reviewed at least at the end of each Financial Year. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset result in changes in the method or period of amortisation.

\n

Audiovisual rights, such as distribution advances, are amortised on an accelerated basis following the decline in the net value of the asset after the asset's initial broadcasting by clients.

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

\n		\n

Content production &\u00a0distribution

\n		\n

Online sports betting
&\u00a0gaming

\n
\n

Method

\n		\n

Duration

\n		\n

Method

\n		\n

Duration

\n
\n

Catalogue &\u00a0formats

\n		\n

Straight-line

\n		\n

6\u00a0to 10\u00a0years

\n		\n

\n		\n

\n
\n

Client contracts

\n		\n

Straight-line

\n		\n

Contract term

\n		\n

\n		\n

\n
\n

Software assets

\n		\n

Straight-line

\n		\n

1\u00a0to 5\u00a0years

\n		\n

\n		\n

\n
\n

Right to use a brand

\n		\n

Straight-line

\n		\n

Contract term

\n		\n

\n		\n

\n
\n

Domain names

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

5\u00a0to 11\u00a0years

\n
\n

Customer databases

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

2\u00a0to 5\u00a0years

\n
\n

Websites

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

3\u00a0to 5\u00a0years

\n
\n

Computer software

\n		\n

\n		\n

\n		\n

Straight-line

\n		\n

2\u00a0to 5\u00a0years

\n
\n
2.5.8Property, plant and equipment
\n

Depreciation is calculated on a straight-line basis over the useful life of such fixed assets. The residual value, useful life and depreciation methods of the fixed assets are reviewed and adjusted, if necessary, at the end of each Financial Year.

\n

Land and tangible assets in progress are not depreciated. When tangible assets in progress are ready for their intended use, they are transferred to the relevant category and depreciation starts. When property, plant and equipment include significant components with different useful lives, they are recorded and depreciated separately.

\n

Depreciation is recognised on the following basis:

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

\n		\n

Method

\n		\n

Duration

\n
\n

Technical facilities and equipment

\n		\n

Straight-line

\n		\n

3\u00a0to 20\u00a0years

\n
\n

Office furniture and equipment

\n		\n

Straight-line

\n		\n

3\u00a0to 5\u00a0years

\n
\n

Constructions

\n		\n

Straight-line

\n		\n

15\u00a0to 40\u00a0years

\n
\n

Other fixed assets

\n		\n

Straight-line

\n		\n

3\u00a0to 10\u00a0years

\n
\n
2.5.9Lease
\n
Right-of-use assets
\n

The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10167419065025660_0_0": { "value": "
2.5.7Software
\n
Internally generated software
\n

Betclic owns its online gaming platform and invests internally to continuously develop it. From mobile to desktop channels and, depending on the country and regulatory specificities, Betclic Everest Group invests in both back-end and front-end developments.

\n

Internally generated software is recognised if, and only if, all of the following conditions have been demonstrated:

\n

\u2022the technical feasibility of completing the intangible asset so that it will be available for use or sale;

\n

\u2022the intention to complete the intangible asset and use or sell it;

\n

\u2022the ability to use or sell the intangible asset;

\n

\u2022how the intangible asset will generate probable future economic benefits;

\n

\u2022the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and

\n

\u2022the ability to reliably measure the expenditure attributable to the intangible asset during its development.

\n

When no internally generated software can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred.

\n

Direct internal and external costs incurred for the development of software are capitalised during the development stage. Costs of significant upgrades and enhancements resulting in additional functionality are also capitalised. Other subsequent expenses such as maintenance, minor upgrades, and enhancement costs are expensed as they are incurred.

\n

Subsequent to initial recognition, internally generated software is reported at cost less accumulated amortisation and impairment losses, on the same basis as intangible assets that are acquired separately.

\n

The costs of configuring and customising software made available by a vendor under a Software as a Service (SaaS) contract are recognised as expenses for the year (and not as intangible assets), since the entity does not control the software and the configuration/customisation activities do not generate a resource that is controlled by the customer independently of the software.

\n
Software as a Service (SaaS) arrangements
\n

A SaaS arrangement allows an entity to access, using an Internet connection and for a specified period of time, software functions hosted on infrastructure operated by an external provider. If the Group does not control a SaaS solution, the related development costs (external and internal) are recognised as follows: (a) as an expense as incurred for internal costs and the costs of an integrator not related to the SaaS publisher, and (b) as an expense over the term of the SaaS arrangement for the costs of the SaaS publisher or its subcontractor. If the Group controls a SaaS solution, costs are capitalised if they meet the IAS\u00a038 criteria. Otherwise, they are expensed as incurred.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10165576092446120_0_0": { "value": "
2.5.7Software
\n
Internally generated software
\n

Betclic owns its online gaming platform and invests internally to continuously develop it. From mobile to desktop channels and, depending on the country and regulatory specificities, Betclic Everest Group invests in both back-end and front-end developments.

\n

Internally generated software is recognised if, and only if, all of the following conditions have been demonstrated:

\n

\u2022the technical feasibility of completing the intangible asset so that it will be available for use or sale;

\n

\u2022the intention to complete the intangible asset and use or sell it;

\n

\u2022the ability to use or sell the intangible asset;

\n

\u2022how the intangible asset will generate probable future economic benefits;

\n

\u2022the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and

\n

\u2022the ability to reliably measure the expenditure attributable to the intangible asset during its development.

\n

When no internally generated software can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred.

\n

Direct internal and external costs incurred for the development of software are capitalised during the development stage. Costs of significant upgrades and enhancements resulting in additional functionality are also capitalised. Other subsequent expenses such as maintenance, minor upgrades, and enhancement costs are expensed as they are incurred.

\n

Subsequent to initial recognition, internally generated software is reported at cost less accumulated amortisation and impairment losses, on the same basis as intangible assets that are acquired separately.

\n

The costs of configuring and customising software made available by a vendor under a Software as a Service (SaaS) contract are recognised as expenses for the year (and not as intangible assets), since the entity does not control the software and the configuration/customisation activities do not generate a resource that is controlled by the customer independently of the software.

\n
Software as a Service (SaaS) arrangements
\n

A SaaS arrangement allows an entity to access, using an Internet connection and for a specified period of time, software functions hosted on infrastructure operated by an external provider. If the Group does not control a SaaS solution, the related development costs (external and internal) are recognised as follows: (a) as an expense as incurred for internal costs and the costs of an integrator not related to the SaaS publisher, and (b) as an expense over the term of the SaaS arrangement for the costs of the SaaS publisher or its subcontractor. If the Group controls a SaaS solution, costs are capitalised if they meet the IAS\u00a038 criteria. Otherwise, they are expensed as incurred.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10421720692505673_0_0": { "value": "
2.5.8Property, plant and equipment
\n

Property, plant and equipment are recorded at their acquisition cost and then carried at historical cost less accumulated depreciation and impairment losses. Acquisition cost includes costs directly attributable to transporting an asset to its physical location and preparing it for its operational use, the collection of property, plant and equipment, and the rehabilitation of the physical location resulting from the incurred obligation.

\n

Depreciation is calculated on a straight-line basis over the useful life of such fixed assets. The residual value, useful life and depreciation methods of the fixed assets are reviewed and adjusted, if necessary, at the end of each Financial Year.

\n

Land and tangible assets in progress are not depreciated. When tangible assets in progress are ready for their intended use, they are transferred to the relevant category and depreciation starts. When property, plant and equipment include significant components with different useful lives, they are recorded and depreciated separately.

\n

Depreciation is recognised on the following basis:

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

\n		\n

Method

\n		\n

Duration

\n
\n

Technical facilities and equipment

\n		\n

Straight-line

\n		\n

3\u00a0to 20\u00a0years

\n
\n

Office furniture and equipment

\n		\n

Straight-line

\n		\n

3\u00a0to 5\u00a0years

\n
\n

Constructions

\n		\n

Straight-line

\n		\n

15\u00a0to 40\u00a0years

\n
\n

Other fixed assets

\n		\n

Straight-line

\n		\n

3\u00a0to 10\u00a0years

\n
\n
2.5.10Impairment of property, plant and equipment, intangible assets (other than goodwill)
\n

The recoverable amount of intangible assets and tangible assets is tested for impairment as soon as external or internal signs of impairment losses exist, such as a decline in sector ratio, a strong overall decrease in the business relating to the cash-generating unit, lower activity with a major customer of the cash-generating unit, a change in betting and gaming license conditions (including government taxation policies) and the loss/non-renewal of licenses. External or internal signs of impairment are reviewed at each closing date.

\n

The recoverable amount of the assets to which it is possible to directly attribute independent cash inflows is assessed on a stand-alone basis. The other assets are grouped within the CGU to which they belong in order to estimate their value-in-use.

\n

The value-in-use of an asset or a CGU is measured as outlined in Note 2.5.4 on page 303.

\n

The value of the asset is tested for impairment to determine whether there is an impairment loss. If appropriate, an impairment loss is recorded for the portion of the net book value of the asset exceeding the recoverable amount.

\n

Where an impairment loss is recognised, it is accounted for directly in the statement of profit or loss. The value of assets, other than goodwill, for which an impairment loss has been recorded, is reviewed at each closing date for the purposes of reversing the impairment loss, if necessary. Where a reversal occurs, it is recorded as profit or loss. In such a case, the book value of the asset can be increased up to its recoverable amount. After reversing the impairment loss, the book value cannot exceed the carrying amount that would have been determined, net of amortisation or depreciation, had no impairment loss been recognised for the asset in prior years.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346687_0": { "value": "
2.5.8Property, plant and equipment
\n

Property, plant and equipment are recorded at their acquisition cost and then carried at historical cost less accumulated depreciation and impairment losses. Acquisition cost includes costs directly attributable to transporting an asset to its physical location and preparing it for its operational use, the collection of property, plant and equipment, and the rehabilitation of the physical location resulting from the incurred obligation.

\n

Depreciation is calculated on a straight-line basis over the useful life of such fixed assets. The residual value, useful life and depreciation methods of the fixed assets are reviewed and adjusted, if necessary, at the end of each Financial Year.

\n

Land and tangible assets in progress are not depreciated. When tangible assets in progress are ready for their intended use, they are transferred to the relevant category and depreciation starts. When property, plant and equipment include significant components with different useful lives, they are recorded and depreciated separately.

\n

Depreciation is recognised on the following basis:

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

\n		\n

Method

\n		\n

Duration

\n
\n

Technical facilities and equipment

\n		\n

Straight-line

\n		\n

3\u00a0to 20\u00a0years

\n
\n

Office furniture and equipment

\n		\n

Straight-line

\n		\n

3\u00a0to 5\u00a0years

\n
\n

Constructions

\n		\n

Straight-line

\n		\n

15\u00a0to 40\u00a0years

\n
\n

Other fixed assets

\n		\n

Straight-line

\n		\n

3\u00a0to 10\u00a0years

\n
\n
2.5.10Impairment of property, plant and equipment, intangible assets (other than goodwill)
\n

The recoverable amount of intangible assets and tangible assets is tested for impairment as soon as external or internal signs of impairment losses exist, such as a decline in sector ratio, a strong overall decrease in the business relating to the cash-generating unit, lower activity with a major customer of the cash-generating unit, a change in betting and gaming license conditions (including government taxation policies) and the loss/non-renewal of licenses. External or internal signs of impairment are reviewed at each closing date.

\n

The recoverable amount of the assets to which it is possible to directly attribute independent cash inflows is assessed on a stand-alone basis. The other assets are grouped within the CGU to which they belong in order to estimate their value-in-use.

\n

The value-in-use of an asset or a CGU is measured as outlined in Note 2.5.4 on page 303.

\n

The value of the asset is tested for impairment to determine whether there is an impairment loss. If appropriate, an impairment loss is recorded for the portion of the net book value of the asset exceeding the recoverable amount.

\n

Where an impairment loss is recognised, it is accounted for directly in the statement of profit or loss. The value of assets, other than goodwill, for which an impairment loss has been recorded, is reviewed at each closing date for the purposes of reversing the impairment loss, if necessary. Where a reversal occurs, it is recorded as profit or loss. In such a case, the book value of the asset can be increased up to its recoverable amount. After reversing the impairment loss, the book value cannot exceed the carrying amount that would have been determined, net of amortisation or depreciation, had no impairment loss been recognised for the asset in prior years.

\n

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

Note 15

\n		\n

Property, Plant and Equipment

\n
\n

Property, plant and equipment primarily comprise buildings and land, technical installations and furniture and other equipment.

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

GROSS AMOUNT

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

As of 1 January

\n		\n

322.9

\n		\n

307.3

\n
\n

Investments

\n		\n

35.5

\n		\n

27.7

\n
\n

Divestitures

\n		\n

(21.2)

\n		\n

(7.9)

\n
\n

Changes in consolidation scope

\n		\n

(4.0)

\n		\n

(2.1)

\n
\n

Translation differences

\n		\n

(9.1)

\n		\n

2.0

\n
\n

Reclassifications and others(1)

\n		\n

(9.2)

\n		\n

(3.9)

\n
\n

As of 31 December

\n		\n

314.9

\n		\n

322.9

\n
\n

ACCUMULATED DEPRECIATION AND IMPAIRMENT LOSSES

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

As of 1 January

\n		\n

(252.0)

\n		\n

(236.6)

\n
\n

Depreciation and amortisation

\n		\n

(25.6)

\n		\n

(22.1)

\n
\n

Divestitures and impairment losses

\n		\n

20.8

\n		\n

6.3

\n
\n

Changes in consolidation scope

\n		\n

5.8

\n		\n

1.6

\n
\n

Translation differences

\n		\n

7.6

\n		\n

(3.0)

\n
\n

Reclassifications and others(1)

\n		\n

6.9

\n		\n

1.9

\n
\n

As of 31 December

\n		\n

(236.4)

\n		\n

(252.0)

\n
\n

NET CARRYING AMOUNT

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

As of 1 January

\n		\n

70.9

\n		\n

70.6

\n
\n

As of 31 December

\n		\n

78.5

\n		\n

70.9

\n
\n

(1)Reclassifications and others mainly correspond to write-offs in the UK for \u20ac8.0 million.

\n
\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10422759707499880_0_0": { "value": "
2.5.9Lease
\n
Right-of-use assets
\n

The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.

\n
Lease liabilities
\n

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 payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. The interest used at the inception of the contract will be the same for the whole life of the lease term aside if there are modifications in contract terms such as a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset.

\n
Short-term leases and leases of low-value assets
\n

The Group applies the short-term lease recognition exemption to its short-term leases of equipment (i.e., those leases that have a lease term of 12\u00a0months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term.

\n
Lease term of contracts with renewal options
\n

The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised by the Group, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.

\n

The Group has the option, under some of its real estate leases, to lease the assets for additional terms of several years. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew by considering all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy).

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346677_0": { "value": "
2.5.9Lease
\n
Right-of-use assets
\n

The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.

\n
Lease liabilities
\n

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 payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. The interest used at the inception of the contract will be the same for the whole life of the lease term aside if there are modifications in contract terms such as a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset.

\n
Short-term leases and leases of low-value assets
\n

The Group applies the short-term lease recognition exemption to its short-term leases of equipment (i.e., those leases that have a lease term of 12\u00a0months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term.

\n
Lease term of contracts with renewal options
\n

The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised by the Group, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised.

\n

The Group has the option, under some of its real estate leases, to lease the assets for additional terms of several years. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew by considering all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy).

\n

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

Note 16

\n		\n

Leases

\n
\n

16.1Right-of-use assets

\n

The assets accounted for under IFRS 16 as of 31 December 2025 and 2024 are mainly real estate assets, i.e., office buildings and studios.

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Gross amount

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

As of 1\u00a0January

\n		\n

304.5

\n		\n

285.0

\n
\n

Addition of assets

\n		\n

48.8

\n		\n

34.9

\n
\n

Divestitures, reclassifications and other(1)

\n		\n

(18.2)

\n		\n

(19.2)

\n
\n

Changes in consolidation scope

\n		\n

0.4

\n		\n

0.5

\n
\n

Translation differences

\n		\n

(10.7)

\n		\n

3.2

\n
\n

As of 31\u00a0December

\n		\n

324.8

\n		\n

304.5

\n
\n

Accumulated amortisation and impairment losses

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

As of 1\u00a0January

\n		\n

(169.8)

\n		\n

(135.8)

\n
\n

Depreciation and amortisation

\n		\n

(42.6)

\n		\n

(42.2)

\n
\n

Divestitures, reclassifications and other(1)

\n		\n

12.2

\n		\n

11.2

\n
\n

Changes in consolidation scope

\n		\n

1.9

\n		\n

0.2

\n
\n

Translation differences

\n		\n

7.6

\n		\n

(3.1)

\n
\n

As of 31\u00a0December

\n		\n

(190.7)

\n		\n

(169.8)

\n
\n

Net carrying amount

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

As of 1\u00a0January

\n		\n

134.7

\n		\n

149.2

\n
\n

As of 31\u00a0December

\n		\n

134.1

\n		\n

134.7

\n
\n

(1)The \"Reclassifications and other\" line item mainly relates to contract modifications.

\n
\n

16.2Lease liabilities

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Lease liabilities as of 1\u00a0January

\n		\n

154.9

\n		\n

167.9

\n
\n

Increase in liabilities

\n		\n

49.5

\n		\n

34.8

\n
\n

Principal lease repayments

\n		\n

(51.2)

\n		\n

(43.6)

\n
\n

Interests repayments

\n		\n

(6.9)

\n		\n

(6.6)

\n
\n

Changes in consolidation scope

\n		\n

1.7

\n		\n

0.7

\n
\n

Translation differences

\n		\n

(4.0)

\n		\n

0.5

\n
\n

Reclassifications and other(1)

\n		\n

7.1

\n		\n

6.7

\n
\n

Lease liabilities as of 31 December

\n		\n

151.3

\n		\n

155.1

\n
\n

Of which long-term lease liabilities

\n		\n

102.9

\n		\n

108.9

\n
\n

Of which short-term lease liabilities

\n		\n

48.3

\n		\n

46.2

\n
\n

(1)The \"Reclassifications and other\" line item mainly relates to contract modifications.

\n
\n

The lease liabilities excludes low value and short-term leases. Total cash outflows for leases including interest amounted to \u20ac51.6 million and \u20ac50.1\u00a0million for the years ended 31 December 2025 and 2024, respectively.

\n

The maturity profile of the Group\u2019s lease liabilities based on contractual undiscounted payments is as follows:

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Due in less than one year

\n		\n

49.2

\n		\n

48.8

\n
\n

Due between one to five years

\n		\n

87.1

\n		\n

105.7

\n
\n

Due in more than five years

\n		\n

28.4

\n		\n

21.6

\n
\n

Total lease liabilities

\n		\n

164.7

\n		\n

176.1

\n
\n

16.3Low value leases and short-term leases

\n

Rental expenses recognised in external purchases for the years ended 31 December 2025 and 2024 amounted to \u20ac92.2 million and \u20ac98.0 million, respectively. These expenses mostly concern short-term contracts related to studios, equipment and facilities leased as part of productions, incurred by Banijay Entertainment and qualified as low value assets and/or short-term leases.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10423026435826091_0_0": { "value": "
2.5.11Production - Work in progress
\n

Inventories relating to work in progress are valued at production cost.

\n

For the production of audiovisual programmes, they represent outstanding production costs, excluding fictions for which (i) the Group retains a part of the Intellectual Property (IP) and (ii) expects significant IP revenue, that are not finalised and not delivered to the client at the closing date. In the case production losses are anticipated, a provision for losses on onerous contracts is recognised, after inventories have been written off.

\n

For the production of live experiences, the inventories relating to work in progress represent outstanding production costs of an event not yet delivered to the client at the closing date.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346668_0": { "value": "
2.5.11Production - Work in progress
\n

Inventories relating to work in progress are valued at production cost.

\n

For the production of audiovisual programmes, they represent outstanding production costs, excluding fictions for which (i) the Group retains a part of the Intellectual Property (IP) and (ii) expects significant IP revenue, that are not finalised and not delivered to the client at the closing date. In the case production losses are anticipated, a provision for losses on onerous contracts is recognised, after inventories have been written off.

\n

For the production of live experiences, the inventories relating to work in progress represent outstanding production costs of an event not yet delivered to the client at the closing date.

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

Note 18

\n		\n

Working capital balances

\n
\n

18.1Production - work in progress

\n

Work in progress mainly corresponds to costs incurred in the production of non-scripted programmes (or scripted programmes for which the Group does not expect subsequent Intellectual Property revenue in the future) that have not been delivered at the reporting date, as the Group recognises its production revenue upon delivery of the materials to the customer.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_12136381508717688_0_0": { "value": "
2.5.12Financial instruments and equity instruments
\n
Financial assets
\n

The classification of a financial asset in each of these categories depends on the management model applied by the enterprise and the characteristics of its contractual cash flows. Transactions relating to financial assets are recorded at the settlement date.

\n

Debt instrument at amortised costs

\n

These financial assets are initially recognised at their fair value to which are added directly attributable transaction costs, and then at amortised cost at each closing date, applying the effective interest rate method. This category of assets includes trade receivables and other debtors, loans and deposits, receivables attached to participating interests, cash and loans to associates or non-consolidated entities. In practice, trade receivables are measured using the amortised cost method, even though they may be subject to an assignment of receivables, for example, in the context of factoring.

\n

Equity instrument at fair value through OCI

\n

The Group elected to irrevocably classify its non-listed equity investments under this category as it intends to hold these investments for the foreseeable future.

\n

Impairment testing of debtor financial assets

\n

The Group conducts a review if, at the closing date, a debtor financial asset or a group of debtor financial assets is likely to suffer an impairment loss based on both the expected credit loss approach and an objective indication of loss.

\n

In practice, given the low level of loss incurred on prior years\u2019 receivables, the expected credit loss approach does not have any significant impact. If there is objective evidence that debtor financial assets carried at amortised cost or at fair value through OCI should be impaired, the amount of the loss is estimated as the difference between the book value and the discounted future cash flows such as expected (excluding future probable and not actual credit losses). The discount rate used is the initial effective interest rate (i.e., the effective interest rate computed at initial recognition of the asset). The book value is reduced using an allowance account. The amount of the loss is recorded as profit or loss. The loss allowance is updated for changes in these expected credit losses at each reporting date.

\n

If, subsequently, the impairment decreases and the decrease can be objectively linked to an event occurring after the impairment was recognised, the previously recognised impairment will be reversed. The reversal of an impairment loss is recognised as profit or loss, as long as the book value of the asset does not exceed its amortised cost at the date the loss allowance is reversed.

\n

With respect to receivables, a loss allowance is recorded when there is objective evidence (probability of insolvency or severe financial difficulties of the debtor) that the Group will be unable to recover the balance in accordance with the initial payment conditions. The book value of the receivable is reduced by way of an allowance for loss.

\n

Derecognition of financial assets

\n

Financial assets and related impairment are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership of the asset to another entity. On derecognition of a financial asset measured at amortised cost, the difference between the asset\u2019s carrying amount and the sum of the consideration received and receivable is recognised in profit or loss.

\n
2.5.13Cash and cash equivalents
\n

Cash and cash equivalents include bank accounts and short-term deposits whose initial maturity is less than three months that are already convertible into cash and are subject to insignificant risks of change in fair value.

\n

For the needs of the consolidated statement of cash flows, the amount of cash and cash equivalents includes the cash and cash equivalents as defined above reduced by bank overdrafts.

\n

Investments in securities, investments with initial maturities of more than three months without an early termination option and bank accounts subject to restrictions (blocked accounts), such as restrictions due to regulations specific to a country or activity sector (e.g., exchange controls), are not classified as cash equivalents but as financial assets.

\n
2.5.14Trade receivables
\n

They are initially recorded at their fair value and are subject to impairment when their realisable value falls below their book value.

\n
Trade receivables on \u201cproviders\u201d
\n

Trade receivables on \u201cproviders\u201d (payment service providers) correspond to balances in transit with the Group\u2019s payment partners and which are repatriated to bank accounts manually or automatically. These receivables are considered liquid because they can be transferred in a few minutes or a few days, depending on the partners.

\n
2.5.15Contract balances
\n

If accrued revenue constitutes an unconditional right to payment or consideration, i.e., if the passage of time is sufficient for payment of the consideration to fall due, the accrued revenue will constitute a receivable. In all other cases, it constitutes the contract assets.

\n

Revenue accruals are classified in \u201cTrade and other receivables\u201d since accrued revenue constitutes an unconditional right to consideration.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346878_0": { "value": "
2.5.12Financial instruments and equity instruments
\n
Classification as debt or equity
\n

Equity instruments issued by the Group are recognised at the proceeds received, net of direct issue costs.

\n

Repurchase of the Company\u2019s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company\u2019s own equity instruments.

\n

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

Note 19

\n		\n

Changes in shareholders' equity

\n
\n

19.1Banijay Group equity instruments

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

Ordinary shares and SVS issued

\n		\n

Number of shares

\n		\n

(in \u20ac million)

\n
\n

Ordinary Shares (nominal value: \u20ac0.01)

\n		\n

SVS
(nominal value: \u20ac0.02)

\n		\n

Impact on Shareholders\u2019 equity

\n
\n

TOTAL 1 JANUARY 2025

\n		\n

423,271,268

\n		\n

191,991,997

\n		\n

N/A

\n
\n

Capital increase

\n		\n

5,000

\n		\n

-

\n		\n

0.0

\n
\n

TOTAL 31 December 2025

\n		\n

423,276,268

\n		\n

191,991,997

\n		\n

N/A

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

Ordinary shares and SVS issued

\n		\n

Number of shares

\n		\n

(in \u20ac million)

\n
\n

Ordinary Shares (nominal value: \u20ac0.01)

\n		\n

SVS
(nominal value: \u20ac0.02)

\n		\n

Impact on Shareholders\u2019 equity

\n
\n

TOTAL 1 JANUARY 2024

\n		\n

423,271,267

\n		\n

191,991,997

\n		\n

N/A

\n
\n

Warrant conversion

\n		\n

1

\n		\n

-

\n		\n

0.0

\n
\n

TOTAL 31 December 2024

\n		\n

423,271,268

\n		\n

191,991,997

\n		\n

N/A

\n
\n
Special statutory voting rights
\n

The Company has implemented a Special Voting Plan, by creating Special Voting Shares A and B, in its share capital. These shares allow the holder thereof to exercise two voting rights in addition to one voting right for each corresponding ordinary share held by it in accordance with and subject to the SVS Terms. Financi\u00e8re Lov is the sole initial participant in the Special Voting Plan and the sole initial holder of the Special Voting Shares A and B.

\n

21.1Number of shares

\n

In accordance with IAS 33, the weighted average number of Ordinary Shares for the twelve-month period ended 31\u00a0December 2025 and 2024 are as follows:

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

(in \u20ac million)

\n		\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Number of Ordinary Shares

\n		\n

Share Capital (in \u20ac million)

\n		\n

Number of\u00a0shares

\n		\n

Share Capital (in \u20ac million)

\n
\n

Opening share capital

\n		\n

423,271,268

\n		\n

4.2

\n		\n

423,271,267

\n		\n

\u00a04.2

\n
\n

Capital increase

\n		\n

5,000

\n		\n

0.0

\n		\n

1

\n		\n

0.0

\n
\n

Capital decrease

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Closing share capital

\n		\n

423,276,268

\n		\n

4.2

\n		\n

423,271,268

\n		\n

4.2

\n
\n

Of which treasury shares

\n		\n

(25,097)

\n		\n

\u00a0

\n		\n

(30,128)

\n		\n

-

\n
\n

Opening treasury shares

\n		\n

(30,128)

\n		\n

\u00a0

\n		\n

(23,676)

\n		\n

-

\n
\n

Change in treasury shares

\n		\n

5,031

\n		\n

\u00a0

\n		\n

(6,452)

\n		\n

\u00a0

\n
\n

Weighted average number of ordinary shares outstanding(1)

\n		\n

423,237,371

\n		\n

\u00a0

\n		\n

423,247,123

\n		\n

-

\n
\n

Free shares to be issued

\n		\n

12,500

\n		\n

\u00a0

\n		\n

9,399,715

\n		\n

-

\n
\n

Diluted weighted average number of ordinary shares outstanding(1)

\n		\n

423,242,371

\n		\n

\u00a0

\n		\n

432,646,838

\n		\n

-

\n
\n

(1)Free shares represent potential Banijay Group shares as part of LTI 2023 and 2024 plan as described in Note 8.2.

\n
\n

As of 31 December 2025, 20,000,000 earn-out shares, 2,575,001 founder shares, 5,250,000 Founder Warrants and 8,666,666 public warrants were not taken in consideration for the calculation of diluted earnings per share because the conversion conditions were not satisfied at the end of the period.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346879_0": { "value": "
2.5.12Financial instruments and equity instruments
\n
Classification as debt or equity
\n

Equity instruments issued by the Group are recognised at the proceeds received, net of direct issue costs.

\n

Repurchase of the Company\u2019s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company\u2019s own equity instruments.

\n

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

Note 19

\n		\n

Changes in shareholders' equity

\n
\n

19.1Banijay Group equity instruments

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

Ordinary shares and SVS issued

\n		\n

Number of shares

\n		\n

(in \u20ac million)

\n
\n

Ordinary Shares (nominal value: \u20ac0.01)

\n		\n

SVS
(nominal value: \u20ac0.02)

\n		\n

Impact on Shareholders\u2019 equity

\n
\n

TOTAL 1 JANUARY 2025

\n		\n

423,271,268

\n		\n

191,991,997

\n		\n

N/A

\n
\n

Capital increase

\n		\n

5,000

\n		\n

-

\n		\n

0.0

\n
\n

TOTAL 31 December 2025

\n		\n

423,276,268

\n		\n

191,991,997

\n		\n

N/A

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

Ordinary shares and SVS issued

\n		\n

Number of shares

\n		\n

(in \u20ac million)

\n
\n

Ordinary Shares (nominal value: \u20ac0.01)

\n		\n

SVS
(nominal value: \u20ac0.02)

\n		\n

Impact on Shareholders\u2019 equity

\n
\n

TOTAL 1 JANUARY 2024

\n		\n

423,271,267

\n		\n

191,991,997

\n		\n

N/A

\n
\n

Warrant conversion

\n		\n

1

\n		\n

-

\n		\n

0.0

\n
\n

TOTAL 31 December 2024

\n		\n

423,271,268

\n		\n

191,991,997

\n		\n

N/A

\n
\n
Special statutory voting rights
\n

The Company has implemented a Special Voting Plan, by creating Special Voting Shares A and B, in its share capital. These shares allow the holder thereof to exercise two voting rights in addition to one voting right for each corresponding ordinary share held by it in accordance with and subject to the SVS Terms. Financi\u00e8re Lov is the sole initial participant in the Special Voting Plan and the sole initial holder of the Special Voting Shares A and B.

\n
Treasury shares
\n

As of 31 December 2025, the Company owned 25,097 treasury shares through the liquidity agreement (refer to Note 24.1 on page 348).

\n

\n

\n

19.2Changes in ownership interest in subsidiaries that do not result in a loss of\u00a0control

\n

In 2025, the changes on non-controlling interests are impacted as follows:

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

(in \u20ac million)

\n		\n

31\u00a0December 2025

\n
\n

Shareholders\u2019 equity

\n		\n

Non-controlling interests

\n		\n

Total consolidated equity

\n
\n

\u2022Exercise of warrants at Banijay Entertainment level

\n		\n

11.2

\n		\n

0.8

\n		\n

12.0

\n
\n

\u2022Others

\n		\n

(1.5)

\n		\n

1.2

\n		\n

(0.3)

\n
\n

Changes in ownership interest in subsidiaries that do not result in a loss of control

\n		\n

9.7

\n		\n

2.0

\n		\n

11.7

\n
\n

In 2024, in the context of the Contribution of all Banijay SAS shares held by Banijay\u00a0SAS key managers in exchange for Ordinary Shares, consolidated equity was impacted as follows:

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

(in \u20ac million)

\n		\n

31\u00a0December 2024

\n
\n

Shareholders\u2019 equity

\n		\n

Non-controlling interests

\n		\n

Total consolidated equity

\n
\n

First accounting put option on entity already controlled

\n		\n

(17.4)

\n		\n

(1.0)

\n		\n

(18.4)

\n
\n

Changes in ownership interest in subsidiaries that\u00a0do\u00a0not result in a loss of control

\n		\n

(17.4)

\n		\n

(1.0)

\n		\n

(18.4)

\n
\n

19.3Share-based payment

\n

In 2024, share-based payment related to the Ordinary Shares of Banijay Group delivered with regard to the three-party agreement between the Betclic Everest Group CEO, Banijay Group and Betclic Everest Group (refer to Note 8.2 on page 324) as well as the Phantom share plan at Holding level (refer to Note 8.2 on page 324).

\n

On 28 October 2025 this LTIP plan was modified following the decision to substitute the long-term incentive plan in the form of Banijay Group N.V. to Banijay Gaming shares (refer to Note 8.2 on page 324).

\n

19.4Distribution of dividend and share premium

\n

Following the Annual General Meeting of Banijay Group N.V on 22 May 2025 and the approval of the resolution 4b, a dividend distribution was paid to all registered holders of Ordinary Shares on 12 June 2025. The total distribution paid is around \u20ac148 million (i.e., \u20ac0.35 per ordinary share).

\n

From any profits, as remaining after application of the provisions in the Articles of Association regarding reservation and the profit entitlement of earn-out preference shares and Founder Shares and Special Voting Shares an amount\u00a0equal to 0.1% of the nominal value of each of the earn-out preference shares, Special Voting Shares and Founder Shares shall be added to the dividend reserve of the respective shares as described in the Articles of Association and as agreed upon by each founder share holder and earn-out preference share holder in the shareholders\u2019 agreement dated 30 June 2022 and by the Special Voting Shares holders in the Special Voting Shares terms dated 30 June 2022. Any profits remaining thereafter shall be at the disposal of the General Meeting for distribution to the holders of Ordinary Shares in proportion to the aggregate nominal value of their Ordinary Shares.

\n

Pursuant to the shareholders' agreement dated 30 June 2022 and in accordance with SVS terms, Founder Shares holders, earn-out shares holders and Special Voting Shares holders have agreed to waive all profit rights due to them.

\n

\n

21.1Number of shares

\n

In accordance with IAS 33, the weighted average number of Ordinary Shares for the twelve-month period ended 31\u00a0December 2025 and 2024 are as follows:

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

(in \u20ac million)

\n		\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Number of Ordinary Shares

\n		\n

Share Capital (in \u20ac million)

\n		\n

Number of\u00a0shares

\n		\n

Share Capital (in \u20ac million)

\n
\n

Opening share capital

\n		\n

423,271,268

\n		\n

4.2

\n		\n

423,271,267

\n		\n

\u00a04.2

\n
\n

Capital increase

\n		\n

5,000

\n		\n

0.0

\n		\n

1

\n		\n

0.0

\n
\n

Capital decrease

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Closing share capital

\n		\n

423,276,268

\n		\n

4.2

\n		\n

423,271,268

\n		\n

4.2

\n
\n

Of which treasury shares

\n		\n

(25,097)

\n		\n

\u00a0

\n		\n

(30,128)

\n		\n

-

\n
\n

Opening treasury shares

\n		\n

(30,128)

\n		\n

\u00a0

\n		\n

(23,676)

\n		\n

-

\n
\n

Change in treasury shares

\n		\n

5,031

\n		\n

\u00a0

\n		\n

(6,452)

\n		\n

\u00a0

\n
\n

Weighted average number of ordinary shares outstanding(1)

\n		\n

423,237,371

\n		\n

\u00a0

\n		\n

423,247,123

\n		\n

-

\n
\n

Free shares to be issued

\n		\n

12,500

\n		\n

\u00a0

\n		\n

9,399,715

\n		\n

-

\n
\n

Diluted weighted average number of ordinary shares outstanding(1)

\n		\n

423,242,371

\n		\n

\u00a0

\n		\n

432,646,838

\n		\n

-

\n
\n

(1)Free shares represent potential Banijay Group shares as part of LTI 2023 and 2024 plan as described in Note 8.2.

\n
\n

As of 31 December 2025, 20,000,000 earn-out shares, 2,575,001 founder shares, 5,250,000 Founder Warrants and 8,666,666 public warrants were not taken in consideration for the calculation of diluted earnings per share because the conversion conditions were not satisfied at the end of the period.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346870_0": { "value": "
2.5.12Financial instruments and equity instruments
\n
Classification as debt or equity
\n

Repurchase of the Company\u2019s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company\u2019s own equity instruments.

\n

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

Note 19

\n		\n

Changes in shareholders' equity

\n
\n

19.1Banijay Group equity instruments

\n
Treasury shares
\n

As of 31 December 2025, the Company owned 25,097 treasury shares through the liquidity agreement (refer to Note 24.1 on page 348).

\n

\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_17557682972979309_0_0": { "value": "
2.5.12Financial instruments and equity instruments
\n

Impairment testing of debtor financial assets

\n

The Group conducts a review if, at the closing date, a debtor financial asset or a group of debtor financial assets is likely to suffer an impairment loss based on both the expected credit loss approach and an objective indication of loss.

\n

In practice, given the low level of loss incurred on prior years\u2019 receivables, the expected credit loss approach does not have any significant impact. If there is objective evidence that debtor financial assets carried at amortised cost or at fair value through OCI should be impaired, the amount of the loss is estimated as the difference between the book value and the discounted future cash flows such as expected (excluding future probable and not actual credit losses). The discount rate used is the initial effective interest rate (i.e., the effective interest rate computed at initial recognition of the asset). The book value is reduced using an allowance account. The amount of the loss is recorded as profit or loss. The loss allowance is updated for changes in these expected credit losses at each reporting date.

\n

If, subsequently, the impairment decreases and the decrease can be objectively linked to an event occurring after the impairment was recognised, the previously recognised impairment will be reversed. The reversal of an impairment loss is recognised as profit or loss, as long as the book value of the asset does not exceed its amortised cost at the date the loss allowance is reversed.

\n

With respect to receivables, a loss allowance is recorded when there is objective evidence (probability of insolvency or severe financial difficulties of the debtor) that the Group will be unable to recover the balance in accordance with the initial payment conditions. The book value of the receivable is reduced by way of an allowance for loss.

\n
2.5.14Trade receivables
\n

They are initially recorded at their fair value and are subject to impairment when their realisable value falls below their book value.

\n
Trade receivables on \u201cproviders\u201d
\n

Trade receivables on \u201cproviders\u201d (payment service providers) correspond to balances in transit with the Group\u2019s payment partners and which are repatriated to bank accounts manually or automatically. These receivables are considered liquid because they can be transferred in a few minutes or a few days, depending on the partners.

\n

16.2Lease liabilities

\n

The maturity profile of the Group\u2019s lease liabilities based on contractual undiscounted payments is as follows:

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Due in less than one year

\n		\n

49.2

\n		\n

48.8

\n
\n

Due between one to five years

\n		\n

87.1

\n		\n

105.7

\n
\n

Due in more than five years

\n		\n

28.4

\n		\n

21.6

\n
\n

Total lease liabilities

\n		\n

164.7

\n		\n

176.1

\n
\n

18.2Trade receivables

\n

The breakdown of trade and other receivables as of 31\u00a0December 2025 and 2024\u00a0is as follows:

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Trade receivables, gross

\n		\n

498.5

\n		\n

500.7

\n
\n

Trade receivables from providers, gross

\n		\n

37.6

\n		\n

47.8

\n
\n

Total trade receivables, gross

\n		\n

536.1

\n		\n

548.5

\n
\n

Allowance for expected credit loss

\n		\n

(11.2)

\n		\n

(12.9)

\n
\n

Trade receivables, net

\n		\n

524.8

\n		\n

535.6

\n
\n

Trade receivables from providers (payment service providers) correspond to balances in transit with the payment partners of the Group and which are repatriated to bank accounts manually or automatically. These receivables are considered liquid because they can be transferred in a few minutes or a few days, depending on partners.

\n

24.3Current and non-current financial liabilities

\n

Maturity of current and non-current debt (principal and interest)

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

(in \u20ac million)

\n		\n

Current

\n		\n

Non-current

\n
\n

Less than 1\u00a0year

\n		\n

1\u00a0to 5\u00a0years

\n		\n

More than 5\u00a0years

\n		\n

Total 31\u00a0December 2025

\n
\n

Bonds

\n		\n

65.5

\n		\n

1,044.1

\n		\n

-

\n		\n

1,109.6

\n
\n

Bank borrowings

\n		\n

224.7

\n		\n

1,363.7

\n		\n

1,086.7

\n		\n

2,675.1

\n
\n

Bank overdraft

\n		\n

0.7

\n		\n

-

\n		\n

-

\n		\n

0.7

\n
\n

Vendor loans

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Derivatives

\n		\n

(2.4)

\n		\n

45.4

\n		\n

(2.7)

\n		\n

40.3

\n
\n

Total debt maturity (principal and interests)

\n		\n

288.4

\n		\n

2,453.2

\n		\n

1,084.0

\n		\n

3,825.6

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

(in \u20ac million)

\n		\n

Current

\n		\n

Non-current

\n
\n

Less than 1\u00a0year

\n		\n

1\u00a0to 5\u00a0years

\n		\n

More than 5\u00a0years

\n		\n

Total 31\u00a0December 2024

\n
\n

Bonds

\n		\n

75.7

\n		\n

1,395.9

\n		\n

-

\n		\n

1,471.6

\n
\n

Bank borrowings

\n		\n

261.1

\n		\n

1,506.7

\n		\n

539.1

\n		\n

2,306.9

\n
\n

Bank overdraft

\n		\n

1.1

\n		\n

-

\n		\n

-

\n		\n

1.1

\n
\n

Vendor loans

\n		\n

111.4

\n		\n

-

\n		\n

-

\n		\n

111.4

\n
\n

Derivatives

\n		\n

2.0

\n		\n

4.0

\n		\n

-

\n		\n

6.0

\n
\n

Total debt maturity (principal and interests)

\n		\n

451.3

\n		\n

2,906.5

\n		\n

539.1

\n		\n

3,896.9

\n
\n

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

Note 27

\n		\n

Management of market risk

\n
\n

27.1Credit risk

\n

Credit risk arises if a party to a transaction is unable or unwilling to fulfil its obligations, resulting in a financial loss to the Group.

\n

For all business, credit risk arises if a party to a transaction is unable or refuses to fulfil its obligations, resulting in a financial loss to the Group.

\n

The Group deals only with reputable and creditworthy third parties. Receivables are monitored on a regular basis, so that the Group's exposure to bad debts is not significant.

\n

Credit risk arising from cash at bank is considered to be minimal. Majority of the cash at bank is held with high credit quality financial institutions with a credit rating of A or higher.

\n

27.2Interest rate risk

\n

Group\u2019s interest rate risk management\u2019s objective is to reduce its net exposure to rising interest rates.

\n

To this end, the business that have recourse to financing with variable interest rate debt use financial instruments that enable them to protect themselves against significant fluctuations in interest rates (mainly through the implementation of interest rate swaps and caps).

\n

In the Banijay Entertainment business, the Group\u2019s exposure to the risk of interest rate fluctuations is mainly linked to:

\n

\u2022The $560 million senior term loan B agreement depending on SOFR 1 month rate (remaining capital $495\u00a0million). On this specific loan, Banijay has taken out an interest rate hedge by means of:

\n

\u2022An interest rate swap converting the variable SOFR-based rate into fixed rates of approximately 3.39% for $438 million and 3.42% for $55 million, both effective until March 2028.

\n

\u2022The \u20ac555 million term loan B agreement depending on EURIBOR 3 months rate. On this specific loan, Banijay has taken out an interest rate hedge by means of:

\n

\u2022An interest rate swap converting the variable EURIBOR-based rate into a fixed rate of approximately 2.2% for \u20ac453 million, and a collar setting the interest rate between 2.8% and 3.3% for \u20ac102 million, both effective until March 2028

\n

\u2022The \u20ac400 million term loan B agreement depending on EURIBOR 3 months rate. On this specific loan, Banijay has taken out an interest rate hedge by means of:

\n

\u2022An interest rate collar setting the EURIBOR-based rate between approximately 2.11% and 2.75% for \u20ac400 million, effective until April 2030.

\n

Regarding the Banijay Gaming business, the Group\u2019s exposure to the risk of interest rate fluctuations is mainly linked to:

\n

\u2022The \u20ac600 million Term Loan B issued on December 2024 depending on EURIBOR 3 months rate. On this specific loan, on January 2025, Banijay gaming has taken out an interest rate hedge by means of two interest swaps (for \u20ac300 million each) exchanging rate for respectively fixed rates of 2.252% and 2.56% (maturity date: February 2030).

\n

27.3Currency risk

\n

Currency risk management is handled independently by each subsidiary.

\n

Regarding the Content production & distribution, the Group operates in several countries and may be exposed to fluctuations in foreign exchange rates that could have an impact on its net income and financial position expressed in euros.

\n

The main foreign exchange risk is transactional, mainly related to the US dollar and the pound sterling:

\n

\u2022As of 31 December 2025, the percentage of sales made in USD represented 11.5% of the Banijay\u2019s consolidated revenue (15.6% in 2024). A decrease of 5% in the exchange rate in USD would have an impact on the consolidated revenue of -\u20ac18 million in 2025 (-\u20ac25 million in 2024) and an impact on the consolidated equity of +\u20ac27 million. Conversely, an increase of 5% in the exchange rate in USD would have an impact on the consolidated revenue of +\u20ac20 million (+\u20ac27 million in 2024) and an impact on the consolidated equity of \u2011\u20ac30\u00a0million.

\n

\u2022As of 31 December 2025, the percentage of sales made in GBP represented 21.4% of Banijay\u2019s consolidated revenue (18.1% in 2024). A decrease of 5% in the exchange rate in GBP would have an impact on the consolidated revenue of -\u20ac33 million (-\u20ac29 million in 2024) and an impact on the consolidated equity of +\u20ac4million. Conversely, an increase of 5% in the exchange rate in GBP would have an impact on consolidated revenue of +\u20ac37 million (\u20ac32 million in 2024) and an impact on the consolidated equity of \u2011\u20ac5\u00a0million.

\n

\u2022Other currencies are less significant. For example, sales in AUD amounts to 4.3% of total sales, and a related decrease (or increase) of 5% in the exchange rate in AUD would have an impact respectively on the consolidated revenue of -\u20ac7 million (or +\u20ac7 million) in 2025, and an impact on the consolidated equity of \u2011\u20ac1\u00a0million (or +2 million).

\n

\n

In addition, and as detailed in Note 24.5, the Group has entered into a cross-currency swap (CCS) related to its USD Senior Secured Notes (SSN), in order to hedge foreign exchange risk arising from principal and interest payments denominated in US dollars. This instrument is designated as a hedging instrument under IFRS 9, with fair value changes allocated between profit or loss and OCI depending on whether they relate to accrued vs. future interest cash flows.

\n

The Banijay Gaming business, whose functional currency is the euro, has very little exposure to foreign exchange risk (transactions are exclusively in markets with the same functional currency and there are no debts or receivables denominated in foreign currencies).

\n

\n

\n

27.4Liquidity risk

\n

The Group managed its liquidity risk through a monthly cash flow analysis for the next year and then each year for the duration of its business plan.

\n

Annual forecasts include an organic growth and an analysis of the effect of potential external growth on revenue, adjusted EBITDA and net financial debt.

\n

The Banijay Entertainment business maintains adequate reserves of cash and short-term deposits to meet its liquidity needs. As of 31 December 2025, undrawn committed lines of credit, overdrafts and other borrowings have been obtained for a total of \u20ac408.3 million.

\n

The Banijay Gaming business maintains adequate reserves of cash and short-term deposits to meet its liquidity needs. As of 31 December 2025, undrawn committed lines of credit and other borrowings have been obtained for a total of \u20ac60.0 million.

\n

The Group has also set up several liquidity concentration pools around the main business regions (Europe, United States, United Kingdom and Scandinavia). During 2025, approximately 84.7% (82.8% in 2024) of the business's revenue was covered by these mechanisms. Consequently, the business's organic growth, its working capital requirements and its financing (including the payment of debts or option debts) are ensured in particular by the cash flows generated by the business units.

\n

In addition, as part of its financing, the Group business is subject to financial covenants, namely concerning RCF (revolving credit facility) in the event of a drawdown of 40%. The ratio is based on Senior Secured Net Leverage (ratio between (i) the sum of Banijay senior secured notes, earn out debt minus cash and (ii) the sum of Banijay Adjusted EBITDA, shareholder fees and pro forma impact from acquisitions) and its level should not exceed 6.50x. In December 2025, although the RCF is not drawn, such financial covenants are satisfied.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_17555487230582892_0_0": { "value": "
2.5.12Financial instruments and equity instruments
\n
Classification as debt or equity
\n

Repurchase of the Company\u2019s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company\u2019s own equity instruments.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_17555101276980753_0_0": { "value": "
2.5.12Financial instruments and equity instruments
\n
Classification as debt or equity
\n

Equity instruments issued by the Group are recognised at the proceeds received, net of direct issue costs.

\n

Repurchase of the Company\u2019s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company\u2019s own equity instruments.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10421131094789694_0_0": { "value": "
2.5.12Financial instruments and equity instruments
\n

Hedging instruments

\n

The Group uses derivative financial instruments such as forward exchange contracts, options and interest rate swaps to cover its risks related to fluctuations in foreign currency exchange rates and interest rates. These derivative financial instruments are recognised initially at fair value on the date on which they are contracted. They are then re-estimated at their fair value at each closing date. Derivative financial instruments are recognised as assets in the balance sheet when the fair value is positive and as liabilities when the fair value is negative.

\n

For qualifying hedging instruments that are designated and qualify as cash flow hedges, the effective portion of changes in the fair value of derivatives and other is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item.

\n

For qualifying hedging instruments that are designated and qualify as fair value hedges, the fair value change is recognised in profit or loss except when the hedging instrument hedges an equity instrument designated at fair value through other comprehensive income (\"FVTOCI\") in which case it is recognised in other comprehensive income.

\n

For derivatives that do not qualify as hedging instruments, the fair value change is recognised directly in profit or loss.

\n

The fair value of forward exchange contracts is calculated by reference to the forward exchange rates applicable to contracts with similar maturity profiles. The fair value of interest rate swap contracts is determined by reference to the market values of similar instruments. The fair value of financial instruments that are traded on active markets is determined at each closing date by reference to the market quotations or transaction prices. Transaction costs are not taken into account.

\n

For instruments that are not traded on an active market, fair value is determined using appropriate valuation techniques. These may include:

\n

\u2022transactions entered into under normal market conditions between knowledgeable and willing parties;

\n

\u2022reference to the present fair value of another instrument that is substantially the same; and

\n

\u2022discounted cash flows or other valuation methods.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10421115484056648_0_0": { "value": "
2.5.12Financial instruments and equity instruments
\n

Hedging instruments

\n

The Group uses derivative financial instruments such as forward exchange contracts, options and interest rate swaps to cover its risks related to fluctuations in foreign currency exchange rates and interest rates. These derivative financial instruments are recognised initially at fair value on the date on which they are contracted. They are then re-estimated at their fair value at each closing date. Derivative financial instruments are recognised as assets in the balance sheet when the fair value is positive and as liabilities when the fair value is negative.

\n

For qualifying hedging instruments that are designated and qualify as cash flow hedges, the effective portion of changes in the fair value of derivatives and other is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item.

\n

For qualifying hedging instruments that are designated and qualify as fair value hedges, the fair value change is recognised in profit or loss except when the hedging instrument hedges an equity instrument designated at fair value through other comprehensive income (\"FVTOCI\") in which case it is recognised in other comprehensive income.

\n

For derivatives that do not qualify as hedging instruments, the fair value change is recognised directly in profit or loss.

\n

The fair value of forward exchange contracts is calculated by reference to the forward exchange rates applicable to contracts with similar maturity profiles. The fair value of interest rate swap contracts is determined by reference to the market values of similar instruments. The fair value of financial instruments that are traded on active markets is determined at each closing date by reference to the market quotations or transaction prices. Transaction costs are not taken into account.

\n

For instruments that are not traded on an active market, fair value is determined using appropriate valuation techniques. These may include:

\n

\u2022transactions entered into under normal market conditions between knowledgeable and willing parties;

\n

\u2022reference to the present fair value of another instrument that is substantially the same; and

\n

\u2022discounted cash flows or other valuation methods.

\n

Embedded derivatives

\n

An embedded derivative is a component of a hybrid contract that also includes a non-derivative host \u2013\u00a0with the effect that some of the cash flows of the consolidated instrument vary in a way similar to a stand-alone derivative.

\n

Derivatives embedded in hybrid contracts with hosts that are not financial assets within the scope of IFRS\u00a09\u00a0(e.g., financial liabilities) are treated as separate derivatives when they meet the definition of a derivative, their risks and characteristics are not closely related to those of the host contracts and the host contracts are not measured at FVTPL.

\n

An embedded derivative is presented as a non-current financial asset or non-current financial liability if the remaining maturity of the hybrid instrument to which the embedded derivative relates is more than 12\u00a0months and is not expected to be realised or settled within 12\u00a0months.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346978_0": { "value": "
2.5.12Financial instruments and equity instruments
\n

Equity instrument at fair value through OCI

\n

The Group elected to irrevocably classify its non-listed equity investments under this category as it intends to hold these investments for the foreseeable future.

\n
17.2.1Overview of investments in The Independents
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\u00a0

\n		\n

At acquisition date

\n		\n

31 December 2025

\n		\n

Measurement

\n
\n

K10 A Shares(1)

\n		\n

9.26%

\n		\n

8.92%

\n		\n

Equity method

\n
\n

K10 C bis shares

\n		\n

3.78%

\n		\n

3.64%

\n		\n

Financial assets at\u00a0fair value

\n
\n

Indirect K10 A shares detention through Gardenia

\n		\n

1.55%

\n		\n

1.49%

\n		\n

Financial assets at\u00a0fair value

\n
\n

Total proportion In K10\u00a0share capital

\n		\n

14.59%

\n		\n

14.05%

\n		\n

\u00a0

\n
\n

(1)The percentage used for the equity method amounts to 10.56% at the transaction date and 10.12% as of 31 December 2025, as described below.

\n
\n
17.2.3Other investments in The Independents
\n

The other investments in The Independents Group (TIL) comprise the following items which have the characteristics of a financial instrument and therefore shall be accounted for as a financial asset using the fair value measurement through P&L (please refer to Note 24.1):

\n

\u2022the funding of the entity \u201cGardenia\u201d (one of the shareholders of K10, the holding company of the TIL\u00a0group) providing financial rights and certain governance rights to Banijay Events (7.15% ownership interest of Gardenia as of 31 December 2025), representing an amount of \u20ac64.0 million (vs. \u20ac59.8\u00a0million as of 31 December 2024);

\n

\u2022the direct shareholding in the TIL group via K10 with the acquisition in July 2023 of preferred shares, providing financial rights and certain governance rights to Banijay Events (3.64% ownership interest as of 31 December 2025) representing an amount of \u20ac31.1 million after fair value remeasurement (\u20ac27.6 million as of 31 December 2024).

\n

In addition, the TIL shareholders' agreement comprised call mechanisms leading to the possibility for Banijay Events to acquire the control of TIL in 2026, representing an amount of \u20ac2.2 million. Those instruments are included in Non-current derivative financial assets. (please refer to Note\u00a024.1).

\n

24.1Current and non-current financial assets

\n

Financial assets comprise financial interests in non-consolidated companies, loans, restricted cash accounts and current accounts with third parties.

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Financial interests in non-consolidated companies

\n		\n

10.0

\n		\n

10.5

\n
\n

Other financial assets \u2013 Investment in debt instruments

\n		\n

90.5

\n		\n

87.3

\n
\n

Non-current loans, guarantee instruments and other financial assets

\n		\n

36.8

\n		\n

37.3

\n
\n

Non-current restricted cash and cash equivalents

\n		\n

6.4

\n		\n

11.7

\n
\n

Non-current derivative financial assets

\n		\n

4.6

\n		\n

13.7

\n
\n

Non-current financial assets

\n		\n

148.2

\n		\n

160.6

\n
\n

Current part of loans, guarantee instruments and other financial assets

\n		\n

18.5

\n		\n

19.4

\n
\n

Current restricted cash and cash equivalents

\n		\n

0.3

\n		\n

0.3

\n
\n

Current accounts

\n		\n

0.0

\n		\n

1.9

\n
\n

Current derivative financials assets

\n		\n

2.7

\n		\n

13.2

\n
\n

Current financial assets

\n		\n

21.6

\n		\n

34.7

\n
\n

Total financial assets

\n		\n

169.7

\n		\n

195.3

\n
\n
The \"Other financial assets \u2013 Investment in debt instruments\" line item is mainly due to the investment in The Independents Group (TIL), as detailed in Note 17.2, comprising:

\u2022the funding of the entity \u201cGardenia\u201d (one of the shareholders of K10, the holding company of the TIL Group) through Class B Preferred Shares providing financial rights and certain governance rights to Banijay Events;

\n

\u2022the direct shareholding in the TIL Group via K10 with the acquisition of C bis preferred shares, providing financial rights and certain governance rights to Banijay.

\n

The decrease is explained by the exercise by Banijay Events of its put option to sell 231,000 Class B Preferred shares for \u20ac24.8 million on 19 July 2024

\n

Those instruments are classified as Level 3 of the Fair value hierarchy under IFRS 13.

\n

The valuation techniques for those instruments are as follows:

\n

\u2022Gardenia class B preferred shares valuation is determined based on the contractual characteristics of those preferred shares

\n

\u2022The Independents (K10 Holding) Group through C bis preferred shares valuation is prepared by an external appraisal as a percentage of K10 Holding\u2019s equity value which is based on a customary multi criteria valuation methodology based on the Business plan provided by The Independents group for the DCF method and a Multiple approach.

\n

The unobservable inputs used for those instruments are:

\n

\u2022For Gardenia class B preferred shares valuation: the rate of the cumulative dividend

\n

\u2022For K10 C bis preferred shares valuation: the Business plan, the WACC used in the DCF method, the perpetual growth rate, a sample of comparable companies for multiple calculation to determine a multiple.

\n

Change in value of the other financial assets \u2013 Investment in debt instruments:

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Value as of 1 January

\n		\n

87.3

\n		\n

111.0

\n
\n

Fair value measurement (P&L)

\n		\n

3.2

\n		\n

1.1

\n
\n

Gardenia class B preferred shares put option exercised

\n		\n

-

\n		\n

(24.8)

\n
\n

Value as of 31 December

\n		\n

90.5

\n		\n

87.3

\n
\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10421065404998262_0_0": { "value": "
2.5.12Financial instruments and equity instruments
\n
Derivatives
\n

Hedging instruments

\n

The Group uses derivative financial instruments such as forward exchange contracts, options and interest rate swaps to cover its risks related to fluctuations in foreign currency exchange rates and interest rates. These derivative financial instruments are recognised initially at fair value on the date on which they are contracted. They are then re-estimated at their fair value at each closing date. Derivative financial instruments are recognised as assets in the balance sheet when the fair value is positive and as liabilities when the fair value is negative.

\n

For qualifying hedging instruments that are designated and qualify as cash flow hedges, the effective portion of changes in the fair value of derivatives and other is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item.

\n

For qualifying hedging instruments that are designated and qualify as fair value hedges, the fair value change is recognised in profit or loss except when the hedging instrument hedges an equity instrument designated at fair value through other comprehensive income (\"FVTOCI\") in which case it is recognised in other comprehensive income.

\n

For derivatives that do not qualify as hedging instruments, the fair value change is recognised directly in profit or loss.

\n

The fair value of forward exchange contracts is calculated by reference to the forward exchange rates applicable to contracts with similar maturity profiles. The fair value of interest rate swap contracts is determined by reference to the market values of similar instruments. The fair value of financial instruments that are traded on active markets is determined at each closing date by reference to the market quotations or transaction prices. Transaction costs are not taken into account.

\n

For instruments that are not traded on an active market, fair value is determined using appropriate valuation techniques. These may include:

\n

\u2022transactions entered into under normal market conditions between knowledgeable and willing parties;

\n

\u2022reference to the present fair value of another instrument that is substantially the same; and

\n

\u2022discounted cash flows or other valuation methods.

\n

Embedded derivatives

\n

An embedded derivative is a component of a hybrid contract that also includes a non-derivative host \u2013\u00a0with the effect that some of the cash flows of the consolidated instrument vary in a way similar to a stand-alone derivative.

\n

Derivatives embedded in hybrid contracts with hosts that are not financial assets within the scope of IFRS\u00a09\u00a0(e.g., financial liabilities) are treated as separate derivatives when they meet the definition of a derivative, their risks and characteristics are not closely related to those of the host contracts and the host contracts are not measured at FVTPL.

