09-10-2025 - Interim financial statements at 30 June 2025

Interim Financial Statements at 30 June 2025

ISPD NETWORK,S.A.

Interim Balance Sheet as at 30 June 2025 (expressed in euros)

ISPD NETWORK, S.A.

Interim balance sheet at 30 June 2025

(expressed in euros)

ISPD NETWORK, S.A.

Interim profit and loss account for the period ended 30 June 2025

(expressed in euros)

Interim Financial Statements of ISPD Network, S.A. at 30 June 2025

ISPD NETWORK, S.A.

Statement of Changes in Interim Net Equity for the period ended 30 June 2025

1. STATEMENT OF RECOGNISED INCOME AND EXPENSES

   	30 June 2025	31 December 2024	30 June 2024
   PROFIT AND LOSS ACCOUNT RESULT Income and expenses allocated directly to equity Transfers to the profit and loss account	(583,614)	(2,152,655)	(995,242)
   TOTAL RECOGNISED INCOME AND EXPENSES	(583,614)	(398,044)	(995,242)

   1. TOTAL INCOME AND EXPENSES RECOGNISED DIRECTLY IN EQUITY

   2. TOTAL TRANSFERS TO THE PROFIT AND LOSS ACCOUNT

2. TOTAL STATEMENT OF CHANGES IN NET EQUITY

   	Registered capital	Share premium			Reserves	(Own shares and equity interests)	Other equity instruments		Profit for the year	Negative results from previous years	Total
   BALANCE AS OF 30 JUNE 2024	819,099	-			6,457,611	(665,000)	-		(995,245)	-		5,616,465
   Other changes in net equity	(80)				80							-
   Result for the financial year									(1,157,410)			(1,157,410)
   BALANCE, 31 DECEMBER 2024	819,019			-	6,457,691	(665,000)	-		(2,152,655)		-	4,459,055
   Profit for the year									(583,614)			(583,614)
   Distribution of previous year's results.									2,152,655		(2,152,655)	-
   BALANCE 30 JUNE 2025	819,019			-	6,457,691	(665,000)	-		(583,614)		(2,152,655)	3,875,441

   
   
   

   Interim Financial Statements of ISPD Network, S.A. at 30 June 2025

   ISPD NETWORK, S.A.

   INTERIM STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 30 JUNE 2025 (expressed in euros)

   CASH FLOWS	Note	30/06/2025	31/12/2024	30/06/2024
   A) CASH FLOWS FROM OPERATING ACTIVITIES		127,220	(1,698,289)	(2,544,445)
   Profit for the year before tax		(583,614)	(2,107,825)	(995,245)
   Adjustments to profit		(89,602)	2,381,919	979,552
   a) Depreciation of fixed assets	5 and 6	331,019	467,070	206,341
   b) Impairment adjustments		269,467	897,989	-
   c) Change in provisions		-	-	195,339
   d) Financial income	14.b	(132,172)	(107,001)	(51,279)
   e) Financial expenses	14.b	282,922	953,192	470,294
   f) Exchange rate differences	12	(566,675)	250,763	145,343
   g) Gains/losses on disposals and write-offs of fixed assets (+/-)		-	1,220	-
   h) Other results		(274,163)	(81,314)	13,514
   Changes in current capital		888,733	(1,242,940)	(2,109,737)
   a) Debtors and other accounts receivable		1,150,993	2,480	(882,293)
   b) Other current assets		124,386	(81,075)	(111,321)
   c) Creditors and other accounts payable		(386,646)	(1,164,345)	(1,111,466)
   d) Other non-current assets and liabilities		-	-	(4,657)
   Other cash flows from operating activities		(88,297)	(729,443)	(419,015)
   a) Interest payments		(88,297)	(727,950)	51,279
   b) Interest income		-	2,539	(470,294)
   c) Income tax receipts (payments) (-/+)		-	(4,032)	-
   B) CASH FLOWS FROM INVESTING ACTIVITIES		(97,927)	(489,731)	(565,361)
   Payments for investments		(97,927)	(489,731)	(565,361)
   a) Group companies and associates
   b) Intangible fixed assets	6	(500,000)	(461,000)	(478,488)
   c) Tangible fixed assets	5	-	(25,731)	(6,299)
   e) Group companies and associates		402,073	(3,000)	(80,574)
   C) CASH FLOWS FROM FINANCING ACTIVITIES		(241,735)	2,133,722	4,495,526
   Receipts and payments for financial liability instruments		(241,735)	2,384,485	4,495,526
   a) Issuance		(346,060)	3,719,693	4,495,526
   1. Debts with credit institutions		147,118	3,465,693	3,495,788
   2. Debts with group companies and associates (+)		(493,178)	254,000	999,738
   3. Other
   b) Repayment and amortisation		104,325	(1,335,208)	-
   1. Debts with credit institutions		-	-	-
   2. Debts with group companies and associates (+)		-	(1,286,600)	-
   3. Other		3,458	(48,608)	-
   4. For dividends and remuneration from other equity instruments		100,867	-	-
   D) EFFECT OF EXCHANGE RATE FLUCTUATIONS		566,675	(250,763)	(145,343)
   E) NET INCREASE/DECREASE IN CASH OR CASH EQUIVALENTS		354,234	(54,298)	1,240,378
   Cash or cash equivalents at the beginning of the financial year		105,272	159,570	159,570
   Cash or cash equivalents at the end of the financial year		459,506	105,272	1,399,946

   ISPD NETWORK, S.A.

