Interim financial report

ISPD Network, S.A.


Consolidated financial statements at 30 June 2025 page 2
Statutory financial statements at 30 June 2025 page 84
ISPD Network, S.A.
Interim financial statements consolidated
at 30 June 2025
ISPD NETWORK S.A. AND
SUBSIDIARIES COMPANIES


Consolidated Interim Financial Statements as of
30 June 2025




1
ISPD NETWORK, S.A. AND SUBSIDIARIES

Interim Financial Statements Consolidated as of 30 June
2025




CONSOLIDATED INTERIM FINANCIAL STATEMENTS AT 30 JUNE 2025:

Consolidated Statement of Financial Position to 30 June 2025
Consolidated Income Statement at 30 June 2025

Consolidated Statement of Comprehensive Income at 30 June 2025

Consolidated Statement of Changes in Equity at 30 June 2025

Consolidated Cash Flow Statement of 30 June 2025
Consolidated Notes at 30 June 2025




2
ISPD NETWORK S.A. AND SUBSIDIARIES

CONSOLIDATED INTERIM FINANCIAL STATEMENTS TO 30
JUNE 2025




3
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF 30 JUNE 2025
(Expressed in euros)


ASSETS Note 30/06/2025 31/12/2024 30/06/2024


Tangible fixed assets 6 1,204,724 1,369,814 1,378,291
Goodwill from full consolidation 5 7,809,514 8,085,976 10,754,813
Goodwill 7 1,572,417 1,776,566 245,998
Intangible assets 7 2,734,639 3,058,550 1,901,593
Assets in progress 7 797,378 563,508 1,320,552
Non-current financial assets 9 166,971 135,474 156,589
Non-current financial assets of group companies 9 and 23 2,037,600 1,451,600 -
Deferred tax assets 15 4,638,588 4,958,084 5,653,345
Non-current assets 20,961,831 21,399,572 21,411,181

Trade and other accounts receivable 9 26,475,203 41,397,190 33,139,180
Customers group companies 9 and 23 414,286 251,733 251,513
Other current assets 9 1,920,615 494,621 327,934
Other current assets of group companies 9 and 23 3,304 6,000 583,786
Public adminitration to be charged 15 7,777,116 7,938,041 8,202,991
Current tax assets 15 223,348 234,444 384
Prepaid expenses 441,829 369,352 548,075
Cash and liquid equivalents 9 5,196,141 6,531,325 6,354,932
Current assets 42,451,843 57,222,706 49,408,796


Total assets 63,413,674 78,622,279 70,819,977




4
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF 30 JUNE 2025
(Expressed in euros)


NET ASSETS AND LIABILITIES 30/06/2025 31/12/2024 30/06/2024


Share capital 12 819,019 819,019 819,099
Own shares (665,000) (665,000) (665,000)
Legal reserve 46,282 46,282 46,282
Reserves in companies under full consolidation 6,226,506 5,482,002 7,613,434
Negative results from previous years (2,152,655) - -
Profit for the year attributable to the parent company (2,134,466) (472,798) (3,888,252)
External partners (79,418) 6,985 (186,086)
Conversion differences 13 (756,687) (409,523) (371,920)
Equity attributable to the parent company 12 1,382,999 4,799,982 3,553,643
Equity attributable to minority interest (79,418) 6,985 (186,086)

Equity 12 1,303,581 4,806,967 3,367,557


Long-term debts with credit institutions 10 2,243,439 2,704,954 3,413,825
Long-term debts with group companies 10 and 23 7,388,480 7,726,852 7,726,852
Other long-term debts 10 1,995,192 2,582,099 1,885,798
Non-current fixed asset suppliers - 1,797 4,657
Provisions 10 and 17 337,513 364,428 283,841
Deferred tax liabilities 15 30,502 31,949 78,563
Non-current liabilities 11,995,125 13,412,078 13,393,536


Short-term debts with credit institutions 10 10,957,483 9,847,791 9,760,429
Other short-term debts 10 1,693,494 860,270 2,518,502
Short-term debts with group companies 10 and 23 2,089,194 1,446,798 1,106,273
Trade and other accounts payable 10 26,527,325 36,791,309 32,058,208
Group company suppliers 10 and 23 1,859,514 1,869,123 1,846,758
Fixed asset suppliers 35,492 39,372 40,149
Personnel payables 10 2,173,649 2,057,607 1,796,925
Public administrations to be paid 15 3,932,129 5,421,308 3,884,814
Current tax liabilities 15 137,229 145,176 (77,091)
Anticipated income 622,249 1,696,482 911,715
Other current liabilities 10 87,210 227,997 212,202
Current liabilities 50,114,968 60,403,233 54,058,883


Total net assets and liabilities 63,413,674 78,622,279 70,819,977




5
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025




ISPD NETWORK S.A. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
(Expressed in euros)

PROFIT AND LOSS Note 30/06/2025 31/12/2024 30/06/2024


Revenue 16.a 60,817,398 156,089,185 68,508,876
Other income 79,396 452,620 297,399
Work carried out by the company on its assets 316,250 158,654 301,706
Allocation of subsidies 256,090 112,583 81,585
TOTAL OPERATING INCOME 61,469,135 156,813,043 69,189,566
Supplies 16.b (39,520,043) (107,023,902) (47,411,527)
Personnel expenses 16.c (18,400,911) (38,906,988) (19,827,735)
Wages, salaries and similar (15,052,820) (32,171,220) (16,261,126)
Social security contributions (3,348,091) (6,735,768) (3,566,609)
Provisions for depreciation of fixed assets (983,120) (1,691,780) (807,988)
Provision for tangible fixed assets 6 (311,095) (620,165) (319,686)
Allocation to intangible fixed assets 7 (672,025) (1,071,616) (488,302)
Other operating expenses (5,229,511) (8,773,519) (4,679,208)
External services 16.d (4,942,871) (8,183,651) (4,279,971)
Impairment of current assets 16.g (286,640) (590,236) (399,237)
Impairment and results from disposal of fixed assets 368
Other results 53,981 290,145 241,041
Result from loss of control of consolidated shareholdings 2 1,074,904 1,403,759 12,892
TOTAL OPERATING EXPENSES (63,004,700) (154,702,285) (72,472,525)


OPERATING INCOME (1,535,565) 2,110,758 (3,282,959)


Third-party financial income 16.e 119,246 78,623 36,684
Group financial income 118,524 39,795 11,213
Positive exchange differences 193,423 460,738 193,287
TOTAL FINANCIAL INCOME 431,193 579,156 241,184


Third-party financial expenses 16.f (630,662) (693,459) (337,256)
Group financial expenses (99,417) (439,903) (230,455)
Negative exchange differences (213,549) (679,315) (199,161)
TOTAL FINANCIAL EXPENSES (943,628) (1,812,677) (766,872)


FINANCIAL RESULT (512,436) (1,233,521) (525,688)


OUTCOME OF CONTINUING OPERATIONS (2,048,001) 877,237 (3,808,647)


CONSOLIDATED PROFIT BEFORE TAXES (2,048,001) 877,237 (3,808,647)


Corporate income Tax 15 (49,392) (1,134,470) (153,067)
Taxes and other (15,139) (128,698) (32,743)


CONSOLIDATED RESULT FOR THE YEAR (2,112,531) (385,932) (3,994,457)


Profit attributable to shareholders and minority interests 21,935 86,867 (106,204)


RESULT ATTRIBUTED TO HOLDERS OF EQUITY INSTRUMENTS
(2,134,466) (472,798) (3,888,252)
OF THE PARENT COMPANY
Earnings per share:
Basic (0.14) (0.03) (0.26)
Diluted (0.15) (0.03) (0.26)




6
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025




ISPD NETWORK, S.A. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME FOR THE PERIOD ENDED 30 JUNE 2025
(Expressed in euros)




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

PROFIT AND LOSS ACCOUNT RESULT (2,134,466) (472,798) (3,994,457)

Income and expenses recognised directly to equity: - - -
Conversion differences (347,164) (436,079) 398,476
Minority interests 21,935 86,867 (106,204)
Subsidies, donations and legacies - - -
Tax effect - - -

TOTAL INCOME AND EXPENSES RECOGNISED
DIRECTLY IN EQUITY (325,229) (349,212) 292,271

Transfers to the profit and loss account: - - -
Adjustment for changes in value
Grants, donations and legacies
Tax effect

TOTAL TRANSFERS TO THE PROFIT AND LOSS
ACCOUNT - - -

TOTAL RECOGNISED INCOME AND EXPENSES (2,459,697) (822,011) (3,702,186)

Attributable to the parent company (1,025,126) (472,798) (3,888,252)
Attributable to minority interests 21,935 86,867 106,204




7
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025

ISPD NETWORK, S.A. AND SUBSIDIARIES STATEMENT OF CHANGES IN CONSOLIDATED NET EQUITY AS OF 30
JUNE 2025
(Expressed in euros)



Reserves and (Shares of the
Subscribed Other equity Translation External
Share premium profit for the parent Total
capital instruments differences partners
year company)


Balance at 01/01/2024 819,099 - 7,695,047 (665,000) - 26,556 (112,314) 7,763,389
Recognised income and expenses - - (472,798) - - (436,078) 86,867 (822,010)
Other operations (80) - (1,245,035) - - - 32,432 (1,212,683)
Exit from consolidation perimeter - - (921,728) - - - - (921,728)
Balance at 31/12/2024 819,019 - 5,055,486 (665,000) - (409,522) 6,985 4,806,968
Adjustments for error corrections
Balance at 31/12/2024 819,019 - 5,055,486 (665,000) - (409,522) 6,985 4,806,968
Recognised income and expenses - - (2,134,466) - - (347,165) 21,935 (2,459,697)
Other transactions - - (935,352) - - (108,338) (1,043,690)
Capital increases and other distributions - - - - - - -
Exit from consolidation perimeter - - - - - - - -
Transactions involving shares of the Parent Company - - - - - - - -
Dividend - - - - - - - -
Balances at 30/06/2025 819,019 - 1,985,667 (665,000) - (756,687) (79,418) 1,303,581
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025




ISPD NETWORK, S.A. AND SUBSIDIARIES CONSOLIDATED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
(Expressed in euros)

Explanatory
CASH FLOW STATEMENT 30/6/2025 31/12/2024 30/6/2024
note
CASH FLOWS FROM ORDINARY ACTIVITIES (A) (76,909) (4,832,658) (6,868,642)
Profit before tax (2,048,001) 877,237 (3,808,647)
Adjustment of items not involving cash movements:
+ Depreciation 6 and 7 983,120 1,252,238 582,669
+/- Impairment adjustments 10.2 241,630 517,740 (343,173)
+/- Subsidies transferred to profit or loss (114,097) - 23,170
- Financial income 16 (237,769) (118,418) (47,897)
+ Financial expenses 16 730,079 1,133,362 567,711
+/- Exchange rate differences 11 20,126 218,577 (5,874)
+/- Other income and expenses (370,231) (449,166) (555,639)
+/- Income and expenses recognised due to loss of control 2 (1,074,904) (1,403,759) -
+/- Other taxes - (128,698) -
Adjustment for changes in working capital:
Change in accounts receivable 14,905,416 5,156,656 13,414,886
Change in accounts payable balance (10,273,594) (5,946,679) (9,494,999)
Change in other current assets (1,363,462) (1,348,759) (3,542,966)
Change in other non-current liabilities 160,841 412,859 (33,994)
Change in other current liabilities (1,021,855) (3,706,648) (2,062,967)
Other non-current assets (31,497) 49,462 269,868
- Payment of income tax (88,950) (773,619) (1,578,430)
Tax refunds - - 37,000
Interest payments (-) (630,662) (693,459) (337,256)
Interest income (+) 136,902 118,418 47,897
CASH FLOWS FROM INVESTING ACTIVITIES (B) (864,000) (1,917,534) (907,015)
Acquisition of intangible assets 7 (829,000) (1,347,425) (527,156)
Acquisition of tangible fixed assets 6 (35,000) (193,109) (6,299)
Own shares - - -
Business combination - (377,000) (377,000)
Disposals of fixed assets - - 3,440
CASH FLOWS FROM FINANCING ACTIVITIES (C) (47,635) 1,996,691 2,808,161
Change in group debt (586,000) (1,048,723) (200,000)
Change in debts with other entities 648,176 3,045,415 3,008,161
Subsidies received
Distribution of dividends - - -
Remuneration of other equity instruments (-) - - -
Change in other debts (109,812) -
EFFECT OF EXCHANGE RATE VARIATIONS (D) (347,164) (436,079) (398,476)
Net change in cash and other liquid assets (E=A+B+C+D) (1,335,709) (5,189,579) (5,365,972)
Cash and other liquid assets at the beginning of the period (F) 6,531,325 11,720,904 11,720,904
Additions from business combinations at transaction date - - -
Cash and other liquid assets at the end of the period (G=E+F) 5,195,616 6,531,325 6,354,932




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Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025



Index
NOTE 1. GROUP COMPANIES, MULTIGROUP AND ASSOCIATES 11
NOTE 2. BASIS OF PRESENTATION OF THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS 16
NOTE 3. EARNINGS PER SHARE 20
NOTE 4. SIGNIFICANT ACCOUNTING POLICIES 21
NOTE 5. GOODWILL FROM CONSOLIDATION 39
NOTE 6. TANGIBLE FIXED ASSETS 42
NOTE 7. INTANGIBLE FIXED ASSETS 44
NOTE 8. LEASES 45
NOTE 9. LONG-TERM AND SHORT-TERM FINANCIAL ASSETS 47
NOTE 10. NON-CURRENT AND CURRENT FINANCIAL LIABILITIES 49
NOTE 11. INFORMATION ON THE NATURE AND LEVEL OF RISK ARISING FROM
FINANCIAL 52
NOTE 12. CAPITAL AND RESERVES 56
NOTE 13. TRANSLATION DIFFERENCES 57
NOTE 14. R&D&I PROJECTS 58
NOTE 15. TAX POSITION 60
NOTE 16. INCOME AND EXPENSES 65
NOTE 17. PROVISIONS AND CONTINGENCIES 67
NOTE 18. ENVIRONMENTAL INFORMATION 67
NOTE 19. POST-CLOSING EVENTS 67
NOTE 20. REMUNERATION, SHAREHOLDINGS AND BALANCES WITH THE BOARD
OF DIRECTORS OF THE PARENT COMPANY 68
NOTE 21. OTHER INFORMATION 69
NOTE 22. SEGMENT INFORMATION 71
NOTE 23. RELATED PARTY TRANSACTIONS 75
NOTE 24. BUSINESS COMBINATIONS 77
NOTE 25. FAIR VALUE MEASUREMENT 80




10
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025



ISPD NETWORK, S.A. AND SUBSIDIARIES


NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE
PERIOD ENDED 30 JUNE 2025

NOTE 1. GROUP COMPANIES, MULTIGROUP AND ASSOCIATED COMPANIES

1.1) Parent company; general information and activity.

a. Incorporation and registered office

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

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

The Company, whose main shareholders are detailed in note 12, is controlled by ISP
Digital, S.L.U., which is the ultimate parent company of the Group.

b. General information

The Interim Consolidated Financial Statements of the ISPD Network Group have been
prepared and formulated by the Board of Directors of the parent company.

The interim consolidated financial statements are presented in euros without decimals.
The figures are presented in euros unless otherwise indicated.

c. Activity

Its activity consists of carrying 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 parent company, either directly or indirectly
through its participation in other companies with an identical or similar purpose.

The shares of ISPD Network, S.A. are listed on the French alternative stock market
Euronext Growth. The year in which trading began on this market was 2007.




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Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


d. Financial Year

The parent company's financial year covers the period from 1 January to 31 December
of each year.

1.2) Subsidiaries companies

The details of the subsidiaries included in the scope of consolidation is as follows:

Percentage Percentage
Company shareholding shareholding
30/06/2025 31/12/2024
Mamvo Performance, S.L.U. 100% 100%
Marketing Manager Servicios de Marketing S.L.U. (j) - 100%
ISPD Italia S.R.L 100% 100%
Rebold Marketing S.L 100% 100%
Antevenio France S.R.L. (e) - -
Antevenio Argentina S.R.L. (a) 100% 100%
Antevenio México S.A de C.V 100% 100%
Antevenio Publicité, S.A.S.U. (h) - -
Antevenio Media S.L.U. 100% 100%
B2Marketplace Ecommerce Consulting Group, S.L. (f) 100% 100%
Rebold Communication S.L.U. 100% 100%
Happyfication, Inc. 100% 100%
Acceso Content in Context, S.A. de C.V. 100% 100%
Access Colombia, S.A.S 100% 100%
Digilant Colombia, S.A.S. 100% 100%
Digilant INC 100% 100%
Digilant Peru S.A.C. 100% 100%
Dglnt S.A. de C.V. 100% 100%
Filipides S.A. de C.V.(b) 100% 100%
B2Marketplace México, S.A. de C.V. (f) 100% 100%
Blue Digital Marketing Services S.A. 65% 65%
Digilant Chile, S.p.a.(c) 100% 100%
Blue Media, S.p.A. (c) 100% 100%
Rebold Panama, S.A. 100% 100%
Rocket PPC SRL (d) - -
ISPD Iberia SL(g) 100% 100%
B2Marketplace Holding SL(g) 100% 100%
B2Marketplace USA, Inc. (f) (g) 100% 100%
UTE senasa (i) 100% -
UTE Drassanes (i) 100% -
B2Marketplace Italy Limited Liability Company (i) 100% -




The percentage of shareholding corresponds to the percentage of voting rights.

12
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025

The shareholding in these subsidiaries is held by the parent company, except in the case
of:

(a) Shareholding held by Mamvo Performance, S.L.U. and Rebold Marketing, S.L.U.
(formerly Antevenio España, S.L.U.) (75% and 25% respectively).

(b) Shareholding held by Digilant SA de CV

(c) Shareholdings held by Blue Digital


(d) On 10 October 2023, ISPD Italia (formerly Rebold Italia) acquired the company Rocket
PPC. This company was fully integrated into the scope of consolidation as of 1 September
2023, the date on which it assumed control of the company. During the 2024 financial year,
ISPD Italia absorbed Rocket PPC (see note 24).

(e) On 30 April 2024, Antevenio France, S.R.L. was dissolved in its entirety. This
transaction generated a consolidated profit of €38,753, recorded in the income statement
under the heading "Result from loss of control of consolidated holdings".

(f) Subsidiaries of B2Marketplace Holding SL.

(g) In 2024, three new companies were incorporated: ISPD Iberia, creation and
implementation of advertising campaigns in various media, as well as marketing strategy
management; B2Marketplace Holding, technical consulting, innovation consulting and
other professional services; and finally, B2Marketplace USA, Inc, technical consulting,
innovation consulting and other professional services.

(h) On 15 December 2024, ISPD Network SA, in its capacity as sole shareholder, approved
the early dissolution of Antevenio Publicité, with effect from 15 December 2024. On that
same date, Antevenio Publicité formalised its dissolution, which meant the cessation of its
activity. This dissolution resulted in income for the group, recorded in the profit and loss
account under the heading "Result from the loss of control of consolidated holdings" in the
amount of €1,365,006.

(i) In 2025, a new company was formed, B2Marketplace Italy SRL, providing technical
consulting, innovation advice and other professional services. Two joint ventures were also
formed, UTE Senasa and UTE Drassanes, providing technical consulting and
communication activities.

(j) On 30 June 2025, ISPD Network SA, in its capacity as sole shareholder, approved the
sale of Marketing Manager Servicios de Marketing S.L. (see note 24).

Subsidiaries have been included in the consolidation using the full consolidation method, which
has been determined by the assumption of owning the majority of voting rights. They also close
their annual accounts on 31 December of each financial year.

No subsidiaries are excluded from the consolidation process.


13
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


The main characteristics of the subsidiaries are as follows:

Year of
Company Registered office Corporate purpose
incorporation/takeover
C/ Apolonio Morales 13C Online advertising and direct marketing for
Mamvo Performance, S.L.U. 1996
28036 Madrid generating useful contacts.
Via Dei Piatti 11 CP 20123
ISPD Italia S.R.L. 2004 Internet advertising and marketing
Milan
Provision of advertising services and online
C/ Apolonio Morales 13C
Rebold Marketing S.L.U. 2009 advertising and e-commerce through telematic
28036 Madrid
media

Esmeralda 1376, 2nd floor Provision of commercial intermediation,
Antevenio Argentina S.R.L. 2010
Buenos Aires, Argentina marketing and advertising services.
Goldsmith 352, Miguel Hidalgo
Antevenio México, S.A. de CV 2007 Polanco III Section CP 11540 Other advertising services
Mexico City
Company specialising in optimising and
B2Marketplace Ecommerce C/ Apolonio Morales 13C improving the presence of brands,
2017
Consulting Group, S.L 28036 Madrid manufacturers and distributors on digital
platforms
Provision of Internet access services.
Rambla Catalunya, 123, Entlo.
Rebold Communication, S.L.U. 1986 Creation, management and development of
08008 Barcelona
Internet portals

Independent advertising technology company
68 Harrison Avenue #605 PMB
that provides its partners and clients with
Happyfication Inc 2011 14953 Boston, MA 02111
tools and services to plan, measure and
(USA)
distribute digital media more effectively.

Goldsmith 352, Miguel Hidalgo Provision of Internet access services.
Acceso Content in Context S.A.
2014 Polanco III Sección CP 11540 Creation, management and development of
de C.V.
Mexico City Internet portals.

Carrera 10 #97A-13, Office Provision of monitoring and analysis services
Acceso Colombia, S.A.S 2013
408, Tower A Bogotá DC for news content in the media
Evaluation and negotiation of advertising
Carrera 10 #97A-13, Office space and sales, provision of consulting,
Digilant Colombia, S.A.S. 2013
408, Tower A Bogotá DC marketing, communication and general
advisory services

Independent advertising technology company
68 Harrison Avenue #605 PMB
that provides its partners and clients with
Digilant Inc 2009 14953 Boston, MA 02111
tools and services to plan, purchase, measure
(USA)
and distribute digital media more effectively.

Goldsmith 352, Miguel Hidalgo Purchase, sale, exchange, marketing and other
Dglnt, SA de CV 2010 Polanco III Sección CP 11540 commercial transactions relating to all types
Mexico City of advertising space.
Goldsmith 352, Miguel Hidalgo Selecting and recruiting personnel for any
Filipides, S.A. de C.V. 2008 Polanco III Section CP 11540 position and providing personal items to any
Mexico City third party

Goldsmith 352, Miguel Hidalgo Provision of administrative services, personnel
B2Marketplace México, S.A. de
2018 Polanco III Section CP 11540 management, consulting, marketing,
C.V.
Mexico City communication and general advisory services.