\n

An embedded derivative is presented as a non-current financial asset or non-current financial liability if the remaining maturity of the hybrid instrument to which the embedded derivative relates is more than 12\u00a0months and is not expected to be realised or settled within 12\u00a0months.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10420993248745455_0_0": { "value": "
2.5.12Financial instruments and equity instruments
\n

Financial liabilities at fair value through profit or loss (\"FVTPL\")

\n

Financial liabilities at FVTPL are measured at fair value, with any gains or losses arising on changes in fair value recognised in profit or loss to the extent that they are not part of a designated hedging relationship (see Hedge accounting policy). The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability and is included in the \u2018Other finance income/(costs)\u2019 line item in the income statement.

\n

Fair value is determined in the manner described in Note\u00a025 on page\u00a0354.

\n
Derivatives
\n

Hedging instruments

\n

The Group uses derivative financial instruments such as forward exchange contracts, options and interest rate swaps to cover its risks related to fluctuations in foreign currency exchange rates and interest rates. These derivative financial instruments are recognised initially at fair value on the date on which they are contracted. They are then re-estimated at their fair value at each closing date. Derivative financial instruments are recognised as assets in the balance sheet when the fair value is positive and as liabilities when the fair value is negative.

\n

For qualifying hedging instruments that are designated and qualify as cash flow hedges, the effective portion of changes in the fair value of derivatives and other is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item.

\n

For qualifying hedging instruments that are designated and qualify as fair value hedges, the fair value change is recognised in profit or loss except when the hedging instrument hedges an equity instrument designated at fair value through other comprehensive income (\"FVTOCI\") in which case it is recognised in other comprehensive income.

\n

For derivatives that do not qualify as hedging instruments, the fair value change is recognised directly in profit or loss.

\n

The fair value of forward exchange contracts is calculated by reference to the forward exchange rates applicable to contracts with similar maturity profiles. The fair value of interest rate swap contracts is determined by reference to the market values of similar instruments. The fair value of financial instruments that are traded on active markets is determined at each closing date by reference to the market quotations or transaction prices. Transaction costs are not taken into account.

\n

For instruments that are not traded on an active market, fair value is determined using appropriate valuation techniques. These may include:

\n

\u2022transactions entered into under normal market conditions between knowledgeable and willing parties;

\n

\u2022reference to the present fair value of another instrument that is substantially the same; and

\n

\u2022discounted cash flows or other valuation methods.

\n

Embedded derivatives

\n

An embedded derivative is a component of a hybrid contract that also includes a non-derivative host \u2013\u00a0with the effect that some of the cash flows of the consolidated instrument vary in a way similar to a stand-alone derivative.

\n

Derivatives embedded in hybrid contracts with hosts that are not financial assets within the scope of IFRS\u00a09\u00a0(e.g., financial liabilities) are treated as separate derivatives when they meet the definition of a derivative, their risks and characteristics are not closely related to those of the host contracts and the host contracts are not measured at FVTPL.

\n

An embedded derivative is presented as a non-current financial asset or non-current financial liability if the remaining maturity of the hybrid instrument to which the embedded derivative relates is more than 12\u00a0months and is not expected to be realised or settled within 12\u00a0months.

\n
2.5.13Cash and cash equivalents
\n

Cash and cash equivalents include bank accounts and short-term deposits whose initial maturity is less than three months that are already convertible into cash and are subject to insignificant risks of change in fair value.

\n

For the needs of the consolidated statement of cash flows, the amount of cash and cash equivalents includes the cash and cash equivalents as defined above reduced by bank overdrafts.

\n

Investments in securities, investments with initial maturities of more than three months without an early termination option and bank accounts subject to restrictions (blocked accounts), such as restrictions due to regulations specific to a country or activity sector (e.g., exchange controls), are not classified as cash equivalents but as financial assets.

\n
2.5.16Commitments to purchase non-controlling interests (put options)
\n

When the Group grants firm or contingent commitments to purchase holdings from non-controlling shareholders, the Group has generally concluded that these agreements do not grant a present ownership interest but concludes that IAS 32 Financial Instruments: Presentation takes precedence over IFRS 10 Consolidated Financial Statements. By recognising a liability for the\u00a0put\u00a0option over the shares held by the non-controlling interest, no non-controlling interest is recognised, the relevant percentage is considered as the business combination is accounted for on the basis that the underlying shares subject to the non-controlling interest\u00a0put\u00a0have been acquired.

\n

This liability is re-measured at each reporting period end in accordance with the contractual arrangements (at fair value or at present value if fixed price) and, in the absence of any guidance provided by IFRS, with an offsetting entry in net finance costs, in the consolidated statement of income.

\n

The liability is booked in the other current and non-current liabilities.

\n

Under this approach, when dividends are paid and represent a repayment of the liability (for example, when the exercise price is adjusted to reflect dividends paid), this dividend may give rise to a reduction in equity attributable to owners of the parent.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346948_0": { "value": "
2.5.12Financial instruments and equity instruments
\n

Financial instruments consist of:

\n

\u2022financial assets, including other non-current assets, trade receivables, other current assets, and cash and cash equivalents;

\n

\u2022financial liabilities, including securities issued that are not qualified as equity instruments, long and short-term borrowings and bank overdrafts, accounts and notes payable and other current and non-current liabilities;\u00a0and

\n

\u2022derivative instruments.

\n

Financial instruments (assets and liabilities) are recorded in the consolidated statement of financial position at fair value on initial recognition plus, in the case of an asset that is not subsequently recognised at fair value through profit or loss, transaction costs directly attributable to the acquisition of that asset. They are subsequently measured at either fair value (result or other comprehensive income) or amortised costs, depending on their nature. Amortised cost corresponds to the initial carrying amount (net of transaction costs), plus interest calculated using the effective interest rate, less cash outflows (coupon interest payments and repayments of principal and redemption premiums where applicable). Accrued interest (income and expense) is not recorded based on the financial instrument\u2019s nominal interest rate but based on its effective interest rate. The fair value of a financial instrument is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm\u2019s length transaction.

\n
Financial assets
\n

The classification of a financial asset in each of these categories depends on the management model applied by the enterprise and the characteristics of its contractual cash flows. Transactions relating to financial assets are recorded at the settlement date.

\n

Debt instrument at amortised costs

\n

These financial assets are initially recognised at their fair value to which are added directly attributable transaction costs, and then at amortised cost at each closing date, applying the effective interest rate method. This category of assets includes trade receivables and other debtors, loans and deposits, receivables attached to participating interests, cash and loans to associates or non-consolidated entities. In practice, trade receivables are measured using the amortised cost method, even though they may be subject to an assignment of receivables, for example, in the context of factoring.

\n

Equity instrument at fair value through OCI

\n

The Group elected to irrevocably classify its non-listed equity investments under this category as it intends to hold these investments for the foreseeable future.

\n

Impairment testing of debtor financial assets

\n

The Group conducts a review if, at the closing date, a debtor financial asset or a group of debtor financial assets is likely to suffer an impairment loss based on both the expected credit loss approach and an objective indication of loss.

\n

In practice, given the low level of loss incurred on prior years\u2019 receivables, the expected credit loss approach does not have any significant impact. If there is objective evidence that debtor financial assets carried at amortised cost or at fair value through OCI should be impaired, the amount of the loss is estimated as the difference between the book value and the discounted future cash flows such as expected (excluding future probable and not actual credit losses). The discount rate used is the initial effective interest rate (i.e., the effective interest rate computed at initial recognition of the asset). The book value is reduced using an allowance account. The amount of the loss is recorded as profit or loss. The loss allowance is updated for changes in these expected credit losses at each reporting date.

\n

If, subsequently, the impairment decreases and the decrease can be objectively linked to an event occurring after the impairment was recognised, the previously recognised impairment will be reversed. The reversal of an impairment loss is recognised as profit or loss, as long as the book value of the asset does not exceed its amortised cost at the date the loss allowance is reversed.

\n

With respect to receivables, a loss allowance is recorded when there is objective evidence (probability of insolvency or severe financial difficulties of the debtor) that the Group will be unable to recover the balance in accordance with the initial payment conditions. The book value of the receivable is reduced by way of an allowance for loss.

\n

Derecognition of financial assets

\n

Financial assets and related impairment are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership of the asset to another entity. On derecognition of a financial asset measured at amortised cost, the difference between the asset\u2019s carrying amount and the sum of the consideration received and receivable is recognised in profit or loss.

\n

\n
Classification as debt or equity
\n

Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

\n

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. A financial instrument is classified as an equity instrument only when (a) the instrument includes no contractual obligation (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the issuer; and (b) if the instrument will or may be settled in the issuer\u2019s own equity instruments, it is (i) a non-derivative that includes no contractual obligation for the issuer to deliver a variable number of its own equity instruments; or (ii) a derivative that will be settled only by the issuer exchanging a fixed amount of cash or another financial asset for a fixed number of its own equity instruments.

\n

Equity instruments issued by the Group are recognised at the proceeds received, net of direct issue costs.

\n

Repurchase of the Company\u2019s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company\u2019s own equity instruments.

\n
Financial liabilities
\n

Financial liabilities are divided into two categories: financial liabilities at amortised cost and financial liabilities at fair value through profit or loss.

\n

The financial liabilities of the Group mainly consist of liabilities valued at amortised cost. Among them are loans and similar debts including:

\n

\u2022bonds and Secured Notes;

\n

\u2022bank borrowings;

\n

\u2022bank overdrafts;

\n

\u2022other loans (such as vendor loans); and

\n

\u2022trade payables.

\n

The category of financial liabilities at fair value through profit or loss includes earnout liabilities, put options over non-controlling interests and securities.

\n

Interest-bearing debts and borrowings

\n

All loans and debts are recognised initially at the fair value of the consideration received, less costs directly attributable to the transaction. After initial recognition, interest-bearing liabilities and debts are measured at amortised cost using the effective interest rate method. Costs directly attributable to the issuance of debt are deducted from liabilities and amortised over the life of the debt, as a component of the effective interest rate.

\n

Financial liabilities at fair value through profit or loss (\"FVTPL\")

\n

Financial liabilities at FVTPL are measured at fair value, with any gains or losses arising on changes in fair value recognised in profit or loss to the extent that they are not part of a designated hedging relationship (see Hedge accounting policy). The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability and is included in the \u2018Other finance income/(costs)\u2019 line item in the income statement.

\n

Fair value is determined in the manner described in Note\u00a025 on page\u00a0354.

\n

Derecognition of financial liabilities

\n

The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss.

\n
Derivatives
\n

Hedging instruments

\n

The Group uses derivative financial instruments such as forward exchange contracts, options and interest rate swaps to cover its risks related to fluctuations in foreign currency exchange rates and interest rates. These derivative financial instruments are recognised initially at fair value on the date on which they are contracted. They are then re-estimated at their fair value at each closing date. Derivative financial instruments are recognised as assets in the balance sheet when the fair value is positive and as liabilities when the fair value is negative.

\n

For qualifying hedging instruments that are designated and qualify as cash flow hedges, the effective portion of changes in the fair value of derivatives and other is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item.

\n

For qualifying hedging instruments that are designated and qualify as fair value hedges, the fair value change is recognised in profit or loss except when the hedging instrument hedges an equity instrument designated at fair value through other comprehensive income (\"FVTOCI\") in which case it is recognised in other comprehensive income.

\n

For derivatives that do not qualify as hedging instruments, the fair value change is recognised directly in profit or loss.

\n

The fair value of forward exchange contracts is calculated by reference to the forward exchange rates applicable to contracts with similar maturity profiles. The fair value of interest rate swap contracts is determined by reference to the market values of similar instruments. The fair value of financial instruments that are traded on active markets is determined at each closing date by reference to the market quotations or transaction prices. Transaction costs are not taken into account.

\n

For instruments that are not traded on an active market, fair value is determined using appropriate valuation techniques. These may include:

\n

\u2022transactions entered into under normal market conditions between knowledgeable and willing parties;

\n

\u2022reference to the present fair value of another instrument that is substantially the same; and

\n

\u2022discounted cash flows or other valuation methods.

\n

Embedded derivatives

\n

An embedded derivative is a component of a hybrid contract that also includes a non-derivative host \u2013\u00a0with the effect that some of the cash flows of the consolidated instrument vary in a way similar to a stand-alone derivative.

\n

Derivatives embedded in hybrid contracts with hosts that are not financial assets within the scope of IFRS\u00a09\u00a0(e.g., financial liabilities) are treated as separate derivatives when they meet the definition of a derivative, their risks and characteristics are not closely related to those of the host contracts and the host contracts are not measured at FVTPL.

\n

An embedded derivative is presented as a non-current financial asset or non-current financial liability if the remaining maturity of the hybrid instrument to which the embedded derivative relates is more than 12\u00a0months and is not expected to be realised or settled within 12\u00a0months.

\n
2.5.13Cash and cash equivalents
\n

Cash and cash equivalents include bank accounts and short-term deposits whose initial maturity is less than three months that are already convertible into cash and are subject to insignificant risks of change in fair value.

\n

For the needs of the consolidated statement of cash flows, the amount of cash and cash equivalents includes the cash and cash equivalents as defined above reduced by bank overdrafts.

\n

Investments in securities, investments with initial maturities of more than three months without an early termination option and bank accounts subject to restrictions (blocked accounts), such as restrictions due to regulations specific to a country or activity sector (e.g., exchange controls), are not classified as cash equivalents but as financial assets.

\n
2.5.14Trade receivables
\n

They are initially recorded at their fair value and are subject to impairment when their realisable value falls below their book value.

\n
Trade receivables on \u201cproviders\u201d
\n

Trade receivables on \u201cproviders\u201d (payment service providers) correspond to balances in transit with the Group\u2019s payment partners and which are repatriated to bank accounts manually or automatically. These receivables are considered liquid because they can be transferred in a few minutes or a few days, depending on the partners.

\n
2.5.15Contract balances
\n

If accrued revenue constitutes an unconditional right to payment or consideration, i.e., if the passage of time is sufficient for payment of the consideration to fall due, the accrued revenue will constitute a receivable. In all other cases, it constitutes the contract assets.

\n

Revenue accruals are classified in \u201cTrade and other receivables\u201d since accrued revenue constitutes an unconditional right to consideration.

\n
2.5.16Commitments to purchase non-controlling interests (put options)
\n

When the Group grants firm or contingent commitments to purchase holdings from non-controlling shareholders, the Group has generally concluded that these agreements do not grant a present ownership interest but concludes that IAS 32 Financial Instruments: Presentation takes precedence over IFRS 10 Consolidated Financial Statements. By recognising a liability for the\u00a0put\u00a0option over the shares held by the non-controlling interest, no non-controlling interest is recognised, the relevant percentage is considered as the business combination is accounted for on the basis that the underlying shares subject to the non-controlling interest\u00a0put\u00a0have been acquired.

\n

This liability is re-measured at each reporting period end in accordance with the contractual arrangements (at fair value or at present value if fixed price) and, in the absence of any guidance provided by IFRS, with an offsetting entry in net finance costs, in the consolidated statement of income.

\n

The liability is booked in the other current and non-current liabilities.

\n

Under this approach, when dividends are paid and represent a repayment of the liability (for example, when the exercise price is adjusted to reflect dividends paid), this dividend may give rise to a reduction in equity attributable to owners of the parent.

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

Note 4

\n		\n

Significant events

\n
\n

4.1Significant events that occurred in 2025

\n
4.1.1Holding
\n
DEA Vendor Loan
\n

On 17 February 2025, Banijay Group N.V. reimbursed the vendor loan granted by De Agostini for \u20ac112.2 million.

\n
4.1.2Banijay Entertainment & Live
\n
Refinancing and repricing
\n

In January 2025, Banijay Entertainment successfully:

\n

\u2022raised new \u20ac400 million Term Loan B (maturity in 2032) at E+3.25%;

\n

\u2022repriced existing EUR Term Loan B at E+3.25% from E+ 3.75% (EUR TLB), and USD Term Loan B at S+2.75% from S+ 3.25% (USD TLB), in each case at par.

\n

Proceeds of the new EUR TLB was used to reimburse the remaining EUR SUN, part of the shareholder loan and part of existing USD TLB.

\n

Banijay set up an instrument to hedge floating rate with a tunnel 2.112% - 2.125%.

\n

\n

Cross Currency Swap on $400 million senior secured notes with coupon of 8.125% per annum

\n

A new interest-rate and currency hedging instrument has been set up. This instrument, a Cross Currency Swap, has two main objectives:

\n

\u2022to hedge the risk of fluctuations in the EUR/USD exchange rate (Fx. Rate per Eur. of c. $1.037);

\n

\u2022 to lock in savings in financial interest at the level of SSN USD coupons (between 6.4% and 6.5%).

\n

The SSN USD debt, through the implementation of this instrument, will be economically \u201cconverted\u201d into a debt denominated in EUR until the maturity of the instrument (2028).

\n
4.1.3Banijay Gaming
\n
Hedging contracts Term Loan B
\n

In January 2025, Betclic Everest Group entered into two new hedging contracts (one with BNP, the other with Soci\u00e9t\u00e9 G\u00e9n\u00e9rale) to hedge floating interest rate risks on the 2024 Betclic Term Loan B. These contracts are non-floored interest rate swaps covering the entire nominal amount. The start date of these contracts is 10\u00a0February 2025 and the maturity is February 2030. Interest payments are made every three months.

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

Note 11

\n		\n

Financial result

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

For the twelve-month period ended 31 December

\n

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Interest paid on bank borrowings and bonds

\n		\n

(197.7)

\n		\n

(204.3)

\n
\n

Interest and redemption costs on anticipated reimbursement of bank borrowings and bonds

\n		\n

(2.9)

\n		\n

(3.4)

\n
\n

Cost of gross financial debt

\n		\n

(200.6)

\n		\n

(207.7)

\n
\n

Gains on assets contributing to net financial debt

\n		\n

6.9

\n		\n

8.1

\n
\n

Gains on assets contributing to net financial debt

\n		\n

6.9

\n		\n

8.1

\n
\n

Cost of net debt

\n		\n

(193.7)

\n		\n

(199.6)

\n
\n

Interest received on current account receivables

\n		\n

0.3

\n		\n

0.1

\n
\n

Interest on lease liabilities

\n		\n

(7.3)

\n		\n

(7.3)

\n
\n

Change in fair value of financial instruments(1)

\n		\n

(0.0)

\n		\n

(18.1)

\n
\n

Fair value on FX derivative instruments

\n		\n

(51.3)

\n		\n

(3.5)

\n
\n

Currency gains/(losses)

\n		\n

44.5

\n		\n

1.6

\n
\n

Other financial gains/(losses)

\n		\n

(15.3)

\n		\n

(16.0)

\n
\n

Other finance income/(costs)

\n		\n

(29.1)

\n		\n

(43.3)

\n
\n

Net financial income/(expense)

\n		\n

(222.8)

\n		\n

(242.9)

\n
\n

(1)In order to enhance comparability between periods, the 2024 comparative information has been reclassified to align with the 2025 presentation. The revaluation impact relating to Gardenia is now presented within cost of debt instead of change in fair value of financial instruments.

\n
\n

For the twelve months of 2025, net financial result was an expense of -\u20ac222.8 million, compared to
-\u20ac242.9 million for the twelve months of 2024. Of this amount:

\n

\u2022The Cost of Net Debt as of 31 December 2025 amounted to -\u20ac193.7 million, compared to -\u20ac199.6 million for the twelve-month period of 2024. The decrease of \u20ac5.9 million mainly reflects favourable financing and hedging effects at Banijay Entertainment.

\n

\u2022Other financial income and expenses as of 31 December 2025 amounted to -\u20ac29.1 million compared to \u2011\u20ac43.3\u00a0million for the twelve months of 2024. The decrease of \u20ac14.2 million was mainly driven by:

\n

--\u20ac6.8 million of net foreign exchange result, compared to -\u20ac1.9 million in 2024. This impact should be analysed in conjunction with the mark-to-market of the fair value of FX derivative instruments amounting to -\u20ac51.3 million on the one hand, and currency gains/losses related to unrealised and realised foreign exchange effects for \u20ac44.5 million on receivables and payables, in particular on the USD senior secured notes, on the other hand.

\n

-The change in fair value of financial instruments was neutral at -\u20ac0.0 million compared to \u2011\u20ac18.0\u00a0million in 2024, but mainly includes \u2011\u20ac4.7\u00a0million of revaluation expenses primarily related to earnout and put option liabilities, and \u2011\u20ac16.3 million of discounting expenses for employment-related earnout and option obligations. These liabilities are discounted using an 8.94% discount rate, offset by a positive impact from the measurement at fair value of other securities for +\u20ac24.1 million.

\n

-Other financial gains / losses mainly include factoring commissions and related interest expenses.

\n

\n

16.2Lease liabilities

\n

The maturity profile of the Group\u2019s lease liabilities based on contractual undiscounted payments is as follows:

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Due in less than one year

\n		\n

49.2

\n		\n

48.8

\n
\n

Due between one to five years

\n		\n

87.1

\n		\n

105.7

\n
\n

Due in more than five years

\n		\n

28.4

\n		\n

21.6

\n
\n

Total lease liabilities

\n		\n

164.7

\n		\n

176.1

\n
\n
17.2.3Other investments in The Independents
\n

The other investments in The Independents Group (TIL) comprise the following items which have the characteristics of a financial instrument and therefore shall be accounted for as a financial asset using the fair value measurement through P&L (please refer to Note 24.1):

\n

\u2022the funding of the entity \u201cGardenia\u201d (one of the shareholders of K10, the holding company of the TIL\u00a0group) providing financial rights and certain governance rights to Banijay Events (7.15% ownership interest of Gardenia as of 31 December 2025), representing an amount of \u20ac64.0 million (vs. \u20ac59.8\u00a0million as of 31 December 2024);

\n

\u2022the direct shareholding in the TIL group via K10 with the acquisition in July 2023 of preferred shares, providing financial rights and certain governance rights to Banijay Events (3.64% ownership interest as of 31 December 2025) representing an amount of \u20ac31.1 million after fair value remeasurement (\u20ac27.6 million as of 31 December 2024).

\n

In addition, the TIL shareholders' agreement comprised call mechanisms leading to the possibility for Banijay Events to acquire the control of TIL in 2026, representing an amount of \u20ac2.2 million. Those instruments are included in Non-current derivative financial assets. (please refer to Note\u00a024.1).

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

Note 18

\n		\n

Working capital balances

\n
\n

18.2Trade receivables

\n

The breakdown of trade and other receivables as of 31\u00a0December 2025 and 2024\u00a0is as follows:

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Trade receivables, gross

\n		\n

498.5

\n		\n

500.7

\n
\n

Trade receivables from providers, gross

\n		\n

37.6

\n		\n

47.8

\n
\n

Total trade receivables, gross

\n		\n

536.1

\n		\n

548.5

\n
\n

Allowance for expected credit loss

\n		\n

(11.2)

\n		\n

(12.9)

\n
\n

Trade receivables, net

\n		\n

524.8

\n		\n

535.6

\n
\n

Trade receivables from providers (payment service providers) correspond to balances in transit with the payment partners of the Group and which are repatriated to bank accounts manually or automatically. These receivables are considered liquid because they can be transferred in a few minutes or a few days, depending on partners.

\n

18.3Other non-current and current assets

\n

The breakdown of other non-current and current assets as of 31\u00a0December 2025 and 2024\u00a0is as follows:

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Trade receivables, LT

\n		\n

40.9

\n		\n

33.2

\n
\n

Income tax receivables, LT

\n		\n

4.3

\n		\n

0.1

\n
\n

Other, LT

\n		\n

217.8

\n		\n

183.1

\n
\n

Other non-current assets

\n		\n

262.9

\n		\n

216.4

\n
\n

Other non-current assets amount to \u20ac217.8 million and mainly refer to the cumulated payments of VAT in respect of income resulting from sports bets placed by players residing in France from January 2018 till the end of December 2025.

\n

Betclic Everest Group received, in December 2021, a notice of adjustment from the French tax authorities for a total amount of \u20ac52.4 million (wilful misconduct and interest for late payment included) related to the VAT to be collected and paid in respect of income resulting from sports bets placed by players residing in France, for the years 2018 and 2019.

\n

On 13 May 2022, Betclic Everest Group received (i) a rectification on the notice of adjustment from December 2021, decreasing the amount of \u20ac52.4 million to \u20ac37.3\u00a0million (wilful misconduct and interest for late payment included) and (ii) a new notice of adjustment from the French tax authorities for a total amount of \u20ac25.8 million (wilful misconduct and interest for late payment included) related to the VAT to be collected and paid in respect of income resulting from sports bets placed by players residing in France for the year 2020.

\n

On 27 September 2023, the French tax authorities notified Betclic Everest Group of the cancellation of the wilful misconduct penalty, for the years 2018 and 2019 only, decreasing the adjustments from \u20ac37.3\u00a0million to \u20ac27.1\u00a0million.

\n

In 2024, following discussions, the French tax authorities also cancelled the wilful misconduct penalty for the year 2020.

\n

On 24 October 2024, Betclic Everest Group received an adjusted assessment notice for the years 2018, 2019 and 2020. It resulted in a final payment of \u20ac45.7 million including interest for late payment.

\n

Betclic Everest Group, with the support of its legal and tax advisers, still considers that the position of the French tax authorities is not in conformity with various general VAT principles, in the same way as other online gaming operators in France that are part of the association AFJEL.

\n

Betclic Everest Group will challenge this adjustment in France, with the French tax authorities and, if necessary, the French Courts, but also with the Court of Justice of the European Commission if a French Court decides to make a request for a preliminary ruling. No provision relating to this litigation has been recorded.

\n

However, to avoid further similar adjustments from the French tax authorities, Betclic Everest Group has decided to spontaneously pay VAT in respect of income resulting from sports bets placed by players residing in France from 2021 to 2025 for an amount of \u20ac169.7 million and will continue to proceed accordingly in 2026.

\n

Betclic Everest Group still considers that such VAT is not due and intends to claim repayment of the corresponding VAT spontaneously paid. Consequently, the total amount paid as of December 2025 has been recognised as State receivables toward the French tax authorities in the financial statements.

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

(in \u20ac million)

\n		\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Tax receivables, excluding income tax

\n		\n

93.0

\n		\n

111.9

\n
\n

Grant receivables

\n		\n

132.4

\n		\n

153.1

\n
\n

Income tax receivables

\n		\n

20.7

\n		\n

8.8

\n
\n

Prepaid expenses

\n		\n

31.6

\n		\n

30.3

\n
\n

Production-related receivables

\n		\n

10.8

\n		\n

9.2

\n
\n

Receivables from disposals of assets

\n		\n

1.0

\n		\n

4.6

\n
\n

Employment-related earnout and option, ST

\n		\n

-

\n		\n

0.0

\n
\n

Others

\n		\n

15.2

\n		\n

14.8

\n
\n

Other current assets

\n		\n

304.7

\n		\n

332.7

\n
\n

\n
\n

Other current assets mainly comprise Tax receivables and grant receivables.

\n

Grant receivables amounted to \u20ac132.4 million and concerned audiovisual tax credit mostly related to the production of fiction.

\n

18.5Other non-current and current liabilities

\n

Other non-current liabilities as of 31\u00a0December 2025\u00a0and 2024\u00a0are as follows:

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

In \u20ac million

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Employee-related long-term incentives(1)

\n		\n

126.1

\n		\n

199.3

\n
\n

Long-term liabilities on earnout and put option

\n		\n

\u00a0105.7

\n		\n

93.1

\n
\n

Employment-related earnout and option obligation(2)

\n		\n

\u00a072.9

\n		\n

54.2

\n
\n

Debts to rights owners

\n		\n

\u00a055.4

\n		\n

43.8

\n
\n

Other employee-related liabilities

\n		\n

2.9

\n		\n

3.2

\n
\n

Other non-current liabilities

\n		\n

\u00a0(0.5)

\n		\n

13.8

\n
\n

OTHER NON-CURRENT LIABILITIES

\n		\n

\u00a0362.5

\n		\n

407.4

\n
\n

(1)Refer to Note\u00a08.2 on page 324 for more details.

\n

(2)Refer to Note\u00a08.3 on page 325 for more details.

\n
\n

Other current liabilities as of 31\u00a0December 2025\u00a0and 2024\u00a0are as follows:

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

(in \u20ac million)

\n		\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Employee-related long-term incentives, current(1)

\n		\n

91.3

\n		\n

66.4

\n
\n

Short-term liabilities on earnout and put option

\n		\n

24.3

\n		\n

33.2

\n
\n

Employment-related earnout and option obligation(2)

\n		\n

29.5

\n		\n

20.8

\n
\n

Employee-related payables (accruals for paid leave, bonuses and other)

\n		\n

109.8

\n		\n

124.9

\n
\n

National, regional and local taxes other than gaming tax and income tax

\n		\n

94.4

\n		\n

92.6

\n
\n

Income tax liabilities

\n		\n

46.1

\n		\n

80.0

\n
\n

Gaming tax liabilities

\n		\n

78.4

\n		\n

68.8

\n
\n

Production-related payables

\n		\n

26.1

\n		\n

32.4

\n
\n

Payable on fixed asset purchase

\n		\n

14.8

\n		\n

31.2

\n
\n

Other current liabilities

\n		\n

18.7

\n		\n

32.7

\n
\n

OTHER CURRENT LIABILITIES

\n		\n

533.5

\n		\n

583.0

\n
\n

(1)Refer to Note\u00a08.2 on page 324 for more details.

\n

(2)Refer to Note\u00a08.3 on page 325 for more details.

\n
\n

Liabilities on earnout and put option reflect the amount for commitments to purchase non-controlling interests, as well as the liabilities regarding contingent consideration arrangements on business acquisitions. The Group estimates these debts based on contractual agreements and using assumptions on future profits. The present value of the scheduled cash outflows is computed using a discount rate.

\n

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Liabilities on earnout and put option as of 1 January

\n		\n

126.3

\n		\n

115.1

\n
\n

Scope entry

\n		\n

20.1

\n		\n

13.9

\n
\n

Remeasurement and discounting through P&L

\n		\n

14.9

\n		\n

6.5

\n
\n

Payments

\n		\n

(25.3)

\n		\n

(13.6)

\n
\n

Scope exit

\n		\n

-

\n		\n

-

\n
\n

Translation differences

\n		\n

(6.0)

\n		\n

4.4

\n
\n

Liabilities on EARNOUT and put option as of 31 December

\n		\n

130.0

\n		\n

126.3

\n
\n

Of which current

\n		\n

24.3

\n		\n

33.2

\n
\n

Of which non-current

\n		\n

105.7

\n		\n

93.1

\n
\n

In 2025 and 2024, scope entry is explained by the acquisitions made in Banijay Entertainment business during the year (please refer to Note 13.1 on page 330).

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

Note 22

\n		\n

Other securities

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

(in \u20ac million)

\n		\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Earn-Out Shares

\n		\n

78.1

\n		\n

102.6

\n
\n

Founder Shares

\n		\n

27.7

\n		\n

19.2

\n
\n

Public Warrants

\n		\n

5.6

\n		\n

10.4

\n
\n

Founder Warrants

\n		\n

5.0

\n		\n

8.4

\n
\n

Other securities

\n		\n

116.4

\n		\n

140.5

\n
\n

In the context of the Group\u2019s reorganisation in 2022, Financi\u00e8re Lov subscribed in cash to a share capital increase of Banijay Group for an amount of \u20ac250\u00a0million in exchange for Ordinary Shares, SVS and earn-out shares (of which \u20ac114.4\u00a0million paid for earn-out shares).

\n

The Founder Shares, Founder Warrants and public warrants were recognised as part of the Pegasus merger.

\n

The characteristics of the earn-out shares, Founder Shares, Founder Warrants and public warrants (see below) were analysed, and it has been determined that these securities should be classified as liability instruments according to IAS\u00a032. They are recognised at fair-value through P&L.

\n

Those instruments are classified as Level\u00a03 and have been measured using a multi-model analysis based on Monte-Carlo and Black-Scholes models, including public warrants for which the lack of transactions in the public market does not provide a relevant pricing information.

\n

Due to the low level of liquidity of Banijay Group\u2019s shares during the period, unobservable inputs include Banijay Group\u2019s ordinary share\u2019s price (based on a multiple analysis taking into account historical price prior and after quotation, analysts reviews and Pegasus transaction) and volatility (based on peers\u2019 index). The worst-case scenario would increase the liability for an amount of \u20ac6.4 million. The best-case scenario would decrease the liability for an amount of
-\u20ac6.4 million.

\n
Earn-out shares characteristics
\n

Earn-out shares are divided into 3 categories:

\n

\u202213,000,000 earn-out shares A: each of these shares will be converted into 1 ordinary share and 1 SVS if the closing price of the Ordinary Shares equals or exceeds \u20ac13.00 per ordinary share for any 20 trading days within a 30 consecutive trading day period before expiration of a 5-year period following 1\u00a0July 2022;

\n

\u20223,500,000 earn-out shares B: each of these shares will be converted into 1 ordinary share and 1 SVS if the closing price of the Ordinary Shares equals or exceeds \u20ac15.00 per ordinary share for any 20 trading days within a 30 consecutive trading day period before expiration of a 6-year period following 1\u00a0July 2022;

\n

\u20223,500,000 earn-out shares C: each of these shares will be converted into 1 ordinary share and 1 SVS if the closing price of the Ordinary Shares equals or exceeds \u20ac17.00 per ordinary share for any 20 trading days within a 30\u00a0consecutive trading day period before expiration of a 6-year period following 1\u00a0July 2022.

\n

Earn-out shares can only be entitled to profit in the limit of a negligible amount equal to 0.1% of the nominal value (\u20ac0.03) per share. All issued and outstanding earn-out shares at a time may only be held by one person at any time and may also be transferred all together to one other person at a time. Each earn-out share confers three votes in a General Meeting.

\n

Financi\u00e8re LOV has committed not to exercise any voting right attached to earn-out shares. Financi\u00e8re LOV has also committed not to sell the earn-out shares for a three-year period from 1\u00a0July 2022.

\n
Founder Shares characteristics
\n

As a result of the transaction with Pegasus, Founder Shares were contributed to former Founder Shares\u2019 holders of Pegasus Entrepreneurs. Terms and conditions applicable to Banijay Group\u2019s outstanding Founder Shares are similar to those issued by Pegasus.

\n

The Founder Shares have a nominal value of \u20ac0.01 each. From any profits, as remaining after application of the provisions in the Articles of Association regarding reservation and the profit entitlement of earn-out shares, an amount equal to 0.1% of the nominal value of each founder share shall be added to the dividend reserve for founder shares.

\n

Subject to the satisfaction of the conditions set out below and subject to certain capital adjustment measures (as described in the Articles of Association), the 2,575,000\u00a0outstanding Founder Shares held by former Pegasus founders shall be converted:

\n

\u2022up to 50% of the Founder Shares, held by each sponsor, in aggregate amounting to up to 1,287,500 Founder Shares will be exchanged on a one-for-one basis for Ordinary Shares (subject to the lock-up arrangements applicable to the sponsors, including the Pegasus Lock-up Arrangements), if, after 1\u00a0July 2022, the closing price of the Ordinary Shares equals or exceeds \u20ac11.50 per Ordinary Share for any 20 trading days within a 30\u00a0consecutive-trading day period; and

\n

\u2022up to 50% of the Founder Shares, held by each sponsor, in aggregate amounting to up to 1,287,500 Founder Shares will be exchanged on a one-for-one basis for Ordinary Shares (subject to the lock-up arrangements applicable to the sponsors, including the Pegasus Lock-up Arrangements), if, after 1 July 2022, the closing price of the Ordinary Shares equals or exceeds \u20ac13.00 per ordinary share for any 20 trading days within a 30\u00a0consecutive-trading day period.

\n

Existing shareholder agreement provides that any voting right attached to Founder Shares will not be exercised. Founder Shares can only be entitled to profit in the limit of the negligible amount equal to 0.1% of the nominal value (\u20ac0.01) per share.

\n
Public warrants characteristics
\n

Each public warrant shall entitle an eligible holder to purchase from the Company one ordinary share at the price of \u20ac11.50 per ordinary share. Public warrants may be exercised within a 5\u00a0years period from 1\u00a0July 2022.

\n

As warrants, the Ppblic warrants does not entitle to any right as shareholder such as dividends or voting rights.

\n

Terms &\u00a0conditions of the public warrants set several unusual provisions that may affect the market value of the public warrants:

\n

\u2022each public warrant may be redeemed by Banijay Group if the price of the ordinary share exceeds \u20ac18.00 during more than almost consecutive twenty trading days period. Redemption price would in this case equal \u20ac0.01;

\n

\u2022each public warrant may be redeemed by Banijay Group if the price of the ordinary share is comprised between \u20ac10.00 and \u20ac18.00 at a price of \u20ac0.01 per warrant upon not less than 30\u00a0days\u2019 prior written notice of redemption. (a Redemption Notice). In this case, the warrant holder could exercise its warrants on a cashless basis and receive a number of ordinary share per warrant set according to a table based on the redemption date and the fair market value of Ordinary Shares.

\n

As of 31\u00a0December 2025, 8,666,666 public warrants were outstanding.

\n
Founder Warrants characteristics
\n

Founder Warrants have been issued by Banijay Group at 1\u00a0July 2022 and distributed to Pegasus Founder.

\n

Founder Warrants have substantially the same terms as the public warrants and entitle their holder to purchase from Banijay Group one ordinary share at the price of \u20ac11.50 per ordinary share within a 5-year period from 1\u00a0July 2022. Additionally, the Founder Warrants will be exercisable on a cashless basis according to a table based on the redemption date and the fair market value of ordinary shares and be non-redeemable, so long as they are held by the Pegasus\u2019 founders and sponsors. If the Founder Warrants are held by someone other than Pegasus\u2019 founders and sponsors, the Founder Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the public warrants. The proceeds of a redemption of Warrants, the proceeds of the repurchase of warrants or a full or partial cash or cashless settlement of warrants may be subject to Dutch dividend withholding tax at a rate of 15%.

\n

Founder Warrants does not entitle to any right as shareholder such as dividends or voting rights.

\n

As of 31\u00a0December 2025, 5,250,000 Founder Warrants were outstanding.

\n

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

Note 24

\n		\n

Financial assets and liabilities

\n
\n

24.1Current and non-current financial assets

\n

Financial assets comprise financial interests in non-consolidated companies, loans, restricted cash accounts and current accounts with third parties.

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Financial interests in non-consolidated companies

\n		\n

10.0

\n		\n

10.5

\n
\n

Other financial assets \u2013 Investment in debt instruments

\n		\n

90.5

\n		\n

87.3

\n
\n

Non-current loans, guarantee instruments and other financial assets

\n		\n

36.8

\n		\n

37.3

\n
\n

Non-current restricted cash and cash equivalents

\n		\n

6.4

\n		\n

11.7

\n
\n

Non-current derivative financial assets

\n		\n

4.6

\n		\n

13.7

\n
\n

Non-current financial assets

\n		\n

148.2

\n		\n

160.6

\n
\n

Current part of loans, guarantee instruments and other financial assets

\n		\n

18.5

\n		\n

19.4

\n
\n

Current restricted cash and cash equivalents

\n		\n

0.3

\n		\n

0.3

\n
\n

Current accounts

\n		\n

0.0

\n		\n

1.9

\n
\n

Current derivative financials assets

\n		\n

2.7

\n		\n

13.2

\n
\n

Current financial assets

\n		\n

21.6

\n		\n

34.7

\n
\n

Total financial assets

\n		\n

169.7

\n		\n

195.3

\n
\n

The \"Other financial assets \u2013 Investment in debt instruments\" line item is mainly due to the investment in The Independents Group (TIL), as detailed in Note 17.2, comprising:

\n

\u2022the funding of the entity \u201cGardenia\u201d (one of the shareholders of K10, the holding company of the TIL Group) through Class B Preferred Shares providing financial rights and certain governance rights to Banijay Events;

\n

\u2022the direct shareholding in the TIL Group via K10 with the acquisition of C bis preferred shares, providing financial rights and certain governance rights to Banijay.

\n

The decrease is explained by the exercise by Banijay Events of its put option to sell 231,000 Class B Preferred shares for \u20ac24.8 million on 19 July 2024

\n

Those instruments are classified as Level 3 of the Fair value hierarchy under IFRS 13.

\n

The valuation techniques for those instruments are as follows:

\n

\u2022Gardenia class B preferred shares valuation is determined based on the contractual characteristics of those preferred shares

\n

\u2022The Independents (K10 Holding) Group through C bis preferred shares valuation is prepared by an external appraisal as a percentage of K10 Holding\u2019s equity value which is based on a customary multi criteria valuation methodology based on the Business plan provided by The Independents group for the DCF method and a Multiple approach.

\n

The unobservable inputs used for those instruments are:

\n

\u2022For Gardenia class B preferred shares valuation: the rate of the cumulative dividend

\n

\u2022For K10 C bis preferred shares valuation: the Business plan, the WACC used in the DCF method, the perpetual growth rate, a sample of comparable companies for multiple calculation to determine a multiple.

\n

Change in value of the other financial assets \u2013 Investment in debt instruments:

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Value as of 1 January

\n		\n

87.3

\n		\n

111.0

\n
\n

Fair value measurement (P&L)

\n		\n

3.2

\n		\n

1.1

\n
\n

Gardenia class B preferred shares put option exercised

\n		\n

-

\n		\n

(24.8)

\n
\n

Value as of 31 December

\n		\n

90.5

\n		\n

87.3

\n
\n

.Non-current restricted cash is related to the Banijay Gaming business\u2019 obligations and includes blocked funds and guarantees related to other countries regulatory authorities\u2019 requirements, notably in Germany and Portugal, for an amount of \u20ac6.4 million and \u20ac11.7 million as of 31\u00a0December 2025 and 31 December 2024, respectively

\n

Current restricted cash comprised the amount of cash allocated to a liquidity agreement with a liquidity provider. Under this agreement, the liquidity provider is responsible for providing liquidity in the market for Banijay Group\u2019s shares, acting independently in compliance with Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (the \u201cMAR\u201d) and all regulations promulgated thereunder, including but not limited to the EU Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 and the EU Commission Delegated Regulation (EU) 2016/908 of 26 February 2016, each supplementing the MAR, as well as the points of convergence established by the ESMA in relation to MAR accepted market practices on liquidity contracts, providing guidance to competent authorities on such AMP (the \u201cESMA Opinion\u201d). The parties shall ensure to comply with all applicable laws, rules and regulations in the Netherlands. When performing or effecting transactions or trade orders in the shares in the execution of this contract, the liquidity provider shall always act without interfering with orderly market operation or misleading other parties. The liquidity account has been credited with the sum of \u20ac300 thousand.

\n

Derivatives financial assets comprise foreign exchange and interest rate hedging as well as the valuation of the call to acquire the control of TIL in 2026, which are measured at fair value.

\n

24.2Cash and cash equivalents

\n

Cash and cash equivalents are presented net of bank overdrafts in the consolidated cash flow statement.

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Marketable securities

\n		\n

1.3

\n		\n

0.5

\n
\n

Cash

\n		\n

492.6

\n		\n

481.4

\n
\n

Cash and cash equivalents \u2013\u00a0Assets

\n		\n

493.9

\n		\n

482.0

\n
\n

Bank overdrafts

\n		\n

(0.1)

\n		\n

(1.1)

\n
\n

Net cash and cash equivalents

\n		\n

493.8

\n		\n

480.9

\n
\n

\n

24.3Current and non-current financial liabilities

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

(in \u20ac million)

\n		\n

Non-current

\n		\n

Current

\n		\n

31 December 2025

\n
\n

Bonds

\n		\n

874.0

\n		\n

-

\n		\n

874.0

\n
\n

Bank borrowings

\n		\n

2,038.6

\n		\n

113.3

\n		\n

2,151.8

\n
\n

Accrued interests on bonds and bank borrowings

\n		\n

-

\n		\n

30.5

\n		\n

30.5

\n
\n

Bank overdrafts

\n		\n

-

\n		\n

0.1

\n		\n

0.1

\n
\n

Derivatives \u2013\u00a0Liabilities

\n		\n

49.5

\n		\n

0.8

\n		\n

50.4

\n
\n

Total financial liabilities

\n		\n

2,962.1

\n		\n

144.8

\n		\n

3,106.9

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

(in \u20ac million)

\n		\n

Non-current

\n		\n

Current

\n		\n

31\u00a0December 2024

\n
\n

Bonds

\n		\n

1,142.8

\n		\n

-

\n		\n

1,142.8

\n
\n

Bank borrowings

\n		\n

1,717.2

\n		\n

143.8

\n		\n

1,861.0

\n
\n

Accrued interests on bonds and bank borrowings

\n		\n

-

\n		\n

27.1

\n		\n

27.1

\n
\n

Vendor loans

\n		\n

-

\n		\n

111.4

\n		\n

111.4

\n
\n

Bank overdrafts

\n		\n

-

\n		\n

1.1

\n		\n

1.1

\n
\n

Derivatives \u2013\u00a0Liabilities

\n		\n

4.0

\n		\n

2.0

\n		\n

6.0

\n
\n

Total financial liabilities

\n		\n

2,863.9

\n		\n

285.4

\n		\n

3,149.3

\n
\n

\n

The variation of the financial liabilities breaks down as follows:

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

(in \u20ac million)

\n		\n

1\u00a0January 2025

\n		\n

Cash flows

\n		\n

Non cash flows

\n		\n

31\u00a0December 2025

\n
\n

Increase

\n		\n

Repayment

\n		\n

Other cash items

\n		\n

Changes in consolidation scope

\n		\n

Other non cash items

\n		\n

Foreign exchange

\n
\n

Bonds

\n		\n

1,142.8

\n		\n

-

\n		\n

(229.0)

\n		\n

-

\n		\n

-

\n		\n

4.8

\n		\n

(44.6)

\n		\n

874.0

\n
\n

Bank borrowings

\n		\n

1,861.0

\n		\n

438.9

\n		\n

(90.3)

\n		\n

2.5

\n		\n

0.4

\n		\n

4.1

\n		\n

(64.8)

\n		\n

2,151.8

\n
\n

Accrued interests on bonds and bank borrowings

\n		\n

27.1

\n		\n

-

\n		\n

-

\n		\n

(27.1)

\n		\n

-

\n		\n

31.2

\n		\n

(0.7)

\n		\n

30.5

\n
\n

Vendor loans

\n		\n

111.4

\n		\n

-

\n		\n

(111.4)

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Current accounts

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

0.2

\n		\n

0.2

\n		\n

(0.4)

\n		\n

-

\n
\n

Bank overdrafts

\n		\n

1.1

\n		\n

-

\n		\n

-

\n		\n

(6.7)

\n		\n

-

\n		\n

(0.3)

\n		\n

6.1

\n		\n

0.1

\n
\n

Derivatives \u2013\u00a0Liabilities

\n		\n

6.0

\n		\n

-

\n		\n

-

\n		\n

(2.9)

\n		\n

-

\n		\n

47.4

\n		\n

(0.1)

\n		\n

50.4

\n
\n

Total financial liabilities

\n		\n

3,149.3

\n		\n

438.9(1)

\n		\n

(430.7)(2)

\n		\n

(34.2)

\n		\n

0.6

\n		\n

87.5(3)

\n		\n

(104.5)

\n		\n

3,106.9

\n
\n

(1)The cashflow statement reflects the actual cashflows related to refinancing of Senior loans: the cash flow received by the Group was the gross amount of the Term Loan B operation of Banijay Gaming and then, has been reflected for this amount in the column \u201cIncrease\u201d.

\n

(2)The line \u201cRepayment of borrowings and other financial liabilities\u201d in the cash flow statement also included the lease repayments for an amount of \u2011\u20ac44.7 million.

\n

(3)Other non-cash items mainly include the accrued interest on bonds and bank borrowings, former issuance costs amortised during the period as well as the effect of the derivatives.

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

(in \u20ac million)

\n		\n

1\u00a0January 2024

\n		\n

Cash flows

\n		\n

Non cash flows

\n		\n

31\u00a0December 2024

\n
\n

Increase

\n		\n

Repayment

\n		\n

Other cash items

\n		\n

Changes in consolidation scope

\n		\n

Other non-cash items

\n		\n

Foreign exchange

\n
\n

Bonds

\n		\n

1,284.2

\n		\n

-

\n		\n

(171.0)

\n		\n

-

\n		\n

-

\n		\n

6.5

\n		\n

23.0

\n		\n

1,142.8

\n
\n

Bank borrowings

\n		\n

1,437.3

\n		\n

743.9

\n		\n

(364.9)

\n		\n

0.5

\n		\n

7.5

\n		\n

2.9

\n		\n

33.9

\n		\n

1,861.0

\n
\n

Accrued interests on bonds and bank borrowings

\n		\n

37.2

\n		\n

-

\n		\n

-

\n		\n

(37.2)

\n		\n

-

\n		\n

26.4

\n		\n

0.6

\n		\n

27.1

\n
\n

Vendor loans

\n		\n

143.5

\n		\n

-

\n		\n

(40.7)

\n		\n

-

\n		\n

-

\n		\n

8.5

\n		\n

-

\n		\n

111.4

\n
\n

Current accounts

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Bank overdrafts

\n		\n

1.5

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

0.3

\n		\n

3.7

\n		\n

(4.3)

\n		\n

1.1

\n
\n

Derivatives \u2013\u00a0Liabilities

\n		\n

6.4

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

(0.5)

\n		\n

-

\n		\n

6.0

\n
\n

Total financial liabilities

\n		\n

2,910.1

\n		\n

743.9(1)

\n		\n

(576.6)(2)

\n		\n

(36.7)(3)

\n		\n

7.9

\n		\n

47.4(4)

\n		\n

53.3

\n		\n

3,149.4

\n
\n

(1)The cashflow statement reflects the actual cashflows related to refinancing of Senior loans: the cash flow received by the Group was the gross amount of the Term Loan B operation of Banijay Gaming and then, has been reflected for this amount in the column \u201cIncrease\u201d.

\n

(2)The line \u201cRepayment of borrowings and other financial liabilities\u201d in the cash flow statement also included the lease repayments for an amount of \u2011\u20ac43.6 million

\n

(3)Other cash items mainly include the issuance costs paid during the period -\u20ac5.4 million and credit lines linked to productions includes in the variation of working capital in the cashflow statement +\u20ac5.9 million

\n

(4)Other non-cash items mainly include the accrued interest on bonds and bank borrowings and on vendor loan.

\n
\n

\n

Characteristics of bonds and term loans

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

(in \u20ac million)

\n

Issuer: Banijay\u00a0SAS

\n		\n

Residual nominal amount

\n
\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

\u2022\u20ac540 million senior secured notes issued in 2023 and due in 2029, which have a coupon of 7.00% per annum;

\n		\n

540.0

\n		\n

540.0

\n
\n

\u2022$400 million senior secured notes issued in 2023 and due in 2029, which have a coupon of 8.125% per annum(1);

\n		\n

340.4

\n		\n

385.0

\n
\n

\u2022\u20ac400 million term loan B facility issued in 2025 and due in 2032, which bears interest at a rate of EURIBOR (3 months) plus 3.25% per annum(2);

\n		\n

400.0

\n		\n

-

\n
\n

\u2022\u20ac555 million term loan B facility issued in 2023 and due in 2028, which bears interest at a rate of EURIBOR 3 months(3) plus 3.25% per annum (after February 2025 repricing);

\n		\n

555.0

\n		\n

555.0

\n
\n

\u2022$560 million term loan B facility issued in 2023 and due in 2028, which bears interest at a rate of SOFR USD (1 month)(4) plus 2.75% (after February 2025 repricing); remaining capital stands at \u20ac421.3 million after early redemption end in 2025 for -\u20ac48.3 million

\n		\n

421.3

\n		\n

529.6

\n
\n

\u2022\u20ac400 million senior notes issued in 2020 and due in 2026, which priced at par and have a coupon of 6.500% per annum

\n		\n

-

\n		\n

229.0

\n
\n

\n		\n

2,256.7

\n		\n

2,413.6

\n
\n

(1)Starting February 2025, a new interest-rate and currency hedging instrument has been set up until Feb. 2028. This instrument, a Cross Currency Swap, has two main objectives:

\n

- to hedge the risk of fluctuations in the EUR/USD exchange rate (Fx. rate per Eur. of c. $ 1.037). The capital being hedged at \u20ac385.5 million;

\n

- to lock in savings in financial interest at the level of SSN USD coupons (between 6.4% and 6.5%).

\n

(2)Hedging characteristics of \u20ac400 million TLB EURIBOR 3-months is hedged through a 2.11% ~ 2.75% collar until April 2030.

\n

(3)Hedging characteristics of \u20ac555 million TLB:

\n

- For \u20ac453 million: EURIBOR 3-months is hedged September at c. 2.2% up to September 2028;

\n

- For \u20ac102 million: EURIBOR 3-months is hedged through a 2.80% ~ 3.30% collar until September 2028.

\n

(4)Hedging characteristics of US$560m TLB (remaining capital $495m).

\n

An interest rate swap converting the variable SOFR-based rate into fixed rates of approximately 3.39% for $438 million and 3.42% for $55 million, both effective until March 2028.

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

(in \u20ac million)

\n

Issuer: Betclic Everest Group\u00a0SAS

\n		\n

Residual nominal amount

\n
\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

\u2022\u20ac600 million Term Loan B issued on 11 December 2024 and due in December\u00a02031, which bear interest at a rate of EURIBOR 1, 3 and 6 months plus 3.25%\u00a0margin per annum (adjusted to 3.00% starting in June 2025)(1).

\n		\n

600.0

\n		\n

600.0

\n
\n

\n		\n

600.0

\n		\n

600.0

\n
\n

(1)Hedging characteristics: starting January 2025, EURIBOR is hedged at swap 2.252% for a \u20ac300 million portion and swap 2.56% for a \u20ac300 million portion.

\n
\n

As of 31 December 2025, the Group\u2019s financial indebtedness also consists in the following items:

\n

\u2022Local production financing carried by some Banijay\u2019s subsidiaries (including recourse factoring and production credit lines);

\n

\u2022State-guaranteed loans;

\n

\u2022Accrued interests;

\n

\u2022Bank overdrafts;

\n

\u2022Lease liabilities.

\n

Maturity of current and non-current debt (principal and interest)

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

(in \u20ac million)

\n		\n

Current

\n		\n

Non-current

\n
\n

Less than 1\u00a0year

\n		\n

1\u00a0to 5\u00a0years

\n		\n

More than 5\u00a0years

\n		\n

Total 31\u00a0December 2025

\n
\n

Bonds

\n		\n

65.5

\n		\n

1,044.1

\n		\n

-

\n		\n

1,109.6

\n
\n

Bank borrowings

\n		\n

224.7

\n		\n

1,363.7

\n		\n

1,086.7

\n		\n

2,675.1

\n
\n

Bank overdraft

\n		\n

0.7

\n		\n

-

\n		\n

-

\n		\n

0.7

\n
\n

Vendor loans

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Derivatives

\n		\n

(2.4)

\n		\n

45.4

\n		\n

(2.7)

\n		\n

40.3

\n
\n

Total debt maturity (principal and interests)

\n		\n

288.4

\n		\n

2,453.2

\n		\n

1,084.0

\n		\n

3,825.6

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

(in \u20ac million)

\n		\n

Current

\n		\n

Non-current

\n
\n

Less than 1\u00a0year

\n		\n

1\u00a0to 5\u00a0years

\n		\n

More than 5\u00a0years

\n		\n

Total 31\u00a0December 2024

\n
\n

Bonds

\n		\n

75.7

\n		\n

1,395.9

\n		\n

-

\n		\n

1,471.6

\n
\n

Bank borrowings

\n		\n

261.1

\n		\n

1,506.7

\n		\n

539.1

\n		\n

2,306.9

\n
\n

Bank overdraft

\n		\n

1.1

\n		\n

-

\n		\n

-

\n		\n

1.1

\n
\n

Vendor loans

\n		\n

111.4

\n		\n

-

\n		\n

-

\n		\n

111.4

\n
\n

Derivatives

\n		\n

2.0

\n		\n

4.0

\n		\n

-

\n		\n

6.0

\n
\n

Total debt maturity (principal and interests)

\n		\n

451.3

\n		\n

2,906.5

\n		\n

539.1

\n		\n

3,896.9

\n
\n

24.4Net financial debt

\n

Net financial debt is determined as follows:

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Bonds

\n		\n

874.0

\n		\n

1,142.8

\n
\n

Bank borrowings

\n		\n

2,151.8

\n		\n

1,861.1

\n
\n

Accrued interests on bonds and bank borrowings

\n		\n

30.5

\n		\n

27.1

\n
\n

Vendor loans

\n		\n

-

\n		\n

111.4

\n
\n

Bank overdrafts

\n		\n

0.1

\n		\n

1.1

\n
\n

Total bank indebtedness

\n		\n

3,056.5

\n		\n

3,143.4

\n
\n

Cash and cash equivalents

\n		\n

(493.9)

\n		\n

(482.0)

\n
\n

Funding of Gardenia

\n		\n

(64.0)

\n		\n

(59.8)

\n
\n

Trade receivables on providers

\n		\n

(37.6)

\n		\n

(47.8)

\n
\n

Players\u2019 liabilities

\n		\n

69.1

\n		\n

58.3

\n
\n

Cash in trusts and restricted cash and cash equivalents

\n		\n

(0.3)

\n		\n

(0.3)

\n
\n

Net cash and cash equivalents

\n		\n

(526.6)

\n		\n

(531.5)

\n
\n

Net debt before derivatives effects

\n		\n

2,529.9

\n		\n

2,611.9

\n
\n

Derivatives \u2013 liabilities

\n		\n

45.7

\n		\n

6.0

\n
\n

Derivatives \u2013 assets

\n		\n

(2.7)

\n		\n

(18.5)

\n
\n

Net debt

\n		\n

2,572.9

\n		\n

2,599.4

\n
\n

24.5Derivatives

\n

The Group\u2019s cash flow hedges\u2019 main goal is to neutralise foreign exchange risk on future cash flows (notional, coupons) or switch floating-rate debt to fixed-rate debt.

\n

The ineffective portion of cash flow hedges recognised in net income is not significant during the periods presented. The main hedges unmatured as of 31\u00a0December 2025 and 2024, as well as their effects on the financial statements, are detailed in the table below.

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

As of 31\u00a0December 2025

\n

(in \u20ac million)

\n		\n

Derivatives \u2013\u00a0assets

\n		\n

Derivatives \u2013\u00a0liabilities

\n
\n

Total

\n		\n

Non-current

\n		\n

Current

\n		\n

Total

\n		\n

Non-current

\n		\n

Current

\n
\n

Exchange risk

\n		\n

4.0

\n		\n

2.1

\n		\n

1.9

\n		\n

45.9

\n		\n

45.1

\n		\n

0.8

\n
\n

Interest rate risk

\n		\n

1.1

\n		\n

0.3

\n		\n

0.8

\n		\n

4.5

\n		\n

4.5

\n		\n

-

\n
\n

Hedging instruments

\n		\n

5.0

\n		\n

2.3

\n		\n

2.7

\n		\n

50.4

\n		\n

49.5

\n		\n

0.8

\n
\n

Other derivatives

\n		\n

2.3

\n		\n

2.3

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Total derivatives

\n		\n

7.3

\n		\n

4.6

\n		\n

2.7

\n		\n

50.4

\n		\n

49.5

\n		\n

0.8

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

As of 31\u00a0December 2024

\n

(in \u20ac million)

\n		\n

Derivatives \u2013\u00a0assets

\n		\n

Derivatives \u2013\u00a0liabilities

\n
\n

Total

\n		\n

Non-current

\n		\n

Current

\n		\n

Total

\n		\n

Non-current

\n		\n

Current

\n
\n

Exchange risk

\n		\n

6.1

\n		\n

0.0

\n		\n

6.1

\n		\n

2.4

\n		\n

0.5

\n		\n

2.0

\n
\n

Interest rate risk

\n		\n

12.3

\n		\n

5.3

\n		\n

7.1

\n		\n

3.5

\n		\n

3.5

\n		\n

0.0

\n
\n

Hedging instruments

\n		\n

18.5

\n		\n

5.3

\n		\n

13.2

\n		\n

6.0

\n		\n

4.0

\n		\n

2.0

\n
\n

Other derivatives

\n		\n

8.5

\n		\n

8.5

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Total derivatives

\n		\n

26.9

\n		\n

13.7

\n		\n

13.2

\n		\n

6.0

\n		\n

4.0

\n		\n

2.0

\n
\n

As described in the Note 4.1.2 page 316, Banijay Entertainment set up new hedging instruments in January 2025, including a cross currency swap which explained the main change in 2025.

