Audited 2024 Annual Report Notice of AGM

Team Internet Group Plc (AIM: TIG, OTCQX: TIGXF), the global internet company that generates recurring revenue from creating meaningful and successful connections: businesses to domains, brands to consumers, publishers to advertisers, is pleased to announce its audited annual report for the financial year 2024 is now available on the Group's website at the following link: https://teaminternet.com/annual-interim-reports/. The annual report will shortly be posted to those shareholders who have opted to receive a hard copy.

The results for the financial year 2024 are in line with the Group's Trading Updates announcement issued on 24 March 2025. The Group remains confident in its ability to meet recently revised market expectations for 2025.

Financial summary

• Gross revenue decreased by 4.1% to USD 802.8 million (FY2023: USD 836.9 million)
• Net revenue (gross profit) decreased by 1.9% to USD 187.5 million (FY2023: USD 191.1 million), with gross margin increasing from 22.8% to 23.4%
• Adjusted EBITDA(i) decreased by 4.7% to USD 91.9 million (FY2023: USD 96.4 million), with adjusted EBITDA as a percentage of net revenue remaining close to 50% at 49.0% (FY2023: 50.4%)
• Operating profit decreased by 82.1% to USD 8.2 million (FY2023 restated(ii): USD 45.7 million), following USD 36.0 million of impairment charges primarily relating to the Group's Shinez I.O Ltd subsidiary, acquired in April 2024, without which operating profit would have been USD 44.2 million, 3.3% lower than FY2023
• Due to the same impairment charges, a loss after tax of USD 17.7 million (FY2023 profit after tax restated: USD 25.1 million) was recorded
• Adjusted EPS (diluted) decreased by 5.5% to USD 21.22 cents (FY2023 restated(ii): USD 22.46 cents)
• Adjusted operating cash flow increased by 7.0% to USD 99.1 million (FY2023: USD 92.6 million)
• Adjusted operating cash conversion(iii) of 108% (FY2023: 96%)
• Net debt(iv) of USD 96.4 million (31 December 2023: USD 74.1 million, 30 June 2024: USD 109.9 million). Team Internet has continued to be cash generative in 2024, reducing net debt by USD 13.5 million in the second half of the year despite USD 12.0 million of shareholder distributions including payment of an interim dividend of 1 pence per share
• Leverage increased to 1.2x adjusted EBITDA (31 December 2023: 1.0x)
• Interest cover decreased to 5.9x (31 December 2023: 7.3x)
• The directors do not propose a final dividend in respect of FY2024 as the Company rebalances short-term shareholder returns with deleveraging

Operational and corporate summary

• The Group achieved record adjusted operating cash flow of USD 99.1 million
• Acquisition of Shinez I.O Ltd ('Shinez') for an initial cash consideration of USD 31.8 million (net of cash acquired). Shinez has underperformed relative to expectations, primarily due to changes in its specific target markets. The restructuring plan for Shinez, which is now under new management, includes transitioning Shinez's business model from text-based to short-form video, aligning with consumer trends
• In April 2024, the Group announced that its ordinary shares began trading on the OTCQX® Best Market ('OTCQX') under the symbol 'TIGXF'. OTCQX is the premier tier of OTC Markets where over 12,000 US and global securities trade. Trading on OTCQX will significantly enhance Team Internet's visibility and accessibility in the world's largest capital market
• Despite a shifting digital landscape, which resulted in adjusted EBITDA declining 4.7%, Team Internet delivered record cash generation and maintained robust margins, proving the resilience of our model. Our ability to adapt and optimise ensures we remain well-positioned for future growth
• Short-term recalibration is essential for long-term success. By focusing on high-quality revenue streams, AI-driven efficiencies, and strategic cost discipline, we are building a leaner, more resilient business primed for sustainable growth
• 2024 was a year of strategic transformation-expanding AI-driven monetisation, increasing direct advertiser relationships, and enhancing our tech stack to drive efficiency. Our Domains, Identity & Software and Comparison segments outperformed expectations, setting the stage for further expansion in 2025

Annual General Meeting

The Company also announces that its 2025 Annual General Meeting ("AGM") will be held at 09.00 BST on Monday, 28 April 2025 at the Company's registered office at 4th Floor, Saddlers House, 44 Gutter Lane, London, ECV 6BR. The notice of AGM document will shortly be available on the Company's website at https://teaminternet.com/constitutional-documents-and-circulars/.

The Company is offering facilities for shareholders to attend by conference call to ask questions in real time should they wish to do so.

