# EDGAR Filing Document

**Accession Number:** 0002004711
**File Stem:** 0001104659-26-027746
**Filing Date:** 2026-3
**Character Count:** 1033820
**Document Hash:** e8f964a8e210cea7d44cf0e712418d3f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-027746.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001104659-26-027746

**CONFORMED SUBMISSION TYPE**: DRS

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20260313

**DATE AS OF CHANGE**: 20260317

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bending Spoons S.p.A.
- **CENTRAL INDEX KEY:** 0002004711
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** L6

**FILING VALUES:**
- **FORM TYPE:** DRS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 377-09137
- **FILM NUMBER:** 26753466

**BUSINESS ADDRESS:**
- **STREET 1:** CORSO COMO 15
- **CITY:** MILAN
- **STATE:** L6
- **ZIP:** 20154
- **BUSINESS PHONE:** 39 3450896245

**MAIL ADDRESS:**
- **STREET 1:** CORSO COMO 15
- **CITY:** MILAN
- **STATE:** L6
- **ZIP:** 20154

**[**TABLE OF CONTENTS**](#TOC)

CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

As confidentially submitted to the Securities and Exchange Commission on March 13, 2026. This draft registration statement has not been publicly filed with the United States Securities and Exchange Commission and all information herein remains strictly confidential.

Registration No. 333-

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM F-1

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

Bending Spoons S.p.A.

(Exact Name of Registrant as Specified in its Charter)

Not Applicable (Translation of Registrant's Name into English)

Republic of Italy (State or Other Jurisdiction of Incorporation or Organization) 7370 (Primary Standard Industrial Classification Code Number) Not Applicable (I.R.S. Employer Identification No.)

Via Nino Bonnet 10 20154 Milan Italy +39 02 81284093

(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)

Bending Spoons US Inc. c/o Corporate Creations Network Inc. 1521 Concord Pike, Suite 201 Wilmington, DE 19803 United States of America +1 (866) 761 1444

(Name, address, including zip code, and telephone number, including area code, of agent for service)

*Copies to:* 

Jeffrey H. Lawlis M. Ryan Benedict Jennifer M. Gascoyne Latham & Watkins (London) LLP 99 Bishopsgate London EC2M 3XF United Kingdom Tel: +44.20.7710.1000 Rod Miller David Dixter Milbank LLP 55 Hudson Yards New York, NY 10001 United States of America +1 (212) 530-5000

Approximate date of commencement of proposed sale to the public: As soon as practicable after the effective date of this registration statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933. Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the U.S. Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.

†

The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

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The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities, and neither we nor the Selling Shareholders are soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

#### (Subject to Completion) Dated , 2026

#### PRELIMINARY PROSPECTUS

### Ordinary Shares
![[MISSING IMAGE: lg_bendingspoons-bwlr.jpg]](lg_bendingspoons-bwlr.jpg)

### Bending Spoons S.p.A.

### Ordinary Shares
This is the initial public offering of Bending Spoons S.p.A. We are offering of our ordinary shares, with no par value, and certain of our existing shareholders (the "Selling Shareholders") are offering of our ordinary shares. We will not receive any proceeds from the sale of ordinary shares by the Selling Shareholders. Prior to this offering, there has been no public market for our ordinary shares. We currently expect the initial public offering price to be between $ and $ per ordinary share.

We intend to apply to list our ordinary shares on the Nasdaq Global Select Market ("Nasdaq") under the symbol "BSP."

Following the completion of this offering, we will have two classes of shares outstanding, ordinary shares and Class A shares. Each ordinary share is entitled to one vote per share and is not convertible into any other shares. Each Class A share is entitled to votes per share and is convertible at any time into one ordinary share upon request of the holder. In addition, our Class A shares will automatically convert into ordinary shares upon certain transfers and other events. After giving effect to the sale of ordinary shares in this offering, will beneficially own our Class A shares and will be able to exercise % of the total voting power of our issued and outstanding share capital immediately following the completion of this offering (or approximately % if the underwriters' option to purchase additional ordinary shares is exercised in full).

#### Investing in our ordinary shares involves risks. See Risk factors beginning on page 15 .
 *We are a "foreign private issuer" under applicable U.S. Securities and Exchange Commission rules and will be eligible for reduced public company disclosure requirements. See Prospectus summary — Implications of being a 'Foreign Private Issuer.'* 

Price $ per ordinary share

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Price to public**  | **Underwriting <br> discounts and <br> commissions<sup>(1)</sup>**  | **Proceeds, <br> before <br> expenses, to <br> us**  | **Proceeds, <br> before <br> expenses, to <br> the Selling <br> Shareholders**  |
| Per ordinary share  |  | $&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp; |
| Total  |  | $&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp; |

---

(1) We refer you to "Underwriting" for additional information regarding underwriting compensation.

To the extent that the underwriters sell more than ordinary shares, the underwriters have the option to purchase up to an additional ordinary shares from us and an additional ordinary shares from the Selling Shareholders, each at the initial public offering price, less underwriting discounts and commissions.

 **Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.** 

The underwriters expect to deliver the ordinary shares to purchasers against payment on , 2026.

---

| | |
|:---|:---|
| **Goldman Sachs International\***  | **J.P. Morgan\***  |

---

*\*listed in alphabetical order* 

Prospectus dated , 2026

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

## Explanatory note
Pursuant to guidance from the U.S. Securities and Exchange Commission, we are omitting our audited financial statements as of and for the year ended December 31, 2022 because they relate to a historical period that we believe will not be required to be included in the registration statement at the time of the contemplated offering. We intend to amend the registration statement to include all financial information required by Regulation S-X at the time of the contemplated offering.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