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

Note 25

\n		\n

Financial instruments

\n
\n

The carrying amount of financial instruments per category is determined as follows:

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

As of 31\u00a0December 2025

\n

(in \u20ac million)

\n		\n

Carrying amount

\n		\n

Carrying amount of non-financial instruments

\n		\n

Financial instruments by category

\n		\n

Fair value of\u00a0financial instruments

\n
\n

Fair value through OCI

\n		\n

Amortised cost

\n		\n

Fair value through P&L

\n
\n

Non-current financial assets

\n		\n

148.2

\n		\n

-

\n		\n

12.5

\n		\n

32.8

\n		\n

102.8

\n		\n

148.2

\n
\n

Other non-current assets

\n		\n

262.9

\n		\n

175.9

\n		\n

-

\n		\n

87.1

\n		\n

-

\n		\n

87.1

\n
\n

Trade receivables

\n		\n

524.8

\n		\n

-

\n		\n

-

\n		\n

524.8

\n		\n

-

\n		\n

524.8

\n
\n

Other current assets

\n		\n

304.7

\n		\n

278.4

\n		\n

-

\n		\n

26.3

\n		\n

-

\n		\n

26.3

\n
\n

Current financial assets

\n		\n

21.6

\n		\n

-

\n		\n

0.0

\n		\n

18.8

\n		\n

2.7

\n		\n

21.6

\n
\n

Cash and cash equivalents

\n		\n

493.9

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

493.9

\n		\n

493.9

\n
\n

Assets

\n		\n

1,756.1

\n		\n

454.2

\n		\n

12.5

\n		\n

689.9

\n		\n

599.4

\n		\n

1,301.9

\n
\n

Other securities

\n		\n

116.4

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

116.4

\n		\n

116.4

\n
\n

Long-term borrowings and other financial liabilities

\n		\n

2,962.1

\n		\n

-

\n		\n

4.5

\n		\n

2,912.5

\n		\n

45.1

\n		\n

3,229.8

\n
\n

Other non-current liabilities

\n		\n

362.5

\n		\n

199.0

\n		\n

-

\n		\n

57.7

\n		\n

105.7

\n		\n

163.4

\n
\n

Liability instruments

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Short-term borrowings and bank overdrafts

\n		\n

144.8

\n		\n

0.5

\n		\n

0.2

\n		\n

143.3

\n		\n

0.7

\n		\n

144.3

\n
\n

Trade payables

\n		\n

666.6

\n		\n

-

\n		\n

-

\n		\n

666.6

\n		\n

-

\n		\n

666.6

\n
\n

Customer contract liabilities

\n		\n

640.2

\n		\n

566.4

\n		\n

-

\n		\n

69.1

\n		\n

4.6

\n		\n

73.7

\n
\n

Other current liabilities

\n		\n

533.5

\n		\n

448.8

\n		\n

-

\n		\n

60.3

\n		\n

24.3

\n		\n

84.6

\n
\n

Liabilities

\n		\n

5,426.0

\n		\n

1,214.8

\n		\n

4.7

\n		\n

3,909.6

\n		\n

296.8

\n		\n

4,478.9

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

As of 31\u00a0December 2024

\n

(in \u20ac million)

\n		\n

Carrying amount

\n		\n

Carrying amount of non-financial instruments

\n		\n

Financial instruments by category

\n		\n

Fair value of\u00a0financial instruments

\n
\n

Fair value through OCI

\n		\n

Amortised cost

\n		\n

Fair value through P&L

\n
\n

Non-current financial assets

\n		\n

160.6

\n		\n

-

\n		\n

24.2

\n		\n

37.3

\n		\n

99.1

\n		\n

160.6

\n
\n

Other non-current assets

\n		\n

216.4

\n		\n

171.7

\n		\n

-

\n		\n

44.7

\n		\n

-

\n		\n

44.7

\n
\n

Trade receivables

\n		\n

535.6

\n		\n

-

\n		\n

-

\n		\n

535.6

\n		\n

-

\n		\n

535.6

\n
\n

Other current assets

\n		\n

332.7

\n		\n

304.7

\n		\n

-

\n		\n

28.0

\n		\n

-

\n		\n

28.0

\n
\n

Current financial assets

\n		\n

34.7

\n		\n

-

\n		\n

7.1

\n		\n

21.5

\n		\n

6.1

\n		\n

34.7

\n
\n

Cash and cash equivalents

\n		\n

482.0

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

482.0

\n		\n

482.0

\n
\n

Assets

\n		\n

1,761.9

\n		\n

476.4

\n		\n

31.3

\n		\n

667.1

\n		\n

587.2

\n		\n

1,285.5

\n
\n

Other securities

\n		\n

140.5

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

140.5

\n		\n

140.5

\n
\n

Long-term borrowings and other financial liabilities

\n		\n

2,863.9

\n		\n

-

\n		\n

4.0

\n		\n

2860.0

\n		\n

-

\n		\n

2,916.5

\n
\n

Other non-current liabilities

\n		\n

407.4

\n		\n

256.7

\n		\n

-

\n		\n

57.6

\n		\n

93.1

\n		\n

150.7

\n
\n

Liability instruments

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Short-term borrowings and bank overdrafts

\n		\n

285.4

\n		\n

(0.1)

\n		\n

0.5

\n		\n

282.3

\n		\n

2.7

\n		\n

285.5

\n
\n

Trade payables

\n		\n

677.0

\n		\n

-

\n		\n

-

\n		\n

677.0

\n		\n

-

\n		\n

677.0

\n
\n

Customer contract liabilities

\n		\n

669.8

\n		\n

608.4

\n		\n

-

\n		\n

58.3

\n		\n

3.1

\n		\n

61.4

\n
\n

Other current liabilities

\n		\n

583.0

\n		\n

452.5

\n		\n

-

\n		\n

97.3

\n		\n

33.2

\n		\n

130.5

\n
\n

Liabilities

\n		\n

5,627.0

\n		\n

1317.4

\n		\n

4.4

\n		\n

4,032.5

\n		\n

272.7

\n		\n

4,362.1

\n
\n
Fair value hierarchy
\n

IFRS 13 Fair Value Measurement, establishes a fair value hierarchy consisting of three levels:

\n

\u2022Level 1: prices on the valuation date for identical instruments to those being valued, quoted on an active market to which the entity has access;

\n

\u2022Level 2: directly observable market inputs other than Level 1 inputs; and

\n

\u2022Level 3: inputs not based on observable market data (for example, data derived from extrapolations).

\n

This level applies when there is no observable market or data and the entity is obliged to rely on its own assumptions to assess the data that other market participants would have applied to price other instruments.

\n

Fair value is estimated for the majority of the Group's financial instruments, with the exception of marketable securities for which the market price is used.

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

As of 31 December 2025

\n

(in \u20ac million)

\n		\n

Fair Value

\n		\n

Fair value hierarchy

\n
\n

Level 1

\n		\n

Level 2

\n		\n

Level 3

\n
\n

Non-current financial assets

\n		\n

115.3

\n		\n

6.4

\n		\n

4.6

\n		\n

104.4

\n
\n

Other current assets

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Current financial assets

\n		\n

2.7

\n		\n

-

\n		\n

2.7

\n		\n

-

\n
\n

Cash and cash equivalents

\n		\n

493.9

\n		\n

493.9

\n		\n

-

\n		\n

-

\n
\n

Other securities

\n		\n

(116.4)

\n		\n

-

\n		\n

-

\n		\n

(116.4)

\n
\n

Long-term borrowings and other financial liabilities

\n		\n

(49.5)

\n		\n

-

\n		\n

(49.5)

\n		\n

-

\n
\n

Other non-current liabilities

\n		\n

(105.7)

\n		\n

-

\n		\n

-

\n		\n

(105.7)

\n
\n

Short-term borrowings and bank overdrafts

\n		\n

(1.0)

\n		\n

(0.1)

\n		\n

(0.8)

\n		\n

-

\n
\n

Customer contract liabilities

\n		\n

(4.6)

\n		\n

-

\n		\n

-

\n		\n

(4.6)

\n
\n

Other current liabilities

\n		\n

(24.3)

\n		\n

-

\n		\n

-

\n		\n

(24.3)

\n
\n

Balances as of 31 DEcembeR 2025

\n		\n

310.4

\n		\n

500.2

\n		\n

(43.1)

\n		\n

(146.6)

\n
\n

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

As of 31 December 2024

\n

(in \u20ac million)

\n		\n

Fair Value

\n		\n

Fair value hierarchy

\n
\n

Level 1

\n		\n

Level 2

\n		\n

Level 3

\n
\n

Non-current financial assets

\n		\n

123.3

\n		\n

11.7

\n		\n

13.7

\n		\n

97.9

\n
\n

Other current assets

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Current financial assets

\n		\n

13.2

\n		\n

-

\n		\n

13.2

\n		\n

-

\n
\n

Cash and cash equivalents

\n		\n

482.0

\n		\n

482.0

\n		\n

-

\n		\n

-

\n
\n

Other securities

\n		\n

(140.5)

\n		\n

-

\n		\n

-

\n		\n

(140.5)

\n
\n

Long-term borrowings and other financial liabilities

\n		\n

(4.0)

\n		\n

-

\n		\n

(4.0)

\n		\n

-

\n
\n

Other non-current liabilities

\n		\n

(93.1)

\n		\n

-

\n		\n

-

\n		\n

(93.1)

\n
\n

Short-term borrowings and bank overdrafts

\n		\n

(3.1)

\n		\n

(1.1)

\n		\n

(2.0)

\n		\n

-

\n
\n

Customer contract liabilities

\n		\n

(3.1)

\n		\n

-

\n		\n

-

\n		\n

(3.1)

\n
\n

Other current liabilities

\n		\n

(33.2)

\n		\n

-

\n		\n

-

\n		\n

(33.2)

\n
\n

Balances as of 31 December 2024

\n		\n

341.4

\n		\n

492.5

\n		\n

21.0

\n		\n

(172.1)

\n
\n

Other securities comprised public warrants, earn-out shares, founder shares and Founder Warrants that are classified as Level 3. Derivatives are classified as Level 2 instruments and Level 3 instruments mainly comprise shares in non-consolidated non-listed companies, liabilities on non-controlling interests and pending bets.

\n

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

Note 27

\n		\n

Management of market risk

\n
\n

27.1Credit risk

\n

Credit risk arises if a party to a transaction is unable or unwilling to fulfil its obligations, resulting in a financial loss to the Group.

\n

For all business, credit risk arises if a party to a transaction is unable or refuses to fulfil its obligations, resulting in a financial loss to the Group.

\n

The Group deals only with reputable and creditworthy third parties. Receivables are monitored on a regular basis, so that the Group's exposure to bad debts is not significant.

\n

Credit risk arising from cash at bank is considered to be minimal. Majority of the cash at bank is held with high credit quality financial institutions with a credit rating of A or higher.

\n

27.2Interest rate risk

\n

Group\u2019s interest rate risk management\u2019s objective is to reduce its net exposure to rising interest rates.

\n

To this end, the business that have recourse to financing with variable interest rate debt use financial instruments that enable them to protect themselves against significant fluctuations in interest rates (mainly through the implementation of interest rate swaps and caps).

\n

In the Banijay Entertainment business, the Group\u2019s exposure to the risk of interest rate fluctuations is mainly linked to:

\n

\u2022The $560 million senior term loan B agreement depending on SOFR 1 month rate (remaining capital $495\u00a0million). On this specific loan, Banijay has taken out an interest rate hedge by means of:

\n

\u2022An interest rate swap converting the variable SOFR-based rate into fixed rates of approximately 3.39% for $438 million and 3.42% for $55 million, both effective until March 2028.

\n

\u2022The \u20ac555 million term loan B agreement depending on EURIBOR 3 months rate. On this specific loan, Banijay has taken out an interest rate hedge by means of:

\n

\u2022An interest rate swap converting the variable EURIBOR-based rate into a fixed rate of approximately 2.2% for \u20ac453 million, and a collar setting the interest rate between 2.8% and 3.3% for \u20ac102 million, both effective until March 2028

\n

\u2022The \u20ac400 million term loan B agreement depending on EURIBOR 3 months rate. On this specific loan, Banijay has taken out an interest rate hedge by means of:

\n

\u2022An interest rate collar setting the EURIBOR-based rate between approximately 2.11% and 2.75% for \u20ac400 million, effective until April 2030.

\n

Regarding the Banijay Gaming business, the Group\u2019s exposure to the risk of interest rate fluctuations is mainly linked to:

\n

\u2022The \u20ac600 million Term Loan B issued on December 2024 depending on EURIBOR 3 months rate. On this specific loan, on January 2025, Banijay gaming has taken out an interest rate hedge by means of two interest swaps (for \u20ac300 million each) exchanging rate for respectively fixed rates of 2.252% and 2.56% (maturity date: February 2030).

\n

27.3Currency risk

\n

Currency risk management is handled independently by each subsidiary.

\n

Regarding the Content production & distribution, the Group operates in several countries and may be exposed to fluctuations in foreign exchange rates that could have an impact on its net income and financial position expressed in euros.

\n

The main foreign exchange risk is transactional, mainly related to the US dollar and the pound sterling:

\n

\u2022As of 31 December 2025, the percentage of sales made in USD represented 11.5% of the Banijay\u2019s consolidated revenue (15.6% in 2024). A decrease of 5% in the exchange rate in USD would have an impact on the consolidated revenue of -\u20ac18 million in 2025 (-\u20ac25 million in 2024) and an impact on the consolidated equity of +\u20ac27 million. Conversely, an increase of 5% in the exchange rate in USD would have an impact on the consolidated revenue of +\u20ac20 million (+\u20ac27 million in 2024) and an impact on the consolidated equity of \u2011\u20ac30\u00a0million.

\n

\u2022As of 31 December 2025, the percentage of sales made in GBP represented 21.4% of Banijay\u2019s consolidated revenue (18.1% in 2024). A decrease of 5% in the exchange rate in GBP would have an impact on the consolidated revenue of -\u20ac33 million (-\u20ac29 million in 2024) and an impact on the consolidated equity of +\u20ac4million. Conversely, an increase of 5% in the exchange rate in GBP would have an impact on consolidated revenue of +\u20ac37 million (\u20ac32 million in 2024) and an impact on the consolidated equity of \u2011\u20ac5\u00a0million.

\n

\u2022Other currencies are less significant. For example, sales in AUD amounts to 4.3% of total sales, and a related decrease (or increase) of 5% in the exchange rate in AUD would have an impact respectively on the consolidated revenue of -\u20ac7 million (or +\u20ac7 million) in 2025, and an impact on the consolidated equity of \u2011\u20ac1\u00a0million (or +2 million).

\n

\n

In addition, and as detailed in Note 24.5, the Group has entered into a cross-currency swap (CCS) related to its USD Senior Secured Notes (SSN), in order to hedge foreign exchange risk arising from principal and interest payments denominated in US dollars. This instrument is designated as a hedging instrument under IFRS 9, with fair value changes allocated between profit or loss and OCI depending on whether they relate to accrued vs. future interest cash flows.

\n

The Banijay Gaming business, whose functional currency is the euro, has very little exposure to foreign exchange risk (transactions are exclusively in markets with the same functional currency and there are no debts or receivables denominated in foreign currencies).

\n

\n

\n

27.4Liquidity risk

\n

The Group managed its liquidity risk through a monthly cash flow analysis for the next year and then each year for the duration of its business plan.

\n

Annual forecasts include an organic growth and an analysis of the effect of potential external growth on revenue, adjusted EBITDA and net financial debt.

\n

The Banijay Entertainment business maintains adequate reserves of cash and short-term deposits to meet its liquidity needs. As of 31 December 2025, undrawn committed lines of credit, overdrafts and other borrowings have been obtained for a total of \u20ac408.3 million.

\n

The Banijay Gaming business maintains adequate reserves of cash and short-term deposits to meet its liquidity needs. As of 31 December 2025, undrawn committed lines of credit and other borrowings have been obtained for a total of \u20ac60.0 million.

\n

The Group has also set up several liquidity concentration pools around the main business regions (Europe, United States, United Kingdom and Scandinavia). During 2025, approximately 84.7% (82.8% in 2024) of the business's revenue was covered by these mechanisms. Consequently, the business's organic growth, its working capital requirements and its financing (including the payment of debts or option debts) are ensured in particular by the cash flows generated by the business units.

\n

In addition, as part of its financing, the Group business is subject to financial covenants, namely concerning RCF (revolving credit facility) in the event of a drawdown of 40%. The ratio is based on Senior Secured Net Leverage (ratio between (i) the sum of Banijay senior secured notes, earn out debt minus cash and (ii) the sum of Banijay Adjusted EBITDA, shareholder fees and pro forma impact from acquisitions) and its level should not exceed 6.50x. In December 2025, although the RCF is not drawn, such financial covenants are satisfied.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346949_0": { "value": "
2.5.12Financial instruments and equity instruments
\n
Financial liabilities
\n

Financial liabilities are divided into two categories: financial liabilities at amortised cost and financial liabilities at fair value through profit or loss.

\n

The financial liabilities of the Group mainly consist of liabilities valued at amortised cost. Among them are loans and similar debts including:

\n

\u2022bonds and Secured Notes;

\n

\u2022bank borrowings;

\n

\u2022bank overdrafts;

\n

\u2022other loans (such as vendor loans); and

\n

\u2022trade payables.

\n

The category of financial liabilities at fair value through profit or loss includes earnout liabilities, put options over non-controlling interests and securities.

\n

Interest-bearing debts and borrowings

\n

All loans and debts are recognised initially at the fair value of the consideration received, less costs directly attributable to the transaction. After initial recognition, interest-bearing liabilities and debts are measured at amortised cost using the effective interest rate method. Costs directly attributable to the issuance of debt are deducted from liabilities and amortised over the life of the debt, as a component of the effective interest rate.

\n

Financial liabilities at fair value through profit or loss (\"FVTPL\")

\n

Financial liabilities at FVTPL are measured at fair value, with any gains or losses arising on changes in fair value recognised in profit or loss to the extent that they are not part of a designated hedging relationship (see Hedge accounting policy). The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability and is included in the \u2018Other finance income/(costs)\u2019 line item in the income statement.

\n

Fair value is determined in the manner described in Note\u00a025 on page\u00a0354.

\n

Derecognition of financial liabilities

\n

The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss.

\n
2.5.16Commitments to purchase non-controlling interests (put options)
\n

When the Group grants firm or contingent commitments to purchase holdings from non-controlling shareholders, the Group has generally concluded that these agreements do not grant a present ownership interest but concludes that IAS 32 Financial Instruments: Presentation takes precedence over IFRS 10 Consolidated Financial Statements. By recognising a liability for the\u00a0put\u00a0option over the shares held by the non-controlling interest, no non-controlling interest is recognised, the relevant percentage is considered as the business combination is accounted for on the basis that the underlying shares subject to the non-controlling interest\u00a0put\u00a0have been acquired.

\n

This liability is re-measured at each reporting period end in accordance with the contractual arrangements (at fair value or at present value if fixed price) and, in the absence of any guidance provided by IFRS, with an offsetting entry in net finance costs, in the consolidated statement of income.

\n

The liability is booked in the other current and non-current liabilities.

\n

Under this approach, when dividends are paid and represent a repayment of the liability (for example, when the exercise price is adjusted to reflect dividends paid), this dividend may give rise to a reduction in equity attributable to owners of the parent.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346950_0": { "value": "
2.5.12Financial instruments and equity instruments
\n

Financial instruments consist of:

\n

\u2022financial assets, including other non-current assets, trade receivables, other current assets, and cash and cash equivalents;

\n

\u2022financial liabilities, including securities issued that are not qualified as equity instruments, long and short-term borrowings and bank overdrafts, accounts and notes payable and other current and non-current liabilities;\u00a0and

\n

\u2022derivative instruments.

\n

Financial instruments (assets and liabilities) are recorded in the consolidated statement of financial position at fair value on initial recognition plus, in the case of an asset that is not subsequently recognised at fair value through profit or loss, transaction costs directly attributable to the acquisition of that asset. They are subsequently measured at either fair value (result or other comprehensive income) or amortised costs, depending on their nature. Amortised cost corresponds to the initial carrying amount (net of transaction costs), plus interest calculated using the effective interest rate, less cash outflows (coupon interest payments and repayments of principal and redemption premiums where applicable). Accrued interest (income and expense) is not recorded based on the financial instrument\u2019s nominal interest rate but based on its effective interest rate. The fair value of a financial instrument is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm\u2019s length transaction.

\n
Financial assets
\n

The classification of a financial asset in each of these categories depends on the management model applied by the enterprise and the characteristics of its contractual cash flows. Transactions relating to financial assets are recorded at the settlement date.

\n

Debt instrument at amortised costs

\n

These financial assets are initially recognised at their fair value to which are added directly attributable transaction costs, and then at amortised cost at each closing date, applying the effective interest rate method. This category of assets includes trade receivables and other debtors, loans and deposits, receivables attached to participating interests, cash and loans to associates or non-consolidated entities. In practice, trade receivables are measured using the amortised cost method, even though they may be subject to an assignment of receivables, for example, in the context of factoring.

\n

Equity instrument at fair value through OCI

\n

The Group elected to irrevocably classify its non-listed equity investments under this category as it intends to hold these investments for the foreseeable future.

\n

Impairment testing of debtor financial assets

\n

The Group conducts a review if, at the closing date, a debtor financial asset or a group of debtor financial assets is likely to suffer an impairment loss based on both the expected credit loss approach and an objective indication of loss.

\n

In practice, given the low level of loss incurred on prior years\u2019 receivables, the expected credit loss approach does not have any significant impact. If there is objective evidence that debtor financial assets carried at amortised cost or at fair value through OCI should be impaired, the amount of the loss is estimated as the difference between the book value and the discounted future cash flows such as expected (excluding future probable and not actual credit losses). The discount rate used is the initial effective interest rate (i.e., the effective interest rate computed at initial recognition of the asset). The book value is reduced using an allowance account. The amount of the loss is recorded as profit or loss. The loss allowance is updated for changes in these expected credit losses at each reporting date.

\n

If, subsequently, the impairment decreases and the decrease can be objectively linked to an event occurring after the impairment was recognised, the previously recognised impairment will be reversed. The reversal of an impairment loss is recognised as profit or loss, as long as the book value of the asset does not exceed its amortised cost at the date the loss allowance is reversed.

\n

With respect to receivables, a loss allowance is recorded when there is objective evidence (probability of insolvency or severe financial difficulties of the debtor) that the Group will be unable to recover the balance in accordance with the initial payment conditions. The book value of the receivable is reduced by way of an allowance for loss.

\n

Derecognition of financial assets

\n

Financial assets and related impairment are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership of the asset to another entity. On derecognition of a financial asset measured at amortised cost, the difference between the asset\u2019s carrying amount and the sum of the consideration received and receivable is recognised in profit or loss.

\n

\n
Classification as debt or equity
\n

Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

\n

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. A financial instrument is classified as an equity instrument only when (a) the instrument includes no contractual obligation (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the issuer; and (b) if the instrument will or may be settled in the issuer\u2019s own equity instruments, it is (i) a non-derivative that includes no contractual obligation for the issuer to deliver a variable number of its own equity instruments; or (ii) a derivative that will be settled only by the issuer exchanging a fixed amount of cash or another financial asset for a fixed number of its own equity instruments.

\n

Equity instruments issued by the Group are recognised at the proceeds received, net of direct issue costs.

\n

Repurchase of the Company\u2019s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company\u2019s own equity instruments.

\n
Financial liabilities
\n

Financial liabilities are divided into two categories: financial liabilities at amortised cost and financial liabilities at fair value through profit or loss.

\n

The financial liabilities of the Group mainly consist of liabilities valued at amortised cost. Among them are loans and similar debts including:

\n

\u2022bonds and Secured Notes;

\n

\u2022bank borrowings;

\n

\u2022bank overdrafts;

\n

\u2022other loans (such as vendor loans); and

\n

\u2022trade payables.

\n

The category of financial liabilities at fair value through profit or loss includes earnout liabilities, put options over non-controlling interests and securities.

\n

Interest-bearing debts and borrowings

\n

All loans and debts are recognised initially at the fair value of the consideration received, less costs directly attributable to the transaction. After initial recognition, interest-bearing liabilities and debts are measured at amortised cost using the effective interest rate method. Costs directly attributable to the issuance of debt are deducted from liabilities and amortised over the life of the debt, as a component of the effective interest rate.

\n

Financial liabilities at fair value through profit or loss (\"FVTPL\")

\n

Financial liabilities at FVTPL are measured at fair value, with any gains or losses arising on changes in fair value recognised in profit or loss to the extent that they are not part of a designated hedging relationship (see Hedge accounting policy). The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability and is included in the \u2018Other finance income/(costs)\u2019 line item in the income statement.

\n

Fair value is determined in the manner described in Note\u00a025 on page\u00a0354.

\n

Derecognition of financial liabilities

\n

The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss.

\n
Derivatives
\n

Hedging instruments

\n

The Group uses derivative financial instruments such as forward exchange contracts, options and interest rate swaps to cover its risks related to fluctuations in foreign currency exchange rates and interest rates. These derivative financial instruments are recognised initially at fair value on the date on which they are contracted. They are then re-estimated at their fair value at each closing date. Derivative financial instruments are recognised as assets in the balance sheet when the fair value is positive and as liabilities when the fair value is negative.

\n

For qualifying hedging instruments that are designated and qualify as cash flow hedges, the effective portion of changes in the fair value of derivatives and other is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item.

\n

For qualifying hedging instruments that are designated and qualify as fair value hedges, the fair value change is recognised in profit or loss except when the hedging instrument hedges an equity instrument designated at fair value through other comprehensive income (\"FVTOCI\") in which case it is recognised in other comprehensive income.

\n

For derivatives that do not qualify as hedging instruments, the fair value change is recognised directly in profit or loss.

\n

The fair value of forward exchange contracts is calculated by reference to the forward exchange rates applicable to contracts with similar maturity profiles. The fair value of interest rate swap contracts is determined by reference to the market values of similar instruments. The fair value of financial instruments that are traded on active markets is determined at each closing date by reference to the market quotations or transaction prices. Transaction costs are not taken into account.

\n

For instruments that are not traded on an active market, fair value is determined using appropriate valuation techniques. These may include:

\n

\u2022transactions entered into under normal market conditions between knowledgeable and willing parties;

\n

\u2022reference to the present fair value of another instrument that is substantially the same; and

\n

\u2022discounted cash flows or other valuation methods.

\n

Embedded derivatives

\n

An embedded derivative is a component of a hybrid contract that also includes a non-derivative host \u2013\u00a0with the effect that some of the cash flows of the consolidated instrument vary in a way similar to a stand-alone derivative.

\n

Derivatives embedded in hybrid contracts with hosts that are not financial assets within the scope of IFRS\u00a09\u00a0(e.g., financial liabilities) are treated as separate derivatives when they meet the definition of a derivative, their risks and characteristics are not closely related to those of the host contracts and the host contracts are not measured at FVTPL.

\n

An embedded derivative is presented as a non-current financial asset or non-current financial liability if the remaining maturity of the hybrid instrument to which the embedded derivative relates is more than 12\u00a0months and is not expected to be realised or settled within 12\u00a0months.

\n
2.5.13Cash and cash equivalents
\n

Cash and cash equivalents include bank accounts and short-term deposits whose initial maturity is less than three months that are already convertible into cash and are subject to insignificant risks of change in fair value.

\n

For the needs of the consolidated statement of cash flows, the amount of cash and cash equivalents includes the cash and cash equivalents as defined above reduced by bank overdrafts.

\n

Investments in securities, investments with initial maturities of more than three months without an early termination option and bank accounts subject to restrictions (blocked accounts), such as restrictions due to regulations specific to a country or activity sector (e.g., exchange controls), are not classified as cash equivalents but as financial assets.

\n
2.5.14Trade receivables
\n

They are initially recorded at their fair value and are subject to impairment when their realisable value falls below their book value.

\n
Trade receivables on \u201cproviders\u201d
\n

Trade receivables on \u201cproviders\u201d (payment service providers) correspond to balances in transit with the Group\u2019s payment partners and which are repatriated to bank accounts manually or automatically. These receivables are considered liquid because they can be transferred in a few minutes or a few days, depending on the partners.

\n
2.5.15Contract balances
\n

If accrued revenue constitutes an unconditional right to payment or consideration, i.e., if the passage of time is sufficient for payment of the consideration to fall due, the accrued revenue will constitute a receivable. In all other cases, it constitutes the contract assets.

\n

Revenue accruals are classified in \u201cTrade and other receivables\u201d since accrued revenue constitutes an unconditional right to consideration.

\n
2.5.16Commitments to purchase non-controlling interests (put options)
\n

When the Group grants firm or contingent commitments to purchase holdings from non-controlling shareholders, the Group has generally concluded that these agreements do not grant a present ownership interest but concludes that IAS 32 Financial Instruments: Presentation takes precedence over IFRS 10 Consolidated Financial Statements. By recognising a liability for the\u00a0put\u00a0option over the shares held by the non-controlling interest, no non-controlling interest is recognised, the relevant percentage is considered as the business combination is accounted for on the basis that the underlying shares subject to the non-controlling interest\u00a0put\u00a0have been acquired.

\n

This liability is re-measured at each reporting period end in accordance with the contractual arrangements (at fair value or at present value if fixed price) and, in the absence of any guidance provided by IFRS, with an offsetting entry in net finance costs, in the consolidated statement of income.

\n

The liability is booked in the other current and non-current liabilities.

\n

Under this approach, when dividends are paid and represent a repayment of the liability (for example, when the exercise price is adjusted to reflect dividends paid), this dividend may give rise to a reduction in equity attributable to owners of the parent.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346947_0": { "value": "
2.5.12Financial instruments and equity instruments
\n

Interest-bearing debts and borrowings

\n

All loans and debts are recognised initially at the fair value of the consideration received, less costs directly attributable to the transaction. After initial recognition, interest-bearing liabilities and debts are measured at amortised cost using the effective interest rate method. Costs directly attributable to the issuance of debt are deducted from liabilities and amortised over the life of the debt, as a component of the effective interest rate.

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

Note 4

\n		\n

Significant events

\n
\n

4.1Significant events that occurred in 2025

\n
4.1.1Holding
\n
DEA Vendor Loan
\n

On 17 February 2025, Banijay Group N.V. reimbursed the vendor loan granted by De Agostini for \u20ac112.2 million.

\n
4.1.2Banijay Entertainment & Live
\n
Refinancing and repricing
\n

In January 2025, Banijay Entertainment successfully:

\n

\u2022raised new \u20ac400 million Term Loan B (maturity in 2032) at E+3.25%;

\n

\u2022repriced existing EUR Term Loan B at E+3.25% from E+ 3.75% (EUR TLB), and USD Term Loan B at S+2.75% from S+ 3.25% (USD TLB), in each case at par.

\n

Proceeds of the new EUR TLB was used to reimburse the remaining EUR SUN, part of the shareholder loan and part of existing USD TLB.

\n

Banijay set up an instrument to hedge floating rate with a tunnel 2.112% - 2.125%.

\n

\n

Cross Currency Swap on $400 million senior secured notes with coupon of 8.125% per annum

\n

A new interest-rate and currency hedging instrument has been set up. This instrument, a Cross Currency Swap, has two main objectives:

\n

\u2022to hedge the risk of fluctuations in the EUR/USD exchange rate (Fx. Rate per Eur. of c. $1.037);

\n

\u2022 to lock in savings in financial interest at the level of SSN USD coupons (between 6.4% and 6.5%).

\n

The SSN USD debt, through the implementation of this instrument, will be economically \u201cconverted\u201d into a debt denominated in EUR until the maturity of the instrument (2028).

\n

24.3Current and non-current financial liabilities

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

(in \u20ac million)

\n		\n

Non-current

\n		\n

Current

\n		\n

31 December 2025

\n
\n

Bonds

\n		\n

874.0

\n		\n

-

\n		\n

874.0

\n
\n

Bank borrowings

\n		\n

2,038.6

\n		\n

113.3

\n		\n

2,151.8

\n
\n

Accrued interests on bonds and bank borrowings

\n		\n

-

\n		\n

30.5

\n		\n

30.5

\n
\n

Bank overdrafts

\n		\n

-

\n		\n

0.1

\n		\n

0.1

\n
\n

Derivatives \u2013\u00a0Liabilities

\n		\n

49.5

\n		\n

0.8

\n		\n

50.4

\n
\n

Total financial liabilities

\n		\n

2,962.1

\n		\n

144.8

\n		\n

3,106.9

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

(in \u20ac million)

\n		\n

Non-current

\n		\n

Current

\n		\n

31\u00a0December 2024

\n
\n

Bonds

\n		\n

1,142.8

\n		\n

-

\n		\n

1,142.8

\n
\n

Bank borrowings

\n		\n

1,717.2

\n		\n

143.8

\n		\n

1,861.0

\n
\n

Accrued interests on bonds and bank borrowings

\n		\n

-

\n		\n

27.1

\n		\n

27.1

\n
\n

Vendor loans

\n		\n

-

\n		\n

111.4

\n		\n

111.4

\n
\n

Bank overdrafts

\n		\n

-

\n		\n

1.1

\n		\n

1.1

\n
\n

Derivatives \u2013\u00a0Liabilities

\n		\n

4.0

\n		\n

2.0

\n		\n

6.0

\n
\n

Total financial liabilities

\n		\n

2,863.9

\n		\n

285.4

\n		\n

3,149.3

\n
\n

\n

The variation of the financial liabilities breaks down as follows:

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

(in \u20ac million)

\n		\n

1\u00a0January 2025

\n		\n

Cash flows

\n		\n

Non cash flows

\n		\n

31\u00a0December 2025

\n
\n

Increase

\n		\n

Repayment

\n		\n

Other cash items

\n		\n

Changes in consolidation scope

\n		\n

Other non cash items

\n		\n

Foreign exchange

\n
\n

Bonds

\n		\n

1,142.8

\n		\n

-

\n		\n

(229.0)

\n		\n

-

\n		\n

-

\n		\n

4.8

\n		\n

(44.6)

\n		\n

874.0

\n
\n

Bank borrowings

\n		\n

1,861.0

\n		\n

438.9

\n		\n

(90.3)

\n		\n

2.5

\n		\n

0.4

\n		\n

4.1

\n		\n

(64.8)

\n		\n

2,151.8

\n
\n

Accrued interests on bonds and bank borrowings

\n		\n

27.1

\n		\n

-

\n		\n

-

\n		\n

(27.1)

\n		\n

-

\n		\n

31.2

\n		\n

(0.7)

\n		\n

30.5

\n
\n

Vendor loans

\n		\n

111.4

\n		\n

-

\n		\n

(111.4)

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Current accounts

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

0.2

\n		\n

0.2

\n		\n

(0.4)

\n		\n

-

\n
\n

Bank overdrafts

\n		\n

1.1

\n		\n

-

\n		\n

-

\n		\n

(6.7)

\n		\n

-

\n		\n

(0.3)

\n		\n

6.1

\n		\n

0.1

\n
\n

Derivatives \u2013\u00a0Liabilities

\n		\n

6.0

\n		\n

-

\n		\n

-

\n		\n

(2.9)

\n		\n

-

\n		\n

47.4

\n		\n

(0.1)

\n		\n

50.4

\n
\n

Total financial liabilities

\n		\n

3,149.3

\n		\n

438.9(1)

\n		\n

(430.7)(2)

\n		\n

(34.2)

\n		\n

0.6

\n		\n

87.5(3)

\n		\n

(104.5)

\n		\n

3,106.9

\n
\n

(1)The cashflow statement reflects the actual cashflows related to refinancing of Senior loans: the cash flow received by the Group was the gross amount of the Term Loan B operation of Banijay Gaming and then, has been reflected for this amount in the column \u201cIncrease\u201d.

\n

(2)The line \u201cRepayment of borrowings and other financial liabilities\u201d in the cash flow statement also included the lease repayments for an amount of \u2011\u20ac44.7 million.

\n

(3)Other non-cash items mainly include the accrued interest on bonds and bank borrowings, former issuance costs amortised during the period as well as the effect of the derivatives.

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

(in \u20ac million)

\n		\n

1\u00a0January 2024

\n		\n

Cash flows

\n		\n

Non cash flows

\n		\n

31\u00a0December 2024

\n
\n

Increase

\n		\n

Repayment

\n		\n

Other cash items

\n		\n

Changes in consolidation scope

\n		\n

Other non-cash items

\n		\n

Foreign exchange

\n
\n

Bonds

\n		\n

1,284.2

\n		\n

-

\n		\n

(171.0)

\n		\n

-

\n		\n

-

\n		\n

6.5

\n		\n

23.0

\n		\n

1,142.8

\n
\n

Bank borrowings

\n		\n

1,437.3

\n		\n

743.9

\n		\n

(364.9)

\n		\n

0.5

\n		\n

7.5

\n		\n

2.9

\n		\n

33.9

\n		\n

1,861.0

\n
\n

Accrued interests on bonds and bank borrowings

\n		\n

37.2

\n		\n

-

\n		\n

-

\n		\n

(37.2)

\n		\n

-

\n		\n

26.4

\n		\n

0.6

\n		\n

27.1

\n
\n

Vendor loans

\n		\n

143.5

\n		\n

-

\n		\n

(40.7)

\n		\n

-

\n		\n

-

\n		\n

8.5

\n		\n

-

\n		\n

111.4

\n
\n

Current accounts

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Bank overdrafts

\n		\n

1.5

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

0.3

\n		\n

3.7

\n		\n

(4.3)

\n		\n

1.1

\n
\n

Derivatives \u2013\u00a0Liabilities

\n		\n

6.4

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

(0.5)

\n		\n

-

\n		\n

6.0

\n
\n

Total financial liabilities

\n		\n

2,910.1

\n		\n

743.9(1)

\n		\n

(576.6)(2)

\n		\n

(36.7)(3)

\n		\n

7.9

\n		\n

47.4(4)

\n		\n

53.3

\n		\n

3,149.4

\n
\n

(1)The cashflow statement reflects the actual cashflows related to refinancing of Senior loans: the cash flow received by the Group was the gross amount of the Term Loan B operation of Banijay Gaming and then, has been reflected for this amount in the column \u201cIncrease\u201d.

\n

(2)The line \u201cRepayment of borrowings and other financial liabilities\u201d in the cash flow statement also included the lease repayments for an amount of \u2011\u20ac43.6 million

\n

(3)Other cash items mainly include the issuance costs paid during the period -\u20ac5.4 million and credit lines linked to productions includes in the variation of working capital in the cashflow statement +\u20ac5.9 million

\n

(4)Other non-cash items mainly include the accrued interest on bonds and bank borrowings and on vendor loan.

\n
\n

\n

Characteristics of bonds and term loans

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

(in \u20ac million)

\n

Issuer: Banijay\u00a0SAS

\n		\n

Residual nominal amount

\n
\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

\u2022\u20ac540 million senior secured notes issued in 2023 and due in 2029, which have a coupon of 7.00% per annum;

\n		\n

540.0

\n		\n

540.0

\n
\n

\u2022$400 million senior secured notes issued in 2023 and due in 2029, which have a coupon of 8.125% per annum(1);

\n		\n

340.4

\n		\n

385.0

\n
\n

\u2022\u20ac400 million term loan B facility issued in 2025 and due in 2032, which bears interest at a rate of EURIBOR (3 months) plus 3.25% per annum(2);

\n		\n

400.0

\n		\n

-

\n
\n

\u2022\u20ac555 million term loan B facility issued in 2023 and due in 2028, which bears interest at a rate of EURIBOR 3 months(3) plus 3.25% per annum (after February 2025 repricing);

\n		\n

555.0

\n		\n

555.0

\n
\n

\u2022$560 million term loan B facility issued in 2023 and due in 2028, which bears interest at a rate of SOFR USD (1 month)(4) plus 2.75% (after February 2025 repricing); remaining capital stands at \u20ac421.3 million after early redemption end in 2025 for -\u20ac48.3 million

\n		\n

421.3

\n		\n

529.6

\n
\n

\u2022\u20ac400 million senior notes issued in 2020 and due in 2026, which priced at par and have a coupon of 6.500% per annum

\n		\n

-

\n		\n

229.0

\n
\n

\n		\n

2,256.7

\n		\n

2,413.6

\n
\n

(1)Starting February 2025, a new interest-rate and currency hedging instrument has been set up until Feb. 2028. This instrument, a Cross Currency Swap, has two main objectives:

\n

- to hedge the risk of fluctuations in the EUR/USD exchange rate (Fx. rate per Eur. of c. $ 1.037). The capital being hedged at \u20ac385.5 million;

\n

- to lock in savings in financial interest at the level of SSN USD coupons (between 6.4% and 6.5%).

\n

(2)Hedging characteristics of \u20ac400 million TLB EURIBOR 3-months is hedged through a 2.11% ~ 2.75% collar until April 2030.

\n

(3)Hedging characteristics of \u20ac555 million TLB:

\n

- For \u20ac453 million: EURIBOR 3-months is hedged September at c. 2.2% up to September 2028;

\n

- For \u20ac102 million: EURIBOR 3-months is hedged through a 2.80% ~ 3.30% collar until September 2028.

\n

(4)Hedging characteristics of US$560m TLB (remaining capital $495m).

\n

An interest rate swap converting the variable SOFR-based rate into fixed rates of approximately 3.39% for $438 million and 3.42% for $55 million, both effective until March 2028.

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

(in \u20ac million)

\n

Issuer: Betclic Everest Group\u00a0SAS

\n		\n

Residual nominal amount

\n
\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

\u2022\u20ac600 million Term Loan B issued on 11 December 2024 and due in December\u00a02031, which bear interest at a rate of EURIBOR 1, 3 and 6 months plus 3.25%\u00a0margin per annum (adjusted to 3.00% starting in June 2025)(1).

\n		\n

600.0

\n		\n

600.0

\n
\n

\n		\n

600.0

\n		\n

600.0

\n
\n

(1)Hedging characteristics: starting January 2025, EURIBOR is hedged at swap 2.252% for a \u20ac300 million portion and swap 2.56% for a \u20ac300 million portion.

\n
\n

As of 31 December 2025, the Group\u2019s financial indebtedness also consists in the following items:

\n

\u2022Local production financing carried by some Banijay\u2019s subsidiaries (including recourse factoring and production credit lines);

\n

\u2022State-guaranteed loans;

\n

\u2022Accrued interests;

\n

\u2022Bank overdrafts;

\n

\u2022Lease liabilities.

\n

Maturity of current and non-current debt (principal and interest)

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

(in \u20ac million)

\n		\n

Current

\n		\n

Non-current

\n
\n

Less than 1\u00a0year

\n		\n

1\u00a0to 5\u00a0years

\n		\n

More than 5\u00a0years

\n		\n

Total 31\u00a0December 2025

\n
\n

Bonds

\n		\n

65.5

\n		\n

1,044.1

\n		\n

-

\n		\n

1,109.6

\n
\n

Bank borrowings

\n		\n

224.7

\n		\n

1,363.7

\n		\n

1,086.7

\n		\n

2,675.1

\n
\n

Bank overdraft

\n		\n

0.7

\n		\n

-

\n		\n

-

\n		\n

0.7

\n
\n

Vendor loans

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Derivatives

\n		\n

(2.4)

\n		\n

45.4

\n		\n

(2.7)

\n		\n

40.3

\n
\n

Total debt maturity (principal and interests)

\n		\n

288.4

\n		\n

2,453.2

\n		\n

1,084.0

\n		\n

3,825.6

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

(in \u20ac million)

\n		\n

Current

\n		\n

Non-current

\n
\n

Less than 1\u00a0year

\n		\n

1\u00a0to 5\u00a0years

\n		\n

More than 5\u00a0years

\n		\n

Total 31\u00a0December 2024

\n
\n

Bonds

\n		\n

75.7

\n		\n

1,395.9

\n		\n

-

\n		\n

1,471.6

\n
\n

Bank borrowings

\n		\n

261.1

\n		\n

1,506.7

\n		\n

539.1

\n		\n

2,306.9

\n
\n

Bank overdraft

\n		\n

1.1

\n		\n

-

\n		\n

-

\n		\n

1.1

\n
\n

Vendor loans

\n		\n

111.4

\n		\n

-

\n		\n

-

\n		\n

111.4

\n
\n

Derivatives

\n		\n

2.0

\n		\n

4.0

\n		\n

-

\n		\n

6.0

\n
\n

Total debt maturity (principal and interests)

\n		\n

451.3

\n		\n

2,906.5

\n		\n

539.1

\n		\n

3,896.9

\n
\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10420953889878914_0_0": { "value": "
2.5.12Financial instruments and equity instruments
\n

Financial liabilities at fair value through profit or loss (\"FVTPL\")

\n

Financial liabilities at FVTPL are measured at fair value, with any gains or losses arising on changes in fair value recognised in profit or loss to the extent that they are not part of a designated hedging relationship (see Hedge accounting policy). The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability and is included in the \u2018Other finance income/(costs)\u2019 line item in the income statement.

\n

Fair value is determined in the manner described in Note\u00a025 on page\u00a0354.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346968_0": { "value": "
2.5.12Financial instruments and equity instruments
\n

Impairment testing of debtor financial assets

\n

The Group conducts a review if, at the closing date, a debtor financial asset or a group of debtor financial assets is likely to suffer an impairment loss based on both the expected credit loss approach and an objective indication of loss.

\n

In practice, given the low level of loss incurred on prior years\u2019 receivables, the expected credit loss approach does not have any significant impact. If there is objective evidence that debtor financial assets carried at amortised cost or at fair value through OCI should be impaired, the amount of the loss is estimated as the difference between the book value and the discounted future cash flows such as expected (excluding future probable and not actual credit losses). The discount rate used is the initial effective interest rate (i.e., the effective interest rate computed at initial recognition of the asset). The book value is reduced using an allowance account. The amount of the loss is recorded as profit or loss. The loss allowance is updated for changes in these expected credit losses at each reporting date.

\n

If, subsequently, the impairment decreases and the decrease can be objectively linked to an event occurring after the impairment was recognised, the previously recognised impairment will be reversed. The reversal of an impairment loss is recognised as profit or loss, as long as the book value of the asset does not exceed its amortised cost at the date the loss allowance is reversed.

\n

With respect to receivables, a loss allowance is recorded when there is objective evidence (probability of insolvency or severe financial difficulties of the debtor) that the Group will be unable to recover the balance in accordance with the initial payment conditions. The book value of the receivable is reduced by way of an allowance for loss.

\n
2.5.14Trade receivables
\n

They are initially recorded at their fair value and are subject to impairment when their realisable value falls below their book value.

\n
Trade receivables on \u201cproviders\u201d
\n

Trade receivables on \u201cproviders\u201d (payment service providers) correspond to balances in transit with the Group\u2019s payment partners and which are repatriated to bank accounts manually or automatically. These receivables are considered liquid because they can be transferred in a few minutes or a few days, depending on the partners.

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

Note 18

\n		\n

Working capital balances

\n
\n

18.2Trade receivables

\n

The breakdown of trade and other receivables as of 31\u00a0December 2025 and 2024\u00a0is as follows:

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Trade receivables, gross

\n		\n

498.5

\n		\n

500.7

\n
\n

Trade receivables from providers, gross

\n		\n

37.6

\n		\n

47.8

\n
\n

Total trade receivables, gross

\n		\n

536.1

\n		\n

548.5

\n
\n

Allowance for expected credit loss

\n		\n

(11.2)

\n		\n

(12.9)

\n
\n

Trade receivables, net

\n		\n

524.8

\n		\n

535.6

\n
\n

Trade receivables from providers (payment service providers) correspond to balances in transit with the payment partners of the Group and which are repatriated to bank accounts manually or automatically. These receivables are considered liquid because they can be transferred in a few minutes or a few days, depending on partners.

\n

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

Note 27

\n		\n

Management of market risk

\n
\n

27.1Credit risk

\n

Credit risk arises if a party to a transaction is unable or unwilling to fulfil its obligations, resulting in a financial loss to the Group.

\n

For all business, credit risk arises if a party to a transaction is unable or refuses to fulfil its obligations, resulting in a financial loss to the Group.

\n

The Group deals only with reputable and creditworthy third parties. Receivables are monitored on a regular basis, so that the Group's exposure to bad debts is not significant.

\n

Credit risk arising from cash at bank is considered to be minimal. Majority of the cash at bank is held with high credit quality financial institutions with a credit rating of A or higher.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346967_0": { "value": "
2.5.12Financial instruments and equity instruments
\n

Impairment testing of debtor financial assets

\n

The Group conducts a review if, at the closing date, a debtor financial asset or a group of debtor financial assets is likely to suffer an impairment loss based on both the expected credit loss approach and an objective indication of loss.

\n

In practice, given the low level of loss incurred on prior years\u2019 receivables, the expected credit loss approach does not have any significant impact. If there is objective evidence that debtor financial assets carried at amortised cost or at fair value through OCI should be impaired, the amount of the loss is estimated as the difference between the book value and the discounted future cash flows such as expected (excluding future probable and not actual credit losses). The discount rate used is the initial effective interest rate (i.e., the effective interest rate computed at initial recognition of the asset). The book value is reduced using an allowance account. The amount of the loss is recorded as profit or loss. The loss allowance is updated for changes in these expected credit losses at each reporting date.

\n

If, subsequently, the impairment decreases and the decrease can be objectively linked to an event occurring after the impairment was recognised, the previously recognised impairment will be reversed. The reversal of an impairment loss is recognised as profit or loss, as long as the book value of the asset does not exceed its amortised cost at the date the loss allowance is reversed.

\n

With respect to receivables, a loss allowance is recorded when there is objective evidence (probability of insolvency or severe financial difficulties of the debtor) that the Group will be unable to recover the balance in accordance with the initial payment conditions. The book value of the receivable is reduced by way of an allowance for loss.

\n
2.5.14Trade receivables
\n

They are initially recorded at their fair value and are subject to impairment when their realisable value falls below their book value.

\n
Trade receivables on \u201cproviders\u201d
\n

Trade receivables on \u201cproviders\u201d (payment service providers) correspond to balances in transit with the Group\u2019s payment partners and which are repatriated to bank accounts manually or automatically. These receivables are considered liquid because they can be transferred in a few minutes or a few days, depending on the partners.

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

Note 18

\n		\n

Working capital balances

\n
\n

18.2Trade receivables

\n

The breakdown of trade and other receivables as of 31\u00a0December 2025 and 2024\u00a0is as follows:

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Trade receivables, gross

\n		\n

498.5

\n		\n

500.7

\n
\n

Trade receivables from providers, gross

\n		\n

37.6

\n		\n

47.8

\n
\n

Total trade receivables, gross

\n		\n

536.1

\n		\n

548.5

\n
\n

Allowance for expected credit loss

\n		\n

(11.2)

\n		\n

(12.9)

\n
\n

Trade receivables, net

\n		\n

524.8

\n		\n

535.6

\n
\n

Trade receivables from providers (payment service providers) correspond to balances in transit with the payment partners of the Group and which are repatriated to bank accounts manually or automatically. These receivables are considered liquid because they can be transferred in a few minutes or a few days, depending on partners.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10420938468639384_0_0": { "value": "
2.5.12Financial instruments and equity instruments
\n

Interest-bearing debts and borrowings

\n

All loans and debts are recognised initially at the fair value of the consideration received, less costs directly attributable to the transaction. After initial recognition, interest-bearing liabilities and debts are measured at amortised cost using the effective interest rate method. Costs directly attributable to the issuance of debt are deducted from liabilities and amortised over the life of the debt, as a component of the effective interest rate.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346927_0": { "value": "
2.5.12Financial instruments and equity instruments
\n

Financial liabilities at fair value through profit or loss (\"FVTPL\")

\n

Financial liabilities at FVTPL are measured at fair value, with any gains or losses arising on changes in fair value recognised in profit or loss to the extent that they are not part of a designated hedging relationship (see Hedge accounting policy). The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability and is included in the \u2018Other finance income/(costs)\u2019 line item in the income statement.

\n

Fair value is determined in the manner described in Note\u00a025 on page\u00a0354.

\n
Derivatives
\n

Hedging instruments

\n

The Group uses derivative financial instruments such as forward exchange contracts, options and interest rate swaps to cover its risks related to fluctuations in foreign currency exchange rates and interest rates. These derivative financial instruments are recognised initially at fair value on the date on which they are contracted. They are then re-estimated at their fair value at each closing date. Derivative financial instruments are recognised as assets in the balance sheet when the fair value is positive and as liabilities when the fair value is negative.

\n

For qualifying hedging instruments that are designated and qualify as cash flow hedges, the effective portion of changes in the fair value of derivatives and other is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item.

\n

For qualifying hedging instruments that are designated and qualify as fair value hedges, the fair value change is recognised in profit or loss except when the hedging instrument hedges an equity instrument designated at fair value through other comprehensive income (\"FVTOCI\") in which case it is recognised in other comprehensive income.

\n

For derivatives that do not qualify as hedging instruments, the fair value change is recognised directly in profit or loss.

\n

The fair value of forward exchange contracts is calculated by reference to the forward exchange rates applicable to contracts with similar maturity profiles. The fair value of interest rate swap contracts is determined by reference to the market values of similar instruments. The fair value of financial instruments that are traded on active markets is determined at each closing date by reference to the market quotations or transaction prices. Transaction costs are not taken into account.

\n

For instruments that are not traded on an active market, fair value is determined using appropriate valuation techniques. These may include:

\n

\u2022transactions entered into under normal market conditions between knowledgeable and willing parties;

\n

\u2022reference to the present fair value of another instrument that is substantially the same; and

\n

\u2022discounted cash flows or other valuation methods.

\n

Embedded derivatives

\n

An embedded derivative is a component of a hybrid contract that also includes a non-derivative host \u2013\u00a0with the effect that some of the cash flows of the consolidated instrument vary in a way similar to a stand-alone derivative.

\n

Derivatives embedded in hybrid contracts with hosts that are not financial assets within the scope of IFRS\u00a09\u00a0(e.g., financial liabilities) are treated as separate derivatives when they meet the definition of a derivative, their risks and characteristics are not closely related to those of the host contracts and the host contracts are not measured at FVTPL.

\n

An embedded derivative is presented as a non-current financial asset or non-current financial liability if the remaining maturity of the hybrid instrument to which the embedded derivative relates is more than 12\u00a0months and is not expected to be realised or settled within 12\u00a0months.

\n
2.5.13Cash and cash equivalents
\n

Cash and cash equivalents include bank accounts and short-term deposits whose initial maturity is less than three months that are already convertible into cash and are subject to insignificant risks of change in fair value.

\n

For the needs of the consolidated statement of cash flows, the amount of cash and cash equivalents includes the cash and cash equivalents as defined above reduced by bank overdrafts.

\n

Investments in securities, investments with initial maturities of more than three months without an early termination option and bank accounts subject to restrictions (blocked accounts), such as restrictions due to regulations specific to a country or activity sector (e.g., exchange controls), are not classified as cash equivalents but as financial assets.

\n
2.5.16Commitments to purchase non-controlling interests (put options)
\n

When the Group grants firm or contingent commitments to purchase holdings from non-controlling shareholders, the Group has generally concluded that these agreements do not grant a present ownership interest but concludes that IAS 32 Financial Instruments: Presentation takes precedence over IFRS 10 Consolidated Financial Statements. By recognising a liability for the\u00a0put\u00a0option over the shares held by the non-controlling interest, no non-controlling interest is recognised, the relevant percentage is considered as the business combination is accounted for on the basis that the underlying shares subject to the non-controlling interest\u00a0put\u00a0have been acquired.

\n

This liability is re-measured at each reporting period end in accordance with the contractual arrangements (at fair value or at present value if fixed price) and, in the absence of any guidance provided by IFRS, with an offsetting entry in net finance costs, in the consolidated statement of income.

\n

The liability is booked in the other current and non-current liabilities.

\n

Under this approach, when dividends are paid and represent a repayment of the liability (for example, when the exercise price is adjusted to reflect dividends paid), this dividend may give rise to a reduction in equity attributable to owners of the parent.

\n
17.2.3Other investments in The Independents
\n

The other investments in The Independents Group (TIL) comprise the following items which have the characteristics of a financial instrument and therefore shall be accounted for as a financial asset using the fair value measurement through P&L (please refer to Note 24.1):

\n

\u2022the funding of the entity \u201cGardenia\u201d (one of the shareholders of K10, the holding company of the TIL\u00a0group) providing financial rights and certain governance rights to Banijay Events (7.15% ownership interest of Gardenia as of 31 December 2025), representing an amount of \u20ac64.0 million (vs. \u20ac59.8\u00a0million as of 31 December 2024);

\n

\u2022the direct shareholding in the TIL group via K10 with the acquisition in July 2023 of preferred shares, providing financial rights and certain governance rights to Banijay Events (3.64% ownership interest as of 31 December 2025) representing an amount of \u20ac31.1 million after fair value remeasurement (\u20ac27.6 million as of 31 December 2024).

\n

In addition, the TIL shareholders' agreement comprised call mechanisms leading to the possibility for Banijay Events to acquire the control of TIL in 2026, representing an amount of \u20ac2.2 million. Those instruments are included in Non-current derivative financial assets. (please refer to Note\u00a024.1).

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

Note 22

\n		\n

Other securities

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

(in \u20ac million)

\n		\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Earn-Out Shares

\n		\n

78.1

\n		\n

102.6

\n
\n

Founder Shares

\n		\n

27.7

\n		\n

19.2

\n
\n

Public Warrants

\n		\n

5.6

\n		\n

10.4

\n
\n

Founder Warrants

\n		\n

5.0

\n		\n

8.4

\n
\n

Other securities

\n		\n

116.4

\n		\n

140.5

\n
\n

In the context of the Group\u2019s reorganisation in 2022, Financi\u00e8re Lov subscribed in cash to a share capital increase of Banijay Group for an amount of \u20ac250\u00a0million in exchange for Ordinary Shares, SVS and earn-out shares (of which \u20ac114.4\u00a0million paid for earn-out shares).

\n

The Founder Shares, Founder Warrants and public warrants were recognised as part of the Pegasus merger.

\n

The characteristics of the earn-out shares, Founder Shares, Founder Warrants and public warrants (see below) were analysed, and it has been determined that these securities should be classified as liability instruments according to IAS\u00a032. They are recognised at fair-value through P&L.

\n

Those instruments are classified as Level\u00a03 and have been measured using a multi-model analysis based on Monte-Carlo and Black-Scholes models, including public warrants for which the lack of transactions in the public market does not provide a relevant pricing information.

\n

Due to the low level of liquidity of Banijay Group\u2019s shares during the period, unobservable inputs include Banijay Group\u2019s ordinary share\u2019s price (based on a multiple analysis taking into account historical price prior and after quotation, analysts reviews and Pegasus transaction) and volatility (based on peers\u2019 index). The worst-case scenario would increase the liability for an amount of \u20ac6.4 million. The best-case scenario would decrease the liability for an amount of
-\u20ac6.4 million.

\n
Earn-out shares characteristics
\n

Earn-out shares are divided into 3 categories:

\n

\u202213,000,000 earn-out shares A: each of these shares will be converted into 1 ordinary share and 1 SVS if the closing price of the Ordinary Shares equals or exceeds \u20ac13.00 per ordinary share for any 20 trading days within a 30 consecutive trading day period before expiration of a 5-year period following 1\u00a0July 2022;

\n

\u20223,500,000 earn-out shares B: each of these shares will be converted into 1 ordinary share and 1 SVS if the closing price of the Ordinary Shares equals or exceeds \u20ac15.00 per ordinary share for any 20 trading days within a 30 consecutive trading day period before expiration of a 6-year period following 1\u00a0July 2022;

\n

\u20223,500,000 earn-out shares C: each of these shares will be converted into 1 ordinary share and 1 SVS if the closing price of the Ordinary Shares equals or exceeds \u20ac17.00 per ordinary share for any 20 trading days within a 30\u00a0consecutive trading day period before expiration of a 6-year period following 1\u00a0July 2022.

\n

Earn-out shares can only be entitled to profit in the limit of a negligible amount equal to 0.1% of the nominal value (\u20ac0.03) per share. All issued and outstanding earn-out shares at a time may only be held by one person at any time and may also be transferred all together to one other person at a time. Each earn-out share confers three votes in a General Meeting.

\n

Financi\u00e8re LOV has committed not to exercise any voting right attached to earn-out shares. Financi\u00e8re LOV has also committed not to sell the earn-out shares for a three-year period from 1\u00a0July 2022.

\n
Founder Shares characteristics
\n

As a result of the transaction with Pegasus, Founder Shares were contributed to former Founder Shares\u2019 holders of Pegasus Entrepreneurs. Terms and conditions applicable to Banijay Group\u2019s outstanding Founder Shares are similar to those issued by Pegasus.