14
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025

Year of
Company Registered office Corporate purpose
incorporation/takeover
Calle los Forestales 573 –
Residencial Los Ingenieros – Evaluation and negotiation of advertising space
Digilant Perú, S.A.C. 2017 District of La Molina – and sales, provision of consulting services,
Province and Department of marketing communication and general advice
Lima
Av Apoquindo 5950 – 20th
Blue Digital Marketing Services, floor – Las
2011 Advertising, publicity, marketing
S.A. Condes – Santiago
Metropolitan Region, Chile
General del Canto 50 – Evaluation and negotiation of advertising
Digilant Chile, S.p.a. 2017 Office 301 PROVIDENCIA space, provision of consulting services,
/ SANTIAGO marketing communication and general advice
OBARRIO, AVENIDA
SAMUEL LEWIS Y
CALLE 53, EDIFICIO Conducting business of any nature, within or
Rebold Panama, S.A. 2020
OMEGA, 6O PISO, outside the Republic of Panama
OFICINA NO. 6B-861
PANAMA,
Av Apoquindo 5950 – 20th
floor – Las Condes –
Blue Media S.P.A 2015 Advertising, publicity, marketing
metropolitan region
Santiago
Provision of advertising services and online
C/ Apolonio Morales 13C
Antevenio Media SLU 2023 advertising and e-commerce through telematic
28036 Madrid
media
Creation and implementation of advertising
C/ Apolonio Morales 13C
ISPD Iberia SL 2024 campaigns in various media, as well as
28036 Madrid
marketing strategy management
Company specialising in optimising and
C/ Apolonio Morales 13C improving the presence of brands,
B2Marketplace Holding SL 2024
28036 Madrid manufacturers and distributors on digital
platforms
68 Harrison Avenue #605 Company specialising in optimising and
PMB improving the presence of brands,
B2Marketplace USA, Inc. 2024
14953 Boston, MA 02111 manufacturers and distributors on digital
(USA) USA platforms
Consultancy and communication activities for
the "Digital training voucher in transport"
C/ Apolonio Morales 13C
UTE Senasa 2025 programme for the Board of Directors of
28036 Madrid
Services and Studies for Air Navigation and
Aviation Safety S.M.E.
Consultancy and communication activities for
the programme "Translation and correction
Rambla Catalunya, 123,
UTE Drassanes 2025 service for various documents belonging to the
Entlo. 08008 Barcelona
Drassanes Reials i Museus Marítim de
Barcelona consortium"
Company specialising in optimising and
Via dei Piatti 11 CP 20123 improving the presence of brands,
B2Marketplace Italy SRL (i) 2025
Milan manufacturers and distributors on digital
platforms




15
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025




NOTE 2. BASIS OF PRESENTATION OF THE CONSOLIDATED INTERIM
FINANCIAL STATEMENTS

a) Application of International Financial Reporting Standards (IFRS)

The Consolidated Interim Financial Statements have been prepared in accordance with
International Financial Reporting Standards (IFRS), as adopted by the European Union, in
accordance with Regulation (EC) No. 1606/2002 of the European Parliament and of the
Council, taking into account all accounting principles and standards and mandatory
valuation criteria that have a significant effect. The Consolidated Interim Financial
Statements have been prepared in accordance with International Financial Reporting
Standards (IFRS-EU) since 2006, the date on which the Group was listed on the French
Euronext Growth alternative stock market (see note 1) in 2007.

Note 4 summarises the most significant accounting principles and valuation criteria applied
in the preparation of these Interim Consolidated Financial Statements prepared by the
Directors. The information contained in these Interim Consolidated Financial Statements is
the responsibility of the Directors of the Parent Company.

In accordance with IFRS, the Interim Consolidated Financial Statements include the
following Consolidated Statements for the year ended 30 June 2025:

• Consolidated Statement of Financial Position.
• Consolidated Income Statement.
• Consolidated Statement of Comprehensive Income.
• Consolidated Statement of Changes in Equity.
• Consolidated Cash Flow Statement.
• Consolidated Notes.

During the 2025 financial year, new accounting standards and/or amendments came into
force, which have therefore been taken into account in the preparation of these Consolidated
Interim Financial Statements and are as follows:




16
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025




1) Standards and interpretations approved by the European Union, applicable for the first
time in the Consolidated Annual Accounts for the 2025 financial year.

EU effective
Standards and amendments to
date
standards
Effects of Changes in Foreign Exchange Rates: Lack of
Interchangeability
1 January
IAS 21
2025
(issued on 15 August 2023)



2) Other standards, amendments and interpretations issued by the IASB pending
approval by the European Union:


IASB effective EU
Standards and amendments to standards
date effective
date
Amendments to the Classification and
IFRS 19 Measurement of Financial Instruments
(Amendments to IFRS 9 and IFRS 7) (issued on 1 January 1 January
30 May 2024) 2026 2026
Contracts Referencing Nature-Dependent
Electricity Amendments to IFRS 9 and IFRS 7
(issued on 18 December 2024)
Annual Improvements to IFRS Accounting
IFRS 10, IFRS 9,
Standards—Volume 11 (issued on 18 July 2024)
IFRS 1, IAS 7, 1 January 1 January
IFRS 7 2026 2026
Amendments to IFRS 9 and IFRS 7: 'Changes in
IFRS 9 and IFRS the Classification and Measurement of Financial 1 January 1 January
7 Instruments' 2026 2026
Presentation and Disclosure in Financial
IFRS 18 Statements (issued 9 April 2024) 1 January 1 January
2027 2027


None of these standards have been adopted early by the Group. The Directors have assessed
the potential impacts of the future application of these standards and consider that their entry
into force will not have a significant effect on the Consolidated Interim Financial Statements.




17
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025



b) Faithfil image

The accompanying Consolidated Interim Financial Statements for the year ended 30 June 2025
have been prepared from the accounting records of the various companies comprising the Group
and are presented in accordance with IFRS-EU and applicable Spanish accounting legislation,
so as to give a true and fair view of the Group's equity, financial position, results, changes in
equity and cash flows for the year ended 30 June 2025.

The Interim Consolidated Financial Statements prepared by the Directors of the Parent
Company will be submitted for approval by the Parent Company's General Shareholders'
Meeting, and it is expected that they will be approved without any modifications.

c) Critical aspects of valuation and estimation of uncertainty

In preparing the accompanying Interim Consolidated Financial Statements in accordance with
IFRS-EU, estimates and assumptions made by the Directors of the Parent Company have been
used to measure some of the assets, liabilities, income, expenses and commitments recorded
therein. Those with the most significant impact on the Interim Consolidated Financial Statements
are discussed in the various sections of this document:

- The useful life of tangible and intangible assets (notes 4f and 4g). Determining useful
lives requires estimates regarding expected technological developments and alternative
uses of the assets. Assumptions regarding the technological framework and its future
development involve a significant degree of judgement, as the timing and nature of
future technological changes are difficult to predict.

- The assessment of possible impairment losses on goodwill (notes 4h and 4i).
Determining the need to record an impairment loss involves making estimates that
include, among other things, analysing the causes of possible impairment, as well as
the timing and expected amount of the impairment. Annual impairment tests are
performed on the relevant cash-generating units, based on risk-adjusted future cash
flows discounted at appropriate interest rates. The key assumptions used are specified
in note 5. Assumptions regarding risk-adjusted future cash flows and discount rates are
based on business forecasts and are therefore inherently subjective. Future events could
cause a change in the estimates made by management, with a consequent adverse effect
on the Group's future results. To the extent deemed significant, a sensitivity analysis
has been disclosed for the effect of changes in these assumptions and the effect on the
recoverable amount of the cash-generating unit (CGU).

- The fair value of certain financial instruments and their possible impairment (notes 4k
and 4w).

- The calculation of provisions, as well as the probability of occurrence and the amount
of undetermined or contingent liabilities (note 4o).




18
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025



- The forecasts of future tax profits that make the recovery of deferred tax assets probable
(note 4m). The Group assesses the recoverability of deferred tax assets based on
estimates of the tax group's future results. Such recoverability ultimately depends on
the tax group's ability to generate taxable profits over the period in which the deferred
tax assets are deductible. Future events could cause a change in the estimates made by
management, with a consequent adverse effect on the Group's future taxable profits.
The analysis takes into account the expected timing of the reversal of deferred tax
liabilities.

- The determination of the fair value at the acquisition date of assets, liabilities and
contingent liabilities acquired in business combinations (note 4u).

- The measurement of the estimate for expected credit losses on trade receivables and
contract assets: key assumptions for determining the weighted average loss rate.

- The determination of the incremental interest rate to apply the lease calculation model.

These estimates have been made on the basis of the best information available at the date of
preparation of these Consolidated Interim Financial Statements, historical experience and other
various factors considered relevant at that time. However, the final results may differ from these
estimates. Any future events unknown at the date of preparation of these estimates could give
rise to changes (upwards or downwards), which would be made prospectively, where
appropriate.

The Group has concluded that there are no significant uncertainties that could cast doubt on its
ability to continue as a going concern.

d) Classification of current and non-current items

For the classification of current items, a maximum period of one year from the date of these
Consolidated Interim Financial Statements has been considered.

e) Correction of errors

No corrections of errors were made in the 2025 financial year.

f) Comparative information

These Interim Consolidated Financial Statements for the six-month period ended 30 June show
a comparison of the figures for the six-month period ended 30 June 2025 and the figures for the
2024 financial year, which formed part of the Consolidated Annual Accounts for the 2024
financial year approved by the General Shareholders' Meeting of the Parent Company on 26
June 2025, which were also prepared in accordance with the provisions of the International
Financial Reporting Standards adopted by the European Union.




19
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025



g) Mention on the Statement of Non-Financial Information (EINF)

The ISPD Network Group, S.A. and its subsidiaries, in accordance with the provisions of
Articles 262.5 of the LSC and 49.6 of the Commercial Code, are exempt from presenting the
Non-Financial Information Statement, as the information relating to said Group is included in
the Non-Financial Information Statement of Inversiones y Servicios Publicitarios, S.L. and
subsidiaries, which forms part of its management report.

h) Operating company

As can be seen from the attached consolidated balance sheet as at 30 June 2025, the Group has
negative working capital of €7.6 million, compared to negative working capital of €3.1 million
in the 2024 financial year.

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

Consequently, the directors of the parent company have prepared these interim consolidated
financial statements under the going concern principle.


NOTE 3. EARNINGS PER SHARE

Basic earnings per share

Basic earnings per share are determined by dividing the consolidated profit for the year
attributable to the Parent Company by the weighted average number of shares outstanding
during the year, excluding the average number of treasury shares held during the year.

The calculation of earnings/loss per share is shown below:

30/6/2025 31/12/2024 30/6/2024
Net profit for the year (2,134,466) (472,798) (3,888,252)
Weighted average number of shares outstanding 14,716,262 14,716,262 14,716,262
Basic earnings/loss per weighted average number of
(0.15) (0.03) (0.26)
shares



There are no differences between basic and diluted shares.




20
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


Diluted earnings per share

Diluted earnings per share are determined in a similar way to basic earnings/loss per share, but
the weighted average number of shares outstanding is increased by share options, warrants and
convertible debt.

During the periods presented, the Group has not carried out any transactions that cause dilution,
so basic earnings/loss per share coincide with diluted earnings/loss per share.

Dividend distribution:

During the 2025 and 2024 financial years, no dividends were distributed to companies outside
the scope of consolidation.


NOTE 4. SIGNIFICANT ACCOUNTING POLICIES

The main valuation standards used by the Group in preparing the Consolidated Interim
Financial Statements for the year ended 30 June 2025 were as follows:


a) Consolidation procedures

The Consolidated Interim Financial Statements include the Parent Company and all
subsidiaries. Subsidiaries are those entities over which the Parent Company or one of its
subsidiaries has control. Control is determined through:

- Power over the investee,
- Exposure to, or rights to, variable returns that are expected to be received from the
investee, and
- The possibility of using its power over the investee to modify the amount of such returns.

Subsidiaries are consolidated even when they have been acquired for the purpose of disposal.

Balances, transactions and realised gains and losses between group companies that are part of
continuing operations are eliminated during the consolidation process. Transactions between
continuing and discontinued operations that are expected to continue after the sale are not
eliminated from continuing operations in order to present continuing operations in a manner
consistent with the commercial operations they carry out.

Associates, which are companies over which the Group exercises significant influence but not
control, and jointly controlled entities




21
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


(joint ventures), whereby the companies are entitled to the net assets of the contractual
agreement, have been consolidated using the equity method, except when such investments
meet the requirements to be classified as held for sale. Profits or losses arising from transactions
between Group companies and associates or jointly controlled entities have been eliminated in
accordance with the Group's percentage ownership of those companies. If the Group's share of
the losses of an entity accounted for using the equity method exceeds its investment in the
entity, the Group recognises a provision for its share of the losses in excess of that investment.
The investment in a company accounted for using the equity method is the carrying amount of
the investment in equity, together with other non-current interests that, in substance, form part
of the net investment in that company.


The financial statements of subsidiaries, associates and jointly controlled entities refer to the
financial year ending on the same date as the parent company's individual financial statements
and have been prepared using consistent accounting policies (IFRS-EU).

Loss of control (IFRS 10)

A parent company may lose control of a subsidiary in two or more agreements (transactions).
However, sometimes circumstances indicate that multiple agreements should be accounted for
as a single transaction. To determine whether the agreements should be accounted for as a single
transaction, a parent company will consider all the terms and conditions of the agreements and
their economic effects. The presence of one or more of the following factors indicates that a
parent should account for multiple agreements as a single transaction:

(a) They are reached at the same time or one is contingent on the other.
(b) They form part of a single transaction intended to achieve an overall commercial effect.
(c) The realisation of one agreement depends on at least one of the other agreements
occurring.
(d) An agreement considered independently is not economically justified, but it is when
considered together with others.

If a parent company loses control of a subsidiary:

a) You Will need to derecognise he accounts:

- The assets (including goodwill) and liabilities of the subsidiary at their carrying amount
on the date control is lost.
- The carrying amount of all non-controlling interests in the former subsidiary on the date
control is lost (including all components of other comprehensive income attributable to
them).




22
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


b) Recognise:

- The fair value of any consideration received for the transaction, event or circumstances
giving rise to the loss of control.
- If the transaction, event or circumstances giving rise to the loss of control involve a
distribution of shares of the subsidiary to the owners in their capacity as owners, such
distribution; and
- It shall recognise the investment retained in the entity that was previously a subsidiary
at its fair value on the date control is lost.

c) reclassify to profit or loss, or transfer directly to retained earnings if required by other
IFRSs, the amounts recognised in other comprehensive income in relation to the
subsidiary.

If a parent loses control of a subsidiary, the parent shall account for all amounts recognised in
other comprehensive income in relation to that subsidiary on the same basis as would have been
required if the parent had disposed of or otherwise realised the related assets or liabilities.
Therefore, when control of a subsidiary is lost, if a gain or loss previously recognised in other
comprehensive income had been reclassified to profit or loss at the time of the disposal or other
transfer of the related assets or liabilities, the parent shall reclassify the gain or loss from equity
to profit or loss (as a reclassification adjustment). If a revaluation reserve previously recognised
in other comprehensive income had been transferred directly to retained earnings on disposal
or other disposition of the asset, the parent shall transfer the revaluation reserve directly to
retained earnings when control of the subsidiary is lost.


b) Harmonisation of items

The different items in the individual annual accounts of each of the group companies have been
subject to the corresponding valuation standardisation, adapting the criteria applied to those used
by the Parent Company for its own Annual Accounts or Financial Statements, provided that they
have a significant effect.

For the subsidiaries included in the annual accounts or financial statements of the ISPD Network
Group, no temporary standardisation has been required, as all companies have 31 December of
each financial year as their closing date for the preparation of their annual accounts or financial
statements.


c) First consolidation difference

The first-time consolidation difference has been calculated as the difference between the carrying
amount of the investment in the capital of the subsidiaries and the value of the proportional share
of their consolidated equity on the date of first consolidation.




23
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


In the case of a positive consolidation difference, corresponding to the excess of the cost of the
investment over the attributable theoretical book value of the investee company on the date of its
incorporation into the Group, it is allocated directly and as far as possible to the assets of the
subsidiary, without exceeding their fair value. If it cannot be allocated to assets, it is considered
consolidation goodwill, and the corresponding impairment test is performed annually (see note
4i).

The negative consolidation difference is recorded in the Consolidated Income Statement and
corresponds to the negative difference between the carrying amount of the parent company's
direct shareholding in the subsidiary's capital and the value of the proportional share of the
subsidiary's equity attributable to that shareholding on the date of first consolidation.

d) Conversion differences

The items in the Consolidated Statement of Financial Position and Consolidated Income
Statement of the companies included in the consolidation whose functional currency is other
than the euro have been converted to euros using the following criteria:

• Assets, liabilities, income and expenses (except equity) at the closing exchange rate for
each financial year.
• Items in the Consolidated Income Statement at the average exchange rate for the year.
• Equity at the historical exchange rate.

The differences resulting from the application of different exchange rates, in accordance with
the above criteria, are shown under "Translation differences" in the Consolidated Statement of
Financial Position.

Hyperinflationary economies:

Based on the provisions of International Accounting Standard (IAS) No. 21, the results and
financial position of an entity whose functional currency is that of a hyperinflationary economy
shall be translated into a different presentation currency using the following procedures:

(a) all amounts (i.e. assets, liabilities, equity items, expenses and income, including also
the corresponding comparative figures) shall be translated at the closing exchange rate
at the date of the most recent Consolidated Statement of Financial Position, except
when the amounts are translated into the currency of a non-hyperinflationary economy,
in which case the comparative figures shall be those presented as current amounts for
the year in question in the financial statements for the previous year (i.e. these amounts
shall not be adjusted for subsequent changes in price levels or exchange rates).

When the entity's functional currency is that of a hyperinflationary economy, it shall restate its
financial statements before applying the conversion method set out in the




24
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


paragraphs above, except for comparative figures, in the case of conversion to the currency of
a non-hyperinflationary economy. When the economy in question ceases to be
hyperinflationary and the entity ceases to restate its financial statements, it shall use as historical
costs, for conversion to the presentation currency, the amounts restated according to the price
level on the date on which the entity ceased to make the aforementioned restatement.

e) Transactions between companies included in the scope of consolidation

Prior to preparing the Interim Consolidated Financial Statements, all balances and transactions
between Group companies have been eliminated, as have the results produced between those
companies as a result of the aforementioned transactions.


f) Intangible assets

As a general rule, intangible assets are recognised provided they meet the identifiability
criterion and are initially measured at their acquisition price or production cost, subsequently
reduced by the corresponding accumulated amortisation and, where applicable, by any
impairment losses incurred. In particular, the following criteria are applied:

Industrial property

This corresponds to capitalised development costs for which the corresponding patent or similar
has been obtained, and includes the costs of registering and formalising industrial property, as
well as the costs of acquiring the corresponding rights from third parties. It is amortised on a
straight-line basis over its useful life at a rate of 20% per annum. This amortisation is recorded
under the heading "Provisions for depreciation of fixed assets" in the Consolidated Income
Statement.

Computer applications

Licences for computer applications acquired from third parties or computer programmes
developed internally are recorded as intangible assets on the basis of the costs incurred to
acquire or develop them and prepare them for use.

Computer applications are amortised on a straight-line basis over their useful life at a rate of
25% per annum. This amortisation is recorded under "Provisions for depreciation of fixed
assets" in the Consolidated Income Statement.

Computer application maintenance expenses incurred during the year are recorded under
"Provisions for depreciation of fixed assets" in the Consolidated Income Statement.




25
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


g) Tangible fixed assets

Tangible fixed assets are valued at their acquisition price or production cost, less the
corresponding accumulated depreciation and, where applicable, any impairment losses.

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.

The costs of expansion, modernisation or improvements that represent an increase in
productivity, capacity or efficiency, or an extension of the useful life of the assets, are accounted
for as an increase in their cost. Conservation and maintenance expenses are charged to the
Consolidated Income Statement for the year in which they are incurred.

The Group depreciates its property, plant and equipment on a straight-line basis. The useful
lives and depreciation rates applied are as follows:

Annual Estimated Useful Life
Percentage
Other facilities 8-30 12-3
Technical facilities 20 5
Furniture 10-17 10-6
Information processing equipment 20-44 5-2
Transport elements 17-20 6-5
Machinery 20-33 5-3
Other tangible fixed assets 10-30 10-3

h) Goodwill

Goodwill is recognised only when its value is evident as a result of a purchase, in the context
of a business combination.

Goodwill is allocated to each of the cash-generating units to which the benefits of the business
combination are expected to accrue and, where appropriate, the corresponding valuation
adjustment is recorded (see note 4 i).

If an impairment loss must be recognised for a cash-generating unit to which all or part of the
goodwill has been allocated, the carrying amount of the goodwill corresponding to that unit is
reduced first. If the impairment exceeds the carrying amount of the goodwill, the carrying
amount of the other assets of the cash-generating unit is reduced in proportion to their carrying
amounts, up to the higher of their fair value less costs to sell, their value in use and zero. The
impairment loss is recognised in profit or loss for the period.




26
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


i) Impairment of intangible and tangible fixed assets and consolidation goodwill.

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. The Group uses value in use as the criterion for
calculating the recoverable amount of property, plant and equipment and intangible assets.

For this purpose, at least at the end of the financial year, the Group 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 units, may
be impaired, in which case their recoverable amount is estimated and the corresponding
valuation adjustments are made. A cash-generating unit is defined as the smallest identifiable
group of assets that generates cash flows that are largely independent of those derived from
other assets or groups of assets.

Impairment calculations for tangible fixed assets are carried out 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 belongs is
determined.

The procedure implemented by the Group's management for determining impairment is as
follows:

To estimate the value in use, Group management prepares an annual business plan for each
cash-generating unit by market and activity, generally covering a period of five financial years.
The main components of this plan are the projections of results and cash flows.

Other variables that influence the calculation of recoverable value are:

• Discount rate to be applied, calculated between 9% and 14% depending on the
geographical area, the main variables influencing its calculation being the cost of
liabilities and the specific risks of the assets.

• The cash flow growth rate used has been calculated for each company and each
geographical market, standing at around 2.50%.

The projections are prepared on the basis of past experience and the best available estimates,
which are consistent with information from external sources.

The five-year strategic plan for the Group companies is approved by the Finance Department
and will be submitted to the Board of Directors of the Parent Company for approval.




27
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


If an impairment loss must be recognised for a cash-generating unit to which all or part of
goodwill has been allocated, the carrying amount of the goodwill corresponding to that unit is
reduced first. If the impairment exceeds the amount of the goodwill, the carrying amount of the
other assets of the cash-generating unit is reduced in proportion to their carrying amounts, up
to the higher of the following: their fair value less costs to sell, their value in use and zero. The
impairment loss is recognised in profit or loss for the period.

When an impairment loss is subsequently reversed (which is 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 Consolidated Income Statement.

j) Leases and other similar transactions

The Group as lessee

A lease is defined as "a contract, or part of a contract, that conveys the right to use an asset (the
underlying asset) for a period of time in exchange for consideration". To apply this definition,
the Group assesses whether the contract meets three key criteria, namely:

• the contract contains an identified asset, which is either explicitly identified in the
contract or implicitly specified by being identified at the time the asset is made available to
the Group.

• the Group has the right to obtain substantially all of the economic benefits from the use
of the identified asset during the period of use, considering its rights within the scope defined
in the contract.

• the Group has the right to direct the use of the identified asset during its useful life. The
Group will assess whether it has the right to direct 'how and for what purpose' the asset is used
during its useful life.