Shareholders will be able to follow the proceedings of the AGM over the online Investor Meet Company platform by registering in advance via the following link: https://www.investormeetcompany.com/team-internet-group-plc/register-investor

Shareholders who already follow TEAM INTERNET GROUP PLC on the Investor Meet Company platform will automatically be invited.

Shareholders are invited to submit any questions in respect of the meeting for the Board to consider. Questions may be submitted in advance up until 09:00 BST the day before the meeting or during the meeting over the Investor Meet Company platform following registration, and the Board will aim to respond to any such questions relevant to the business of the meeting.

Shareholders taking part via the Investor Meet Company platform will not be able to speak or vote on the AGM resolutions. Shareholders are therefore strongly encouraged to exercise their voting rights by completing and submitting a Form of Proxy. It is highly recommended that Shareholders submit their Form of Proxy as early as possible to ensure that their votes are counted at the AGM. Shareholders are strongly encouraged to appoint the Chairman as your proxy to ensure that each Shareholder's vote will be counted in the event of restrictions on shareholders and proxies attending the AGM in person.

Michael Riedl, CEO of Team Internet, commented:

"With our audited 2024 results now confirmed, we can look back on a year of strategic realignment and operational resilience. Headwinds in the Search segment led to reduced earnings but record adjusted operating cash flow, improving margin quality, and outperformance in our DIS and Comparison segments underscore the strength of our diversified model.

As we continue the disciplined execution of our strategy in 2025, we remain focused on innovation, efficiency, and value creation - positioning Team Internet to return to double-digit EBITDA growth from 2026 onwards."

(ii)Information on prior period restatements was included in our Nine months ended 30 September 2024 interim report and is included in our Annual Report

(iii)Adjusted operating cash conversion refers to the percentage of Adjusted EBITDA that is converted into operating cash in the period. Operating cash flows are adjusted for non-recurring working capital items, such as the settlement of acquisition costs included within the balance sheet of acquired entities. See note 9

(iv)Includes cash (USD 88.3m), bank debt and prepaid finance costs (USD 184.9m) and hedging assets (USD 0.2m) as of 31 December 2024 (31 December 2023 cash (USD 92.7m), bank debt and prepaid finance costs (USD 166.6m) and hedging liabilities (USD 0.2m))

We reported gross revenue of USD 802.8 million and net revenue of USD 187.5 million, with adjusted EBITDA of USD 91.9 million.

While Search net revenue declined by 14.6% due to product evolution and cyclical weakness in click prices, our Domains, Identity & Software (DIS) and Comparison segments outperformed expectations, with both segments delivering growth in the year and together contributing 51.2% of net revenue in 2024, up from 43.9% in 2023. These segments remain poised for further expansion in 2025.

This shift underscores the increasing resilience of our business model, as we continue to diversify revenue streams and strengthen our position across all segments.

Performance review

Segment Highlights

The Group committed to providing greater information by reporting on the profitability of each reporting segment, as well as separating out our Comparison business, which has grown so favourably that it now qualifies as a separate reporting segment.

The Group's new reporting segments performed as follows during financial years 2023 and 2024:

Notes for new reporting segments

A Comprises the former Online Presence segment and the Voluum SaaS business

C Represents the former Online Marketing segment, less Comparison and Voluum

Outlook

Current analyst consensus for 2025 adjusted EBITDA is between USD 60 million and USD 62 million, with a return to double-digit Group earnings growth from 2026 onwards.

We look forward to providing our next update when the Company publishes its results for the six months ended 30 June 2025 around the end of August 2025.

Michael Riedl

Chief Executive Officer

All amounts relate to continuing activities

• Non-core operating expenses include items related primarily to acquisition, integration and other related costs, which are not incurred as part of the underlying trading performance of the Group, and which are therefore adjusted for.

• Share capital represents the nominal value of the Company's cumulative issued share capital.
• Share premium represents the cumulative excess of the fair value of consideration received for the issue of shares in excess of their nominal value less attributable share issue costs and other permitted reductions. The Company's share premium was cancelled in full during 2023.
• Merger relief reserve represents the cumulative excess of the fair value of consideration received for the issue of shares in excess of their nominal value less attributable shares issue costs and other permitted reductions, where the consideration for the shares in another company includes issued shares, and 90% of the equity is held in the other company
• Share-based payment reserve represents the cumulative value of share-based payments, excluding related employment taxes, recognised through equity and deferred tax assets arising thereon.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

• General information
• Basis of preparation

The preliminary results for the year ended 31 December 2024 are an abridged statement of the full Annual Report which was approved by the Board of Directors on 28 March 2025. The consolidated financial statements in the full Annual Report are prepared in accordance with UK-adopted international accounting standards and in accordance with the Companies Act 2006 ('the Act') as applicable to companies reporting under international accounting standards. As applied to the Group, there are no material differences from International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The financial results for the year ended 31 December 2024 have been prepared on the basis of the accounting policies set out in the Group's 2024 statutory accounts.