\n

The Founder Shares have a nominal value of \u20ac0.01 each. From any profits, as remaining after application of the provisions in the Articles of Association regarding reservation and the profit entitlement of earn-out shares, an amount equal to 0.1% of the nominal value of each founder share shall be added to the dividend reserve for founder shares.

\n

Subject to the satisfaction of the conditions set out below and subject to certain capital adjustment measures (as described in the Articles of Association), the 2,575,000\u00a0outstanding Founder Shares held by former Pegasus founders shall be converted:

\n

\u2022up to 50% of the Founder Shares, held by each sponsor, in aggregate amounting to up to 1,287,500 Founder Shares will be exchanged on a one-for-one basis for Ordinary Shares (subject to the lock-up arrangements applicable to the sponsors, including the Pegasus Lock-up Arrangements), if, after 1\u00a0July 2022, the closing price of the Ordinary Shares equals or exceeds \u20ac11.50 per Ordinary Share for any 20 trading days within a 30\u00a0consecutive-trading day period; and

\n

\u2022up to 50% of the Founder Shares, held by each sponsor, in aggregate amounting to up to 1,287,500 Founder Shares will be exchanged on a one-for-one basis for Ordinary Shares (subject to the lock-up arrangements applicable to the sponsors, including the Pegasus Lock-up Arrangements), if, after 1 July 2022, the closing price of the Ordinary Shares equals or exceeds \u20ac13.00 per ordinary share for any 20 trading days within a 30\u00a0consecutive-trading day period.

\n

Existing shareholder agreement provides that any voting right attached to Founder Shares will not be exercised. Founder Shares can only be entitled to profit in the limit of the negligible amount equal to 0.1% of the nominal value (\u20ac0.01) per share.

\n
Public warrants characteristics
\n

Each public warrant shall entitle an eligible holder to purchase from the Company one ordinary share at the price of \u20ac11.50 per ordinary share. Public warrants may be exercised within a 5\u00a0years period from 1\u00a0July 2022.

\n

As warrants, the Ppblic warrants does not entitle to any right as shareholder such as dividends or voting rights.

\n

Terms &\u00a0conditions of the public warrants set several unusual provisions that may affect the market value of the public warrants:

\n

\u2022each public warrant may be redeemed by Banijay Group if the price of the ordinary share exceeds \u20ac18.00 during more than almost consecutive twenty trading days period. Redemption price would in this case equal \u20ac0.01;

\n

\u2022each public warrant may be redeemed by Banijay Group if the price of the ordinary share is comprised between \u20ac10.00 and \u20ac18.00 at a price of \u20ac0.01 per warrant upon not less than 30\u00a0days\u2019 prior written notice of redemption. (a Redemption Notice). In this case, the warrant holder could exercise its warrants on a cashless basis and receive a number of ordinary share per warrant set according to a table based on the redemption date and the fair market value of Ordinary Shares.

\n

As of 31\u00a0December 2025, 8,666,666 public warrants were outstanding.

\n
Founder Warrants characteristics
\n

Founder Warrants have been issued by Banijay Group at 1\u00a0July 2022 and distributed to Pegasus Founder.

\n

Founder Warrants have substantially the same terms as the public warrants and entitle their holder to purchase from Banijay Group one ordinary share at the price of \u20ac11.50 per ordinary share within a 5-year period from 1\u00a0July 2022. Additionally, the Founder Warrants will be exercisable on a cashless basis according to a table based on the redemption date and the fair market value of ordinary shares and be non-redeemable, so long as they are held by the Pegasus\u2019 founders and sponsors. If the Founder Warrants are held by someone other than Pegasus\u2019 founders and sponsors, the Founder Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the public warrants. The proceeds of a redemption of Warrants, the proceeds of the repurchase of warrants or a full or partial cash or cashless settlement of warrants may be subject to Dutch dividend withholding tax at a rate of 15%.

\n

Founder Warrants does not entitle to any right as shareholder such as dividends or voting rights.

\n

As of 31\u00a0December 2025, 5,250,000 Founder Warrants were outstanding.

\n

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

Note 24

\n		\n

Financial assets and liabilities

\n
\n

24.1Current and non-current financial assets

\n

Financial assets comprise financial interests in non-consolidated companies, loans, restricted cash accounts and current accounts with third parties.

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Financial interests in non-consolidated companies

\n		\n

10.0

\n		\n

10.5

\n
\n

Other financial assets \u2013 Investment in debt instruments

\n		\n

90.5

\n		\n

87.3

\n
\n

Non-current loans, guarantee instruments and other financial assets

\n		\n

36.8

\n		\n

37.3

\n
\n

Non-current restricted cash and cash equivalents

\n		\n

6.4

\n		\n

11.7

\n
\n

Non-current derivative financial assets

\n		\n

4.6

\n		\n

13.7

\n
\n

Non-current financial assets

\n		\n

148.2

\n		\n

160.6

\n
\n

Current part of loans, guarantee instruments and other financial assets

\n		\n

18.5

\n		\n

19.4

\n
\n

Current restricted cash and cash equivalents

\n		\n

0.3

\n		\n

0.3

\n
\n

Current accounts

\n		\n

0.0

\n		\n

1.9

\n
\n

Current derivative financials assets

\n		\n

2.7

\n		\n

13.2

\n
\n

Current financial assets

\n		\n

21.6

\n		\n

34.7

\n
\n

Total financial assets

\n		\n

169.7

\n		\n

195.3

\n
\n

The \"Other financial assets \u2013 Investment in debt instruments\" line item is mainly due to the investment in The Independents Group (TIL), as detailed in Note 17.2, comprising:

\n

\u2022the funding of the entity \u201cGardenia\u201d (one of the shareholders of K10, the holding company of the TIL Group) through Class B Preferred Shares providing financial rights and certain governance rights to Banijay Events;

\n

\u2022the direct shareholding in the TIL Group via K10 with the acquisition of C bis preferred shares, providing financial rights and certain governance rights to Banijay.

\n

The decrease is explained by the exercise by Banijay Events of its put option to sell 231,000 Class B Preferred shares for \u20ac24.8 million on 19 July 2024

\n

Those instruments are classified as Level 3 of the Fair value hierarchy under IFRS 13.

\n

The valuation techniques for those instruments are as follows:

\n

\u2022Gardenia class B preferred shares valuation is determined based on the contractual characteristics of those preferred shares

\n

\u2022The Independents (K10 Holding) Group through C bis preferred shares valuation is prepared by an external appraisal as a percentage of K10 Holding\u2019s equity value which is based on a customary multi criteria valuation methodology based on the Business plan provided by The Independents group for the DCF method and a Multiple approach.

\n

The unobservable inputs used for those instruments are:

\n

\u2022For Gardenia class B preferred shares valuation: the rate of the cumulative dividend

\n

\u2022For K10 C bis preferred shares valuation: the Business plan, the WACC used in the DCF method, the perpetual growth rate, a sample of comparable companies for multiple calculation to determine a multiple.

\n

Change in value of the other financial assets \u2013 Investment in debt instruments:

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Value as of 1 January

\n		\n

87.3

\n		\n

111.0

\n
\n

Fair value measurement (P&L)

\n		\n

3.2

\n		\n

1.1

\n
\n

Gardenia class B preferred shares put option exercised

\n		\n

-

\n		\n

(24.8)

\n
\n

Value as of 31 December

\n		\n

90.5

\n		\n

87.3

\n
\n

Derivatives financial assets comprise foreign exchange and interest rate hedging as well as the valuation of the call to acquire the control of TIL in 2026, which are measured at fair value.

\n

24.2Cash and cash equivalents

\n

Cash and cash equivalents are presented net of bank overdrafts in the consolidated cash flow statement.

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Marketable securities

\n		\n

1.3

\n		\n

0.5

\n
\n

Cash

\n		\n

492.6

\n		\n

481.4

\n
\n

Cash and cash equivalents \u2013\u00a0Assets

\n		\n

493.9

\n		\n

482.0

\n
\n

Bank overdrafts

\n		\n

(0.1)

\n		\n

(1.1)

\n
\n

Net cash and cash equivalents

\n		\n

493.8

\n		\n

480.9

\n
\n

\n

24.5Derivatives

\n

The Group\u2019s cash flow hedges\u2019 main goal is to neutralise foreign exchange risk on future cash flows (notional, coupons) or switch floating-rate debt to fixed-rate debt.

\n

The ineffective portion of cash flow hedges recognised in net income is not significant during the periods presented. The main hedges unmatured as of 31\u00a0December 2025 and 2024, as well as their effects on the financial statements, are detailed in the table below.

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

As of 31\u00a0December 2025

\n

(in \u20ac million)

\n		\n

Derivatives \u2013\u00a0assets

\n		\n

Derivatives \u2013\u00a0liabilities

\n
\n

Total

\n		\n

Non-current

\n		\n

Current

\n		\n

Total

\n		\n

Non-current

\n		\n

Current

\n
\n

Exchange risk

\n		\n

4.0

\n		\n

2.1

\n		\n

1.9

\n		\n

45.9

\n		\n

45.1

\n		\n

0.8

\n
\n

Interest rate risk

\n		\n

1.1

\n		\n

0.3

\n		\n

0.8

\n		\n

4.5

\n		\n

4.5

\n		\n

-

\n
\n

Hedging instruments

\n		\n

5.0

\n		\n

2.3

\n		\n

2.7

\n		\n

50.4

\n		\n

49.5

\n		\n

0.8

\n
\n

Other derivatives

\n		\n

2.3

\n		\n

2.3

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Total derivatives

\n		\n

7.3

\n		\n

4.6

\n		\n

2.7

\n		\n

50.4

\n		\n

49.5

\n		\n

0.8

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

As of 31\u00a0December 2024

\n

(in \u20ac million)

\n		\n

Derivatives \u2013\u00a0assets

\n		\n

Derivatives \u2013\u00a0liabilities

\n
\n

Total

\n		\n

Non-current

\n		\n

Current

\n		\n

Total

\n		\n

Non-current

\n		\n

Current

\n
\n

Exchange risk

\n		\n

6.1

\n		\n

0.0

\n		\n

6.1

\n		\n

2.4

\n		\n

0.5

\n		\n

2.0

\n
\n

Interest rate risk

\n		\n

12.3

\n		\n

5.3

\n		\n

7.1

\n		\n

3.5

\n		\n

3.5

\n		\n

0.0

\n
\n

Hedging instruments

\n		\n

18.5

\n		\n

5.3

\n		\n

13.2

\n		\n

6.0

\n		\n

4.0

\n		\n

2.0

\n
\n

Other derivatives

\n		\n

8.5

\n		\n

8.5

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Total derivatives

\n		\n

26.9

\n		\n

13.7

\n		\n

13.2

\n		\n

6.0

\n		\n

4.0

\n		\n

2.0

\n
\n

As described in the Note 4.1.2 page 316, Banijay Entertainment set up new hedging instruments in January 2025, including a cross currency swap which explained the main change in 2025.

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

Note 25

\n		\n

Financial instruments

\n
\n

The carrying amount of financial instruments per category is determined as follows:

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

As of 31\u00a0December 2025

\n

(in \u20ac million)

\n		\n

Carrying amount

\n		\n

Carrying amount of non-financial instruments

\n		\n

Financial instruments by category

\n		\n

Fair value of\u00a0financial instruments

\n
\n

Fair value through OCI

\n		\n

Amortised cost

\n		\n

Fair value through P&L

\n
\n

Non-current financial assets

\n		\n

148.2

\n		\n

-

\n		\n

12.5

\n		\n

32.8

\n		\n

102.8

\n		\n

148.2

\n
\n

Other non-current assets

\n		\n

262.9

\n		\n

175.9

\n		\n

-

\n		\n

87.1

\n		\n

-

\n		\n

87.1

\n
\n

Trade receivables

\n		\n

524.8

\n		\n

-

\n		\n

-

\n		\n

524.8

\n		\n

-

\n		\n

524.8

\n
\n

Other current assets

\n		\n

304.7

\n		\n

278.4

\n		\n

-

\n		\n

26.3

\n		\n

-

\n		\n

26.3

\n
\n

Current financial assets

\n		\n

21.6

\n		\n

-

\n		\n

0.0

\n		\n

18.8

\n		\n

2.7

\n		\n

21.6

\n
\n

Cash and cash equivalents

\n		\n

493.9

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

493.9

\n		\n

493.9

\n
\n

Assets

\n		\n

1,756.1

\n		\n

454.2

\n		\n

12.5

\n		\n

689.9

\n		\n

599.4

\n		\n

1,301.9

\n
\n

Other securities

\n		\n

116.4

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

116.4

\n		\n

116.4

\n
\n

Long-term borrowings and other financial liabilities

\n		\n

2,962.1

\n		\n

-

\n		\n

4.5

\n		\n

2,912.5

\n		\n

45.1

\n		\n

3,229.8

\n
\n

Other non-current liabilities

\n		\n

362.5

\n		\n

199.0

\n		\n

-

\n		\n

57.7

\n		\n

105.7

\n		\n

163.4

\n
\n

Liability instruments

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Short-term borrowings and bank overdrafts

\n		\n

144.8

\n		\n

0.5

\n		\n

0.2

\n		\n

143.3

\n		\n

0.7

\n		\n

144.3

\n
\n

Trade payables

\n		\n

666.6

\n		\n

-

\n		\n

-

\n		\n

666.6

\n		\n

-

\n		\n

666.6

\n
\n

Customer contract liabilities

\n		\n

640.2

\n		\n

566.4

\n		\n

-

\n		\n

69.1

\n		\n

4.6

\n		\n

73.7

\n
\n

Other current liabilities

\n		\n

533.5

\n		\n

448.8

\n		\n

-

\n		\n

60.3

\n		\n

24.3

\n		\n

84.6

\n
\n

Liabilities

\n		\n

5,426.0

\n		\n

1,214.8

\n		\n

4.7

\n		\n

3,909.6

\n		\n

296.8

\n		\n

4,478.9

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

As of 31\u00a0December 2024

\n

(in \u20ac million)

\n		\n

Carrying amount

\n		\n

Carrying amount of non-financial instruments

\n		\n

Financial instruments by category

\n		\n

Fair value of\u00a0financial instruments

\n
\n

Fair value through OCI

\n		\n

Amortised cost

\n		\n

Fair value through P&L

\n
\n

Non-current financial assets

\n		\n

160.6

\n		\n

-

\n		\n

24.2

\n		\n

37.3

\n		\n

99.1

\n		\n

160.6

\n
\n

Other non-current assets

\n		\n

216.4

\n		\n

171.7

\n		\n

-

\n		\n

44.7

\n		\n

-

\n		\n

44.7

\n
\n

Trade receivables

\n		\n

535.6

\n		\n

-

\n		\n

-

\n		\n

535.6

\n		\n

-

\n		\n

535.6

\n
\n

Other current assets

\n		\n

332.7

\n		\n

304.7

\n		\n

-

\n		\n

28.0

\n		\n

-

\n		\n

28.0

\n
\n

Current financial assets

\n		\n

34.7

\n		\n

-

\n		\n

7.1

\n		\n

21.5

\n		\n

6.1

\n		\n

34.7

\n
\n

Cash and cash equivalents

\n		\n

482.0

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

482.0

\n		\n

482.0

\n
\n

Assets

\n		\n

1,761.9

\n		\n

476.4

\n		\n

31.3

\n		\n

667.1

\n		\n

587.2

\n		\n

1,285.5

\n
\n

Other securities

\n		\n

140.5

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

140.5

\n		\n

140.5

\n
\n

Long-term borrowings and other financial liabilities

\n		\n

2,863.9

\n		\n

-

\n		\n

4.0

\n		\n

2860.0

\n		\n

-

\n		\n

2,916.5

\n
\n

Other non-current liabilities

\n		\n

407.4

\n		\n

256.7

\n		\n

-

\n		\n

57.6

\n		\n

93.1

\n		\n

150.7

\n
\n

Liability instruments

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Short-term borrowings and bank overdrafts

\n		\n

285.4

\n		\n

(0.1)

\n		\n

0.5

\n		\n

282.3

\n		\n

2.7

\n		\n

285.5

\n
\n

Trade payables

\n		\n

677.0

\n		\n

-

\n		\n

-

\n		\n

677.0

\n		\n

-

\n		\n

677.0

\n
\n

Customer contract liabilities

\n		\n

669.8

\n		\n

608.4

\n		\n

-

\n		\n

58.3

\n		\n

3.1

\n		\n

61.4

\n
\n

Other current liabilities

\n		\n

583.0

\n		\n

452.5

\n		\n

-

\n		\n

97.3

\n		\n

33.2

\n		\n

130.5

\n
\n

Liabilities

\n		\n

5,627.0

\n		\n

1317.4

\n		\n

4.4

\n		\n

4,032.5

\n		\n

272.7

\n		\n

4,362.1

\n
\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346914_0": { "value": "
2.5.12Financial instruments and equity instruments
\n
Derivatives
\n

Hedging instruments

\n

The Group uses derivative financial instruments such as forward exchange contracts, options and interest rate swaps to cover its risks related to fluctuations in foreign currency exchange rates and interest rates. These derivative financial instruments are recognised initially at fair value on the date on which they are contracted. They are then re-estimated at their fair value at each closing date. Derivative financial instruments are recognised as assets in the balance sheet when the fair value is positive and as liabilities when the fair value is negative.

\n

For qualifying hedging instruments that are designated and qualify as cash flow hedges, the effective portion of changes in the fair value of derivatives and other is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognised hedged item.

\n

For qualifying hedging instruments that are designated and qualify as fair value hedges, the fair value change is recognised in profit or loss except when the hedging instrument hedges an equity instrument designated at fair value through other comprehensive income (\"FVTOCI\") in which case it is recognised in other comprehensive income.

\n

For derivatives that do not qualify as hedging instruments, the fair value change is recognised directly in profit or loss.

\n

The fair value of forward exchange contracts is calculated by reference to the forward exchange rates applicable to contracts with similar maturity profiles. The fair value of interest rate swap contracts is determined by reference to the market values of similar instruments. The fair value of financial instruments that are traded on active markets is determined at each closing date by reference to the market quotations or transaction prices. Transaction costs are not taken into account.

\n

For instruments that are not traded on an active market, fair value is determined using appropriate valuation techniques. These may include:

\n

\u2022transactions entered into under normal market conditions between knowledgeable and willing parties;

\n

\u2022reference to the present fair value of another instrument that is substantially the same; and

\n

\u2022discounted cash flows or other valuation methods.

\n

Embedded derivatives

\n

An embedded derivative is a component of a hybrid contract that also includes a non-derivative host \u2013\u00a0with the effect that some of the cash flows of the consolidated instrument vary in a way similar to a stand-alone derivative.

\n

Derivatives embedded in hybrid contracts with hosts that are not financial assets within the scope of IFRS\u00a09\u00a0(e.g., financial liabilities) are treated as separate derivatives when they meet the definition of a derivative, their risks and characteristics are not closely related to those of the host contracts and the host contracts are not measured at FVTPL.

\n

An embedded derivative is presented as a non-current financial asset or non-current financial liability if the remaining maturity of the hybrid instrument to which the embedded derivative relates is more than 12\u00a0months and is not expected to be realised or settled within 12\u00a0months.

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

Note 4

\n		\n

Significant events

\n
\n

4.1Significant events that occurred in 2025

\n
4.1.2Banijay Entertainment & Live
\n
Refinancing and repricing
\n

In January 2025, Banijay Entertainment successfully:

\n

\u2022raised new \u20ac400 million Term Loan B (maturity in 2032) at E+3.25%;

\n

\u2022repriced existing EUR Term Loan B at E+3.25% from E+ 3.75% (EUR TLB), and USD Term Loan B at S+2.75% from S+ 3.25% (USD TLB), in each case at par.

\n

Proceeds of the new EUR TLB was used to reimburse the remaining EUR SUN, part of the shareholder loan and part of existing USD TLB.

\n

Banijay set up an instrument to hedge floating rate with a tunnel 2.112% - 2.125%.

\n

\n

Cross Currency Swap on $400 million senior secured notes with coupon of 8.125% per annum

\n

A new interest-rate and currency hedging instrument has been set up. This instrument, a Cross Currency Swap, has two main objectives:

\n

\u2022to hedge the risk of fluctuations in the EUR/USD exchange rate (Fx. Rate per Eur. of c. $1.037);

\n

\u2022 to lock in savings in financial interest at the level of SSN USD coupons (between 6.4% and 6.5%).

\n

The SSN USD debt, through the implementation of this instrument, will be economically \u201cconverted\u201d into a debt denominated in EUR until the maturity of the instrument (2028).

\n
4.1.3Banijay Gaming
\n
Hedging contracts Term Loan B
\n

In January 2025, Betclic Everest Group entered into two new hedging contracts (one with BNP, the other with Soci\u00e9t\u00e9 G\u00e9n\u00e9rale) to hedge floating interest rate risks on the 2024 Betclic Term Loan B. These contracts are non-floored interest rate swaps covering the entire nominal amount. The start date of these contracts is 10\u00a0February 2025 and the maturity is February 2030. Interest payments are made every three months.

\n

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

Note 24

\n		\n

Financial assets and liabilities

\n
\n

24.1Current and non-current financial assets

\n

Derivatives financial assets comprise foreign exchange and interest rate hedging as well as the valuation of the call to acquire the control of TIL in 2026, which are measured at fair value.

\n

24.5Derivatives

\n

The Group\u2019s cash flow hedges\u2019 main goal is to neutralise foreign exchange risk on future cash flows (notional, coupons) or switch floating-rate debt to fixed-rate debt.

\n

The ineffective portion of cash flow hedges recognised in net income is not significant during the periods presented. The main hedges unmatured as of 31\u00a0December 2025 and 2024, as well as their effects on the financial statements, are detailed in the table below.

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

As of 31\u00a0December 2025

\n

(in \u20ac million)

\n		\n

Derivatives \u2013\u00a0assets

\n		\n

Derivatives \u2013\u00a0liabilities

\n
\n

Total

\n		\n

Non-current

\n		\n

Current

\n		\n

Total

\n		\n

Non-current

\n		\n

Current

\n
\n

Exchange risk

\n		\n

4.0

\n		\n

2.1

\n		\n

1.9

\n		\n

45.9

\n		\n

45.1

\n		\n

0.8

\n
\n

Interest rate risk

\n		\n

1.1

\n		\n

0.3

\n		\n

0.8

\n		\n

4.5

\n		\n

4.5

\n		\n

-

\n
\n

Hedging instruments

\n		\n

5.0

\n		\n

2.3

\n		\n

2.7

\n		\n

50.4

\n		\n

49.5

\n		\n

0.8

\n
\n

Other derivatives

\n		\n

2.3

\n		\n

2.3

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Total derivatives

\n		\n

7.3

\n		\n

4.6

\n		\n

2.7

\n		\n

50.4

\n		\n

49.5

\n		\n

0.8

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

As of 31\u00a0December 2024

\n

(in \u20ac million)

\n		\n

Derivatives \u2013\u00a0assets

\n		\n

Derivatives \u2013\u00a0liabilities

\n
\n

Total

\n		\n

Non-current

\n		\n

Current

\n		\n

Total

\n		\n

Non-current

\n		\n

Current

\n
\n

Exchange risk

\n		\n

6.1

\n		\n

0.0

\n		\n

6.1

\n		\n

2.4

\n		\n

0.5

\n		\n

2.0

\n
\n

Interest rate risk

\n		\n

12.3

\n		\n

5.3

\n		\n

7.1

\n		\n

3.5

\n		\n

3.5

\n		\n

0.0

\n
\n

Hedging instruments

\n		\n

18.5

\n		\n

5.3

\n		\n

13.2

\n		\n

6.0

\n		\n

4.0

\n		\n

2.0

\n
\n

Other derivatives

\n		\n

8.5

\n		\n

8.5

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Total derivatives

\n		\n

26.9

\n		\n

13.7

\n		\n

13.2

\n		\n

6.0

\n		\n

4.0

\n		\n

2.0

\n
\n

As described in the Note 4.1.2 page 316, Banijay Entertainment set up new hedging instruments in January 2025, including a cross currency swap which explained the main change in 2025.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10420923283463979_0_0": { "value": "
2.5.12Financial instruments and equity instruments
\n

Derecognition of financial assets

\n

Financial assets and related impairment are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership of the asset to another entity. On derecognition of a financial asset measured at amortised cost, the difference between the asset\u2019s carrying amount and the sum of the consideration received and receivable is recognised in profit or loss.

\n

Derecognition of financial liabilities

\n

The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346936_0": { "value": "
2.5.12Financial instruments and equity instruments
\n

Financial liabilities at fair value through profit or loss (\"FVTPL\")

\n

Financial liabilities at FVTPL are measured at fair value, with any gains or losses arising on changes in fair value recognised in profit or loss to the extent that they are not part of a designated hedging relationship (see Hedge accounting policy). The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability and is included in the \u2018Other finance income/(costs)\u2019 line item in the income statement.

\n

Fair value is determined in the manner described in Note\u00a025 on page\u00a0354.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346937_0": { "value": "
2.5.12Financial instruments and equity instruments
\n

Financial liabilities at fair value through profit or loss (\"FVTPL\")

\n

Financial liabilities at FVTPL are measured at fair value, with any gains or losses arising on changes in fair value recognised in profit or loss to the extent that they are not part of a designated hedging relationship (see Hedge accounting policy). The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability and is included in the \u2018Other finance income/(costs)\u2019 line item in the income statement.

\n

Fair value is determined in the manner described in Note\u00a025 on page\u00a0354.

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

Note 11

\n		\n

Financial result

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

For the twelve-month period ended 31 December

\n

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Interest paid on bank borrowings and bonds

\n		\n

(197.7)

\n		\n

(204.3)

\n
\n

Interest and redemption costs on anticipated reimbursement of bank borrowings and bonds

\n		\n

(2.9)

\n		\n

(3.4)

\n
\n

Cost of gross financial debt

\n		\n

(200.6)

\n		\n

(207.7)

\n
\n

Gains on assets contributing to net financial debt

\n		\n

6.9

\n		\n

8.1

\n
\n

Gains on assets contributing to net financial debt

\n		\n

6.9

\n		\n

8.1

\n
\n

Cost of net debt

\n		\n

(193.7)

\n		\n

(199.6)

\n
\n

Interest received on current account receivables

\n		\n

0.3

\n		\n

0.1

\n
\n

Interest on lease liabilities

\n		\n

(7.3)

\n		\n

(7.3)

\n
\n

Change in fair value of financial instruments(1)

\n		\n

(0.0)

\n		\n

(18.1)

\n
\n

Fair value on FX derivative instruments

\n		\n

(51.3)

\n		\n

(3.5)

\n
\n

Currency gains/(losses)

\n		\n

44.5

\n		\n

1.6

\n
\n

Other financial gains/(losses)

\n		\n

(15.3)

\n		\n

(16.0)

\n
\n

Other finance income/(costs)

\n		\n

(29.1)

\n		\n

(43.3)

\n
\n

Net financial income/(expense)

\n		\n

(222.8)

\n		\n

(242.9)

\n
\n

(1)In order to enhance comparability between periods, the 2024 comparative information has been reclassified to align with the 2025 presentation. The revaluation impact relating to Gardenia is now presented within cost of debt instead of change in fair value of financial instruments.

\n
\n

For the twelve months of 2025, net financial result was an expense of -\u20ac222.8 million, compared to
-\u20ac242.9 million for the twelve months of 2024. Of this amount:

\n

\u2022The Cost of Net Debt as of 31 December 2025 amounted to -\u20ac193.7 million, compared to -\u20ac199.6 million for the twelve-month period of 2024. The decrease of \u20ac5.9 million mainly reflects favourable financing and hedging effects at Banijay Entertainment.

\n

\u2022Other financial income and expenses as of 31 December 2025 amounted to -\u20ac29.1 million compared to \u2011\u20ac43.3\u00a0million for the twelve months of 2024. The decrease of \u20ac14.2 million was mainly driven by:

\n

--\u20ac6.8 million of net foreign exchange result, compared to -\u20ac1.9 million in 2024. This impact should be analysed in conjunction with the mark-to-market of the fair value of FX derivative instruments amounting to -\u20ac51.3 million on the one hand, and currency gains/losses related to unrealised and realised foreign exchange effects for \u20ac44.5 million on receivables and payables, in particular on the USD senior secured notes, on the other hand.

\n

-The change in fair value of financial instruments was neutral at -\u20ac0.0 million compared to \u2011\u20ac18.0\u00a0million in 2024, but mainly includes \u2011\u20ac4.7\u00a0million of revaluation expenses primarily related to earnout and put option liabilities, and \u2011\u20ac16.3 million of discounting expenses for employment-related earnout and option obligations. These liabilities are discounted using an 8.94% discount rate, offset by a positive impact from the measurement at fair value of other securities for +\u20ac24.1 million.

\n

-Other financial gains / losses mainly include factoring commissions and related interest expenses.

\n

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346934_0": { "value": "
2.5.12Financial instruments and equity instruments
\n

Financial liabilities at fair value through profit or loss (\"FVTPL\")

\n

Financial liabilities at FVTPL are measured at fair value, with any gains or losses arising on changes in fair value recognised in profit or loss to the extent that they are not part of a designated hedging relationship (see Hedge accounting policy). The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability and is included in the \u2018Other finance income/(costs)\u2019 line item in the income statement.

\n

Fair value is determined in the manner described in Note\u00a025 on page\u00a0354.

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

Note 11

\n		\n

Financial result

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

For the twelve-month period ended 31 December

\n

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Interest paid on bank borrowings and bonds

\n		\n

(197.7)

\n		\n

(204.3)

\n
\n

Interest and redemption costs on anticipated reimbursement of bank borrowings and bonds

\n		\n

(2.9)

\n		\n

(3.4)

\n
\n

Cost of gross financial debt

\n		\n

(200.6)

\n		\n

(207.7)

\n
\n

Gains on assets contributing to net financial debt

\n		\n

6.9

\n		\n

8.1

\n
\n

Gains on assets contributing to net financial debt

\n		\n

6.9

\n		\n

8.1

\n
\n

Cost of net debt

\n		\n

(193.7)

\n		\n

(199.6)

\n
\n

Interest received on current account receivables

\n		\n

0.3

\n		\n

0.1

\n
\n

Interest on lease liabilities

\n		\n

(7.3)

\n		\n

(7.3)

\n
\n

Change in fair value of financial instruments(1)

\n		\n

(0.0)

\n		\n

(18.1)

\n
\n

Fair value on FX derivative instruments

\n		\n

(51.3)

\n		\n

(3.5)

\n
\n

Currency gains/(losses)

\n		\n

44.5

\n		\n

1.6

\n
\n

Other financial gains/(losses)

\n		\n

(15.3)

\n		\n

(16.0)

\n
\n

Other finance income/(costs)

\n		\n

(29.1)

\n		\n

(43.3)

\n
\n

Net financial income/(expense)

\n		\n

(222.8)

\n		\n

(242.9)

\n
\n

(1)In order to enhance comparability between periods, the 2024 comparative information has been reclassified to align with the 2025 presentation. The revaluation impact relating to Gardenia is now presented within cost of debt instead of change in fair value of financial instruments.

\n
\n

For the twelve months of 2025, net financial result was an expense of -\u20ac222.8 million, compared to
-\u20ac242.9 million for the twelve months of 2024. Of this amount:

\n

\u2022The Cost of Net Debt as of 31 December 2025 amounted to -\u20ac193.7 million, compared to -\u20ac199.6 million for the twelve-month period of 2024. The decrease of \u20ac5.9 million mainly reflects favourable financing and hedging effects at Banijay Entertainment.

\n

\u2022Other financial income and expenses as of 31 December 2025 amounted to -\u20ac29.1 million compared to \u2011\u20ac43.3\u00a0million for the twelve months of 2024. The decrease of \u20ac14.2 million was mainly driven by:

\n

--\u20ac6.8 million of net foreign exchange result, compared to -\u20ac1.9 million in 2024. This impact should be analysed in conjunction with the mark-to-market of the fair value of FX derivative instruments amounting to -\u20ac51.3 million on the one hand, and currency gains/losses related to unrealised and realised foreign exchange effects for \u20ac44.5 million on receivables and payables, in particular on the USD senior secured notes, on the other hand.

\n

-The change in fair value of financial instruments was neutral at -\u20ac0.0 million compared to \u2011\u20ac18.0\u00a0million in 2024, but mainly includes \u2011\u20ac4.7\u00a0million of revaluation expenses primarily related to earnout and put option liabilities, and \u2011\u20ac16.3 million of discounting expenses for employment-related earnout and option obligations. These liabilities are discounted using an 8.94% discount rate, offset by a positive impact from the measurement at fair value of other securities for +\u20ac24.1 million.

\n

-Other financial gains / losses mainly include factoring commissions and related interest expenses.

\n

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10420905660604048_0_0": { "value": "
2.5.12Financial instruments and equity instruments
\n

Impairment testing of debtor financial assets

\n

The Group conducts a review if, at the closing date, a debtor financial asset or a group of debtor financial assets is likely to suffer an impairment loss based on both the expected credit loss approach and an objective indication of loss.

\n

In practice, given the low level of loss incurred on prior years\u2019 receivables, the expected credit loss approach does not have any significant impact. If there is objective evidence that debtor financial assets carried at amortised cost or at fair value through OCI should be impaired, the amount of the loss is estimated as the difference between the book value and the discounted future cash flows such as expected (excluding future probable and not actual credit losses). The discount rate used is the initial effective interest rate (i.e., the effective interest rate computed at initial recognition of the asset). The book value is reduced using an allowance account. The amount of the loss is recorded as profit or loss. The loss allowance is updated for changes in these expected credit losses at each reporting date.

\n

If, subsequently, the impairment decreases and the decrease can be objectively linked to an event occurring after the impairment was recognised, the previously recognised impairment will be reversed. The reversal of an impairment loss is recognised as profit or loss, as long as the book value of the asset does not exceed its amortised cost at the date the loss allowance is reversed.

\n

With respect to receivables, a loss allowance is recorded when there is objective evidence (probability of insolvency or severe financial difficulties of the debtor) that the Group will be unable to recover the balance in accordance with the initial payment conditions. The book value of the receivable is reduced by way of an allowance for loss.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10420885377453869_0_0": { "value": "
2.5.12Financial instruments and equity instruments
\n

Equity instrument at fair value through OCI

\n

The Group elected to irrevocably classify its non-listed equity investments under this category as it intends to hold these investments for the foreseeable future.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_12777207519331953_0_0": { "value": "
2.5.12Financial instruments and equity instruments
\n
Classification as debt or equity
\n

Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

\n

The category of financial liabilities at fair value through profit or loss includes earnout liabilities, put options over non-controlling interests and securities.

\n

Financial liabilities at fair value through profit or loss (\"FVTPL\")

\n

Financial liabilities at FVTPL are measured at fair value, with any gains or losses arising on changes in fair value recognised in profit or loss to the extent that they are not part of a designated hedging relationship (see Hedge accounting policy). The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability and is included in the \u2018Other finance income/(costs)\u2019 line item in the income statement.

\n

Fair value is determined in the manner described in Note\u00a025 on page\u00a0354.

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

Note 22

\n		\n

Other securities

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

(in \u20ac million)

\n		\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Earn-Out Shares

\n		\n

78.1

\n		\n

102.6

\n
\n

Founder Shares

\n		\n

27.7

\n		\n

19.2

\n
\n

Public Warrants

\n		\n

5.6

\n		\n

10.4

\n
\n

Founder Warrants

\n		\n

5.0

\n		\n

8.4

\n
\n

Other securities

\n		\n

116.4

\n		\n

140.5

\n
\n

In the context of the Group\u2019s reorganisation in 2022, Financi\u00e8re Lov subscribed in cash to a share capital increase of Banijay Group for an amount of \u20ac250\u00a0million in exchange for Ordinary Shares, SVS and earn-out shares (of which \u20ac114.4\u00a0million paid for earn-out shares).

\n

The Founder Shares, Founder Warrants and public warrants were recognised as part of the Pegasus merger.

\n

The characteristics of the earn-out shares, Founder Shares, Founder Warrants and public warrants (see below) were analysed, and it has been determined that these securities should be classified as liability instruments according to IAS\u00a032. They are recognised at fair-value through P&L.

\n

Those instruments are classified as Level\u00a03 and have been measured using a multi-model analysis based on Monte-Carlo and Black-Scholes models, including public warrants for which the lack of transactions in the public market does not provide a relevant pricing information.

\n

Due to the low level of liquidity of Banijay Group\u2019s shares during the period, unobservable inputs include Banijay Group\u2019s ordinary share\u2019s price (based on a multiple analysis taking into account historical price prior and after quotation, analysts reviews and Pegasus transaction) and volatility (based on peers\u2019 index). The worst-case scenario would increase the liability for an amount of \u20ac6.4 million. The best-case scenario would decrease the liability for an amount of
-\u20ac6.4 million.

\n
Earn-out shares characteristics
\n

Earn-out shares are divided into 3 categories:

\n

\u202213,000,000 earn-out shares A: each of these shares will be converted into 1 ordinary share and 1 SVS if the closing price of the Ordinary Shares equals or exceeds \u20ac13.00 per ordinary share for any 20 trading days within a 30 consecutive trading day period before expiration of a 5-year period following 1\u00a0July 2022;

\n

\u20223,500,000 earn-out shares B: each of these shares will be converted into 1 ordinary share and 1 SVS if the closing price of the Ordinary Shares equals or exceeds \u20ac15.00 per ordinary share for any 20 trading days within a 30 consecutive trading day period before expiration of a 6-year period following 1\u00a0July 2022;

\n

\u20223,500,000 earn-out shares C: each of these shares will be converted into 1 ordinary share and 1 SVS if the closing price of the Ordinary Shares equals or exceeds \u20ac17.00 per ordinary share for any 20 trading days within a 30\u00a0consecutive trading day period before expiration of a 6-year period following 1\u00a0July 2022.

\n

Earn-out shares can only be entitled to profit in the limit of a negligible amount equal to 0.1% of the nominal value (\u20ac0.03) per share. All issued and outstanding earn-out shares at a time may only be held by one person at any time and may also be transferred all together to one other person at a time. Each earn-out share confers three votes in a General Meeting.

\n

Financi\u00e8re LOV has committed not to exercise any voting right attached to earn-out shares. Financi\u00e8re LOV has also committed not to sell the earn-out shares for a three-year period from 1\u00a0July 2022.

\n
Founder Shares characteristics
\n

As a result of the transaction with Pegasus, Founder Shares were contributed to former Founder Shares\u2019 holders of Pegasus Entrepreneurs. Terms and conditions applicable to Banijay Group\u2019s outstanding Founder Shares are similar to those issued by Pegasus.

\n

The Founder Shares have a nominal value of \u20ac0.01 each. From any profits, as remaining after application of the provisions in the Articles of Association regarding reservation and the profit entitlement of earn-out shares, an amount equal to 0.1% of the nominal value of each founder share shall be added to the dividend reserve for founder shares.

\n

Subject to the satisfaction of the conditions set out below and subject to certain capital adjustment measures (as described in the Articles of Association), the 2,575,000\u00a0outstanding Founder Shares held by former Pegasus founders shall be converted:

\n

\u2022up to 50% of the Founder Shares, held by each sponsor, in aggregate amounting to up to 1,287,500 Founder Shares will be exchanged on a one-for-one basis for Ordinary Shares (subject to the lock-up arrangements applicable to the sponsors, including the Pegasus Lock-up Arrangements), if, after 1\u00a0July 2022, the closing price of the Ordinary Shares equals or exceeds \u20ac11.50 per Ordinary Share for any 20 trading days within a 30\u00a0consecutive-trading day period; and

\n

\u2022up to 50% of the Founder Shares, held by each sponsor, in aggregate amounting to up to 1,287,500 Founder Shares will be exchanged on a one-for-one basis for Ordinary Shares (subject to the lock-up arrangements applicable to the sponsors, including the Pegasus Lock-up Arrangements), if, after 1 July 2022, the closing price of the Ordinary Shares equals or exceeds \u20ac13.00 per ordinary share for any 20 trading days within a 30\u00a0consecutive-trading day period.

\n

Existing shareholder agreement provides that any voting right attached to Founder Shares will not be exercised. Founder Shares can only be entitled to profit in the limit of the negligible amount equal to 0.1% of the nominal value (\u20ac0.01) per share.

\n
Public warrants characteristics
\n

Each public warrant shall entitle an eligible holder to purchase from the Company one ordinary share at the price of \u20ac11.50 per ordinary share. Public warrants may be exercised within a 5\u00a0years period from 1\u00a0July 2022.

\n

As warrants, the Ppblic warrants does not entitle to any right as shareholder such as dividends or voting rights.

\n

Terms &\u00a0conditions of the public warrants set several unusual provisions that may affect the market value of the public warrants:

\n

\u2022each public warrant may be redeemed by Banijay Group if the price of the ordinary share exceeds \u20ac18.00 during more than almost consecutive twenty trading days period. Redemption price would in this case equal \u20ac0.01;

\n

\u2022each public warrant may be redeemed by Banijay Group if the price of the ordinary share is comprised between \u20ac10.00 and \u20ac18.00 at a price of \u20ac0.01 per warrant upon not less than 30\u00a0days\u2019 prior written notice of redemption. (a Redemption Notice). In this case, the warrant holder could exercise its warrants on a cashless basis and receive a number of ordinary share per warrant set according to a table based on the redemption date and the fair market value of Ordinary Shares.

\n

As of 31\u00a0December 2025, 8,666,666 public warrants were outstanding.

\n
Founder Warrants characteristics
\n

Founder Warrants have been issued by Banijay Group at 1\u00a0July 2022 and distributed to Pegasus Founder.

\n

Founder Warrants have substantially the same terms as the public warrants and entitle their holder to purchase from Banijay Group one ordinary share at the price of \u20ac11.50 per ordinary share within a 5-year period from 1\u00a0July 2022. Additionally, the Founder Warrants will be exercisable on a cashless basis according to a table based on the redemption date and the fair market value of ordinary shares and be non-redeemable, so long as they are held by the Pegasus\u2019 founders and sponsors. If the Founder Warrants are held by someone other than Pegasus\u2019 founders and sponsors, the Founder Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the public warrants. The proceeds of a redemption of Warrants, the proceeds of the repurchase of warrants or a full or partial cash or cashless settlement of warrants may be subject to Dutch dividend withholding tax at a rate of 15%.

\n

Founder Warrants does not entitle to any right as shareholder such as dividends or voting rights.

\n

As of 31\u00a0December 2025, 5,250,000 Founder Warrants were outstanding.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_17627150618848664_0_0": { "value": "
2.5.13Cash and cash equivalents
\n

Investments in securities, investments with initial maturities of more than three months without an early termination option and bank accounts subject to restrictions (blocked accounts), such as restrictions due to regulations specific to a country or activity sector (e.g., exchange controls), are not classified as cash equivalents but as financial assets.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_17626020010726173_0_0": { "value": "
2.5.13Cash and cash equivalents
\n

Investments in securities, investments with initial maturities of more than three months without an early termination option and bank accounts subject to restrictions (blocked accounts), such as restrictions due to regulations specific to a country or activity sector (e.g., exchange controls), are not classified as cash equivalents but as financial assets.

\n

24.1Current and non-current financial assets

\n

Financial assets comprise financial interests in non-consolidated companies, loans, restricted cash accounts and current accounts with third parties.

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Financial interests in non-consolidated companies

\n		\n

10.0

\n		\n

10.5

\n
\n

Other financial assets \u2013 Investment in debt instruments

\n		\n

90.5

\n		\n

87.3

\n
\n

Non-current loans, guarantee instruments and other financial assets

\n		\n

36.8

\n		\n

37.3

\n
\n

Non-current restricted cash and cash equivalents

\n		\n

6.4

\n		\n

11.7

\n
\n

Non-current derivative financial assets

\n		\n

4.6

\n		\n

13.7

\n
\n

Non-current financial assets

\n		\n

148.2

\n		\n

160.6

\n
\n

Current part of loans, guarantee instruments and other financial assets

\n		\n

18.5

\n		\n

19.4

\n
\n

Current restricted cash and cash equivalents

\n		\n

0.3

\n		\n

0.3

\n
\n

Current accounts

\n		\n

0.0

\n		\n

1.9

\n
\n

Current derivative financials assets

\n		\n

2.7

\n		\n

13.2

\n
\n

Current financial assets

\n		\n

21.6

\n		\n

34.7

\n
\n

Total financial assets

\n		\n

169.7

\n		\n

195.3

\n
\n

.Non-current restricted cash is related to the Banijay Gaming business\u2019 obligations and includes blocked funds and guarantees related to other countries regulatory authorities\u2019 requirements, notably in Germany and Portugal, for an amount of \u20ac6.4 million and \u20ac11.7 million as of 31\u00a0December 2025 and 31 December 2024, respectively

\n

Current restricted cash comprised the amount of cash allocated to a liquidity agreement with a liquidity provider. Under this agreement, the liquidity provider is responsible for providing liquidity in the market for Banijay Group\u2019s shares, acting independently in compliance with Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (the \u201cMAR\u201d) and all regulations promulgated thereunder, including but not limited to the EU Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 and the EU Commission Delegated Regulation (EU) 2016/908 of 26 February 2016, each supplementing the MAR, as well as the points of convergence established by the ESMA in relation to MAR accepted market practices on liquidity contracts, providing guidance to competent authorities on such AMP (the \u201cESMA Opinion\u201d). The parties shall ensure to comply with all applicable laws, rules and regulations in the Netherlands. When performing or effecting transactions or trade orders in the shares in the execution of this contract, the liquidity provider shall always act without interfering with orderly market operation or misleading other parties. The liquidity account has been credited with the sum of \u20ac300 thousand.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346987_0": { "value": "
2.5.13Cash and cash equivalents
\n

Cash and cash equivalents include bank accounts and short-term deposits whose initial maturity is less than three months that are already convertible into cash and are subject to insignificant risks of change in fair value.

\n

For the needs of the consolidated statement of cash flows, the amount of cash and cash equivalents includes the cash and cash equivalents as defined above reduced by bank overdrafts.

\n

24.2Cash and cash equivalents

\n

Cash and cash equivalents are presented net of bank overdrafts in the consolidated cash flow statement.

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Marketable securities

\n		\n

1.3

\n		\n

0.5

\n
\n

Cash

\n		\n

492.6

\n		\n

481.4

\n
\n

Cash and cash equivalents \u2013\u00a0Assets

\n		\n

493.9

\n		\n

482.0

\n
\n

Bank overdrafts

\n		\n

(0.1)

\n		\n

(1.1)

\n
\n

Net cash and cash equivalents

\n		\n

493.8

\n		\n

480.9

\n
\n

\n

24.3Current and non-current financial liabilities

\n

The variation of the financial liabilities breaks down as follows:

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

(in \u20ac million)

\n		\n

1\u00a0January 2025

\n		\n

Cash flows

\n		\n

Non cash flows

\n		\n

31\u00a0December 2025

\n
\n

Increase

\n		\n

Repayment

\n		\n

Other cash items

\n		\n

Changes in consolidation scope

\n		\n

Other non cash items

\n		\n

Foreign exchange

\n
\n

Bonds

\n		\n

1,142.8

\n		\n

-

\n		\n

(229.0)

\n		\n

-

\n		\n

-

\n		\n

4.8

\n		\n

(44.6)

\n		\n

874.0

\n
\n

Bank borrowings

\n		\n

1,861.0

\n		\n

438.9

\n		\n

(90.3)

\n		\n

2.5

\n		\n

0.4

\n		\n

4.1

\n		\n

(64.8)

\n		\n

2,151.8

\n
\n

Accrued interests on bonds and bank borrowings

\n		\n

27.1

\n		\n

-

\n		\n

-

\n		\n

(27.1)

\n		\n

-

\n		\n

31.2

\n		\n

(0.7)

\n		\n

30.5

\n
\n

Vendor loans

\n		\n

111.4

\n		\n

-

\n		\n

(111.4)

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Current accounts

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

0.2

\n		\n

0.2

\n		\n

(0.4)

\n		\n

-

\n
\n

Bank overdrafts

\n		\n

1.1

\n		\n

-

\n		\n

-

\n		\n

(6.7)

\n		\n

-

\n		\n

(0.3)

\n		\n

6.1

\n		\n

0.1

\n
\n

Derivatives \u2013\u00a0Liabilities

\n		\n

6.0

\n		\n

-

\n		\n

-

\n		\n

(2.9)

\n		\n

-

\n		\n

47.4

\n		\n

(0.1)

\n		\n

50.4

\n
\n

Total financial liabilities

\n		\n

3,149.3

\n		\n

438.9(1)

\n		\n

(430.7)(2)

\n		\n

(34.2)

\n		\n

0.6

\n		\n

87.5(3)

\n		\n

(104.5)

\n		\n

3,106.9

\n
\n

(1)The cashflow statement reflects the actual cashflows related to refinancing of Senior loans: the cash flow received by the Group was the gross amount of the Term Loan B operation of Banijay Gaming and then, has been reflected for this amount in the column \u201cIncrease\u201d.

\n

(2)The line \u201cRepayment of borrowings and other financial liabilities\u201d in the cash flow statement also included the lease repayments for an amount of \u2011\u20ac44.7 million.

\n

(3)Other non-cash items mainly include the accrued interest on bonds and bank borrowings, former issuance costs amortised during the period as well as the effect of the derivatives.

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

(in \u20ac million)

\n		\n

1\u00a0January 2024

\n		\n

Cash flows

\n		\n

Non cash flows

\n		\n

31\u00a0December 2024

\n
\n

Increase

\n		\n

Repayment

\n		\n

Other cash items

\n		\n

Changes in consolidation scope

\n		\n

Other non-cash items

\n		\n

Foreign exchange

\n
\n

Bonds

\n		\n

1,284.2

\n		\n

-

\n		\n

(171.0)

\n		\n

-

\n		\n

-

\n		\n

6.5

\n		\n

23.0

\n		\n

1,142.8

\n
\n

Bank borrowings

\n		\n

1,437.3

\n		\n

743.9

\n		\n

(364.9)

\n		\n

0.5

\n		\n

7.5

\n		\n

2.9

\n		\n

33.9

\n		\n

1,861.0

\n
\n

Accrued interests on bonds and bank borrowings

\n		\n

37.2

\n		\n

-

\n		\n

-

\n		\n

(37.2)

\n		\n

-

\n		\n

26.4

\n		\n

0.6

\n		\n

27.1

\n
\n

Vendor loans

\n		\n

143.5

\n		\n

-

\n		\n

(40.7)

\n		\n

-

\n		\n

-

\n		\n

8.5

\n		\n

-

\n		\n

111.4

\n
\n

Current accounts

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Bank overdrafts

\n		\n

1.5

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

0.3

\n		\n

3.7

\n		\n

(4.3)

\n		\n

1.1

\n
\n

Derivatives \u2013\u00a0Liabilities

\n		\n

6.4

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

(0.5)

\n		\n

-

\n		\n

6.0

\n
\n

Total financial liabilities

\n		\n

2,910.1

\n		\n

743.9(1)

\n		\n

(576.6)(2)

\n		\n

(36.7)(3)

\n		\n

7.9

\n		\n

47.4(4)

\n		\n

53.3

\n		\n

3,149.4

\n
\n

(1)The cashflow statement reflects the actual cashflows related to refinancing of Senior loans: the cash flow received by the Group was the gross amount of the Term Loan B operation of Banijay Gaming and then, has been reflected for this amount in the column \u201cIncrease\u201d.

\n

(2)The line \u201cRepayment of borrowings and other financial liabilities\u201d in the cash flow statement also included the lease repayments for an amount of \u2011\u20ac43.6 million

\n

(3)Other cash items mainly include the issuance costs paid during the period -\u20ac5.4 million and credit lines linked to productions includes in the variation of working capital in the cashflow statement +\u20ac5.9 million

\n

(4)Other non-cash items mainly include the accrued interest on bonds and bank borrowings and on vendor loan.

\n
\n

Cash Flow Statements

\n

26.1Amortisation, depreciation, impairment losses and provisions, net of reversals

\n

This adjustment in the Consolidated statement of cash flows comprises amortisation, depreciation, impairment\u00a0losses and provision included in the operating profit, the non-recurring income and expenses and the financial income and expenses for -\u20ac181.4 million in 2025, compared to -\u20ac194.7 million in 2024.

\n

26.2Other adjustments

\n

Other adjustments include notably i) unrealised foreign exchange gains; ii) acquisition costs reclassified in \u201cPurchases of consolidated companies\u201d; and (iii) other financial items reclassified in \u201cInterests paid\u201d.

\n

26.3Purchase of consolidated companies, net of cash acquired

\n

The purchase of consolidated companies, net of cash acquired in the Consolidated statement of cash flows mainly include:

\n

\u20222025:

\n

\u2022Shares upfront payment for -\u20ac24.3 million;

\n

\u2022Acquisition costs for -\u20ac2.1 million;

\n

\u2022Cash received following the acquisition of entities for +3.8 million;

\n

\u2022Earn-out and put payments for -\u20ac25.3 million.

\n

\u20222024:

\n

\u2022Shares upfront payment for -\u20ac27.7 million;

\n

\u2022Acquisitions costs for -\u20ac7.3 million;

\n

\u2022Cash received following the acquisition of entities for +\u20ac2.3 million;

\n

\u2022Earn-out and put payments for -\u20ac13.6 million.

\n

26.4Investments in associates and joint ventures

\n

In 2024, investments in associates and joint ventures mainly related to the investment in The Independents for \u2011\u20ac72.8 million as described in Note 17.2.

\n

26.5Increase and decrease in\u00a0financial assets

\n

The financial assets in the Consolidated statement of cash flows mainly include:

\n

\u20222025:

\n

\u2022The current accounts transactions with associates and joint ventures for \u2013\u20ac4.1 million.

\n

\u20222024:

\n

\u2022The reimbursement of the cash in trust in accordance with the French Online Gambling Regulatory Authority\u2019s requirements to Banijay Gaming for \u20ac30.7\u00a0million;

\n

\u2022The exercise by Banijay Events of its put option to sell 231,000 Class B Preferred shares of Gardenia for \u20ac24.8 million as described in the Note 24.1;

\n

\u2022The current accounts transactions with associates and joint ventures for -\u20ac14.7 million;

\n

\u2022The payment of a guarantee related to regulatory authorities\u2019 requirements in Portugal for -\u20ac6.7 million.

\n

26.6Transactions with non-controlling interests

\n

The transactions with non-controlling interest in the Consolidated statement of cash flows mainly include:

\n

\u20222025:

\n

\u2022The exercise of warrants of Banijay Entertainment for a net amount of +\u20ac12.0 million;

\n

\u2022Repayment of De Agostini vendor loan for \u2011\u20ac111.4\u00a0million.

\n

26.7Proceeds from borrowings and\u00a0other financial liabilities

\n

The proceeds from borrowings and other financial liabilities in the Consolidated statement of cash flows mainly include:

\n

\u20222025:

\n

\u2022Proceeds from Banijay Entertainment Term Loan B for +\u20ac400 million;

\n

\u2022Issuance costs for -\u20ac3.6 million;

\n

\u2022Fiction in progress loans for +\u20ac17.6 million;

\n

\u2022Local credit lines for +\u20ac24.8 million.

\n

\u20222024:

\n

\u2022Proceeds from Banijay Gaming business Term Loan B for +\u20ac600 million;

\n

\u2022Proceeds from Banijay Gaming business Bridge Loan for +\u20ac110 million;

\n

\u2022Proceeds from other loan for +\u20ac33.4 million.

\n

26.8Repayment of borrowings and other financial liabilities

\n

The repayment of borrowings and other financial liabilities in the Consolidated statement of cash flows mainly include:

\n

\u20222025:

\n

\u2022Repayment of Banijay Entertainment Unsecured Notes for -\u20ac229.0 million;

\n

\u2022Repayment of Banijay Entertainment term loan US partial repayment for -\u20ac48.9 million;

\n

\u2022Repayment of lease liabilities for -\u20ac44.7 million;

\n

\u2022Repayment of other loans for -\u20ac42.1\u00a0million including Fiction in progress loans for -\u20ac21.1 million.

\n

\u20222024:

\n

\u2022Repayment of Banijay Gaming Senior Loan Tranche A, Tranche B and Bridge loans for -\u20ac336 million;

\n

\u2022Partial repayment of Banijay Entertainment Senior Unsecured Notes for -\u20ac170 million;

\n

\u2022Repayment of International SBM vendor loan for \u2011\u20ac40.7 million.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_12849150127818432_0_0": { "value": "
2.5.13Cash and cash equivalents
\n

Cash and cash equivalents include bank accounts and short-term deposits whose initial maturity is less than three months that are already convertible into cash and are subject to insignificant risks of change in fair value.

\n

For the needs of the consolidated statement of cash flows, the amount of cash and cash equivalents includes the cash and cash equivalents as defined above reduced by bank overdrafts.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034347228_0": { "value": "
2.5.13Cash and cash equivalents
\n

Cash and cash equivalents include bank accounts and short-term deposits whose initial maturity is less than three months that are already convertible into cash and are subject to insignificant risks of change in fair value.

\n

For the needs of the consolidated statement of cash flows, the amount of cash and cash equivalents includes the cash and cash equivalents as defined above reduced by bank overdrafts.

\n

Investments in securities, investments with initial maturities of more than three months without an early termination option and bank accounts subject to restrictions (blocked accounts), such as restrictions due to regulations specific to a country or activity sector (e.g., exchange controls), are not classified as cash equivalents but as financial assets.

\n

24.2Cash and cash equivalents

\n

Cash and cash equivalents are presented net of bank overdrafts in the consolidated cash flow statement.

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Marketable securities

\n		\n

1.3

\n		\n

0.5

\n
\n

Cash

\n		\n

492.6

\n		\n

481.4

\n
\n

Cash and cash equivalents \u2013\u00a0Assets

\n		\n

493.9

\n		\n

482.0

\n
\n

Bank overdrafts

\n		\n

(0.1)

\n		\n

(1.1)

\n
\n

Net cash and cash equivalents

\n		\n

493.8

\n		\n

480.9

\n
\n

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10424501984530936_0_0": { "value": "
2.5.13Cash and cash equivalents
\n

Cash and cash equivalents include bank accounts and short-term deposits whose initial maturity is less than three months that are already convertible into cash and are subject to insignificant risks of change in fair value.

\n

For the needs of the consolidated statement of cash flows, the amount of cash and cash equivalents includes the cash and cash equivalents as defined above reduced by bank overdrafts.

\n

Investments in securities, investments with initial maturities of more than three months without an early termination option and bank accounts subject to restrictions (blocked accounts), such as restrictions due to regulations specific to a country or activity sector (e.g., exchange controls), are not classified as cash equivalents but as financial assets.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_23434898993465888_0_0": { "value": "
2.5.14Trade receivables
\n

They are initially recorded at their fair value and are subject to impairment when their realisable value falls below their book value.

\n
Trade receivables on \u201cproviders\u201d
\n

Trade receivables on \u201cproviders\u201d (payment service providers) correspond to balances in transit with the Group\u2019s payment partners and which are repatriated to bank accounts manually or automatically. These receivables are considered liquid because they can be transferred in a few minutes or a few days, depending on the partners.

\n
2.5.15Contract balances
\n

If accrued revenue constitutes an unconditional right to payment or consideration, i.e., if the passage of time is sufficient for payment of the consideration to fall due, the accrued revenue will constitute a receivable. In all other cases, it constitutes the contract assets.

\n

Revenue accruals are classified in \u201cTrade and other receivables\u201d since accrued revenue constitutes an unconditional right to consideration.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034347077_0": { "value": "
2.5.14Trade receivables
\n

They are initially recorded at their fair value and are subject to impairment when their realisable value falls below their book value.

\n
Trade receivables on \u201cproviders\u201d
\n

Trade receivables on \u201cproviders\u201d (payment service providers) correspond to balances in transit with the Group\u2019s payment partners and which are repatriated to bank accounts manually or automatically. These receivables are considered liquid because they can be transferred in a few minutes or a few days, depending on the partners.

\n
2.5.15Contract balances
\n

If accrued revenue constitutes an unconditional right to payment or consideration, i.e., if the passage of time is sufficient for payment of the consideration to fall due, the accrued revenue will constitute a receivable. In all other cases, it constitutes the contract assets.

\n

Revenue accruals are classified in \u201cTrade and other receivables\u201d since accrued revenue constitutes an unconditional right to consideration.