   INTERIM FINANCIAL STATEMENTS AT 30 JUNE 2025

   ISPD Network, S.A. REPORT FOR THE PERIOD ENDED 30 JUNE 2025 NOTE 1. INCORPORATION, ACTIVITY AND LEGAL STATUS OF THE COMPANY
   1. Incorporation and Legal Framework

      ISPD Network, S.A. (hereinafter, the Company) was incorporated on 20 November 1997 under the name "Interactive Network, S.L.", becoming a public limited company and changing its name to I-Network Publicidad, S.A. on 22 January 2001. On 7 April 2005, the General Shareholders' Meeting agreed to change the company name to Antevenio, S.A. On 25 November 2021, the General Shareholders' Meeting agreed to change the name to ISPD Network, S.A.

   2. Activity and Registered Office

      Its corporate purpose is to carry out those activities which, according to current advertising regulations, are typical of general advertising agencies, and it may perform all kinds of acts, contracts and operations and, in general, take all measures that directly or indirectly lead to or are deemed necessary or convenient for the fulfilment of the aforementioned corporate purpose. The activities of its corporate purpose may be carried out in whole or in part by the Company, either directly or indirectly through its participation in other companies with an identical or similar purpose.

      Its registered office is located at C/Apolonio Morales 13C, Madrid.

      The Company is the parent company of a group of companies whose activity consists of carrying out activities related to advertising via the internet. The annual accounts of ISPD Network, S.A. and its subsidiaries for the 2024 financial year were approved by the General Shareholders' Meeting of the Parent Company on 26 June 2025 and filed with the Madrid Mercantile Registry.

      The Company has been listed on the French alternative market Euronext Growth since the 2007 financial year.

      The Company maintains a significant volume of balances and transactions with the companies in the Group to which it belongs.

      The Company's financial year begins on 1 January and ends on 31 December of each year.

   3. Legal regime

The Company is governed by its articles of association and by the current Capital Companies Act.

1. True and Fair View

   The Interim Financial Statements for the period ended 30 June 2025 have been obtained from the Company's accounting records and have been prepared in accordance with current commercial legislation and the rules established in the General Accounting Plan approved by Royal Decree 1514/2007, of 16 November, applying the amendments introduced by Royal Decree 1159/2010, of 17 September, and Royal Decree 602/2016, of 2 December, and Royal Decree 1/2021 of 12 January, in order to give a true and fair view of the company's net assets, financial position, results, changes in net assets and cash flows for the financial year.

2. Accounting principles applied

   The accompanying Interim Financial Statements have been prepared in accordance with the accounting principles established in the Commercial Code and the General Accounting Plan.

   There are no accounting principles or mandatory valuation criteria with a significant effect that have not been applied in their preparation.

3. Presentation currency and functional currency

   In accordance with current accounting regulations, the Interim Financial Statements are presented in euros, which is the Company's functional currency.

4. Comparison of information

   These Interim Financial Statements for the period ended 30 June 2025 show a comparative presentation of the figures for the 2024 financial year, which were included in the 2024 annual accounts approved by the General Shareholders' Meeting on 26 June 2025. Therefore, the items for the different periods are comparable and consistent, except for the figures for the year ended 31 December 2024, which are not comparable as they cover a 12-month period.

5. Grouping of items

   In order to facilitate understanding of the balance sheet, income statement, statement of changes in equity and cash flow statement, these statements are presented in a grouped format, with the required analyses presented in the corresponding notes to the financial statements.

6. Responsibility for the information and estimates made

   The preparation of the accompanying Interim Financial Statements requires judgements, estimates and assumptions to be made that affect the application of accounting policies and the balances of assets, liabilities, income and expenses. The estimates and related assumptions are based on historical experience and other factors that are considered reasonable under the circumstances. The respective estimates and assumptions are reviewed on an ongoing basis; the effects of revisions to accounting estimates are recognised in the period in which they are made, if they affect only that period, or in the period of the revision and future periods, if the revision affects them.

   In preparing the Interim Financial Statements for 30 June 2025, estimates have been made to value

   certain assets, liabilities, income, expenses and commitments recorded therein. These estimates mainly relate to:

   • Assessment of possible impairment losses on certain assets (note 4c)

   • Assessment of possible losses in determining the recoverable value of investments

     in equity in group, joint venture and associate companies, for which future cash flow projections have been used, with returns, discount rates and other variables and assumptions established by the Company's management that justify the valuation of such investments (note 4e)

   • Useful life of intangible and tangible assets (notes 4a and 4b)

   • The amount of certain provisions (note 4i)

   Although these estimates have been made on the basis of the best estimate available at 30 June 2025, it is possible that the availability of additional information or external events and circumstances may require the assumptions used to make these accounting estimates to be modified in future years, which would be done prospectively, recognising the effects of the change in estimate in the corresponding future income statement.

   Apart from the process of systematic estimates and their periodic review, certain value judgements are made, notably those relating to the assessment of possible impairment of assets, provisions and contingent liabilities.