The financial results are condensed and do not represent statutory accounts within the meaning of section 434 of the Act. The statutory accounts for the year ended 31 December 2024, upon which the auditors issued an unqualified opinion, are available on the Group's website and did not contain statements under section 498(2) or (3) of the Companies Act 2006. The statutory accounts for the year ended 31 December 2024 will be delivered to the Registrar of Companies in England and Wales in accordance with section 441 of the Act.

The financial statements have been prepared on the going concern basis, which assumes that the Group will continue to be able to meet its liabilities as they fall due for the foreseeable future.

The Directors have conducted a comprehensive going concern review, considering the Group's business activities, together with the factors likely to affect its future development, performance and financial position, as set out in the strategic report on pages 1 to 27 of the Annual Report, as well as the principal risks of the Group are set out on pages 60 to 62 of the Annual Report. In addition, note 29 of the Annual Report outlines the Group's financial risk management objectives, as well as its exposure to liquidity and other financial risks.

As at 31 December 2024, the Group had access to over USD 150.8 million of liquidity (2023: USD 172.7 million), comprising cash and cash equivalents of USD 88.3 million (2023: USD 92.7 million) and access to an undrawn revolving credit facility (RCF) of USD 62.5 million (2023: USD 80.0 million). The Group has net current assets of USD 7.1 million at 31 December 2024 (2023: USD 11.8 million). Current liabilities include USD 25.2 million of deferred revenue and payments received on account from customers (2023: USD 22.4 million). These liabilities will not result in a material cash outflow in 2024 since the Group expects to continue to receive payments on account from customers. Excluding these liabilities, the Group has net current assets of USD 32.3 million (2023: 34.2 million).

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)

Basis of preparation (continued)

The Directors have undertaken a detailed financial assessment covering the period to 30 June 2026 ('Review Period') and have considered whether the Group can continue to meet its liabilities and other obligations for the foreseeable future. The going concern model is made up of a Board-approved base case and a severe-but-plausible downside. The base case financial projections indicate that, throughout the Review Period, the Group will remain in compliance with the financial covenants which are tested quarterly on a trailing 12 months' basis under the terms of its Senior Facilities Agreement, maintaining an Adjusted Leverage Ratio (Net Debt (which includes deferred consideration) to Adjusted EBITDA (which includes lease payments)) below 2.5x and an Interest Cover Ratio (EBITDA to Net Interest Charges on Bank Borrowings) of not less than 4.0x.

The base case has then been used to model a range of adverse scenarios that are deemed to be plausible downside conditions derived from the scenarios that are outlined below. This assessment also evaluated the anticipated effectiveness of proposed mitigating actions that are within the Group's control and can be enacted in good time, ensuring a robust framework for managing potential disruptions.

Risk factors applied against future forecasts

The following risk factors have been considered in reaching the severe-but-plausible downside scenario:

Scenario 1 - Reduction in net revenue

Linking to industry-wide dynamics and current market conditions, the Directors have considered a reduction of net revenue from the base case of an average of 19% over the Review Period, applying greater sensitivity to the Search segment and less sensitivity to the DIS segment. The greater sensitivity applied to the Search segment reflects the recent announcement by Google that from 19 March 2025, Google will begin the process of opting all Google Ads accounts out of AdSense for Domains ('AFD'), while allowing advertisers to opt back in.

The Directors are confident that the Group is well-positioned to successfully manage the transition in the Search segment and continue its operations during the entire Review Period and the Group's liquidity position and revenue diversification strategy provide a strong foundation to navigate this shift.

Scenario 2 - Increase in SOFR

Linking to macroeconomic factors, the Directors considered the appropriateness of the SOFR rates to be used. No increase in SOFR is included in the downside as this is not considered plausible given the current market expectations of a fall in SOFR over the next twelve months. Furthermore, current interest rate swap pricing has been received which shows fixed pricing at circa 58 basis points below SOFR.