## Table of contents

---

| | |
|:---|:---|
| [Selected definitions](#tSEDE)  | [ii](#tSEDE) |
| [Presentation of financial information](#tPOFI)  | [iii](#tPOFI) |
| [Note regarding forward-looking statements](#tNRFS)  | [vi](#tNRFS) |
| [Prospectus summary](#tPRSU)  | [1](#tPRSU) |
| [The offering](#tTHOF)  | [9](#tTHOF) |
| [Summary consolidated financial data](#tSCFD)  | [11](#tSCFD) |
| [Risk factors](#tRIFA)  | [15](#tRIFA) |
| [Market and industry data](#tMAID)  | [59](#tMAID) |
| [Use of proceeds](#tUOP)  | [60](#tUOP) |
| [Dividend policy](#tDIPO)  | [61](#tDIPO) |
| [Capitalization](#tCAP)  | [62](#tCAP) |
| [Dilution](#tDIL)  | [64](#tDIL) |
| [Unaudited pro forma condensed combined financial information](#tUPFC)  | [66](#tUPFC) |
| [Management's discussion and analysis of financial condition and results of operations](#tMDAA)  | [78](#tMDAA) |
| [Business](#tBUS)  | [104](#tBUS) |
| [Management](#tMAN)  | [129](#tMAN) |
| [Principal and selling shareholders](#tPASS)  | [135](#tPASS) |
| [Certain relationships and related party transactions](#tCRAR)  | [137](#tCRAR) |
| [Description of share capital and bylaws](#tDOSC)  | [140](#tDOSC) |
| [Shares eligible for future sale](#tSEFF)  | [155](#tSEFF) |
| [Taxation](#tTAX)  | [157](#tTAX) |
| [Underwriting](#tUND)  | [171](#tUND) |
| [Expenses of the offering](#tEOTO)  | [177](#tEOTO) |
| [Legal matters](#tLEMA)  | [178](#tLEMA) |
| [Experts](#tEXP)  | [179](#tEXP) |
| [Enforcement of civil liabilities](#tEOCL)  | [180](#tEOCL) |
| [Where you can find more information](#tWYCF)  | [181](#tWYCF) |
| [Index to consolidated financial statements](#fINF)  | [F-1](#fINF) |

---

For investors outside the United States: neither we, the Selling Shareholders nor the underwriters have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction, other than the United States, where action for that purpose is required. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the ordinary shares and the distribution of this prospectus outside the United States.

Neither we, the Selling Shareholders nor the underwriters have authorized anyone to provide you with any information or to make any representations other than those contained in this prospectus, any amendment or supplement to this prospectus, or in any free writing prospectus we have prepared, and neither we nor the underwriters take responsibility for, and can provide no assurance as to the reliability of, any other information others may give you. Neither we, the Selling Shareholders nor the underwriters are making an offer to sell, or seeking offers to buy, these securities in any jurisdiction where the offer or sale is not permitted. The information contained in this prospectus is accurate only as of the date on the cover page of this prospectus, regardless of the time of delivery of this prospectus or the sale of ordinary shares. Our business, financial condition, results of operations, and prospects may have changed since the date on the cover page of this prospectus.

i

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

## Selected definitions
In addition to the terms defined elsewhere in this prospectus, the following terms have the meanings set out below:

• "AI" means artificial intelligence.

• "Bylaws" means our amended and restated bylaws approved by the shareholder meeting held on , 2026, subject to and effective upon the effective date of this registration statement.

• "Bending Spoons," "Company," "we," "us," "our," "our company," and "our business" refer to Bending Spoons S.p.A., together with its consolidated subsidiaries as a consolidated entity, except where the context otherwise requires or where otherwise indicated.

• "dollars," "$," or "USD" mean U.S. dollars.

• "E.U." means the European Union.

• "euros," "€," or "EUR" mean the European Economic and Monetary Union euro.

• "Exchange Act" means the Securities Exchange Act of 1934, as amended.

• "GAAP" means accounting principles generally accepted in the United States of America.

• "Italy" means the Republic of Italy.

• "SEC" means the U.S. Securities and Exchange Commission.

• "Securities Act" means the Securities Act of 1933, as amended.

• "U.K." means the United Kingdom.

• "U.S." means the United States of America.

• "U.S. Holder" means a beneficial owner of our ordinary shares that, for U.S. federal income tax purposes, is or is treated as any of the following: (i) an individual who is a citizen or resident of the U.S., (ii) a corporation created or organized in or under the laws of the U.S., any state, or the District of Columbia, (iii) an estate whose income is subject to U.S. federal income taxation regardless of its source, or (iv) a trust that (a) is subject to the primary supervision of a court within the U.S. and the control of one or more U.S. persons, or (b) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

ii

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

## Presentation of financial information

#### Historical consolidated financial information
The historical consolidated financial statements, the summary historical consolidated financial data, and the other financial information included elsewhere in this prospectus have been prepared in U.S. dollars in accordance with GAAP. This historical financial information does not give effect to this offering. This prospectus includes our audited consolidated financial statements as of and for the years ended December 31, 2023 and 2024.

On November 24, 2025, we acquired Vimeo, Inc. (the "Vimeo Acquisition"). This prospectus also includes the audited financial statements of Vimeo, Inc. as of and for the years ended December 31, 2023 and 2024, and its condensed financial statements (unaudited) as of and for the nine months ended September 30, 2024 and 2025, both of which have been prepared in accordance with GAAP.

On January 2, 2026, we acquired AOL Holdco I LLC and certain related assets (the "AOL Acquisition"). We will include the audited financial statements of AOL Holdco I LLC as of and for the years ended December 31, 2024 and 2025, which have been prepared in accordance with GAAP, in a subsequent amendment to this registration statement.

In addition to the significant acquisitions of AOL Holdco I LLC and certain related assets and Vimeo, Inc. described above, we have completed several other acquisitions in the periods presented. In 2023, we acquired Evernote Corporation. In 2024, we acquired Issuu, Inc., Community Matters Holdings, Inc. (ultimate parent company of Meetup LLC), StreamYard Top Corp Inc. (ultimate parent company of StreamYard, Inc.), The Creative Productivity Group B.V. (ultimate parent company of Wetransfer B.V.), and certain assets from IAC Inc. In 2025, we acquired Brightcove Inc., Iridesco, LLC (doing business as Harvest), komoot GmbH, Loomly Holdco, Inc., and MileIQ Inc. In 2026, we acquired Eventbrite, Inc. Due to the recent closing of the acquisition of Eventbrite, Inc. (the "Eventbrite Acquisition"), none of our 2025 operational statistics included in this prospectus include information from Eventbrite, Inc.