7. Going concern

   As shown in the accompanying balance sheet at 30 June 2025, the Company has negative working capital of €12.6 million, compared to negative working capital of €12.8 million at 31 December 2024.

   Although working capital is negative, the Company has sufficient financial mechanisms in place to meet its obligations on time and cover any liquidity needs that may arise. The availability of sources of financing and the soundness of the financial structure ensure the normal continuity of operations without affecting the stability of the company.

   Consequently, the Company's Directors have prepared these Interim Financial Statements under the going concern principle.

   NOTE 3. DISTRIBUTION OF PROFIT OR LOSS

   The proposed distribution of the Company's profit for the 2024 financial year, prepared by the Company's Board of Directors and approved at the General Shareholders' Meeting on 26 June 2025, is as follows:

   Distribution	2024
   Profit and loss (loss)	(2,152,655)
   Total	(2,152,655)
   Application
   To negative results from previous years	(2,152,655)
   Total	(2,152,655)

   NOTE 4. RECORDING AND VALUATION RULES

   The main valuation standards used by the Company in preparing its interim financial statements at 30 June 2025, in accordance with those established by the General Accounting Plan, were as follows:

   1. Intangible fixed assets

      Intangible assets are valued at cost, whether this is the acquisition price or the production cost, less the corresponding accumulated amortisation (calculated on the basis of their useful life) and any impairment losses they may have suffered.

      They are valued at their production cost or acquisition price, less accumulated amortisation and less the accumulated amount of impairment losses.

      Computer software

      Licences for computer software acquired from third parties or computer programs developed internally are capitalised on the basis of the costs incurred to acquire or develop them and prepare them for use.

      Computer software is amortised on a straight-line basis over its useful life at a rate of 25% per annum.

      Maintenance costs for computer applications incurred during the period are recorded in the Profit and Loss Account.

   2. Tangible fixed assets

      Tangible fixed assets are valued at their acquisition price or production cost, net of the corresponding accumulated depreciation and, where applicable, the accumulated amount of recognised impairment losses.

      Conservation and maintenance expenses incurred during the period are charged to the Profit and Loss Account. The costs of renovating, expanding or improving tangible fixed assets, which represent an increase in capacity, productivity or an extension of useful life, are capitalised as an increase in the value of the corresponding assets, once the carrying amounts of the items that have been replaced have been derecognised.

      Indirect taxes levied on tangible fixed assets are only included in the acquisition price or production cost when they are not directly recoverable from the tax authorities.

      Tangible fixed assets, net of their residual value, if any, are depreciated by distributing the cost of the different items comprising said fixed assets on a straight-line basis over the estimated useful life that constitutes the period in which the Company expects to use them, according to the following table:

      	30/06/2025 Annual Estimated Percentage Years of Useful Life		31/12/2024 Annual Estimated Percentage Years of Useful Life		30/06/2024 Annual Estimated Percentage Years of Useful Life
      Other facilities	20	5	20	5	20	5
      Furniture	10	10	10	10	10	10
      Computer equipment	25	4	25	4	25	4
      Other tangible fixed assets	20-10	5-10	20-10	5-10	20-10	5-10

      The carrying amount of an item of property, plant and equipment is derecognised when it is disposed of or otherwise transferred, or when no future economic benefits or returns are expected from its use, disposal or other transfer.

      The gain or loss arising from the derecognition of an item of property, plant and equipment is determined as the difference between the net amount, if any, of the amount obtained from its disposal or other means, if any, and the carrying amount of the item, and is recognised in the income statement for the period in which it arises.

      Investments made by the Company in leased premises that are not separable from the leased asset are depreciated over their useful life, which is the shorter of the term of the lease, including the renewal period when there is evidence to support that it will occur, and the economic life of the asset.

   3. Impairment of intangible and tangible fixed assets

   An impairment loss on an item of property, plant and equipment or intangible assets occurs when its carrying amount exceeds its recoverable amount, understood as the higher of its fair value less

   costs to sell and its value in use.

   For these purposes, at least at the end of the financial year, the Company assesses, by means of the so-called "impairment test", whether there are any indications that any tangible or intangible fixed assets with an indefinite useful life, or, where applicable, any cash-generating unit, may be impaired, in which case their recoverable amount is estimated and the corresponding valuation adjustments are made.

   Impairment calculations for property, plant and equipment items are made on an individual basis. However, when it is not possible to determine the recoverable amount of each individual asset, the recoverable amount of the cash-generating unit to which each fixed asset item belongs is determined.

   When an impairment loss is subsequently reversed (a circumstance not permitted in the specific case of goodwill), the carrying amount of the asset or cash-generating unit is increased by the revised estimate of its recoverable amount, but in such a way that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised in previous years. Such a reversal of an impairment loss is recognised as income in the Profit and Loss Account.

   e) Leases and other similar transactions

   The Company classifies a lease as a finance lease when the economic terms of the lease agreement indicate that substantially all the risks and rewards incidental to ownership of the leased asset have been transferred to it. If the terms of the lease agreement do not meet the criteria for a finance lease, it is classified as an operating lease.