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

Note 18

\n		\n

Working capital balances

\n
\n

18.2Trade receivables

\n

The breakdown of trade and other receivables as of 31\u00a0December 2025 and 2024\u00a0is as follows:

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Trade receivables, gross

\n		\n

498.5

\n		\n

500.7

\n
\n

Trade receivables from providers, gross

\n		\n

37.6

\n		\n

47.8

\n
\n

Total trade receivables, gross

\n		\n

536.1

\n		\n

548.5

\n
\n

Allowance for expected credit loss

\n		\n

(11.2)

\n		\n

(12.9)

\n
\n

Trade receivables, net

\n		\n

524.8

\n		\n

535.6

\n
\n

Trade receivables from providers (payment service providers) correspond to balances in transit with the payment partners of the Group and which are repatriated to bank accounts manually or automatically. These receivables are considered liquid because they can be transferred in a few minutes or a few days, depending on partners.

\n

18.3Other non-current and current assets

\n

The breakdown of other non-current and current assets as of 31\u00a0December 2025 and 2024\u00a0is as follows:

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Trade receivables, LT

\n		\n

40.9

\n		\n

33.2

\n
\n

Income tax receivables, LT

\n		\n

4.3

\n		\n

0.1

\n
\n

Other, LT

\n		\n

217.8

\n		\n

183.1

\n
\n

Other non-current assets

\n		\n

262.9

\n		\n

216.4

\n
\n

Other non-current assets amount to \u20ac217.8 million and mainly refer to the cumulated payments of VAT in respect of income resulting from sports bets placed by players residing in France from January 2018 till the end of December 2025.

\n

Betclic Everest Group received, in December 2021, a notice of adjustment from the French tax authorities for a total amount of \u20ac52.4 million (wilful misconduct and interest for late payment included) related to the VAT to be collected and paid in respect of income resulting from sports bets placed by players residing in France, for the years 2018 and 2019.

\n

On 13 May 2022, Betclic Everest Group received (i) a rectification on the notice of adjustment from December 2021, decreasing the amount of \u20ac52.4 million to \u20ac37.3\u00a0million (wilful misconduct and interest for late payment included) and (ii) a new notice of adjustment from the French tax authorities for a total amount of \u20ac25.8 million (wilful misconduct and interest for late payment included) related to the VAT to be collected and paid in respect of income resulting from sports bets placed by players residing in France for the year 2020.

\n

On 27 September 2023, the French tax authorities notified Betclic Everest Group of the cancellation of the wilful misconduct penalty, for the years 2018 and 2019 only, decreasing the adjustments from \u20ac37.3\u00a0million to \u20ac27.1\u00a0million.

\n

In 2024, following discussions, the French tax authorities also cancelled the wilful misconduct penalty for the year 2020.

\n

On 24 October 2024, Betclic Everest Group received an adjusted assessment notice for the years 2018, 2019 and 2020. It resulted in a final payment of \u20ac45.7 million including interest for late payment.

\n

Betclic Everest Group, with the support of its legal and tax advisers, still considers that the position of the French tax authorities is not in conformity with various general VAT principles, in the same way as other online gaming operators in France that are part of the association AFJEL.

\n

Betclic Everest Group will challenge this adjustment in France, with the French tax authorities and, if necessary, the French Courts, but also with the Court of Justice of the European Commission if a French Court decides to make a request for a preliminary ruling. No provision relating to this litigation has been recorded.

\n

However, to avoid further similar adjustments from the French tax authorities, Betclic Everest Group has decided to spontaneously pay VAT in respect of income resulting from sports bets placed by players residing in France from 2021 to 2025 for an amount of \u20ac169.7 million and will continue to proceed accordingly in 2026.

\n

Betclic Everest Group still considers that such VAT is not due and intends to claim repayment of the corresponding VAT spontaneously paid. Consequently, the total amount paid as of December 2025 has been recognised as State receivables toward the French tax authorities in the financial statements.

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

(in \u20ac million)

\n		\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Tax receivables, excluding income tax

\n		\n

93.0

\n		\n

111.9

\n
\n

Grant receivables

\n		\n

132.4

\n		\n

153.1

\n
\n

Income tax receivables

\n		\n

20.7

\n		\n

8.8

\n
\n

Prepaid expenses

\n		\n

31.6

\n		\n

30.3

\n
\n

Production-related receivables

\n		\n

10.8

\n		\n

9.2

\n
\n

Receivables from disposals of assets

\n		\n

1.0

\n		\n

4.6

\n
\n

Employment-related earnout and option, ST

\n		\n

-

\n		\n

0.0

\n
\n

Others

\n		\n

15.2

\n		\n

14.8

\n
\n

Other current assets

\n		\n

304.7

\n		\n

332.7

\n
\n

\n
\n

Other current assets mainly comprise Tax receivables and grant receivables.

\n

Grant receivables amounted to \u20ac132.4 million and concerned audiovisual tax credit mostly related to the production of fiction.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034347205_0": { "value": "
2.5.15Contract balances
\n

If accrued revenue constitutes an unconditional right to payment or consideration, i.e., if the passage of time is sufficient for payment of the consideration to fall due, the accrued revenue will constitute a receivable. In all other cases, it constitutes the contract assets.

\n

Revenue accruals are classified in \u201cTrade and other receivables\u201d since accrued revenue constitutes an unconditional right to consideration.

\n

Advance payments received from customers and deferred income are the contract liabilities. They are classified in \u201cOther current liabilities\u201d.

\n
2.5.21Revenue
\n

Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of a product or service to a customer.

\n

The revenue from ordinary activities is recognised as soon as the economic benefits of the transaction will probably flow to the Group, the amount is reliably measured, and the amount of the transaction will likely be recovered.

\n

Revenue from the two businesses and their specificities are explained below.

\n
Revenue recognition for Banijay Entertainment & Live
\n

Revenue recognition is based on the delivery of performance obligations and an assessment of when control is transferred to the customer. Revenue is recognised either when the performance obligation in the contract has been performed (\u2018point in time\u2019 recognition) or \u2018over time\u2019 as control of the performance obligation is transferred progressively to the customer.

\n

Customer contracts can have a wide variety of performance obligations, from production contracts to format licenses and distribution activities. For these contracts, each performance obligation is identified and evaluated.

\n

The transaction price, being the amount to which the Group expects to be entitled and has rights to under the contract, is allocated to the identified performance obligations. The transaction price will also include an estimate of any variable consideration where the Group\u2019s performance may result in additional revenue based on the achievement of agreed targets such as audience targets. Variable consideration is not recognised until the performance obligations are met.

\n

Production revenue from producing television programmes

\n

Production revenue is recognised when the programmes are delivered to the client. Standard criteria to establish revenue recognition are:

\n

\u2022in most cases, the client\u2019s acceptance document (i.e.,\u00a0delivery notice signed / approved by the client, \u2026);

\n

\u2022delivery of a certain number of episodes.

\n

In case of partial delivery of the same programme over several periods of time (series,\u00a0etc.), revenue, costs and margin are recognised according to episodic deliveries. Production revenue does not include grants, subsidies and co-producers\u2019 contributions. These are presented as a reduction of cost of sales.

\n

Production revenue from live experiences

\n

Live experiences production revenue is recognised when the service is delivered to the customer, most of the time, on the date the event takes place (point in time or over time depending on the duration of the events which do not usually exceed several weeks).

\n

Distribution revenue from the sale of finished programmes and formats

\n

Distribution revenue is recognised when the rights are transferred to the client:

\n

\u2022based on a signed contract or a deal memo;

\n

\u2022when the related rights are opened; and

\n

\u2022for the full revenue (revenue is not spread over the licensing period), as it is an access to rights since there is limited ongoing involvement in the use of the license following its transfer to the customer.

\n

Minimum guaranteed revenue is recognised as revenue when the above criteria are met, and further variable payments are recognised when highly probable.

\n

Revenue from music rights is recognised as revenue when received based on royalty statements (output method).

\n

Revenues from other rights and services

\n

Other rights and services include merchandising, music rights, other ancillary revenues and digital services.

\n

Merchandising revenues are recognised when the rights are transferred to the client:

\n

\u2022on the basis of a signed contract or a deal memo; and

\n

\u2022when the licensing period begins; and

\n

\u2022for the full revenue (revenues are not spread over the licensing period).

\n

Minimum guarantee revenues are recognised as revenue when the above criteria are met, and further variable payments are recognised when received.

\n

Revenues from music rights are recognised as revenues when received based on royalty statements (output method).

\n

Revenues and costs related to the rendering of services are recognised on completion of the service rendered as long as they can be estimated reliably.

\n

When the outcome of the transaction cannot be estimated reliably, revenue shall be recognised only to the extent of the expenses recognised.

\n

Consideration as a Principal or an Agent in revenue recognition

\n

The Group had determined it is a principal in most of its performance obligations.

\n

In the course of its business, the Group resells finished tapes or formats purchased from third parties. Given it obtains the right to distribute the content, the Group usually controls the license. The distinction between agent and principal has an impact on the presentation of revenue, which is recognised as follows:

\n

\u2022on a gross basis when the Group is a principal;

\n

\u2022net of the cost of sales when the Group is an agent.

\n
Revenue recognition for the Banijay Gaming business
\n

The Online sports betting & gaming business generates its revenue from the conclusion and processing of sports bets and the provision of various other online casino activities, games and turf activities. In line with industry practices, the net results from bets and/or wagers placed by customers and pay-outs to customers are initially recognised as gross betting and gaming revenue.

\n

The net betting and gaming revenue recognised in the consolidated statements of income is the residual amount left after deducting betting fees and gambling levies.

\n

Revenue is made up of Gross Gaming Revenue less bonuses.

\n

Gross betting and gaming revenue

\n

Gross betting and gaming revenue is recognised once all of the obligations have been fulfilled, i.e. once the events and related player bets or the wagers on online casinos and other online games have been completed and the Group has calculated the winnings and published the results.

\n

It is based on the turnover. This results in the following principles:

\n

\u2022gross betting and gaming revenue from games in casinos and sports betting corresponds to money lost by players in these activities during the accounting period;

\n

\u2022gross betting and gaming from poker games corresponds to the commissions (rake) collected on poker games, increased by the entry fees collected over the period; and

\n

\u2022gross betting and gaming on the turf corresponds to the commissions collected on the bets of the players.

\n

The gross gaming proceeds from bets already placed on sporting events at closing but the results of which will not be known until after the end of the period (\u201cpending bets\u201d) are not recognised as revenue. This amount is recorded as financial liabilities to customers, and measured at fair value through P&L in accordance with IFRS 9 \u2013 Financial Instruments.

\n

Players\u2019 Bonuses

\n

Players\u2019 Bonuses mainly comprise four\u00a0categories:

\n

\u2022\u201cFree bets\u201d, a virtual amount (which can be withdrawn) that can be used to place a sports bet. In case of a positive betting outcome, the net winning (winnings minus stake) is credited to the customer balance. \u201cFree bets\u201d bonuses not yet consumed at the reporting date are recognised at their fair value through profit or loss;

\n

\u2022\u201cBoost bonus\u201d, an odd multiplier available for specific multiple bets increasing the expected winning amount;

\n

\u2022\u201cCash bonus\u201d, cash amount credited to the player balance and immediately withdrawable; and

\n

\u2022\u201cBlocked bonus\u201d, a bonus withdrawable pertaining to specific triggering conditions such as wagering requirements. Cost of bonus is reported when credited to the customer account to the exception of provision which is fair valued through profit and loss.

\n

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

Note 6

\n		\n

Revenue

\n
\n

Revenue for the years ended 31 December 2025 and 2024 by activity and sub-activity are as follows:

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Banijay Entertainment & live

\n		\n

3,286.8

\n		\n

3,347.8

\n
\n

Production

\n		\n

2,521.5

\n		\n

2,614.7

\n
\n

Distribution

\n		\n

368.3

\n		\n

397.0

\n
\n

Others

\n		\n

397.0

\n		\n

336.0

\n
\n

Banijay Gaming

\n		\n

1,593.7

\n		\n

1,455.5

\n
\n

Sportsbook

\n		\n

1,214.3

\n		\n

1,144.0

\n
\n

Casino

\n		\n

249.3

\n		\n

213.3

\n
\n

Poker

\n		\n

105.8

\n		\n

77.6

\n
\n

Turf

\n		\n

24.3

\n		\n

20.6

\n
\n

Total revenue

\n		\n

4,880.5

\n		\n

4,803.3

\n
\n

\u2022Total revenue of Banijay Entertainment & Live essentially corresponds to the production and sale of audiovisual programmes, and the distribution of audiovisual rights and/or catalogues.

\n

The remaining part of the Group\u2019s revenue is attributed to Banijay Gaming, which includes the activity of sportsbook, casino, poker and turf. The increase in revenue is the consequence of the growing player database, product improvement and a favourable sportsbook margin.

\n

Information by geographical area based on customer location is as follows:

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

(in \u20ac million)

\n

Revenue by geographical area

\n		\n

2025

\n		\n

2024

\n
\n

France

\n		\n

1,112.0

\n		\n

1,085.9

\n
\n

United Kingdom

\n		\n

702.0

\n		\n

606.3

\n
\n

United States of America

\n		\n

377.7

\n		\n

521.3

\n
\n

Rest of Europe

\n		\n

2,091.8

\n		\n

2,006.6

\n
\n

Rest of the world

\n		\n

597.1

\n		\n

583.2

\n
\n

Total revenue

\n		\n

4,880.5

\n		\n

4,803.3

\n
\n

\n

18.4Customer contract liabilities

\n

Customer contract liabilities as of 31\u00a0December 2025 and 2024\u00a0are as follows:

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Deferred revenue

\n		\n

565.0

\n		\n

606.4

\n
\n

Liabilities for gaming

\n		\n

75.2

\n		\n

63.4

\n
\n

Total customer contract liabilities

\n		\n

640.2

\n		\n

669.8

\n
\n

Deferred revenue relates to undelivered programmes that are work-in-progress (or intangible assets-in-progress) and that have already been invoiced, recognised as deferred revenue under IFRS 15.

\n

Liabilities for gaming mainly relates to players\u2019 liabilities and bets already placed on sporting events at the reporting date but the results of which will not be known until after the end of the period.

\n

Revenue recognised in 2025 that was included in the customer contract liability balance at the beginning of the period:

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

(in \u20ac million)

\n		\n

1 January 2025

\n		\n

Revenue recognised in 2025

\n		\n

Revenue not yet recognised

\n
\n

Deferred revenue

\n		\n

606.4

\n		\n

557.8

\n		\n

48.6

\n
\n

The remaining performance obligation corresponds to firm commitments (or closed sales).

\n

The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as of 31 December 2025 totalled \u20ac2,695 million for the Banijay Entertainment & Live segment, including \u20ac2,034\u00a0million within one year and \u20ac661 million beyond one year (\u20ac2,770 million, including \u20ac2,191\u00a0million within one year and \u20ac579 million beyond one year in 2024).

\n

The remaining performance obligations should essentially cover the revenue to be recognised for undelivered productions and for sales of finished tapes/formats for which the rights are not opened.

\n

Liabilities for gaming bets mainly include players\u2019 liabilities, i.e., the amounts available in their accounts for an amount of \u20ac75.2 million and \u20ac63.4 million as of 31 December 2025 and 31 December 2024, respectively.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_21791527190706156_0_0": { "value": "
2.5.15Contract balances
\n

If accrued revenue constitutes an unconditional right to payment or consideration, i.e., if the passage of time is sufficient for payment of the consideration to fall due, the accrued revenue will constitute a receivable. In all other cases, it constitutes the contract assets.

\n

Revenue accruals are classified in \u201cTrade and other receivables\u201d since accrued revenue constitutes an unconditional right to consideration.

\n

Advance payments received from customers and deferred income are the contract liabilities. They are classified in \u201cOther current liabilities\u201d.

\n
2.5.21Revenue
\n

Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of a product or service to a customer.

\n

The revenue from ordinary activities is recognised as soon as the economic benefits of the transaction will probably flow to the Group, the amount is reliably measured, and the amount of the transaction will likely be recovered.

\n

Revenue from the two businesses and their specificities are explained below.

\n
Revenue recognition for Banijay Entertainment & Live
\n

Revenue recognition is based on the delivery of performance obligations and an assessment of when control is transferred to the customer. Revenue is recognised either when the performance obligation in the contract has been performed (\u2018point in time\u2019 recognition) or \u2018over time\u2019 as control of the performance obligation is transferred progressively to the customer.

\n

Customer contracts can have a wide variety of performance obligations, from production contracts to format licenses and distribution activities. For these contracts, each performance obligation is identified and evaluated.

\n

The transaction price, being the amount to which the Group expects to be entitled and has rights to under the contract, is allocated to the identified performance obligations. The transaction price will also include an estimate of any variable consideration where the Group\u2019s performance may result in additional revenue based on the achievement of agreed targets such as audience targets. Variable consideration is not recognised until the performance obligations are met.

\n

Production revenue from producing television programmes

\n

Production revenue is recognised when the programmes are delivered to the client. Standard criteria to establish revenue recognition are:

\n

\u2022in most cases, the client\u2019s acceptance document (i.e.,\u00a0delivery notice signed / approved by the client, \u2026);

\n

\u2022delivery of a certain number of episodes.

\n

In case of partial delivery of the same programme over several periods of time (series,\u00a0etc.), revenue, costs and margin are recognised according to episodic deliveries. Production revenue does not include grants, subsidies and co-producers\u2019 contributions. These are presented as a reduction of cost of sales.

\n

Production revenue from live experiences

\n

Live experiences production revenue is recognised when the service is delivered to the customer, most of the time, on the date the event takes place (point in time or over time depending on the duration of the events which do not usually exceed several weeks).

\n

Distribution revenue from the sale of finished programmes and formats

\n

Distribution revenue is recognised when the rights are transferred to the client:

\n

\u2022based on a signed contract or a deal memo;

\n

\u2022when the related rights are opened; and

\n

\u2022for the full revenue (revenue is not spread over the licensing period), as it is an access to rights since there is limited ongoing involvement in the use of the license following its transfer to the customer.

\n

Minimum guaranteed revenue is recognised as revenue when the above criteria are met, and further variable payments are recognised when highly probable.

\n

Revenue from music rights is recognised as revenue when received based on royalty statements (output method).

\n

Revenues from other rights and services

\n

Other rights and services include merchandising, music rights, other ancillary revenues and digital services.

\n

Merchandising revenues are recognised when the rights are transferred to the client:

\n

\u2022on the basis of a signed contract or a deal memo; and

\n

\u2022when the licensing period begins; and

\n

\u2022for the full revenue (revenues are not spread over the licensing period).

\n

Minimum guarantee revenues are recognised as revenue when the above criteria are met, and further variable payments are recognised when received.

\n

Revenues from music rights are recognised as revenues when received based on royalty statements (output method).

\n

Revenues and costs related to the rendering of services are recognised on completion of the service rendered as long as they can be estimated reliably.

\n

When the outcome of the transaction cannot be estimated reliably, revenue shall be recognised only to the extent of the expenses recognised.

\n

Consideration as a Principal or an Agent in revenue recognition

\n

The Group had determined it is a principal in most of its performance obligations.

\n

In the course of its business, the Group resells finished tapes or formats purchased from third parties. Given it obtains the right to distribute the content, the Group usually controls the license. The distinction between agent and principal has an impact on the presentation of revenue, which is recognised as follows:

\n

\u2022on a gross basis when the Group is a principal;

\n

\u2022net of the cost of sales when the Group is an agent.

\n
Revenue recognition for the Banijay Gaming business
\n

The Online sports betting & gaming business generates its revenue from the conclusion and processing of sports bets and the provision of various other online casino activities, games and turf activities. In line with industry practices, the net results from bets and/or wagers placed by customers and pay-outs to customers are initially recognised as gross betting and gaming revenue.

\n

The net betting and gaming revenue recognised in the consolidated statements of income is the residual amount left after deducting betting fees and gambling levies.

\n

Revenue is made up of Gross Gaming Revenue less bonuses.

\n

Gross betting and gaming revenue

\n

Gross betting and gaming revenue is recognised once all of the obligations have been fulfilled, i.e. once the events and related player bets or the wagers on online casinos and other online games have been completed and the Group has calculated the winnings and published the results.

\n

It is based on the turnover. This results in the following principles:

\n

\u2022gross betting and gaming revenue from games in casinos and sports betting corresponds to money lost by players in these activities during the accounting period;

\n

\u2022gross betting and gaming from poker games corresponds to the commissions (rake) collected on poker games, increased by the entry fees collected over the period; and

\n

\u2022gross betting and gaming on the turf corresponds to the commissions collected on the bets of the players.

\n

The gross gaming proceeds from bets already placed on sporting events at closing but the results of which will not be known until after the end of the period (\u201cpending bets\u201d) are not recognised as revenue. This amount is recorded as financial liabilities to customers, and measured at fair value through P&L in accordance with IFRS 9 \u2013 Financial Instruments.

\n

Players\u2019 Bonuses

\n

Players\u2019 Bonuses mainly comprise four\u00a0categories:

\n

\u2022\u201cFree bets\u201d, a virtual amount (which can be withdrawn) that can be used to place a sports bet. In case of a positive betting outcome, the net winning (winnings minus stake) is credited to the customer balance. \u201cFree bets\u201d bonuses not yet consumed at the reporting date are recognised at their fair value through profit or loss;

\n

\u2022\u201cBoost bonus\u201d, an odd multiplier available for specific multiple bets increasing the expected winning amount;

\n

\u2022\u201cCash bonus\u201d, cash amount credited to the player balance and immediately withdrawable; and

\n

\u2022\u201cBlocked bonus\u201d, a bonus withdrawable pertaining to specific triggering conditions such as wagering requirements. Cost of bonus is reported when credited to the customer account to the exception of provision which is fair valued through profit and loss.

\n

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

Note 6

\n		\n

Revenue

\n
\n

Revenue for the years ended 31 December 2025 and 2024 by activity and sub-activity are as follows:

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Banijay Entertainment & live

\n		\n

3,286.8

\n		\n

3,347.8

\n
\n

Production

\n		\n

2,521.5

\n		\n

2,614.7

\n
\n

Distribution

\n		\n

368.3

\n		\n

397.0

\n
\n

Others

\n		\n

397.0

\n		\n

336.0

\n
\n

Banijay Gaming

\n		\n

1,593.7

\n		\n

1,455.5

\n
\n

Sportsbook

\n		\n

1,214.3

\n		\n

1,144.0

\n
\n

Casino

\n		\n

249.3

\n		\n

213.3

\n
\n

Poker

\n		\n

105.8

\n		\n

77.6

\n
\n

Turf

\n		\n

24.3

\n		\n

20.6

\n
\n

Total revenue

\n		\n

4,880.5

\n		\n

4,803.3

\n
\n

\u2022Total revenue of Banijay Entertainment & Live essentially corresponds to the production and sale of audiovisual programmes, and the distribution of audiovisual rights and/or catalogues.

\n

The remaining part of the Group\u2019s revenue is attributed to Banijay Gaming, which includes the activity of sportsbook, casino, poker and turf. The increase in revenue is the consequence of the growing player database, product improvement and a favourable sportsbook margin.

\n

Information by geographical area based on customer location is as follows:

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

(in \u20ac million)

\n

Revenue by geographical area

\n		\n

2025

\n		\n

2024

\n
\n

France

\n		\n

1,112.0

\n		\n

1,085.9

\n
\n

United Kingdom

\n		\n

702.0

\n		\n

606.3

\n
\n

United States of America

\n		\n

377.7

\n		\n

521.3

\n
\n

Rest of Europe

\n		\n

2,091.8

\n		\n

2,006.6

\n
\n

Rest of the world

\n		\n

597.1

\n		\n

583.2

\n
\n

Total revenue

\n		\n

4,880.5

\n		\n

4,803.3

\n
\n

\n

18.4Customer contract liabilities

\n

Customer contract liabilities as of 31\u00a0December 2025 and 2024\u00a0are as follows:

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Deferred revenue

\n		\n

565.0

\n		\n

606.4

\n
\n

Liabilities for gaming

\n		\n

75.2

\n		\n

63.4

\n
\n

Total customer contract liabilities

\n		\n

640.2

\n		\n

669.8

\n
\n

Deferred revenue relates to undelivered programmes that are work-in-progress (or intangible assets-in-progress) and that have already been invoiced, recognised as deferred revenue under IFRS 15.

\n

Liabilities for gaming mainly relates to players\u2019 liabilities and bets already placed on sporting events at the reporting date but the results of which will not be known until after the end of the period.

\n

Revenue recognised in 2025 that was included in the customer contract liability balance at the beginning of the period:

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

(in \u20ac million)

\n		\n

1 January 2025

\n		\n

Revenue recognised in 2025

\n		\n

Revenue not yet recognised

\n
\n

Deferred revenue

\n		\n

606.4

\n		\n

557.8

\n		\n

48.6

\n
\n

The remaining performance obligation corresponds to firm commitments (or closed sales).

\n

The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as of 31 December 2025 totalled \u20ac2,695 million for the Banijay Entertainment & Live segment, including \u20ac2,034\u00a0million within one year and \u20ac661 million beyond one year (\u20ac2,770 million, including \u20ac2,191\u00a0million within one year and \u20ac579 million beyond one year in 2024).

\n

The remaining performance obligations should essentially cover the revenue to be recognised for undelivered productions and for sales of finished tapes/formats for which the rights are not opened.

\n

Liabilities for gaming bets mainly include players\u2019 liabilities, i.e., the amounts available in their accounts for an amount of \u20ac75.2 million and \u20ac63.4 million as of 31 December 2025 and 31 December 2024, respectively.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_21791507302113372_0_0": { "value": "
2.5.15Contract balances
\n

If accrued revenue constitutes an unconditional right to payment or consideration, i.e., if the passage of time is sufficient for payment of the consideration to fall due, the accrued revenue will constitute a receivable. In all other cases, it constitutes the contract assets.

\n

Revenue accruals are classified in \u201cTrade and other receivables\u201d since accrued revenue constitutes an unconditional right to consideration.

\n

Advance payments received from customers and deferred income are the contract liabilities. They are classified in \u201cOther current liabilities\u201d.

\n
2.5.21Revenue
\n

Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of a product or service to a customer.

\n

The revenue from ordinary activities is recognised as soon as the economic benefits of the transaction will probably flow to the Group, the amount is reliably measured, and the amount of the transaction will likely be recovered.

\n

Revenue from the two businesses and their specificities are explained below.

\n
Revenue recognition for Banijay Entertainment & Live
\n

Revenue recognition is based on the delivery of performance obligations and an assessment of when control is transferred to the customer. Revenue is recognised either when the performance obligation in the contract has been performed (\u2018point in time\u2019 recognition) or \u2018over time\u2019 as control of the performance obligation is transferred progressively to the customer.

\n

Customer contracts can have a wide variety of performance obligations, from production contracts to format licenses and distribution activities. For these contracts, each performance obligation is identified and evaluated.

\n

The transaction price, being the amount to which the Group expects to be entitled and has rights to under the contract, is allocated to the identified performance obligations. The transaction price will also include an estimate of any variable consideration where the Group\u2019s performance may result in additional revenue based on the achievement of agreed targets such as audience targets. Variable consideration is not recognised until the performance obligations are met.

\n

Production revenue from producing television programmes

\n

Production revenue is recognised when the programmes are delivered to the client. Standard criteria to establish revenue recognition are:

\n

\u2022in most cases, the client\u2019s acceptance document (i.e.,\u00a0delivery notice signed / approved by the client, \u2026);

\n

\u2022delivery of a certain number of episodes.

\n

In case of partial delivery of the same programme over several periods of time (series,\u00a0etc.), revenue, costs and margin are recognised according to episodic deliveries. Production revenue does not include grants, subsidies and co-producers\u2019 contributions. These are presented as a reduction of cost of sales.

\n

Production revenue from live experiences

\n

Live experiences production revenue is recognised when the service is delivered to the customer, most of the time, on the date the event takes place (point in time or over time depending on the duration of the events which do not usually exceed several weeks).

\n

Distribution revenue from the sale of finished programmes and formats

\n

Distribution revenue is recognised when the rights are transferred to the client:

\n

\u2022based on a signed contract or a deal memo;

\n

\u2022when the related rights are opened; and

\n

\u2022for the full revenue (revenue is not spread over the licensing period), as it is an access to rights since there is limited ongoing involvement in the use of the license following its transfer to the customer.

\n

Minimum guaranteed revenue is recognised as revenue when the above criteria are met, and further variable payments are recognised when highly probable.

\n

Revenue from music rights is recognised as revenue when received based on royalty statements (output method).

\n

Revenues from other rights and services

\n

Other rights and services include merchandising, music rights, other ancillary revenues and digital services.

\n

Merchandising revenues are recognised when the rights are transferred to the client:

\n

\u2022on the basis of a signed contract or a deal memo; and

\n

\u2022when the licensing period begins; and

\n

\u2022for the full revenue (revenues are not spread over the licensing period).

\n

Minimum guarantee revenues are recognised as revenue when the above criteria are met, and further variable payments are recognised when received.

\n

Revenues from music rights are recognised as revenues when received based on royalty statements (output method).

\n

Revenues and costs related to the rendering of services are recognised on completion of the service rendered as long as they can be estimated reliably.

\n

When the outcome of the transaction cannot be estimated reliably, revenue shall be recognised only to the extent of the expenses recognised.

\n

Consideration as a Principal or an Agent in revenue recognition

\n

The Group had determined it is a principal in most of its performance obligations.

\n

In the course of its business, the Group resells finished tapes or formats purchased from third parties. Given it obtains the right to distribute the content, the Group usually controls the license. The distinction between agent and principal has an impact on the presentation of revenue, which is recognised as follows:

\n

\u2022on a gross basis when the Group is a principal;

\n

\u2022net of the cost of sales when the Group is an agent.

\n
Revenue recognition for the Banijay Gaming business
\n

The Online sports betting & gaming business generates its revenue from the conclusion and processing of sports bets and the provision of various other online casino activities, games and turf activities. In line with industry practices, the net results from bets and/or wagers placed by customers and pay-outs to customers are initially recognised as gross betting and gaming revenue.

\n

The net betting and gaming revenue recognised in the consolidated statements of income is the residual amount left after deducting betting fees and gambling levies.

\n

Revenue is made up of Gross Gaming Revenue less bonuses.

\n

Gross betting and gaming revenue

\n

Gross betting and gaming revenue is recognised once all of the obligations have been fulfilled, i.e. once the events and related player bets or the wagers on online casinos and other online games have been completed and the Group has calculated the winnings and published the results.

\n

It is based on the turnover. This results in the following principles:

\n

\u2022gross betting and gaming revenue from games in casinos and sports betting corresponds to money lost by players in these activities during the accounting period;

\n

\u2022gross betting and gaming from poker games corresponds to the commissions (rake) collected on poker games, increased by the entry fees collected over the period; and

\n

\u2022gross betting and gaming on the turf corresponds to the commissions collected on the bets of the players.

\n

The gross gaming proceeds from bets already placed on sporting events at closing but the results of which will not be known until after the end of the period (\u201cpending bets\u201d) are not recognised as revenue. This amount is recorded as financial liabilities to customers, and measured at fair value through P&L in accordance with IFRS 9 \u2013 Financial Instruments.

\n

Players\u2019 Bonuses

\n

Players\u2019 Bonuses mainly comprise four\u00a0categories:

\n

\u2022\u201cFree bets\u201d, a virtual amount (which can be withdrawn) that can be used to place a sports bet. In case of a positive betting outcome, the net winning (winnings minus stake) is credited to the customer balance. \u201cFree bets\u201d bonuses not yet consumed at the reporting date are recognised at their fair value through profit or loss;

\n

\u2022\u201cBoost bonus\u201d, an odd multiplier available for specific multiple bets increasing the expected winning amount;

\n

\u2022\u201cCash bonus\u201d, cash amount credited to the player balance and immediately withdrawable; and

\n

\u2022\u201cBlocked bonus\u201d, a bonus withdrawable pertaining to specific triggering conditions such as wagering requirements. Cost of bonus is reported when credited to the customer account to the exception of provision which is fair valued through profit and loss.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034347219_0": { "value": "
2.5.16Commitments to purchase non-controlling interests (put options)
\n

When the Group grants firm or contingent commitments to purchase holdings from non-controlling shareholders, the Group has generally concluded that these agreements do not grant a present ownership interest but concludes that IAS 32 Financial Instruments: Presentation takes precedence over IFRS 10 Consolidated Financial Statements. By recognising a liability for the\u00a0put\u00a0option over the shares held by the non-controlling interest, no non-controlling interest is recognised, the relevant percentage is considered as the business combination is accounted for on the basis that the underlying shares subject to the non-controlling interest\u00a0put\u00a0have been acquired.

\n

This liability is re-measured at each reporting period end in accordance with the contractual arrangements (at fair value or at present value if fixed price) and, in the absence of any guidance provided by IFRS, with an offsetting entry in net finance costs, in the consolidated statement of income.

\n

The liability is booked in the other current and non-current liabilities.

\n

Under this approach, when dividends are paid and represent a repayment of the liability (for example, when the exercise price is adjusted to reflect dividends paid), this dividend may give rise to a reduction in equity attributable to owners of the parent.

\n
2.5.17Provisions and contingent assets and\u00a0liabilities
\n

Non-financial guarantees are accounted for as a contingent liability until such time it becomes probable that the Group will be required to make a payment under the guarantee.

\n

Contingent liabilities are possible obligations or present obligations that cannot be measured with sufficient reliability or that are not probable unless assumed in a business combination. Contingent liabilities are reviewed continuously to assess whether an outflow of resources has become probable.

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

Note 23

\n		\n

Provisions and contingent liabilities

\n
\n

23.2Contingent liabilities

\n
Banijay Entertainment
\n

On 11th October 2023, the UK government\u2019s Competition and Markets Authority (CMA) opened an investigation under section 25 of the Competition Act 1998 into concerns about the purchase of services from freelance providers, and the employment of staff, who support the production, creation and/or broadcast of television content in the UK. The Banijay UK label \u201cTiger Aspect\u201d was included in the investigation as were some UK broadcasters and other UK production companies. The CMA has confirmed that as of 21\u00a0March 2025, competition case has been closed for reason of administrative priority.

\n

\n

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

Note 29

\n		\n

Off-Balance Sheet Commitments

\n
\n

As of 31 December 2025, the off-balance sheet commitments were updated compared to 31 December 2024 as follows:

\n
Banijay Entertainment and Live business
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Commitments given(1)

\n		\n

16.1

\n		\n

58.4

\n
\n

Credit Lines

\n		\n

408.3

\n		\n

356.4

\n
\n

Commitments received

\n		\n

408.3

\n		\n

356.4

\n
\n

(1)In accordance with the applicable clauses of the shareholders\u2019 agreement, Banijay has exercised the contractual provisions resulting in the cessation of its financing commitments for future investments relating to Hyphenate Media Group.

\n
\n

Banijay Entertainment and Live has guaranteed:

\n

\u2022Hyphenate Media Group\u2019s payment obligations under a credit facility agreement, in its capacity of Borrower for \u20ac6.0 million at end of December 2025;

\n

\u2022Its subsidiaries payment obligations for production purposes for \u20ac7.5 million.

\n

The other commitments given mainly correspond for 2025 & 2024 year-end to minimum guarantees granted by distribution activity to third party producers.

\n

The commitments received refer to confirmed credit lines not drawn.

\n
Other guarantees given
\n

The Group has pledged shares of its subsidiaries for the benefit of (i) its noteholder under the Senior Secured Notes Indenture dated 19 September 2023, with Banijay Entertainment SAS as Senior Secured Notes Issuer and (ii) its bank pooling under the Senior Facilities Agreement dated 7 February 2020, as amended and restated, latest on 24 October 2025.

\n

The shares of the following companies are pledged as collateral: Banijay Entertainment SAS, Adventure Line Productions SAS, H2O Productions SAS, Banijay France SAS, Banijay Media Ltd (Ex Zodiak Media Ltd), Banijay Rights Ltd, Bwark Productions Ltd, Castaway Television Productions Ltd, RDF Television Ltd, Banijay US Holding Inc. (formerly named Banijay Group US Holding Inc.), Banijay Entertainment Holdings US Inc., Bunim-Murray Productions Inc., Bunim-Murray Productions LLC., M Therory Entertainment, Inc., Mobility Productions, Inc., Endemol US Holding Inc., Trully Original LLC., Screentime Pty Limited ; Endemol Shine Australia Pty Ltd., Banijay Benelux Holding B.V (EX: AP NMT JV NEWCO B.V), Endemol Shine IP B.V; Endemol Shine Nederland Holding B.V (now Banijay Benelux Holding B.V), Endemol Shine Nederland B.V.

\n
Banijay Gaming business
\n
Commitments given
\n

Betclic Senior Facilities Agreement

\n

On and from 9 December 2024, the obligations under the 2024 Betclic Senior Facilities Agreement have been guaranteed by Betclic Everest Group SAS and secured by the following security package:

\n

1. Pledge over material bank accounts opened in the name of Betclic Everest Group SAS.

\n

2. Pledge in respect of receivables owed by material subsidiaries to Betclic Everest Group SAS.

\n

3. Limited recourse pledge over shares in the capital of Betclic Everest Group SAS owned by Banijay Group N.V.

\n

4. Limited recourse pledge of receivables owed by Betclic Everest Group SAS to Banijay Group N.V.

\n

On or prior to 10 March 2025, the following entities had accede to the Senior Facilities Agreement as additional Guarantors (the \u201cAdditional Guarantors\u201d) and shares in the Additional Guarantors will be pledged by way of security:

\n

\u2022Betclic Enterprises Limited;

\n

\u2022BEM Operations Limited; and

\n

\u2022Mangas Investment Limited.

\n

Commitments received:

\n

\u2022Confirmed credit lines not drawn for an amount of \u20ac60\u00a0million.

\n
Holding
\n
Commitments given
\n

In the context of the TIL acquisition, Banijay Events provided to K10 an irrevocable commitment (within three years, as the case may be) to subscribe to a reserved capital increase of \u20ac50\u00a0million in exchange of another type of preferred shares (Preferred D bis Shares).

\n
Commitments received
\n

Confirmed credit lines not drawn for an amount of \u20ac50\u00a0million.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10424669079391285_0_0": { "value": "
2.5.16Commitments to purchase non-controlling interests (put options)
\n

When the Group grants firm or contingent commitments to purchase holdings from non-controlling shareholders, the Group has generally concluded that these agreements do not grant a present ownership interest but concludes that IAS 32 Financial Instruments: Presentation takes precedence over IFRS 10 Consolidated Financial Statements. By recognising a liability for the\u00a0put\u00a0option over the shares held by the non-controlling interest, no non-controlling interest is recognised, the relevant percentage is considered as the business combination is accounted for on the basis that the underlying shares subject to the non-controlling interest\u00a0put\u00a0have been acquired.

\n

This liability is re-measured at each reporting period end in accordance with the contractual arrangements (at fair value or at present value if fixed price) and, in the absence of any guidance provided by IFRS, with an offsetting entry in net finance costs, in the consolidated statement of income.

\n

The liability is booked in the other current and non-current liabilities.

\n

Under this approach, when dividends are paid and represent a repayment of the liability (for example, when the exercise price is adjusted to reflect dividends paid), this dividend may give rise to a reduction in equity attributable to owners of the parent.

\n

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

Note 29

\n		\n

Off-Balance Sheet Commitments

\n
\n

As of 31 December 2025, the off-balance sheet commitments were updated compared to 31 December 2024 as follows:

\n
Banijay Entertainment and Live business
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Commitments given(1)

\n		\n

16.1

\n		\n

58.4

\n
\n

Credit Lines

\n		\n

408.3

\n		\n

356.4

\n
\n

Commitments received

\n		\n

408.3

\n		\n

356.4

\n
\n

(1)In accordance with the applicable clauses of the shareholders\u2019 agreement, Banijay has exercised the contractual provisions resulting in the cessation of its financing commitments for future investments relating to Hyphenate Media Group.

\n
\n

Banijay Entertainment and Live has guaranteed:

\n

\u2022Hyphenate Media Group\u2019s payment obligations under a credit facility agreement, in its capacity of Borrower for \u20ac6.0 million at end of December 2025;

\n

\u2022Its subsidiaries payment obligations for production purposes for \u20ac7.5 million.

\n

The other commitments given mainly correspond for 2025 & 2024 year-end to minimum guarantees granted by distribution activity to third party producers.

\n

The commitments received refer to confirmed credit lines not drawn.

\n
Other guarantees given
\n

The Group has pledged shares of its subsidiaries for the benefit of (i) its noteholder under the Senior Secured Notes Indenture dated 19 September 2023, with Banijay Entertainment SAS as Senior Secured Notes Issuer and (ii) its bank pooling under the Senior Facilities Agreement dated 7 February 2020, as amended and restated, latest on 24 October 2025.

\n

The shares of the following companies are pledged as collateral: Banijay Entertainment SAS, Adventure Line Productions SAS, H2O Productions SAS, Banijay France SAS, Banijay Media Ltd (Ex Zodiak Media Ltd), Banijay Rights Ltd, Bwark Productions Ltd, Castaway Television Productions Ltd, RDF Television Ltd, Banijay US Holding Inc. (formerly named Banijay Group US Holding Inc.), Banijay Entertainment Holdings US Inc., Bunim-Murray Productions Inc., Bunim-Murray Productions LLC., M Therory Entertainment, Inc., Mobility Productions, Inc., Endemol US Holding Inc., Trully Original LLC., Screentime Pty Limited ; Endemol Shine Australia Pty Ltd., Banijay Benelux Holding B.V (EX: AP NMT JV NEWCO B.V), Endemol Shine IP B.V; Endemol Shine Nederland Holding B.V (now Banijay Benelux Holding B.V), Endemol Shine Nederland B.V.

\n
Banijay Gaming business
\n
Commitments given
\n

Betclic Senior Facilities Agreement

\n

On and from 9 December 2024, the obligations under the 2024 Betclic Senior Facilities Agreement have been guaranteed by Betclic Everest Group SAS and secured by the following security package:

\n

1. Pledge over material bank accounts opened in the name of Betclic Everest Group SAS.

\n

2. Pledge in respect of receivables owed by material subsidiaries to Betclic Everest Group SAS.

\n

3. Limited recourse pledge over shares in the capital of Betclic Everest Group SAS owned by Banijay Group N.V.

\n

4. Limited recourse pledge of receivables owed by Betclic Everest Group SAS to Banijay Group N.V.

\n

On or prior to 10 March 2025, the following entities had accede to the Senior Facilities Agreement as additional Guarantors (the \u201cAdditional Guarantors\u201d) and shares in the Additional Guarantors will be pledged by way of security:

\n

\u2022Betclic Enterprises Limited;

\n

\u2022BEM Operations Limited; and

\n

\u2022Mangas Investment Limited.

\n

Commitments received:

\n

\u2022Confirmed credit lines not drawn for an amount of \u20ac60\u00a0million.

\n
Holding
\n
Commitments given
\n

In the context of the TIL acquisition, Banijay Events provided to K10 an irrevocable commitment (within three years, as the case may be) to subscribe to a reserved capital increase of \u20ac50\u00a0million in exchange of another type of preferred shares (Preferred D bis Shares).

\n
Commitments received
\n

Confirmed credit lines not drawn for an amount of \u20ac50\u00a0million.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_19507594846871378_0_0": { "value": "
2.5.17Provisions and contingent assets and\u00a0liabilities
\n

Provisions are recorded only if the Group has a present obligation (legal or constructive) as a result of a past event, when it is likely that an expenditure will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

\n

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. It is accounted for as profit or loss in a dedicated line, net of any contingent reimbursement.

\n

If the effect of the time value of money is material, provisions are discounted using a discount pre-tax rate that reflects, where appropriate, the risks specific to the obligation. When discounting, the increase in the provision due to the passage of time is recognised in net financial income (loss).

\n

If the amount of the obligation cannot be reliably estimated, no provision is recorded and a disclosure is made in the notes to the consolidated financial statements.

\n
2.5.18Pensions and other post-employment benefits
\n

The Group\u2019s obligations under defined benefit pension plans and other post-employment benefit plans are computed by independent actuaries using the projected unit credit method. The actuarial valuation involves making assumptions such as discount rates, retirement date, staff turnover, future wage increases, mortality rates and future pension increases.

\n

The effect of discounting of the provision is presented in net financial income (loss).

\n

For these post-employment benefit plans, the actuarial gains and losses are immediately and entirely recognised in other comprehensive income with no possibility of recycling in the income statement. Past service costs are immediately and fully recorded in the income statement on acquired rights as well as on future entitlements.

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

Note 23

\n		\n

Provisions and contingent liabilities

\n
\n

23.1Provisions

\n

The change in provisions between 1\u00a0January 2024\u00a0and 31\u00a0December 2025\u00a0were as follows:

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

(in \u20ac million)

\n		\n

Commercial claims and litigation

\n		\n

Restructuring plan

\n		\n

Employee defined benefit obligation and other

\n		\n

Total

\n
\n

As of 1\u00a0January 2024

\n		\n

13.7

\n		\n

1.9

\n		\n

32.2

\n		\n

47.9

\n
\n

Additions

\n		\n

4.6

\n		\n

7.3

\n		\n

5.7

\n		\n

17.5

\n
\n

Releases

\n		\n

(2.1)

\n		\n

(5.6)

\n		\n

(6.4)

\n		\n

(14.1)

\n
\n

Reclassifications and others

\n		\n

(1.7)

\n		\n

(0.0)

\n		\n

0.0

\n		\n

(1.7)

\n
\n

Translation adjustment

\n		\n

(0.0)

\n		\n

0.0

\n		\n

0.2

\n		\n

0.2

\n
\n

Change in scope of consolidation and other

\n		\n

-

\n		\n

-

\n		\n

1.1

\n		\n

1.1

\n
\n

As of 31\u00a0December 2024

\n		\n

14.5

\n		\n

3.6

\n		\n

32.9

\n		\n

51.0

\n
\n

Of which non-current provisions

\n		\n

10.9

\n		\n

-

\n		\n

22.6

\n		\n

32.5

\n
\n

Of which current provisions

\n		\n

3.6

\n		\n

3.6

\n		\n

11.3

\n		\n

18.5

\n
\n

As of 1\u00a0January 2025

\n		\n

14.5

\n		\n

3.6

\n		\n

32.9

\n		\n

51.0

\n
\n

Additions

\n		\n

5.0

\n		\n

1.1

\n		\n

3.5

\n		\n

9.7

\n
\n

Releases

\n		\n

(6.8)

\n		\n

(3.5)

\n		\n

(1.4)

\n		\n

(11.8)

\n
\n

Reclassifications and others

\n		\n

(0.6)

\n		\n

2.0

\n		\n

(2.5)

\n		\n

(1.0)

\n
\n

Translation adjustment

\n		\n

(0.1)

\n		\n

0.0

\n		\n

(0.2)

\n		\n

(0.2)

\n
\n

Change in scope of consolidation and other

\n		\n

-

\n		\n

-

\n		\n

1.9

\n		\n

1.9

\n
\n

As of 31\u00a0December 2025

\n		\n

12.0

\n		\n

3.3

\n		\n

34.2

\n		\n

49.6

\n
\n

Of which non-current provisions

\n		\n

9.4

\n		\n

0.6

\n		\n

22.2

\n		\n

31.6

\n
\n

Of which current provisions

\n		\n

2.6

\n		\n

2.7

\n		\n

12.7

\n		\n

18.0

\n
\n

Other provisions are mainly constituted by provisions for financial losses and provisions for post-employment benefits.

\n

Reclassifications and others mainly related to investments in associates \u2013 impairment on group current account to provisions for financial loss.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_12058972572572982_0_0": { "value": "
2.5.17Provisions and contingent assets and\u00a0liabilities
\n

Provisions are recorded only if the Group has a present obligation (legal or constructive) as a result of a past event, when it is likely that an expenditure will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

\n

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. It is accounted for as profit or loss in a dedicated line, net of any contingent reimbursement.

\n

If the effect of the time value of money is material, provisions are discounted using a discount pre-tax rate that reflects, where appropriate, the risks specific to the obligation. When discounting, the increase in the provision due to the passage of time is recognised in net financial income (loss).

\n

If the amount of the obligation cannot be reliably estimated, no provision is recorded and a disclosure is made in the notes to the consolidated financial statements.

\n

Non-financial guarantees are accounted for as a contingent liability until such time it becomes probable that the Group will be required to make a payment under the guarantee.

\n

Contingent liabilities are possible obligations or present obligations that cannot be measured with sufficient reliability or that are not probable unless assumed in a business combination. Contingent liabilities are reviewed continuously to assess whether an outflow of resources has become probable.

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

Note 23

\n		\n

Provisions and contingent liabilities

\n
\n

23.1Provisions

\n

The change in provisions between 1\u00a0January 2024\u00a0and 31\u00a0December 2025\u00a0were as follows:

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

(in \u20ac million)

\n		\n

Commercial claims and litigation

\n		\n

Restructuring plan

\n		\n

Employee defined benefit obligation and other

\n		\n

Total

\n
\n

As of 1\u00a0January 2024

\n		\n

13.7

\n		\n

1.9

\n		\n

32.2

\n		\n

47.9

\n
\n

Additions

\n		\n

4.6

\n		\n

7.3

\n		\n

5.7

\n		\n

17.5

\n
\n

Releases

\n		\n

(2.1)

\n		\n

(5.6)

\n		\n

(6.4)

\n		\n

(14.1)

\n
\n

Reclassifications and others

\n		\n

(1.7)

\n		\n

(0.0)

\n		\n

0.0

\n		\n

(1.7)

\n
\n

Translation adjustment

\n		\n

(0.0)

\n		\n

0.0

\n		\n

0.2

\n		\n

0.2

\n
\n

Change in scope of consolidation and other

\n		\n

-

\n		\n

-

\n		\n

1.1

\n		\n

1.1

\n
\n

As of 31\u00a0December 2024

\n		\n

14.5

\n		\n

3.6

\n		\n

32.9

\n		\n

51.0

\n
\n

Of which non-current provisions

\n		\n

10.9

\n		\n

-

\n		\n

22.6

\n		\n

32.5

\n
\n

Of which current provisions

\n		\n

3.6

\n		\n

3.6

\n		\n

11.3

\n		\n

18.5

\n
\n

As of 1\u00a0January 2025

\n		\n

14.5

\n		\n

3.6

\n		\n

32.9

\n		\n

51.0

\n
\n

Additions

\n		\n

5.0

\n		\n

1.1

\n		\n

3.5

\n		\n

9.7

\n
\n

Releases

\n		\n

(6.8)

\n		\n

(3.5)

\n		\n

(1.4)

\n		\n

(11.8)

\n
\n

Reclassifications and others

\n		\n

(0.6)

\n		\n

2.0

\n		\n

(2.5)

\n		\n

(1.0)

\n
\n

Translation adjustment

\n		\n

(0.1)

\n		\n

0.0

\n		\n

(0.2)

\n		\n

(0.2)

\n
\n

Change in scope of consolidation and other

\n		\n

-

\n		\n

-

\n		\n

1.9

\n		\n

1.9

\n
\n

As of 31\u00a0December 2025

\n		\n

12.0

\n		\n

3.3

\n		\n

34.2

\n		\n

49.6

\n
\n

Of which non-current provisions

\n		\n

9.4

\n		\n

0.6

\n		\n

22.2

\n		\n

31.6

\n
\n

Of which current provisions

\n		\n

2.6

\n		\n

2.7

\n		\n

12.7

\n		\n

18.0

\n
\n

Other provisions are mainly constituted by provisions for financial losses and provisions for post-employment benefits.

\n

Reclassifications and others mainly related to investments in associates \u2013 impairment on group current account to provisions for financial loss.

\n

23.2Contingent liabilities

\n
Banijay Entertainment
\n

On 11th October 2023, the UK government\u2019s Competition and Markets Authority (CMA) opened an investigation under section 25 of the Competition Act 1998 into concerns about the purchase of services from freelance providers, and the employment of staff, who support the production, creation and/or broadcast of television content in the UK. The Banijay UK label \u201cTiger Aspect\u201d was included in the investigation as were some UK broadcasters and other UK production companies. The CMA has confirmed that as of 21\u00a0March 2025, competition case has been closed for reason of administrative priority.

\n

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_9252599858182939_0_0": { "value": "
2.5.17Provisions and contingent assets and\u00a0liabilities
\n

Non-financial guarantees are accounted for as a contingent liability until such time it becomes probable that the Group will be required to make a payment under the guarantee.

\n

Contingent liabilities are possible obligations or present obligations that cannot be measured with sufficient reliability or that are not probable unless assumed in a business combination. Contingent liabilities are reviewed continuously to assess whether an outflow of resources has become probable.

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

Note 23

\n		\n

Provisions and contingent liabilities

\n
\n

23.2Contingent liabilities

\n
Banijay Entertainment
\n

On 11th October 2023, the UK government\u2019s Competition and Markets Authority (CMA) opened an investigation under section 25 of the Competition Act 1998 into concerns about the purchase of services from freelance providers, and the employment of staff, who support the production, creation and/or broadcast of television content in the UK. The Banijay UK label \u201cTiger Aspect\u201d was included in the investigation as were some UK broadcasters and other UK production companies. The CMA has confirmed that as of 21\u00a0March 2025, competition case has been closed for reason of administrative priority.

\n

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_17471582227977537_0_0": { "value": "
2.5.17Provisions and contingent assets and\u00a0liabilities
\n

Provisions are recorded only if the Group has a present obligation (legal or constructive) as a result of a past event, when it is likely that an expenditure will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

\n

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. It is accounted for as profit or loss in a dedicated line, net of any contingent reimbursement.

\n

If the effect of the time value of money is material, provisions are discounted using a discount pre-tax rate that reflects, where appropriate, the risks specific to the obligation. When discounting, the increase in the provision due to the passage of time is recognised in net financial income (loss).

\n

If the amount of the obligation cannot be reliably estimated, no provision is recorded and a disclosure is made in the notes to the consolidated financial statements.

\n
2.5.18Pensions and other post-employment benefits
\n

The Group\u2019s obligations under defined benefit pension plans and other post-employment benefit plans are computed by independent actuaries using the projected unit credit method. The actuarial valuation involves making assumptions such as discount rates, retirement date, staff turnover, future wage increases, mortality rates and future pension increases.

\n

The effect of discounting of the provision is presented in net financial income (loss).

\n

For these post-employment benefit plans, the actuarial gains and losses are immediately and entirely recognised in other comprehensive income with no possibility of recycling in the income statement. Past service costs are immediately and fully recorded in the income statement on acquired rights as well as on future entitlements.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_17471421961961001_0_0": { "value": "
2.5.17Provisions and contingent assets and\u00a0liabilities
\n

Non-financial guarantees are accounted for as a contingent liability until such time it becomes probable that the Group will be required to make a payment under the guarantee.

\n

Contingent liabilities are possible obligations or present obligations that cannot be measured with sufficient reliability or that are not probable unless assumed in a business combination. Contingent liabilities are reviewed continuously to assess whether an outflow of resources has become probable.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10499367859087514_0_0": { "value": "
2.5.18Pensions and other post-employment benefits
\n

The Group\u2019s obligations under defined benefit pension plans and other post-employment benefit plans are computed by independent actuaries using the projected unit credit method. The actuarial valuation involves making assumptions such as discount rates, retirement date, staff turnover, future wage increases, mortality rates and future pension increases.

\n

The effect of discounting of the provision is presented in net financial income (loss).

\n

For these post-employment benefit plans, the actuarial gains and losses are immediately and entirely recognised in other comprehensive income with no possibility of recycling in the income statement. Past service costs are immediately and fully recorded in the income statement on acquired rights as well as on future entitlements.

\n
2.5.19Employee long-term incentive plans
\n

The Group issued long-term incentive plans (LTIP). They are mostly based on the value created during a defined period, in accordance with formulas mostly based on operating indicators (such as EBITDA or Operating Profit). Some of them are settled in shares but are supplemented by a liquidity agreement granted by the Group. The others are settled in cash. Depending on the plans\u2019 terms and conditions, those transactions are recognised in accordance with IFRS\u00a02 (cash-settled share-based payment) or IAS\u00a019 (long-term incentives). These plans are subject to service conditions.

\n

A liability is recognised for the services acquired over the vesting period based on the valuation of the liability. At each reporting date until the liability is settled, and at the date of settlement, the value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year.

\n
2.5.20Employee benefits resulting from a\u00a0business acquisition arrangement
\n

The Group generally prospects, identifies and acquires companies that create high value. It also looks for the opportunity to secure acquisitions of companies held by talented managers with the strategy of maintaining and incenting such managers after closing.

\n

\n

In this context, the transaction is often accompanied by an employment agreement or a service agreement between the acquiree and the manager, pursuant to the closing. Share purchase agreements may also specify restrictions on the acquisition price, potential earnouts or the remaining minority interest options in case of early departure of the manager. These restrictions may be:

\n

\u2022a reduction in the acquisition price;

\n

\u2022a forfeiture of earnouts;

\n

\u2022a reimbursement of significant parts of the paid amounts; or

\n

\u2022a call option on minority interests held by the manager at a price lower than the fair value.

\n

These contingent consideration arrangements aim at compensating former shareholders of the business acquired for future services and shall be recognised as a separate transaction as required by IFRS\u00a03.

\n

Depending on the description of the contingent consideration, those transactions are recognised in accordance with IFRS\u00a02 (cash-settled share-based payment) or IAS\u00a019 (long-term incentives):

\n

\u2022when the terms of the agreement provide the possibility to deliver equity instruments to the manager, or if the price is based on the fair value of the equity instruments, the grant is measured at fair value (determined by an independent expert) in accordance with IFRS\u00a02; and

\n

\u2022in any other case, the grant is measured on the basis of the expected discounted cash outflow in accordance with IAS\u00a019. The measurement is usually supported by business plans.

\n

A liability is recognised for the goods or services acquired over the vesting period based on the fair value of these goods or services. At each reporting date until the liability is settled, and at the date of settlement, the liability is remeasured, with any changes in fair value recognised in profit or loss for the year

\n

When the consideration has already been paid, this amount is initially recognised as an asset. Subsequently, this arrangement is presented in the consolidated statement of financial position as an asset or as a liability, depending on the relationship between the manager\u2019s performance and the Group\u2019s payment.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346819_0": { "value": "
2.5.18Pensions and other post-employment benefits
\n

The Group\u2019s obligations under defined benefit pension plans and other post-employment benefit plans are computed by independent actuaries using the projected unit credit method. The actuarial valuation involves making assumptions such as discount rates, retirement date, staff turnover, future wage increases, mortality rates and future pension increases.

\n

The effect of discounting of the provision is presented in net financial income (loss).

\n

For these post-employment benefit plans, the actuarial gains and losses are immediately and entirely recognised in other comprehensive income with no possibility of recycling in the income statement. Past service costs are immediately and fully recorded in the income statement on acquired rights as well as on future entitlements.

\n
2.5.19Employee long-term incentive plans
\n

The Group issued long-term incentive plans (LTIP). They are mostly based on the value created during a defined period, in accordance with formulas mostly based on operating indicators (such as EBITDA or Operating Profit). Some of them are settled in shares but are supplemented by a liquidity agreement granted by the Group. The others are settled in cash. Depending on the plans\u2019 terms and conditions, those transactions are recognised in accordance with IFRS\u00a02 (cash-settled share-based payment) or IAS\u00a019 (long-term incentives). These plans are subject to service conditions.

\n

A liability is recognised for the services acquired over the vesting period based on the valuation of the liability. At each reporting date until the liability is settled, and at the date of settlement, the value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year.

\n
2.5.20Employee benefits resulting from a\u00a0business acquisition arrangement
\n

The Group generally prospects, identifies and acquires companies that create high value. It also looks for the opportunity to secure acquisitions of companies held by talented managers with the strategy of maintaining and incenting such managers after closing.

\n

\n

In this context, the transaction is often accompanied by an employment agreement or a service agreement between the acquiree and the manager, pursuant to the closing. Share purchase agreements may also specify restrictions on the acquisition price, potential earnouts or the remaining minority interest options in case of early departure of the manager. These restrictions may be:

\n

\u2022a reduction in the acquisition price;

\n

\u2022a forfeiture of earnouts;

\n

\u2022a reimbursement of significant parts of the paid amounts; or

\n

\u2022a call option on minority interests held by the manager at a price lower than the fair value.

\n

These contingent consideration arrangements aim at compensating former shareholders of the business acquired for future services and shall be recognised as a separate transaction as required by IFRS\u00a03.

\n

Depending on the description of the contingent consideration, those transactions are recognised in accordance with IFRS\u00a02 (cash-settled share-based payment) or IAS\u00a019 (long-term incentives):

\n

\u2022when the terms of the agreement provide the possibility to deliver equity instruments to the manager, or if the price is based on the fair value of the equity instruments, the grant is measured at fair value (determined by an independent expert) in accordance with IFRS\u00a02; and

\n

\u2022in any other case, the grant is measured on the basis of the expected discounted cash outflow in accordance with IAS\u00a019. The measurement is usually supported by business plans.