The acquisitions undertaken during 2025 and 2026, other than the AOL Acquisition and the Vimeo Acquisition as described above, whether taken into consideration individually or as a group of related businesses, are not "significant" for purposes of Rule 3-05 of Regulation S-X. Therefore, we are not required to, and have elected not to, provide separate historical financial information in this prospectus relating to these acquisitions.

The financial information set forth in this prospectus has been rounded for ease of presentation. In addition, percentages in tables may be calculated on the basis of such financial information prior to such rounding. As a result, percentages in tables may differ from the percentage that would be calculated based upon the rounded financial information presented or may not add up to 100%, and the totals of other numerical figures, including certain financial data, shown as totals in some tables may not be an arithmetic aggregation of the figures that precede them.

#### Unaudited pro forma condensed combined financial information
The unaudited pro forma condensed combined financial information and related notes (collectively, the "Unaudited Pro Forma Condensed Combined Financial Information") for Bending Spoons S.p.A. include the unaudited pro forma combined income statement and balance sheet as of and for the year ended December 31, 2025 to illustrate the effect of the AOL Acquisition, the Eventbrite Acquisition, and the Vimeo Acquisition, and certain financing agreements, as if they had taken place on January 1, 2025 with respect to the income statement and on December 31, 2025 with respect to the balance sheet. See *Unaudited pro forma condensed combined financial information* for more information.

#### Non-GAAP financial measures
Certain parts of this prospectus contain non-GAAP financial measures, including Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Net Income, Adjusted Net Income Margin, and

iii

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
Adjusted Earnings per Share, to supplement financial information presented in accordance with GAAP. These non-GAAP financial measures are presented for supplemental informational purposes only and should not be considered a substitute for net income, operating income, earnings per ordinary share, or any other measure of financial performance or as indicators of our operating performance, liquidity, profitability, or cash flows generated by operating, investing, or financing activities, or any other financial information presented in accordance with GAAP. These non-GAAP measures may be different from similarly titled non-GAAP measures used by other companies and may not be identical to corresponding measures in our various agreements.

We define the following key performance indicators:

• Adjusted Operating Income for a given period is defined as operating income for that period, adjusted to exclude (i) amortization and impairment of acquired intangible assets, (ii) transaction-related expense, (iii) reorganization-related expense, and (iv) other items that management does not consider indicative of core or ongoing operating performance.

• Adjusted Operating Income Margin for a given period is defined as Adjusted Operating Income divided by revenue for that period.

• Adjusted Net Income for a given period is defined as net income for that period, adjusted to exclude, net of the related income tax effect, (i) amortization and impairment of acquired intangible assets, (ii) transaction-related expense, (iii) reorganization-related expense, and (iv) other items that management does not consider indicative of core or ongoing operating performance.

• Adjusted Net Income Margin for a given period is defined as Adjusted Net Income divided by revenue for that period.

• Adjusted Earnings per Share for a given period is defined as diluted earnings per share for that period, adjusted to exclude, net of the related income tax effect and the portion attributable to non-controlling interests, the per-share impact of (i) amortization and impairment of acquired intangible assets, (ii) transaction-related expense, (iii) reorganization-related expense, and (iv) other items that management does not consider indicative of core or ongoing operating performance.

We believe that Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Net Income, Adjusted Net Income Margin, and Adjusted Earnings per Share are indicators of the operating performance of our business. Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Net Income, Adjusted Net Income Margin, and Adjusted Earnings per Share are used by our management for measuring profitability and allocating resources, and we believe they are useful to investors, because they exclude the impact of certain items that we believe are not reflective of our ongoing operations and our performance. In addition, we believe Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Net Income, Adjusted Net Income Margin, and Adjusted Earnings per Share are measures commonly used by investors to evaluate companies in our industry. However, they are not presentations made in accordance with GAAP, and the use of the terms Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Net Income, Adjusted Net Income Margin, and Adjusted Earnings per Share may vary from others in our industry. Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Net Income, Adjusted Net Income Margin, and Adjusted Earnings per Share (or similar measures) are frequently used by securities analysts, investors, and other interested parties in their evaluation of companies comparable to us, many of which present related performance measures when reporting their results.

Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Net Income, Adjusted Net Income Margin, and Adjusted Earnings per Share (or similar measures) are used by different companies for differing purposes and are often calculated in different ways that reflect the circumstances of those companies. You should exercise caution in comparing Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Net Income, Adjusted Net Income Margin, and Adjusted Earnings per Share as reported by us to Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Net Income, Adjusted Net Income Margin, and Adjusted Earnings per Share as reported by other companies.

iv

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Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Net Income, Adjusted Net Income Margin, and Adjusted Earnings per Share have limitations as analytical tools, and you should not consider them in isolation.

Accordingly, prospective investors should not place undue reliance on Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Net Income, Adjusted Net Income Margin, and Adjusted Earnings per Share. For additional information regarding our non-GAAP measures, and for a reconciliation of each such non-GAAP measure to its most directly comparable GAAP measure, see *Management's discussion and analysis of financial condition and results of operations — Key performance indicators.* 

v

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## Note regarding forward-looking statements
This prospectus contains forward-looking statements that relate to our current expectations and views of future events as of the date on which the statements are made in this prospectus. These statements relate to events that involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

In some cases, these forward-looking statements can be identified by words or phrases such as "may," "might," "will," "could," "would," "should," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "estimate," "potential," "continue," or other similar expressions.

