Annual report 2025

The Group presents certain alternative measures of financial performance, financial position and cash flows that are not defined or specified in IFRS Accounting Standards. The Group considers these measures to provide valuable supplementary information for investors and the Group's management, as they provide useful additional information regarding the Group's financial performance and position. As not all companies define and calculate these measures in the same way, they are not always directly comparable with those used by other companies.

These measures should not be regarded as replacing measures that are defined or specified in IFRS Accounting Standards but should be considered as supplemental financial information.

Organic revenue growth: Organic revenue growth is a measure which seeks to reflect the performance of the Group that will contribute to long-term sustainable growth. As such, organic revenue growth shows the underlying sales growth compared to the previous period, excluding other operating income and revenue arising from changes business combinations such as the impact of acquisitions and disposals.

Gross earnings and gross margin: The gross earnings and gross margin show the development from revenue from contracts with customers to the gross earnings and gross margin achieved by the Group by deducting the directly attributable operating expenditure incurred for raw materials and consumables. Gross margin is calculated as Gross earnings as a percentage of revenue from contracts with customers. The Group focuses on the trends in gross earnings and margins, and these measures also show the margin achieved for covering the Group’s operating expenses.

Underlying operating profit and underlying operating margin: Underlying operating profit and underlying operating margin are measures which seek to reflect the performance of the Group that monitor value creation and will contribute to long-term sustainable profitable growth. As such, they exclude the impact of items that are considered exceptional. Underlying operating margin is calculated as underlying operating profit as a percentage of total revenue.

EBITDA and EBITDA Margin: EBITDA is defined as the Group’s profit or loss before interest, taxation, depreciation and amortisation charges. The Company considers EBITDA to be useful measure of the operating performance. EBITDA is not a direct measure of the liquidity, which is shown by the statement of cashflows. EBITDA margin is calculated as EBITDA as a percentage of total revenue.

Underlying EBITDA and underlying EBITDA margin exclude the impact of items that are considered exceptional. Underlying EBITDA margin is calculated as underlying EBITDA as a percentage of total revenue.

EBITDAC and EBITDAC Margin: EBITDAC is defined as the Group’s profit or loss before interest, taxation, depreciation and amortisation charges and further adjusted for the capitalisation of development expenditure. The Group considers EBITDAC to be a useful measure as it demonstrates the earnings generated by the Group’s without the influence of fluctuations depending on the level of development expenditure capitalized because of the Group’s investment in development activities. EBITDAC is not a direct measure of the liquidity, which is shown by the statement of cashflows. EBITDAC margin is calculated as EBITDAC as a percentage of total revenue.

Underlying EBITDAC and underlying EBITDAC margin exclude the impact of items that are considered exceptional. Underlying EBITDAC is calculated as underlying EBITDAC as a percentage of total revenue.

Regions: Definition of the regions for used for disaggregation of revenue:

• Europe, Middle East and Africa (EMEA), with a focus on the Nordics, United Kingdom, Ireland, Germany, France, Italy, Spain, Switzerland, The Netherlands, Belgium and United Arab Emirates.
• Americas (AM) with a focus on United States of America, Canada, Mexico and Argentina.
• Asia Pacific (APAC), with a focus on Singapore, Australia and New Zealand, as well as other parts of Asia.

Exceptional and other items: Underlying operating profit, EBITDA and EBITDAC are adjusted for exceptional and other items which are material or non-recurring in nature, these includes costs expensed in relation to the IPO.

Available liquidity: Comprises cash and cash equivalents and investments held financial assets at fair value through profit or loss (money market funds). Management considers the money market funds as part of its available liquidity, whilst technically not cash and cash equivalents the money market funds are highly liquid investments and can be easily converted into cash equivalents.

Working capital: Current assets excluding cash and cash equivalents and financial assets at fair value through profit or loss, less trade payable and other current liabilities. The Company has no interest-bearing liabilities, with the exception of lease liabilities.

Changes in working capital in the cash flow statement also includes adjustments changes in non-current operating assets and liabilities

Investments: Investments include purchase of intangible and tangible assets, and purchase of Financial assets at fair value through profit or loss (money market funds). The investments in money market funds form part of the Group's liquidity management strategy, aiming to optimise returns on excess cash while maintaining high liquidity and low risk.

Free cash flow (FCF): Free cash flow represents the cash that the Group is able to generate after spending the money required to maintain and expand its activities and is one of the Group’s Key Performance Indicators by which our financial performance is measured. Free cash flow is defined as the aggregate of cash generated by operations, adjusted for the purchase of property, plant and equipment, purchase of intangible assets (including capitalised development cost) and includes the repayment of lease liabilities (comprising both capital repayment and interest payments) as these are considered operational payments for the Group offices.

Total cash flow: Change in cash and cash equivalents during the period, excluding exchange differences in cash and cash equivalents.

Equity/asset ratio: Total Shareholders’ equity divided by Total Assets, as a percentage.

Return on capital employed (ROCE): ROCE serves as the Group’s central key performance indicator for measuring returns on capital employed, promoting disciplined asset utilisation and the achievement of operating returns in excess of the cost of capital.

ROCE is calculated by dividing the last twelve months operating profit/(loss), adjusted for interest received and the fair value gains/(losses) on money market funds, by average capital employed.

Capital employed is calculated by adding Total assets, less total liabilities, excluding the Group’s interest-bearing borrowings and lease liabilities The Group has no interest-bearing liabilities, with the exception of lease liabilities.

Dividend per share: Dividend divided by the average number of outstanding shares during the period.

Basic Earnings per share (EPS): Total comprehensive income for the period attributable to the ordinary shareholders of the parent company divided by the average number of outstanding shares during the period.

Average number of employees and consultants: The average number of employees and consultants for non-temporary positions, typically defined as longer than year, and who do not replace absent employees, in Full time equivalent (FTEs)