   1. Finance leases

      In finance lease transactions in which the Company acts as lessee, the Company records an asset in the balance sheet according to the nature of the asset covered by the contract and a liability for the same amount, which is the lower of the fair value of the leased asset and the present value at the inception of the lease of the minimum agreed payments, including the purchase option. Contingent payments, the cost of services and taxes charged by the lessor are not included. The financial expense is recognised in the income statement for the period in which it accrues, using the effective interest method. Contingent payments are recognised as an expense in the period in which they are incurred.

      Assets recorded for this type of transaction are depreciated using the same criteria as those applied to tangible (or intangible) assets as a whole, depending on their nature.

   2. Operating leases

Expenses arising from operating lease agreements are recognised in the profit and loss account in the financial year in which they are incurred.

1. Financial instruments

   At the time of initial recognition, the Company classifies financial instruments as a financial asset, a financial liability or an equity instrument, depending on the economic substance of the transaction and taking into account the definitions of financial asset, financial liability and equity instrument in the applicable financial reporting framework, which is described in note 2.

   A financial instrument is recognised when the Company becomes a party to it, either as the acquirer, holder or issuer.

   1. Financial assets

      The Company classifies its financial assets based on the business model it applies to them and the characteristics of the instrument's cash flows.

      The business model is determined by the Company's management and reflects the way in which each group of financial assets is managed together to achieve a specific business objective. The business model that the Company applies to each group of financial assets is the way in which it manages them with the aim of obtaining cash flows.

      When categorising assets, the Company also takes into account the characteristics of the cash flows they generate. Specifically, it distinguishes between financial assets whose contractual terms give rise, on specified dates, to cash flows that are payments of principal and interest on the outstanding principal amount (hereinafter, assets that meet the UPPI criterion) and other financial assets (hereinafter, assets that do not meet the UPPI criterion).

      Specifically, the Company's financial assets are classified into the following categories:

      1. Financial assets at amortised cost

         These correspond to financial assets to which the Company applies a business model that aims to collect the cash flows derived from the execution of the contract, and the contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the outstanding principal amount, even when the asset is admitted to trading on an organised market, and are therefore assets that meet the UPPI criterion (financial assets whose contractual terms give rise, on specified dates, to cash flows that are payments of principal and interest on the outstanding principal amount).

         The Company considers that the contractual cash flows of a financial asset are solely payments of principal and interest on the outstanding principal amount,

         when these are typical of an ordinary or common loan, regardless of whether the transaction is agreed at a zero interest rate or below market rate. The Company considers that financial assets convertible into the issuer's equity instruments, loans with inverse variable interest rates (i.e., a rate that is inversely related to market interest rates); or those in which the issuer may defer interest payments if such payments would affect its solvency, without the deferred interest accruing additional interest.

         When assessing whether it is applying the contractual cash flow collection business model to a group of financial assets, or whether it is applying another business model, the Company takes into consideration the timing, frequency and value of sales that are occurring and have occurred in the past within this group of financial assets. Sales alone do not determine the business model and therefore cannot be considered in isolation. Therefore, the existence of one-off sales within a group of financial assets does not determine a change in the business model for the other financial assets included in that group. In order to assess whether such sales determine a change in the business model, the Company takes into account existing information on past sales and expected future sales for the same group of financial assets. The Company also takes into account the conditions that existed at the time the past sales took place and the current conditions when assessing the business model it is applying to a group of financial assets.

         In general, this category includes loans for commercial transactions and loans for non-commercial transactions:

         • Loans for commercial transactions: Financial assets arising from the sale of goods and the provision of services for the company's trading operations for deferred collection.

         • Loans for non-commercial transactions: Financial assets that are not equity instruments or derivatives, do not originate from commercial transactions and whose payments are of a fixed or determinable amount, arising from loan or credit transactions granted by the Company.

         They are initially recorded at the fair value of the consideration given plus any directly attributable transaction costs.

         Notwithstanding the above, loans for commercial transactions with a maturity of no more than one year and which do not have a contractual interest rate are initially measured at their nominal value, provided that the effect of not discounting cash flows is not significant, in which case they will continue to be measured at that amount, unless they have been impaired.

         After initial recognition, they are measured at amortised cost. Accrued interest is recognised in the income statement.

         At the end of the financial year, the Company makes impairment adjustments

         whenever there is objective evidence that the value of a financial asset, or a group of financial assets with similar risk characteristics measured collectively, has been impaired as a result of one or more events occurring after initial recognition that cause a reduction or delay in the collection of estimated future cash flows, which may be due to the insolvency of the debtor.

         Impairment adjustments are recorded based on the difference between their carrying amount and the present value at year-end of the future cash flows they are expected to generate (including those from the enforcement of collateral and/or personal guarantees), discounted at the effective interest rate calculated at the time of their initial recognition. For financial assets at variable interest rates, the Company uses the effective interest rate that, in accordance with the contractual terms of the instrument, is applicable at the end of the financial year. These adjustments are recognised in the profit and loss account.

      2. Financial assets at cost

         This category includes the following financial assets:

         • Investments in the equity of group, joint venture and associate companies.

         • Other investments in equity instruments whose fair value cannot be determined by reference to an active market or cannot be reliably estimated, and derivatives with these types of investments as their underlying assets.

         • Hybrid financial assets whose fair value cannot be reliably estimated, unless they meet the criteria for classification as a financial asset at amortised cost.