Forward-looking statements are subject to risks, uncertainties, and assumptions, some of which are beyond our control. In addition, forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from those contemplated by these forward-looking statements due to, among other things, the risks described under *Risk factors* and elsewhere in this prospectus, including the following:

• Our growth strategy includes acquisitions, which could be difficult to identify, pose integration challenges, divert leadership attention, and materially and adversely affect our business

• We may not effectively identify, or selling parties may omit to disclose, material matters in connection with acquisitions

• We may be unable to raise capital when needed or on acceptable terms

• Our business depends in part on our ability to develop and use AI effectively, and AI may expose us to risks

• A significant portion of our products depend on mobile application stores and other third-party platforms for their distribution, marketing, and collection of payments

• We are subject to complex and evolving privacy, data protection, cybersecurity, and other data laws

• We are subject to complex and evolving consumer protection, subscription, advertising, and payments-related laws and industry requirements

• We are subject to intermediary liability and content moderation laws and regulations

• We are subject to new and evolving laws and regulations relating to the use of AI technologies

• We are subject to anti-corruption, anti-bribery, anti-money laundering, export controls, and economic and trade sanctions laws

• We are subject to antitrust, competition, and foreign direct investment laws and regulatory review regimes

• We are, and may in the future become, subject to litigation, regulatory inquiries, and other claims

• Our existing and any future indebtedness may affect our business and may restrict our operating flexibility

• We are subject to interest rate risk resulting from general economic conditions and policies of governmental and regulatory agencies

• Currency exchange rate fluctuations may materially and adversely affect our results of operations and profitability

• We have incurred in the past, and may in the future incur, impairment charges related to our intangible assets

• We have identified material weaknesses in our internal control over financial reporting, and we may not be able to remediate these material weaknesses or otherwise maintain effective internal control over financial reporting

vi

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• The price of our ordinary shares may be volatile, and you may lose all or part of your investment

• We will be a foreign private issuer, and, as a result, we will be subject to reporting obligations that are less extensive and less frequent than those of a U.S. domestic public company

• will have considerable influence over important corporate matters due to their ownership of Class A shares, and our dual class share structure may adversely affect the value and trading market of our ordinary shares

Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this prospectus and the documents that we reference in this prospectus and have filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that our actual future results or performance may be materially different from what we expect.

vii

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## Prospectus summary
*This summary highlights information contained elsewhere in this prospectus and does not contain all information that may be important to you before deciding to invest in our ordinary shares. This prospectus should be read carefully in its entirety, including "Risk factors," "Management's discussion and analysis of financial condition and results of operations," Business," as well as our consolidated audited financial statements and the related notes included elsewhere in this prospectus.* 

#### Overview
Bending Spoons is built on the conviction that excellence in both acquiring and operating businesses allows us to improve products at scale and generate strong shareholder returns. In pursuit of these objectives, we acquire digital businesses, implement deep transformations and ongoing optimizations to sustainably expand earnings, and reinvest in additional acquisitions, thereby continuing the compounding cycle. We have executed this Playbook for more than a decade and, to date, have not sold a material business. Our performance is enabled by our Platform — comprising our people, proprietary technologies, and proprietary data — and reflects our intense focus on talent density, cultural strength, and technical excellence.

Below, we describe our three-step Playbook in greater detail:

• **Step 1 — Acquire.** We acquire a business whose core products are digital. We prioritize businesses that we believe we can improve significantly, that have a large revenue base relative to the scale of our portfolio at the time of acquisition, and whose trajectory we can forecast with reasonable confidence several years into the future, a process that involves factoring in the risk of disruption from advances in AI. Our evaluation is analytical and rigorous, and we are disciplined on price.

• **Step 2 — Transform and optimize.** We strive to envision the most successful version of the acquired business and work to close the gap between its current state and that vision as quickly and completely as possible. The transformation is typically deep and includes reorganizing teams, overhauling technology, redesigning user interfaces, accelerating product development, and strengthening marketing and monetization. AI is often both a central component of our vision for the acquired business and a key tool in implementing the transformation. Through these efforts, we seek to increase revenue and reduce costs to drive a sustainable expansion in earnings. We then optimize the business as part of our broader portfolio on an ongoing basis.

• **Step 3 — Reinvest.** We deploy our earnings, along with contributions from newly acquired and improved businesses and prudent levels of incremental debt, to fund additional acquisitions, thereby continuing the compounding cycle. We may also opportunistically raise incremental equity to accelerate growth.

Together, our people, proprietary technologies, and proprietary data constitute the Platform that supports our acquisitions, transformations, and ongoing optimization. We have been building this Platform since our founding in 2013 and consider it our primary source of competitive advantage.

• **People.** We have a talent-dense core team of Spooners<sup>1</sup> who embrace a culture emphasizing truth-seeking and extreme ownership — traits we consider critical drivers of business performance. In 2025, we received more than 800,000 job applications to become a Spooner and, consistent with our focus on talent density, hired 286 individuals, representing less than 0.04% of applications received. We allocate Spooners flexibly across our portfolio, deploying resources to areas of opportunity and reducing them where appropriate. For example, we may assemble a task force to transform a newly acquired business, expand an engineering team to accelerate a product initiative, or scale back an organization once a period of intensive change has concluded.

<sup>1</sup>

We define "Spooners" as team members who have successfully completed the rigorous and selective application process to join our core team. Spooners are allocated flexibly across the organization and may be transferred between businesses on short notice. They are held to particularly demanding performance standards.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

• **Proprietary technologies.** We have engineered, and we continue to improve, numerous technologies that enable us to do more and better work with fewer resources. Examples include an end-to-end data infrastructure, a user lifetime value prediction system, and a product experimentation toolkit. Our technologies are purpose-built for our needs and are integrated with one another, making their deployment across acquired businesses easier and allowing them to deliver superior impact, more rapidly. As a result, most of our businesses adopt substantially all of our proprietary technologies. We began embedding AI within our proprietary technologies in 2019 and continue to expand its use. As we harness AI's advances, we expect our proprietary technologies to become more effective in supporting the execution of our Playbook.

• **Proprietary data.** Over many years, we have accumulated extensive data across acquisitions and operations. We have completed more than 50 acquisitions and operate dozens of businesses. In 2025 alone, we ran more than 3,000 experiments through our product experimentation toolkit. At the end of Q4 2025, our data infrastructure was processing more than 3 billion data points per day on average. This data supports faster and more informed decision-making in both acquisitions and operations. As AI advances and our ability to leverage complex data at scale improves, the value of our data may increase.