Measurement and recognition of leases as a lessee

At the commencement date of the lease, the Group recognises a right-of-use asset and a lease
liability in the balance sheet. The right-of-use asset is measured at cost, which consists of the
initial acquisition value of the lease liability, the initial direct costs incurred by the Group, an
estimate of the costs of dismantling and disposing of the asset at the end of the lease, as well as
payments made prior to the commencement date of the lease (net of any incentives received).




28
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


The Group depreciates right-of-use assets from the commencement date of the lease until the
end of the useful life of the right-of-use asset or the end of the lease term, whichever is earlier.
The Group also assesses the impairment of the right-of-use asset when there are such indicators.

At the commencement date, the Group measures the liability at the present value of the
instalments outstanding at that date, discounted using the interest rate implicit in the lease
agreement if that rate is readily available or the Group's incremental borrowing rate.

The instalments included in the measurement of the lease liability comprise fixed instalments
(including in substance fixed instalments), variable instalments based on an index or interest
rate, expected amounts, etc. payable under a residual value guarantee and payments arising
from options that are reasonably certain to be exercised.

Subsequent to initial measurement, the liability will be reduced for payments made and
increased for interest. It is remeasured to reflect any reassessment or modification, or if there
are changes in the fixed payments in substance.

When the lease liability is revalued, the corresponding adjustment is reflected in the right-of-
use asset, or in profit or loss for the period if the right-of-use asset has already been reduced to
zero.

The Group has opted to account for short-term leases and leases of low-value assets using the
practical expedients. Instead of recognising an asset for right-of-use and a finance lease
liability, the related payments are recognised as an expense in profit or loss on a straight-line
basis over the lease term.

In the statement of financial position, right-of-use assets have been included in property, plant
and equipment, and lease liabilities have been included in other current and non-current
liabilities.

k) Financial instruments

k.1) Recognition and derecognition

Financial assets and liabilities are recognised when the Group becomes a party to the
contractual provisions of the financial instrument.

Financial assets are derecognised when the contractual rights to the cash flows of the financial
asset expire, or when the financial asset and substantially all the risks and rewards are
transferred. A financial liability is derecognised when it is extinguished, settled, cancelled or
expires.

k.2) Classification and initial measurement of financial assets

With the exception of those accounts receivable that do not contain a significant financing
component and are measured at transaction price in accordance with IFRS 15, all




29
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


financial assets are initially measured at fair value adjusted for transaction costs (if applicable).

Financial assets, other than those designated and effective as hedging instruments, are classified
into the following categories:

- Amortised cost.
- Fair value through profit or loss (FVTPL).
- Fair value through other comprehensive income (FVOCI).

In the periods presented, the Group has no financial assets classified as FVOCI.

The classification is determined by both:

- The entity's business model for managing the financial asset.
- The characteristics of the contractual cash flows of the financial asset.

All income and expenses related to financial assets that are recognised in profit or loss are
presented within finance costs, finance income or other financial items, except for impairment
of receivables, which is presented within other expenses.

k.3) Subsequent measurement of financial

assets Financial assets at amortised cost

Financial assets are measured at amortised cost if they meet the following conditions (and are
not designated as FVTPL):

- They are held within a business model whose objective is to hold the financial assets
and collect their contractual cash flows.

- The contractual terms of the financial assets give rise to cash flows that are solely
payments of principal and interest on the principal amount outstanding.

After initial recognition, they are measured at amortised cost using the effective interest
method. Discounting is omitted when the effect of discounting is immaterial. Cash and cash
equivalents, bonds, trade receivables and most other receivables of the Group are included in
this category of financial instruments, as are listed bonds.

k.4) Impairment of financial assets

The impairment requirements in IFRS 9 use more forward-looking information to recognise
expected credit losses – the expected credit loss (ECL) model.




30
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


The instruments included in the scope of the requirements included loans and other debt-type
financial assets measured at amortised cost and FVOCI, trade receivables, contractual assets
recognised and measured under IFRS 15, and loan commitments and some financial guarantee
contracts (for the issuer) that are not measured at fair value through profit or loss. The
recognition of credit losses no longer depends on the Group first identifying a credit loss event.
Instead, the Group considers a wider range of information when assessing credit risk and
measuring expected credit losses, including past events, current conditions and reasonable and
supportable forecasts that affect the expected collectability of the instrument's future cash
flows.

In applying this forward-looking approach, a distinction is made between:

- Financial instruments that have not significantly deteriorated in credit quality since
initial recognition or that have low credit risk ("first stage")

- Financial instruments that have deteriorated significantly in credit quality since initial
recognition and whose credit risk is not low ("second stage").

Stage 3 would cover financial assets that have objective evidence of impairment at the reporting
date.

"Expected 12-month credit losses" are recognised for the first category, while "expected
lifetime losses" are recognised for the second. "Credit losses" are recognised for the second
category.

The measurement of expected credit losses is determined by a probability-weighted estimate of
credit losses over the expected life of the financial instrument.

Trade and other receivables and contractual assets

The Group uses a simplified approach to accounting for trade and other receivables and
contractual assets and records the provision for losses as lifetime expected credit losses. These
are the expected shortfalls in contractual cash flows, considering the potential for default at any
time during the life of the financial instrument. To calculate this, the Group uses its historical
experience, external indicators and forward-looking information to calculate expected credit
losses using a provision matrix.

The Group collectively assesses the impairment of trade receivables, as they have shared credit
risk characteristics and have been grouped based on days past due.




31
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


k.5) Classification and measurement of financial liabilities
The Group'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 Group 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 for the year are included in finance costs or income.

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

l) Foreign currency

The items included in the financial statements of each of the Group companies are measured in
their respective functional currencies. The Consolidated Interim Financial Statements are
presented in euros, which is the functional and presentation currency of the Parent Company.

The conversion into the functional currency of items expressed in foreign currency is carried
out by applying the exchange rate in force at the time of the corresponding transaction, and they
are valued at the end of the financial year in accordance with the exchange rate in force at that
time.

The companies comprising the Group record the following in their individual financial statements:

• Transactions in currencies other than the functional currency carried out during the
financial year at the exchange rates prevailing on the dates of the transactions.

• The balances of monetary assets and liabilities in currencies other than the functional currency
( cash
and items without loss of value when liquidated) according to the exchange rates at the
end of the financial year.

• The balances of non-monetary assets and liabilities in currencies other than the
functional currency according to historical exchange rates.

The gains and losses arising from these entries are included in the consolidated income
statement.

m) Income tax
Until 2016, Group companies domiciled in Spain were taxed under the Special Tax
Consolidation Regime, in the group headed by the Parent Company.


32
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


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 the
Parent Company (see note 12), and that, pursuant to the provisions of Article 61.3 of Law
27/2014, of 27 November, on Corporation Tax, and due to the fact that the Parent Company
had lost its status as the controlling entity of tax group number 0212/2013 as a result of ISP
acquiring a stake in the Parent Company exceeding 75% of its share capital and voting rights,
it was agreed to incorporate the companies of the ISPD Network Group to which it was
applicable, with effect from the tax period beginning on 1 January 2017, as subsidiaries of tax
group number 265/10, whose controlling entity is ISP.

The income tax expense for the year is calculated by adding the current tax, which results from
applying the corresponding tax rate to the tax base for the year less any existing allowances and
deductions, and the changes during the year in deferred tax assets and liabilities recorded. It is
recognised in the Consolidated Income Statement, except when it corresponds to transactions
that are recorded directly in equity, in which case the corresponding tax is also recorded in
equity.

Deferred taxes are recognised for temporary differences existing at the date of the consolidated
statement of financial position between the tax base of assets and liabilities and their carrying
amounts. The tax base of an asset or liability is considered to be the amount attributed to it for
tax purposes. The tax effect of temporary differences is included in the corresponding headings
of "Deferred tax assets" and "Deferred tax liabilities" in the consolidated statement of financial
position.

The Group recognises a deferred tax liability for all taxable temporary differences, except,
where applicable, for the exceptions provided for in current regulations.

The Group recognises deferred tax assets for all deductible temporary differences to the extent
that it is probable that the tax group will have future taxable profits that will allow these assets
to be recovered, except, where applicable, for the exceptions provided for in current regulations.

At the end of each financial year, the Group assesses the deferred tax assets recognised and
those that have not been previously recognised. Based on this assessment, any previously
recognised asset is derecognised if its recovery is no longer probable, or any previously
unrecognised deferred tax asset is recognised if it is probable that the Company will have future
taxable profits that will allow its application.

Deferred tax assets and liabilities are measured at the tax rates expected at the time of their
reversal, in accordance with current regulations and in line with how the deferred tax asset or
liability is reasonably expected to be recovered or paid.

Deferred tax assets and liabilities are not discounted and are classified as non-current assets and
liabilities, regardless of the expected date of realisation or settlement.




33
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


The amounts payable/receivable for corporation tax for the year, as the consolidated group
belongs to a tax group, will not be settled with the public authorities, but will be settled with
the parent company of the tax group to which it belongs.

n) Revenue and expenses

IFRS 15 establishes that revenue is recognised in a manner that represents the transfer of goods
and services committed to customers for an amount that reflects the consideration to which the
Group expects to be entitled in exchange for those goods and 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 obligations in the contract
• 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 performance obligations by transferring the promised goods or services to its
customers.

The Group 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 Group satisfies a performance obligation before receiving consideration, the
Group 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.

On the other hand, IFRS 15 requires the recognition of an asset for those incremental costs
incurred to obtain contracts with customers, which are expected to be recovered, amortised
systematically in the Consolidated Income Statement to the same extent as the revenue related
to that asset is recognised.




34
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025



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

The ISPD Network Group is mainly engaged in digital media trading, more specifically
performance and brand marketing. The Group has identified the performance obligations of this
main activity, which is the achievement of the KPIs set by the customer, which can be measured
in leads, clicks, views, etc. in the different media used. The Group determines the price of these
obligations at the time it defines the contractual characteristics of each contract with each
specific client, assigning the price to the performance obligations described above. Likewise,
the Group recognises the income from each contract at the time these performance obligations
are fulfilled and acceptance is obtained from the client, at which point payment is usually due.
There are no significant outstanding performance obligations, as most contracts with customers
have an initial expected duration of one year or less. In addition, the credit granted by the Group
to its customers is based on their specific characteristics and creditworthiness.

o) Provisions and contingencies

In preparing the Consolidated Interim Financial Statements, the directors of the parent company
differentiate between:

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 amount and/or timing.

2) Contingent liabilities: possible obligations arising from past events, the future
materialisation of which is conditional on the occurrence or non-occurrence of one or
more future events beyond the Group's control.

The Consolidated Interim Financial Statements include all provisions for which it is estimated
that the probability of having to meet the obligation is greater than the opposite, and they are
recorded at the present value of the best possible estimate of the amount necessary to settle or
transfer the obligation to a third party. Contingent liabilities are not recognised in the
Consolidated Interim Financial Statements, but are disclosed in the notes to the financial
statements.

Provisions are valued at the end of the financial year at the present value of the best possible
estimate of the amount necessary to settle or transfer the obligation to a third party, with any
adjustments arising from the revaluation of these provisions being 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 where 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.




35
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


p) Deferred income

Non-repayable capital grants, as well as donations and legacies, are valued at the fair value of
the amount granted or the asset received. They are initially recorded under "Deferred income"
on the liabilities side of the Consolidated Statement of Financial Position and are recognised in
the Consolidated Income Statement in proportion to the depreciation incurred during the period
on the assets financed by these grants, except in the case of non-depreciable assets, in which
case they shall be allocated to the result for the financial year in which they are disposed of or
written off.

Refundable subsidies are recorded as long-term or short-term debts (depending on the
repayment term) convertible into subsidies until they become non-refundable.

Operating subsidies are credited to the results for the financial year at the time they are accrued.

q) Environmental assets

Due to its activity, the Group does not have any significant assets included in property, plant
and equipment that are intended to minimise environmental impact and protect and improve
the environment, nor has it received any subsidies or incurred any expenses during the financial
year for the purpose of protecting and improving the environment. Furthermore, the Group has
not made any provisions to cover risks and expenses for environmental actions, as it considers
that there are no contingencies related to the protection and improvement of the environment.

r) Related party transactions

Transactions between related parties, regardless of the degree of relatedness, are accounted for
in accordance with general rules. Consequently, in general, the items involved in the transaction
are initially recognised at fair value. If the price agreed in a transaction differs from its fair
value, the difference is recorded in accordance with the economic reality of the transaction.
Subsequent measurement is carried out in accordance with the relevant standards.

s) Equity-settled payments

The goods or services received in these transactions are recorded 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 liability, 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.




36
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


Stock option plans are measured at fair value (see note 4w) at the initial grant date using a
generally accepted financial calculation method, which, among other things, considers the
option exercise price, volatility, exercise period, expected dividends and risk-free interest rate.

t) Cash flow statement

The consolidated cash flow statement has been prepared using the indirect method, and the
following terms are used with the meanings indicated below:

• Operating activities: activities that constitute the Group's ordinary income, as well as
other activities that cannot be classified as investing or financing activities.

• Investing activities: activities involving 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 liabilities that are not part of operating activities.

u) 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: recognised at fair value less costs to sell.

- Deferred tax assets and liabilities: these are measured at the amount expected to be
recovered or paid, based on the tax rates that will apply in the financial years in which
the assets are expected to be realised or the liabilities paid, in accordance with the
regulations in force or those approved but pending publication at the acquisition date.
Deferred tax assets and liabilities are not discounted.
- Assets and liabilities associated with defined benefit pension plans: these are
recognised at the acquisition date at the present value of the promised 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 income statement: these have
been deducted from the negative difference calculated.




37
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


- 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 income
statement 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 recognised in accordance with the
relevant recognition and measurement rules depending on the nature of the transaction or asset.

v) Own equity instruments (treasury shares)

The parent company's own shares acquired by the Group are recognised, as a reduction in
equity, at the value of the consideration given in exchange. The results arising from the
purchase, sale, issue or redemption of own equity instruments are recognised directly in equity,
without any result being recognised in the consolidated income statement.

w) Fair value measurement of financial instruments

Financial assets and liabilities measured at fair value in the statement of financial position are
grouped into three levels of a fair value hierarchy. The three levels are defined on the basis of
the observability of significant inputs to the measurement, as indicated below:
- Level 1: quoted prices (unadjusted) in active markets for identical assets or
liabilities
- Level 2: inputs other than quoted prices included in Level 1 that are observable for
the asset or liability, either directly or indirectly.
- Level 3: inputs that are not observable for the asset or liability.


There were no transfers between Level 1 and Level 2 in 2025 or 2024.

38
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025




NOTE 5. CONSOLIDATION GOODWILL

The breakdown of the consolidation goodwill is as follows:

Business
Company 31/12/2024 (Impairment)/goodwill 30/6/2025
combination (*)


Marketing Manager Servicios de Marketing, S.L. 276,461 276,461 -
Rebold Italia SRL. 3,686,847 3,686,847
Rebold Marketing S.L.U. 81,027 81,027
B2Marketplace Ecommerce Consulting Group, S.L
1,811,125 1,811,125
(see Note 24)
Blue Digital 472,563 472,563
Happyfication (see Note 24) 1,757,952 1,757,952
Rocket PPC (see Note 24 - -
Total cost 8,085,976 7,809,514


(Impairment)/capital Business
Company 31/12/2023 31/12/2024
gain combination (*)


Marketing Manager Servicios de Marketing, S.L. 276,461 276,461
Rebold Italia SRL. 3,686,847 3,686,847
Rebold Marketing S.L.U. 81,027 81,027
Foreseen Media, S.L. (see Note 24) 109,509 (109,509) -
B2Marketplace Ecommerce Consulting Group, S.L
1,811,125 1,811,125
(see Note 24)
Blue Digital 472,563 472,563
Happyfication (see Note 24) 1,757,952 1,757,952
Rocket PPC (see Note 24) 2,559,328 (2,559,328) -
Total cost 10,754,813 (2,559,328) 8,085,976


(*) In accordance with IFRS 3 - Business Combinations, the Company has a period of up to 12
months from the acquisition date to definitively determine the amount of the Consolidation Goodwill
(CGC). In this context, in 2023 and 2024, corrections were made to the CGC arising from the
acquisition of Rocket, given that, within this measurement period, a complete acquisition of the shares
and a merger between Rocket and ISPD Italia took place. In addition, during the 2024 financial year,
Rocket PPC was absorbed by ISPD Italia SRL (see note 24).




39
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


(**) The company Foreseen Media S.L. was merged during the 2021 financial year with the
subsidiary Rebold Marketing, S.L.U. During the 2024 financial year, the goodwill resulting from the
acquisition of Foreseen Media S.L. was derecognised.

Each goodwill arose from the acquisition of each of the group companies. The directors have
defined each of the companies as a cash-generating unit (CGU) as detailed in note 24.

To estimate the recoverable amount, the Group's management prepares an annual business plan
for each cash-generating unit by market and activity, generally covering a period of five
financial years. The main components of this plan are the projections of results and cash flows.
The recoverable amount of each CGU has been determined based on the value in use.

The recoverable amount of each company's goodwill has been determined based on
management's estimates of its value in use. To make these estimates, the cash flows of each
company have been projected over the next five years and extrapolated using a growth rate
determined by management. The present value of the expected cash flows of each company is
determined by applying an appropriate WACC rate that reflects the current situation of the time
value of money and the specific risks of each company. The key assumptions made in these
earnings and cash flow projections that influence the calculation of recoverable value are:

• Discount rate to be applied, calculated between 9% and 14%, the main variables
influencing its calculation being the cost of liabilities and the specific risks of the assets,
as well as those derived from the country and business.
• Cash flow estimates have been made based on past returns, taking into account the
industry trends described below.
• A perpetuity rate of approximately 2.5%, reflecting the long-term average growth of
the industry.

The projections are prepared on the basis of past experience and based on the best available
estimates, which are consistent with information from external sources.

In preparing the estimates used to analyse the key assumptions used in the calculations of value
in use and sensitivity to changes in assumptions, the impact of new AI technologies on market
growth, the increase in the average ticket size of our customers, the synergies derived from the
different business units, the upward trend in prices, interest rate rises and the crazy economic
situations in each of the countries that may have had an impact on the main assumptions.
Specifically:

1. Gross margins: Forecast gross margins have been reduced, taking into account the lower
margin of customers with higher average ticket sizes, the effect of increased competition,
the increase in supplier prices not passed on to sales prices, and the decrease in disposable
income of households as end users.




40
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


2. Growth rates: With regard to this variable, consideration has been given to the impact of
new AI technologies on market growth, the increase in the average ticket per customer, the
synergies derived from the different business units, the upward trend in prices, interest rate
rises and the crazy situations in each of the countries, which may affect the evolution of final
demand.

The five-year strategic plan for the Group's companies is approved by the Finance Department
and will be submitted to the Board of Directors of the Parent Company for approval.

The Group has performed a sensitivity analysis of the assumptions used in estimating the fair
value of these assets, altering these estimates (discount rate and growth rate) by +/-2%. This
sensitivity analysis would result in an insignificant change in the fair value of these assets that
would not alter the conclusions reached by the Group.


During the 2025 financial year, the company Marketing Manager Servicios de Marketing S.L.
was sold, resulting in the derecognition of this consolidation goodwill. (see note 24).

In 2024, as a result of the merger between ISPD Italia and Rocket PPC, this consolidation
goodwill was derecognised.

During the 2023 financial year, new goodwill of €2,559,328 was recognised as a result of the
acquisition of Rocket PPC, a company domiciled in Italy, based on the best possible estimate
by the management of the Parent Company. During the 2024 financial year, as a result of the
merger between ISPD Italia and Rocket PPC, this consolidation goodwill was derecognised
(see note 24).




41
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


NOTE 6. TANGIBLE FIXED ASSETS

The balances and changes during the first six months of 2025 and 2024 in gross values,
accumulated depreciation and valuation adjustments are as follows:

31/12/2024 Additions Disposals Dif. Change Transfers 30/06/2025

Cost:
Technical installations,
machinery, tools, equipment 2,858,104 119,004 (263,840) (16,884) 2,696,384
and other tangible assets
Right of use 1,871,812 42,597 - (17,365) 1,897,045
4,729,917 161,602 (263,840) (34,249) 4,593,429

Accumulated
amortisation:
Technical installations,
machinery, tools, equipment (2,528,528) (79,079) 252,202 14,108 (2,341,297)
and other tangible assets
Right of use (831,575) (227,021) 2,127 9,062 (1,047,408)
(3,360,103) (306,100) 254,329 23,169 (3,388,705)

Tangible fixed assets, net 1,369,814 (144,498) (9,511) (11,080) - 1,204,724


31/12/2023 Additions Cancellations Dif. Change Transfers 31/12/2024

Cost:
Technical installations,
machinery, tools, equipment 2,845,326 196,549 (171,257) (12,513) 2,858,104
and other tangible assets
Right of use 2,039,193 279,445 (446,461) (365) 1,871,812
4,884,519 475,994 (617,717) (12,878) - 4,729,917

Accumulated
amortisation:
Technical installations,
machinery, tools, equipment (2,421,449) (202,704) 85,301 10,324 (2,528,528)
and other tangible assets
Right of use (797,489) (439,543) 404,185 1,271.56 (831,575)
(3,218,938) (642,247) 489,486 11,595 (3,360,103)

Tangible fixed assets, net 1,665,581 (166,253) (128,231) (1,283) - 1,369,814




42
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025

The amount of the right-of-use asset at 30 June 2025 is EUR 1,897,045 (EUR 1,871,812 in
2024) with an amortisation expense for this asset amounting to EUR 227,021 (EUR 439,543 in
2024). The balance recorded refers to the office leases contracted by the Group, which must be
capitalised under IFRS 16 (see note 8).

Impairment tests in relation to this right of use have not given rise to any impairment in the
group.

The gross value of the items in use that are fully amortised is as follows:

30/06/2025 31/12/2024 31/12/2023

Technical installations, machinery, tools,
1,998,622 2,160,205 2,140,121
equipment and other tangible assets

1,998,622 2,160,205 2,140,121


All of the Group's tangible fixed assets are used for operational purposes, are duly insured and
are not subject to any type of encumbrance.

The net book value of property, plant and equipment located outside Spain amounted to
€165,717 at 30 June 2025 (€153,026 at 31 December 2024).

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

The Group's policy is to take out insurance policies to cover the potential risks to which the various
items of its property, plant and equipment are subject. As at 30 June 2025 and 31 December
2024, the Group's assets are insured under an insurance policy. The Group's directors consider
that this policy provides sufficient cover for the risks associated with property, plant and
equipment.