Mitigation options

The Directors have considered the mitigations that could be applied in a deteriorating trading environment to either increase profit and/or conserve cash to reduce interest cost; these include various reductions in overhead expenses including marketing costs, discretionary professional fees, personnel costs and incentives.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)

Basis of preparation (continued)

Conclusion on going concern

Whilst the Group forecasts to meet all its covenants in both scenarios, the Directors note the Group's headroom in respect of its interest cover ratio is more impacted than its headroom in respect of its adjusted leverage ratio, particularly in the severe-but-plausible downside scenario in 2026 as the impacts of the adverse scenarios increase.

In reviewing the assessment outlined above, the Directors are confident that the Group has the necessary resources and mitigations available to continue operations and discharge its obligations as they fall due for at least 12 months from the date of approval of the financial statements. Accordingly, the consolidated financial statements continue to be prepared on a going concern basis. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

Segment analysis

Operating segments are organised around the products and services of the business and are prepared in a manner consistent with the internal reporting used by the chief operating decision maker (CODM) to determine allocation of resources to segments and to assess segmental performance. The CODM comprises the Board of Directors. The CODM is not provided with operating segment assets and liabilities, nor segmental cash flows arising from the operating, investing and financing activities and therefore this is not disclosed.

The Group has three reporting segments, Domains, Identity & Software (DIS), Comparison and Search. The DIS segment comprises the former Online Presence segment and the Voluum SaaS business. The Comparison segment comprises VGL Publishing AG and its affiliate businesses, operating product comparison websites such as Vergleich.org. The Search segment represents the former Online Marketing segment, less Comparison and Voluum. Previously the reporting segments comprised Online Presence (DIS, not including Voluum) and Online Marketing, which comprised the remainder of the Group.

Management reviews the activities of the Group in the segments disclosed below:

Year ended 31 December 2024

* Prior period figures have been restated to reflect the changes to operating segments in 2024

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)

Revenue

The Group's revenue is invoiced directly to the following geographical areas:

* Certain prior period figures are restated, refer to note 12 for further information.

Net finance costs

* Certain period figures are restated, refer to note 12 for further information.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)

Earnings per share

Earnings per share has been calculated by dividing the consolidated profit/(loss) after taxation attributable to ordinary Shareholders by the weighted average number of ordinary shares in issue during the period, plus vested options, as these options have little or no exercise price, less shares held in treasury and by the Group's Employee Benefit Trust.

* Certain prior period figures are restated, refer to note 12 for further information.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)

Intangible assets

Cost or deemed cost

* Certain prior period figures are restated, refer to note 12 for further information.

** Primarily relates to an impairment of USD 33.0 million in relation to Shinez. See note 10 for details of the Shinez business combination.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)

Financial instruments

Cash conversion was as follows:

* Certain prior period figures are restated, refer to note 12 for further information.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)

Financial instruments (continued)

Net debt is shown in the table below:

The Group's drawn-down RCF of USD 37.5m (31 December 2023: USD 20.0m) is classified as a non-current liability following the IAS 1 amendment effective 1 January 2024 (see note 12 for further information). The RCF would become repayable if the Group breaches a quarterly covenant, which are leverage and interest cover covenants. There is no indication that the Group will breach these covenants.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)

Business combinations

Shinez I.O Ltd

On 26 April 2024, Team Internet Group plc acquired the entire issued share capital of a leading Israel-based online marketing business, Shinez I.O Ltd.

Shinez specialises in the production and promotion of highly engaging content across diverse channels such as social media, search engines and native networks. Its current 40 popular portals include luxandlush.com, cooking4all.com and theprimarymarket.com. Leveraging this expertise, Shinez monetises real-time visits through an expansive network of advertising exchanges, utilising cutting-edge technology and strategies. This approach maximises the revenue potential of each piece of content, and positions Shinez at the forefront of digital marketing innovation.

Team Internet acquired Shinez for an enterprise value of USD 41.8 million, on a net debt-free basis and subject to customary adjustments for net working capital, payable in cash. The initial consideration represents a multiple of 4.0x Shinez's FY23 adjusted EBITDA. Additional contingent payments of up to USD 12.3 million may become due subject to Shinez achieving ambitious financial targets over the next two years, payable in cash. As the USD 12.3 million of contingent payments is also contingent on continued employment of specific employees/contractors, the fair value of this consideration will be charged to the statement of comprehensive income within non-core expenses as remuneration and is therefore not included within consideration in the table below. In view of the post-acquisition performance, the probability of any additional contingent consideration becoming due is negligible, and therefore no liability for this has been recognised at 31 December 2024.