We believe that we have been early adopters in leveraging AI to enhance products, optimize marketing and monetization, and improve productivity. Many of our proprietary technologies incorporate AI. Our team of Spooners includes hundreds of talented and motivated software engineers, data scientists, and AI research engineers. Among our cultural strengths are adaptability, a commitment to technological and data excellence, and an intense drive to achieve. Revenue per full-time equivalent Spooner<sup>2</sup> was $1.12 million in 2023 and $1.64 million in 2024.

In our view, AI is the most transformative technology of our time, and companies that adapt effectively may realize enormous benefits. Supported by our Platform, Bending Spoons has an opportunity to be among these companies. We expect that, through progress in AI, we will expand our advantage in product development, marketing, and monetization capabilities. We also expect our productivity advantage to widen and the scalability of our acquisition and transformation model to improve. Finally, as many companies lack diversification and may not be well equipped to leverage AI, certain owners' willingness to sell could increase, contributing to lower valuation levels for attractive acquisition targets.

The Platform-powered execution of our Playbook has delivered growth, operating efficiency, and shareholder returns we regard as strong. The following graphs present revenue, operating income, Adjusted Operating Income,<sup>3</sup> diluted earnings per share, and Adjusted Earnings per Share<sup>4</sup> for the periods shown. Among our non-GAAP key performance indicators, we consider Adjusted Earnings per Share to be the most important.

<sup>2</sup>

"Revenue per full-time equivalent Spooner" for a given quarter is defined as revenue for that quarter divided by the number of full-time equivalent Spooners at the end of the quarter. Revenue per full-time equivalent Spooner for a given twelve-month period is defined as the average of the quarterly values for that period.

 *<sup>3</sup>* 

 *As defined in Management's discussion and analysis of financial condition and results of operations — Key performance indicators — Adjusted Operating Income and Adjusted Operating Income Margin.*

 *<sup>4</sup>* 

 *As defined in Management's discussion and analysis of financial condition and results of operations — Key performance indicators — Adjusted Earnings per Share.*

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![[MISSING IMAGE: bc_confidentialtreat-4c.jpg]](bc_confidentialtreat-4c.jpg)

We are still early in our journey. We see a significant opportunity to continue compounding capital at attractive rates of return within an addressable market that we estimate includes more than 1,000 businesses generating nearly $400 billion in aggregate annual revenue in 2025.

![[MISSING IMAGE: bc_estimatedtotal-bwlr.jpg]](bc_estimatedtotal-bwlr.jpg)

In our view, AI is the most transformative technology of our time, and companies that adapt effectively may realize enormous benefits. Supported by our Platform, we believe Bending Spoons has an opportunity to be among these companies.

#### Current portfolio
We own and operate a diversified portfolio of dozens of digital businesses. In December 2025, our portfolio served over 380 million monthly active users<sup>5</sup> and more than 7 million monthly paying customers.<sup>6</sup>

#### Businesses
In Q4 2024, the businesses contributing the most revenue were, in alphabetical order, Evernote, Meetup, Remini, Splice, StreamYard, and WeTransfer. In aggregate, these businesses accounted for more than 60% of our revenue for the period.

<sup>5</sup>

"Monthly active users" represents the users who interacted with our products during a given calendar month. Interaction is measured based on activity observed through our internal systems and may include, depending on the product, opening an application, visiting a website, or otherwise engaging with the product's features. We calculate the number of monthly active users for each product in our portfolio based on product-level data and then aggregate these figures across our portfolio. Because the same user may interact with multiple products, with each product associating interactions to a separate user identifier, or may interact with the same product through multiple user identifiers, and because we do not have a reliable method of de-duplication, the aggregated monthly active user figure may count the same user more than once. As such, our reported number of monthly active users is intended to provide an indication of the scale of our portfolio rather than a precise count of distinct users.

<sup>6</sup>

"Monthly paying customers" represents the customers that generated revenue during a given calendar month, whether through a one-time transaction or by having an active subscription during that month. We calculate the number of monthly paying customers for each product in our portfolio based on product-level data and then aggregate these figures across our portfolio. Because the same customer may purchase across multiple products, with each product associating transactions to a separate customer identifier, or may transact within the same product through multiple customer identifiers, and because we do not have a reliable method of de-duplication, the aggregated monthly paying customer figure may count the same customer more than once. As such, our reported number of monthly paying customers is intended to provide an indication of the scale of our portfolio rather than a precise count of distinct customers.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
Below, we describe each of these businesses:

• **Evernote.** Acquired in January 2023, Evernote is a productivity suite that supports note-taking and knowledge management for individuals and teams.

• **Meetup.** Acquired in January 2024, Meetup facilitates the organization of events and connects individuals through interest-based communities.

• **Remini.** Acquired in June 2021, Remini is a consumer-focused image and video enhancement and generation application.

• **Splice.** Acquired in November 2018, Splice is a video editing application designed for creators producing short-form content.

• **StreamYard.** Acquired in April 2024, StreamYard provides video recording and multi-destination live-streaming tools for creators and businesses.

• **WeTransfer.** Acquired in July 2024, WeTransfer enables digital file storage and distribution for individuals and businesses.

We expect our portfolio to evolve as we continue to execute our acquisition-driven strategy. As a result, businesses that currently contribute significantly to our overall revenue may become less relevant over time, particularly as our acquisition targets tend to become progressively larger.

#### Revenue sources
In Q4 2024, 89% of our revenue was from subscriptions, 11% from advertising, and less than 1% from other sources.

Net revenue retention<sup>7</sup> was 92% in 2024. In Q4 2024, 47% of our subscription revenue was generated by customers with a tenure of at least five years, and 32% by customers with a tenure of at least ten years. Revenue-weighted average subscriber tenure was 8.8 years.<sup>8</sup>

![[MISSING IMAGE: bc_revenueq42024-4clr.jpg]](bc_revenueq42024-4clr.jpg)

<sup>7</sup>

"Net revenue retention" for a given quarter represents the subscription revenue generated in that quarter from customers acquired before the end of the same quarter in the prior calendar year, divided by the subscription revenue generated in the corresponding prior-year quarter. For example, net revenue retention for Q1 2026 is calculated as subscription revenue generated in Q1 2026 from customers acquired before the end of Q1 2025, divided by subscription revenue generated in Q1 2025. Net revenue retention for a given twelve-month period is defined as the average of the quarterly values for that period. For certain products, the date of customer acquisition may coincide with that customer's first interaction with the product and precede the first transaction associated with that customer. Accordingly, net revenue retention is intended to provide an indication of subscription revenue growth from an existing customer base, excluding the impact of new customer acquisition during the period, rather than a measure of continuous revenue generation from a customer cohort. These calculations are based on all businesses owned as of March 13, 2026, and include their respective customer acquisition and subscription revenue information for pre-acquisition periods.