43
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


NOTE 7. INTANGIBLE FIXED ASSETS

The balances and changes during the first six months of 2025 and 2024 in gross values, accumulated
amortisation and valuation adjustments are as follows:

Exchange Exchange
31/12/2023 Additions Disposals rate Transfers 31/12/2024 Additions Disposals rate Transfers 30/06/2025
fluctuations fluctuation


Cost:
Industrial property 273,934 6,503 (79,448) - - 200,989 19,731 (49,000) - - 171,720
Computer applications 4,283,994 765,296 (101,327) (6,019) 1,273,488 6,215,432 (22,320) (822,281) (75,410) 299,832 5,595,252
Fixed assets in progress 976,132 861,228 (364) - (1,273,488) 563,508 564,644 (30,942) - (299,832) 797,378
Goodwill 1,037,509 1,582,194 (2,981) 33,642 - 2,650,365 - - (66,381) - 2,583,984
Internally developed assets* 594,534 303,333 (248,463) - - 649,404 - - - - 649,404
Other intangible fixed assets - - - - - - - - - - -
7,166,103 3,518,554 (432,583) 27,623 - 10,279,697 562,054 (902,223) (141,791) - 9,797,737


Accumulated amortisation:
Industrial property (191,902) (34,039) - - - (225,940) (33,694) 96,076 3,044 - (160,515)
Computer applications (2,956,317) (1,016,786) 184,649 7,121 - (3,781,334) (476,291) 736,225 179 - (3,521,221)
Amortisation Fixed assets in
- - - - - - - - - - -
progress
Goodwill (342,285) (49,986) - - - (392,270) (165,308) - - - (557,578)
Other intangible assets - - - - - - - - - - -
(3,490,503) (1,100,811) 184,649 7,121 - (4,399,544) (675,294) 832,300 3,223 - (4,239,314)
- - -
Impairment: - - -
Goodwill (399,446) (58,274) - (23,808) - (481,528) (25,903) - 53,442 - (453,989)
Impairment of computer software - - - - - - - - - - -
(399,446) (58,274) - (23,808) - (481,528) (25,903) - 53,442 - (453,989)

Intangible Fixed Assets, Net 2,359,469 (247,934) 10,936 - (139,142) (69,923) (85,125) -
3,276,154 5,398,625 5,104,434




*The amount of internally developed assets corresponds to those developed in Spain, amounting to
649,404 euros.

The net book value of intangible fixed assets (including goodwill) located outside Spain
amounted to €2,022,038 at 30 June 2025 (€2,336,198 at 31 December 2024).

The goodwill was recognised as a result of the business combination arising from the merger
between ISPD Italia and Rocket (see note 24).

The accumulated amortisation of goodwill corresponds mainly to the Presstraking customer
portfolio at Rebold Communication.




44
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025



The gross value of the items in use that are fully amortised is as follows:

30/06/2025 31/12/2024 31/12/2023

Industrial property 47,943 47,943 47,273

Computer applications 2,178,716 2,849,723 2,025,344



2,226,659 2,897,666 2,072,617




NOTE 8. LEASES

The charge to income for the first six months of 2025 and for the 2024 financial year in respect
of leases amounted to €457,491 and €908,468, respectively (see note 16 d).

The Group has recognised those minimum future payment commitments corresponding to non-
cancellable leases based on the adoption of IFRS 16, as detailed in note 2 (see notes 7 and 10.1).

The main leases correspond to offices in Spain and the US and, to a lesser extent, to office
leases in Italy and Mexico.

As at 30 June 2025, the breakdown of leases recorded under IFRS 16 is as follows:

Accumulated
Depreciation Financial Interest Rental
Asset amortisation
2025 Liabilities expenses expenses
2025

Rebold Italia SRL 200,905 17,383 (82,534) (118,372) 2,525 (19,907)
ISPD Network SA (Madrid 2) 125,860 16,950 (75,988) (49,871) 1,174 (18,125)
ISPD Network SA (Madrid 1) 571,098 69,333 (329,917) (241,181) 5,534 (74,867)
Antevenio Mexico 171,705 30,286 (119,890) (51,815) 1,366 (31,651)

ISPD Network SA (Barcelona) 827,478 93,070 (439,079) (388,399) 8,712 (101,782)

1,897,046 227,021 (1,047,409) (849,637) 19,311 (246,332)




45
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025



As at 31 December 2024, the breakdown of leases recorded under IFRS 16 is as follows:


Amortisation Amortisation Liabilities Expenses Financial
Asset 2024
Accumulate Financial Interest rent
d
2024
ISPD Italia S.R.L. 199,875 33,483 (65,231) (134,644) (6,006) (39,489)
ISPD Network SA (Madrid 2) 93,394 33,434 (61,572) (31,822) (1,966) (35,400)

ISPD Network SA (Madrid 1) 568,827 133,294 (259,563) (309,263) (15,619) (148,914)

Antevenio Mexico 189,068 63,763 (98,665) (90,403) (4,930) (68,693)

ISPD Network SA (Barcelona) 820,648 175,568 (346,543) (474,105) (22,367) (197,935)

1,871,812 439,543 (831,575) (1,040,236) (50,888) (490,431)




The classification by maturity of the debt associated with these assets is as follows:

Financial liabilities 2025 2026 2027 2028 Total


Rebold Italia SRL 17,727 36,514 37,974 26,156 118,372
ISPD Network SA (Madrid 2) 17,286 32,585 - - 49,871
ISPD Network SA (Madrid 1) 70,706 145,641 24,833.67 - 241,181
Antevenio Mexico 30,885 20,929 - - 51,815

ISPD Network SA (Barcelona) 98,524 202,940 86,936 - 388,399

235,128 438,609 149,744 26,156 849,637




Financial liabilities 2025 2026 2027 2028 2029 Total


ISPD Italia S.R.L. 34,822 36,215 37,664 25,942 - 134,644
ISPD Network SA (Madrid 2) 31,821 - - - - 31,821
ISPD Network SA (Madrid 1) 139,475 145,054 24,734 - - 309,263
Antevenio Mexico 67,357 23,046 - - - 90,403
ISPD Network SA (Barcelona) 190,747 198,377 84,981 - - 474,105

464,223 402,692 147,378 25,942 - 1,040,236


These maturities are included in the maturities described in note 10.2 under the heading Other
long-term and short-term debts.




46
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025



NOTE 9. LONG-TERM AND SHORT-TERM FINANCIAL ASSETS

Financial assets are recognised at amortised cost, with no financial assets recorded at fair value
through profit or loss or other comprehensive income, as in the previous year.

The breakdown of long-term financial assets is as follows:

Loans and other Total
30/6/2025 31/12/2024 30/6/2024 30/6/2025 31/12/2024 30/6/2024

Loans and receivables (Note 9.2) 166,971 135,474 156,589 166,971 135,474 156,589
Loans and receivables from group 2,037,600 1,451,600 - 2,037,600 1,451,600 -

Total 2,204,571 1,587,074 156,589 2,204,571 1,587,074 156,589



The breakdown of short-term financial assets is as follows:


Short term Total
30/6/2025 31/12/2024 30/6/2024 30/6/2025 31/12/2024 30/6/2024
Cash and cash equivalents (Note 9.1) 5,196,141 6,531,325 6,354,932 5,196,141 6,531,325 6,354,932

Loans and receivables (Note 9.2) 28,813,408 42,149,544 34,302,413 28,813,408 42,149,544 34,302,413

Total 34,009,549 48,680,869 40,657,346 34,009,549 48,680,869 40,657,346




The carrying amount of loans and receivables is considered a reasonable approximation of
their fair value.

9.1) Cash and other liquid assets

This heading includes the fully liquid portion of the Group's equity and consists of cash
on hand and in banks, as well as short-term bank deposits with an initial maturity of three
months or less. These balances are not subject to restrictions on their availability or to
risks of changes in value.


The breakdown of these assets is as follows:


30/6/2025 31/12/2024 30/6/2024
Current accounts 5,186,818 6,504,253 6,353,282
Cash 9,323 27,072 1,650
Total 5,196,141 6,531,325 6,354,932




47
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025



Cash and cash equivalents in foreign companies as at 30 June 2025 amounted to
€5,196,141 (€6,276,757 as at 31 December 2024).


9.2) Loans and receivables

This heading is composed of the following items, in euros:

30/6/2025 31/12/2024 30/6/2024
Long Short Long Short Long Short
Term Term Term Term Term Term


Loans for commercial operations

Third-party customers 26,475,203 41,397,190 33,139,180

Total customers for commercial transactions 26,475,203 41,397,190 33,139,180

Group company customers 414,286 251,733 251,513
Other current assets of group
3,304 6,000 583,786
companies
Total Amounts with group
417,590 257,733 835,299
companies
Loans for non-commercial
transactions
Guarantees and deposits 166,971 135,474 156,589

Other assets 1,920,615 494,621 327,934

Total loans for non-commercial
166,971 1,920,615 135,474 494,621 156,589 327,934
operations

Total 166,971 28,813,408 135,474 42,149,544 156,589 34,302,413




The breakdown of the Customers heading is as follows:


Description 30/6/2025 31/12/2024 30/6/2024
Customers for sales and services rendered
Trade balances 21,680,341 39,736,251 30,274,222
Rebates granted pending settlement (877,000) (1,271,019) (1,216,716)
Trade balances pending issuance 5,670,863 2,931,958 7,562,778
Total 26,474,204 41,397,190 36,620,284



48
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025




Almost all of the balances held by customers for commercial transactions correspond to
accounts receivable for contracts executed with customers.

The variations arising from impairment losses due to credit risk by class of financial assets were
as follows:
Eliminations
Eliminations
Impairment and
Reversal of and Impairment Reversal of
Impairment 31/12/2023 valuation Application 31/12/2024 exchange Application 30/6/2025
impairment exchange adjustment impairment
adjustment rate
differences
differences




Commercial operation credits




Customers (3,263,502) (818,730) 417,208 365,708 113,362 (3,185,953) (211,244) 4,174 (101,707) 34,559 (3,460,171)



Total (3,263,502) (818,730) 417,208 365,708 113,362 (3,185,953) (211,244) 4,174 (101,707) 34,559 (3,460,171)




The Group records the movements of these adjustments under the heading "Impairment of
current assets" in the Consolidated Income Statement. During the first half of 2025, an
impairment loss of €211,244 was recognised for commercial operations, in line with the
company's risk policy (€818,730 in 2024).

9.3) Classification by maturity

The majority of long-term financial assets mature in less than five years.


NOTE 10. NON-CURRENT AND CURRENT FINANCIAL LIABILITIES

The breakdown of long-term financial liabilities at amortised cost classified by category is as
follows:
Long-term debts with credit
Other Total
institutions
30/6/2025 31/12/2024 30/6/2024 30/6/2025 31/12/2024 30/6/2024 30/6/2025 31/12/2024 30/6/2024


Debts and
payables (Note 2,243,439 2,704,954 3,413,825 9,721,185 10,675,175 9,901,148 11,964,623 13,380,129 13,314,973
10.1)


Total 2,243,439 2,704,954 3,413,825 9,721,185 10,675,175 9,901,148 11,964,623 13,380,129 13,314,973




49
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025




The breakdown of short-term financial liabilities at amortised cost classified by category is as
follows:

Short-term debts with credit
Other Total
institutions
30/6/2025 31/12/2024 30/6/2024 30/6/2025 31/12/2024 30/6/2024 30/6/2025 31/12/2024 30/6/2024


Debts and payables
10,957,483 9,847,791 9,760,429 34,465,878 43,292,476 39,579,016 45,423,360 53,140,267 49,339,445
(Note 10.1)


Total 10,957,483 9,847,791 9,760,429 34,465,878 43,292,476 39,579,016 45,423,360 53,140,267 49,339,445


The amount of financial liabilities recorded at amortised cost approximates their fair value.

10.1) Debts and payables

The breakdown as at 30 June 2025, 31 December 2024 and 30 June 2024 is as follows:

Balance at 30/06/2025 Balance at 31/12/2024 Balance as at 30/06/2024
Long term Short term Long term Short term Long term Short term


For commercial operations:
Suppliers 14,990,894 21,734,176 21,880,560
Group company suppliers 1,859,514 1,869,123 1,846,758
Fixed asset suppliers 35,492 1,797 39,372 4,657 40,149
Creditors 11,536,431 15,057,132 10,177,649
Total balances for commercial
28,422,330 1,797 38,699,803 4,657 33,945,114
operations


For non-commercial transactions:
Debts with credit institutions (2) 2,243,439 10,957,483 2,704,954 9,847,791 3,413,825 9,760,429
Other debts (1) 1,995,192 1,693,494 2,582,099 860,270 1,885,798 2,518,502
Provisions 337,513 364,428 283,841
Loans and other debts 4,576,144 12,650,977 5,651,481 10,708,061 5,583,465 12,278,931
Debts with group companies (note 23) 7,388,480 2,089,194 7,726,852 1,446,798 7,726,852 1,106,273
Personnel (remuneration pending
2,173,649 2,057,607 1,796,925
payment)
Total balances for non-commercial
7,388,480 4,262,843 7,726,852 3,504,405 7,726,852 2,903,198
operations


Advances from customers 87,210 227,997 212,202


Other current liabilities 87,210 227,997 212,202


Total Debits and accounts payable 11,964,623 45,423,360 13,380,130 53,140,266 13,314,973 49,339,445




50
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025




(1) The heading "Other debts" refers to long-term debts with the Centre for Industrial
Technological Development (CDTI) and the impact of IFRS 16. See note 14. An
amount of €825,931 is also reflected in the short term, corresponding to the financial
liability generated by business combinations.

(2) The amount included under Debts with credit institutions mainly corresponds to ICO
loans and credit facilities and other sources of short-term financing.

The financial expenses associated with liabilities recorded at 30 June 2025 amount to €630,662
(€671,226 in 2024).

10.2) Classification by maturity

The breakdown by maturity of the various long-term financial liabilities with fixed or
determinable maturities at 30 June 2025 is as follows:

30/06/2025 2026 2027 2028 2029 onwards Total



Long-term debts

Debts with credit institutions 556,300 1,297,896 154,043 235,200 2,243,439
Other debts 365,100 429,006 267,534 933,551 1,995,192
Total 1,458,983 1,668,820 776,956 290,801 5,299,623


The breakdown by maturity of the various long-term financial liabilities (debts with credit
institutions and other debts) with a fixed or determinable maturity at the end of the 2024
financial year is as follows:

31/12/2024 2026 2027 2028 2029 onwards Total



Long-term debts
Debts with credit institutions 1,027,329 1,288,382 154,043 235,200 2,704,954
Other debts 1,451,194 405,171 267,321 458,413 2,582,099
Total 2,478,523 1,693,553 421,364 693,613 5,287,053




30/06/2024 2025 2026 2027 2028 2029 onwards Total



Long-term debts

Debts with credit institutions 789,864 1,012,082 1,288,382 323,497 3,413,825
Other debts 314,199 446,901 380,437 453,459 290,801 1,885,798
Total 1,104,063 1,458,983 1,668,820 776,956 290,801 5,299,623




51
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025



NOTE 11. INFORMATION ON THE NATURE AND LEVEL OF RISK
ARISING FROM FINANCI STRUMENTS

The Group's activities are exposed to different types of financial risks, primarily credit risk,
liquidity risk and market risk (exchange rate, interest rate and other price risks).

Interest rate risk

The company is financed through CDTI loans, where the non-repayable portion is accompanied
by very low fixed rates, through internal financing with fixed interest rates, through ICOS loans,
most of which have fixed interest rates and are therefore not subject to market volatility, and
by current policies whose use is restricted to the short term and therefore with little exposure to
Euribor variability.
Exchange rate risk

The financing of long-term assets denominated in currencies other than the euro is attempted
to be carried out in the same currency in which the asset is denominated. This is especially true
in the case of acquisitions of companies with assets denominated in currencies other than the
euro.

Exchange rate risk arises mainly from sales in foreign currencies, primarily US dollars and
Mexican pesos. The net result of exchange differences shows a net loss of €20,126 as at 30 June
2025 and a net loss of €218,577 as at 31 December 2024.

Liquidity risk

The global economic situation continues to face significant challenges, which could impact the
company's liquidity. Factors such as tightening monetary policies in various regions and
widespread inflationary pressures are affecting both financial markets and the availability of
credit. These factors, combined with volatility in commodity prices and geopolitical tensions,
could lead to increased financing costs or difficulties in accessing sources of short- and long-
term liquidity. Against this backdrop, the group maintains prudent cash management and has
adopted mitigation measures to ensure sufficient cash flow to meet its financial obligations in
adverse scenarios.

In particular, we can summarise the points to which we pay the most attention:

Liquidity of monetary assets: surplus funds are always placed in very short-term, highly
available instruments. As at 30 June 2025, cash and cash equivalents amounted to €5,196,141
(€6,531,325 as at 31 December 2024).

At the end of 2023, with the aim of financing investment projects in the ISPD group, financing
options were agreed with Cofides, which in 2024 provided the company with a loan of €588,000
52
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025

from the Fund for Foreign Investments to finance the acquisition of 51% of Rocket PPC, an
Italian company specialising in digital advertising and web analytics.

Working capital was negative at 30 June 2025 in the amount of €7,663,125 and negative in the
amount of €3,180,527 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
financing sources and the soundness of the financial structure ensure the normal continuity of
operations without affecting the stability of the company.

Indebtedness: In line with the evolution of working capital, the increase in external financing
has been a strategic decision aimed at strengthening our financial position and taking advantage
of growth opportunities. Access to external sources of financing, under favourable conditions,
has allowed us to maintain the necessary operational flexibility without compromising the
company's liquidity. This approach has facilitated the obtaining of resources for reinvestment
in key projects, boosting our capacity for innovation and expansion. The increase in external
financing has been carried out within controlled debt parameters, thus ensuring a balanced
balance sheet that supports our long-term growth ambitions.

Credit risk

The Group does not have a significant concentration of credit risk, with exposure distributed
among a large number of counterparties and customers.

The Group's main financial assets are cash and cash equivalents, trade and other receivables,
and investments, which represent the Group's maximum exposure to credit risk in relation to
financial assets.

The Group continuously monitors the credit quality of its customers through credit rating
measurements. Where possible, external credit ratings and/or reports on customers are obtained
and used. The Group's policy is to deal only with creditworthy counterparties. Credit terms
range from 30 to 90 days. Credit terms negotiated with customers are subject to an internal
approval process that takes into account credit rating scores. Ongoing credit risk is managed
through regular review of ageing analysis, together with customer credit limits.

Trade receivables comprise a large number of customers in various sectors and geographical
areas.

The Group's maximum exposure to credit risk is equal to the carrying amount of the financial
assets recognised in the consolidated balance sheet (see note 9) at the closing date, less the
accumulated impairment at the closing date on those assets. Impairment losses on financial
assets and contractual assets recognised in the income statement for the year are described in

53
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025

the corresponding note.
Competition risk

The ISPD Network Group operates in a constantly evolving market with high growth rates.
Despite the entry of new competitors into the market, the Group is confident that its more than
twenty years of experience, as well as its established position and reputation, will enable it to
maintain its leadership position.

Likewise, the Group has expanded its services over the years through acquisitions and the
integration of other companies, such as Rebold. This has allowed it to diversify its offering and
improve the quality of its services. As a result, the Group is confident that it will continue to
occupy a prominent position in the market.

The ISPD Network Group relies on its experience, reputation, expansion of services and quality
to maintain its leading position despite competition in a constantly changing and growing
market.

Customer and Supplier Dependency Risk

The risk of dependence on customers and suppliers is limited, as none of them have a significant
weight in the turnover or are very long-term contracts.

Its customers include media agencies that in turn work with numerous advertisers, which
further dilutes the risk of dependence on customers.

With regard to technology suppliers, the risk is small since the services provided by these
companies are offered by other players who compete with them and could therefore offer ISPD
Network the same services.

Key Personnel Risk

One of the main assets of the ISPD Network Group is that it has been able to assemble a team
of key individuals and executives in strategic positions within the Group.

Personal Data Processing Risk

The ISPD Network Group carries out personal data processing activities in the ordinary course
of its business at , both as a Data Controller and as a Data Processor.
The ISPD Network Group is deeply aware of the importance of regulations affecting personal
data, privacy and commercial communications, and devotes significant resources and efforts to
achieving maximum compliance.
The regulatory framework affecting the company's activity and operations consists of the
following regulations:

• Regulation (EU) 2017/679 of the European Parliament and of the Council of 27 April

54
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025

2017 on the protection of natural persons with regard to the processing of personal data
and on the free movement of such data, and repealing Directive 95/46/EC (General Data
Protection Regulation).
• Organic Law 3/2018 of 5 December on the Protection of Personal Data and Guarantee
of Digital Rights and Legislative Decree No. 196 of 30 June 2003, updated as the
"Codice in materia di protezione dei dati personali" in Italy.
• Law 34/2002, of 11 July, on Information Society Services and Electronic Commerce.
• Guides, guidelines and other relevant materials published by the Spanish Data
Protection Agency (AEPD), the CNIL, the Garante della Privacy and the European Data
Protection Board (EDPB).
• Law 34/1988, of 11 November, on Advertising.
• Specific regulatory and normative provisions applicable to advertising (such as Circular
1/2022, of 10 January, of the National Securities Market Commission, relating to
advertising on crypto-assets presented as investment objects, or Circular 1/2023 on the
protection of personal data and privacy in relation to unsolicited communications,
including the right not to receive unwanted calls from the AEPD, among others).
• Applicable legislation in the United States (such as the California Consumer Privacy Act –
CCPA– ) and various Latin American countries where the group has a presence.
The ISPD Network Group has implemented processes and deployed procedures to comply with
current and applicable regulations, also taking into account regulations whose approval may be
imminent, through the creation and implementation of a privacy management system (PMS)
and its continuous monitoring and management by the Legal and Privacy team.
The ISPD Network Group has duly appointed an internal DPO for its European companies,
who carries out their activities in accordance with the Regulations, providing advice in relation
to them and promoting and managing compliance activities.
The ISPD Network Group is aware of the growing regulation affecting the digital marketing
business and therefore maintains external advice from the Deloyers law firm to promote
regulatory compliance, develop projects such as privacy by design or Privacy Impact
Assessments, assist in the management of data subjects' rights and collaborate in the event of
an incident, among other tasks, within the framework of the group's European companies. The
US and Latin American subsidiaries also have the support of external advisors in this area, in
addition to the support of the ISPD Group's legal and privacy team.

The Privacy Management System is structured around a regulatory framework, a consolidated team,
regular risk reporting systems and the use of a renowned privacy management technology platform,
OneTrust.




55
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025

NOTE 12. CAPITAL AND RESERVES


The breakdown of consolidated equity is as follows:

30/6/2025 31/12/2024 30/6/2024


Subscribed share capital of the Parent Company: 819,019 819,019 819,099
Reserves: 6,272,789 5,528,284 7,659,716
Of the Parent Company 46,282 46,282 46,282
From fully consolidated and equity-accounted companies 6,226,506 5,482,002 7,613,434


Contributions from members
(Own shares) (665,000) (665,000) (665,000)
Negative results from previous years (2,152,655) - -
Profit for the year attributable to the Parent Company (2,134,466) (472,798) (3,888,252)
Translation differences (756,687) (409,523) (371,920)
External partners (79,418) 6,985 (186,086)
1,303,581 4,806,967 3,367,557




12.1) Share capital


Until 4 September 2020, the share capital of the Parent Company was represented by
4,207,495 shares with a par value of €0.055 each, fully subscribed and paid up. On that date,
the Parent Company's share capital was increased through non-monetary contributions
amounting to €587,607, consisting of all the shares into which the share capital of Rebold
Communication, S.L.U. is divided, made by its owner, ISP Digital, S.L.U. through the issue
and circulation of 10,683,767 new shares, represented by book entries with a nominal value
of €0.055, which were created with an issue premium of €1.2902184 per share, the total
amount of the premium being
€13,784,393.