         • Contributions made to joint accounts and similar accounts.

         • Participating loans whose interest is contingent, either because a fixed or variable interest rate is agreed upon conditional upon the borrower's achievement of a milestone (e.g. obtaining profits), or because it is calculated with reference to the performance of the borrower's activity.

         • Any financial asset that could initially be classified as a financial asset at fair value through profit or loss, when it is not possible to obtain a reliable estimate of fair value.

           They are initially recorded at the fair value of the consideration given plus any directly attributable transaction costs. Fees paid to legal advisers or other professionals involved in the acquisition of the asset are recorded as an expense in the profit and loss account. Internally generated expenses incurred in the acquisition of the asset are also not recognised as an increase in the value of the asset, but are recognised in the profit and loss account. In the case of investments made prior to being considered investments in the equity of a group, multi-group or associate company, the carrying amount

           immediately before the asset can be classified as such is considered to be the cost of that investment.

           Equity instruments classified in this category are measured at cost, less, where applicable, the cumulative amount of impairment losses.

           Contributions made as a result of a joint venture agreement and similar arrangements are measured at cost, increased or decreased by the profit or loss, respectively, attributable to the company as a non-managing venturer, less, where applicable, the cumulative amount of impairment losses.

           The same criterion applies to participatory loans whose interest is contingent, either because a fixed or variable interest rate is agreed upon conditional upon the achievement of a milestone by the borrowing company, or because it is calculated exclusively by reference to the performance of the aforementioned company. If, in addition to contingent interest, it includes irrevocable fixed interest, the latter is recognised as financial income on an accrual basis. Transaction costs are charged to the profit and loss account on a straight-line basis over the life of the participating loan.

           At least at the end of the financial year, the Company makes the necessary valuation adjustments whenever there is objective evidence that the carrying amount of an investment is not recoverable.

           The amount of the valuation adjustment is calculated as the difference between its carrying amount and the recoverable amount, understood as the higher of its fair value less costs to sell and the present value of future cash flows derived from the investment, which in the case of equity instruments is calculated either by estimating those expected to be received as a result of the distribution of dividends by the investee and the disposal or derecognition of the investment in it, or by estimating its share in the cash flows expected to be generated by the investee, arising from both its ordinary activities and its disposal or derecognition.

           The recognition of impairment losses and, where applicable, their reversal, shall be recorded as an expense or income, respectively, in the profit and loss account. The reversal of the impairment shall be limited to the carrying amount of the investment that would have been recognised on the date of reversal if the impairment had not been recorded.

           However, in cases where an investment has been made in the company prior to its classification as a group, multi-group or associated company, and prior to that classification, and valuation adjustments have been made directly to equity as a result of such investment, such adjustments shall be maintained after the classification until the disposal or derecognition of the investment, at which time they shall be recognised in the profit and loss account, or until the following circumstances occur:

         • In the case of previous valuation adjustments due to asset revaluations, impairment valuation adjustments are recorded against the net equity item until the amount of the previously recognised revaluations is reached, and any excess is recorded in the profit and loss account. The impairment valuation adjustment charged directly to net equity is not subject to reversal.

         • In the case of previous valuation adjustments due to reductions in value, when the recoverable amount subsequently exceeds the carrying amount of the investments, the latter is increased, up to the limit of the indicated reduction in value, against the net equity item that has recorded the previous valuation adjustments, and from that moment on, the new amount arising is considered the cost of the investment. However, when there is objective evidence of impairment in the value of the investment, the accumulated losses directly in equity are recognised in the profit and loss account.

           The valuation criteria for investments in the equity of group companies, associates and multigroup entities are detailed in the following section.

           (a) Investments in the equity of group companies, associates and joint ventures

           Group companies are those linked to the Company by a controlling relationship, and associates are those over which the Company exercises significant influence. In addition, the category of joint ventures includes companies over which, by virtue of an agreement, joint control is exercised with one or more partners. These investments are initially measured at cost, which is equivalent to the fair value of the consideration given plus any directly attributable transaction costs. In cases where the Company has acquired interests in group companies through a merger, demerger or non-monetary contribution, if these give it control of a business, it values the interest in accordance with the criteria established by the specific rules for related party transactions, set out in section 2 of NRV 21 "Transactions between group companies", pursuant to which they must be valued at the values they contributed to the consolidated annual accounts, prepared in accordance with the criteria established by the Commercial Code, of the larger group or subgroup to which the acquired company belongs, whose parent company is Spanish. In the event that consolidated annual accounts, prepared in accordance with the principles established by the Commercial Code, in which the parent company is Spanish, are not available, they shall be included at the value that these holdings contributed to the individual annual accounts of the contributing company.

           Their subsequent valuation is carried out at cost, reduced, where applicable, by the accumulated amount of impairment adjustments. These adjustments are calculated as the difference between their book value and the recoverable amount, understood as the higher of their fair value less costs to sell and the present value of the expected future cash flows from the investment. Unless there is better evidence of the recoverable amount, the net equity of the investee is taken into consideration, adjusted for the unrealised gains

           existing at the date of valuation.

           In the event that the investee company in turn participates in another company, the net equity shown in the consolidated annual accounts is taken into account.

           Changes in value due to impairment adjustments and, where applicable, their reversal, are recognised as an expense or income, respectively, in the profit and loss account.