<sup>8</sup>

A customer's "tenure" represents the elapsed time from the date that customer was acquired to the end of the period presented. For certain products, the date of customer acquisition may coincide with that customer's first interaction with the product and precede the first transaction associated with that customer. Accordingly, tenure does not necessarily represent the length of time a customer has maintained an uninterrupted subscription. Because a customer may purchase across multiple products, with each product associating transactions to a separate customer identifier, or may transact within the same product through multiple customer identifiers, and because we do not have a reliable method of de-duplication, our calculation of tenure may in some cases underestimate the duration of our relationship with that customer. "Revenue-weighted average subscriber tenure" represents the average tenure of customers who generated subscription revenue during the period presented, weighted based on the amount of subscription revenue generated by each such customer during that period. These measures are intended to provide an indication of the length of customer relationships across our portfolio rather than a precise measure of continuous revenue generation.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
These retention and tenure levels reflect a combination of factors, the relative importance of which varies by business, including product positioning, customer engagement, and our efforts to improve performance. In our experience, subscribers with longer tenure generally exhibit higher retention rates than newer subscribers, and longer-standing businesses tend to accumulate longer-tenured subscriber bases. We believe these dynamics contribute to our retention performance, particularly given that most of our businesses have operated for more than a decade.

In Q4 2024, no customer contributed more than 1% to our overall revenue. During the same period, 54% of our revenue was generated in North America, 23% in Europe, 11% in Asia, 6% in Central and South America, and 6% in the rest of the world.

#### Marketing channels
We acquire customers through organic channels (including word of mouth and non-paid search), paid advertising (including brand and performance campaigns), and direct sales and other go-to-market initiatives. The relative contribution of these channels varies by business. For example, Remini relies predominantly on word of mouth, whereas Brightcove's customer acquisition is driven primarily by sales efforts. We have also invested in optimizing customer acquisition through AI agent recommendations. While this channel has contributed only marginally to date, we expect its importance to increase over time.

The share of revenue from new customers acquired through organic channels was 79% in 2023 and 76% in 2024, with the remainder generated by customers acquired through paid advertising or direct sales and other go-to-market initiatives. In 2024, customers acquired through paid advertising accounted for 21% of such revenue, and customers acquired through direct sales and other go-to-market initiatives accounted for 3%. Advertising expense as a percentage of revenue was 9% in 2023 and 9% in 2024.

![[MISSING IMAGE: bc_customeraccquis-4c.jpg]](bc_customeraccquis-4c.jpg)

Our limited reliance on paid advertising reflects a deliberate strategic decision. When evaluating acquisition opportunities, we favor businesses with lower dependence on paid advertising for customer acquisition. Given the volatility of advertising dynamics, we believe this approach supports revenue predictability. At the same time, we use paid advertising when it helps improve business performance.

#### Acquisition track record
Since our founding in 2013, acquisitions have been our capital allocation priority, and we have completed more than 50 to date. We believe that our addressable market is vast, that our Platform represents a durable source of competitive advantage, and that progress in AI will expand our addressable market and further strengthen that advantage. As a result, we expect acquisitions to remain our capital allocation priority for the foreseeable future.

The pace of our acquisition activity has varied over time. We closed one acquisition in 2023, five in 2024, six in 2025, and two in Q1 2026. 2017 was the only year in which we completed more than ten acquisitions, and we had two years with no acquisitions, the most recent of which was 2020. In that year, we devoted a substantial portion of our team's efforts to the pro bono development of a contact-tracing application in support of the Italian government's response to the COVID-19 pandemic. Looking ahead, we expect acquisition activity to continue at a comparable pace when averaged over multi-year periods.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
The number of acquisitions in any given year will depend on factors such as prevailing valuations, availability of capital, and our operational capacity.

For more than a decade, our performance has been shaped by the acquisition and transformation of businesses, together with the ongoing optimization of our portfolio. The prudent use of debt — and, to a lesser extent, the raising of incremental equity — has contributed to our growth. Revenue was $387 million in 2023 and $671 million in 2024.

The following graph presents revenue by annual acquisition cohort for the periods shown. It also presents the aggregate purchase price (enterprise value) paid for the businesses within each cohort.

![[MISSING IMAGE: mt_revenuebycohort-4c.jpg]](mt_revenuebycohort-4c.jpg)

As we have scaled our business and developed our Platform, operating efficiency has improved over time. The following graph presents operating income as a percentage of revenue and Adjusted Operating Income Margin<sup>9</sup> for the periods shown.

![[MISSING IMAGE: bc_shareholdervalue-4c.jpg]](bc_shareholdervalue-4c.jpg)

Executing our Playbook has delivered shareholder returns we regard as strong. Diluted earnings per share was $1.53 in 2023 and $0.75 in 2024, with year-over-year growth of -51% in 2024. Adjusted Earnings per Share was $1.07 in 2023 and $1.79 in 2024, with year-over-year growth of 67% in 2024. Among our non-GAAP key performance indicators, we consider Adjusted Earnings per Share to be the most important.