Contingent consideration of USD 0.8 million is payable on completion of operational milestones. A further USD 0.5 million of contingent payments is payable, contingent on operational milestones and the continued employment of the contractor. This amount was charged to the statement of comprehensive income within non-core expenses as remuneration and is therefore not included within consideration in the table below. It is included within accrued expenses and was paid in January 2025 on successful completion of the milestones.

Total consideration payable in the table below of USD 42.0 million comprises the enterprise value of USD 41.8 million, less discounting of deferred consideration of USD 0.7 million, plus working capital adjustments totalling USD 1.4 million. Initial cash consideration, net of cash acquired, is USD 31.8 million (USD 37.6 million of initial cash consideration, less cash acquired of USD 5.8 million).

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)

Business combinations (continued)

The following table summarises the consideration paid for Shinez I.O Ltd and the fair values of the assets and liabilities at the acquisition date, in line with Group policies.

USD m

For the post-completion period to 31 December 2024, the Group's financial statements for Shinez reflect revenues of USD 26.3 million, adjusted EBITDA loss of USD 1.9 million and a post-tax loss of USD 34.1 million, including amortisation and impairment of acquired intangibles. If the acquisition had been made on 1 January 2024 the contribution to the Group's results, for the year ended 31 December 2024, would have been revenues of USD 54.8 million, adjusted EBITDA loss of USD 0.8 million and a loss after tax of USD 33.4 million, including amortisation and impairment of acquired intangibles.

Goodwill arising on the acquisition primarily relates to the specific synergistic benefits able to be realised through Shinez being part of the larger Team Internet Group, as well as goodwill in relation to employees. Since the acquisition of Shinez in April 2024, the asset has underperformed relative to expectations, primarily due to unanticipated changes in its specific target markets. In response, the Group has swiftly taken corrective actions, integrating additional advertising inventory and refining revenue optimisation strategies to enhance Shinez's performance.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)

Business combinations (continued)

While these measures aim to support Shinez's return to profitability, we currently expect limited EBITDA contribution in the near term. However, the technology, content library, social media reach, behavioural data and skilled workforce assembled within Shinez represent a valuable addition to the Group. We believe these elements will strengthen our competitive advantage as we advance our core Search services. The Shinez assets themselves will be redeveloped with a view to using primarily organic traffic, more short-form video content and higher-intent advertising.

Deferred consideration payments

During the year, the following deferred consideration payments were made:

• the final deferred cash consideration payment of USD 0.1 million for the acquisition of NameAction in January 2024;
• the final deferred cash consideration payment of EUR 1.0 million (USD 1.1 million) for the acquisition of SK-NIC was made in two instalments: EUR 0.4 million (USD 0.4 million) in March 2024 and EUR 0.6 million (USD 0.7 million) in May 2024;
• in July 2024, a deferred consideration payment for the acquisition of M.A. Aporia was settled in cash for USD 2.3 million; and

deferred cash consideration payments of USD 0.7 million for the acquisition of Shinez I.O Ltd were made in June 2024 (USD 0.4 million) and September 2024 (USD 0.3 million) in respect of operational milestones achieved.

Contingent payments treated as non-core costs

In October 2024, a payment of USD 3.0 million was made for the acquisition of M.A. Aporia, related to contingent payments tied to continued employment of specific employees. It is anticipated that this will be the last material acquisition-related contingent payment across the Group.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)

Share buyback programme and Employee Benefit Trust

During the year the Company repurchased 13,901,734 shares under its share buyback programme at an average price of GBP 1.18 (USD 1.49), compared to 22,136,411 shares purchased in the year ended 31 December 2023 at GBP 1.28 (USD 1.60). These repurchased shares are held in treasury. The total value of share repurchases for the year ended 31 December 2024, including commission on shares purchased, amounted to GBP 16.3 million (USD 20.8 million).

At 31 December 2024 the Employee Benefit Trust ("EBT") held 5,820,086 shares (31 December 2023: 9,104,431 shares). In December 2024 YTD, the number of shares held in the EBT reduced due to satisfying the exercise of share options by employees of the Group. During 2024, 617,167 share options were granted (2023: 5,861,745), 3,294,083 share options were exercised (2023: 5,764,035) and 805,312 share options were forfeited (2023: 1,702,436). During the period 15,160,084 ordinary shares held in treasury were cancelled. Following the cancellation, the issued share capital of the Company is 273,500,000.

