​

​

Year Ended

in €‘000

  ​ ​ ​

December 31, 2023

Cash consideration paid for acquisition of subsidiary

(4,968)

Cash acquired with the subsidiary

48

Net cash paid for acquisition (included in cash used in investing activities)

(4,920)

​

  ​ ​ ​

Years Ended December 31, 

in €‘000

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Foreign currency gains

184,079

50,707

65,594

Foreign currency losses

(105,265)

(88,930)

(42,389)

Total

78,814

(38,223)

23,205

​

  ​ ​ ​

​

  ​ ​ ​

Other

  ​ ​ ​

​

  ​ ​ ​

​

Cost

​

Office

​

facilities and

​

Work in

​

​

in €‘000

​

buildings

​

equipment

​

progress

​

Total

Balance as of January 1, 2024

84,739

​

47,594

​

432

​

132,765

Additions

3,865

​

5,622

​

—

​

9,487

Transfers in/(out)

​

337

​

68

​

(405)

​

—

Disposals

(6,407)

​

(3,310)

​

—

​

(9,717)

Translation adjustments

676

​

933

​

(12)

​

1,597

Balance as of December 31, 2024

83,210

​

50,907

​

15

​

134,132

Additions

25,742

​

3,802

​

659

​

30,203

Additions through business combinations (Note 3)

11

​

1,895

​

—

​

1,906

Transfers in/(out)

​

—

​

135

​

(135)

​

—

Disposals

(3,091)

​

(1,512)

​

—

​

(4,603)

Translation adjustments

(2,235)

​

(2,211)

​

1

​

(4,445)

Balance as of December 31, 2025

103,637

​

53,016

​

540

​

157,193

​

​

​

​

​

​

​

​

​

Accumulated depreciation

​

​

​

​

​

​

​

​

in €‘000

​

​

​

​

​

​

​

​

Balance as of January 1, 2024

(30,080)

​

(29,923)

​

—

​

(60,003)

Depreciation

(9,615)

​

(6,947)

​

—

​

(16,562)

Disposals

6,407

​

3,310

​

—

​

9,717

Translation adjustments

(453)

​

(591)

​

—

​

(1,044)

Balance as of December 31, 2024

(33,741)

​

(34,151)

​

—

​

(67,892)

Depreciation

(10,246)

​

(6,773)

​

—

​

(17,019)

Disposals

3,091

​

1,068

​

—

​

4,159

Translation adjustments

1,292

​

1,610

​

—

​

2,902

Balance as of December 31, 2025

(39,604)

​

(38,246)

​

—

​

(77,850)

​

​

​

​

​

​

​

​

​

Carrying amount

​

​

​

​

​

​

​

As of January 1, 2024

​

54,659

​

17,671

​

432

​

72,762

As of December 31, 2024

49,469

​

16,756

​

15

​

66,240

As of December 31, 2025

64,033

​

14,770

​

540

​

79,343

​

  ​ ​ ​

Office buildings

in €‘000

2025

  ​ ​ ​

2024

Balance as of January 1,

46,369

​

51,394

Depreciation charge for the year

(9,505)

​

(8,828)

Additions

25,150

​

3,845

Derecognition due to lease termination

(79)

​

(233)

Foreign currency effects

(851)

​

191

Balance as of December 31, 

61,084

​

46,369

​

  ​ ​ ​

Years Ended December 31, 

in €‘000

​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Interest on lease liabilities

3,242

​

2,797

1,149

Depreciation

9,784

​

9,038

7,181

Income from sub-leasing right-of-use assets

(175)

​

(112)

(14)

Expenses relating to short-term or low value leases¹

347

​

844

941

Rent concessions

(195)

​

(53)

(30)

Total amount recognized in profit from continuing operations

13,003

​

12,514

9,227

¹

The Company has elected not to recognize a lease liability for short term leases (leases with an expected term of 12 months or less) or for leases of low value assets. Payments made under such leases are expensed on a straight-line basis.