#### Risks
Our business is subject to numerous risks that you should consider before making an investment decision. These risks are more fully described elsewhere in this prospectus, in particular, under *Risk factors*. These risks include, among others, the following:

• Our growth strategy includes acquisitions, which could be difficult to identify, pose integration challenges, divert leadership attention, and materially and adversely affect our business

• We may not effectively identify, or selling parties may omit to disclose, material matters in connection with acquisitions

 *<sup>9</sup>* 

 *As defined in Management's discussion and analysis of financial condition and results of operations — Key performance indicators — Adjusted Operating Income and Adjusted Operating Income Margin.*

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

• We may be unable to raise capital when needed or on acceptable terms

• Our business depends in part on our ability to develop and use AI effectively, and AI may expose us to risks

• A significant portion of our products depend on mobile application stores and other third-party platforms for their distribution, marketing, and collection of payments

• We are subject to complex and evolving privacy, data protection, cybersecurity, and other data laws

• We are subject to complex and evolving consumer protection, subscription, advertising, and payments-related laws and industry requirements

• We are subject to intermediary liability and content moderation laws and regulations

• We are subject to new and evolving laws and regulations relating to the use of AI technologies

• We are subject to anti-corruption, anti-bribery, anti-money laundering, export controls, and economic and trade sanctions laws

• We are subject to antitrust, competition, and foreign direct investment laws and regulatory review regimes

• We are, and may in the future become, subject to litigation, regulatory inquiries, and other claims

• Our existing and any future indebtedness may affect our business and may restrict our operating flexibility

• We are subject to interest rate risk resulting from general economic conditions and policies of governmental and regulatory agencies

• Currency exchange rate fluctuations may materially and adversely affect our results of operations and profitability

• We have incurred in the past, and may in the future incur, impairment charges related to our intangible assets

• We have identified material weaknesses in our internal control over financial reporting, and we may not be able to remediate these material weaknesses or otherwise maintain effective internal control over financial reporting

• The price of our ordinary shares may be volatile, and you may lose all or part of your investment

• We will be a foreign private issuer, and, as a result, we will be subject to reporting obligations that are less extensive and less frequent than those of a U.S. domestic public company

• will have considerable influence over important corporate matters due to their ownership of Class A shares, and our dual class share structure may adversely affect the value and trading market of our ordinary shares

#### Corporate information
Bending Spoons ApS was founded in 2013 in Copenhagen, Denmark. We relocated our headquarters to Milan, Italy through a multi-step cross-border merger, pursuant to which Bending Spoons S.r.l., an Italian limited liability company (*società a responsabilità limitata*), became the surviving entity in 2015. In 2017, Bending Spoons S.r.l. was transformed into Bending Spoons S.p.A., an Italian joint-stock company (*società per azioni*). The company's duration currently ends on December 31, 2080, and a shareholder meeting may extend this term. Bending Spoons S.p.A. is primarily a holding company. Our operations are conducted mainly through our subsidiaries.

Our principal executive office is located at Via Nino Bonnet 10, 20154 Milan, Italy. The telephone number at this address is +39 02 81284093. Our website address is www.bendingspoons.com. The information contained on, or that can be accessed through, our website is not a part of this prospectus, and the inclusion of our website address as an inactive textual reference only. Investors should not rely on any such information in deciding whether to purchase our ordinary shares. Our agent for service of process in the United States is Bending Spoons US Inc.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

#### Implications of being a "foreign private issuer"
Upon consummation of this offering, we will report under the Exchange Act as a non U.S. company with foreign private issuer status. As long as we qualify as a foreign private issuer under the Exchange Act, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

• The sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act

• The sections of the Exchange Act imposing liability for insiders who profit from trades made in a short period of time

• The rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10Q containing unaudited financial and other specific information, or current reports on Form 8 K, upon the occurrence of specified significant events

Foreign private issuers are also exempt from certain more stringent executive compensation disclosure rules.

 *In addition, as a foreign private issuer we intend to rely on and comply with certain home country governance requirements and exemptions thereunder rather than complying with Nasdaq corporate governance standards. See Risk factors — We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses and Management — Foreign private issuer status.* 

#### Trademarks, service marks, and tradenames
We have proprietary rights to certain trademarks used in this prospectus that are important to our business, certain of which are registered under applicable intellectual property laws. This prospectus contains additional trademarks, service marks, and trade names of others, which are the property of their respective owners. All trademarks, service marks, and trade names appearing in this prospectus are, to our knowledge, the property of their respective owners. We do not intend our use or display of other companies' trademarks, service marks, or trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

Solely for convenience, the trademarks, service marks, logos, and trade names referred to in this prospectus are without the <sup>®</sup> and™ symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks, logos, and trade names.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

## The offering
Ordinary shares offered by us

ordinary shares.

Ordinary shares offered by the Selling Shareholders

ordinary shares.

Ordinary shares to be outstanding after this offering

ordinary shares (or ordinary shares if the underwriters exercise their option to purchase additional ordinary shares from us and the Selling Shareholders in full).

Class A shares to be outstanding after this offering

Class A shares.

Option to purchase additional ordinary shares

We and the Selling Shareholders have granted the underwriters an option to purchase up to additional ordinary shares from us and an additional ordinary shares from the Selling Shareholders within 30 days of the date of this prospectus to cover over-allotments.

Use of proceeds

We estimate that the net proceeds to us from this offering will be approximately $ million (or $ million if the underwriters exercise their option to purchase additional ordinary shares from us in full), assuming an initial public offering price of $ per ordinary share, which is the midpoint of the price range set forth on the cover page of this prospectus, after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. We will not receive any proceeds from the sale of ordinary shares by the Selling Shareholders.

We intend to use the net proceeds of this offering for general corporate purposes and to invest in new acquisitions. However, we do not have binding agreements for any material acquisition at this time. See *Use of proceeds* for a more complete description of the intended use of proceeds from this offering.

Voting rights

Following the completion of this offering, we will have two classes of shares outstanding, ordinary shares and Class A shares. Each ordinary share is entitled to one vote per share and is not convertible into any other shares. Each Class A share is entitled to votes per share and is convertible at any time into one ordinary share upon request of the holder. In addition, our Class A shares will automatically convert into ordinary shares upon certain transfers and other events. Holders of our ordinary shares and Class A shares will generally vote together as a single class, unless otherwise required by law or our Bylaws. For additional information, see *Description of share capital and bylaws*.