Consequently, the total disbursement amounted to €14,372,000.

The share capital as at 30 June 2025 and 31 December 2024 is represented by 14,891,262
shares with a nominal value of €0.055 each.

The shareholders with direct or indirect holdings in the share capital as at 30 June 2025 and
31 December 2024 are as follows:

No. of shares % Stake
ISP Digital, S.L.U. 14,407,750 96.75%
Free float 308,512 2.07%
Treasury shares 175,000 1.18%
Total 14,891,262 100.00%

56
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025




12.2) Reserves of the Parent Company

The use of the legal reserve is restricted, as determined by various legal provisions. In
accordance with the Capital Companies Act, commercial companies that, under this legal
form, obtain profits are obliged to allocate 10% of these profits to the reserve until the reserve
fund reaches one-fifth of the subscribed share capital. The legal reserve is used to offset
losses or increase capital by the amount exceeding 10% of the capital already increased, as
well as to distribute it to shareholders in the event of liquidation. As at 30 June 2025 and 31
December 2024, the legal reserve has not been fully allocated.

12.4) Voluntary Reserves

These are freely available reserves generated by the Parent Company as a result of
undistributed profits from previous years.

12.5) Distribution of dividends

During the first six months of 2025 and the 2024 financial year, no dividends were distributed to
companies outside the scope of consolidation.

12.6) Capital management

The Group's objective in terms of capital management is to maintain an optimal financial
structure that reduces the cost of capital while ensuring the ability to continue managing its
operations, always with the aim of growth and value creation. This objective of the Group
has not been formally established, nor have any parameters been set by the Board of
Directors.

The main sources used by the Group to finance its growth are:

- The cash flow generated by the Group.
- Cash available at year-end.
- The availability of leverage.

The capital structure is controlled through the leverage ratio, calculated as net financial debt
over net equity. The Group has loans and other products with financial institutions
amounting to €12.6 million.

12.7) Treasury stock
On 23 December 2021, the parent company of the group acquired a total of
150,000 treasury shares at a price of 3.80 euros, for a total of 570,000 euros. On 22 January
2022, a further 25,000 shares were purchased at the same price, for a total amount of €95,000,
bringing the total amount of treasury stock as at 31 December 2022 to €665,000, which has
remained unchanged since then.

NOTE 13. CONVERSION DIFFERENCES

The movement in the balance of this heading from 31 December 2024 to 30 June 2025 was as
57
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025

follows:

30/6/2025 31/12/2024 30/6/2024


Opening balance (409,523) 26,555 26,555
Net change for the period (347,164) (436,078) (398,476)


Closing balance (756,687) (409,523) (371,921)




Translation differences are generated by companies domiciled abroad with a functional
currency other than the euro. Specifically, these currencies are mainly the Argentine peso, the
US dollar, the Colombian peso and the Mexican peso.


NOTE 14. R&D&I PROJECTS

Mamvo Performance S.L. Oliva Platform Project

In 2022, the company submitted an application to the Centre for Industrial Technological
Development (CDTI) for a grant to collaborate in the development of this Research and
Development project. The aim of the project is to design and develop a data acquisition and
enrichment architecture, allowing the integration of current value modules available in
MAMVO while developing other necessary modules to build the prototype platform with data
intelligence extraction. This solution will enable a rapid and flexible response to market needs,
resolve issues that currently require manual work, and address issues that are currently
unresolved due to the complexity of extracting the information.

The total amount of aid granted is €719,347, corresponding to 69.53% of the project budget,
with a non-repayable tranche of €158,256 and a repayable tranche of €561,091 in the form of a
loan at an annual interest rate of 3.337%.

The first payment was received on 28/06/2023 for a total amount of €250,000, of which €55,000
was allocated as a grant and €195,000 as a loan.

During the 2024 financial year, a second payment was received on 14/06/2024 for a total
amount of €210,633, of which €46,339 was allocated as a grant and €164,294 as a loan.

On 19 June 2025, the loan modification deed was signed, modifying the aid received to
€770,898, of which €601,300 corresponds to the repayable tranche and €169,597 to the non-
repayable tranche.

ISPD Network S.A. Luciérnaga Project

ISPD Network SA has developed a delivery data platform for €698,500 that optimises the
organisation and structures of audiences and media on a 360-degree platform. Throughout
2024, the company continued to develop and improve the platform, reaching an additional
investment of €1,531,938 (see note 7).
58
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025



ISPD Network S.A. Future Tools Project

During 2023, it contracted the services of Tagsonomy S.L. (DIVE) for the development of an
AI-based digital product, the "Future Tools" project. This is a turnkey project consisting of four
simulators that will measure the impact of ISPD's value proposition on the P&L of its current
and future customers. This product will give the group's executives a clear competitive
advantage during commercial activities. The final expenditure in 2023 for this project was
€400,000, and it was activated in 2024.


Mamvo Performance S.L. AV Project


In 2025, the company submitted an application to the Centre for Industrial Technological
Development (CDTI) for a grant to collaborate in the development of this Research and
Development project. The aim of the project is to research new audiovisual content analysis
technologies for interpreting complex information.

The amount of the loan granted by the CDTI amounts to a maximum of €674,941, which
corresponds to 53.17% of the project budget, with a non-repayable tranche of €222,730 and a
repayable tranche of €452,210 as a loan at an annual interest rate of 2.398%.

The first payment was received on 14/05/2025 for a total amount of €300,000, representing
44.45% of the aid granted, of which €98,042 was allocated as a grant and €201,958 as a loan.


B2Marketplace Ecommerce Consulting Group, S.L. OPEN ADS Project


During 2025, the company has been working on the OPEN ADS project: Strategic optimisation
of investment in Amazon sponsored ADS and DSP, for which it has applied for aid from the
CDTI. The aim of this project is to develop a platform that automates advertising allocation,
using machine learning techniques , and artificial intelligence.


The total budget for the project amounts to €539,551, with 51.49% of the budget approved for
funding, representing €277,815, of which €186,136 corresponds to the repayable portion in the
form of a loan at an annual interest rate of 2.143% and €91,679 corresponds to the non-
repayable portion.




59
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025

NOTE 15. FISCAL SITUATION

The breakdown of the balances held with the Public Administrations is as follows:

30/6/2025 31/12/2024 30/6/2024
Receivables Payables Receivables Payables Receivables Payables
Value Added Tax 3,954,998 (3,078,967) 3,996,209 (4,480,006) 3,784,532 (2,908,639)
Tax refund 223,348 384
Assets for deductible temporary differences
3,265,206 3,378,991 4,189,462
(**)
Credit for losses to be offset for the year (**) 1,373,383 1,579,094 1,463,883
Deferred tax liability (**) (30,502) (31,949) (78,563)
Income tax withholdings (335,918) (415,454) (374,794)
Other debts with public administrations 3,822,118 (36,939) 4,176,276 (33,474) 4,418,459 (5,973)
Corporate tax (137,229) (145,176) 77,091
Social Security agencies (480,305) (492,375) (595,410)
12,639,053 (4,099,859) 13,130,570 (5,598,434) 13,933,811 (3,963,378)


(**) Amounts recorded in non-current assets and liabilities in the Consolidated Statement.

Since 2017, the group has been part of tax group 265/10, whose parent company is Sociedad
Inversiones y Servicios Publicitarios, S.L. ("ISP").

The consolidated group's corporate income tax expense is calculated as the sum of the tax
expense of each of the companies. Taxable bases are calculated based on the profit for the year,
adjusted for temporary differences, permanent differences and tax losses carried forward from
previous years.

Corporate income tax is calculated by applying the tax rates in force in each of the countries
where the group operates. The main rates are:

Tax rate 30/06/2025 31/12/2024
Spain 25.00% 25.00%
Italy (*) 27.90% 27.90%
France 25.00% 25.00%
Mexico (****) 30%/10% 30%/10%
Colombia (*****) 35.00% 35.00%
Chile (***) 12.50%/27.00% 10.00%/27.00%
United States (**) 7.68% 7.68%
Argentina 25.00% 25.00%
Peru 29.50% 29.50%




60
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025




(*) Average of taxes accrued in Italy
(**) There is no single rate. These are sums of federal taxes
(***) 10% SMEs 27% Other companies
(****) PTU 10%, IS 30%
(*****) Tax rate increase during 2024



The breakdown of corporate tax expenditure, distinguishing between current tax and deferred
tax, is as follows:

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


Current tax: (49,392) (614,947) (153,067)
Deferred tax: (519,523)

Total tax expense: (49,392) (1,134,470) (153,067)




In accordance with current legislation, tax loss carryforwards may be offset against tax profit
carryforwards in accordance with the legislation of each country.




61
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


As at 30 June 2025, the group has the following recognised tax credits to offset against future
results:



30/06/2025 Tax credit amount


Company BINS DTD IS deductions
ISPD Network SLU 346,132 58,704 (29,633)
Mamvo Performance SLU 206,213 1,442 127,248
Rebold Marketing SLU 288,952 58,088 318,091
Rebold Communication SLU 470,620 297,843 656,580
B2Marketplace - 31,222 -
Antevenio Media - 3,993 -
ISPD Iberia - 6,711 -
ISPD Italy - 167,277 -
Rocket PPC - - -
Digilant Inc. - - -
Happyfication - - -
Antevenio Mexico 61,466 628,309 -
Acceso Mexico - - -
Digilant Peru - 279,275 -
Dglnt SA de CV - 418,125 -
Filipides Services - - -
B2Marketplace Mexico, S.A. de C.V. - - -
Blue Digital - 141,804 -
Blue Media - 3,684 -
Digilant Chile - 469 -
Access Colombia - 83,771 -
Digilant Colombia - (18,298) -
1,373,383 2,162,419 1,072,285




62
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025




2024 Tax credits


Company BINS DTD IS deductions

ISPD Network SLU 346,132 29,071 -
Mamvo Performance SLU 206,213 1,442 127,248
MMSM SLU 91,244 (2,899) 192,982
Rebold Marketing SLU 288,953 58,088 318,091
Rebold Communication SLU 470,620 297,843 656,580
B2Marketplace - 31,222 -
Antevenio Media 3,993
ISPD Iberia 6,711
ISPD Italy 112,302 54,975 -
Rocket PPC - - -
Digilant Inc. - -
Happyfication - - -
Antevenio Mexico 63,630 650,431 -
Acceso Mexico - - -
Digilant Peru - 264,841 -
Dglnt SA de CV - 432,846 -
Filipides Services - - -
B2Marketplace Mexico, S.A. de C.V. - - -
Blue Digital - 150,806 -
Blue Media - 3,917 -
Digilant Chile - 499 -
Access Colombia 87,459 -
Digilant Colombia (19,104)
1,579,094 2,052,142 1,294,901


There is no time limit for the statute of limitations on tax credits




63
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025



Deferred taxes

The evolution of deferred tax assets and liabilities in the first six months of 2025 and 2024
was as follows:

Charge/credit Charge/credit
30/6/2024 31/12/2024 30/6/2025
to income to income


Tax credits 2,832,537 (1,253,443) 1,579,094 (205,711) 1,373,383
Temporary differences, assets 1,356,925 727,166 2,084,091 108,829 2,192,920
Rights for deductions 1,463,883 (168,983) 1,294,900 (222,615) 1,072,285
Temporary differences, liabilities (78,563) 46,614 (31,949) 1,447 (30,502)


Total deferred tax assets 5,574,781 (648,645) 4,926,136 (318,050) 4,608,086


As established in the accounting policies, the Group only recognises deferred tax assets in the
consolidated statement of financial position, provided that they are recoverable within a
reasonable period of time, also taking into account the legal limitations on their application.
Specifically, the requirements of the applicable financial reporting framework for recognising
a tax credit are as follows:

- It is probable that the Group will have sufficient future taxable income to utilise these tax
credits.

- It is not considered probable that sufficient future taxable profits will be available when:

• Their future recovery is expected to occur, regardless of the nature of the tax
credit.
• It is not probable that the requirements of the tax law for recovery will be met
at the time when it is estimated that they can be recovered.

To verify the recoverability of tax credits pending offsetting, the Group draws up a business
plan for each of the companies with tax credits, to which the necessary adjustments are made
to determine the future taxable profits with which to offset these tax credits. In addition, the
Group considers the limitations on the offsetting of tax bases established by the respective
jurisdictions. The Group also assesses the existence of deferred tax liabilities with which to
offset these tax losses in the future. In preparing the projections in the business plans, the Group
considers the financial and macroeconomic circumstances appropriate to the entity's own
operating environment. Parameters such as expected growth, use of installed production
capacity, prices, etc., are projected taking into account forecasts and reports from independent
experts, as well as historical data and the objectives set by the Board of Directors ( Dirección).
An estimate has been made for the tax credits of each jurisdiction separately, adjusting the
calculation parameters to the tax regulations of each jurisdiction applicable to each of them.

Deferred tax assets have been recorded in the Consolidated Statement of Financial Position
because the Directors consider that, based on the best estimate of the future results of the
companies that form part of the Group, including certain tax planning actions, it is likely that
64
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025

these assets will be recovered.
Other information

Under current legislation, taxes cannot be considered definitively settled until the returns filed
have been inspected by the tax authorities or the four-year limitation period has expired. As at
30 June 2025, the Group's Spanish companies are open to inspection for the 2020 and
subsequent years for corporation tax and for the 2021 and subsequent years for other applicable
taxes. Companies domiciled abroad are open to inspection for the years not subject to the statute
of limitations in accordance with the tax legislation in force in each country. The directors
consider that the aforementioned taxes have been properly settled, so that even if discrepancies
arise in the interpretation of current regulations regarding the tax treatment of transactions, any
resulting liabilities, if they materialise, would not significantly affect the accompanying
Consolidated Interim Financial Statements.

NOTE 16. INCOME AND EXPENSES

a) Revenue

The breakdown of net turnover by activity is as follows:

For contracts executed with customers 30/06/2025 31/12/2024 30/06/2024


Online advertising 53,112,686 136,152,888 60,931,154
Technology services 7,704,712 19,936,298 7,577,717


Total net turnover 60,817,398 156,089,186 68,508,871



The entire amount included under this heading corresponds to operating consumption.

c) Personnel expenses

The composition of this heading in the attached Consolidated Income Statement is as
follows:

30/06/2025 31/12/2024 30/06/2024
Wages and salaries (14,587,621) (31,174,993) (15,661,421)
Restructuring costs (465,199) (996,227) (599,705)
Social security contributions payable by the company (2,355,686) (4,666,502) (2,459,973)
Other social expenses (992,406) (2,069,266) (1,106,636)

Total personnel expenses (18,400,911) (38,906,988) (19,827,735)




d) External services

This item in the accompanying Consolidated Income Statement is composed as follows:
65
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025



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

Leases and royalties (note 8) (457,491) (908,468) (438,805)
Repairs and maintenance (40,069) (45,581) (42,545)
Independent professional services (2,281,270) (3,894,803) (2,019,842)
Transport (527,469) (1,096,905) (614,506)
Insurance premiums (141,517) (194,018) (57,327)
Banking and similar services (72,086) (153,829) (72,872)
Advertising, publicity and public relations (570,538) (1,014,806) (487,040)
Supplies (117,735) (194,217) (93,922)
Other services (734,697) (681,023) (453,112)


(4,942,871) (8,183,651) (4,279,971)



e) Financial income

The breakdown of this item in the consolidated income statement is as follows:

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



Interest on accounts and similar items 119,246 78,623 36,684

Group financial interest 118,524 39,795 11,213



237,769 118,418 47,897




As of 30 June 2025, interest of €119,246 and €78,623 has been collected in 2024, mainly
from Digilant SA de CV and Antevenio México from short-term investments.


f) Financial Expenses

The breakdown of this item in the consolidated income statement is as follows:

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

Expenses for debts and similar items (630,662) (693,459) (337,256)
Group financial expenses (99,417) (439,903) (230,455)

(730,079) (1,133,362) (567,711)




66
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025

g) Impairment of assets

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


Value adjustment for impairment of trade
(245,803) (943,854) (628,877)
receivables
Other current operating losses (45,010) (63,590) (77,140)
Reversal of impairment 4,174 417,208 183,470

(286,640) (590,236) (522,547)



NOTE 17. PROVISIONS AND CONTINGENCY

The movement in provisions is as follows:


31/12/2024 Allocation Application/Reversal 30/06/2025

Provisions for other liabilities 364,428 42,524 (69,439) 337,513

364,428 42,524 (69,439) 337,513




30/06/2024 Allocation Application/Reversal 31/12/2024

Provisions for other liabilities 283,839 80,589 - 364,428

283,839 80,589 - 364,428


This heading mainly includes provisions for staff remuneration arising from ISPD Italia S.R.L
in compliance with current labour legislation in Italy, amounting to €337,513 (€364,428 at 31
December 2024).

At 30 June 2025, the ISPD Network Group had a total amount of guarantees amounting to EUR
724,264 (EUR 669,264 at 31 December 2024).
NOTE 18. ENVIRONMENT NFORMATION

In line with its commitment to sustainability, the Group has also adopted broader policies that
include working with a green electricity supplier in Spain. In addition, its travel policy seeks to
minimise the use of flights, favouring train travel for journeys of less than three hours, which
contributes to a significant reduction in transport-related CO2 emissions. At its Barcelona
office, the Group has also implemented a bicycle parking system, encouraging the use of
environmentally friendly transport among its employees.


NOTE 19. POST-CLOSING EVENTS
The temporary joint venture (UTE) "SENASA" was established in February 2025 on a specific
and temporary basis, with the sole purpose of participating in and executing the project entitled
67
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025

"Consultancy tender for the digital training voucher programme in transport".

Once the corporate purpose for which it was created had been achieved, the project had been
successfully completed and the obligations arising from its participation had been fulfilled, the
UTE was liquidated in July 2025, in accordance with the liquidation processes established in
current legislation.

The directors of the Parent Company consider that there are no other subsequent events relevant
to those already described in this note as of the date of preparation of the present Consolidated
Interim Financial Statements.
NOTE 20. REMUNERATION, SHAREHOLDING AND BALANCES HELD WITH
THE BOARD OF DIRECTORS OF THE PARENT COMPANY

Balances and Transactions with Directors and Senior Management

The amounts accrued by the members of the Board of Directors or Senior Management, for
all items, are as follows:

Senior Management
30/06/2025 31/12/2024 30/6/2024

Wages and salaries
1,084,165 2,512,559 1,399,094
*

Total 1,084,165 2,512,559 1,399,094


As at 30 June 2025 and 31 December 2024, there are no commitments for pension
supplements, guarantees or sureties granted in favour of the Management Body, nor are there
any loans or advances granted to them.
* Salary costs accrued during the first half of 2025

Other information regarding the Board of Directors

The members of the Company's Board of Directors and the persons related to them referred
to in Article 231 of the Capital Companies Act have not incurred in any conflict situation in
accordance with the provisions of Article 229.




68
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025

NOTE 21. OTHER INFORMATION

The average number of persons employed by the Group, broken down by category, is as
follows:

30/6/2025 31/12/2024 30/6/2024
Men Women Other Total Men Women Other Total Men Women Other Total


Address 18.6 6.9 25.5 23.6 9.8 33.4 25.4 8.5 33.9
Administration 19.6 32.8 52.4 18 34.1 52.1 22.2 39 61.2
Commercial 31.4 65.1 1.0 97.4 36.8 80.9 117.7 34.6 82.7 0.8 118.1
Production 108.6 189.6 298.2 117.9 173.9 0.8 292.6 131.9 179.6 311.5
Marketing 1.0 7.7 8.6 3.8 10.3 14.1 2 9 11
Technical 39.8 7.1 46.9 30.1 6.3 36.4 28.2 7 35.2


219.0 309.1 1.0 529.1 230.2 315.3 0.8 546.3 244.3 325.8 0.8 570.9




The average number of persons employed during the financial year with a disability greater
than or equal to thirty-three per cent by category is as follows:

30/6/2025 31/12/2024 30/6/2024
Management 1 1 1
Administration 1
Commercial
Production
Marketing
Technical 2 2 1
3 3 3




69
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025



The number of members of the Board of Directors, senior management and employees at the
end of the periods, broken down by professional category, is as follows:

30/6/2025 31/12/2024 30/6/2024
Men Women Others Total Men Women Others Total Men Women Others Total


Address 18 6 24 22 8 30 27 12 39
Administration 20 32 52 18 34 52 21 37 58
Commercial 24 59 1 84 36 75 111 30 65 95
Production 106 184 290 121 181 1 303 123 192 315
Marketing 0 6 6 2 10 12 7 25 32
Technical 45 12 57 30 6 36 33 7 40


213 299 1 513 229 314 1 544 241 338 - 579




The Board of Directors of the Parent Company is made up of five men and one woman.

For the purposes of the second additional provision of Law 31/2014 of 3 December, amending
the Capital Companies Act, and in accordance with the Resolution of 29 February 2016 of the
Institute of Accounting and Auditing, the following is a breakdown of the average payment
period to suppliers of Spanish companies, the ratio of paid transactions, the ratio of pending
payments, the total payments made and the total pending payments:

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

Days Days Days

Average payment period to suppliers 36.23 46.17 35.71

Ratio of paid transactions 33.92 40.59 37.7

Ratio of transactions pending payment 42.14 64.45 47.73

Amount (Euros) Amount (Euros) Amount (Euros)

Amount of payments made 11,723,553.42 18,423,692.10 9,045,776.89

Amount of outstanding payments 2,538,858.91 2,992,056.95 3,129,121.63



30/06/2025 31/12/2024 30/06/2024
Volume of invoices paid within the legal deadline 11,094,754.77 15,787,317.30 7,794,183.21
Number of invoices paid within the legal deadline 4,120 8,604 4,369
Percentage of invoices paid within the legal deadline out of the total volume of invoices
97 90 91
paid (%)
Percentage of invoices paid within the legal deadline out of the total number of invoices
95 94 93
paid (%)




The legal payment period of two months from the date we validate the invoices is complied
70
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025

with, and we adjust to the company's payment date for this calculation of the percentage and
volume of invoices within the legal period out of the total volume of invoices paid.


NOTE 22. SEGMENTED INFORMATION

The distribution of the net turnover corresponding to the Group's ordinary activities, by
category of activity and by geographical market, is as follows:


By activity 30/06/2025 31/12/2024 30/06/2024

Online advertising 53,112,686 136,152,888 60,931,159
Technology services 7,704,712 19,936,298 7,577,717
Total net turnover 60,817,398 156,089,185 68,508,876



• The aggregation criteria used to prepare the segmentation shown in the previous tables are
based on the types of activity carried out by the group companies:

• Online advertising: This is the main activity managed by the group and includes the
advertising services provided to the company's clients.
• Technology services: This activity refers to our emailing and SMS platform, media and
consumer intelligence, and e-commerce consulting platform.