      3. Disposal of financial assets

         Financial assets are derecognised from the balance sheet, as established in the Conceptual Framework for Accounting, of the General Accounting Plan, approved by Royal Decree 1514/2007, of 16 November, taking into account the economic reality of the transactions and not only the legal form of the contracts that regulate them. Specifically, the derecognition of a financial asset is recorded, in whole or in part, when the contractual rights to the cash flows of the financial asset have expired or when they are transferred, provided that the risks and rewards inherent in ownership are substantially transferred in that transfer. The Company understands that the risks and rewards incidental to ownership of the financial asset have been substantially transferred when its exposure to changes in cash flows is no longer significant in relation to the total change in the present value of the net future cash flows associated with the financial asset.

         If the Company has neither transferred nor substantially retained the risks and rewards of the financial asset, it is derecognised when control is not retained. If the Company retains control of the asset, it continues to recognise it at the amount to which it is exposed to changes in the value of the transferred asset, i.e. due to its continued involvement, recognising the associated liability.

         The difference between the consideration received net of attributable transaction costs, considering any new assets obtained less any liabilities assumed, and the carrying amount of the transferred financial asset, plus any accumulated amount recognised directly in equity, determines the gain or loss arising on derecognition of the financial asset and forms part of the result for the period in which it occurs.

         The Company does not derecognise financial assets in transfers in which it substantially retains the risks and rewards inherent in ownership, such as discounting of bills, factoring with recourse, sales of financial assets with a repurchase agreement at a fixed price or at the sale price plus interest, and securitisations of financial assets in which the Companies retain subordinated financing or other types of guarantees that substantially absorb all expected losses. In these cases, the Companies recognise a financial liability for an amount equal to the consideration received.

   2. Financial liabilities

   The company's financial liabilities include financial debt, trade creditors and other accounts payable.

   Financial liabilities are initially measured at fair value and, where applicable, adjusted for transaction costs, unless the company has designated a financial liability at fair value through profit or loss.

   Subsequently, financial liabilities are measured at amortised cost using the effective interest method, except for derivatives and financial liabilities designated at FVTPL, which are subsequently measured at fair value with gains or losses recognised in profit or loss for the period.

   All interest charges and, where applicable, changes in the fair value of an instrument that are reported in profit or loss are included in finance costs or income.

   There are no liabilities that are subsequently measured at fair value with changes in profit or loss.

2. Foreign currency transactions, balances and flows

   Foreign currency transactions are recorded at their equivalent value in euros, using the spot exchange rates prevailing on the dates on which they are carried out.

   At the end of each period, non-monetary assets and liabilities measured at fair value are measured using the exchange rate on the date the fair value is determined, i.e. at the end of the financial year. When gains or losses arising from changes in the measurement of a non-monetary item are recognised directly in equity, any exchange difference is also recognised directly in equity. Conversely, when gains or losses arising from changes in the measurement of a non-monetary item are recognised in the income statement for the year, any exchange difference is recognised in profit or loss for the year.

   Monetary assets and liabilities denominated in foreign currency have been converted to euros using the exchange rate at the end of the financial year, while non-monetary assets and liabilities measured at historical cost have been converted using the exchange rate on the date of the transaction.

   Positive and negative differences arising from the settlement of foreign currency transactions and the conversion to euros of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

3. Income tax

   From 2013 to 2016, the Group companies domiciled in Spain were taxed under the Special Tax Consolidation Regime, in the group headed by the Company.

   On 30 December 2016, a meeting of the Board of Directors was held at which it was reported that Inversiones y Servicios Publicitarios, S.L. ( "ISP") holds 83.09% of the share capital of ISPD Network (see note 11), and that under the provisions of Article 61.3 of Law 27/2014 of 27 November on Corporation Tax, and due to the fact that ISPD Network S.A. has lost its status as a member of tax group number 0212/2013 as a result of

   ISP having acquired a stake in it exceeding 75% of its share capital and voting rights, it is agreed to incorporate the Company with effect from the tax period beginning on 1 January 2017 as a subsidiary of tax group number 265/10, whose entity is ISP.

   The income tax expense or income is calculated by adding the current tax expense or income to the portion corresponding to the deferred tax expense or income.

   Current tax is the amount resulting from applying the tax rate to the tax base for the financial year. Deductions and other tax advantages in the tax liability, excluding withholdings and payments on account, as well as tax losses from previous years that can be offset and are effectively applied in the financial year, will result in a lower amount of current tax.

   Deferred tax expense or income corresponds to the recognition and cancellation of deferred tax assets for deductible temporary differences, for the right to offset tax losses in subsequent years and for unused tax deductions and other tax benefits pending application, and deferred tax liabilities for taxable temporary differences.

   Deferred tax assets and liabilities are measured at the tax rates expected to apply when they are reversed.

   Deferred tax liabilities are recognised for all taxable temporary differences, except those arising from the initial recognition of goodwill or other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit and is not a business combination.

   In accordance with the principle of prudence, deferred tax assets are only recognised to the extent that it is probable that future profits will be available against which they can be utilised. Notwithstanding the foregoing, deferred tax assets corresponding to deductible temporary differences arising from the initial recognition of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit and is not a business combination are not recognised.