The number of shares held, and outstanding share options is as follows:

Changes in accounting policies and correction of errors

Restatements have been made to the financial statements at 31 December 2022 and for the year ended 31 December 2023 as described below. There are no changes to taxation in respect of the restatements.

Classification of borrowings and reassessment of contingent consideration - change in accounting policies (adjustment 1)

The consolidated statements of financial position at 31 December 2022 and for the year ended 31 December 2023 have been restated in line with the amendments to International Financial Statement IAS 1: Presentation of Financial Statements ("IAS 1"), effective 1 January 2024.

Following the changes to IAS 1, amounts drawn from the Group's RCF, and all prepaid finance costs, are classified as non-current liabilities in the financial statements. This is based on the Group's ability to defer payments for at least twelve months from the date of the financial statements as long as the Group is still in compliance with its banking covenants. This change in accounting policy has been applied retrospectively, with comparative figures for 31 December 2022 and 31 December 2023 restated, i.e. borrowings of USD 5.0 million at 31 December 2022 and USD 18.6 million at 31 December 2023 have been reclassified from current to non-current borrowings.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)

• Changes in accounting policies and correction of errors (continued)

The Group has also changed its policy in respect of the classification of changes in fair value of contingent consideration in respect of business combinations. Previously changes in the fair value of contingent consideration were recognised within finance costs. The Group has changed its policy to recognise such items within operating profit in instances where the fair value is reassessed as a result of over or underperformance by the acquired entity resulting in more, or less, consideration payable in relation to an earn-out. This change in accounting policy provides reliable and more relevant information on the nature of these transactions. Consequently, a credit of USD 2.8 million in the year ended 31 December 2023 has been reclassified from finance costs to operating expenses (non-core expenses).

Contingent consideration - correction of errors (adjustment 2)

Fair value reassessments of contingent consideration after the finalisation of their fair value, but within twelve months of the date of acquisition, were previously accounted for as adjustments to goodwill, however, under IFRS 3, such changes should be accounted for within the statement of comprehensive income. To correct this, USD 2.1 million has been credited to non-core operating costs within the statement of comprehensive income for the year ended 31 December 2023, and goodwill increased by USD 2.1 million at 31 December 2023. There has also been an increase of USD 0.1 million to goodwill in respect of foreign exchange differences which impacted the year ended 31 December 2023, with the corresponding credit recorded in the foreign exchange translation reserve.

Contingent consideration should be reassessed at the end of each reporting period, however management did not fully reassess the contingent consideration at December 2023. Having now done so, based on the information available as at 31 December 2023, USD 2.1 million has been credited to non-core operating costs in the statement of comprehensive income for the year ended 31 December 2023 to correct this error and reduce contingent consideration on the balance sheet.

In line with IFRS 3, contingent consideration linked to the continued employment of owners of acquired entities should be treated as remuneration and charged to the statement of comprehensive income over the contingent period. Previously the Group treated these payments as part of the acquisition consideration for an acquired entity and included these amounts within goodwill. To correct this error, in respect of the M.A. Aporia business combination, goodwill has been reduced by USD 5.6 million at both 31 December 2022 and for the year ended 31 December 2023, and non-core operating costs have increased by USD 3.6 million in the year ended 31 December 2023. The impact for the unwinding of the discount on deferred consideration is a reduction in finance costs of USD 0.2 million for the year ended 31 December 2023. The corresponding entries result in a decrease in deferred consideration of USD 5.1 million and the recognition of a current liability relating to contingent consideration treated as remuneration of USD 1.9 million as at 31 December 2023. The impact on retained earnings at 1 January 2023 is USD 1.1 million (current liabilities: USD 0.7 million and non-current liabilities USD 0.4 million) relating to contingent consideration treated as remuneration.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)

• Changes in accounting policies and correction of errors (continued)

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)

• Changes in accounting policies and correction of errors (continued)

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (continued)

Subsequent events

A review of events subsequent to the balance sheet date up to the date that the financial statements were issued was carried out and it was determined that there were no such events requiring recognition or disclosure in the financial statements.

• Changes in accounting policies and correction of errors (continued)

GLOSSARY

Adjusted earnings per share

Adjusted EBITDA

Adjusted operating cash conversion

Net debt

Non-core operating expenses

Pro forma revenue

Revenue by geographical location of indirect consumer

Revenue per domain year

Revenue per thousand sessions ('RPM')

Revenue generated for every thousand sessions or visits to a website.

Revenue per visitor session

Revenue generated from each visitor session to a website.

Top-Level Domain or 'TLD'