\n

A liability is recognised for the goods or services acquired over the vesting period based on the fair value of these goods or services. At each reporting date until the liability is settled, and at the date of settlement, the liability is remeasured, with any changes in fair value recognised in profit or loss for the year

\n

When the consideration has already been paid, this amount is initially recognised as an asset. Subsequently, this arrangement is presented in the consolidated statement of financial position as an asset or as a liability, depending on the relationship between the manager\u2019s performance and the Group\u2019s payment.

\n

8.1Payroll

\n

Payroll costs broke down as follows in 2025 and 2024:

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Employee remuneration and social security costs

\n		\n

(1,180.0)

\n		\n

(1,245.1)

\n
\n

Employee benefits LTIP

\n		\n

(78.3)

\n		\n

(145.9)

\n
\n

Employment-related earnout and put option expenses

\n		\n

(26.3)

\n		\n

(24.3)

\n
\n

Other employee benefits

\n		\n

(7.2)

\n		\n

(7.1)

\n
\n

Post-employment benefit - Defined benefit obligation

\n		\n

(1.4)

\n		\n

(1.5)

\n
\n

Personnel expenses

\n		\n

(1,293.2)

\n		\n

(1,423.9)

\n
\n

Total personnel expenses in 2025 decreased from the amount in 2024, mainly reflecting lower costs for both permanent and temporary employees, and a significant decrease in expenses related to long-term incentive plans (LTIP).

\n

8.3Employee benefit obligation resulting from a business acquisition arrangement

\n

The balances of the employee benefits resulting from a business acquisition arrangement are as follows:

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

(in \u20ac million)

\n		\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Current assets

\n		\n

0.0

\n		\n

0.2

\n
\n

Non-current assets

\n		\n

(0.0)

\n		\n

(0.0)

\n
\n

Current liabilities

\n		\n

29.5

\n		\n

20.8

\n
\n

Non-current liabilities

\n		\n

72.9

\n		\n

54.2

\n
\n

Employment-related earnout and put option obligation (Net)

\n		\n

102.5

\n		\n

75.2

\n
\n

Changes in the employment-related earnout and option obligation (net) over the years are as follows:

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Balance as of 1\u00a0January

\n		\n

75.2

\n		\n

53.6

\n
\n

Service costs

\n		\n

26.3

\n		\n

24.3

\n
\n

Interest expense

\n		\n

5.6

\n		\n

4.3

\n
\n

Benefits paid

\n		\n

(3.0)

\n		\n

(8.0)

\n
\n

Translation adjustments and other changes

\n		\n

(1.6)

\n		\n

1.1

\n
\n

Balance as of 31\u00a0December

\n		\n

102.5

\n		\n

75.2

\n
\n

Benefits are based on contractual formulas and computed based on business plans as validated by the business units.

\n

18.5Other non-current and current liabilities

\n

Other non-current liabilities as of 31\u00a0December 2025\u00a0and 2024\u00a0are as follows:

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

In \u20ac million

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Employee-related long-term incentives(1)

\n		\n

126.1

\n		\n

199.3

\n
\n

Long-term liabilities on earnout and put option

\n		\n

\u00a0105.7

\n		\n

93.1

\n
\n

Employment-related earnout and option obligation(2)

\n		\n

\u00a072.9

\n		\n

54.2

\n
\n

Debts to rights owners

\n		\n

\u00a055.4

\n		\n

43.8

\n
\n

Other employee-related liabilities

\n		\n

2.9

\n		\n

3.2

\n
\n

Other non-current liabilities

\n		\n

\u00a0(0.5)

\n		\n

13.8

\n
\n

OTHER NON-CURRENT LIABILITIES

\n		\n

\u00a0362.5

\n		\n

407.4

\n
\n

(1)Refer to Note\u00a08.2 on page 324 for more details.

\n

(2)Refer to Note\u00a08.3 on page 325 for more details.

\n
\n

Other current liabilities as of 31\u00a0December 2025\u00a0and 2024\u00a0are as follows:

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

(in \u20ac million)

\n		\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Employee-related long-term incentives, current(1)

\n		\n

91.3

\n		\n

66.4

\n
\n

Short-term liabilities on earnout and put option

\n		\n

24.3

\n		\n

33.2

\n
\n

Employment-related earnout and option obligation(2)

\n		\n

29.5

\n		\n

20.8

\n
\n

Employee-related payables (accruals for paid leave, bonuses and other)

\n		\n

109.8

\n		\n

124.9

\n
\n

National, regional and local taxes other than gaming tax and income tax

\n		\n

94.4

\n		\n

92.6

\n
\n

Income tax liabilities

\n		\n

46.1

\n		\n

80.0

\n
\n

Gaming tax liabilities

\n		\n

78.4

\n		\n

68.8

\n
\n

Production-related payables

\n		\n

26.1

\n		\n

32.4

\n
\n

Payable on fixed asset purchase

\n		\n

14.8

\n		\n

31.2

\n
\n

Other current liabilities

\n		\n

18.7

\n		\n

32.7

\n
\n

OTHER CURRENT LIABILITIES

\n		\n

533.5

\n		\n

583.0

\n
\n

(1)Refer to Note\u00a08.2 on page 324 for more details.

\n

(2)Refer to Note\u00a08.3 on page 325 for more details.

\n
\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034347213_0": { "value": "
2.5.19Employee long-term incentive plans
\n

The Group issued long-term incentive plans (LTIP). They are mostly based on the value created during a defined period, in accordance with formulas mostly based on operating indicators (such as EBITDA or Operating Profit). Some of them are settled in shares but are supplemented by a liquidity agreement granted by the Group. The others are settled in cash. Depending on the plans\u2019 terms and conditions, those transactions are recognised in accordance with IFRS\u00a02 (cash-settled share-based payment) or IAS\u00a019 (long-term incentives). These plans are subject to service conditions.

\n

A liability is recognised for the services acquired over the vesting period based on the valuation of the liability. At each reporting date until the liability is settled, and at the date of settlement, the value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year.

\n
2.5.20Employee benefits resulting from a\u00a0business acquisition arrangement
\n

The Group generally prospects, identifies and acquires companies that create high value. It also looks for the opportunity to secure acquisitions of companies held by talented managers with the strategy of maintaining and incenting such managers after closing.

\n

\n

In this context, the transaction is often accompanied by an employment agreement or a service agreement between the acquiree and the manager, pursuant to the closing. Share purchase agreements may also specify restrictions on the acquisition price, potential earnouts or the remaining minority interest options in case of early departure of the manager. These restrictions may be:

\n

\u2022a reduction in the acquisition price;

\n

\u2022a forfeiture of earnouts;

\n

\u2022a reimbursement of significant parts of the paid amounts; or

\n

\u2022a call option on minority interests held by the manager at a price lower than the fair value.

\n

These contingent consideration arrangements aim at compensating former shareholders of the business acquired for future services and shall be recognised as a separate transaction as required by IFRS\u00a03.

\n

Depending on the description of the contingent consideration, those transactions are recognised in accordance with IFRS\u00a02 (cash-settled share-based payment) or IAS\u00a019 (long-term incentives):

\n

\u2022when the terms of the agreement provide the possibility to deliver equity instruments to the manager, or if the price is based on the fair value of the equity instruments, the grant is measured at fair value (determined by an independent expert) in accordance with IFRS\u00a02; and

\n

\u2022in any other case, the grant is measured on the basis of the expected discounted cash outflow in accordance with IAS\u00a019. The measurement is usually supported by business plans.

\n

A liability is recognised for the goods or services acquired over the vesting period based on the fair value of these goods or services. At each reporting date until the liability is settled, and at the date of settlement, the liability is remeasured, with any changes in fair value recognised in profit or loss for the year

\n

When the consideration has already been paid, this amount is initially recognised as an asset. Subsequently, this arrangement is presented in the consolidated statement of financial position as an asset or as a liability, depending on the relationship between the manager\u2019s performance and the Group\u2019s payment.

\n

\n

8.1Payroll

\n

Payroll costs broke down as follows in 2025 and 2024:

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Employee remuneration and social security costs

\n		\n

(1,180.0)

\n		\n

(1,245.1)

\n
\n

Employee benefits LTIP

\n		\n

(78.3)

\n		\n

(145.9)

\n
\n

Employment-related earnout and put option expenses

\n		\n

(26.3)

\n		\n

(24.3)

\n
\n

Other employee benefits

\n		\n

(7.2)

\n		\n

(7.1)

\n
\n

Post-employment benefit - Defined benefit obligation

\n		\n

(1.4)

\n		\n

(1.5)

\n
\n

Personnel expenses

\n		\n

(1,293.2)

\n		\n

(1,423.9)

\n
\n

Total personnel expenses in 2025 decreased from the amount in 2024, mainly reflecting lower costs for both permanent and temporary employees, and a significant decrease in expenses related to long-term incentive plans (LTIP).

\n

8.2Employee benefits Long-Term Incentive Plans

\n

Certain employees of the Group benefit from several long-term incentive plans (LTIP) whose goal is to share the created value by the Group or one of its subsidiaries.

\n

At Banijay Entertainment and Live level, some of them are settled in shares but are supplemented by a liquidity agreement granted by the relevant intermediate business unit holding, while the remaining are settled in cash. In accordance with IFRS\u00a02, all plans are classified as cash-settled share-based payment transactions.

\n

At Betclic Everest Group and Holding level, those plans can either be settled in shares or in cash and are respectively classified as equity-settled or cash-settled share-based payment transactions.

\n
8.2.1Description of the on-going plans
\n

At Banijay SAS level, the Group issues free share plans (\u201cAGA\u201d) and share purchase warrants (\u201cBSA\u201d) to key management personnel.

\n

In addition, Banijay issues phantom share plans to certain Directors and employees that require the sub-group to pay the intrinsic value of the phantom shares to the employee at the date of exercise. A summary of the plans\u2019 characteristics is presented below:

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

Plan

\n		\n

Type

\n		\n

Attribution date

\n		\n

Conditions

\n		\n

End of vesting period

\n
\n

Free share plans (AGA)

\n		\n

Cash-settled

\n		\n

2017 to 2028\u00a0

\n		\n

Presence and performance

\n		\n

2019 to 2030

\n
\n

Share purchase warrants (BSA)

\n		\n

Equity-settled

\n		\n

2021

\n		\n

Performance*

\n		\n

2025

\n
\n

Phantom shares

\n		\n

Cash-settled

\n		\n

2016

\n		\n

Presence and performance

\n		\n

2020 and 2024

\n
\n

Phantom shares

\n		\n

Cash-settled

\n		\n

2021&2023

\n		\n

Presence and performance

\n		\n

2024 and 2028

\n

2026 and 2030

\n

2027 and 2031

\n
\n

Other long-term incentive

\n		\n

Cash-settled

\n		\n

2016 to 2023

\n		\n

Presence and performance

\n		\n

2023 and 2031

\n
\n

*BSA: the presence condition was removed during 2024 resulting in an anticipated vesting expense.

\n
\n

At Betclic Everest Group level, there are LTI plans and equity instruments that were assimilated to compensation received for goods and services rendered (cash-settled plans) issued to certain managers.

\n

The Group has also reflected, in its financial statements, the impact of the grant of share-based payments and similar benefits to the Betclic Everest Group founder. From 2023, the Betclic Everest Group founder was entitled to a long-term incentive plan subject to performance and presence conditions. In that context, the Betclic Everest Group founder was entitled to an annual cash bonus. The annual cash bonus ended on 31 December 2025 with his resignation as CEO of Betclic Everest Group.

\n

\n

He was also entitled to a long-term Banijay Group N.V. free share incentive plan that has been implemented through the allocation of free shares issued by Betclic Everest Group representing, before completion of the Tipico transaction, 3.3% of the share capital of this company. From an accounting perspective under the specific IFRS 2 rules, this has been treated as a modification of contract with two sub-plans.

\n

\n

The plans regarding each type are summarised below:

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

Plan

\n		\n

Type

\n		\n

Attribution date

\n		\n

Conditions

\n		\n

End of vesting period

\n
\n

LTI 2023 A

\n		\n

Equity-settled

\n		\n

2023

\n		\n

Presence

\n		\n

2026

\n
\n

LTI 2023 B

\n		\n

Cash-settled

\n		\n

2023

\n		\n

Performance and Presence

\n		\n

2025

\n
\n

LTIP 2024

\n		\n

Cash-settled

\n		\n

2024

\n		\n

Performance and Presence

\n		\n

2029

\n
\n

At Holding level, the Group issues free share plans (\u201cAGA\u201d) and phantom shares to key management personnel.

\n

The plans regarding each type are summarised below:

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

Plan

\n		\n

Type

\n		\n

Attribution date

\n		\n

Conditions

\n		\n

End of vesting period

\n
\n

Phantom shares

\n		\n

Cash-settled

\n		\n

2023

\n		\n

Presence and Performance

\n		\n

2027

\n
\n

Free shares plans (AGA)

\n		\n

Equity-settled

\n		\n

2023, 2024

\n		\n

Presence

\n		\n

2025, 2026

\n
\n
8.2.2Measurement of the plans
\n

The Group measured the liability at fair value at the closing date using the same calculation methodology as at the previous closing and based on:

\n

\u2022updated budget forecasts based on the budget and the business plan adopted as part of the impairment tests;

\n

\u2022assumptions such as the discount rate (9.76% for BEG and 8.94% for Banijay in 2025) and the discounts in connection with the contractual clauses of good and bad leaver updated compared to the previous closing.

\n

The Group has recorded liabilities of \u20ac217.3 million as of 31\u00a0December 2025 (\u20ac265.7 million as of 31 December 2024). The Group recorded total expenses of \u20ac78.3 million for the period ended 31 December 2025, compared to \u20ac145.9\u00a0million for the period ended 31 December 2024.

\n

The cash outflows with regard to LTIP amounted to \u2011\u20ac83.1\u00a0million for the period ended 31 December 2025, compared to -\u20ac143.7 million for the period ended 31\u00a0December 2024.

\n

\n

8.3Employee benefit obligation resulting from a business acquisition arrangement

\n

The balances of the employee benefits resulting from a business acquisition arrangement are as follows:

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

(in \u20ac million)

\n		\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Current assets

\n		\n

0.0

\n		\n

0.2

\n
\n

Non-current assets

\n		\n

(0.0)

\n		\n

(0.0)

\n
\n

Current liabilities

\n		\n

29.5

\n		\n

20.8

\n
\n

Non-current liabilities

\n		\n

72.9

\n		\n

54.2

\n
\n

Employment-related earnout and put option obligation (Net)

\n		\n

102.5

\n		\n

75.2

\n
\n

Changes in the employment-related earnout and option obligation (net) over the years are as follows:

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Balance as of 1\u00a0January

\n		\n

75.2

\n		\n

53.6

\n
\n

Service costs

\n		\n

26.3

\n		\n

24.3

\n
\n

Interest expense

\n		\n

5.6

\n		\n

4.3

\n
\n

Benefits paid

\n		\n

(3.0)

\n		\n

(8.0)

\n
\n

Translation adjustments and other changes

\n		\n

(1.6)

\n		\n

1.1

\n
\n

Balance as of 31\u00a0December

\n		\n

102.5

\n		\n

75.2

\n
\n

Benefits are based on contractual formulas and computed based on business plans as validated by the business units.

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

Note 18

\n		\n

Working capital balances

\n
\n

18.5Other non-current and current liabilities

\n

Other non-current liabilities as of 31\u00a0December 2025\u00a0and 2024\u00a0are as follows:

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

In \u20ac million

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Employee-related long-term incentives(1)

\n		\n

126.1

\n		\n

199.3

\n
\n

Long-term liabilities on earnout and put option

\n		\n

\u00a0105.7

\n		\n

93.1

\n
\n

Employment-related earnout and option obligation(2)

\n		\n

\u00a072.9

\n		\n

54.2

\n
\n

Debts to rights owners

\n		\n

\u00a055.4

\n		\n

43.8

\n
\n

Other employee-related liabilities

\n		\n

2.9

\n		\n

3.2

\n
\n

Other non-current liabilities

\n		\n

\u00a0(0.5)

\n		\n

13.8

\n
\n

OTHER NON-CURRENT LIABILITIES

\n		\n

\u00a0362.5

\n		\n

407.4

\n
\n

(1)Refer to Note\u00a08.2 on page 324 for more details.

\n

(2)Refer to Note\u00a08.3 on page 325 for more details.

\n
\n

Other current liabilities as of 31\u00a0December 2025\u00a0and 2024\u00a0are as follows:

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

(in \u20ac million)

\n		\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Employee-related long-term incentives, current(1)

\n		\n

91.3

\n		\n

66.4

\n
\n

Short-term liabilities on earnout and put option

\n		\n

24.3

\n		\n

33.2

\n
\n

Employment-related earnout and option obligation(2)

\n		\n

29.5

\n		\n

20.8

\n
\n

Employee-related payables (accruals for paid leave, bonuses and other)

\n		\n

109.8

\n		\n

124.9

\n
\n

National, regional and local taxes other than gaming tax and income tax

\n		\n

94.4

\n		\n

92.6

\n
\n

Income tax liabilities

\n		\n

46.1

\n		\n

80.0

\n
\n

Gaming tax liabilities

\n		\n

78.4

\n		\n

68.8

\n
\n

Production-related payables

\n		\n

26.1

\n		\n

32.4

\n
\n

Payable on fixed asset purchase

\n		\n

14.8

\n		\n

31.2

\n
\n

Other current liabilities

\n		\n

18.7

\n		\n

32.7

\n
\n

OTHER CURRENT LIABILITIES

\n		\n

533.5

\n		\n

583.0

\n
\n

(1)Refer to Note\u00a08.2 on page 324 for more details.

\n

(2)Refer to Note\u00a08.3 on page 325 for more details.

\n
\n

Employee-related long-term incentives include cash-settled share-based payment liabilities.

\n

They are classified as level 3 (inputs not based on observable market data).

\n

\n

19.3Share-based payment

\n

In 2024, share-based payment related to the Ordinary Shares of Banijay Group delivered with regard to the three-party agreement between the Betclic Everest Group CEO, Banijay Group and Betclic Everest Group (refer to Note 8.2 on page 324) as well as the Phantom share plan at Holding level (refer to Note 8.2 on page 324).

\n

On 28 October 2025 this LTIP plan was modified following the decision to substitute the long-term incentive plan in the form of Banijay Group N.V. to Banijay Gaming shares (refer to Note 8.2 on page 324).

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10425375953745760_0_0": { "value": "
2.5.19Employee long-term incentive plans
\n

The Group issued long-term incentive plans (LTIP). They are mostly based on the value created during a defined period, in accordance with formulas mostly based on operating indicators (such as EBITDA or Operating Profit). Some of them are settled in shares but are supplemented by a liquidity agreement granted by the Group. The others are settled in cash. Depending on the plans\u2019 terms and conditions, those transactions are recognised in accordance with IFRS\u00a02 (cash-settled share-based payment) or IAS\u00a019 (long-term incentives). These plans are subject to service conditions.

\n

A liability is recognised for the services acquired over the vesting period based on the valuation of the liability. At each reporting date until the liability is settled, and at the date of settlement, the value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year.

\n
2.5.20Employee benefits resulting from a\u00a0business acquisition arrangement
\n

The Group generally prospects, identifies and acquires companies that create high value. It also looks for the opportunity to secure acquisitions of companies held by talented managers with the strategy of maintaining and incenting such managers after closing.

\n

\n

In this context, the transaction is often accompanied by an employment agreement or a service agreement between the acquiree and the manager, pursuant to the closing. Share purchase agreements may also specify restrictions on the acquisition price, potential earnouts or the remaining minority interest options in case of early departure of the manager. These restrictions may be:

\n

\u2022a reduction in the acquisition price;

\n

\u2022a forfeiture of earnouts;

\n

\u2022a reimbursement of significant parts of the paid amounts; or

\n

\u2022a call option on minority interests held by the manager at a price lower than the fair value.

\n

These contingent consideration arrangements aim at compensating former shareholders of the business acquired for future services and shall be recognised as a separate transaction as required by IFRS\u00a03.

\n

Depending on the description of the contingent consideration, those transactions are recognised in accordance with IFRS\u00a02 (cash-settled share-based payment) or IAS\u00a019 (long-term incentives):

\n

\u2022when the terms of the agreement provide the possibility to deliver equity instruments to the manager, or if the price is based on the fair value of the equity instruments, the grant is measured at fair value (determined by an independent expert) in accordance with IFRS\u00a02; and

\n

\u2022in any other case, the grant is measured on the basis of the expected discounted cash outflow in accordance with IAS\u00a019. The measurement is usually supported by business plans.

\n

A liability is recognised for the goods or services acquired over the vesting period based on the fair value of these goods or services. At each reporting date until the liability is settled, and at the date of settlement, the liability is remeasured, with any changes in fair value recognised in profit or loss for the year

\n

When the consideration has already been paid, this amount is initially recognised as an asset. Subsequently, this arrangement is presented in the consolidated statement of financial position as an asset or as a liability, depending on the relationship between the manager\u2019s performance and the Group\u2019s payment.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10421368409695147_0_0": { "value": "
2.5.22Production costs
\n
Grants and subsidies
\n

Grants and subsidies are recognised when there is a reasonable assurance that the grant will be received, and all attached conditions will be fully complied with.

\n

Grants and subsidies which are strictly related to the financing of a given programmes are deducted from production costs. When they relate to an asset, grants and subsidies are directly deducted from the carrying amount of the asset and released to the depreciation and amortisation calculated on the net amount over the useful life of the asset.

\n

All other grants and subsidies (such as government grants not strictly related to a programme) are recognised as \u201cOther operating income\u201d when granted.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346882_0": { "value": "
2.5.22Production costs
\n
Grants and subsidies
\n

Grants and subsidies are recognised when there is a reasonable assurance that the grant will be received, and all attached conditions will be fully complied with.

\n

Grants and subsidies which are strictly related to the financing of a given programmes are deducted from production costs. When they relate to an asset, grants and subsidies are directly deducted from the carrying amount of the asset and released to the depreciation and amortisation calculated on the net amount over the useful life of the asset.

\n

All other grants and subsidies (such as government grants not strictly related to a programme) are recognised as \u201cOther operating income\u201d when granted.

\n

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

Note 7

\n		\n

External expenses

\n
\n

External expenses for the years ended 31 December 2025 and 2024 are as follows:

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

In \u20ac million

\n		\n

2025

\n		\n

2024

\n
\n

Content production costs

\n		\n

(1,706.1)

\n		\n

(1,675.2)

\n
\n

Grants received

\n		\n

172.1

\n		\n

127.7

\n
\n

Betting taxes

\n		\n

(793.2)

\n		\n

(696.3)

\n
\n

Banking and processor fees on transactions

\n		\n

(77.7)

\n		\n

(60.7)

\n
\n

Marketing costs

\n		\n

(114.1)

\n		\n

(126.9)

\n
\n

IT costs and trading tools

\n		\n

(97.9)

\n		\n

(85.2)

\n
\n

Consulting/audit/other fees

\n		\n

(37.4)

\n		\n

(39.5)

\n
\n

Other external services

\n		\n

(45.8)

\n		\n

(40.9)

\n
\n

EXTERNAL EXPENSES

\n		\n

(2,700.1)

\n		\n

(2,597.0)

\n
\n

The \u201cGrants received\u201d line corresponds to government funding for delivered audiovisual productions (mainly scripted programmes) in the various geographical areas in which Banijay Entertainment operates. In 2025, government grants deducted from production costs amounted to \u20ac172.1\u00a0million (\u20ac127.7 million in 2024). Those grants relate to the financing of given programmes, mostly scripted productions, and had the nature of tax credits or subsidies granted by regional or trade organisations. There are no unfulfilled conditions or contingencies attached to these grants.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_9253335475132130_0_0": { "value": "
2.5.23 Operating segments
\n

According to IFRS\u00a08, an operating segment is a component of an entity that i) engages in business activities from which it may earn revenue and incur expenses, ii) whose operating results are regularly reviewed by the entity\u2019s chief operating decision maker (\"CODM\") to decide how resources should be allocated to the component and iii) for which discrete financial information is available.

\n

The operating segments are Banijay Entertainment & Live and Banijay Gaming. The segments are organised based on the nature of the business. Holding represents amounts not allocated to the operating segments and includes certain costs related to central activities as well as Group enabling functions. Intercompany elimination represents transaction inter segments that do not contribute to the Group figures.

\n

The operating segment reporting follows the internal reporting used by the CODM \u2013 Banijay Group\u2019s Board of Directors \u2013 to manage the business, assess performance based on available financial information and to allocate resources. The most important performance measures are Net Revenue, Adjusted EBITDA (definition in Note 5 on page 317), Cost of Net Debt, Adjusted Free Cash Flow and Adjusted Operating Free Cash Flow as management believes this is key in evaluating the results of the segments relative to other companies that operate within the same industry.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346635_0": { "value": "
2.5.23 Operating segments
\n

According to IFRS\u00a08, an operating segment is a component of an entity that i) engages in business activities from which it may earn revenue and incur expenses, ii) whose operating results are regularly reviewed by the entity\u2019s chief operating decision maker (\"CODM\") to decide how resources should be allocated to the component and iii) for which discrete financial information is available.

\n

The operating segments are Banijay Entertainment & Live and Banijay Gaming. The segments are organised based on the nature of the business. Holding represents amounts not allocated to the operating segments and includes certain costs related to central activities as well as Group enabling functions. Intercompany elimination represents transaction inter segments that do not contribute to the Group figures.

\n

The operating segment reporting follows the internal reporting used by the CODM \u2013 Banijay Group\u2019s Board of Directors \u2013 to manage the business, assess performance based on available financial information and to allocate resources. The most important performance measures are Net Revenue, Adjusted EBITDA (definition in Note 5 on page 317), Cost of Net Debt, Adjusted Free Cash Flow and Adjusted Operating Free Cash Flow as management believes this is key in evaluating the results of the segments relative to other companies that operate within the same industry.

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

Note 5

\n		\n

Segment information

\n
\n

As described in Note 1.1 on page 299, the Group operates two operating segments which reflect the internal organisational and management structure according to the nature of the products and services provided:

\n

\u2022Banijay Entertainment & Live incorporates the activities of production,\u00a0distribution and marketing of content for television and multimedia platforms as well as the production of live experiences. This segment corresponds to the Banijay\u00a0Group SAS group; and

\n

\u2022Banijay Gaming comprises sports betting, poker, casino and turf. This segment corresponds to the Betclic Everest Group\u00a0(including the Bet-at-home contribution until its deconsolidation on 30 November 2025).

\n

In addition, a third \u201cHolding\u201d operating segment includes the corporate activities.

\n

The following tables present information with respect to the Group\u2019s business segments in accordance with IFRS\u00a08 for the years ended 31\u00a0December 2025 and 2024.

\n

Profit &\u00a0loss per segment

\n

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

(in \u20ac million)

\n		\n

For the twelve-month period ended 31 December 2025

\n
\n

Banijay Entertainment &\u00a0Live

\n		\n

Banijay Gaming

\n		\n

Holding

\n		\n

Intercompany elimination

\n		\n

Total Group

\n
\n

Net revenue

\n		\n

3,286.8

\n		\n

1,593.7

\n		\n

-

\n		\n

-

\n		\n

4,880.5

\n
\n

Adjusted EBITDA

\n		\n

544.0

\n		\n

425.2

\n		\n

(8.2)

\n		\n

-

\n		\n

961.1

\n
\n

Operating profit/(loss)

\n		\n

320.3

\n		\n

335.0

\n		\n

(14.3)

\n		\n

-

\n		\n

641.0

\n
\n

Cost of net debt

\n		\n

(161.8)

\n		\n

(19.6)

\n		\n

(12.3)

\n		\n

-

\n		\n

(193.7)

\n
\n

Consolidated net income

\n		\n

13.2

\n		\n

250.7

\n		\n

1.0(1)

\n		\n

-

\n		\n

264.8

\n
\n

Attributable to:

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\n
\n

Non-controlling interests

\n		\n

1.8

\n		\n

15.4

\n		\n

-

\n		\n

-

\n		\n

17.2

\n
\n

Shareholders

\n		\n

11.4

\n		\n

235.3

\n		\n

1.0

\n		\n

-

\n		\n

247.6

\n
\n

(1)Including the share of net income from The independents using the equity method.

\n
\n

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

(in \u20ac million)

\n		\n

For the twelve-month period ended 31 December 2024

\n
\n

Banijay Entertainment &\u00a0Live

\n		\n

Banijay Gaming

\n		\n

Holding

\n		\n

Intercompany elimination

\n		\n

Total Group

\n
\n

Net revenue

\n		\n

3,347.8

\n		\n

1,455.5

\n		\n

-

\n		\n

-

\n		\n

4,803.3

\n
\n

Adjusted EBITDA

\n		\n

528.2

\n		\n

379.8

\n		\n

(7.8)

\n		\n

-

\n		\n

900.2

\n
\n

Operating profit/(loss)

\n		\n

267.5

\n		\n

276.0

\n		\n

(32.8)

\n		\n

-

\n		\n

510.7

\n
\n

Cost of net debt

\n		\n

(171.0)

\n		\n

(20.6)

\n		\n

(12.8)

\n		\n

-

\n		\n

(204.5)

\n
\n

Consolidated net income

\n		\n

3.5

\n		\n

183.5

\n		\n

(32.4)(1)

\n		\n

-

\n		\n

154.6

\n
\n

Attributable to:

\n		\n

\n		\n

\n		\n

\n		\n

\n		\n

\n
\n

Non-controlling interests

\n		\n

(0.7)

\n		\n

9.2

\n		\n

-

\n		\n

-

\n		\n

8.5

\n
\n

Shareholders

\n		\n

4.2

\n		\n

174.3

\n		\n

(32.4)

\n		\n

-

\n		\n

146.1

\n
\n

(1)Including the share of net income from The independents using the equity method.

\n
\n

5.1Adjusted EBITDA

\n

The Group considers Adjusted EBITDA to be a useful metric for evaluating its operating performance as it facilitates a comparison of its core operating results from period to period by removing the impact of, among other things, its capital structure, asset base and tax consequences. Adjusted EBITDA is a non-IFRS\u00a0measure and, as a result, these measures and ratios may not be comparable to measures used by other companies under the same or similar names.

\n

Adjusted EBITDA is defined as the operating profit for that period excluding restructuring costs and other non-core items, costs associated with the long-term incentive plan within the Group (the \u201cLTIP\u201d) and employment-related earnout and option expenses, and depreciation and amortisation (excluding D&A fiction and operational provisions).

\n

Those adjustment items include:

\n

\u2022restructuring costs and other non-core items: due to their unusual nature or particular significance, these items are excluded. In general, these items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions, such as restructuring costs or asset disposals, which are not representative of the normal course of business (referred as \u201cnon-core items\u201d), may be adjusted although they may have occurred within prior years or are likely to occur again within the coming years. The detail of these costs is provided in Note 10 on page\u00a0326;

\n

\u2022LTIP and employment-related earnout and option expenses: reference is made to employee benefits Long-Term Incentive Plans and employee benefits obligations resulting from a business acquisition arrangement. The detail of these costs is provided in Notes\u00a08.2 and 8.3 on pages\u00a0324 and 325;

\n

\u2022depreciation and amortisation (excluding first D&A fiction and operational provisions): depreciation and amortisation of software and intangible assets, PPE, own property, right-of-use and intangible assets acquired in business combinations. The D&A line in the consolidated statement of income includes D&A on fictions:

\n

\u2022First D&A fiction are costs related to the first amortisation of fiction production, which the Group considers to be operating costs at the time of the first delivery of the programme; those costs are therefore included in the Adjusted EBITDA.

\n

\u2022As the remaining amortisation on fiction is considered as the amortisation of IP rights, those costs are kept in the adjustments.

\n

\u2022impairment losses and provisions, net of reversal: when they relate to the impairment of fixed assets.

\n

The table below presents the reconciliation of operating profit before exceptional items and amortisation of acquisition\u2011related intangibles to Adjusted EBITDA for 2025 and 2024:

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

(in \u20ac million)

\n		\n

2025

\n
\n

Banijay Entertainment and\u00a0Live

\n		\n

Banijay Gaming

\n		\n

Holding

\n		\n

Total Group

\n
\n

Operating profit/(loss)

\n		\n

320.3

\n		\n

335.0

\n		\n

(14.3)

\n		\n

641.0

\n
\n

Restructuring costs and other non-core items

\n		\n

21.5

\n		\n

22.6

\n		\n

7.2

\n		\n

51.3

\n
\n

LTIP expenses

\n		\n

27.4

\n		\n

52.0

\n		\n

(1.1)

\n		\n

78.3

\n
\n

Employment-related earnout and option expenses

\n		\n

26.3

\n		\n

-

\n		\n

-

\n		\n

26.3

\n
\n

Depreciation and amortisation (excluding D&A fiction and D&A net of reversals on non recurring provision(1))

\n		\n

148.6

\n		\n

15.7

\n		\n

0.0

\n		\n

164.3

\n
\n

Adjusted EBITDA

\n		\n

544.0

\n		\n

425.2

\n		\n

(8.2)

\n		\n

961.1

\n
\n

(1)Amortisation of \u20ac5.2 million for fiction production recognised in December 2025 and provision of -\u20ac1.6 million for risks and contingencies.

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

(in \u20ac million)

\n		\n

2024

\n
\n

Banijay Entertainment and\u00a0Live

\n		\n

Banijay Gaming

\n		\n

Holding

\n		\n

Total Group

\n
\n

Operating profit/(loss)

\n		\n

267.5

\n		\n

276.0

\n		\n

(32.8)

\n		\n

510.7

\n
\n

Restructuring costs and other non-core items

\n		\n

38.2

\n		\n

11.4

\n		\n

5.2

\n		\n

54.8

\n
\n

LTIP expenses

\n		\n

45.7

\n		\n

80.4

\n		\n

19.8

\n		\n

145.9

\n
\n

Employment-related earnout and option expenses

\n		\n

24.3

\n		\n

-

\n		\n

-

\n		\n

24.3

\n
\n

Depreciation and amortisation (excluding D&A fiction and\u00a0D&A net of reversals on non recurring provision(1))

\n		\n

152.4

\n		\n

12.1

\n		\n

0.0

\n		\n

164.5

\n
\n

Adjusted EBITDA

\n		\n

528.2

\n		\n

379.8

\n		\n

(7.8)

\n		\n

900.2

\n
\n

(1)Amortisation of \u20ac16.5\u00a0million for fiction production recognised in 2024 and provision of \u20ac0.9 million for doubtful receivables.

\n
\n

5.2Balance sheet per segment

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

(in \u20ac million)

\n		\n

2025

\n
\n

Banijay Entertainment and\u00a0Live

\n		\n

Banijay Gaming

\n		\n

Holding

\n		\n

Intercompany elimination

\n		\n

Total Group

\n
\n

Non-current assets

\n		\n

3,132.9

\n		\n

828.4

\n		\n

193.2

\n		\n

(302.3)

\n		\n

3,852.3

\n
\n

Current assets

\n		\n

1,620.0

\n		\n

291.1

\n		\n

15.2

\n		\n

(3.7)

\n		\n

1,922.5

\n
\n

Total assets

\n		\n

4,752.9

\n		\n

1,119.5

\n		\n

208.4

\n		\n

(306.0)

\n		\n

5,774.8

\n
\n

Non-current liabilities

\n		\n

2,843.3

\n		\n

634.6

\n		\n

403.5

\n		\n

(302.3)

\n		\n

3,579.2

\n
\n

Current liabilities

\n		\n

1,717.8

\n		\n

290.0

\n		\n

47.2

\n		\n

(3.7)

\n		\n

2,051.4

\n
\n

Total liabilities (excluding equity)

\n		\n

4,561.1

\n		\n

924.6

\n		\n

450.8

\n		\n

(306.0)

\n		\n

5,630.5

\n
\n

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

(in \u20ac million)

\n		\n

2024

\n
\n

Banijay Entertainment and\u00a0Live

\n		\n

Banijay Gaming

\n		\n

Holding

\n		\n

Intercompany elimination

\n		\n

Total Group

\n
\n

Non-current assets

\n		\n

3,159.3

\n		\n

791.9

\n		\n

341.7

\n		\n

(458.0)

\n		\n

3,834.9

\n
\n

Current assets

\n		\n

1,750.9

\n		\n

254.5

\n		\n

36.4

\n		\n

(9.0)

\n		\n

2,032.8

\n
\n

Total assets

\n		\n

4,910.3

\n		\n

1,046.3

\n		\n

378.0

\n		\n

(467.0)

\n		\n

5,867.6

\n
\n

Non-current liabilities

\n		\n

2,897.4

\n		\n

662.4

\n		\n

452.8

\n		\n

(458.0)

\n		\n

3,554.6

\n
\n

Current liabilities

\n		\n

1,827.9

\n		\n

316.7

\n		\n

144.2

\n		\n

(9.0)

\n		\n

2,279.9

\n
\n

Total liabilities (excluding equity)

\n		\n

4,725.3

\n		\n

979.1

\n		\n

597.1

\n		\n

(467.0)

\n		\n

5,834.5

\n
\n
5.2.1Banijay Entertainment & Live
\n

Non-current assets are mainly constituted by goodwill resulting from Banijay SAS Group's acquisitions, intangible assets, right-of use assets, property, plant and equipment, financial interests in non-consolidated companies, the non-current portion of the derivative financial assets and deferred taxes.

\n

Current assets are mainly constituted by trade receivables, cash and cash equivalents, tax and grant receivables and work in progress which correspond to costs incurred in the production of non-scripted programmes (or scripted programmes for which the Group does not expect subsequent Intellectual Property revenue) that have not been delivered at the reporting date, as the Group recognises its production revenue upon delivery of the materials to the customer.

\n

Non-current liabilities primarily include long-term borrowings, the intercompany loan with Banijay Group N.V., long-term lease liabilities, employee-related long-term incentives, long-term liabilities on non-controlling interests and other non-current liabilities.

\n

Current liabilities mainly comprise short-term borrowings, trade payables, employee-related payables, tax liabilities, short-term liabilities on non-controlling interests, employment-related earnout and option obligations and deferred income that relates to undelivered programmes that are work-in-progress (or intangible assets-in-progress) and that have already been invoiced. This deferred income corresponds to the contract liabilities (in accordance with IFRS\u00a015).

\n
5.2.2Banijay Gaming
\n

Non-current assets mainly comprise goodwill generated from acquisitions, intangible assets (mainly software and online gaming platform), right-of use assets, the intercompany loan with Banijay Group N.V., VAT receivables, fair value of financial derivatives (interest rate swap on loans) and non-current restricted cash and cash equivalents.

\n

Current assets primarily comprise cash and cash equivalents, trade receivables from providers (refer to Note\u00a018.2 on page\u00a0338), and other current assets.

\n

Non-current liabilities comprise long-term borrowings and employee-related long-term incentives.

\n

Current liabilities primarily comprise short-term borrowings, betting taxes, income taxes, liabilities related to Betclic Everest Group's incentive plans (LTIP) and liabilities for gaming bets (refer to Note 18.5 on page 340).

\n
5.2.3Holding
\n

Non-current assets mainly comprise financial assets and intercompany loans with another segment.

\n

Current assets mainly comprise tax receivables (excluding income tax) and cash and cash equivalents.

\n

Non-current liabilities mainly comprise other securities, intercompany loans with another segment, employee-related long-term incentives, long-term liabilities on non-controlling interests and other non-current liabilities.

\n

Current liabilities mainly correspond to supplier payables and, in 2024, a vendor loan issued in the context of the transaction that occurred in 2022, employee-related long-term incentives.

\n

Net debt per segment

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

(in \u20ac million)

\n		\n

31 December 2025

\n
\n

Banijay Entertainment and\u00a0Live

\n		\n

Banijay Gaming

\n		\n

Holding

\n		\n

Intercompany elimination

\n		\n

Total Group

\n
\n

Bonds

\n		\n

874.0

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

874.0

\n
\n

Bank borrowings and other

\n		\n

1,579.7

\n		\n

592.7

\n		\n

281.2

\n		\n

(301.8)

\n		\n

2,151.8

\n
\n

Accrued interest on bonds and bank borrowings

\n		\n

26.1

\n		\n

4.4

\n		\n

2.3

\n		\n

(2.3)

\n		\n

30.6

\n
\n

Vendor loans

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Bank overdrafts

\n		\n

0.1

\n		\n

(0.0)

\n		\n

-

\n		\n

-

\n		\n

0.1

\n
\n

Total bank indebtedness and other

\n		\n

2,479.9

\n		\n

597.1

\n		\n

283.5

\n		\n

(304.1)

\n		\n

3,056.5

\n
\n

Cash and cash equivalents

\n		\n

(264.4)

\n		\n

(224.5)

\n		\n

(5.1)

\n		\n

-

\n		\n

(493.9)

\n
\n

Funding of Gardenia(1)

\n		\n

-

\n		\n

-

\n		\n

(64.0)

\n		\n

-

\n		\n

(64.0)

\n
\n

Trade receivables on providers

\n		\n

\u00a0

\n		\n

(37.6)

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

(37.6)

\n
\n

Players\u2019 liabilities

\n		\n

\u00a0

\n		\n

69.1

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

69.1

\n
\n

Cash in trusts and restricted cash

\n		\n

\u00a0

\n		\n

-

\n		\n

(0.3)

\n		\n

\u00a0

\n		\n

(0.3)

\n
\n

Net cash and cash equivalents and other

\n		\n

(264.4)

\n		\n

(192.9)

\n		\n

(69.4)

\n		\n

-

\n		\n

(526.6)

\n
\n

Net debt before derivatives effects

\n		\n

2,215.5

\n		\n

404.2

\n		\n

214.2

\n		\n

(304.1)

\n		\n

2,529.8

\n
\n

Derivatives \u2013\u00a0liabilities

\n		\n

45.7

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

45.7

\n
\n

Derivatives \u2013\u00a0assets

\n		\n

(2.7)

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

(2.7)

\n
\n

Net debt

\n		\n

2,258.5

\n		\n

404.2

\n		\n

214.2

\n		\n

(304.1)

\n		\n

2,572.8

\n
\n

(1)Fair value of the financial instrument represents the funding by Banijay Group of the entity \u201cGardenia\u201d as described in Note 24.1 on page 348.

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

(in \u20ac million)

\n		\n

31 December 2024

\n
\n

Banijay Entertainment and\u00a0Live

\n		\n

Banijay Gaming

\n		\n

Holding

\n		\n

Intercompany elimination

\n		\n

Total Group

\n
\n

Bonds

\n		\n

1,142.8

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

1,142.8

\n
\n

Bank borrowings and other

\n		\n

1,444.3

\n		\n

592.1

\n		\n

281.2

\n		\n

(456.5)

\n		\n

1,861.1

\n
\n

Accrued interest on bonds and bank borrowings

\n		\n

24.9

\n		\n

2.2

\n		\n

1.1

\n		\n

(1.1)

\n		\n

27.1

\n
\n

Vendor loans

\n		\n

-

\n		\n

-

\n		\n

111.4

\n		\n

-

\n		\n

111.4

\n
\n

Bank overdrafts

\n		\n

1.2

\n		\n

(0.0)

\n		\n

-

\n		\n

-

\n		\n

1.1

\n
\n

Total bank indebtedness

\n		\n

2,613.1

\n		\n

594.3

\n		\n

393.5

\n		\n

(457.6)

\n		\n

3,143.4

\n
\n

Cash and cash equivalents and other

\n		\n

(272.4)

\n		\n

(188.8)

\n		\n

(20.8)

\n		\n

-

\n		\n

(482.0)

\n
\n

Funding of Gardenia(1)

\n		\n

-

\n		\n

-

\n		\n

(59.8)

\n		\n

-

\n		\n

(59.8)

\n
\n

Trade receivables on providers

\n		\n

\u00a0

\n		\n

(47.8)

\n		\n

\u00a0

\n		\n

-

\n		\n

(47.8)

\n
\n

Players\u2019 liabilities

\n		\n

\u00a0

\n		\n

58.3

\n		\n

\u00a0

\n		\n

-

\n		\n

58.3

\n
\n

Cash in trusts and restricted cash

\n		\n

\u00a0

\n		\n

-

\n		\n

(0.3)

\n		\n

-

\n		\n

(0.3)

\n
\n

Net cash and cash equivalents

\n		\n

(272.4)

\n		\n

(178.3)

\n		\n

(80.9)

\n		\n

-

\n		\n

(531.5)

\n
\n

Net debt before derivatives effects

\n		\n

2,340.7

\n		\n

416.1

\n		\n

312.7

\n		\n

(457.6)

\n		\n

2,611.9

\n
\n

Derivatives \u2013\u00a0liabilities

\n		\n

5.5

\n		\n

0.4

\n		\n

-

\n		\n

-

\n		\n

6.0

\n
\n

Derivatives \u2013\u00a0assets

\n		\n

(18.5)

\n		\n

(0.0)

\n		\n

-

\n		\n

-

\n		\n

(18.5)

\n
\n

Net debt

\n		\n

2,327.7

\n		\n

416.5

\n		\n

312.7

\n		\n

(457.6)

\n		\n

2,599.4

\n
\n

\n

\n

The variation in bank indebtedness for Banijay Entertainment is primarily driven by (i) the issuance of a new \u20ac400 million Term Loan B (EUR TLB) maturing in 2032, (ii) the reimbursement of Senior Unsecured Notes for\u00a0-\u20ac227 million of EUR, -\u20ac112 million of USD TLB, -\u20ac49 million of USD SSN, (iii) the reimbursement of the -\u20ac154 million intercompany loan to Banijay Group N.V., and (iv) other changes for \u20ac9 million;

\n

The variation in bank indebtedness at the Holding level is primarily explained by the repayment of the DEA vendor loan for an amount of -\u20ac111.4 million.

\n
5.2.4Statement of Cash Flows and Free Cash Flows
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(in \u20ac million)

\n		\n

For the twelve-month period ended 31 December 2025

\n
\n

Banijay Entertainment & Live

\n		\n

Banijay Gaming

\n		\n

Holding

\n		\n

Intercompany elimination

\n		\n

Total Group

\n
\n

Net cash flow from operating activities

\n		\n

431.3

\n		\n

255.7

\n		\n

(14.1)

\n		\n

-

\n		\n

673.0

\n
\n

Cash flow (used in)/from investing activities

\n		\n

(167.4)

\n		\n

(58.2)

\n		\n

161.9

\n		\n

(164.1)

\n		\n

(227.8)

\n
\n

Cash flow (used in)/from financing activities

\n		\n

(237.5)

\n		\n

(161.9)

\n		\n

(163.0)

\n		\n

164.1

\n		\n

(398.3)

\n
\n

Impact of foreign exchange rates

\n		\n

(33.8)

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

(33.8)

\n
\n

Net increase/(decrease) in cash and\u00a0cash equivalents

\n		\n

(7.4)

\n		\n

35.6

\n		\n

(15.2)

\n		\n

-

\n		\n

13.0

\n
\n

Cash and cash equivalents as of 1\u00a0January

\n		\n

271.2

\n		\n

188.8

\n		\n

20.8

\n		\n

-

\n		\n

480.9

\n
\n

Cash and cash equivalents as of 31\u00a0December

\n		\n

263.6

\n		\n

224.5

\n		\n

5.7

\n		\n

-

\n		\n

493.8

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

(in \u20ac million)

\n		\n

2025

\n
\n

Banijay Entertainment &\u00a0Live

\n		\n

Banijay Gaming

\n		\n

Holding

\n		\n

Total Group

\n
\n

Adjusted EBITDA

\n		\n

544.0

\n		\n

425.2

\n		\n

(8.2)

\n		\n

961.1

\n
\n

Purchase of property, plant and equipment and intangible assets, net of disposal(1)

\n		\n

(104.4)

\n		\n

(25.4)

\n		\n

(0.0)

\n		\n

(129.8)

\n
\n

Total cash outflows for leases that are not recognised as rental expenses

\n		\n

(48.3)

\n		\n

(3.3)

\n		\n

-

\n		\n

(51.6)

\n
\n

Adjusted free cash flow

\n		\n

391.3

\n		\n

396.6

\n		\n

(8.2)

\n		\n

779.7

\n
\n

Changes in working capital and\u00a0Fictions in progress(1) excluding LTIP payments, exceptional items(2)

\n		\n

6.2

\n		\n

(51.6)

\n		\n

5.4

\n		\n

(40.0)

\n
\n

Income tax paid

\n		\n

(88.3)

\n		\n

(82.0)

\n		\n

14.2

\n		\n

(156.1)

\n
\n

Adjusted operating free cash flow

\n		\n

309.2

\n		\n

263.0

\n		\n

11.4

\n		\n

583.6

\n
\n

One-off adjustments(3)

\n		\n

-

\n		\n

39.7

\n		\n

-

\n		\n

39.7

\n
\n

adjusted operating free cash flow exc. One-off

\n		\n

309.2

\n		\n

302.7

\n		\n

11.4

\n		\n

623.3

\n
\n

(1)Fictions in progress are reclassified from \u201cpurchase of property, plant and equipment and intangible assets, net of disposal\u201d to \u201cchanges in working capital and FIP\" for -\u20ac16.2 million and Fictions in progress financing are reclassified from \u201cproceeds from borrowings\u201d and \u201crepayment of borrowings\u201d to \u201cchanges in working capital\u201d for \u20ac17.6 million and -\u20ac21.1 million, respectively.

\n

(2)-\u20ac88.7 million are excluded from Changes in working capital including -\u20ac83.1 million related to LTIP payments and exceptional items, \u20ac21.0 million related to change on trade receivables on providers and players' liabilities, -\u20ac51.9 million related to exceptional items paid, \u20ac25.2 million for the difference between Adjusted EBITDA and the Gross cash provided by operating activities.

\n

(3)One-off adjustments includes restatements in (i) changes in working capital for \u20ac13.0 million related to exceptional 2024 performance-related payouts cashed out in 2025 and (ii) income tax paid for \u20ac26.7 million related to Corporate income tax catch up on strong 2024 results.

\n
\n

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

(in \u20ac million)

\n		\n

2024

\n
\n

Banijay Entertainment &\u00a0Live

\n		\n

Banijay Gaming

\n		\n

Holding

\n		\n

Intercompany elimination

\n		\n

Total Group

\n
\n

Net cash flow from operating activities

\n		\n

375.7

\n		\n

143.8

\n		\n

(30.8)

\n		\n

-

\n		\n

488.7

\n
\n

Cash flow (used in)/from investing activities

\n		\n

(168.6)

\n		\n

(11.6)

\n		\n

(48.1)

\n		\n

-

\n		\n

(228.3)

\n
\n

Cash flow (used in)/from financing activities

\n		\n

(328.9)

\n		\n

(36.7)

\n		\n

98.2

\n		\n

-

\n		\n

(267.3)

\n
\n

Impact of foreign exchange rates

\n		\n

25.0

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

25.0

\n
\n

Net increase/(decrease) in cash and\u00a0cash equivalents

\n		\n

(96.8)

\n		\n

95.5

\n		\n

19.4

\n		\n

-

\n		\n

18.1

\n
\n

Cash and cash equivalents as of 1\u00a0January

\n		\n

368.1

\n		\n

93.3

\n		\n

1.5

\n		\n

-

\n		\n

462.9

\n
\n

Cash and cash equivalents as of 31\u00a0December

\n		\n

271.2

\n		\n

188.8

\n		\n

20.8

\n		\n

-

\n		\n

480.9

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

(in \u20ac million)

\n		\n

2024

\n
\n

Banijay Entertainment &\u00a0Live

\n		\n

Banijay Gaming

\n		\n

Holding

\n		\n

Total Group

\n
\n

Adjusted EBITDA

\n		\n

528.2

\n		\n

379.8

\n		\n

(7.8)

\n		\n

900.2

\n
\n

Purchase of property, plant and equipment and intangible assets

\n		\n

(75.3)

\n		\n

(29.6)

\n		\n

-

\n		\n

(104.9)

\n
\n

Total cash outflows for leases that are not recognised as rental expenses

\n		\n

(46.9)

\n		\n

(3.3)

\n		\n

\n		\n

(50.3)

\n
\n

Adjusted free cash flow

\n		\n

405.9

\n		\n

346.9

\n		\n

(7.8)

\n		\n

745.0

\n
\n

Changes in working capital and\u00a0Fictions in progress(1) excluding LTIP payments, exceptional items(2)

\n		\n

(38.6)

\n		\n

11.8

\n		\n

(0.1)

\n		\n

(26.9)

\n
\n

Income tax paid

\n		\n

(63.3)

\n		\n

(34.7)

\n		\n

-

\n		\n

(98.0)

\n
\n

Adjusted operating free cash flow

\n		\n

304.0

\n		\n

324.0

\n		\n

(7.9)

\n		\n

620.1

\n
\n

One-off adjustments(3)

\n		\n

-

\n		\n

(50.9)

\n		\n

-

\n		\n

(50.9)

\n
\n

adjusted operating free cash flow exc. One-off

\n		\n

304.0

\n		\n

273.1

\n		\n

(7.9)

\n		\n

569.3

\n
\n

(1)Fictions in progress are reclassified from \u201cpurchase of property, plant and equipment and intangible assets, net of disposal\u201d to \u201cchanges in working capital and FIP\" for \u20ac-25.0 million and Fictions in progress financing are reclassified from \u201cproceeds from borrowings\u201d to \u201cchanges in working capital\u201d for an amount of \u20ac21.8 million.

\n

(2)-\u20ac259.9 million are excluded from Changes in working capital including -\u20ac151.7 million related to LTIP payments and exceptional items, \u20ac21.1 million related to change on trade receivables on providers and players' liabilities, -\u20ac159.3 million related to exceptional items paid, \u20ac26.7 million for the difference between Adjusted EBITDA and the Gross cash provided by operating activities.

\n

(3)One-off adjustments includes restatements in (i) changes in working capital for -\u20ac24.2 million related to exceptional 2024 performance-related payouts cashed out in 2025 as well as an additional VAT instalment and (ii) income tax paid for -\u20ac26.7 million related to Corporate income tax catch up on strong 2024 results.

\n
\n

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

Note 6

\n		\n

Revenue

\n
\n

Information by geographical area based on customer location is as follows:

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

(in \u20ac million)

\n

Revenue by geographical area

\n		\n

2025

\n		\n

2024

\n
\n

France

\n		\n

1,112.0

\n		\n

1,085.9

\n
\n

United Kingdom

\n		\n

702.0

\n		\n

606.3

\n
\n

United States of America

\n		\n

377.7

\n		\n

521.3

\n
\n

Rest of Europe

\n		\n

2,091.8

\n		\n

2,006.6

\n
\n

Rest of the world

\n		\n

597.1

\n		\n

583.2

\n
\n

Total revenue

\n		\n

4,880.5

\n		\n

4,803.3

\n
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_9253435705369594_0_0": { "value": "
2.5.24Other non-current operating income and expenses
\n

Those items comprise income and expenses that are both unusual in nature and significant in terms of value at consolidated level. The Group presents such income and expenses separately in the statement of profit or loss in order to facilitate the understanding of the recurring operating performance.

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

Note 10

\n		\n

Other operating income and expenses

\n
\n

Other operating income and expenses for the year ended in 2025\u00a0and 2024\u00a0are as follows:

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Restructuring charges and other non-core items

\n		\n

(51.3)

\n		\n

(54.8)

\n
\n

Tax and duties

\n		\n

(4.0)

\n		\n

(6.8)

\n
\n

President fees

\n		\n

(25.4)

\n		\n

(24.7)

\n
\n

Other operational expenses

\n		\n

(1.0)

\n		\n

(4.8)

\n
\n

Other operational income

\n		\n

3.2

\n		\n

1.2

\n
\n

Other operating income and expenses

\n		\n

(78.5)

\n		\n

(89.9)

\n
\n

Of which other operating income

\n		\n

3.4

\n		\n

2.1

\n
\n

Of which other operating expenses

\n		\n

(81.9)

\n		\n

(92.0)

\n
\n

Other operating income and expenses mainly relate to the restructuring charges and other non-core items in 2025, which mainly consist of:

\n

\u2022Restructuring costs and reorganisation, mainly including expenses with personnel and relocation, or similar costs incurred in order to achieve synergies in the context of Banijay\u2019s acquisitions over the period in the different subsidiaries as well as discontinued project costs;

\n

\u2022Scope variation effect as of December 2025 and 2024, mainly relating to the disposal in 2025 of Bet-at-home with an impact of -\u20ac27.3 million and other M&A project costs during the period;

\n

\u2022Significant litigation and disputes, mainly corresponding to the allowance related to the Bet-at-home sub-group\u2019s litigation process in 2025.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10165719484861264_0_0": { "value": "
2.5.24Other non-current operating income and expenses
\n

Those items comprise income and expenses that are both unusual in nature and significant in terms of value at consolidated level. The Group presents such income and expenses separately in the statement of profit or loss in order to facilitate the understanding of the recurring operating performance.

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

Note 10

\n		\n

Other operating income and expenses

\n
\n

Other operating income and expenses for the year ended in 2025\u00a0and 2024\u00a0are as follows:

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Restructuring charges and other non-core items

\n		\n

(51.3)

\n		\n

(54.8)

\n
\n

Tax and duties

\n		\n

(4.0)

\n		\n

(6.8)

\n
\n

President fees

\n		\n

(25.4)

\n		\n

(24.7)

\n
\n

Other operational expenses

\n		\n

(1.0)

\n		\n

(4.8)

\n
\n

Other operational income

\n		\n

3.2

\n		\n

1.2

\n
\n

Other operating income and expenses

\n		\n

(78.5)

\n		\n

(89.9)

\n
\n

Of which other operating income

\n		\n

3.4

\n		\n

2.1

\n
\n

Of which other operating expenses

\n		\n

(81.9)

\n		\n

(92.0)

\n
\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10165690642822764_0_0": { "value": "
2.5.24Other non-current operating income and expenses
\n

Those items comprise income and expenses that are both unusual in nature and significant in terms of value at consolidated level. The Group presents such income and expenses separately in the statement of profit or loss in order to facilitate the understanding of the recurring operating performance.

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

Note 10

\n		\n

Other operating income and expenses

\n
\n

Other operating income and expenses for the year ended in 2025\u00a0and 2024\u00a0are as follows:

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Restructuring charges and other non-core items

\n		\n

(51.3)

\n		\n

(54.8)

\n
\n

Tax and duties

\n		\n

(4.0)

\n		\n

(6.8)

\n
\n

President fees

\n		\n

(25.4)

\n		\n

(24.7)

\n
\n

Other operational expenses

\n		\n

(1.0)

\n		\n

(4.8)

\n
\n

Other operational income

\n		\n

3.2

\n		\n

1.2

\n
\n

Other operating income and expenses

\n		\n

(78.5)

\n		\n

(89.9)

\n
\n

Of which other operating income

\n		\n

3.4

\n		\n

2.1

\n
\n

Of which other operating expenses

\n		\n

(81.9)

\n		\n

(92.0)

\n
\n

Other operating income and expenses mainly relate to the restructuring charges and other non-core items in 2025, which mainly consist of:

\n

\u2022Restructuring costs and reorganisation, mainly including expenses with personnel and relocation, or similar costs incurred in order to achieve synergies in the context of Banijay\u2019s acquisitions over the period in the different subsidiaries as well as discontinued project costs;

\n

\u2022Scope variation effect as of December 2025 and 2024, mainly relating to the disposal in 2025 of Bet-at-home with an impact of -\u20ac27.3 million and other M&A project costs during the period;

\n

\u2022Significant litigation and disputes, mainly corresponding to the allowance related to the Bet-at-home sub-group\u2019s litigation process in 2025.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346861_0": { "value": "
2.5.25 Taxes
\n
Current tax
\n

Tax receivables or tax payables for the current period and prior periods are estimated at the amount that is expected to be received from or to be paid to the tax administration. Tax rates and tax laws used in order to estimate the tax receivable or the tax liability are those which have been enacted at the closing date. Current income taxes pertaining to items recognised in \u201cOther comprehensive income\u201d are recorded in the same category and not as profit or loss.

\n

The Group classifies the CVAE in France (Contribution on added value) and IRAP Tax in Italy (Regional production tax) as income\u00a0tax.

\n
Deferred taxes
\n

Differences existing at closing between the tax bases of assets and liabilities and their carrying amount in the consolidated statement of financial position give rise to temporary differences, except for non-tax-deductible goodwill. Pursuant to the liability method, these temporary differences result in the accounting of:

\n

\u2022deferred tax assets, when the tax base value is greater than the carrying amount (expected future tax saving);\u00a0and

\n

\u2022deferred tax liabilities, when the tax base value is lower than the carrying amount (expected future tax expense).