The economic indicators that have been evaluated to determine the segments are the capacity
of each segment to generate value and the technical characteristics of each segment.

Distribution, Sales and Cost of Sales by Territory

Consolidated Consolidated Consolidated
Distribution/Sales
amount 30/06/2025 amount 31/12/2024 amount 30/06/2024
Spain 12,771,654 23,898,305 10,276,331
Europe, Latin America and the US 48,045,744 132,190,880 58,232,545
Total Distribution Sales 60,817,398 156,089,185 68,508,876



Consolidated Consolidated Consolidated
Distribution Cost of Sales
amount 30/06/2025 amount 31/12/2024 amount 30/06/2024
Spain (5,874,961) (16,503,086) (9,536,262)
Europe, Latin America and the
(33,645,082) (90,520,816) (38,145,048)
US
Total Distribution Cost of Sales (39,520,043) (107,023,902) (47,681,309)




71
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


Consolidated income statement by category of activity

30/6/2025 31/12/2024 30/6/2024
Provision of Provision of Provision of
Online Advertising Technology Total Online Advertising Technology Total Online Advertising Technology Total
Services Services Services


Net turnover 53,112,686 7,704,712 60,817,398 136,152,888 19,936,298 156,089,185 60,513,253 7,995,623 68,508,876
Other operating income 195,521 456,216 651,736 217,157 506,700 723,857 204,207 476,483 680,690
Supplies (35,963,239) (3,556,804) (39,520,043) (97,391,751) (9,632,151) (107,023,902) (43,144,490) (4,267,037) (47,411,527)
Other operating expenses (4,340,494) (889,017) (5,229,511) (7,282,021) (1,491,498) (8,773,519) (3,883,743) (795,465) (4,679,208)
Amortisation (835,652) (147,468) (983,120) (1,438,013) (253,767) (1,691,780) (686,790) (121,198) (807,988)
Personnel expenses (15,640,775) (2,760,137) (18,400,911) (33,070,940) (5,836,048) (38,906,988) (16,853,575) (2,974,160) (19,827,735)
Other income 1,128,886 1,128,886 1,693,904 1,693,904 253,933 253,933


Operating profit (2,343,067) 807,502 (1,535,565) (1,118,775) 3,229,533 2,110,758 (3,597,204) 314,245 (3,282,959)


Financial Result (512,436) (512,436) (1,233,521) (1,233,521) (525,688) (525,688)


Profit before tax (2,855,503) 807,502 (2,048,001) (2,352,296) 3,229,533 877,237 (4,122,892) 314,245 (3,808,647)


Corporate tax (41,489) (7,903) (49,392) (952,955) (181,515) (1,134,470) (128,576) (24,491) (153,067)
Other taxes (15,139) (15,139) (128,698) (128,698) (32,743) (32,743)
Profit for the year (2,912,131) 799,600 (2,112,531) (3,433,950) 3,048,018 (385,932) (4,284,211) 289,754 (3,994,457)




72
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025

30/6/2025 31/12/2024 30/6/2024
Provision of Provision of Provision of
Online Advertising Technology Total Online Advertising Technology Total Online Advertising Technology Total
Services Services Services
ASSETS


Tangible fixed assets 1,048,109 156,614 1,204,724 1,191,738 178,076 1,369,814 1,199,113 179,177 1,378,290
Goodwill from global or proportional consolidation 6,794,277 1,015,237 7,809,514 7,034,799 1,051,177 8,085,976 9,356,687 1,398,126 10,754,813
Goodwill from consolidation using the equity method
Goodwill 1,368,003 204,414 1,572,417 1,545,613 230,954 1,776,566 214,019 31,980 245,998
Intangible fixed assets 2,379,136 355,503 2,734,639 2,660,939 397,612 3,058,550 1,654,387 247,208 1,901,594
Real estate investments
Fixed assets in progress 693,719 103,659 797,378 490,252 73,256 563,508 1,148,881 171,672 1,320,552
Non-current financial assets 145,265 21,706 166,971 117,862 17,612 135,474 136,232 20,357 156,589
Non-current financial assets of group companies 1,772,712 264,888 2,037,600 1,262,892 188,708 1,451,600
Equity investments
Deferred tax assets 4,035,572 603,016 4,638,588 4,313,533 644,551 4,958,084 4,918,410 734,934 5,653,345
Other non-current assets
Non-current assets 18,236,793 2,725,038 20,961,831 18,617,628 2,781,944 21,399,572 18,627,728 2,783,453 21,411,181


Stocks
Trade debtors and other accounts receivable 23,033,427 3,441,777 26,475,203 36,015,555 5,381,635 41,397,190 28,831,087 4,308,094 33,139,180
Group company customers 360,429 53,857 414,286 219,008 32,725 251,733 218,817 32,696 251,513
Other current financial assets
Other current assets 1,670,935 249,680 1,920,615 430,321 64,301 494,621 285,303 42,631 327,934
Other current assets of group companies 2,874 430 3,304 5,220 780 6,000 507,893 75,892 583,786
Personnel receivables
Public administrations to be collected 6,766,091 1,011,025 7,777,116 6,906,096 1,031,945 7,938,041 7,136,602 1,066,389 8,202,991
Current tax assets 194,313 29,035 223,348 203,966 30,478 234,444 334 50 384
Prepaid expenses 384,392 57,438 441,829 321,336 48,016 369,352 476,826 71,250 548,075
Cash and cash equivalents 4,520,643 675,498 5,196,141 5,682,253 849,072 6,531,325 5,528,791 826,141 6,354,932
Current assets 36,933,103 5,518,740 42,451,843 49,783,754 7,438,952 57,222,706 42,985,652 6,423,144 49,408,796


Total assets 55,169,896 8,243,778 63,413,674 68,401,382 10,220,896 78,622,279 61,613,381 9,206,597 70,819,977




*Statement of financial position segmented according to sales distribution by activity category

73
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025



30/6/2025 31/12/2024 30/6/2024
Provision of Provision of Provision of
Online Advertising Technology Total Online Advertising Technology Total Online Advertising Technology Total
Services Services Services
NET ASSETS AND LIABILITIES


Share capital 709,919 109,100 819,019 709,988 109,111 819,099 709,988 109,111 819,099
Treasury shares (576,416) (88,584) (665,000) (578,550) (86,450) (665,000) (576,416) (88,584) (665,000)
Legal reserve 40,117 6,165 46,282 40,265 6,017 46,282 40,117 6,165 46,282
Reserves in companies under full consolidation 5,418,763 807,743 6,226,506 4,770,771 711,151 5,481,922 6,625,769 987,665 7,613,434
Negative results from previous years (1,722,124) (430,531) (2,152,655)
Profit for the year attributable to the parent company (2,293,528) 159,061 (2,134,467) (3,520,816) 3,048,018 (472,797) (4,178,007) 289,754 (3,888,252)
External partners (79,418) 0 (79,418) 6,985 6,985 (186,086) 0 (186,086)
Translation differences (658,318) (98,369) (756,687) (356,285) (53,238) (409,523) (323,571) (48,350) (371,920)
Equity attributable to the parent company 1,106,399 276,600 1,382,999 3,839,986 959,996 4,799,982 2,842,915 710,729 3,553,643
Equity attributable to external partners (79,418) (79,418) 6,985 6,985 (186,086) (186,086)
Net equity 838,995 464,586 1,303,581 1,072,358 3,734,609 4,806,968 2,111,795 1,255,762 3,367,557

Long-term debts with credit institutions 1,794,751 448,688 2,243,439 2,163,963 540,991 2,704,954 2,731,060 682,765 3,413,825
Long-term debts with group companies 5,910,784 1,477,696 7,388,480 6,181,482 1,545,370 7,726,852 6,181,481 1,545,370 7,726,852
Other long-term debts 1,596,154 399,039 1,995,192 2,065,679 516,420 2,582,099 1,508,639 377,160 1,885,798
Non-current fixed asset suppliers 1,437 359 1,797 3,725 931 4,657
Provisions 270,010 67,503 337,513 291,542 72,886 364,428 227,073 56,768 283,841
Deferred tax liabilities 24,401 6,100 30,502 25,559 6,390 31,949 62,851 15,713 78,563
Non-current liabilities 9,596,100 2,399,025 11,995,125 10,729,663 2,682,416 13,412,078 10,714,829 2,678,707 13,393,536

Short-term debts with credit institutions 9,533,010 1,424,473 10,957,483 8,567,578 1,280,213 9,847,791 8,491,573 1,268,856 9,760,429
Other short-term liabilities 1,473,340 220,154 1,693,494 748,435 111,835 860,270 2,191,097 327,405 2,518,502
Short-term debts with group companies 1,817,599 271,595 2,089,194 1,258,714 188,084 1,446,798 962,458 143,815 1,106,273
Trade creditors and other accounts payable 23,078,772 3,448,552 26,527,325 32,008,439 4,782,870 36,791,309 27,890,641 4,167,567 32,058,208
Group company suppliers 1,617,777 241,737 1,859,514 1,626,137 242,986 1,869,123 1,606,679 240,079 1,846,758
Fixed asset suppliers 30,878 4,614 35,492 34,254 5,118 39,372 34,929 5,219 40,149
Personnel payables 1,891,075 282,574 2,173,649 1,790,118 267,489 2,057,607 1,563,325 233,600 1,796,925
Public administrations payable 3,420,952 511,177 3,932,129 4,716,538 704,770 5,421,308 3,379,788 505,026 3,884,814
Current tax liabilities 119,389 17,840 137,229 126,303 18,873 145,176 (67,069) (10,022) (77,091)
Prepaid income 541,357 80,892 622,249 1,475,939 220,543 1,696,482 793,192 118,523 911,715
Other current liabilities 75,873 11,337 87,210 198,357 29,640 227,997 184,615 27,586 212,202
Current liabilities 43,600,022 6,514,946 50,114,968 52,550,813 7,852,420 60,403,233 47,031,228 7,027,655 54,058,883
-
Total net assets and liabilities 54,035,117 9,378,557 63,413,674 64,352,833 14,269,445 78,622,279 59,857,852 10,962,124 70,819,977



74
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025

Distribution of Non-Current Assets

Distribution of Non-Current Consolidated Consolidated Consolidated
Assets Amount amount amount
30/06/2025 31/12/2024 30/06/2024
Spain 3,209,398 3,276,417 3,278,196
Europe 850,196 867,951 868,422
Latin America 10,067,361 10,277,596 10,283,171
United States 6,834,876 6,977,608 6,981,393
Total Non-current assets 20,961,831 21,399,572 21,411,181



NOTE 23. RELATED PARTY TRANSACTIONS

Transactions with related parties in the six-month period ended 30 June 2025 and 31 December
2024 were carried out with the following companies.

Company/Group Relationship
ISP Digital Group Parent Company
ISP Group Related company
Tagsonomy S.L Related company
Shape Communication, S.L Related company

The details of balances with related parties as at 30 June 2025 and 31 December 2024 are as
follows:


RELATED PARTY DEBTOR CREDIT
BALANCE BALANCE
(30 June 2025)
Other debts
ISP for corporation tax 294,300
ISP 208,886
ISP Digital 791,007
TAGSONOMY S.L. 3,304
ISP short-term loan 795,000

Total other debts 3,304 2,089,193
Commercial activity balances
(customer/supplier)
ISP Digital 44,218.24 1,560,050
ISP 21,810 368,580
TAGSONOMY S.L. 344,923
(69,116)
Shape Communication 3,335
Total commercial activity 414,286 1,859,514
Loan balances
ISP Digital 4,453,154
ISP 2,935,326
TAGSONOMY S.L. 2,037,600
Total Loans 2,037,600 7,388,480


75
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


RELATED PARTY BALANCE BALANCE
(31 December 2024) DEBTOR CREDITOR
Other debts
Corporate income tax 330,382
ISP 352,485
Digital ISP 618,931
TAGSONOMY S.L. 6,000
Short-term loan ISP 145,000
Total other debts 6,000 1,446,798
Commercial activity balances
(customer/supplier)
ISP Digital 484 1,687,313
ISP 44,218 485,878
TAGSONOMY S.L. 203,696 (304,068)
Shape Communication 3,335
Total commercial activity 251,734 1,869,123
Loan balances
ISP Digital 4,453,154
ISP 3,273,698
TAGSONOMY S.L. 1,451,600
Total Loans 1,451,600 7,726,852



RELATED PARTY DEBTOR CREDIT
(30 June 2024) BALANCE BALANCE

Other debts
ISP for corporation tax 257,074
ISP 143,063
ISP Digital 561,137
TAGSONOMY S.L. 583,786
ISP short-term loan 145,000

Total other debts 583,786 1,106,273
Commercial activity balances
(customer/supplier)
ISP Digital 21,701 1,624,198
ISP 15,633 630,491
TAGSONOMY S.L. 210,845 (407,931)
Shape Communication 3,335
Total commercial activity 251,514 1,846,758
Loan balances
ISP Digital 4,453,154
ISP 3,273,698
Total Loans 7,726,852



Details of related party transactions carried out during the first six months of the 2025 financial
year and during the 2024 financial year:




76
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025



30/06/2025 TAGSONOMY S.L.(*) ISP(*) ISP DIGITAL(*)

Sales of goods
Provision of services 184,750 17,625
Receipt of services (454,555)
Financial income 17,656
Financial expenses (54,604) (44,813)
Exceptional income 36,081
Total (252,149) (897) (44,813)


TAGSONOMY ISP
31/12/2024 ISP(*)
S.L.(*) DIGITAL(*)
Sales of goods
Provision of services 76,684 5,720 36,544
Receipt of services (311,130) (1,367)
Financial income 39,795
Financial expenses (185,829) (254,074)
Total (194,651) (181,476) (217,530)


TAGSONOMY
30/06/2024 ISP(*) ISP DIGITAL(*)
S.L.(*)
Sales of goods
Provision of services 45,805 1,320 21,613
Receipt of services (191,567)
Financial income 11,213
Financial expenses (97,290) (133,165)
Total (134,549) (95,970) (111,552)


The transactions were carried out under conditions equivalent to those of transactions with
third parties.


NOTE 24. BUSINESS COMBINATIONS

MARKETING MANAGER SERVICIOS DE MARKETING S.L.U.:

On 30 June 2025, ISPD Network SA, in its capacity as sole shareholder, sold 100% of its shares
in Marketing Manager Servicios de Marketing S.L.U to emBlue Software LLC, at a base sale
price of €403,035, which may be adjusted for each completed migration. This sale of shares
has generated a profit recorded under the heading "Result from the loss of control of
consolidated shares" in the amount of €1,074,904.

TEMPORARY UNION SENASA

On 12 February 2025, the companies Rebold Marketing S.L. and Rebold Comunication S.L.
77
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


created a temporary joint venture, called Senasa, with the aim of providing technical consulting
and communication services. These companies will participate in its rights and obligations in the
same proportion as their contribution, i.e. 50%.

DRASSANES TEMPORARY JOINT VENTURE

On 7 March 2025, the companies Rebold Marketing S.L. and Rebold Comunication S.L. created
a temporary joint venture, called Drasaanes, with the aim of providing technical consulting and
communication services. These companies will participate in their rights and obligations in the
same proportion as their contribution, i.e. 50%.

ANTEVENIO FRANCE SASU:

On 30 April 2024, ISPD Network SA, in its capacity as sole shareholder, approved the early
dissolution of Antevenio France, effective 30 April 2024. On that same date, Antevenio France
formalised its dissolution, which involved the cessation of its activity and the transfer of its assets
to its sole shareholder.

The company's corporate purpose is to provide consulting and advisory services in digital
transformation, market research, management and administration services for securities
representing the equity of entities resident and non-resident in Spanish territory, and any other
activity complementary to the above.

B2MARKETPLACE MÉXICO, S.A. DE C.V:

On 19 December 2024, the Mexican company Digilant Services was sold to the Spanish entity
B2Marketplace Holding. The transaction was formalised at fair value, in accordance with
current market conditions, with a share capital of €2,356 and a stake of €40,000.

Following the acquisition, the company's name was changed to B2Marketplace México, S.A.
de C.V.

ANTEVENIO PUBLICITÉ SASU:

On 15 December 2024, ISPD Network SA, in its capacity as sole shareholder, approved the
early dissolution of Antevenio Publicité, effective 15 December 2024. On that same date,
Antevenio Publicité formalised its dissolution, which involved the cessation of its activity and
the transfer of its assets to its sole shareholder. This dissolution has resulted in income for the
group, recorded in the profit and loss account under the heading "Result from the loss of control
of consolidated holdings" in the amount of €1,365,006.

ROCKET PPC:

On 10 October 2023, ISPD Italia registered the acquisition of 51% of the voting shares of
Rocket PPC from for a price of €840,245, which took place on 1 September 2023. In October
2023, it made a payment of €450,000, with €90,245 remaining due in April 2024 and €300,000
in June 2024. This company was fully integrated into the consolidation perimeter as of 1
September, the date on which it assumed control of the company.
78
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025


This acquisition of the Italian company Rocket PPC, based in Milan, which specialises in digital
advertising and web analytics, strengthens the company's presence in the Italian market, with a
large client portfolio, a range of effective solutions and an experienced team. This transaction
consolidates a team in areas such as media advertising, publishing, web analytics, content and
markets. Its track record in media management is highly complementary to that of the Group
and will accelerate the development of digital media exchange activities at an international
level.

The Group and the selling shareholders have granted each other unconditional call and put
options on the remaining 49% of the company's share capital. The options detailed above are
based on a variable price depending on parameters associated with the company's results in the
financial years 2024, 2025 and 2026. The sale price is subject to the sellers' compliance with
certain permanence conditions.

Based on the provisions of IFRS 3 Business Combinations, the Group may, during the period
of one financial year from the acquisition date, re-evaluate this financial liability, retroactively
adjusting the provisional amounts recognised on the acquisition date to reflect new information
obtained about facts and circumstances that existed on the acquisition date and which, if they
had been known, would have affected the valuation of the amounts recognised on that date. The
amount that the Group recorded at 31 December 2023 as a financial liability was the best
estimate at that date of the amount that the Group expected to pay, with the fair value of this
financial liability totalling €1,847,430, recorded under "Other non-current liabilities" (see note
10).

Revenue from ordinary activities and results of the acquiree since the acquisition date included
in the Consolidated Statement of Income for the period are €638,312 and €18,545, respectively.

Revenue from ordinary activities from the beginning of the year to the end of the financial year
is €1,431,162.


Identifiable net assets acquired
Intangible fixed assets 26,311
Tangible fixed assets 4,777
Trade receivables and other accounts receivable 361,616
Cash 197,324
Trade creditors and other accounts payable (446,974

Fair value of identifiable net assets
143,054
acquired

Euro

Fair value of consideration given

Consideration given (Shares of the parent company) 2,702,382


79
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025



Total consideration given at the date of the business combination 2,702,382

Goodwill 2,559,328


On 5 August 2024, the Group and the selling shareholders exercised their unconditional call and
put options on the shares of Rocket PPC for the remaining 49% of the share capital of that
company. The options detailed above are based on a variable price depending on parameters
associated with the results of that company in the financial years 2024, 2025 and 2026. The sale
price is subject to the sellers' compliance with certain permanence conditions.

On 11 July 2024, the directors of Rocket PPC submitted the merger plan with Rebold Italia to
the Italian authorities, with retroactive effect from the beginning of the 2024 financial year. At
the same time, the company name was changed to ISPD Italia, S.R.L.

In accordance with IFRS 3 - Business Combinations, and within the one-year period from the
acquisition date allowed by the regulations to make adjustments to the provisional accounting
for the business combination, the Company has carried out a review and better estimate of the
contingent liabilities assumed in the transaction.

As a result of this review, it has been determined that these liabilities need to be adjusted by
€977,134. This adjustment reflects better information available on the obligations assumed in
the acquisition and has been recognised retroactively from the acquisition date, in accordance
with the provisions of the standard.


NOTE 25. RCHIVAL VALUE MEASUREMENT

Financial assets and liabilities measured at fair value in the statement of financial position are
grouped into three levels of a fair value hierarchy. The three levels are defined on the basis of
the observability of significant inputs to the measurement, as indicated below:
• Level 1: quoted prices (unadjusted) in active markets for identical assets or
liabilities
• Level 2: inputs other than quoted prices included in Level 1 that are observable
for the asset or liability, either directly or indirectly
• Level 3: inputs that are not observable for the asset or liability.

The following table shows the levels within the hierarchy of financial assets and liabilities
measured at fair value on a recurring basis:


30 June 2025 Level 1 Level 2 Level 3 Total
Financial liabilities
Contingent consideration (see note 24) - - - -

Total financial liabilities at fair value - - - -



80
Interim Consolidated Financial Statements of ISPD Network, S.A. and Subsidiaries as at 30 June 2025




31 December 2024 Level 1 Level 2 Level 3 Total
Financial liabilities
Contingent consideration (see note 24) - - - -

Total financial liabilities at fair value - - - -



There were no transfers between levels during the first six months of the 2025 financial year
and the financial year ended 31 December 2024.

Fair value measurement of financial instruments
The Group performs valuations of financial items for financial reporting purposes, including
Level 3 fair values. Valuation techniques are selected based on the characteristics of each
instrument, with the overall objective of maximising the use of market information.
For instruments classified in levels 2 and 3, the present value valuation technique is used. Fair
value is estimated by weighting the probability of estimated future cash outflows, considering
their historical and expected future performance, and based on an appropriate growth factor for
a similar listed entity and a risk-adjusted discount rate, and discounting the flows based on the
assumptions and estimates indicated in the corresponding notes to the financial statements (see
detailed information in note 5).

The Group has performed a sensitivity analysis of the assumptions used in these estimates and
no significant impacts have been revealed.




81
ISPD Network, S.A.
Interim financial statements at 30 June 2025
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025




ISPD NETWORK, S.A.