   Both current and deferred tax expense or income are recorded in the profit and loss account. However, current and deferred tax assets and liabilities related to a transaction or event recognised directly in an equity item are recognised as a debit or credit to that item.

   At each accounting close, deferred taxes recorded are reviewed to verify that they remain valid, and the appropriate corrections are made. Likewise, recognised deferred tax assets and those not previously recorded are evaluated, with recognised assets being derecognised if their recovery is no longer probable, or any asset of this nature not previously recognised being recorded, to the extent that its recovery with future tax benefits becomes probable.

4. Income and expenses

   In accordance with Royal Decree 1/2021 of 12 January, amending the General Accounting Plan, the Company recognises income from the ordinary course of its business when control of the goods or services committed to customers is transferred. At that time, the company measures the revenue at the amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. Revenue is recognised when the customer obtains control of the goods or services.

   In accordance with the new criteria, a five-step model must be applied to determine when revenue should be recognised and its amount:

   • Step 1: Identify the contract

   • Step 2: Identify the performance obligations in the contract

   • Step 3: Determine the transaction price

   • Step 4: Allocate the transaction price among the contract obligations

   • Step 5: Recognise revenue as the contract obligations are fulfilled

   This model specifies that revenue should be recognised when (or as) an entity transfers control of goods or services to a customer, and for the amount that the entity expects to be entitled to receive. Depending on whether certain criteria are met, revenue is recognised either over a period of time, reflecting the entity's fulfilment of the contractual obligation, or at a point in time, when the customer obtains control of the goods or services.

   The total transaction price of a contract is allocated to the various performance obligations on the basis of their relative stand-alone selling prices. The transaction price of a contract excludes any amounts collected on behalf of third parties.

   Ordinary income is recognised at a point in time or over time when (or as) the Company satisfies its performance obligations by transferring the promised goods or services to its customers.

   The Company recognises liabilities for contracts received in relation to unfulfilled performance obligations and presents these amounts as other liabilities in the statement of financial position. Similarly, if the Company satisfies a performance obligation before receiving consideration, it recognises a contractual asset or receivable in its statement of financial position, depending on whether more than the passage of time is required before the consideration is due.

   An asset is recognised for those incremental costs incurred to obtain contracts with customers, which are expected to be recovered, and is systematically amortised in the Consolidated Income Statement to the same extent as the revenue related to that asset is recognised. There are no significant impacts arising from the application of the new standard.

   Operating expenses are recognised in the income statement for the period when the service is used or when they are incurred.

5. Provisions and contingencies

   Obligations existing at the end of the period, arising as a result of past events that may result in financial losses for the Company, and whose amount or timing of settlement is uncertain, are recorded in the balance sheet as provisions and are measured at the present value of the best possible estimate of the amount necessary to settle or transfer the obligation to a third party.

   The Company's practice with regard to provisions and contingencies is as follows:

   1. Provisions

      Credit balances covering current obligations arising from past events, the settlement of which is likely to result in an outflow of resources, but which are uncertain in terms of their amount and/or timing.

   2. Contingent liabilities

      Possible obligations arising as a result of past events, the future materialisation of which is conditional upon the occurrence or non-occurrence of one or more future events beyond the Company's control.

      Adjustments arising from the revaluation of provisions are recorded as a financial expense as they accrue. In the case of provisions with a maturity of less than or equal to one year, and provided that the financial effect is not significant, no discount is applied.

      The compensation to be received from a third party at the time of settling the obligation is not deducted from the amount of the debt, but is recognised as an asset if there is no doubt that such reimbursement will be received.

6. Environmental assets

   Due to the nature of its business, the Company does not have any assets nor has it incurred any expenses aimed at minimising environmental impact and protecting and improving the environment. Likewise, there are no provisions for risks and expenses or contingencies related to the protection and improvement of the environment.

7. Business combinations

   On the acquisition date, the identifiable assets acquired and liabilities assumed are recorded at their fair value, provided that such fair value can be measured with sufficient reliability, with the following exceptions:

   • Non-current assets classified as held for sale: these are recognised at fair value less costs to sell.

   • Deferred tax assets and liabilities: these are measured at the amount expected to be recovered or pay, according to the tax rates that will be applicable in the financial years in which the assets are expected to be realised or the liabilities paid, based on the regulations in force or those approved but pending publication on the acquisition date. Deferred tax assets and

     liabilities are not discounted. 23

   • Assets and liabilities associated with defined benefit pension plans: these are recognised,

     on the acquisition date, at the present value of the committed benefits less the fair value of the assets allocated to the commitments with which the obligations will be settled.

   • Intangible assets whose valuation cannot be made by reference to an active market and which would involve the recognition of income in the profit and loss account: these have been deducted from the negative difference calculated.

   • Assets received as compensation for contingencies and uncertainties: these are recorded and valued consistently with the item that gives rise to the contingency or uncertainty.

   • Reacquired rights recognised as intangible assets: these are valued and amortised on the basis of the remaining contractual period until their expiry.

   • Obligations classified as contingencies: these are recognised as a liability at the fair value of assuming such obligations, provided that the liability is a present obligation arising from past events and its fair value can be measured with sufficient reliability, even if it is not probable that an outflow of economic resources will be required to settle the obligation.