\n

Deferred tax assets and liabilities are measured at the expected tax rates for the year during which the Group expects the asset will be realised or the liability settled, based on tax rates (and tax regulations) enacted or substantially enacted by the closing date. They are reviewed at the end of each year, in line with any changes in applicable tax rates.

\n

Deferred tax assets for all deductible temporary differences, tax loss carry-forwards and unused tax credits are only recognised to the extent that it is probable that future taxable profit will be available to utilise them against.

\n

The carrying amount of deferred tax assets is reviewed at each closing date, and revalued or reduced to the extent that it is more or less probable that a taxable profit will be available to allow the deferred tax asset to be utilised. When assessing the probability of a taxable profit being available, account is taken, primarily, of prior years\u2019 results, forecasted future results, non-recurring items unlikely to occur in the future and the tax strategy. As such, the assessment of the Group\u2019s ability to utilise tax losses carried forward is to a large extent judgment-based. If the future taxable results of the Group proves to differ significantly from those expected, the Group would be required to increase or decrease the carrying amount of deferred tax assets with a potentially material impact on the Group\u2019s statement of financial position and statement of income.

\n

Deferred tax assets and liabilities are not discounted and are offset when they have the same maturity and relate to the same taxable entity or tax group. They are classified in the statement of financial position as non-current assets and liabilities.

\n

Deferred tax shall be charged or credited directly to equity, and not profit and loss if the tax relates to items that are credited or charged directly to equity. Deferred taxes resulting from the recognition of an asset or liability in a business combination are recognised in the same way.

\n

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

Note 12

\n		\n

Income tax

\n
\n

12.1Income tax expense

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Current income tax

\n		\n

(113.5)

\n		\n

(127.4)

\n
\n

Deferred income tax

\n		\n

(19.4)

\n		\n

25.1

\n
\n

Pillar II top-up tax

\n		\n

(9.7)

\n		\n

(7.8)

\n
\n

Total tax expense

\n		\n

(142.5)

\n		\n

(110.1)

\n
\n

The income tax for the period ended 31 December 2025 amounts to -\u20ac142.5 million compared to -\u20ac110.1 million in the period ended in 2024.

\n

At the end of December 2025, a Pillar II top-up tax of \u2011\u20ac9.7\u00a0million was recognised by the Group (See Note 12.3).

\n

In addition to the amount charged to profit or loss, the following amounts relating to tax have been recognised in other comprehensive income:

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Deferred Tax

\n		\n

1.5

\n		\n

1.8

\n
\n

Deferred tax on cash flow hedge fair value adjustment

\n		\n

1.5

\n		\n

1.8

\n
\n

Items to be subsequently reclassified to profit or loss

\n		\n

1.5

\n		\n

1.8

\n
\n

12.2Group\u2019s tax reconciliation

\n

The Group\u2019s profit is generated in several countries. The tax rate is subject to changes in actual local tax rates and depends on the relative contributions of the different countries in the Group's profit.\u00a0

\n

The current tax rate applicable to French companies in the Group is 25.83% in fiscal year 2025, unchanged from 2024.

\n

The following table shows a reconciliation of the theoretical tax expense calculated at the French applicable rate, the Parent Company being a tax resident in France, and the recognised income tax expense:

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Consolidated net income/(loss)

\n		\n

264.7

\n		\n

154.6

\n
\n

Income from associates and joint venture

\n		\n

(10.9)

\n		\n

(3.1)

\n
\n

Net income of consolidated companies

\n		\n

275.6

\n		\n

157.7

\n
\n

Income tax

\n		\n

(142.5)

\n		\n

(110.1)

\n
\n

Net income of consolidated companies before tax

\n		\n

418.8

\n		\n

267.8

\n
\n

Applicable corporate tax rate

\n		\n

25.83%

\n		\n

25.83%

\n
\n

Theoretical tax charges

\n		\n

(108.0)

\n		\n

(69.2)

\n
\n

Impact from tax rate differentials

\n		\n

18.2

\n		\n

4.2

\n
\n

Change in unrecognised deferred tax assets(1)

\n		\n

(52.0)

\n		\n

(15.3)

\n
\n

Savings/charge on permanent tax differences(2)

\n		\n

(2.9)

\n		\n

(4.5)

\n
\n

Pillar II top-up tax(3)

\n		\n

(9.7)

\n		\n

(7.8)

\n
\n

Tax without basis(4)

\n		\n

(18.6)

\n		\n

(18.6)

\n
\n

Other

\n		\n

1.1

\n		\n

1.1

\n
\n

Income eligible to reduced taxation rate(5)

\n		\n

29.4

\n		\n

-

\n
\n

Group tax expense

\n		\n

(142.6)

\n		\n

(110.1)

\n
\n

(1)Unrecognised deferred tax assets concerns (i) geographies with unfavourable tax planning (France and Italy) and limitation on financial interest not recoupable in the foreseeable future and (ii) limitation on tax receivables recognition with new tax credit in UK \u2013 the Audiovisual Tax Credit Expenditure. This latest explanation impacts 2025 for -\u20ac7.2 million.

\n

(2)In 2025, permanent tax differences are mainly linked to non-taxable tax credit, offset by some limitation on financial interest (qualified as permanent), and IFRS expenses related to free share plans (LTIP) and value changes on earnout and put options (for employment-related earnout and option obligations and liabilities on earnout and put option).

\n

(3)A Pillar II top-up tax of -\u20ac9.7 million has been recognised by the group (see Note 12.3).

\n

(4)These amounts mainly reflect the CVAE in France, IRAP in Italy, and state tax in the US as well as withholding taxes (unrecouped effect) in different geographies.

\n

(5)This amount is related to the application of the French IP Box regime (10% vs. 25% CIT rate) on eligible net result generated by Betclic original software effective from 2025 onwards.

\n
\n

The reconciling items reflect the effect of tax rate differentials and changes as well as the tax effects of non-taxable income or non-deductible expenses arising from permanent differences between local tax bases and the financial statements presented under IFRS.

\n

12.3Pillar Two taxes

\n

The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) addresses the tax challenges arising from the digitalisation of the global economy. The Global Anti-Base Erosion Model Rules (Pillar Two model rules) apply to multinational enterprises (MNEs) with annual revenue in excess of EUR 750 million as per their consolidated financial statements.

\n

In December 2022, the EU Member States unanimously agreed to adopt a directive introducing a global minimum corporate income tax rate of 15% effective in 2024, in accordance with the model framework of OECD Pillar Two. To date, Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates.

\n

The Group is in scope of the enacted legislation in force since 1 January 2024.

\n

On 23 May 2023, the IASB issued amendments to IAS 12 Income Taxes introducing a mandatory temporary exception to the requirements of IAS 12 under which a company does not recognise or disclose information about deferred tax assets and liabilities related to the proposed OECD Pillar Two model rules.

\n

The Group applied the temporary exception at 31 December 2025.

\n

The Group recognised a Pillar Two current tax expense of \u20ac9.7 million in 2025 (\u20ac7.8 million in 2024).

\n

12.4Deferred taxes

\n
12.4.1Change in deferred taxes
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(in \u20ac million)

\n		\n

Total net deferred tax

\n
\n

Balance as of 1\u00a0January 2024

\n		\n

50.5

\n
\n

Deferred tax recognised in profit or loss

\n		\n

25.1

\n
\n

Deferred tax recognised in invested equity

\n		\n

1.8

\n
\n

Deferred tax recognised in business combinations

\n		\n

(2.4)

\n
\n

Translation differences

\n		\n

1.1

\n
\n

Reclassification

\n		\n

7.2

\n
\n

Other changes

\n		\n

(0.0)

\n
\n

Balance as of 31\u00a0December 2024

\n		\n

83.4

\n
\n

Deferred tax recognised in profit or loss

\n		\n

(19.4)

\n
\n

Deferred tax recognised in invested equity

\n		\n

\u00a01.5

\n
\n

Deferred tax recognised in business combinations

\n		\n

(2.3)

\n
\n

Translation differences

\n		\n

(3.0)

\n
\n

Reclassification

\n		\n

\u00a00.0

\n
\n

Other changes

\n		\n

(0.0)

\n
\n

Balance as of 31\u00a0December 2025

\n		\n

\u00a060.9

\n
\n
12.4.2Breakdown by nature
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(in \u20ac million)

\n		\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Tax loss carryforwards

\n		\n

41.3

\n		\n

53.4

\n
\n

Share-based payment (cash-settled) and other provisions for retirement

\n		\n

15.0

\n		\n

25.3

\n
\n

PPA

\n		\n

(19.8)

\n		\n

(23.2)

\n
\n

IFRS 16

\n		\n

2.5

\n		\n

3.4

\n
\n

Financial instruments

\n		\n

(0.2)

\n		\n

(3.1)

\n
\n

Others

\n		\n

22.1

\n		\n

27.5

\n
\n

Deferred tax assets/(liabilities), net

\n		\n

60.9

\n		\n

83.4

\n
\n

O/w deferred tax assets

\n		\n

64.7

\n		\n

84.8

\n
\n

O/w deferred tax liabilities

\n		\n

(3.8)

\n		\n

(1.4)

\n
\n

The Group analysed the potential utilisation of the deferred tax asset arising from tax loss carryforwards in the near future (i.e., based on expected taxable profits in the next two years).

\n

The cumulated deferred tax assets on tax losses unrecognised as of 31 December 2025 amounted to \u20ac234.6million (\u20ac224.7 million in 2024).

\n

The main part of the tax loss carryforwards can be used indefinitely. However, in certain geographies such as France, UK, US, Netherlands and Italy, some of those tax loss carryforwards are restricted in their consumption (for instance, limited to a certain amount or percentage of taxable income).

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10422033186927318_0_0": { "value": "
2.5.25 Taxes
\n
Current tax
\n
Deferred taxes
\n

Differences existing at closing between the tax bases of assets and liabilities and their carrying amount in the consolidated statement of financial position give rise to temporary differences, except for non-tax-deductible goodwill. Pursuant to the liability method, these temporary differences result in the accounting of:

\n

\u2022deferred tax assets, when the tax base value is greater than the carrying amount (expected future tax saving);\u00a0and

\n

\u2022deferred tax liabilities, when the tax base value is lower than the carrying amount (expected future tax expense).

\n

Deferred tax assets and liabilities are measured at the expected tax rates for the year during which the Group expects the asset will be realised or the liability settled, based on tax rates (and tax regulations) enacted or substantially enacted by the closing date. They are reviewed at the end of each year, in line with any changes in applicable tax rates.

\n

Deferred tax assets for all deductible temporary differences, tax loss carry-forwards and unused tax credits are only recognised to the extent that it is probable that future taxable profit will be available to utilise them against.

\n

The carrying amount of deferred tax assets is reviewed at each closing date, and revalued or reduced to the extent that it is more or less probable that a taxable profit will be available to allow the deferred tax asset to be utilised. When assessing the probability of a taxable profit being available, account is taken, primarily, of prior years\u2019 results, forecasted future results, non-recurring items unlikely to occur in the future and the tax strategy. As such, the assessment of the Group\u2019s ability to utilise tax losses carried forward is to a large extent judgment-based. If the future taxable results of the Group proves to differ significantly from those expected, the Group would be required to increase or decrease the carrying amount of deferred tax assets with a potentially material impact on the Group\u2019s statement of financial position and statement of income.

\n

Deferred tax assets and liabilities are not discounted and are offset when they have the same maturity and relate to the same taxable entity or tax group. They are classified in the statement of financial position as non-current assets and liabilities.

\n

Deferred tax shall be charged or credited directly to equity, and not profit and loss if the tax relates to items that are credited or charged directly to equity. Deferred taxes resulting from the recognition of an asset or liability in a business combination are recognised in the same way.

\n

12.1Income tax expense

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Current income tax

\n		\n

(113.5)

\n		\n

(127.4)

\n
\n

Deferred income tax

\n		\n

(19.4)

\n		\n

25.1

\n
\n

Pillar II top-up tax

\n		\n

(9.7)

\n		\n

(7.8)

\n
\n

Total tax expense

\n		\n

(142.5)

\n		\n

(110.1)

\n
\n

The income tax for the period ended 31 December 2025 amounts to -\u20ac142.5 million compared to -\u20ac110.1 million in the period ended in 2024.

\n

At the end of December 2025, a Pillar II top-up tax of \u2011\u20ac9.7\u00a0million was recognised by the Group (See Note 12.3).

\n

In addition to the amount charged to profit or loss, the following amounts relating to tax have been recognised in other comprehensive income:

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Deferred Tax

\n		\n

1.5

\n		\n

1.8

\n
\n

Deferred tax on cash flow hedge fair value adjustment

\n		\n

1.5

\n		\n

1.8

\n
\n

Items to be subsequently reclassified to profit or loss

\n		\n

1.5

\n		\n

1.8

\n
\n

12.4Deferred taxes

\n
12.4.1Change in deferred taxes
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(in \u20ac million)

\n		\n

Total net deferred tax

\n
\n

Balance as of 1\u00a0January 2024

\n		\n

50.5

\n
\n

Deferred tax recognised in profit or loss

\n		\n

25.1

\n
\n

Deferred tax recognised in invested equity

\n		\n

1.8

\n
\n

Deferred tax recognised in business combinations

\n		\n

(2.4)

\n
\n

Translation differences

\n		\n

1.1

\n
\n

Reclassification

\n		\n

7.2

\n
\n

Other changes

\n		\n

(0.0)

\n
\n

Balance as of 31\u00a0December 2024

\n		\n

83.4

\n
\n

Deferred tax recognised in profit or loss

\n		\n

(19.4)

\n
\n

Deferred tax recognised in invested equity

\n		\n

\u00a01.5

\n
\n

Deferred tax recognised in business combinations

\n		\n

(2.3)

\n
\n

Translation differences

\n		\n

(3.0)

\n
\n

Reclassification

\n		\n

\u00a00.0

\n
\n

Other changes

\n		\n

(0.0)

\n
\n

Balance as of 31\u00a0December 2025

\n		\n

\u00a060.9

\n
\n
12.4.2Breakdown by nature
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

(in \u20ac million)

\n		\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Tax loss carryforwards

\n		\n

41.3

\n		\n

53.4

\n
\n

Share-based payment (cash-settled) and other provisions for retirement

\n		\n

15.0

\n		\n

25.3

\n
\n

PPA

\n		\n

(19.8)

\n		\n

(23.2)

\n
\n

IFRS 16

\n		\n

2.5

\n		\n

3.4

\n
\n

Financial instruments

\n		\n

(0.2)

\n		\n

(3.1)

\n
\n

Others

\n		\n

22.1

\n		\n

27.5

\n
\n

Deferred tax assets/(liabilities), net

\n		\n

60.9

\n		\n

83.4

\n
\n

O/w deferred tax assets

\n		\n

64.7

\n		\n

84.8

\n
\n

O/w deferred tax liabilities

\n		\n

(3.8)

\n		\n

(1.4)

\n
\n

The Group analysed the potential utilisation of the deferred tax asset arising from tax loss carryforwards in the near future (i.e., based on expected taxable profits in the next two years).

\n

The cumulated deferred tax assets on tax losses unrecognised as of 31 December 2025 amounted to \u20ac234.6million (\u20ac224.7 million in 2024).

\n

The main part of the tax loss carryforwards can be used indefinitely. However, in certain geographies such as France, UK, US, Netherlands and Italy, some of those tax loss carryforwards are restricted in their consumption (for instance, limited to a certain amount or percentage of taxable income).

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346874_0": { "value": "
2.5.25 Taxes
\n
Current tax
\n

Tax receivables or tax payables for the current period and prior periods are estimated at the amount that is expected to be received from or to be paid to the tax administration. Tax rates and tax laws used in order to estimate the tax receivable or the tax liability are those which have been enacted at the closing date. Current income taxes pertaining to items recognised in \u201cOther comprehensive income\u201d are recorded in the same category and not as profit or loss.

\n

The Group classifies the CVAE in France (Contribution on added value) and IRAP Tax in Italy (Regional production tax) as income\u00a0tax.

\n
Deferred taxes
\n

Differences existing at closing between the tax bases of assets and liabilities and their carrying amount in the consolidated statement of financial position give rise to temporary differences, except for non-tax-deductible goodwill. Pursuant to the liability method, these temporary differences result in the accounting of:

\n

\u2022deferred tax assets, when the tax base value is greater than the carrying amount (expected future tax saving);\u00a0and

\n

\u2022deferred tax liabilities, when the tax base value is lower than the carrying amount (expected future tax expense).

\n

Deferred tax assets and liabilities are measured at the expected tax rates for the year during which the Group expects the asset will be realised or the liability settled, based on tax rates (and tax regulations) enacted or substantially enacted by the closing date. They are reviewed at the end of each year, in line with any changes in applicable tax rates.

\n

Deferred tax assets for all deductible temporary differences, tax loss carry-forwards and unused tax credits are only recognised to the extent that it is probable that future taxable profit will be available to utilise them against.

\n

The carrying amount of deferred tax assets is reviewed at each closing date, and revalued or reduced to the extent that it is more or less probable that a taxable profit will be available to allow the deferred tax asset to be utilised. When assessing the probability of a taxable profit being available, account is taken, primarily, of prior years\u2019 results, forecasted future results, non-recurring items unlikely to occur in the future and the tax strategy. As such, the assessment of the Group\u2019s ability to utilise tax losses carried forward is to a large extent judgment-based. If the future taxable results of the Group proves to differ significantly from those expected, the Group would be required to increase or decrease the carrying amount of deferred tax assets with a potentially material impact on the Group\u2019s statement of financial position and statement of income.

\n

Deferred tax assets and liabilities are not discounted and are offset when they have the same maturity and relate to the same taxable entity or tax group. They are classified in the statement of financial position as non-current assets and liabilities.

\n

Deferred tax shall be charged or credited directly to equity, and not profit and loss if the tax relates to items that are credited or charged directly to equity. Deferred taxes resulting from the recognition of an asset or liability in a business combination are recognised in the same way.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10421498085184743_0_0": { "value": "
2.5.25 Taxes
\n
Deferred taxes
\n

Differences existing at closing between the tax bases of assets and liabilities and their carrying amount in the consolidated statement of financial position give rise to temporary differences, except for non-tax-deductible goodwill. Pursuant to the liability method, these temporary differences result in the accounting of:

\n

\u2022deferred tax assets, when the tax base value is greater than the carrying amount (expected future tax saving);\u00a0and

\n

\u2022deferred tax liabilities, when the tax base value is lower than the carrying amount (expected future tax expense).

\n

Deferred tax assets and liabilities are measured at the expected tax rates for the year during which the Group expects the asset will be realised or the liability settled, based on tax rates (and tax regulations) enacted or substantially enacted by the closing date. They are reviewed at the end of each year, in line with any changes in applicable tax rates.

\n

Deferred tax assets for all deductible temporary differences, tax loss carry-forwards and unused tax credits are only recognised to the extent that it is probable that future taxable profit will be available to utilise them against.

\n

The carrying amount of deferred tax assets is reviewed at each closing date, and revalued or reduced to the extent that it is more or less probable that a taxable profit will be available to allow the deferred tax asset to be utilised. When assessing the probability of a taxable profit being available, account is taken, primarily, of prior years\u2019 results, forecasted future results, non-recurring items unlikely to occur in the future and the tax strategy. As such, the assessment of the Group\u2019s ability to utilise tax losses carried forward is to a large extent judgment-based. If the future taxable results of the Group proves to differ significantly from those expected, the Group would be required to increase or decrease the carrying amount of deferred tax assets with a potentially material impact on the Group\u2019s statement of financial position and statement of income.

\n

Deferred tax assets and liabilities are not discounted and are offset when they have the same maturity and relate to the same taxable entity or tax group. They are classified in the statement of financial position as non-current assets and liabilities.

\n

Deferred tax shall be charged or credited directly to equity, and not profit and loss if the tax relates to items that are credited or charged directly to equity. Deferred taxes resulting from the recognition of an asset or liability in a business combination are recognised in the same way.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10422716649082095_0_0": { "value": "
2.5.26 Related parties
\n

A related party is a person or an entity that is related to the Group. These include both people and entities that have, or are subject to, the influence or control of the Group (e.g.,\u00a0shareholders, key management personnel). Transactions with related parties are accounted for in accordance with the requirements of relevant IFRS and take into account the substance as well as the legal form.

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40661619233082885_0_0": { "value": "

2.6Going concern

\n

Management assessed the Group\u2019s ability to continue as a going concern when preparing the consolidated financial statements.

\n
Balance sheet
\n

As of 31 December 2025, equity continues to be positive with a total amount of \u20ac144.2 million compared to \u20ac33.2 million as of 31 December 2024. In addition, the current part of financial liabilities is covered by the current part of financial assets and cash and cash equivalents held by the Group.

\n
Net result
\n

The result continues to be positive in the twelve-month period of 2025.

\n
Liquidity / Forecast
\n

In terms of liquidity, Management has performed a monthly cash flow forecast for the next twelve months. This forecast includes organic growth with a high degree of certainty predictability due to the Group's activity, dividend\u00a0cash\u2011out and repayment of borrowings and other financial liabilities. This forecast confirmed the absence of solvency risk and that the Group is confident in its capacity to cover its needs.

\n

As described in Note 4.1.2 on page 316, Banijay Entertainment completed the refinancing of the residual part of its \u20ac400 million senior notes due in 2026, with a new Term Loan B amounting to \u20ac400 million and maturing\u00a0in 2032. In addition, Banijay Entertainment completed the repricing of its \u20ac555 million term loan facility (the \u201cEUR Term Loan\u201d) at EURIBOR plus 3.25% and its $556 million term loan facility (the \u201cUSD Term Loan\u201d) at SOFR plus 2.75%, in each case at par. The repricing will reduce the margins on the term loans from EURIBOR plus 3.75% for the EUR Term Loan B and from SOFR plus 3.25% for the USD Term Loan B.

\n

In addition, there is no breach of financial covenants to be reported.

\n
Sensitivity test
\n

As of 31 December 2025, the Group also modelled a scenario assuming a 10% decrease in activity in 2026 and 2027 compared to the 2026 budget and 2027 Business plan to assess whether the liquidity position is sufficient. In this scenario, the Group would have enough liquidity and financing facilities to continue operations. A stress test using a 15% decrease in activity was also performed and led to the same conclusion.

\n
Other lines of credit
\n

In addition, as of 31 December 2025, undrawn committed lines of credit, overdrafts and other borrowings have been obtained for a total of \u20ac280 million.

\n

The Banijay Entertainment business is subject to financial covenants, namely concerning RCF (revolving credit facilities) in the event of a drawdown of 40%.

\n

The Holding and Banijay Gaming are also subject to financial covenants, namely concerning RCF (revolving credit facilities) and the Term Loan B, respectively. As of 31\u00a0December 2025, although the revolving credit facilities of Banijay Entertainment, Banijay Gaming and Banijay Group N.V. RCF are not drawn down, such financial covenants are satisfied.

\n
Conclusion
\n

Based on the above, Management considers that the Group has the financial resources necessary to continue operations for at least the next 12 months, and that there are no material uncertainties regarding the Group\u2019s ability to continue as a going concern. The current portion of financial liabilities is adequately covered by the Group\u2019s current assets, cash, and cash equivalents.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_40772792634308254_0_0": { "value": "
\n\n\n\n\n
\n

Note 3

\n		\n

Ongoing acquisition of Tipico Group Limited

\n
\n

3.1Key dates in 2025

\n

\u202228 October 2025: Banijay Group announced that the Group had signed a binding agreement with CVC and Tipico\u2019s founders to combine Betclic and Tipico groups.

\n

3.2Key dates in 2026

\n

\u202221 January 2026: Banijay Gaming announced the successful pricing of Senior Secured Notes and Term Loan Facilities (EUR) and (USD) for a total amount of \u20ac3,139 million. In addition, an additional Revolving Credit Facility will be made available for \u20ac70.0 million.

\n

\u202223 January 2026: Banijay Gaming entered into hedging contracts to secure the variable rate and the currency risk.

\n

\n

3.3Description of the acquisition

\n

On 28 October 2025, Banijay Group announced that the Group had signed a binding agreement with CVC and Tipico\u2019s founders to combine Betclic and Tipico groups, becoming the majority shareholder of the combined entity, and creating a European champion in sports betting and online gaming. Banijay Group will buy the majority stake in Tipico from CVC in cash, and all shareholders of Betclic and Tipico, including the respective founders, will become shareholders of the combined entity.

\n

Betclic and Tipico are two complementary local champions with leading positions in six highly attractive markets (Germany, France, Portugal, Austria, Poland, and C\u00f4te d\u2019Ivoire) thanks to strong tech and product expertise, joining forces to become the fourth largest European sports betting and gaming player and the leader of sports betting in Continental Europe.

\n

As part of the transaction terms, the acquisition price is estimated at \u20ac3.1 billion including \u20ac1.2 billion paid in cash and \u20ac1.9 billion through the issuance of the new CombinedCo shares to Tipico\u2019s former shareholders (founders will roll over 100% of their shares and CVC will roll over its remaining stake into Banijay Gaming).

\n

After the closing (expected in April 2026), Banijay Gaming will own 100% of the voting shares of Tipico Group Limited and Banijay Group would hold around 65%, on a fully diluted basis, of the Combined Group.

\n

3.4Description of the acquisition financing

\n

On 21 January 2026, Banijay Gaming announced the successful pricing of a notes offering as part of the \u20ac3,139\u00a0million financing. The financing package comprised:

\n

\u20ac1,000 million Senior Secured Notes due in 2031 with a coupon of 5.125%.

\n

\u20ac1,500 million Term Loan B Facility maturing in 2031, priced with an OID at 99.75% and bearing interest at a rate of three-month EURIBOR plus a 3.000% margin. Banijay Gaming entered into two rate swap instruments to hedge 100% of the debt variable rate against a rate at 2.36%.

\n

$750 million Term Loan B Facility maturing in 2031, priced with an OID at 99.75% and bearing interest at a rate of SOFR plus a 2.750% margin. Banijay Gaming entered into two interest rate and currency hedging instruments. The two cross currency swaps have two main objectives: (i) to hedge the risk of fluctuations in the EUR/USD exchange rate (Fx. Rate per Eur. of c. $1.1731) and (ii) to lock the variable rate with a fixed rate of 5.2506%.

\n

Additional \u20ac70 million (equivalent) multicurrency Revolving Credit Facility.

\n

The proceeds of this financing, together with rollover equity and cash on the balance sheet, will be used to (i) acquire the share capital of Tipico Group Limited, (ii) refinance certain existing debt of Tipico Group Limited and (iii) pay certain costs, fees and expenses incurred, notably in connection with the Acquisition.

\n

\n

\n

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

Note 30

\n		\n

Subsequent events

\n
\n

30.1Banijay Entertainment business

\n
Disposal of H2O
\n

In January 2026, the French unscripted production company H2O Productions was sold to its founder, Cyril Hanouna (directly and indirectly through his holding company). In that context, on 16\u00a0January 2026, Banijay Group bought back 1,000,000 of its own shares to Cyril Hanouna and his holding company at \u20ac8.10 per share (i.e. a total amount of \u20ac8,100,000), corresponding to their opening market price on that date representing less than 0,1% of the share capital of Banijay Group.

\n
Combination of Banijay Entertainment and All3Media
\n

On 3 March 2026, Banijay Group announced that it had entered into a strategic partnership with RedBird IMI, a joint venture backed by RedBird Capital Partners and the Abu Dhabi-based IMI media group, to combine Banijay Entertainment with All3Media, thereby creating a leading global media and entertainment group.

\n

Under the proposed transaction structure, Banijay Group and RedBird IMI will each hold 50% of the equity in the newly combined entity, which will operate under the name Banijay. Banijay Group will continue to fully consolidate the entity in its consolidated financial statements following completion of the transaction.

\n

The transaction will be implemented through the roll-over of RedBird IMI\u2019s entire stake in All3Media into the combined entity. The transaction terms result in a total cash upstream to Banijay Group of \u20ac796 million, including \u20ac625 million paid by RedBird IMI and a \u20ac171 million dividend distributed by Banijay Entertainment to Banijay Group prior to completion. The transaction is expected to generate approximately \u20ac50 million of annual cost synergies, with the full run-rate anticipated within 12 months following completion.

\n

On a pro forma basis for 2025, the combined entity (including Tipico) would have generated revenues exceeding \u20ac7.4 billion and adjusted EBITDA of approximately \u20ac1.6 billion.

\n

The proposed transaction remains subject to customary regulatory approvals and is expected to close before fall 2026.

\n
Middle East conflict
\n

The Group is closely monitoring developments related to the ongoing geopolitical tensions in the Middle East. The Group has a limited exposure to the region, primarily through its content production and distribution activities.

\n

In light of the current situation, the Group is also closely monitoring the safety and security of its employees in the region and has implemented appropriate measures where necessary.

\n

For the year ended 31 December 2025, revenues generated in the Middle East amounted to approximately \u20ac150 million, representing 3.1% of total consolidated revenue. Given the evolving nature of the situation, the Group continues to monitor developments and their potential impacts on its operations and financial performance.

\n

30.2Banijay Gaming business

\n
Financing Tipico Group Acquisition
\n

The Group announced on 21 January 2026 the successful pricing of a notes offering as part of the \u20ac3,139 million financing. For more information, refer to the Note 3.4 on page 315.

\n

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10429366191108339_0_0": { "value": "
\n\n\n\n\n
\n

Note 11

\n		\n

Financial result

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

For the twelve-month period ended 31 December

\n

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Interest paid on bank borrowings and bonds

\n		\n

(197.7)

\n		\n

(204.3)

\n
\n

Interest and redemption costs on anticipated reimbursement of bank borrowings and bonds

\n		\n

(2.9)

\n		\n

(3.4)

\n
\n

Cost of gross financial debt

\n		\n

(200.6)

\n		\n

(207.7)

\n
\n

Gains on assets contributing to net financial debt

\n		\n

6.9

\n		\n

8.1

\n
\n

Gains on assets contributing to net financial debt

\n		\n

6.9

\n		\n

8.1

\n
\n

Cost of net debt

\n		\n

(193.7)

\n		\n

(199.6)

\n
\n

Interest received on current account receivables

\n		\n

0.3

\n		\n

0.1

\n
\n

Interest on lease liabilities

\n		\n

(7.3)

\n		\n

(7.3)

\n
\n

Change in fair value of financial instruments(1)

\n		\n

(0.0)

\n		\n

(18.1)

\n
\n

Fair value on FX derivative instruments

\n		\n

(51.3)

\n		\n

(3.5)

\n
\n

Currency gains/(losses)

\n		\n

44.5

\n		\n

1.6

\n
\n

Other financial gains/(losses)

\n		\n

(15.3)

\n		\n

(16.0)

\n
\n

Other finance income/(costs)

\n		\n

(29.1)

\n		\n

(43.3)

\n
\n

Net financial income/(expense)

\n		\n

(222.8)

\n		\n

(242.9)

\n
\n

(1)In order to enhance comparability between periods, the 2024 comparative information has been reclassified to align with the 2025 presentation. The revaluation impact relating to Gardenia is now presented within cost of debt instead of change in fair value of financial instruments.

\n
\n

For the twelve months of 2025, net financial result was an expense of -\u20ac222.8 million, compared to
-\u20ac242.9 million for the twelve months of 2024. Of this amount:

\n

\u2022The Cost of Net Debt as of 31 December 2025 amounted to -\u20ac193.7 million, compared to -\u20ac199.6 million for the twelve-month period of 2024. The decrease of \u20ac5.9 million mainly reflects favourable financing and hedging effects at Banijay Entertainment.

\n

\u2022Other financial income and expenses as of 31 December 2025 amounted to -\u20ac29.1 million compared to \u2011\u20ac43.3\u00a0million for the twelve months of 2024. The decrease of \u20ac14.2 million was mainly driven by:

\n

--\u20ac6.8 million of net foreign exchange result, compared to -\u20ac1.9 million in 2024. This impact should be analysed in conjunction with the mark-to-market of the fair value of FX derivative instruments amounting to -\u20ac51.3 million on the one hand, and currency gains/losses related to unrealised and realised foreign exchange effects for \u20ac44.5 million on receivables and payables, in particular on the USD senior secured notes, on the other hand.

\n

-The change in fair value of financial instruments was neutral at -\u20ac0.0 million compared to \u2011\u20ac18.0\u00a0million in 2024, but mainly includes \u2011\u20ac4.7\u00a0million of revaluation expenses primarily related to earnout and put option liabilities, and \u2011\u20ac16.3 million of discounting expenses for employment-related earnout and option obligations. These liabilities are discounted using an 8.94% discount rate, offset by a positive impact from the measurement at fair value of other securities for +\u20ac24.1 million.

\n

-Other financial gains / losses mainly include factoring commissions and related interest expenses.

\n

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034347113_0": { "value": "
\n\n\n\n\n
\n

Note 11

\n		\n

Financial result

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

For the twelve-month period ended 31 December

\n

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Interest paid on bank borrowings and bonds

\n		\n

(197.7)

\n		\n

(204.3)

\n
\n

Interest and redemption costs on anticipated reimbursement of bank borrowings and bonds

\n		\n

(2.9)

\n		\n

(3.4)

\n
\n

Cost of gross financial debt

\n		\n

(200.6)

\n		\n

(207.7)

\n
\n

Gains on assets contributing to net financial debt

\n		\n

6.9

\n		\n

8.1

\n
\n

Gains on assets contributing to net financial debt

\n		\n

6.9

\n		\n

8.1

\n
\n

Cost of net debt

\n		\n

(193.7)

\n		\n

(199.6)

\n
\n

Interest received on current account receivables

\n		\n

0.3

\n		\n

0.1

\n
\n

Interest on lease liabilities

\n		\n

(7.3)

\n		\n

(7.3)

\n
\n

Change in fair value of financial instruments(1)

\n		\n

(0.0)

\n		\n

(18.1)

\n
\n

Fair value on FX derivative instruments

\n		\n

(51.3)

\n		\n

(3.5)

\n
\n

Currency gains/(losses)

\n		\n

44.5

\n		\n

1.6

\n
\n

Other financial gains/(losses)

\n		\n

(15.3)

\n		\n

(16.0)

\n
\n

Other finance income/(costs)

\n		\n

(29.1)

\n		\n

(43.3)

\n
\n

Net financial income/(expense)

\n		\n

(222.8)

\n		\n

(242.9)

\n
\n

(1)In order to enhance comparability between periods, the 2024 comparative information has been reclassified to align with the 2025 presentation. The revaluation impact relating to Gardenia is now presented within cost of debt instead of change in fair value of financial instruments.

\n
\n

For the twelve months of 2025, net financial result was an expense of -\u20ac222.8 million, compared to
-\u20ac242.9 million for the twelve months of 2024. Of this amount:

\n

\u2022The Cost of Net Debt as of 31 December 2025 amounted to -\u20ac193.7 million, compared to -\u20ac199.6 million for the twelve-month period of 2024. The decrease of \u20ac5.9 million mainly reflects favourable financing and hedging effects at Banijay Entertainment.

\n

\u2022Other financial income and expenses as of 31 December 2025 amounted to -\u20ac29.1 million compared to \u2011\u20ac43.3\u00a0million for the twelve months of 2024. The decrease of \u20ac14.2 million was mainly driven by:

\n

--\u20ac6.8 million of net foreign exchange result, compared to -\u20ac1.9 million in 2024. This impact should be analysed in conjunction with the mark-to-market of the fair value of FX derivative instruments amounting to -\u20ac51.3 million on the one hand, and currency gains/losses related to unrealised and realised foreign exchange effects for \u20ac44.5 million on receivables and payables, in particular on the USD senior secured notes, on the other hand.

\n

-The change in fair value of financial instruments was neutral at -\u20ac0.0 million compared to \u2011\u20ac18.0\u00a0million in 2024, but mainly includes \u2011\u20ac4.7\u00a0million of revaluation expenses primarily related to earnout and put option liabilities, and \u2011\u20ac16.3 million of discounting expenses for employment-related earnout and option obligations. These liabilities are discounted using an 8.94% discount rate, offset by a positive impact from the measurement at fair value of other securities for +\u20ac24.1 million.

\n

-Other financial gains / losses mainly include factoring commissions and related interest expenses.

\n

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10429476230405448_0_0": { "value": "
\n\n\n\n\n
\n

Note 11

\n		\n

Financial result

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

For the twelve-month period ended 31 December

\n

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Interest paid on bank borrowings and bonds

\n		\n

(197.7)

\n		\n

(204.3)

\n
\n

Interest and redemption costs on anticipated reimbursement of bank borrowings and bonds

\n		\n

(2.9)

\n		\n

(3.4)

\n
\n

Cost of gross financial debt

\n		\n

(200.6)

\n		\n

(207.7)

\n
\n

Gains on assets contributing to net financial debt

\n		\n

6.9

\n		\n

8.1

\n
\n

Gains on assets contributing to net financial debt

\n		\n

6.9

\n		\n

8.1

\n
\n

Cost of net debt

\n		\n

(193.7)

\n		\n

(199.6)

\n
\n

Interest received on current account receivables

\n		\n

0.3

\n		\n

0.1

\n
\n

Interest on lease liabilities

\n		\n

(7.3)

\n		\n

(7.3)

\n
\n

Change in fair value of financial instruments(1)

\n		\n

(0.0)

\n		\n

(18.1)

\n
\n

Fair value on FX derivative instruments

\n		\n

(51.3)

\n		\n

(3.5)

\n
\n

Currency gains/(losses)

\n		\n

44.5

\n		\n

1.6

\n
\n

Other financial gains/(losses)

\n		\n

(15.3)

\n		\n

(16.0)

\n
\n

Other finance income/(costs)

\n		\n

(29.1)

\n		\n

(43.3)

\n
\n

Net financial income/(expense)

\n		\n

(222.8)

\n		\n

(242.9)

\n
\n

(1)In order to enhance comparability between periods, the 2024 comparative information has been reclassified to align with the 2025 presentation. The revaluation impact relating to Gardenia is now presented within cost of debt instead of change in fair value of financial instruments.

\n
\n

For the twelve months of 2025, net financial result was an expense of -\u20ac222.8 million, compared to
-\u20ac242.9 million for the twelve months of 2024. Of this amount:

\n

\u2022The Cost of Net Debt as of 31 December 2025 amounted to -\u20ac193.7 million, compared to -\u20ac199.6 million for the twelve-month period of 2024. The decrease of \u20ac5.9 million mainly reflects favourable financing and hedging effects at Banijay Entertainment.

\n

\u2022Other financial income and expenses as of 31 December 2025 amounted to -\u20ac29.1 million compared to \u2011\u20ac43.3\u00a0million for the twelve months of 2024. The decrease of \u20ac14.2 million was mainly driven by:

\n

--\u20ac6.8 million of net foreign exchange result, compared to -\u20ac1.9 million in 2024. This impact should be analysed in conjunction with the mark-to-market of the fair value of FX derivative instruments amounting to -\u20ac51.3 million on the one hand, and currency gains/losses related to unrealised and realised foreign exchange effects for \u20ac44.5 million on receivables and payables, in particular on the USD senior secured notes, on the other hand.

\n

-The change in fair value of financial instruments was neutral at -\u20ac0.0 million compared to \u2011\u20ac18.0\u00a0million in 2024, but mainly includes \u2011\u20ac4.7\u00a0million of revaluation expenses primarily related to earnout and put option liabilities, and \u2011\u20ac16.3 million of discounting expenses for employment-related earnout and option obligations. These liabilities are discounted using an 8.94% discount rate, offset by a positive impact from the measurement at fair value of other securities for +\u20ac24.1 million.

\n

-Other financial gains / losses mainly include factoring commissions and related interest expenses.

\n

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10429500809103293_0_0": { "value": "
\n\n\n\n\n
\n

Note 11

\n		\n

Financial result

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

For the twelve-month period ended 31 December

\n

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Interest paid on bank borrowings and bonds

\n		\n

(197.7)

\n		\n

(204.3)

\n
\n

Interest and redemption costs on anticipated reimbursement of bank borrowings and bonds

\n		\n

(2.9)

\n		\n

(3.4)

\n
\n

Cost of gross financial debt

\n		\n

(200.6)

\n		\n

(207.7)

\n
\n

Gains on assets contributing to net financial debt

\n		\n

6.9

\n		\n

8.1

\n
\n

Gains on assets contributing to net financial debt

\n		\n

6.9

\n		\n

8.1

\n
\n

Cost of net debt

\n		\n

(193.7)

\n		\n

(199.6)

\n
\n

Interest received on current account receivables

\n		\n

0.3

\n		\n

0.1

\n
\n

Interest on lease liabilities

\n		\n

(7.3)

\n		\n

(7.3)

\n
\n

Change in fair value of financial instruments(1)

\n		\n

(0.0)

\n		\n

(18.1)

\n
\n

Fair value on FX derivative instruments

\n		\n

(51.3)

\n		\n

(3.5)

\n
\n

Currency gains/(losses)

\n		\n

44.5

\n		\n

1.6

\n
\n

Other financial gains/(losses)

\n		\n

(15.3)

\n		\n

(16.0)

\n
\n

Other finance income/(costs)

\n		\n

(29.1)

\n		\n

(43.3)

\n
\n

Net financial income/(expense)

\n		\n

(222.8)

\n		\n

(242.9)

\n
\n

(1)In order to enhance comparability between periods, the 2024 comparative information has been reclassified to align with the 2025 presentation. The revaluation impact relating to Gardenia is now presented within cost of debt instead of change in fair value of financial instruments.

\n
\n

For the twelve months of 2025, net financial result was an expense of -\u20ac222.8 million, compared to
-\u20ac242.9 million for the twelve months of 2024. Of this amount:

\n

\u2022The Cost of Net Debt as of 31 December 2025 amounted to -\u20ac193.7 million, compared to -\u20ac199.6 million for the twelve-month period of 2024. The decrease of \u20ac5.9 million mainly reflects favourable financing and hedging effects at Banijay Entertainment.

\n

\u2022Other financial income and expenses as of 31 December 2025 amounted to -\u20ac29.1 million compared to \u2011\u20ac43.3\u00a0million for the twelve months of 2024. The decrease of \u20ac14.2 million was mainly driven by:

\n

--\u20ac6.8 million of net foreign exchange result, compared to -\u20ac1.9 million in 2024. This impact should be analysed in conjunction with the mark-to-market of the fair value of FX derivative instruments amounting to -\u20ac51.3 million on the one hand, and currency gains/losses related to unrealised and realised foreign exchange effects for \u20ac44.5 million on receivables and payables, in particular on the USD senior secured notes, on the other hand.

\n

-The change in fair value of financial instruments was neutral at -\u20ac0.0 million compared to \u2011\u20ac18.0\u00a0million in 2024, but mainly includes \u2011\u20ac4.7\u00a0million of revaluation expenses primarily related to earnout and put option liabilities, and \u2011\u20ac16.3 million of discounting expenses for employment-related earnout and option obligations. These liabilities are discounted using an 8.94% discount rate, offset by a positive impact from the measurement at fair value of other securities for +\u20ac24.1 million.

\n

-Other financial gains / losses mainly include factoring commissions and related interest expenses.

\n

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_9326212539404724_0_0": { "value": "France", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_9252413526555200_0_0": { "value": "

16.2Lease liabilities

\n

The maturity profile of the Group\u2019s lease liabilities based on contractual undiscounted payments is as follows:

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Due in less than one year

\n		\n

49.2

\n		\n

48.8

\n
\n

Due between one to five years

\n		\n

87.1

\n		\n

105.7

\n
\n

Due in more than five years

\n		\n

28.4

\n		\n

21.6

\n
\n

Total lease liabilities

\n		\n

164.7

\n		\n

176.1

\n
\n

24.3Current and non-current financial liabilities

\n

Maturity of current and non-current debt (principal and interest)

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

(in \u20ac million)

\n		\n

Current

\n		\n

Non-current

\n
\n

Less than 1\u00a0year

\n		\n

1\u00a0to 5\u00a0years

\n		\n

More than 5\u00a0years

\n		\n

Total 31\u00a0December 2025

\n
\n

Bonds

\n		\n

65.5

\n		\n

1,044.1

\n		\n

-

\n		\n

1,109.6

\n
\n

Bank borrowings

\n		\n

224.7

\n		\n

1,363.7

\n		\n

1,086.7

\n		\n

2,675.1

\n
\n

Bank overdraft

\n		\n

0.7

\n		\n

-

\n		\n

-

\n		\n

0.7

\n
\n

Vendor loans

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Derivatives

\n		\n

(2.4)

\n		\n

45.4

\n		\n

(2.7)

\n		\n

40.3

\n
\n

Total debt maturity (principal and interests)

\n		\n

288.4

\n		\n

2,453.2

\n		\n

1,084.0

\n		\n

3,825.6

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

(in \u20ac million)

\n		\n

Current

\n		\n

Non-current

\n
\n

Less than 1\u00a0year

\n		\n

1\u00a0to 5\u00a0years

\n		\n

More than 5\u00a0years

\n		\n

Total 31\u00a0December 2024

\n
\n

Bonds

\n		\n

75.7

\n		\n

1,395.9

\n		\n

-

\n		\n

1,471.6

\n
\n

Bank borrowings

\n		\n

261.1

\n		\n

1,506.7

\n		\n

539.1

\n		\n

2,306.9

\n
\n

Bank overdraft

\n		\n

1.1

\n		\n

-

\n		\n

-

\n		\n

1.1

\n
\n

Vendor loans

\n		\n

111.4

\n		\n

-

\n		\n

-

\n		\n

111.4

\n
\n

Derivatives

\n		\n

2.0

\n		\n

4.0

\n		\n

-

\n		\n

6.0

\n
\n

Total debt maturity (principal and interests)

\n		\n

451.3

\n		\n

2,906.5

\n		\n

539.1

\n		\n

3,896.9

\n
\n

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

Note 27

\n		\n

Management of market risk

\n
\n

27.4Liquidity risk

\n

The Group managed its liquidity risk through a monthly cash flow analysis for the next year and then each year for the duration of its business plan.

\n

Annual forecasts include an organic growth and an analysis of the effect of potential external growth on revenue, adjusted EBITDA and net financial debt.

\n

The Banijay Entertainment business maintains adequate reserves of cash and short-term deposits to meet its liquidity needs. As of 31 December 2025, undrawn committed lines of credit, overdrafts and other borrowings have been obtained for a total of \u20ac408.3 million.

\n

The Banijay Gaming business maintains adequate reserves of cash and short-term deposits to meet its liquidity needs. As of 31 December 2025, undrawn committed lines of credit and other borrowings have been obtained for a total of \u20ac60.0 million.

\n

The Group has also set up several liquidity concentration pools around the main business regions (Europe, United States, United Kingdom and Scandinavia). During 2025, approximately 84.7% (82.8% in 2024) of the business's revenue was covered by these mechanisms. Consequently, the business's organic growth, its working capital requirements and its financing (including the payment of debts or option debts) are ensured in particular by the cash flows generated by the business units.

\n

In addition, as part of its financing, the Group business is subject to financial covenants, namely concerning RCF (revolving credit facility) in the event of a drawdown of 40%. The ratio is based on Senior Secured Net Leverage (ratio between (i) the sum of Banijay senior secured notes, earn out debt minus cash and (ii) the sum of Banijay Adjusted EBITDA, shareholder fees and pro forma impact from acquisitions) and its level should not exceed 6.50x. In December 2025, although the RCF is not drawn, such financial covenants are satisfied.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10431858585554858_0_0": { "value": "

18.3Other non-current and current assets

\n

The breakdown of other non-current and current assets as of 31\u00a0December 2025 and 2024\u00a0is as follows:

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Trade receivables, LT

\n		\n

40.9

\n		\n

33.2

\n
\n

Income tax receivables, LT

\n		\n

4.3

\n		\n

0.1

\n
\n

Other, LT

\n		\n

217.8

\n		\n

183.1

\n
\n

Other non-current assets

\n		\n

262.9

\n		\n

216.4

\n
\n

Other non-current assets amount to \u20ac217.8 million and mainly refer to the cumulated payments of VAT in respect of income resulting from sports bets placed by players residing in France from January 2018 till the end of December 2025.

\n

Betclic Everest Group received, in December 2021, a notice of adjustment from the French tax authorities for a total amount of \u20ac52.4 million (wilful misconduct and interest for late payment included) related to the VAT to be collected and paid in respect of income resulting from sports bets placed by players residing in France, for the years 2018 and 2019.

\n

On 13 May 2022, Betclic Everest Group received (i) a rectification on the notice of adjustment from December 2021, decreasing the amount of \u20ac52.4 million to \u20ac37.3\u00a0million (wilful misconduct and interest for late payment included) and (ii) a new notice of adjustment from the French tax authorities for a total amount of \u20ac25.8 million (wilful misconduct and interest for late payment included) related to the VAT to be collected and paid in respect of income resulting from sports bets placed by players residing in France for the year 2020.

\n

On 27 September 2023, the French tax authorities notified Betclic Everest Group of the cancellation of the wilful misconduct penalty, for the years 2018 and 2019 only, decreasing the adjustments from \u20ac37.3\u00a0million to \u20ac27.1\u00a0million.

\n

In 2024, following discussions, the French tax authorities also cancelled the wilful misconduct penalty for the year 2020.

\n

On 24 October 2024, Betclic Everest Group received an adjusted assessment notice for the years 2018, 2019 and 2020. It resulted in a final payment of \u20ac45.7 million including interest for late payment.

\n

Betclic Everest Group, with the support of its legal and tax advisers, still considers that the position of the French tax authorities is not in conformity with various general VAT principles, in the same way as other online gaming operators in France that are part of the association AFJEL.

\n

Betclic Everest Group will challenge this adjustment in France, with the French tax authorities and, if necessary, the French Courts, but also with the Court of Justice of the European Commission if a French Court decides to make a request for a preliminary ruling. No provision relating to this litigation has been recorded.

\n

However, to avoid further similar adjustments from the French tax authorities, Betclic Everest Group has decided to spontaneously pay VAT in respect of income resulting from sports bets placed by players residing in France from 2021 to 2025 for an amount of \u20ac169.7 million and will continue to proceed accordingly in 2026.

\n

Betclic Everest Group still considers that such VAT is not due and intends to claim repayment of the corresponding VAT spontaneously paid. Consequently, the total amount paid as of December 2025 has been recognised as State receivables toward the French tax authorities in the financial statements.

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

(in \u20ac million)

\n		\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Tax receivables, excluding income tax

\n		\n

93.0

\n		\n

111.9

\n
\n

Grant receivables

\n		\n

132.4

\n		\n

153.1

\n
\n

Income tax receivables

\n		\n

20.7

\n		\n

8.8

\n
\n

Prepaid expenses

\n		\n

31.6

\n		\n

30.3

\n
\n

Production-related receivables

\n		\n

10.8

\n		\n

9.2

\n
\n

Receivables from disposals of assets

\n		\n

1.0

\n		\n

4.6

\n
\n

Employment-related earnout and option, ST

\n		\n

-

\n		\n

0.0

\n
\n

Others

\n		\n

15.2

\n		\n

14.8

\n
\n

Other current assets

\n		\n

304.7

\n		\n

332.7

\n
\n

\n
\n

Other current assets mainly comprise Tax receivables and grant receivables.

\n

Grant receivables amounted to \u20ac132.4 million and concerned audiovisual tax credit mostly related to the production of fiction.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_12583266195576548_0_0": { "value": "

18.3Other non-current and current assets

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

(in \u20ac million)

\n		\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Tax receivables, excluding income tax

\n		\n

93.0

\n		\n

111.9

\n
\n

Grant receivables

\n		\n

132.4

\n		\n

153.1

\n
\n

Income tax receivables

\n		\n

20.7

\n		\n

8.8

\n
\n

Prepaid expenses

\n		\n

31.6

\n		\n

30.3

\n
\n

Production-related receivables

\n		\n

10.8

\n		\n

9.2

\n
\n

Receivables from disposals of assets

\n		\n

1.0

\n		\n

4.6

\n
\n

Employment-related earnout and option, ST

\n		\n

-

\n		\n

0.0

\n
\n

Others

\n		\n

15.2

\n		\n

14.8

\n
\n

Other current assets

\n		\n

304.7

\n		\n

332.7

\n
\n

\n
\n

Other current assets mainly comprise Tax receivables and grant receivables.

\n

Grant receivables amounted to \u20ac132.4 million and concerned audiovisual tax credit mostly related to the production of fiction.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_21790345292019249_0_0": { "value": "

18.3Other non-current and current assets

\n

The breakdown of other non-current and current assets as of 31\u00a0December 2025 and 2024\u00a0is as follows:

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Trade receivables, LT

\n		\n

40.9

\n		\n

33.2

\n
\n

Income tax receivables, LT

\n		\n

4.3

\n		\n

0.1

\n
\n

Other, LT

\n		\n

217.8

\n		\n

183.1

\n
\n

Other non-current assets

\n		\n

262.9

\n		\n

216.4

\n
\n

Other non-current assets amount to \u20ac217.8 million and mainly refer to the cumulated payments of VAT in respect of income resulting from sports bets placed by players residing in France from January 2018 till the end of December 2025.

\n

Betclic Everest Group received, in December 2021, a notice of adjustment from the French tax authorities for a total amount of \u20ac52.4 million (wilful misconduct and interest for late payment included) related to the VAT to be collected and paid in respect of income resulting from sports bets placed by players residing in France, for the years 2018 and 2019.

\n

On 13 May 2022, Betclic Everest Group received (i) a rectification on the notice of adjustment from December 2021, decreasing the amount of \u20ac52.4 million to \u20ac37.3\u00a0million (wilful misconduct and interest for late payment included) and (ii) a new notice of adjustment from the French tax authorities for a total amount of \u20ac25.8 million (wilful misconduct and interest for late payment included) related to the VAT to be collected and paid in respect of income resulting from sports bets placed by players residing in France for the year 2020.

\n

On 27 September 2023, the French tax authorities notified Betclic Everest Group of the cancellation of the wilful misconduct penalty, for the years 2018 and 2019 only, decreasing the adjustments from \u20ac37.3\u00a0million to \u20ac27.1\u00a0million.

\n

In 2024, following discussions, the French tax authorities also cancelled the wilful misconduct penalty for the year 2020.

\n

On 24 October 2024, Betclic Everest Group received an adjusted assessment notice for the years 2018, 2019 and 2020. It resulted in a final payment of \u20ac45.7 million including interest for late payment.

\n

Betclic Everest Group, with the support of its legal and tax advisers, still considers that the position of the French tax authorities is not in conformity with various general VAT principles, in the same way as other online gaming operators in France that are part of the association AFJEL.

\n

Betclic Everest Group will challenge this adjustment in France, with the French tax authorities and, if necessary, the French Courts, but also with the Court of Justice of the European Commission if a French Court decides to make a request for a preliminary ruling. No provision relating to this litigation has been recorded.

\n

However, to avoid further similar adjustments from the French tax authorities, Betclic Everest Group has decided to spontaneously pay VAT in respect of income resulting from sports bets placed by players residing in France from 2021 to 2025 for an amount of \u20ac169.7 million and will continue to proceed accordingly in 2026.

\n

Betclic Everest Group still considers that such VAT is not due and intends to claim repayment of the corresponding VAT spontaneously paid. Consequently, the total amount paid as of December 2025 has been recognised as State receivables toward the French tax authorities in the financial statements.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_21790275406262343_0_0": { "value": "

18.3Other non-current and current assets

\n

The breakdown of other non-current and current assets as of 31\u00a0December 2025 and 2024\u00a0is as follows:

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Trade receivables, LT

\n		\n

40.9

\n		\n

33.2

\n
\n

Income tax receivables, LT

\n		\n

4.3

\n		\n

0.1

\n
\n

Other, LT

\n		\n

217.8

\n		\n

183.1

\n
\n

Other non-current assets

\n		\n

262.9

\n		\n

216.4

\n
\n

Other non-current assets amount to \u20ac217.8 million and mainly refer to the cumulated payments of VAT in respect of income resulting from sports bets placed by players residing in France from January 2018 till the end of December 2025.

\n

Betclic Everest Group received, in December 2021, a notice of adjustment from the French tax authorities for a total amount of \u20ac52.4 million (wilful misconduct and interest for late payment included) related to the VAT to be collected and paid in respect of income resulting from sports bets placed by players residing in France, for the years 2018 and 2019.

\n

On 13 May 2022, Betclic Everest Group received (i) a rectification on the notice of adjustment from December 2021, decreasing the amount of \u20ac52.4 million to \u20ac37.3\u00a0million (wilful misconduct and interest for late payment included) and (ii) a new notice of adjustment from the French tax authorities for a total amount of \u20ac25.8 million (wilful misconduct and interest for late payment included) related to the VAT to be collected and paid in respect of income resulting from sports bets placed by players residing in France for the year 2020.

\n

On 27 September 2023, the French tax authorities notified Betclic Everest Group of the cancellation of the wilful misconduct penalty, for the years 2018 and 2019 only, decreasing the adjustments from \u20ac37.3\u00a0million to \u20ac27.1\u00a0million.

\n

In 2024, following discussions, the French tax authorities also cancelled the wilful misconduct penalty for the year 2020.

\n

On 24 October 2024, Betclic Everest Group received an adjusted assessment notice for the years 2018, 2019 and 2020. It resulted in a final payment of \u20ac45.7 million including interest for late payment.

\n

Betclic Everest Group, with the support of its legal and tax advisers, still considers that the position of the French tax authorities is not in conformity with various general VAT principles, in the same way as other online gaming operators in France that are part of the association AFJEL.

\n

Betclic Everest Group will challenge this adjustment in France, with the French tax authorities and, if necessary, the French Courts, but also with the Court of Justice of the European Commission if a French Court decides to make a request for a preliminary ruling. No provision relating to this litigation has been recorded.

\n

However, to avoid further similar adjustments from the French tax authorities, Betclic Everest Group has decided to spontaneously pay VAT in respect of income resulting from sports bets placed by players residing in France from 2021 to 2025 for an amount of \u20ac169.7 million and will continue to proceed accordingly in 2026.

\n

Betclic Everest Group still considers that such VAT is not due and intends to claim repayment of the corresponding VAT spontaneously paid. Consequently, the total amount paid as of December 2025 has been recognised as State receivables toward the French tax authorities in the financial statements.

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

(in \u20ac million)

\n		\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Tax receivables, excluding income tax

\n		\n

93.0

\n		\n

111.9

\n
\n

Grant receivables

\n		\n

132.4

\n		\n

153.1

\n
\n

Income tax receivables

\n		\n

20.7

\n		\n

8.8

\n
\n

Prepaid expenses

\n		\n

31.6

\n		\n

30.3

\n
\n

Production-related receivables

\n		\n

10.8

\n		\n

9.2

\n
\n

Receivables from disposals of assets

\n		\n

1.0

\n		\n

4.6

\n
\n

Employment-related earnout and option, ST

\n		\n

-

\n		\n

0.0

\n
\n

Others

\n		\n

15.2

\n		\n

14.8

\n
\n

Other current assets

\n		\n

304.7

\n		\n

332.7

\n
\n

\n
\n

Other current assets mainly comprise Tax receivables and grant receivables.

\n

Grant receivables amounted to \u20ac132.4 million and concerned audiovisual tax credit mostly related to the production of fiction.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_12842580664267256_0_0": { "value": "

18.4Customer contract liabilities

\n

Customer contract liabilities as of 31\u00a0December 2025 and 2024\u00a0are as follows:

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Deferred revenue

\n		\n

565.0

\n		\n

606.4

\n
\n

Liabilities for gaming

\n		\n

75.2

\n		\n

63.4

\n
\n

Total customer contract liabilities

\n		\n

640.2

\n		\n

669.8

\n
\n

Deferred revenue relates to undelivered programmes that are work-in-progress (or intangible assets-in-progress) and that have already been invoiced, recognised as deferred revenue under IFRS 15.

\n

Liabilities for gaming mainly relates to players\u2019 liabilities and bets already placed on sporting events at the reporting date but the results of which will not be known until after the end of the period.

\n

Revenue recognised in 2025 that was included in the customer contract liability balance at the beginning of the period:

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

(in \u20ac million)

\n		\n

1 January 2025

\n		\n

Revenue recognised in 2025

\n		\n

Revenue not yet recognised

\n
\n

Deferred revenue

\n		\n

606.4

\n		\n

557.8

\n		\n

48.6

\n
\n

The remaining performance obligation corresponds to firm commitments (or closed sales).

\n

The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as of 31 December 2025 totalled \u20ac2,695 million for the Banijay Entertainment & Live segment, including \u20ac2,034\u00a0million within one year and \u20ac661 million beyond one year (\u20ac2,770 million, including \u20ac2,191\u00a0million within one year and \u20ac579 million beyond one year in 2024).