Interim Financial Statements at 30 June 2025




1
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025

ISPD NETWORK,S.A.
Interim Balance Sheet as at 30 June 2025
(expressed in euros)

ASSETS Note 30.06.2025 31.12.2024 30.06.2024
NON-CURRENT ASSETS 21,149,981 21,964,662 20,136,050
Intangible fixed assets 6 1,803,260 2,149,668 1,854,889
Assets in progress
154,900 485,674 1,058,188
Computer applications 1,648,360 1,663,994 796,701
Tangible fixed assets 5 44,936 55,369 136,687
Technical installations and other tangible fixed assets 44,936 55,369 136,687
Fixed assets in progress and advances - - -
Long-term investments in group companies and associates 18,923,972 19,381,812 17,725,862
Equity instruments 9 15,484,372 16,926,212 17,625,862
Long-term loans to group companies and associates 8.1 and 18 3,439,600 2,455,600 100,000
Long-term financial investments 8.1 2,610 2,610 2,610
Loans to companies 2,610 2,610 2,610
Deferred tax assets 13 375,203 375,203 416,002


CURRENT ASSETS 5,999,904 5,208,090 9,153,442
Inventories - - -
Advance payments to suppliers Group companies - - -
Trade debtors and other accounts receivable 3,819,923 4,970,916 5,660,351
Customers for sales and services rendered 8.1 17,737 19,406 2,622
Customers, group companies and associates 8.1 and 18 2,772,656 3,980,799 4,866,206
Staff - - 10,136
Other loans with public administrations 13 1,029,530 970,711 781,387
Short-term investments in group companies and associates 8.1 and 18 718,690 6,031 1,937,028
Loans to companies 718,690 6,031 1,937,028
Short-term financial investments 1,000,300 - -
Loans to companies 1,000,300 - -
Short-term accruals 1,485 125,871 156,117
Cash and cash equivalents 8.1 459,506 105,272 1,399,946
Treasury 459,506 105,272 1,399,946


TOTAL ASSETS 27,149,885 27,172,752 29,289,492




2
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025

ISPD NETWORK, S.A.
Interim balance sheet at 30
June 2025
(expressed in euros)
NET EQUITY AND LIABILITIES Note 30.06.2025 31.12.2024 30.06.2024
NET ASSETS 3,875,441 4,459,055 5,616,465
Equity 11 3,875,441 4,459,055 5,616,465
Capital 819,019 819,019 819,099
Registered capital 819,019 819,019 819,099
Reserves 11.2 6,457,691 6,457,691 6,457,611
Legal and statutory 46,282 46,282 46,282
Other reserves 6,411,409 6,411,409 6,411,329
(Own shares and holdings in equity) (665,000) (665,000) (665,000)
Negative results from previous years (2,152,655) - -
Result for the financial year 3 (583,614) (2,152,655) (995,245)


NON-CURRENT LIABILITIES 4,644,123 4,730,455 5,603,240
Long-term debts 8.2.2 190,969 277,301 425,992
Debts with credit institutions 190,969 277,301 421,335
Other financial liabilities 8.2 - - 4,657
Long-term debts with group companies 8.2 and 18 4,453,154 4,453,154 5,177,248


CURRENT LIABILITIES 18,630,321 17,983,243 18,069,786
Short-term provisions 1,389 - 6,943
Short-term debts 8.2 6,521,088 6,070,678 5,964,306
Debt with credit institutions 6,262,131 6,028,681 5,914,742
Other financial liabilities 258,957 41,997 49,564
Short-term debts with group companies and associates 8.2 and 18 10,413,999 9,210,518 9,232,162
Trade creditors and other accounts payable 1,693,845 2,702,047 2,866,375
Suppliers 8.2 321,109 851,504 630,616
Suppliers, group companies and associates 8.2 and 18 750,759 947,044 1,004,208
Sundry creditors 8.2 372,679 580,650 663,842
Staff (remuneration pending payment) 8.2 88,640 155,338 356,185
Current tax liabilities 13 53,404 53,404 53,404
Other debts with public administrations 13 107,254 114,107 158,120
TOTAL NET ASSETS AND LIABILITIES 27,149,885 27,172,752 29,289,492




3
Interim Financial Statements of ISPD Network, S.A. as of 30 June 2025



ISPD NETWORK, S.A.
Interim profit and loss account
for the period ended 30 June 2025

(expressed in euros)


Note 30.06.2025 31.12.2024 30.06.2024
CONTINUING OPERATIONS
Revenue: 14 2,516,950 7,188,975 3,840,218
Sales 99,705 27,955 6,500
Provision of services 2,417,245 7,161,020 3,833,718

Work performed by the company for its assets - 72,462 -

Supplies: (129,814) (79,630) (6,426)
Work carried out by other companies (129,814) (79,630) (6,426)
Other operating income: - 8,852 1,776
Incidental income and other current management income - 8,852 -

Operating subsidies included in the result for the year - 1,776

Personnel expenses: 14 (1,444,667) (3,859,342) (2,389,032)
Wages, salaries and similar (1,172,551) (3,203,131) (2,022,788)
Social security contributions (272,116) (656,211) (366,244)
Other operating expenses (1,344,980) (3,242,889) (1,750,724)
External services (1,313,561) (3,045,590) (1,553,810)
Taxes (1,250)
Losses, impairment and changes in provisions for
8.1.1 - (195,339) (195,339)
commercial operations
Other current operating expenses (30,169) (1,960) (1,575)
Depreciation of fixed assets 5 and 6 (331,019) (467,070) (206,341)

Impairment and result from disposals of fixed assets 5 - (1,220) -

Other income 3,458 71,641 79,642
OPERATING RESULT (730,072) (308,221) (430,887)


Financial income: 14 132,172 107,001 51,279
From holdings in equity instruments 100,867 - -
In group companies and associates 100,867 - -

Marketable securities and other financial instruments 31,305 107,001 51,279

From group companies and associates 18 30,404 104,462 50,260
From third parties 901 2,539 1,020
Financial expenses: 14 (282,922) (953,192) (470,294)
For debts with third parties (88,297) (727,950) (104,062)
For debts with group companies and associates 18 (194,625) (225,242) (366,231)
Exchange differences 12 566,675 (250,763) (145,343)
Impairment and result from disposals of financial
(269,467) (702,650) -
instruments
FINANCIAL RESULT 146,458 (1,799,604) (564,358)
PROFIT BEFORE RESULT (583,614) (2,107,825) (995,245)
Income tax 13 - (40,799) -
Other taxes - (4,032) -
RESULT FOR THE YEAR (583,614) (2,152,656) (995,245)




4
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


A) STATEMENT OF RECOGNISED INCOME AND EXPENSES


31 December
30 June 2025 30 June 2024
2024
PROFIT AND LOSS ACCOUNT RESULT (583,614) (2,152,655) (995,242)

Income and expenses allocated directly to equity

B) TOTAL INCOME AND EXPENSES RECOGNISED DIRECTLY IN EQUITY
Transfers to the profit and loss account

C) TOTAL TRANSFERS TO THE PROFIT AND LOSS ACCOUNT
TOTAL RECOGNISED INCOME AND EXPENSES (583,614) (398,044) (995,242)




B) TOTAL STATEMENT OF CHANGES IN NET EQUITY

Negative
(Own shares
Registered Other equity Profit for the results from
Share premium Reserves and equity Total
capital instruments year previous
interests)
years

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




ISPD NETWORK, S.A.

INTERIM FINANCIAL STATEMENTS AT 30 JUNE
2025




7
Interim Financial Statements of ISPD Network, S.A. 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

a) 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.


b) 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.


c) Legal regime

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




8
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025



NOTE 2. BASIS OF PRESENTATION OF THE INTERIM FINANCIAL STATEMENTS

a) 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.

b) 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.


c) 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.

d) 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.

e) 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.

f) 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
9
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025



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.

g) 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.




10
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025



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
basis

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:

a) 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.




11
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025




b) 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 31/12/2024 30/06/2024
Estimated Estimated Estimated
Annual Annual Annual
Years of Useful Years of Useful Years of Useful
Percentage Percentage Percentage
Life Life 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.


c) 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

12
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025



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.

g.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.

g.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.




13
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025



e) 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.

a.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:

a.1.1) 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,




14
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025



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




15
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025



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.


a.1.2) 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


16
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025



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:




17
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025




- 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




18
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025



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.

a.1.3) 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.

a.2) Financial liabilities

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

19
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025



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.


f) 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.

g) 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




20
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025



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.




21
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025



h) 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.




22
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025
i) 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:

i.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.

i.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.

j) 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.

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

l) 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.

m) 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.

n) Cash flow statements
24
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025
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.


NOTE 5. TANGIBLE FIXED ASSETS

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

New
30/06/2024 Additions Disposals 31/12/2024 Departures 30/06/2025
members

Cost:
Technical installations, machinery,
tools, equipment and other tangible 627,270 - (102,236) 525,034 - - 525,034
assets

627,270 - (102,236) 525,034 - - 525,034


Accumulated amortisation:
Technical installations, machinery,
tools, equipment and other tangible (490,583) 20,918 - (469,665) (10,433) - (480,098)
assets

(490,583) 20,918 - (469,665) (10,433) - (480,098)


Tangible Fixed Assets, Net 136,687 20,918 (102,236) 55,369 (10,433) - 44,936




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.

Fully depreciated items in use

The breakdown by heading of fully depreciated assets in use is shown below, with an indication of
their cost value:
25
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025



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

Technical installations,
machinery, tools,
392,117 392,117 383,132
equipment and other
tangible fixed assets




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.

NOTE 6. INTANGIBLE ASSETS

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:

Computer applications -
1,115,966 216,922 (62,169) 906,024 2,176,744 5,120 299,832 2,481,696
Intangible assets in
-
progress 1,058,188 333,510 (906,024) 485,674 (30,942) (299,832) 154,900
Internally developed
- - -
assets* 180,854 180,854 180,854
- -
2,174,154 550,432 (62,169) 2,843,272 5,120 (30,942) 2,817,450

Accumulated
depreciation:
Computer applications (490,805) (235,789) 42,304 (684,289) (320,586) (1,004,875)


- - -
(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

26
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025




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.

Fully depreciated items in use

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

30/06/2025 31/12/2024 30/06/2024
Computer
149,989 149,989 103,386
software




Other Information

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


NOTE 7. LEASES AND OTHER SIMILAR TRANSACTIONS

7.1) Operating leases (the Company as lessee)

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.


NOTE 8. FINANCIAL INSTRUMENTS

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

8.1) Financial Assets

The breakdown of long-term financial assets at 30 June 2025 and 31 December 2024, except for
investments in the equity of group, multigroup and associated companies, which are shown in Note
9, is as follows:




27
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025



Assets at amortised cost Total
30/06/2025 31/12/2024 30/06/2024 30/06/2025 31/12/2024 30/06/2024

Loans and receivables (Note 8.1.1) 3,442,210 2,458,210 102,610 3,442,210 2,458,210 102,610

Total 3,442,210 2,458,210 102,610 3,442,210 2,458,210 102,610


The breakdown of short-term financial assets as at 30 June 2025 and 31 December 2024 is as follows:

Financial assets at amortised cost Total
30/06/2025 31/12/2024 30/06/2024 30/06/2025 31/12/2024 30/06/2024

Cash and other liquid assets (Note
459,506 105,272 1,399,946 459,506 105,272 1,399,946
8.1.a)
Loans and receivables (Note 8.1.1) 4,509,383 4,006,205 6,805,856 4,509,383 4,006,205 6,805,856

Total 4,968,889 4,111,477 8,205,802 4,968,889 4,111,477 8,205,802



a) Cash and other liquid assets

The breakdown of these assets is as follows:

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

Current accounts and cash 459,506 105,272 1,399,946

Total 459,506 105,272 1,399,946




28
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025




8.1.1) Loans and receivables

This heading is composed as follows:

Balance at 30/06/2025 Balance at 31/12/2024 Balance as at 30/06/2024
Long term Short term Long term Short term Long term Short term
Loans for commercial operations

Group company customers (note 19) 2,772,656 3,980,799 4,866,206
Third-party customers 17,737 19,406 2,622

Total loans for commercial
2,790,393 4,000,205 4,868,828
operations

Credits for non-commercial
operations

Loans and interest to group
3,439,600 718,690 2,455,600 6,031 100,000 1,937,028
companies (note 19)
Bonds and deposits 2,610 2,610 2,610
Staff 10,136

Total loans for non-commercial
3,442,210 718,690 2,458,210 6,031 102,610 1,947,164
operations

Total 3,442,210 3,509,083 2,458,210 4,006,236 102,610 6,815,992



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

Balance as
Balance at Impairment Reversal of Balance at Impairment Reversal of
Impairments at
30/06/2024 adjustment impairment 31/12/2024 adjustment impairment
30/06/2025

Loans for commercial
- - -
operations (28,262) (28,262) (195,338) (223,600)

Total - - -
(28,262) (28,262) (195,338) (223,600)


8.1.2) Other information relating to financial assets

a) Reclassifications

No financial instruments were reclassified during the year.

b) 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.




29
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025




c) Assets pledged as collateral

There are no assets or liabilities pledged as collateral.

8.2) Financial liabilities

Long-term financial liabilities at 30 June 2025 mainly correspond to instalments derived from loans
with credit institutions.

In addition, a financial liability generated by the business combination detailed in note 20 is
specified, which would be classified as Debts and payables.

The breakdown of short-term financial liabilities is as follows:

Debts with credit institutions Other Total

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

Debits and
items payable 6,262,131 6,028,681 5,914,742 12,206,143 11,787,051 11,936,577 18,468,274 17,815,732 17,851,319
(Note 8.2.1)
Total 6,262,131 6,028,681 5,914,742 12,206,143 11,787,051 11,936,577 18,468,274 17,815,732 17,851,319


8.2.1) Debits and items payable

The breakdown is shown below:


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

For commercial operations:
Suppliers 321,109 851,504 630,616
Group and associated company suppliers (Note
750,759 947,044 1,004,208
18)
Sundry creditors 372,679 580,650 663,842


Total balances for commercial operations 1,444,547 2,379,198 2,298,666


For non-commercial operations:
Debts with credit institutions 6,262,131 6,028,681 5,914,742
Other financial liabilities 258,957 41,997 49,564

Loans and other debts 6,521,088 6,070,678 5,964,306


Personnel (remuneration pending payment) 88,640 155,338 356,185


Short-term debts with group companies and
10,413,999 9,210,518 9,232,162
associates (Note 18)

Total debts with group 10,502,639 9,365,856 9,588,347

Total Debits and items payable 18,468,274 17,815,732 17,851,319


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




8.2.2) Other information relating to financial liabilities

a) Classification by maturity

The breakdown by year of the various long-term financial liabilities with fixed or determinable
maturities as at 30 June 2025 is as follows:

2026 2027 2028 2029 Total

Long-term debts

Debts with credit institutions 68,140 86,387 36,442 - 190,969
Total 68,140 86,387 36,442 - 190,969



Long-term debts with group companies amount to €4,453,154.

The breakdown by year of the various long-term financial liabilities with fixed or determinable
maturities as at 31 December 2024 is as follows:


2029
2026 2027 2028 Total
onwards
Long-term debts
Debts with credit institutions 154,471 86,387 36,443 - 277,301
Total 154,471 86,387 36,443 - 277,301



NOTE 9. GROUP, MULTIGROUP AND ASSOCIATED COMPANIES

The holdings in Group Companies, Multigroup Companies and Associates as at 30 June 2025 are
detailed below:

% Direct Amount of Net book
% Direct Value of
30/06/2025 Voting Impairment value of the
stake Investment
Rights Provision holding
Group Companies
Antevenio Media 100 100 150,000 - 150,000
ISPD Italia S.R.L. 100 100 5,027,487 - 5,027,487
Mamvo Performance, S.L. 100 100 1,577,382 - 1,577,382
Antevenio Mexico SA de CV 100 100 1,908 - 1,908
Rebold Marketing, S.L.U. 100 100 764,540 - 764,540
Happyfication 100 100 1,559,748 - 1,559,748
B2 MarketPlace Holding SLU 100 100 1,811,125 - 1,811,125
Rebold Communication, S.L.U. 100 100 4,572,441 - 4,572,441
ISPD Iberia SL 100 100 3,000 - 3,000
Rebold Panama 100 100 16,740 - 16,740
15,484,372 - 15,484,372




31
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025




The holdings in Group, Multigroup and Associated Companies as at 31 December 2024 are detailed
below:

% Direct Amount of Net book
% Direct Value of
31/12/2024 Voting Impairment value of the
stake Investment
Rights Provision holding
Group Companies
Antevenio Media 100 100 150,000 - 150,000
ISPD Italia S.R.L. 100 100 5,027,487 - 5,027,487
Mamvo Performance, S.L. 100 100 1,577,382 - 1,577,382
Marketing Manager Servicios de
100 100 1,441,841 - 1,441,841
Marketing, S.L.
Antevenio Mexico SA de CV 100 100 1,908 - 1,908
Rebold Marketing, S.L.U. 100 100 764,540 - 764,540
Happyfication 100 100 1,559,748 - 1,559,748
B2 MarketPlace Holding SLU 100 100 1,811,125 - 1,811,125
Rebold Communication, S.L.U. 100 100 4,572,441 - 4,572,441
ISPD Iberia SL 100 100 3,000 - 3,000
Rebold Panama 100 100 16,740 - 16,740
16,926,212 - 16,926,212


% Direct Amount of Net book
% Direct Investment
30/06/2024 Voting Impairment value of the
Share Value
Rights Provision holding
Group Companies
Antevenio Media 100 100 150,000 - 150,000
Rebold Italia S.R.L. 100 100 5,027,487 - 5,027,487
Mamvo Performance, S.L. 100 100 1,577,382 - 1,577,382
Marketing Manager Servicios de
100 100 1,441,841 - 1,441,841
Marketing, S.L.
Antevenio Mexico SA de CV 100 100 1,908 - 1,908
Rebold Marketing, S.L.U. 100 100 764,540 - 764,540
Antevenio Publicite S.A.S.U 100 100 3,893,962 (3,191,312) 702,650
Happyfication 100 100 1,559,748 1,559,748
B2 Market Place Ecommerce
100 100 1,811,125 - 1,811,125
Consulting Group SL(1)
Rebold Communication, S.L.U. 100 100 4,572,441 - 4,572,441
Rebold Panama 100 100 16,740 16,740
20,817,174 (3,191,312) 17,625,862



During 2024, the following companies were dissolved and liquidated: Antevenio France, S.R.L.,
Antevenio Publicite, S.A.S.U. This resulted in a loss of €702,650 recorded under the heading
"Impairment and result from disposals of financial instruments" in the income statement.

During 2024, ISPD Network incorporated the company B2 Marketplace Holding SL through the
non-monetary contribution of the company B2Marketplace Ecommerce, which became a subsidiary
of the new company.

Likewise, on 11 July 2024, the commercial company ISPD Network, S.A. incorporated the limited
company ISPD Iberia, S.L. with a share capital of €3,000 divided into 3,000 shares of €1 each.

In addition, on 30 June 2025, ISPD Network SA, in its capacity as sole shareholder, approved the
sale of Marketing Manager Servicios de Marketing S.L, generating a loss of €269,467 recorded in
the profit and loss account.

32
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025



None of the investee companies are listed on the stock exchange.
The Directors consider that the net value at which the holdings in the subsidiaries are recorded as at
30 June 2025 is recoverable, taking into account the estimated share of the cash flows expected to
be generated by the investee companies from their ordinary activities. The assumptions on which
management has based its cash flow projections to support the recoverable value of the investments
are as follows:

- Cash flows have been projected for a period of five years based on the business plans envisaged
by the Company's management.

- The growth rate used for the following years has been determined on the basis of each company
and each geographical market.

- The discount rate applied has been calculated at between 9% and 14%.

- A perpetuity rate of approximately 2.5%.

The projections are prepared on the basis of past experience and the best available estimates, which
are consistent with information from external sources.

The corporate purpose and registered office of the investee companies are detailed below:

Mamvo Performance, S.L. (Sole Proprietorship) Its corporate purpose is online advertising and
direct marketing for the generation of useful contacts. Its registered office is located at C/ Apolonio
Morales, 13c, Madrid.


ISPD Italia S.R.L. (Sole Proprietorship) Its corporate purpose is online advertising and internet
marketing. Its registered office is located at Via dei piati 11- 20123. Milan (Italy).

Rebold Marketing, S.L. (Sole proprietorship) Its corporate purpose is to provide services through
data networks for mobile phones and other electronic devices with multimedia content. Its
registered office is located at C/ Apolonio Morales, 13c, Madrid.

Antevenio México, S.A. de CV. Its corporate purpose is the provision of other advertising services.
It has its registered office in Mexico. Its registered office is located at Goldsmith 352, Miguel
Hidalgo Polanco III Sección CP 11540 Mexico City.

Rebold Communication, S.L. (Sole Proprietorship) Established in 1986. Provision of Internet
access services. Creation, management and development of Internet portals. Provision of
commercial and marketing advisory services on and off the Internet and establishing, applying for
and otherwise protecting the Company's patents, trademarks, licences, concessions, domain names,
operating systems and any other industrial or intellectual property rights. Its registered office is
located at Rambla Catalunya, 123, Entlo.08008 Barcelona.

Happyfication Inc. Incorporated in 2011. The company's corporate purpose is to provide its
partners and customers with tools and services to plan, measure and distribute digital media more
effectively. Its registered office is located at 177 Huntington Ave Ste 1703 PMB 14953, Boston MA
02115.

33
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025



Antevenio Media S.L. (Sole Proprietorship): Incorporated on 7 November 2023. The company's
corporate purpose is to provide advertising services and online advertising and e-commerce through
telematic media. Its registered office is located at C/ Apolonio Morales 13C 28036 Madrid.

ISPD Iberia S.L. (Sole Proprietorship): Incorporated on 11 July 2024. Its registered office is
located at C/ Apolonio Morales, 13c, Madrid. Its purpose is to create and carry out advertising
campaigns in various media, as well as to manage marketing strategies.

B2Marketplace Holding SL: Incorporated on 11 July 2024. Its registered office is located at C/
Apolonio Morales, 13c, Madrid. Company specialising in optimising and improving the presence of
brands, manufacturers and distributors on digital platforms.

Rebold Panamá: Incorporated on 25 November 2020, its registered office is located at Avda
Samuel Lewis y calle 53 Panamá. Its activity consists of carrying out business of any nature within
or outside the Republic of Panama.

The summary of the net assets of the investee companies as at 30 June 2025 is shown below, in
euros:

Results from Translation Profit for the
30/06/2025 Share capital Reserves Equity
previous years differences financial year
Mamvo Performance, S.L.
33,967 2,498,573 (1,654,332) (302,042) 576,166
Antevenio Mexico
4,537 422,008 71,574 111,346 609,465
ISPD Italia S.R.L. 10,000 (146,528) 155,284 106,002 124,758
Rebold Marketing, S.L.U.
611,694 669,198 (1,052,245) 156,486 385,133
Antevenio Media S.L.U. 150,000 (357,023) 70,908
(136,115)
Happyfication 883 333,945 (15,570) (48,137)
271,121
B2 MarketPlace Holding SLU 3,000 1,808,125 (3,097) (1,189)
1,806,839
Rebold Communication, S.L.U. 7,414,224 (3,168,141) (1,046,198) 132,003
3,331,888
ISPD Iberia SL 3,000 (430,787) (528,620)
(956,407)
Rebold Panama 8,831 157,729 (21,866) 40,158
184,852


The summary of the net equity of the investee companies as at 31 December 2024 is shown below,
in euros:




34
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025




Share Operating profit Differences Result for the Equity
2024 Reserves
capital from
Previous conversion financial
year
Mamvo Performance, S.L. 33,967 2,498,573 878,208
(1,404,039) (250,293)
Marketing Manager Marketing Services 1,341,709 33,791 90,475
S.L. (1,091,919) (193,106)

Antevenio Mexico 4,537 458,566 122,821 549,366
(36,558)
ISPD Italia S.R.L. 10,000 (146,528) 45,817 109,467 18,757

Rebold Marketing, S.L.U. 611,694 669,198 (1,145,286) 93,040 228,646

Antevenio Media Limited Liability Company 150,000 (151) (356,872) (207,023)
Happyfication 883 114,690 (4,654) 219,254 330,173

Rebold Communication, S.L.U. 7,414,224 (3,168,141) (1,238,043) 191,845 3,199,885
Rebold Panama 8,831 169,736 7,826 88,860 275,253

B2Marketplace Holding SL 1,811,125 (3,097) 1,808,028

ISPDIberiaSL 3,000
(430,787) (427,787)



The summary of the net equity of the investee companies as at 30 June 2024 is shown below, in
euros:

Results
Profit for
Share from Translation
30/06/2024 Reserves Subsidies the financial Equity
capital previous differences
year
years
Mamvo Performance, S.L.
33,967 2,498,573 (1,404,039) 72,098 1,200,600
Marketing Manager Servicios de
Marketing S.L. 1,341,709 33,791 (1,091,919) (126,488) 157,093
Antevenio Mexico
4,537 458,566 211,749 77,524 752,376
Rebold Italia S.R.L.
10,000 2,000 45,817 (196,526) (138,709)
Rebold Marketing, S.L.U.
611,694 669,198 (1,145,286) (112,477) 23,129
Antevenio Publicite, S.A.S.U.
263,537 10,191 (14,069) (12,422) 247,237
Antevenio Media S.L.U.
150,000 (151) (277,341) (127,492)
Happyfication
883 114,690 4,792 (115,138) 5,227
B2MarkeTPlace Ecommerce
Consulting Group SL 81,671 186,470 (105,445) (38,619) 124,077
Rebold Communication, S.L.U.
7,414,224 (3,135,411) (1,238,043) 85,998 3,126,768
Rebold Panama
8,831 169,736 (107) 61,732 240,192




35
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025




NOTE 10. INFORMATION ON THE NATURE AND LEVEL OF RISK ARISING FROM
FINANCIAL INSTRUMENTS

The Company's activities are exposed to various financial risks, primarily credit risk and market
risk (exchange rate, interest rate and other price risks).