​

  ​ ​ ​

Years Ended December 31, 

in €‘000

​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Operating activities - cash outflow for leases

  ​

  ​

  ​

-Short-term and low-value lease payments

339

​

831

938

-Interest paid on lease liabilities

3,242

​

2,797

1,149

Financing activities – Principal payment on lease liabilities

7,555

​

7,830

7,983

Total cash outflow for leases

11,136

​

11,458

10,070

​

​

​

​

Unsatisfied

​

​

​

​

performance

in €‘000

  ​ ​ ​

Barter deals

  ​ ​ ​

obligations

2026

9,676

​

1,356,955

2027

8,261

​

410,600

2028

7,799

​

234,443

2029

17,814

​

65,863

2030 and thereafter

​

3,137

​

54,721

Total

46,687

​

2,122,582

​

​

​

​

Unsatisfied

​

​

​

​

performance

in €‘000

  ​ ​ ​

Barter deals

  ​ ​ ​

obligations

2025

7,240

​

1,030,799

2026

5,492

​

547,348

2027

4,931

​

147,783

2028

4,674

​

77,729

2029 and thereafter

​

21,657

​

50,906

Total

43,994

​

1,854,565

​

  ​ ​ ​

Equity

  ​ ​ ​

Contingent

  ​ ​ ​

Loans

in €‘000

investments

consideration

​

receivable

Balance as of January 1, 2024

6,346

​

15,369

​

—

Additions

—

​

2,605

​

—

Payments

—

​

(8,578)

​

—

Net change in fair value – unrealized (included in OCI)

401

—

​

—

Net change in fair value – unrealized (included in Finance cost / income)

​

—

​

(40)

​

—

Balance as of December 31, 2024

6,747

9,356

​

—

Additions

​

—

​

—

​

11,500

Payments

​

—

​

(9,547)

​

—

Net change in fair value – unrealized (included in OCI)

​

(763)

​

—

​

—

Net change in fair value – unrealized (included in Finance cost / income)

​

—

​

191

​

—

Balance as of December 31, 2025

​

5,984

​

—

​

11,500

​

  ​ ​ ​

​

  ​ ​ ​

Weighted

  ​ ​ ​

​

  ​ ​ ​

​

​

Gross carrying

average loss

Impairment

Credit-

in €‘000

​

amount

rate

​

loss allowance

​

impaired

Current (not past due)

41,891

0.8

%

(341)

no

1 to 60 days past due

39,859

3.2

%

(1,263)

no

61 to 90 days past due

7,052

5.8

%

(407)

no

More than 90 days past due

21,945

69.2

%

(15,184)

yes

Total as of December 31, 2025

110,747

​

​

(17,195)

​

​

​

​

​

​

​

​

​

​

​

Current (not past due)

40,596

3.4

%

(1,377)

no

1 to 60 days past due

29,179

2.6

%

(763)

no

61 to 90 days past due

2,640

12.3

%

(324)

no

More than 90 days past due

16,305

56.1

%

(9,150)

yes

Total as of December 31, 2024

88,720

​

​

(11,614)

​

​

​

  ​ ​ ​

Number of

  ​ ​ ​

Weighted average grant

​

​

RSU shares

​

date Fair Value

Unvested restricted shares as of January 1, 2023

3,661,754

​

$

14.69

Granted

​

5,162,678

​

$

11.50

Vested

​

(1,400,697)

​

$

13.51

Forfeited

(866,755)

​

$

13.10

Unvested restricted shares as of December 31, 2023

6,556,980

​

$

12.66

Granted

6,527,305

​

$

11.05

Vested

(2,024,893)

​

$

12.81

Forfeited

(1,227,397)

​

$

12.56

Unvested restricted shares as of December 31, 2024

​

9,831,995

​

$

11.57

Granted

​

2,348,946

​

$

22.28

Vested

​

(3,297,751)

​

$

12.20

Forfeited

​

(263,203)

​

$

13.88

Unvested restricted shares as of December 31, 2025

8,619,987

​

$

14.12

​

  ​ ​ ​

​

  ​ ​ ​

Weighted

​

​

Number of

​

average grant

​

​

PSU shares

​

date Fair Value

Unvested restricted shares as of January 1, 2023

​

—

​

$

—

Granted

​

145,900

​

$

11.40

Unvested restricted shares as of December 31, 2023

145,900

​

$

11.40

Granted

1,283,909

​

$

12.72

Forfeited

(79,795)

​

$

12.41

Unvested restricted shares as of December 31, 2024

1,350,014

​

$

12.59

Granted

​

704,654

​

$

26.35

Vested

(114,205)

​

$

11.61

Unvested restricted shares as of December 31, 2025

1,940,463

​

$

17.14