\n

The remaining performance obligations should essentially cover the revenue to be recognised for undelivered productions and for sales of finished tapes/formats for which the rights are not opened.

\n

Liabilities for gaming bets mainly include players\u2019 liabilities, i.e., the amounts available in their accounts for an amount of \u20ac75.2 million and \u20ac63.4 million as of 31 December 2025 and 31 December 2024, respectively.

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_17565491497301238_0_0": { "value": "

18.5Other non-current and current liabilities

\n

Other non-current liabilities as of 31\u00a0December 2025\u00a0and 2024\u00a0are as follows:

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

In \u20ac million

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Employee-related long-term incentives(1)

\n		\n

126.1

\n		\n

199.3

\n
\n

Long-term liabilities on earnout and put option

\n		\n

\u00a0105.7

\n		\n

93.1

\n
\n

Employment-related earnout and option obligation(2)

\n		\n

\u00a072.9

\n		\n

54.2

\n
\n

Debts to rights owners

\n		\n

\u00a055.4

\n		\n

43.8

\n
\n

Other employee-related liabilities

\n		\n

2.9

\n		\n

3.2

\n
\n

Other non-current liabilities

\n		\n

\u00a0(0.5)

\n		\n

13.8

\n
\n

OTHER NON-CURRENT LIABILITIES

\n		\n

\u00a0362.5

\n		\n

407.4

\n
\n

(1)Refer to Note\u00a08.2 on page 324 for more details.

\n

(2)Refer to Note\u00a08.3 on page 325 for more details.

\n
\n

Other current liabilities as of 31\u00a0December 2025\u00a0and 2024\u00a0are as follows:

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

(in \u20ac million)

\n		\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Employee-related long-term incentives, current(1)

\n		\n

91.3

\n		\n

66.4

\n
\n

Short-term liabilities on earnout and put option

\n		\n

24.3

\n		\n

33.2

\n
\n

Employment-related earnout and option obligation(2)

\n		\n

29.5

\n		\n

20.8

\n
\n

Employee-related payables (accruals for paid leave, bonuses and other)

\n		\n

109.8

\n		\n

124.9

\n
\n

National, regional and local taxes other than gaming tax and income tax

\n		\n

94.4

\n		\n

92.6

\n
\n

Income tax liabilities

\n		\n

46.1

\n		\n

80.0

\n
\n

Gaming tax liabilities

\n		\n

78.4

\n		\n

68.8

\n
\n

Production-related payables

\n		\n

26.1

\n		\n

32.4

\n
\n

Payable on fixed asset purchase

\n		\n

14.8

\n		\n

31.2

\n
\n

Other current liabilities

\n		\n

18.7

\n		\n

32.7

\n
\n

OTHER CURRENT LIABILITIES

\n		\n

533.5

\n		\n

583.0

\n
\n

(1)Refer to Note\u00a08.2 on page 324 for more details.

\n

(2)Refer to Note\u00a08.3 on page 325 for more details.

\n
\n

Liabilities on earnout and put option reflect the amount for commitments to purchase non-controlling interests, as well as the liabilities regarding contingent consideration arrangements on business acquisitions. The Group estimates these debts based on contractual agreements and using assumptions on future profits. The present value of the scheduled cash outflows is computed using a discount rate.

\n

Employee-related long-term incentives include cash-settled share-based payment liabilities.

\n

They are classified as level 3 (inputs not based on observable market data).

\n

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Liabilities on earnout and put option as of 1 January

\n		\n

126.3

\n		\n

115.1

\n
\n

Scope entry

\n		\n

20.1

\n		\n

13.9

\n
\n

Remeasurement and discounting through P&L

\n		\n

14.9

\n		\n

6.5

\n
\n

Payments

\n		\n

(25.3)

\n		\n

(13.6)

\n
\n

Scope exit

\n		\n

-

\n		\n

-

\n
\n

Translation differences

\n		\n

(6.0)

\n		\n

4.4

\n
\n

Liabilities on EARNOUT and put option as of 31 December

\n		\n

130.0

\n		\n

126.3

\n
\n

Of which current

\n		\n

24.3

\n		\n

33.2

\n
\n

Of which non-current

\n		\n

105.7

\n		\n

93.1

\n
\n

In 2025 and 2024, scope entry is explained by the acquisitions made in Banijay Entertainment business during the year (please refer to Note 13.1 on page 330).

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034346857_0": { "value": "

18.5Other non-current and current liabilities

\n

Other non-current liabilities as of 31\u00a0December 2025\u00a0and 2024\u00a0are as follows:

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

In \u20ac million

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Employee-related long-term incentives(1)

\n		\n

126.1

\n		\n

199.3

\n
\n

Long-term liabilities on earnout and put option

\n		\n

\u00a0105.7

\n		\n

93.1

\n
\n

Employment-related earnout and option obligation(2)

\n		\n

\u00a072.9

\n		\n

54.2

\n
\n

Debts to rights owners

\n		\n

\u00a055.4

\n		\n

43.8

\n
\n

Other employee-related liabilities

\n		\n

2.9

\n		\n

3.2

\n
\n

Other non-current liabilities

\n		\n

\u00a0(0.5)

\n		\n

13.8

\n
\n

OTHER NON-CURRENT LIABILITIES

\n		\n

\u00a0362.5

\n		\n

407.4

\n
\n

(1)Refer to Note\u00a08.2 on page 324 for more details.

\n

(2)Refer to Note\u00a08.3 on page 325 for more details.

\n
\n

Other current liabilities as of 31\u00a0December 2025\u00a0and 2024\u00a0are as follows:

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

(in \u20ac million)

\n		\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Employee-related long-term incentives, current(1)

\n		\n

91.3

\n		\n

66.4

\n
\n

Short-term liabilities on earnout and put option

\n		\n

24.3

\n		\n

33.2

\n
\n

Employment-related earnout and option obligation(2)

\n		\n

29.5

\n		\n

20.8

\n
\n

Employee-related payables (accruals for paid leave, bonuses and other)

\n		\n

109.8

\n		\n

124.9

\n
\n

National, regional and local taxes other than gaming tax and income tax

\n		\n

94.4

\n		\n

92.6

\n
\n

Income tax liabilities

\n		\n

46.1

\n		\n

80.0

\n
\n

Gaming tax liabilities

\n		\n

78.4

\n		\n

68.8

\n
\n

Production-related payables

\n		\n

26.1

\n		\n

32.4

\n
\n

Payable on fixed asset purchase

\n		\n

14.8

\n		\n

31.2

\n
\n

Other current liabilities

\n		\n

18.7

\n		\n

32.7

\n
\n

OTHER CURRENT LIABILITIES

\n		\n

533.5

\n		\n

583.0

\n
\n

(1)Refer to Note\u00a08.2 on page 324 for more details.

\n

(2)Refer to Note\u00a08.3 on page 325 for more details.

\n
\n

Liabilities on earnout and put option reflect the amount for commitments to purchase non-controlling interests, as well as the liabilities regarding contingent consideration arrangements on business acquisitions. The Group estimates these debts based on contractual agreements and using assumptions on future profits. The present value of the scheduled cash outflows is computed using a discount rate.

\n

Employee-related long-term incentives include cash-settled share-based payment liabilities.

\n

They are classified as level 3 (inputs not based on observable market data).

\n

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Liabilities on earnout and put option as of 1 January

\n		\n

126.3

\n		\n

115.1

\n
\n

Scope entry

\n		\n

20.1

\n		\n

13.9

\n
\n

Remeasurement and discounting through P&L

\n		\n

14.9

\n		\n

6.5

\n
\n

Payments

\n		\n

(25.3)

\n		\n

(13.6)

\n
\n

Scope exit

\n		\n

-

\n		\n

-

\n
\n

Translation differences

\n		\n

(6.0)

\n		\n

4.4

\n
\n

Liabilities on EARNOUT and put option as of 31 December

\n		\n

130.0

\n		\n

126.3

\n
\n

Of which current

\n		\n

24.3

\n		\n

33.2

\n
\n

Of which non-current

\n		\n

105.7

\n		\n

93.1

\n
\n

In 2025 and 2024, scope entry is explained by the acquisitions made in Banijay Entertainment business during the year (please refer to Note 13.1 on page 330).

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10432590954671293_0_0": { "value": "

18.5Other non-current and current liabilities

\n

Other non-current liabilities as of 31\u00a0December 2025\u00a0and 2024\u00a0are as follows:

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

In \u20ac million

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Employee-related long-term incentives(1)

\n		\n

126.1

\n		\n

199.3

\n
\n

Long-term liabilities on earnout and put option

\n		\n

\u00a0105.7

\n		\n

93.1

\n
\n

Employment-related earnout and option obligation(2)

\n		\n

\u00a072.9

\n		\n

54.2

\n
\n

Debts to rights owners

\n		\n

\u00a055.4

\n		\n

43.8

\n
\n

Other employee-related liabilities

\n		\n

2.9

\n		\n

3.2

\n
\n

Other non-current liabilities

\n		\n

\u00a0(0.5)

\n		\n

13.8

\n
\n

OTHER NON-CURRENT LIABILITIES

\n		\n

\u00a0362.5

\n		\n

407.4

\n
\n

(1)Refer to Note\u00a08.2 on page 324 for more details.

\n

(2)Refer to Note\u00a08.3 on page 325 for more details.

\n
\n

Liabilities on earnout and put option reflect the amount for commitments to purchase non-controlling interests, as well as the liabilities regarding contingent consideration arrangements on business acquisitions. The Group estimates these debts based on contractual agreements and using assumptions on future profits. The present value of the scheduled cash outflows is computed using a discount rate.

\n

Employee-related long-term incentives include cash-settled share-based payment liabilities.

\n

They are classified as level 3 (inputs not based on observable market data).

\n

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Liabilities on earnout and put option as of 1 January

\n		\n

126.3

\n		\n

115.1

\n
\n

Scope entry

\n		\n

20.1

\n		\n

13.9

\n
\n

Remeasurement and discounting through P&L

\n		\n

14.9

\n		\n

6.5

\n
\n

Payments

\n		\n

(25.3)

\n		\n

(13.6)

\n
\n

Scope exit

\n		\n

-

\n		\n

-

\n
\n

Translation differences

\n		\n

(6.0)

\n		\n

4.4

\n
\n

Liabilities on EARNOUT and put option as of 31 December

\n		\n

130.0

\n		\n

126.3

\n
\n

Of which current

\n		\n

24.3

\n		\n

33.2

\n
\n

Of which non-current

\n		\n

105.7

\n		\n

93.1

\n
\n

In 2025 and 2024, scope entry is explained by the acquisitions made in Banijay Entertainment business during the year (please refer to Note 13.1 on page 330).

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_12776721313044310_0_0": { "value": "

18.5Other non-current and current liabilities

\n

Other current liabilities as of 31\u00a0December 2025\u00a0and 2024\u00a0are as follows:

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

(in \u20ac million)

\n		\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Employee-related long-term incentives, current(1)

\n		\n

91.3

\n		\n

66.4

\n
\n

Short-term liabilities on earnout and put option

\n		\n

24.3

\n		\n

33.2

\n
\n

Employment-related earnout and option obligation(2)

\n		\n

29.5

\n		\n

20.8

\n
\n

Employee-related payables (accruals for paid leave, bonuses and other)

\n		\n

109.8

\n		\n

124.9

\n
\n

National, regional and local taxes other than gaming tax and income tax

\n		\n

94.4

\n		\n

92.6

\n
\n

Income tax liabilities

\n		\n

46.1

\n		\n

80.0

\n
\n

Gaming tax liabilities

\n		\n

78.4

\n		\n

68.8

\n
\n

Production-related payables

\n		\n

26.1

\n		\n

32.4

\n
\n

Payable on fixed asset purchase

\n		\n

14.8

\n		\n

31.2

\n
\n

Other current liabilities

\n		\n

18.7

\n		\n

32.7

\n
\n

OTHER CURRENT LIABILITIES

\n		\n

533.5

\n		\n

583.0

\n
\n

(1)Refer to Note\u00a08.2 on page 324 for more details.

\n

(2)Refer to Note\u00a08.3 on page 325 for more details.

\n
\n

Liabilities on earnout and put option reflect the amount for commitments to purchase non-controlling interests, as well as the liabilities regarding contingent consideration arrangements on business acquisitions. The Group estimates these debts based on contractual agreements and using assumptions on future profits. The present value of the scheduled cash outflows is computed using a discount rate.

\n

Employee-related long-term incentives include cash-settled share-based payment liabilities.

\n

They are classified as level 3 (inputs not based on observable market data).

\n

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

(in \u20ac million)

\n		\n

2025

\n		\n

2024

\n
\n

Liabilities on earnout and put option as of 1 January

\n		\n

126.3

\n		\n

115.1

\n
\n

Scope entry

\n		\n

20.1

\n		\n

13.9

\n
\n

Remeasurement and discounting through P&L

\n		\n

14.9

\n		\n

6.5

\n
\n

Payments

\n		\n

(25.3)

\n		\n

(13.6)

\n
\n

Scope exit

\n		\n

-

\n		\n

-

\n
\n

Translation differences

\n		\n

(6.0)

\n		\n

4.4

\n
\n

Liabilities on EARNOUT and put option as of 31 December

\n		\n

130.0

\n		\n

126.3

\n
\n

Of which current

\n		\n

24.3

\n		\n

33.2

\n
\n

Of which non-current

\n		\n

105.7

\n		\n

93.1

\n
\n

In 2025 and 2024, scope entry is explained by the acquisitions made in Banijay Entertainment business during the year (please refer to Note 13.1 on page 330).

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_20417970946829947_0_0": { "value": "

19.4Distribution of dividend and share premium

\n

Following the Annual General Meeting of Banijay Group N.V on 22 May 2025 and the approval of the resolution 4b, a dividend distribution was paid to all registered holders of Ordinary Shares on 12 June 2025. The total distribution paid is around \u20ac148 million (i.e., \u20ac0.35 per ordinary share).

\n

From any profits, as remaining after application of the provisions in the Articles of Association regarding reservation and the profit entitlement of earn-out preference shares and Founder Shares and Special Voting Shares an amount\u00a0equal to 0.1% of the nominal value of each of the earn-out preference shares, Special Voting Shares and Founder Shares shall be added to the dividend reserve of the respective shares as described in the Articles of Association and as agreed upon by each founder share holder and earn-out preference share holder in the shareholders\u2019 agreement dated 30 June 2022 and by the Special Voting Shares holders in the Special Voting Shares terms dated 30 June 2022. Any profits remaining thereafter shall be at the disposal of the General Meeting for distribution to the holders of Ordinary Shares in proportion to the aggregate nominal value of their Ordinary Shares.

\n

Pursuant to the shareholders' agreement dated 30 June 2022 and in accordance with SVS terms, Founder Shares holders, earn-out shares holders and Special Voting Shares holders have agreed to waive all profit rights due to them.

\n

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_18799073413386601_0": { "value": "0.35", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "tag_10433130618775473_0_0": { "value": "
\n\n\n\n\n
\n

Note 21

\n		\n

Earnings per share

\n
\n

21.1Number of shares

\n

In accordance with IAS 33, the weighted average number of Ordinary Shares for the twelve-month period ended 31\u00a0December 2025 and 2024 are as follows:

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

(in \u20ac million)

\n		\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Number of Ordinary Shares

\n		\n

Share Capital (in \u20ac million)

\n		\n

Number of\u00a0shares

\n		\n

Share Capital (in \u20ac million)

\n
\n

Opening share capital

\n		\n

423,271,268

\n		\n

4.2

\n		\n

423,271,267

\n		\n

\u00a04.2

\n
\n

Capital increase

\n		\n

5,000

\n		\n

0.0

\n		\n

1

\n		\n

0.0

\n
\n

Capital decrease

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Closing share capital

\n		\n

423,276,268

\n		\n

4.2

\n		\n

423,271,268

\n		\n

4.2

\n
\n

Of which treasury shares

\n		\n

(25,097)

\n		\n

\u00a0

\n		\n

(30,128)

\n		\n

-

\n
\n

Opening treasury shares

\n		\n

(30,128)

\n		\n

\u00a0

\n		\n

(23,676)

\n		\n

-

\n
\n

Change in treasury shares

\n		\n

5,031

\n		\n

\u00a0

\n		\n

(6,452)

\n		\n

\u00a0

\n
\n

Weighted average number of ordinary shares outstanding(1)

\n		\n

423,237,371

\n		\n

\u00a0

\n		\n

423,247,123

\n		\n

-

\n
\n

Free shares to be issued

\n		\n

12,500

\n		\n

\u00a0

\n		\n

9,399,715

\n		\n

-

\n
\n

Diluted weighted average number of ordinary shares outstanding(1)

\n		\n

423,242,371

\n		\n

\u00a0

\n		\n

432,646,838

\n		\n

-

\n
\n

(1)Free shares represent potential Banijay Group shares as part of LTI 2023 and 2024 plan as described in Note 8.2.

\n
\n

As of 31 December 2025, 20,000,000 earn-out shares, 2,575,001 founder shares, 5,250,000 Founder Warrants and 8,666,666 public warrants were not taken in consideration for the calculation of diluted earnings per share because the conversion conditions were not satisfied at the end of the period.

\n

21.2Basic and diluted earnings per share

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

(in \u20ac million)

\n		\n

\n		\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Income available to common shareholders

\n		\n

A

\n		\n

247.5

\n		\n

146.1

\n
\n

Weighted average number of ordinary shares outstanding(1)

\n		\n

B

\n		\n

423,237,371

\n		\n

423,247,123

\n
\n

Basic earnings per share (in euros)

\n		\n

A/B

\n		\n

0.58

\n		\n

0.35

\n
\n

(1)Including the retrospective adjustment related to the 178,479,432\u00a0shares issued in compensation for the shares contributed by Financi\u00e8re Lov.

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

(in \u20ac million)

\n		\n

\n		\n

31\u00a0December 2025

\n		\n

31\u00a0December 2024

\n
\n

Income available to common shareholders

\n		\n

A

\n		\n

247.5

\n		\n

\u00a0146.1

\n
\n

Diluted weighted average number of ordinary shares outstanding(1)

\n		\n

B

\n		\n

431,242,371

\n		\n

\u00a0432,646,838

\n
\n

Diluted earnings per share (in euros)

\n		\n

A/B

\n		\n

0.58

\n		\n

\u00a00.34

\n
\n

(1)Including the retrospective adjustment related to the 178,479,432\u00a0shares issued in compensation for the shares contributed by Financi\u00e8re Lov.

\n
\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43341283034347067_0": { "value": "
\n\n\n\n\n
\n

Note 25

\n		\n

Financial instruments

\n
\n

The carrying amount of financial instruments per category is determined as follows:

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

As of 31\u00a0December 2025

\n

(in \u20ac million)

\n		\n

Carrying amount

\n		\n

Carrying amount of non-financial instruments

\n		\n

Financial instruments by category

\n		\n

Fair value of\u00a0financial instruments

\n
\n

Fair value through OCI

\n		\n

Amortised cost

\n		\n

Fair value through P&L

\n
\n

Non-current financial assets

\n		\n

148.2

\n		\n

-

\n		\n

12.5

\n		\n

32.8

\n		\n

102.8

\n		\n

148.2

\n
\n

Other non-current assets

\n		\n

262.9

\n		\n

175.9

\n		\n

-

\n		\n

87.1

\n		\n

-

\n		\n

87.1

\n
\n

Trade receivables

\n		\n

524.8

\n		\n

-

\n		\n

-

\n		\n

524.8

\n		\n

-

\n		\n

524.8

\n
\n

Other current assets

\n		\n

304.7

\n		\n

278.4

\n		\n

-

\n		\n

26.3

\n		\n

-

\n		\n

26.3

\n
\n

Current financial assets

\n		\n

21.6

\n		\n

-

\n		\n

0.0

\n		\n

18.8

\n		\n

2.7

\n		\n

21.6

\n
\n

Cash and cash equivalents

\n		\n

493.9

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

493.9

\n		\n

493.9

\n
\n

Assets

\n		\n

1,756.1

\n		\n

454.2

\n		\n

12.5

\n		\n

689.9

\n		\n

599.4

\n		\n

1,301.9

\n
\n

Other securities

\n		\n

116.4

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

116.4

\n		\n

116.4

\n
\n

Long-term borrowings and other financial liabilities

\n		\n

2,962.1

\n		\n

-

\n		\n

4.5

\n		\n

2,912.5

\n		\n

45.1

\n		\n

3,229.8

\n
\n

Other non-current liabilities

\n		\n

362.5

\n		\n

199.0

\n		\n

-

\n		\n

57.7

\n		\n

105.7

\n		\n

163.4

\n
\n

Liability instruments

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Short-term borrowings and bank overdrafts

\n		\n

144.8

\n		\n

0.5

\n		\n

0.2

\n		\n

143.3

\n		\n

0.7

\n		\n

144.3

\n
\n

Trade payables

\n		\n

666.6

\n		\n

-

\n		\n

-

\n		\n

666.6

\n		\n

-

\n		\n

666.6

\n
\n

Customer contract liabilities

\n		\n

640.2

\n		\n

566.4

\n		\n

-

\n		\n

69.1

\n		\n

4.6

\n		\n

73.7

\n
\n

Other current liabilities

\n		\n

533.5

\n		\n

448.8

\n		\n

-

\n		\n

60.3

\n		\n

24.3

\n		\n

84.6

\n
\n

Liabilities

\n		\n

5,426.0

\n		\n

1,214.8

\n		\n

4.7

\n		\n

3,909.6

\n		\n

296.8

\n		\n

4,478.9

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

As of 31\u00a0December 2024

\n

(in \u20ac million)

\n		\n

Carrying amount

\n		\n

Carrying amount of non-financial instruments

\n		\n

Financial instruments by category

\n		\n

Fair value of\u00a0financial instruments

\n
\n

Fair value through OCI

\n		\n

Amortised cost

\n		\n

Fair value through P&L

\n
\n

Non-current financial assets

\n		\n

160.6

\n		\n

-

\n		\n

24.2

\n		\n

37.3

\n		\n

99.1

\n		\n

160.6

\n
\n

Other non-current assets

\n		\n

216.4

\n		\n

171.7

\n		\n

-

\n		\n

44.7

\n		\n

-

\n		\n

44.7

\n
\n

Trade receivables

\n		\n

535.6

\n		\n

-

\n		\n

-

\n		\n

535.6

\n		\n

-

\n		\n

535.6

\n
\n

Other current assets

\n		\n

332.7

\n		\n

304.7

\n		\n

-

\n		\n

28.0

\n		\n

-

\n		\n

28.0

\n
\n

Current financial assets

\n		\n

34.7

\n		\n

-

\n		\n

7.1

\n		\n

21.5

\n		\n

6.1

\n		\n

34.7

\n
\n

Cash and cash equivalents

\n		\n

482.0

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

482.0

\n		\n

482.0

\n
\n

Assets

\n		\n

1,761.9

\n		\n

476.4

\n		\n

31.3

\n		\n

667.1

\n		\n

587.2

\n		\n

1,285.5

\n
\n

Other securities

\n		\n

140.5

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

140.5

\n		\n

140.5

\n
\n

Long-term borrowings and other financial liabilities

\n		\n

2,863.9

\n		\n

-

\n		\n

4.0

\n		\n

2860.0

\n		\n

-

\n		\n

2,916.5

\n
\n

Other non-current liabilities

\n		\n

407.4

\n		\n

256.7

\n		\n

-

\n		\n

57.6

\n		\n

93.1

\n		\n

150.7

\n
\n

Liability instruments

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Short-term borrowings and bank overdrafts

\n		\n

285.4

\n		\n

(0.1)

\n		\n

0.5

\n		\n

282.3

\n		\n

2.7

\n		\n

285.5

\n
\n

Trade payables

\n		\n

677.0

\n		\n

-

\n		\n

-

\n		\n

677.0

\n		\n

-

\n		\n

677.0

\n
\n

Customer contract liabilities

\n		\n

669.8

\n		\n

608.4

\n		\n

-

\n		\n

58.3

\n		\n

3.1

\n		\n

61.4

\n
\n

Other current liabilities

\n		\n

583.0

\n		\n

452.5

\n		\n

-

\n		\n

97.3

\n		\n

33.2

\n		\n

130.5

\n
\n

Liabilities

\n		\n

5,627.0

\n		\n

1317.4

\n		\n

4.4

\n		\n

4,032.5

\n		\n

272.7

\n		\n

4,362.1

\n
\n
Fair value hierarchy
\n

IFRS 13 Fair Value Measurement, establishes a fair value hierarchy consisting of three levels:

\n

\u2022Level 1: prices on the valuation date for identical instruments to those being valued, quoted on an active market to which the entity has access;

\n

\u2022Level 2: directly observable market inputs other than Level 1 inputs; and

\n

\u2022Level 3: inputs not based on observable market data (for example, data derived from extrapolations).

\n

This level applies when there is no observable market or data and the entity is obliged to rely on its own assumptions to assess the data that other market participants would have applied to price other instruments.

\n

Fair value is estimated for the majority of the Group's financial instruments, with the exception of marketable securities for which the market price is used.

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

As of 31 December 2025

\n

(in \u20ac million)

\n		\n

Fair Value

\n		\n

Fair value hierarchy

\n
\n

Level 1

\n		\n

Level 2

\n		\n

Level 3

\n
\n

Non-current financial assets

\n		\n

115.3

\n		\n

6.4

\n		\n

4.6

\n		\n

104.4

\n
\n

Other current assets

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Current financial assets

\n		\n

2.7

\n		\n

-

\n		\n

2.7

\n		\n

-

\n
\n

Cash and cash equivalents

\n		\n

493.9

\n		\n

493.9

\n		\n

-

\n		\n

-

\n
\n

Other securities

\n		\n

(116.4)

\n		\n

-

\n		\n

-

\n		\n

(116.4)

\n
\n

Long-term borrowings and other financial liabilities

\n		\n

(49.5)

\n		\n

-

\n		\n

(49.5)

\n		\n

-

\n
\n

Other non-current liabilities

\n		\n

(105.7)

\n		\n

-

\n		\n

-

\n		\n

(105.7)

\n
\n

Short-term borrowings and bank overdrafts

\n		\n

(1.0)

\n		\n

(0.1)

\n		\n

(0.8)

\n		\n

-

\n
\n

Customer contract liabilities

\n		\n

(4.6)

\n		\n

-

\n		\n

-

\n		\n

(4.6)

\n
\n

Other current liabilities

\n		\n

(24.3)

\n		\n

-

\n		\n

-

\n		\n

(24.3)

\n
\n

Balances as of 31 DEcembeR 2025

\n		\n

310.4

\n		\n

500.2

\n		\n

(43.1)

\n		\n

(146.6)

\n
\n

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

As of 31 December 2024

\n

(in \u20ac million)

\n		\n

Fair Value

\n		\n

Fair value hierarchy

\n
\n

Level 1

\n		\n

Level 2

\n		\n

Level 3

\n
\n

Non-current financial assets

\n		\n

123.3

\n		\n

11.7

\n		\n

13.7

\n		\n

97.9

\n
\n

Other current assets

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Current financial assets

\n		\n

13.2

\n		\n

-

\n		\n

13.2

\n		\n

-

\n
\n

Cash and cash equivalents

\n		\n

482.0

\n		\n

482.0

\n		\n

-

\n		\n

-

\n
\n

Other securities

\n		\n

(140.5)

\n		\n

-

\n		\n

-

\n		\n

(140.5)

\n
\n

Long-term borrowings and other financial liabilities

\n		\n

(4.0)

\n		\n

-

\n		\n

(4.0)

\n		\n

-

\n
\n

Other non-current liabilities

\n		\n

(93.1)

\n		\n

-

\n		\n

-

\n		\n

(93.1)

\n
\n

Short-term borrowings and bank overdrafts

\n		\n

(3.1)

\n		\n

(1.1)

\n		\n

(2.0)

\n		\n

-

\n
\n

Customer contract liabilities

\n		\n

(3.1)

\n		\n

-

\n		\n

-

\n		\n

(3.1)

\n
\n

Other current liabilities

\n		\n

(33.2)

\n		\n

-

\n		\n

-

\n		\n

(33.2)

\n
\n

Balances as of 31 December 2024

\n		\n

341.4

\n		\n

492.5

\n		\n

21.0

\n		\n

(172.1)

\n
\n

Other securities comprised public warrants, earn-out shares, founder shares and Founder Warrants that are classified as Level 3. Derivatives are classified as Level 2 instruments and Level 3 instruments mainly comprise shares in non-consolidated non-listed companies, liabilities on non-controlling interests and pending bets.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_23434964515151726_0_0": { "value": "
\n\n\n\n\n
\n

Note 25

\n		\n

Financial instruments

\n
\n

The carrying amount of financial instruments per category is determined as follows:

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

As of 31\u00a0December 2025

\n

(in \u20ac million)

\n		\n

Carrying amount

\n		\n

Carrying amount of non-financial instruments

\n		\n

Financial instruments by category

\n		\n

Fair value of\u00a0financial instruments

\n
\n

Fair value through OCI

\n		\n

Amortised cost

\n		\n

Fair value through P&L

\n
\n

Non-current financial assets

\n		\n

148.2

\n		\n

-

\n		\n

12.5

\n		\n

32.8

\n		\n

102.8

\n		\n

148.2

\n
\n

Other non-current assets

\n		\n

262.9

\n		\n

175.9

\n		\n

-

\n		\n

87.1

\n		\n

-

\n		\n

87.1

\n
\n

Trade receivables

\n		\n

524.8

\n		\n

-

\n		\n

-

\n		\n

524.8

\n		\n

-

\n		\n

524.8

\n
\n

Other current assets

\n		\n

304.7

\n		\n

278.4

\n		\n

-

\n		\n

26.3

\n		\n

-

\n		\n

26.3

\n
\n

Current financial assets

\n		\n

21.6

\n		\n

-

\n		\n

0.0

\n		\n

18.8

\n		\n

2.7

\n		\n

21.6

\n
\n

Cash and cash equivalents

\n		\n

493.9

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

493.9

\n		\n

493.9

\n
\n

Assets

\n		\n

1,756.1

\n		\n

454.2

\n		\n

12.5

\n		\n

689.9

\n		\n

599.4

\n		\n

1,301.9

\n
\n

Other securities

\n		\n

116.4

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

116.4

\n		\n

116.4

\n
\n

Long-term borrowings and other financial liabilities

\n		\n

2,962.1

\n		\n

-

\n		\n

4.5

\n		\n

2,912.5

\n		\n

45.1

\n		\n

3,229.8

\n
\n

Other non-current liabilities

\n		\n

362.5

\n		\n

199.0

\n		\n

-

\n		\n

57.7

\n		\n

105.7

\n		\n

163.4

\n
\n

Liability instruments

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Short-term borrowings and bank overdrafts

\n		\n

144.8

\n		\n

0.5

\n		\n

0.2

\n		\n

143.3

\n		\n

0.7

\n		\n

144.3

\n
\n

Trade payables

\n		\n

666.6

\n		\n

-

\n		\n

-

\n		\n

666.6

\n		\n

-

\n		\n

666.6

\n
\n

Customer contract liabilities

\n		\n

640.2

\n		\n

566.4

\n		\n

-

\n		\n

69.1

\n		\n

4.6

\n		\n

73.7

\n
\n

Other current liabilities

\n		\n

533.5

\n		\n

448.8

\n		\n

-

\n		\n

60.3

\n		\n

24.3

\n		\n

84.6

\n
\n

Liabilities

\n		\n

5,426.0

\n		\n

1,214.8

\n		\n

4.7

\n		\n

3,909.6

\n		\n

296.8

\n		\n

4,478.9

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

As of 31\u00a0December 2024

\n

(in \u20ac million)

\n		\n

Carrying amount

\n		\n

Carrying amount of non-financial instruments

\n		\n

Financial instruments by category

\n		\n

Fair value of\u00a0financial instruments

\n
\n

Fair value through OCI

\n		\n

Amortised cost

\n		\n

Fair value through P&L

\n
\n

Non-current financial assets

\n		\n

160.6

\n		\n

-

\n		\n

24.2

\n		\n

37.3

\n		\n

99.1

\n		\n

160.6

\n
\n

Other non-current assets

\n		\n

216.4

\n		\n

171.7

\n		\n

-

\n		\n

44.7

\n		\n

-

\n		\n

44.7

\n
\n

Trade receivables

\n		\n

535.6

\n		\n

-

\n		\n

-

\n		\n

535.6

\n		\n

-

\n		\n

535.6

\n
\n

Other current assets

\n		\n

332.7

\n		\n

304.7

\n		\n

-

\n		\n

28.0

\n		\n

-

\n		\n

28.0

\n
\n

Current financial assets

\n		\n

34.7

\n		\n

-

\n		\n

7.1

\n		\n

21.5

\n		\n

6.1

\n		\n

34.7

\n
\n

Cash and cash equivalents

\n		\n

482.0

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

482.0

\n		\n

482.0

\n
\n

Assets

\n		\n

1,761.9

\n		\n

476.4

\n		\n

31.3

\n		\n

667.1

\n		\n

587.2

\n		\n

1,285.5

\n
\n

Other securities

\n		\n

140.5

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

140.5

\n		\n

140.5

\n
\n

Long-term borrowings and other financial liabilities

\n		\n

2,863.9

\n		\n

-

\n		\n

4.0

\n		\n

2860.0

\n		\n

-

\n		\n

2,916.5

\n
\n

Other non-current liabilities

\n		\n

407.4

\n		\n

256.7

\n		\n

-

\n		\n

57.6

\n		\n

93.1

\n		\n

150.7

\n
\n

Liability instruments

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Short-term borrowings and bank overdrafts

\n		\n

285.4

\n		\n

(0.1)

\n		\n

0.5

\n		\n

282.3

\n		\n

2.7

\n		\n

285.5

\n
\n

Trade payables

\n		\n

677.0

\n		\n

-

\n		\n

-

\n		\n

677.0

\n		\n

-

\n		\n

677.0

\n
\n

Customer contract liabilities

\n		\n

669.8

\n		\n

608.4

\n		\n

-

\n		\n

58.3

\n		\n

3.1

\n		\n

61.4

\n
\n

Other current liabilities

\n		\n

583.0

\n		\n

452.5

\n		\n

-

\n		\n

97.3

\n		\n

33.2

\n		\n

130.5

\n
\n

Liabilities

\n		\n

5,627.0

\n		\n

1317.4

\n		\n

4.4

\n		\n

4,032.5

\n		\n

272.7

\n		\n

4,362.1

\n
\n
Fair value hierarchy
\n

IFRS 13 Fair Value Measurement, establishes a fair value hierarchy consisting of three levels:

\n

\u2022Level 1: prices on the valuation date for identical instruments to those being valued, quoted on an active market to which the entity has access;

\n

\u2022Level 2: directly observable market inputs other than Level 1 inputs; and

\n

\u2022Level 3: inputs not based on observable market data (for example, data derived from extrapolations).

\n

This level applies when there is no observable market or data and the entity is obliged to rely on its own assumptions to assess the data that other market participants would have applied to price other instruments.

\n

Fair value is estimated for the majority of the Group's financial instruments, with the exception of marketable securities for which the market price is used.

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

As of 31 December 2025

\n

(in \u20ac million)

\n		\n

Fair Value

\n		\n

Fair value hierarchy

\n
\n

Level 1

\n		\n

Level 2

\n		\n

Level 3

\n
\n

Non-current financial assets

\n		\n

115.3

\n		\n

6.4

\n		\n

4.6

\n		\n

104.4

\n
\n

Other current assets

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Current financial assets

\n		\n

2.7

\n		\n

-

\n		\n

2.7

\n		\n

-

\n
\n

Cash and cash equivalents

\n		\n

493.9

\n		\n

493.9

\n		\n

-

\n		\n

-

\n
\n

Other securities

\n		\n

(116.4)

\n		\n

-

\n		\n

-

\n		\n

(116.4)

\n
\n

Long-term borrowings and other financial liabilities

\n		\n

(49.5)

\n		\n

-

\n		\n

(49.5)

\n		\n

-

\n
\n

Other non-current liabilities

\n		\n

(105.7)

\n		\n

-

\n		\n

-

\n		\n

(105.7)

\n
\n

Short-term borrowings and bank overdrafts

\n		\n

(1.0)

\n		\n

(0.1)

\n		\n

(0.8)

\n		\n

-

\n
\n

Customer contract liabilities

\n		\n

(4.6)

\n		\n

-

\n		\n

-

\n		\n

(4.6)

\n
\n

Other current liabilities

\n		\n

(24.3)

\n		\n

-

\n		\n

-

\n		\n

(24.3)

\n
\n

Balances as of 31 DEcembeR 2025

\n		\n

310.4

\n		\n

500.2

\n		\n

(43.1)

\n		\n

(146.6)

\n
\n

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

As of 31 December 2024

\n

(in \u20ac million)

\n		\n

Fair Value

\n		\n

Fair value hierarchy

\n
\n

Level 1

\n		\n

Level 2

\n		\n

Level 3

\n
\n

Non-current financial assets

\n		\n

123.3

\n		\n

11.7

\n		\n

13.7

\n		\n

97.9

\n
\n

Other current assets

\n		\n

-

\n		\n

-

\n		\n

-

\n		\n

-

\n
\n

Current financial assets

\n		\n

13.2

\n		\n

-

\n		\n

13.2

\n		\n

-

\n
\n

Cash and cash equivalents

\n		\n

482.0

\n		\n

482.0

\n		\n

-

\n		\n

-

\n
\n

Other securities

\n		\n

(140.5)

\n		\n

-

\n		\n

-

\n		\n

(140.5)

\n
\n

Long-term borrowings and other financial liabilities

\n		\n

(4.0)

\n		\n

-

\n		\n

(4.0)

\n		\n

-

\n
\n

Other non-current liabilities

\n		\n

(93.1)

\n		\n

-

\n		\n

-

\n		\n

(93.1)

\n
\n

Short-term borrowings and bank overdrafts

\n		\n

(3.1)

\n		\n

(1.1)

\n		\n

(2.0)

\n		\n

-

\n
\n

Customer contract liabilities

\n		\n

(3.1)

\n		\n

-

\n		\n

-

\n		\n

(3.1)

\n
\n

Other current liabilities

\n		\n

(33.2)

\n		\n

-

\n		\n

-

\n		\n

(33.2)

\n
\n

Balances as of 31 December 2024

\n		\n

341.4

\n		\n

492.5

\n		\n

21.0

\n		\n

(172.1)

\n
\n

Other securities comprised public warrants, earn-out shares, founder shares and Founder Warrants that are classified as Level 3. Derivatives are classified as Level 2 instruments and Level 3 instruments mainly comprise shares in non-consolidated non-listed companies, liabilities on non-controlling interests and pending bets.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10420918309950827_0_0": { "value": "
\n\n\n\n\n
\n

Note 25

\n		\n

Financial instruments

\n
\n
Fair value hierarchy
\n

IFRS 13 Fair Value Measurement, establishes a fair value hierarchy consisting of three levels:

\n

\u2022Level 1: prices on the valuation date for identical instruments to those being valued, quoted on an active market to which the entity has access;

\n

\u2022Level 2: directly observable market inputs other than Level 1 inputs; and

\n

\u2022Level 3: inputs not based on observable market data (for example, data derived from extrapolations).

\n

This level applies when there is no observable market or data and the entity is obliged to rely on its own assumptions to assess the data that other market participants would have applied to price other instruments.

\n

Fair value is estimated for the majority of the Group's financial instruments, with the exception of marketable securities for which the market price is used.

\n
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10440081359542554_0_0": { "value": "

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

Note 27

\n		\n

Management of market risk

\n
\n

27.2Interest rate risk

\n

Group\u2019s interest rate risk management\u2019s objective is to reduce its net exposure to rising interest rates.

\n

To this end, the business that have recourse to financing with variable interest rate debt use financial instruments that enable them to protect themselves against significant fluctuations in interest rates (mainly through the implementation of interest rate swaps and caps).

\n

In the Banijay Entertainment business, the Group\u2019s exposure to the risk of interest rate fluctuations is mainly linked to:

\n

\u2022The $560 million senior term loan B agreement depending on SOFR 1 month rate (remaining capital $495\u00a0million). On this specific loan, Banijay has taken out an interest rate hedge by means of:

\n

\u2022An interest rate swap converting the variable SOFR-based rate into fixed rates of approximately 3.39% for $438 million and 3.42% for $55 million, both effective until March 2028.

\n

\u2022The \u20ac555 million term loan B agreement depending on EURIBOR 3 months rate. On this specific loan, Banijay has taken out an interest rate hedge by means of:

\n

\u2022An interest rate swap converting the variable EURIBOR-based rate into a fixed rate of approximately 2.2% for \u20ac453 million, and a collar setting the interest rate between 2.8% and 3.3% for \u20ac102 million, both effective until March 2028

\n

\u2022The \u20ac400 million term loan B agreement depending on EURIBOR 3 months rate. On this specific loan, Banijay has taken out an interest rate hedge by means of:

\n

\u2022An interest rate collar setting the EURIBOR-based rate between approximately 2.11% and 2.75% for \u20ac400 million, effective until April 2030.

\n

Regarding the Banijay Gaming business, the Group\u2019s exposure to the risk of interest rate fluctuations is mainly linked to:

\n

\u2022The \u20ac600 million Term Loan B issued on December 2024 depending on EURIBOR 3 months rate. On this specific loan, on January 2025, Banijay gaming has taken out an interest rate hedge by means of two interest swaps (for \u20ac300 million each) exchanging rate for respectively fixed rates of 2.252% and 2.56% (maturity date: February 2030).

\n

27.3Currency risk

\n

Currency risk management is handled independently by each subsidiary.

\n

Regarding the Content production & distribution, the Group operates in several countries and may be exposed to fluctuations in foreign exchange rates that could have an impact on its net income and financial position expressed in euros.

\n

The main foreign exchange risk is transactional, mainly related to the US dollar and the pound sterling:

\n

\u2022As of 31 December 2025, the percentage of sales made in USD represented 11.5% of the Banijay\u2019s consolidated revenue (15.6% in 2024). A decrease of 5% in the exchange rate in USD would have an impact on the consolidated revenue of -\u20ac18 million in 2025 (-\u20ac25 million in 2024) and an impact on the consolidated equity of +\u20ac27 million. Conversely, an increase of 5% in the exchange rate in USD would have an impact on the consolidated revenue of +\u20ac20 million (+\u20ac27 million in 2024) and an impact on the consolidated equity of \u2011\u20ac30\u00a0million.

\n

\u2022As of 31 December 2025, the percentage of sales made in GBP represented 21.4% of Banijay\u2019s consolidated revenue (18.1% in 2024). A decrease of 5% in the exchange rate in GBP would have an impact on the consolidated revenue of -\u20ac33 million (-\u20ac29 million in 2024) and an impact on the consolidated equity of +\u20ac4million. Conversely, an increase of 5% in the exchange rate in GBP would have an impact on consolidated revenue of +\u20ac37 million (\u20ac32 million in 2024) and an impact on the consolidated equity of \u2011\u20ac5\u00a0million.

\n

\u2022Other currencies are less significant. For example, sales in AUD amounts to 4.3% of total sales, and a related decrease (or increase) of 5% in the exchange rate in AUD would have an impact respectively on the consolidated revenue of -\u20ac7 million (or +\u20ac7 million) in 2025, and an impact on the consolidated equity of \u2011\u20ac1\u00a0million (or +2 million).

\n

\n

In addition, and as detailed in Note 24.5, the Group has entered into a cross-currency swap (CCS) related to its USD Senior Secured Notes (SSN), in order to hedge foreign exchange risk arising from principal and interest payments denominated in US dollars. This instrument is designated as a hedging instrument under IFRS 9, with fair value changes allocated between profit or loss and OCI depending on whether they relate to accrued vs. future interest cash flows.

\n

The Banijay Gaming business, whose functional currency is the euro, has very little exposure to foreign exchange risk (transactions are exclusively in markets with the same functional currency and there are no debts or receivables denominated in foreign currencies).

\n

\n

\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_43086418048493043_0_0": { "value": "
\n\n\n\n\n
\n

Note 27

\n		\n

Management of market risk

\n
\n

27.5Capital risk

\n

The Group manages its statutory equity and its liquidity to be able to distribute a dividend to its shareholders in accordance with its dividend policy.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10440241308548952_0_0": { "value": "
\n\n\n\n\n
\n

Note 28

\n		\n

Related parties

\n
\n

28.4Key Management Personnel compensation

\n

Key management personnel, who have the authority and responsibility for planning, directing and controlling the activities, directly or indirectly, are the members of the Board of Directors, the CEO of Banijay SAS(1) and the CEO of Betclic Everest Group. The compensation of the key management personnel is detailed in the table below:

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

(in \u20ac million)

\n		\n

31 December 2025

\n		\n

31 December 2024

\n
\n

Short-term employee benefits (fixed salary and variable component)

\n		\n

(4.3)

\n		\n

(3.4)

\n
\n

Post-employment benefits (IAS\u00a019)

\n		\n

\n		\n

\u00a0

\n
\n

Other long-term benefits

\n		\n

\n		\n

\u00a0

\n
\n

Termination benefits

\n		\n

\n		\n

\u00a0

\n
\n

Share-based payment

\n		\n

(38.3)

\n		\n

(33.1)

\n
\n

Total compensation to key management personnel

\n		\n

(42.6)

\n		\n

(36.5)

\n
\n

(1)Position currently occupied by Marco Bassetti, who holds 1.2% of Banijay Group N.V. share capital.

\n
\n

Moreover, attendance fees allocated to the Board of Directors\u2019 members amounted to \u20ac0.5 million in 2025 (\u20ac0.5\u00a0million in 2024).

\n
28.4.1Remuneration of Executive Directors
\n

In 2025 and 2024, the remuneration components of the Executive Directors at Banijay Group N.V. level is as follows:

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

\n		\n

Fixed annual base salary

\n		\n

Short-term variable incentive

\n		\n

Long-term incentive plan

\n		\n

Other

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

Chief Executive Officer (CEO)(1)

\n		\n

\u20ac750,000

\n		\n

\u20ac750,000(2)

\n		\n

\u20ac262,500

\n		\n

\u20ac262,500

\n		\n

n/a

\n		\n

n/a

\n		\n

Termination indemnity as detailed below

\n
\n

Chief Financial Officer (CFO)(3)

\n		\n

\u20ac356,250(2)

\n		\n

\u20ac356,250(2)

\n		\n

\u20ac124,688

\n		\n

\u20ac128,150

\n		\n

\u20ac1,072,041

\n		\n

\u20ac1,185,912(4)

\n		\n

Termination indemnity as detailed below

\n
\n

(1)As from March 2026, Fran\u00e7ois Riahi\u2019s annual base salary has been increased to \u20ac1,000,000.

\n

(2)As from November\u00a02022, Fran\u00e7ois Riahi\u2019s annual base salary was increased to \u20ac750,000.

\n

(3)Since 1 February 2024, Sophie Kurinckx-Leclerc is also CFO of Financi\u00e8re Lov (as detailed in section 4.2.2.8).

\n

(4)The LTIP will be paid in 2028 as detailed below.

\n
\n

The total remuneration costs of the CEO and CFO in the P&L amount to: \u20ac2,343,347 (2024: \u20ac2,139,502).

\n

The mix between the fixed and the variable remuneration components for our Executive Directors is as follows:

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

Name

\n		\n

Fixed

\n		\n

Variable

\n
\n

2025

\n		\n

2024

\n		\n

2025

\n		\n

2024

\n
\n

CEO

\n		\n

74%

\n		\n

74%

\n		\n

26%

\n		\n

26%

\n
\n

CFO

\n		\n

74%

\n		\n

74%

\n		\n

26%

\n		\n

26%

\n
\n
Fixed remuneration
\n

The individual fixed remuneration for each Executive Director paid was as follows:

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

Name

\n		\n

Base salary 2025

\n		\n

Base salary 2024

\n
\n

Fran\u00e7ois Riahi (CEO)(1)

\n		\n

\u20ac750,000

\n		\n

\u20ac750,000(2)

\n
\n

Sophie Kurinckx-Leclerc (CFO)(3)

\n		\n

\u20ac356,250

\n		\n

\u20ac356,250

\n
\n

(1)As from March 2026, Fran\u00e7ois Riahi\u2019s annual base salary has been increased to \u20ac1,000,000.

\n

(2)As from November\u00a02022, Fran\u00e7ois Riahi\u2019s annual base salary was increased to \u20ac750,000.

\n

(3)Since 1 February 2024, Sophie Kurinckx-Leclerc is also CFO of Financi\u00e8re Lov (as detailed in Section 4.2.2.8).

\n
\n

\n

The total social charges related to fixed remuneration amounted to \u20ac613,500 and \u20ac470,761 respectively in 2025 and 2024.

\n
Short-term variable incentive
\n

The CEO is entitled to a variable compensation subject to performance criteria divided as follows: (i) 50% financial criteria (30% relating to consolidated EBITDA and 20% to free cash flow generated by Banijay Group during the year) and (ii) 50% extra-financial criteria (25% relating to the strategic positioning of the Group (incl. ESG strategy) and 25% to business development, M&A and integration). The various scenario analyses were performed when the criteria were determined. For Financial Year 2025, the HR & ESG Committee assessed that the CEO had achieved all the determined criteria; the CEO therefore received the maximum amount, i.e. \u20ac262,500.

\n

The CFO is entitled to a variable compensation subject to performance criteria divided as follows: (i) 50% financial criteria (30% relating to consolidated EBITDA and 20% to free cash flow generated by Banijay Group during the year) and (ii) 50% extra-financial criteria (30% relating to financial management performance, 20% to environmental, social and governance (ESG) matters). The various scenario analyses were performed when the criteria were determined. For Financial Year 2025, the HR & ESG Committee assessed that the CFO had achieved all the determined criteria; the CFO therefore received the maximum amount, i.e. \u20ac124,687,50.

\n
Long-term incentive plan
\n

The CFO benefits from a long-term cash incentive equivalent to the stock price of 130,000 Company shares which is aimed at aligning the interests of Sophie Kurinckx-Leclerc with the interests of the long-term shareholders. It will be paid in January 2028 provided Sophie Kurinckx-Leclerc remains an Executive Director of the Company until 31 December 2027. The amount will depend on the average of the stock price of the Company share over the 20 trading days weighted by the volumes preceding payment. As at 31 December 2025, the LTIP is estimated at \u20ac1,072,041.

\n

There is no long-term variable incentive for the CEO.

\n
Other
\n

In addition, the CFO benefits from a termination indemnity equal to 12\u2011months' base salary in certain circumstances.

\n

Fran\u00e7ois Riahi benefits, as chief executive officer of Financi\u00e8re Lov, from Financi\u00e8re Lov shares (as detailed below), based on value creation at the level of the Company. In this respect, Fran\u00e7ois Riahi's incentive is aligned with the interests of the Company's shareholders.

\n

Before becoming the Company's chief financial officer, Sophie Kurinckx-Leclerc was the chief financial officer of Banijay. As such, for the first six months of 2022, she also received remuneration from Banijay.

\n

In 2022, Sophie Kurinckx-Leclerc received a lump sum payment of \u20ac283,250 upon leaving Banijay.

\n

In July 2020, Sophie Kurinckx-Leclerc received free Banijay SAS shares. As at 31 December 2025, the shares are valued at \u20ac720.486. Furthermore, Sophie Kurinckx\u2011Leclerc benefits, at the level of Banijay, from a long-term cash incentive. The amount depends on the valuation of Banijay SAS at the time of payment. As at 31 December 2025, the total gross amount of this long-term cash incentive was valued at \u20ac1.813.395.

\n
Equity holdings of Executive Directors
\n

As at 31 December 2025, only Fran\u00e7ois Riahi directly own shares or stock options granting access to the Company's share capital.

\n

Fran\u00e7ois Riahi directly holds 126,093 Company shares;

\n

Fran\u00e7ois Riahi indirectly holds, via Financi\u00e8re Lov, 100 preferred shares of Financi\u00e8re Lov (representing less than 0.01% of Financi\u00e8re Lov\u2019s share capital and voting rights) which remain subject to a lock-up agreement until mid-2026. The value of such shares will depend on Financi\u00e8re Lov\u2019s internal rate of return (IRR).

\n
28.4.2 Remuneration of Non-Executive Directors
\n

The table below sets forth the remuneration of the Non-Executive Directors paid for 2025 and 2024. The amounts reflect the annual fee awarded for the services as Non-Executive Director and any additional roles as member of a committee or Chairperson of the Board or a committee, from the date of their appointment.

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

Name

\n		\n

Base salary

\n
\n

2025

\n		\n

2024

\n
\n

St\u00e9phane Courbit

\n		\n

\u20ac0(1)

\n		\n

\u20ac0(1)

\n
\n

Pierre Cuilleret

\n		\n

\u20ac60,000

\n		\n

\u20ac60,000

\n
\n

Susana Gallardo(2)

\n		\n

\u20ac37,500

\n		\n

\u20ac75,000

\n
\n

El\u00e9onore Ladreit de Lacharri\u00e8re

\n		\n

\u20ac50,000

\n		\n

\u20ac50,000

\n
\n

C\u00e9cile L\u00e9vi

\n		\n

\u20ac65,000

\n		\n

\u20ac65,000

\n
\n

Alain Minc

\n		\n

\u20ac70,000

\n		\n

\u20ac70,000

\n
\n

Marella Moretti

\n		\n

\u20ac60,000

\n		\n

\u20ac60,000

\n
\n

Herv\u00e9 Philippe(3)

\n		\n

\u20ac15,000

\n		\n

\u20ac60,000

\n
\n

Fran\u00e7ois Laroze(4)

\n		\n

\u20ac27,459

\n		\n

-

\n
\n

Albert Manzone

\n		\n

\u20ac60,000

\n		\n

\u20ac60,000

\n
\n

Isabelle Seillier(5)

\n		\n

\u20ac37,500

\n		\n

-

\n
\n

(1)St\u00e9phane Courbit has waived his right to compensation as Chairman of the Board of Directors and Non-Executive Director.

\n

(2)Member of the Board of Directors until 15 May 2025.

\n

(3)Member of the Board of Directors until 28 March 2025.

\n

(4)Member of the Board of Directors from 28 March 2025 until 12 September 2025.

\n

(5)Member of the Board of Directors since 31 July 2025.

\n
\n

\n
28.4.3Remuneration of the Senior Management Members
\n
Remuneration
\n

For Financial Year 2025, the total aggregate remuneration of the Senior Management Members paid by any entity within the Group was approximately \u20ac3,200,000 (including Banijay Entertainment free shares valued at \u20ac500,000) compared to \u20ac3,200,000 (including Banijay Entertainment free shares valued at \u20ac500,000 for Financial Year 2024) and compared to \u20ac2,900,000 (including Banijay Entertainment free shares valued at \u20ac500,000 for Financial Year 2023). This amount does not take into account the long-term incentive plan provided to the Senior Management Members. Please refer to the section below for more information on the Senior Management Team long-term incentive plan (LTIP).

\n

The Company does not pay the Senior Management Members' compensation for 2025. The remuneration will be paid by other companies within the Group. Since 1 January 2026, Nicolas B\u00e9raud is the Chairman of the Board of Directors of Banijay Gaming and is no longer a member of the Senior Management Team.

\n
Equity holdings of Senior Management Members
\n

As at 31 December 2025, Marco Bassetti indirectly holds 6,916,269 Ordinary Shares through family owned holding vehicle, Prader SRL, which Prader received as a result of an equity fam contribution of 2,690,437\u00a0shares in Banijay as part of the Lov\u00a0Reorganisation.

\n

In the context of the\u00a0All3 Media transaction, Prader has undertaken\u00a0to contribute to Banijay Group N.V. all its remaining shares in Banijay prior to completion of this transaction, on the basis of an exchange ratio of 4,971,984 Banijay Group N.V. shares for 1,799,761 Banijay shares.\u00a0

\n

Other than as set out above and in the following paragraph, as of 31\u00a0December 2025, none of the Senior Management Members directly owns shares or stock options granting access to the share capital of the Company.

\n
Senior Management Team long-term incentive plan (LTIP)
\n

From 2023, Nicolas B\u00e9raud was entitled to a long-term incentive plan subject to performance and presence conditions. In that context, Nicolas B\u00e9raud was entitled to an annual cash bonus.

\n

He was also entitled to Banijay Group N.V. free shares. The annual cash bonus ended on 31 December 2025 with his resignation as CEO of Betclic Everest Group.

\n

The long-term free share incentive plan of Nicolas B\u00e9raud was implemented through the allocation of free shares issued by Betclic Everest Group representing, before completion of the Tipico transaction, 3.3% of the share capital of this company.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_9325560650417641_0_0": { "value": "Financi\u00e8re LOV", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_7504323613033302_0_0": { "value": "8, rue Fran\u00e7ois 1er in Paris (75008)", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10420868240403721_0_0": { "value": "

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

Note 29

\n		\n

Off-Balance Sheet Commitments

\n
\n
Other guarantees given
\n

The Group has pledged shares of its subsidiaries for the benefit of (i) its noteholder under the Senior Secured Notes Indenture dated 19 September 2023, with Banijay Entertainment SAS as Senior Secured Notes Issuer and (ii) its bank pooling under the Senior Facilities Agreement dated 7 February 2020, as amended and restated, latest on 24 October 2025.

\n

The shares of the following companies are pledged as collateral: Banijay Entertainment SAS, Adventure Line Productions SAS, H2O Productions SAS, Banijay France SAS, Banijay Media Ltd (Ex Zodiak Media Ltd), Banijay Rights Ltd, Bwark Productions Ltd, Castaway Television Productions Ltd, RDF Television Ltd, Banijay US Holding Inc. (formerly named Banijay Group US Holding Inc.), Banijay Entertainment Holdings US Inc., Bunim-Murray Productions Inc., Bunim-Murray Productions LLC., M Therory Entertainment, Inc., Mobility Productions, Inc., Endemol US Holding Inc., Trully Original LLC., Screentime Pty Limited ; Endemol Shine Australia Pty Ltd., Banijay Benelux Holding B.V (EX: AP NMT JV NEWCO B.V), Endemol Shine IP B.V; Endemol Shine Nederland Holding B.V (now Banijay Benelux Holding B.V), Endemol Shine Nederland B.V.

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "tag_10491535230421611_0_0": { "value": "
\n\n\n\n\n
\n

Note 31

\n		\n

Fees expensed to Auditors

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

(in \u20ac million)

\n		\n

Statutory audit, certification and\u00a0review of the individual and consolidated financial statements

\n		\n

Non-audit services(1)

\n		\n

Total fees(2)

\n
\n

As of 31 December 2025

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Ernst & Young

\n		\n

7.9

\n		\n

1.6

\n		\n

9.5

\n
\n

Other Auditors

\n		\n

0.8

\n		\n

0.1

\n		\n

0.9

\n
\n

Total

\n		\n

8.7

\n		\n

1.7

\n		\n

10.4

\n
\n

As of 31 December 2024

\n		\n

\u00a0

\n		\n

\u00a0

\n		\n

\u00a0

\n
\n

Ernst & Young

\n		\n

\u00a06.5

\n		\n

0.2

\n		\n

\u00a06.7

\n
\n

Other Auditors

\n		\n

\u00a01.1

\n		\n

0.2

\n		\n

1.3

\n
\n

Total

\n		\n

\u00a07.6

\n		\n

\u00a00.4

\n		\n

8.0

\n
\n

(1)Of which tax services: \u20ac0.1 million in 2025 and \u20ac0.1 million in 2024.

\n

(2)Expenses charged by Dutch organisations of EY amounted to \u20ac1.1 million in 2025 (\u20ac0.8 million in 2024).

\n
\n
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:894500G73K46H93RF180", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "foo_40763633630264630_0": { "value": "

(1)Other adjustments notably include i) unrealised foreign exchange gains; and ii) losses on disposal and liquidation of subsidiaries.

", "dimensions": { "concept": "xbrl:note", "noteId": "foo_40763633630264630_0", "language": "en" } }, "foo_40768515354740332_0": { "value": "

(3)Including the additional investment in The Independent Group in July 2024 as described in Note 17.1.

", "dimensions": { "concept": "xbrl:note", "noteId": "foo_40768515354740332_0", "language": "en" } }, "foo_40763719919538367_0": { "value": "

(2)Including earn out and put payments for \u20ac25.3 million in 2025 and \u20ac13.6 million in 2024.

", "dimensions": { "concept": "xbrl:note", "noteId": "foo_40763719919538367_0", "language": "en" } }, "foo_40769967169142775_0": { "value": "

(1)Reclassification from other finance income and costs to cost of net debt, mainly relating to the revaluation of Gardenia financial assets, generating financial income of \u20ac4.9 million in 2024.

", "dimensions": { "concept": "xbrl:note", "noteId": "foo_40769967169142775_0", "language": "en" } } } }