Exchange rate risk

The financing of long-term assets denominated in currencies other than the euro is attempted to be
carried out in the same currency in which the asset is denominated. This is especially true in the
case of acquisitions of companies with assets denominated in currencies other than the euro.

Liquidity risk

ISPD Network pays constant attention to developments in the various factors that can help resolve
liquidity crises, particularly sources of financing and their characteristics.

Liquidity of monetary assets: surplus funds are always placed in very short-term, highly available
instruments. At 30 June 2025, cash and cash equivalents amounted to €459,506 (€105,272 at 31
December 2024).

The company uses the available analytical information to calculate the cost of its products and
services, which helps it to review its cash requirements and optimise the return on its investments. It
also reviews its DSO and DPO to optimise its immediate cash requirements. ISPD Network takes
into account the remaining contractual maturities of financial liabilities at the date of preparation of
these Interim Financial Statements, as described in note 10.


NOTE 11. EQUITY

11.1) Share capital

Until 4 September 2020, the Company's share capital was represented by 4,207,495 shares with a
par value of €0.055 each, fully subscribed and paid up. On that date, the share capital was increased
through non-monetary contributions amounting to €587,607, consisting of all the shares into which
the share capital of Rebold Communication, S.L.U. is divided, to be carried out by its owner, ISP
Digital, S.L.U. through the issue and circulation of 10,683,767 new shares, represented by book
entries with a nominal value of €0.055, which were created with an issue premium of €1.2902184
per share, the total amount of the premium being €13,784,393.

Consequently, the total disbursement amounts to €14,372,000.




36
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025




On 7 May 2021, the company approved the purchase of treasury shares worth €570,000. On 23
December 2021, the Company finally acquired a total of 150,000 treasury shares at a price of €3.80,
for a total of €570,000. On 22 January 2022, a further 25,000 shares were purchased at the same
price of €3.80, for a total of €95,000, with the amount remaining unchanged in 2024.

The share capital as at 30 June 2025 is represented by 14,891,262 shares with a par value of €0.055
each.

The shareholders with direct or indirect holdings in the share capital at 30 June 2025 and 31
December 2024 are as follows:


No. of shares % Stake
ISP Digital, S.L.U. 14,407,750 96.75%
Free float 308,512 2.07%
Treasury shares 175,000 1.18%
Total 14,891,262 100.00%



11.2) Reserves

Details of reserves at 30 June 2025 and 2024:

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

Legal reserve 46,282 46,282 46,282
Voluntary
6,411,409 6,411,409 6,411,329
reserves


Total 6,457,691 6,457,691 6,457,611



a) Legal Reserve

The use of the legal reserve is restricted, as determined by various legal provisions. In accordance
with the Capital Companies Act, commercial companies that make a profit are required to allocate
10% of that profit to the reserve until the reserve fund reaches one-fifth of the subscribed share
capital. The legal reserve is used to offset losses or increase capital by the amount exceeding 10%
of the capital already increased, as well as to be distributed to shareholders in the event of
liquidation.

As at 30 June 2025, the legal reserve has not been fully allocated.




37
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025




b) Dividends

No dividends were distributed in the 2024 financial year.



NOTE 12. FOREIGN CURRENCY

The amount of exchange differences recognised in the income statement at 30 June 2025 and 31
December 2024 is as follows:

Exchange differences 30/06/2025 31/12/2024 30/06/2024


Positive exchange differences
Realised during the financial year 505,982 3,574 44,854
Negative exchange differences
Realised during the financial year 60,694
(254,337) (190,197)

Total 566,677 (250,763) (145,343)




Assets and liabilities denominated in foreign currency correspond to balances of debtors, creditors
and cash, all of which form part of current assets and liabilities.

Foreign currency transactions during the period ended 30 June 2025 and the 2024 financial year and
foreign currency balances are not significant in relation to the Interim Financial Statements.


NOTE 13. TAX SITUATION

The details of the balances held with the Public Administrations are as follows:

30/06/2025 31/12/2024 30/06/2024
Debtor Creditor Debtor Creditor Debtor Creditor
Current:
Value Added Tax
1,035,019 970,703 781,387
Deferred tax assets (*)
375,203 375,203 416,002
Public Treasury Creditor IAE
(5,973) (5,973) (5,973)
Income tax withholdings
(53,599) (54,177) (78,529)
Current tax liability
(53,404) (53,404) (53,404)
Social Security agencies
(53,173) (53,949) (64,085)


1,410,222 (166,149) 1,345,906 (167,503) 1,197,389 (201,991)


(*) Classified in the long-term balance sheet.


38
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025




Tax situation

The Company's tax returns for the last four years are open to inspection by the tax authorities.

Under current legislation, tax assessments cannot be considered final until they have been inspected
by the tax authorities or the four-year limitation period has expired. Consequently, any inspections
could give rise to liabilities in addition to those recorded by the Company. However, the Directors
consider that such liabilities, if they arise, would not be significant in comparison with the
Company's equity and annual results.

Income tax

The reconciliation of the net income and expenses for the year with the income tax base is as
follows:

30/06/2024 31/12/2024 30/06/2025
Profit and Loss Account Profit and Loss Account Profit and Loss Account

Profit for the year (after tax)
(995,245) (2,152,655) (583,613)
Increases Decreases Net effect Increases Decreases Net effect Increases Decreases Net effect


Corporation tax
40,799 40,799
Permanent differences (7,183,248)
66,299 (7,249,547)
Temporary differences 289,464 71,355
(218,108)
International double taxation
exemption
Application of negative tax bases

Tax base (taxable income) (9,223,749) (583,613)
(995,245)
Full amount
Deductions for R&D&I
Net contribution
Withholdings and payments on
account
Accounts with companies in the tax
group
Fee to be paid/(refunded) (1)



(1) In 2017, the Company is taxed under the tax consolidation regime for corporate income tax with
the ISP Group.

As the Company is taxed under the tax consolidation regime with the ISP Group in 2017, the
amount of tax payable has been included as a short-term receivable from the parent company of the
tax group.

The breakdown of deferred tax assets recorded is as follows:




39
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025




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

Temporary differences 29,071 29,071 69,870

Tax credits 346,132 346,132 346,132

Total deferred tax assets 375,203 375,203 416,002


The deferred tax assets indicated above have been recorded in the balance sheet because the
Directors consider that, based on the best estimate of the Company's future results, including certain
tax planning actions, it is probable that these assets will be recovered.

Tax loss carryforwards

Tax base credits have been recorded, as they meet the requirements established by current
regulations for their recording, and there is no doubt about the Company's ability to generate future
taxable income that will allow for their recovery. The breakdown of the tax bases pending offset in
future years corresponding to this tax credit is as follows:

Year of Origin Euro Activated
2013 248 YES
2015 6,517 YES
2018 392,571 YES
2019 610,337 YES
2020 374,855 YES
2021 217,383 NO
2022 485,180 NO
2023 206,392 NO
2024 4,370,417 NO
6,663,900




NOTE 14. INCOME AND EXPENSES

a) Wages, salaries and social security contributions

The composition of this item in the Profit and Loss Account is as follows:

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


Wages and salaries
(1,172,552) (3,203,131) (2,022,788)
Social security contributions payable by the
company (256,208) (624,822) (347,203)
Other social expenses
(15,908) (31,389) (19,041)


Social security contributions
(1,444,667) (3,859,342) (2,389,032)



40
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025



b) Financial results

This item in the Profit and Loss Account is composed as follows:

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

Revenue:
Income from holdings in equity instruments
100,867 - -
in group companies and associates
Income from loans to group companies 30,404 50,260
104,462
Other financial income 901 2,539.00 1,020

Total Revenue 132,172 107,001 51,280

Expenses:
Expenses for debts with group companies
(194,625) (727,950) (331,065)
Other financial expenses
(88,297) (225,242) (139,229)

Total Expenses (282,922) (953,192) (470,294)


c) Revenue

The breakdown of net turnover from the Company's ordinary activities by category of activity is
shown below:

30/06/2025 31/12/2024 30/06/2024
Description of activity Euro % Euro % Euros %


Provision of services (fees) 2,516,950 100 % 7,188,975 100% 3,840,218 100%
Total 2,516,950 100% 7,188,975 100% 3,840,218 100%




30/06/2025 31/12/2024 30/06/2024
Geographical
Euro % Euro % Euros %
segmentation

National 854,022 34% 1,952,472 27% 1,258,893 33%
Europe 86,242 3% 289,446 4% 71,012 2%
Non-European
1,576,687 63% 4,947,057 69% 2,510,313 65%
international
Total 2,516,950 100% 7,188,975 100% 3,840,218 100%


a) External services

The heading for external services is shown below:




41
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025



30/06/2025 31/12/2023 30/06/2024

External services:
Leases and fees 272,519 819,845 434,316
Repairs and maintenance - 11,681 9,456
Independent professional services 768,454 1,695,066 940,552
Premiums and insurance 81,748 35,512 7,161
Banking and similar services 23,312 38,722 21,978
Advertising, publicity and public relations 72,716 131,616 54,008
Supplies 5,899 54,494 26,401
Other services 88,913 258,654 59,938

Total Expenses 1,313,561 3,045,590 1,553,810




NOTE 15. ENVIRONMENTAL INFORMATION

As part of its commitment to sustainability, the Company has also adopted broader policies that
include working with a green electricity supplier in Spain. In addition, its travel policy seeks to
minimise the use of flights, favouring train travel for journeys of less than three hours, which
contributes to a significant reduction in transport-related CO2 emissions. At its Barcelona office,
the Company has also implemented a bicycle parking system, encouraging the use of
environmentally friendly transport among its employees.


NOTE 16. GUARANTEES AND WARRANTIES

As at 30 June 2025 and 31 December 2024, the Company has provided guarantees to banks and
public bodies as detailed below:

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


Guarantees for customers 489,657 434,657 376,515


Total 489,657 434,657 376,515




NOTE 17. EVENTS AFTER THE CLOSING OF THE INTERIM FINANCIAL STATEMENTS.

The directors of the Parent Company consider that there are no other significant events subsequent
to the date of preparation of these Interim Financial Statements other than those described in this
note.




42
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025


NOTE 18. TRANSACTIONS WITH GROUP COMPANIES AND RELATED PARTIES

18.1) Balances between group companies

The details of the balances held with group companies as at 30 June 2025 are shown below:

Access
Content
Mamvo Marketing ISPD DGLNT
BALANCES BETWEEN Acceso Antevenio Digilant Antevenio in B2MarketPlace Blue Digilant ISPD Rebold
Performance Manager RMK ItaIia B2MarketPlace RMC SA DE Happyfication Total
RELATED PARTIES Colombia Media Peru Mexico Context Holding Digital Inc Iberia Panama
S.L.U S.L.U SRL CV
SA de
CV

A) NON-CURRENT
- - -
ASSETS - - - - 300,000 - - - 102,000 - 1,000,000 - - - - 1,402,000
1. Long-term investments
- - -
in group companies - - - - 300,000 - - - 102,000 - 1,000,000 - - - - 1,402,000
a) Loans to companies (1) - - -
- - - - 300,000 - - 102,000 - 1,000,000 - - - - 1,402,000


Total Non-Current - - -
- - - - 300,000 - - - 102,000 - 1,000,000 - - - - 1,402,000 n
-
B) CURRENT ASSETS 40,201 26,921
395,904 - 438,074 60,528 10,548 840 645,133 57,840 46,656 241,472 1,252,693 191,991 300,050 2,126,339 - 4,730 3,334,535
1. Trade debtors and -
40,201 26,921
other accounts receivable 395,904 - 438,074 60,528 10,548 840 645,133 57,840 46,656 241,472 1,252,693 191,991 300,050 2,126,339 - 4,730 3,334,535
a) Customers for short-
term sales and services 26,921 (1,252,693)
1,094 438,074 66,479 10,548 840 645,133 57,840 45,813 241,472 80,156 126,402 2,126,339 4,730 2,619,149
rendered
2. Short-term
investments in group (5,951) 40,201
394,810 842 111,836 173,648 715,386
companies

C) NON-CURRENT
- - - - -
LIABILITIES - - - - - - - - - - - - - -

1. Long-term debts with
group companies and - - - - -
- - - - - - - - - - - - -
associates
D) CURRENT
79,419 - - (1,821,594) (19,768) - - - - 17,025 (706,399) - (5,540,373) 159,419 (1,624,393) - (8,535) (150,946) (9,618,744)
LIABILITIES

1. Short-term debts with
group companies and 79,419 - - (1,818,483) (19,768) - - - - 17,025 (706,399) - (4,985,687) 183,080 (1,583,444) - (8,535) - (8,842,791)
associates
2. Trade creditors and
- - (3,111) - - - - - - - - (554,687) (23,661) (40,949) - - (150,946) (775,953)
other accounts payable -
a) Short-term suppliers - - (3,111) - - - - - - (2,600) (554,687) (23,661) (40,949) - - (150,946) (775,953)
-
b) Sundry creditors - - - - - - - - - - - - - - - - - -
-

Current Total 475,323 - 438,074 (1,761,066) (9,220) 840 645,133 57,840 46,656 57,226 (679,477) 241,472 (6,793,066) 351,411 (1,324,344) 2,126,339 (8,535) (146,216) (6,284,209)




43
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025


The breakdown of balances held between group companies as at 31 December 2024 is shown below:




44
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025


18.2) Transactions between group companies

The amount of transactions carried out during the period ended 30 June 2025 and included in the
Profit and Loss Account is detailed below, in euros:

Sales and services Interest Other
Transactions carried out Services received Interest paid
provided charged transactions



Mamvo Performance, S.L.U. 1,881 3,746
Marketing Manager (115,862) (59,266)
Access Colombia 47,594
Rebold Marketing (3,331) 141,718 (17,529)
Antevenio Media 26,006 (733)
ISPD Iberia (35,578) 91,760 4,587
ISPD Italy 86,242 4,245
Antevenio Mexico 104,089
B2Holding 170
B2Market Place (244) 47,947 (5,631)
Blue Digital 33,265
Digilant Inc 1,039,746 (104,745)
Rebold Communication (7,187) 328,807 (19,752)
DGLNT SA DE CV 349,023
Happyfication 2,969
(162,201) 2,241,781 12,748 (148,391) -




The amount of transactions carried out with group companies during the 2024 financial year included
in the Profit and Loss Account is detailed below, in euros:

Sales and services Other
Transactions carried out Services received Interest paid Interest charged
provided transactions


Mamvo Performance, S.L.U. (108,634) 4,048 45,491 (31,123) -
Marketing Manager (100) 260,177 4,890 (266) -
Ispd Iberia (22,199) 49,837 - (2,024) -
Access Colombia - 138,217 - - -
Antevenio Media - 77,672 1,409 - -
Rebold Marketing (1,823) 361,321 4,429 (30,676) -
Antevenio France - - 83 - (9,126)
B2M Holding - - 31 - -
ISPD Italy (82,311) 101,779 6,006 - -
Antevenio Mexico - 565,783 - - -
Antevenio Publicitè (308) 187,667 - - -
B2Market Place - 218,842 - (57,465) -
Blue Digital (2,600) 97,445 - - -
Digilant Inc - 2,955,807 - (206,214) -
Rebold Communication (32,072) 928,306 2,329 (146,107) -
Digilant Peru - 840 - - -
DGLNT SA DE CV - 1,178,402 - - -
Happyfication (84,791) 10,563 - - -
(334,838) 7,136,706 64,667 (473,876) (9,126)




45
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025



At 30 June 2025, the breakdown of balances with related parties is as follows:


Related company (30 June 2025) Debit balance Credit balance

ISP Digital SLU 44,218 (5,188,091)
ISP 21,810 (874,601)
ISP (for corporate tax on tax group) (185,173)
Tagsonomy SL 2,597,344
Shape Communication 3,335
Total group companies 2,666,708 (6,247,865)



At 31 December 2024, the breakdown of balances with related parties is as follows:

Related company (31 December 2024) Debit balance Credit balance
ISP Digital SLU 44,218 (5,143,278)
ISP 484 (223,179)
ISP (for Group corporate tax) (185,173)
Tagsonomy SL 1,654,189 308,908
Shape Communication 3,335
Total group companies 1,702,226 (5,242,723)




18.3) Related party transactions
Details of related party transactions carried out during the period ending 30 June 2025 and during the
2024 financial year are as follows:

- Until 30 June 2025, transactions with related parties are as follows:

Tagsonomy
Related company (30 June 2025) ISP ISP Digital SLU
SL
Services Provided 17,625 105,391
Services Received (49,761)
Financial Income 17,656
Financial Expenses (1,422) (44,813)
Total 16,203 (44,813) 73,286



- During the 2024 financial year, transactions with related parties are as follows:




46
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025


Related company (31 December 2024) ISP ISP Digital SLU Tagsonomy SL

Sales
Purchases (247,959)
Services Provided 5,720 36,544 40,704
Services Received
Financial Income 39,795
Financial Expenses (254,074)
Total 5,720 (217,530) (167,460)



18.4) Balances and Transactions with Directors and Senior Management

The amounts received by the Board of Directors or senior management are detailed below:

Senior management

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

Wages and salaries 377,908 773,567 501,486

Total 377,908 773,567 501,486


As at 30 June 2025 and 31 December 2024, there are no commitments for pension supplements,
guarantees or sureties granted in favour of the Management Body, nor are there any loans or advances
granted to them.

Other information regarding the Board of Directors

The members of the Company's Board of Directors and the persons related to them referred to in
Article 231 of the Capital Companies Act have not incurred in any conflict situation in accordance
with the provisions of Article 229.

NOTE 19. OTHER INFORMATION

The average number of employees is as follows:

30/6/2025 31/12/2024 30/06/2024
Men Women Total Men Women Others Total Men Women Total


Address 2.6 1.0 3.6 6.9 3.1 0.0 10.0 7.9 4.3 12.2
Administration 5.0 3.9 8.9 4.1 4.9 1.0 9.9 7.0 17.4 24.4
Commercial 1.0 1.7 2.7 0 0.0 0.0 0.0 0.0 0.0 0.0
Production 3.0 5.0 8.0 3.7 4.8 0.0 8.5 4.0 4.8 8.8
Marketing 1.0 1.0 2.0 2.0 3.1 0.0 5.1 2.0 2.1 4.1
Technical 5.8 0.0 5.8 1.0 0.0 0.0 1.0 1.0 0.0 1.0


18.4 12.6 31.0 17.6 15.9 1.0 34.5 21.9 28.6 50.5




47
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025
The number of members of the Board of Directors and employees at the end of the periods, broken
down by professional category, is as follows:

30/6/2025 31/12/2024 30/6/2024
Men Women Total Men Women Total Men Women Total
Address 3 1 4 7 2 9 8 4 12
Administration 5 4 9 4 4 8 7 18 25
Commercial 1 1 2 0 0 0 0 0 0
Production 3 5 8 4 5 9 2 2 4
Marketing 0 1 1 2 3 5 4 5 9
Technical 6 0 6 2 0 2 1 1
18 12 30 19 14 33 22 29 51



For the purposes of the second additional provision of Law 31/2014 of 3 December, amending the
Capital Companies Act, and in accordance with the Resolution of 29 February 2016 of the Institute of
Accounting and Auditing, the following is a breakdown of the average payment period to suppliers,
the ratio of paid transactions, the ratio of pending payments, the total payments made and the total
pending payments:

30/06/2025 31/12/2024 30/06/2024
Days Days Days
Average payment period to
43.14 38.29 41.88
suppliers
Ratio of paid transactions 38.08 28.23 34.55
Ratio of transactions pending
72.50 87.10 68.49
payment
Amount
Amount (euros) Amount (euros)
(euros)
Total payments made 2,199,106 4,749,984 2,583,145
Total outstanding payments 379,313 1,281,454 711,610


30/06/2025 31/12/2024 30/06/2024
Volume of invoices paid within the
2,034,177 4,088,421 2,098,875
legal deadline
Number of invoices paid within the
735 1,703 928
legal deadline
Percentage of invoices paid within the
legal deadline out of the total volume 93 86 81
of invoices paid (%)
Percentage of invoices paid within the
legal deadline out of the total number 90 90 87
of invoices paid (%)




48
Interim Financial Statements of ISPD Network, S.A. at 30 June 2025




NOTE 20. BUSINESS COMBINATIONS ANTEVENIO FRANCE SASU:

On 30 April 2024, ISPD Network SA, in its capacity as sole shareholder, approved the early
dissolution of Antevenio France, effective 30 April 2024. On that same date, Antevenio France
formalised its dissolution, which involved the cessation of its activity and the transfer of its assets to its
sole shareholder.

ANTEVENIO PUBLICITÉ SASU:

On 15 December 2024, ISPD Network SA, in its capacity as sole shareholder, approved the early
dissolution of Antevenio Publicité, effective 15 December 2024. On the same date, Antevenio
Publicité formalised its dissolution, which involved the cessation of its activity and the transfer of its
assets to its sole shareholder. This dissolution has resulted in an expense for the group, recorded in the
profit and loss account under the heading "Impairment and result from disposals of financial
instruments" in the amount of €702,650.


MARKETING MANAGER SERVICIOS DE MARKETING S.L.:

On 30 June 2025, ISPD Network SA, as sole shareholder, sold 100% of its shares in Marketing
Manager Servicios de Marketing S.L.U to emBlue Software LLC, at a base sale price of €403,035,
which may be adjusted for each completed migration. This sale of shares has generated a loss of
€269,467 for the parent company.




49