   The excess, at the acquisition date, of the cost of the business combination over the corresponding value of the identifiable assets acquired less the liabilities assumed is recognised as goodwill.

   If the amount of the identifiable assets acquired less the liabilities assumed has been greater than the cost of the business combination, this excess has been recognised in the profit and loss account as income. Before recognising this income, a reassessment has been made to determine whether the identifiable assets acquired and liabilities assumed, as well as the cost of the business combination, have been identified and measured.

   Subsequently, the liabilities and equity instruments issued as the cost of the combination and the identifiable assets acquired and liabilities assumed are accounted for in accordance with the relevant recognition and measurement rules depending on the nature of the transaction or asset.

8. Related party transactions

   In general, items involved in a transaction with related parties are initially recognised at fair value. Where applicable, if the price agreed in a transaction differs from its fair value, the difference is recognised in accordance with the economic reality of the transaction. Subsequent measurement is carried out in accordance with the relevant standards.

9. Equity-settled payments

   The goods or services received in these transactions are recognised as assets or expenses according to their nature at the time of acquisition, and the corresponding increase in equity, if the transaction is settled with equity instruments, or the corresponding li , if the transaction is settled with an amount based on their value.

   Transactions with employees settled with equity instruments, both the services rendered and the increase in equity to be recognised, are measured at the fair value of the equity instruments transferred, referred to the date of the grant agreement.

10. Cash flow statements

The following terms are used in the cash flow statements in the sense indicated below:

Cash or cash equivalents: Cash comprises both cash on hand and demand deposits. Cash equivalents are financial instruments that form part of the Company's normal cash management, are convertible into cash, have initial maturities of no more than three months and are subject to an insignificant risk of changes in value.

Cash flows: inflows and outflows of cash or other cash equivalents, understood as investments with a maturity of less than three months that are highly liquid and have a low risk of changes in value.

Operating activities: activities that constitute the Company's main source of ordinary income, as well as other activities that cannot be classified as investing or financing activities.

Investing activities: the acquisition, disposal or other means of disposing of long-term assets and other investments not included in cash and cash equivalents.

Financing activities: activities that result in changes in the size and composition of net equity and financial liabilities.

The breakdown and movement of tangible fixed assets is as follows:

members

There were no disposals in 2025. The disposals in 2024 were due to the transfer of a series of assets to the new company ISPD IBERIA for structural reasons.

The breakdown by heading of fully depreciated assets in use is shown below, with an indication of their cost value:

30/06/2025 31/12/2024 30/06/2024

Technical installations, machinery, tools, equipment and other tangible fixed assets

392,117 392,117 383,132

Other Information

As at 30 June 2025 and 31 December 2024, the Company did not own any property, plant and equipment acquired from group companies or property, plant and equipment located outside Spain.

As at 30 June 2025 and 31 December 2024, there were no firm commitments to purchase property, plant and equipment.

As at 30 June 2025 and 31 December 2024, the Company's assets are insured under an insurance policy. The Company's directors consider that this policy provides sufficient cover for the risks associated with property, plant and equipment.

The breakdown and movement of intangible assets is as follows:

30/06/2024 Additions Disposals Transfers 31/12/2024 New Departures Transfers 30/06/2025 Cost:

Accumulated depreciation:

Computer ap

(490,805) (235,789)

42,304

-

(684,289) (320,586)

-

-

(1,004,875)

Impairment provision:

Computer applications (9,315) - - - (9,315) - - (9,315)

Intangible fixed assets

Net

1,674,035 314,644

(19,865)

-

2,149,668 (315,466)

(30,942)

-

1,803,260

*The amount of internally developed assets corresponds to those developed in Spain

In 2024, additions to intangible assets mainly corresponded to the development of the Luciérnaga project, which optimises the organisation and audience structures, and Future Tools, which measures the impact of ISPD's value proposition on the P&L of its current and future clients.

In the first six months of 2025, a total of €299,832 in fixed assets in progress for computer applications for the Luciérnaga Ignite 2024 project and for a Cedro API began to be amortised, amounting to €1,273,488 as at 31 December 2024.

The breakdown by heading of fully amortised assets in use is shown below, with an indication of their cost value:

software

As at 30 June 2025 and 31 December 2024, there were no firm purchase commitments for the acquisition of intangible assets.

The charge to income as at 30 June 2025 and 31 December 2024 for operating leases amounted to

€272,519 and €819,845, respectively.

There are no future minimum lease payments payable in excess of five years.

The Company classifies financial instruments according to its intention for them in the following categories or portfolios:

operations

companies (note 19)

operations

Trade receivables and other accounts receivable include impairments caused by insolvency risks, as detailed below:

Impairments

Balance at Impairment Reversal of Balance at Impairment Reversal of

Balance as

30/06/2024 adjustment impairment 31/12/2024 adjustment impairment at

30/06/2025

Loans for commercial

operations (28,262)

- - (28,262) (195,338)

- (223,600)

Total

(28,262)

-

-

(28,262)

(195,338)

-

(223,600)

1. Reclassifications

   No financial instruments were reclassified during the year.

2. Classification by maturity

Long-term financial assets at the end of each period have a maturity of more than five years.

Short-term loans to group companies with annual renewal are included if there is no claim to the contrary by the Company.