Dividend policy

We do not anticipate paying any cash dividends on our ordinary shares in the foreseeable future. We currently intend to retain all available funds and any future earnings

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
to fund the development and expansion of our business. Any determination to pay dividends in the future will be at the discretion of our board of directors and will be approved by a shareholder meeting, subject to our Bylaws and applicable laws, and will depend on a number of factors, including our financial condition, results of operations, capital requirements, contractual restrictions, general business conditions, and other factors that our board of directors may deem relevant. Under Italian law, annual dividends are payable out of the distributable profits and available reserves for each relevant year. See *Dividend policy*.

Risk factors

See *Risk factors* and the other information included in this prospectus for a discussion of factors you should consider before deciding to invest in our ordinary shares.

Listing

We intend to apply to list our ordinary shares on Nasdaq under the symbol "BSP."

The number of our ordinary shares and Class A shares outstanding after this offering is based on ordinary shares and Class A shares outstanding as of , 2025 and excludes:

• ordinary shares issuable upon exercise of share options outstanding as of , 2025 under our Share Option Plans (as described below under *Management — Long-term incentive plans*), with a weighted average exercise price of $ per share

• ordinary shares reserved for future issuance under the 2026 Plan (as described below under *Management — Long-term incentive plans*) (as well as any shares that become issuable pursuant to provisions in the 2026 Plan that automatically increase the share reserve under the 2026 Plan)

• ordinary shares issuable upon exercise of warrants as described below under *Management — Warrants* outstanding as of December 31, 2025, with an exercise price of $ per share

• ordinary shares issuable upon exercise of other warrants outstanding as of December 31, 2025, with an exercise price of $ per share, which were exercised on , 2026

Unless otherwise indicated, all information contained in this prospectus assumes or gives effect to:

• The filing and effectiveness of our Bylaws, which will occur prior to the completion of this offering

• No exercise by the underwriters of their option to purchase additional ordinary shares in this offering

• An initial public offering price of $ per ordinary share, which is the midpoint of the price range set forth on the cover page of this prospectus

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## Summary consolidated financial data
We prepare our consolidated financial statements in accordance with GAAP. The summary historical consolidated financial information presented as of December 31, 2024 and for the years ended December 31, 2023 and 2024 has been derived from our audited consolidated financial statements included elsewhere in this prospectus. Our historical results for any prior period are not necessarily indicative of results expected in any future period.

The financial data set forth below should be read in conjunction with, and are qualified by reference to, *Management's discussion and analysis of financial condition and results of operations* and the consolidated financial statements and notes thereto included elsewhere in this prospectus.

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,**  | **Year ended December 31,**  |
| | **2023**  | **2024**  |
|  | **$ thousands, except per share data**  | **$ thousands, except per share data**  |
| **Consolidated Income Statement** |  |  |
| Revenue  | 387067 | 671053 |
| Cost of revenue  | 150550 | 242202 |
| **Gross profit**  | **236518** | **428851** |
| Research and development expense  | 51792 | 92557 |
| Sales and marketing expense  | 42636 | 79191 |
| General and administrative expense  | 57823 | 129752 |
| **Operating income**  | **84267** | **127352** |
| Interest expense  | 17173 | 32605 |
| Other (expense) income  | (9585) | 10090 |
| **Income before tax**  | **57509** | **104837** |
| Income tax (benefit) provision  | (103134) | 15840 |
| **Net income**  | **160643** | **88997** |
| Net loss attributable to non-controlling interests  | (130) | (516) |
| **Net income attributable to Bending Spoons shareholders**  | **160773** | **89513** |
| Earnings per share attributable to Bending Spoons shareholders |  |  |
| &nbsp;&nbsp;&nbsp; Basic  | 1.61 | 0.80 |
| &nbsp;&nbsp;&nbsp; Diluted  | 1.53 | 0.75 |

---

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,**  | **Year ended December 31,**  |
| | **2023**  | **2024**  |
|  | **$ thousands**  | **$ thousands**  |
| **Consolidated Statement of Cash Flows** |  |  |
| Net cash from operating activities  | 59154 | 204895 |
| Net cash from investing activities  | (170294) | (889654) |
| Net cash from financing activities  | 110664 | 664044 |
| Effect of exchange rate changes on cash and cash equivalents  | 3643 | (29623) |
| **Net increase (decrease) in cash and cash equivalents**  | **3167** | **(50338)** |
| Cash and cash equivalents at beginning of year  | 285896 | 289063 |
| Cash and cash equivalents at end of year  | 289063 | 238723 |

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

---

| | | |
|:---|:---|:---|
| | **As of December 31, <br> 2024**  | **As of December 31, <br> 2024**  |
| | **Actual**  | **As <br> Adjusted<sup>(1)</sup>**  |
|  | **$ thousands**  | **$ thousands**  |
| **Consolidated Balance Sheet** |  |  |
| Total current assets  | 453278 |  |
| Total assets  | 1884980 |  |
| Total liabilities  | 1248232 |  |
| Total shareholders' equity  | 636749 |  |
| Total liabilities and shareholder's equity  | 1884980 |  |

---

(1) As adjusted information gives effect to the issuance of ordinary shares in this offering at an initial public offering price of $ per ordinary share, which is the midpoint of the price range set forth on the cover page of this prospectus, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. A $1.00 increase or decrease in the assumed initial public offering price of $ per ordinary share, which is the midpoint of the price range set forth on the cover page of this prospectus, would increase or decrease the as adjusted amount of each of total assets and total equity by approximately $ million from this offering, assuming the number of ordinary shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions. An increase or decrease of 1,000,000 ordinary shares in the number of ordinary shares offered by us, as set forth on the cover page of this prospectus, would increase or decrease the as adjusted amount of each of total assets and total equity by approximately $ million, assuming no change in the assumed initial public offering price of $ per ordinary share, which is the midpoint of the price range set forth on the cover page of this prospectus, and after deducting the estimated underwriting discounts and commissions.

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,**  | **Year ended December 31,**  |
| | **2023**  | **2024**  |
|  | **$ thousands, except percentages <br> and per-share data**  | **$ thousands, except percentages <br> and per-share data**  |
| **Non-GAAP Key Performance Indicators** |  |  |
| Adjusted Operating Income<sup>(1)</sup>  | 137441 | 299481 |
| Adjusted Operating Income Margin<sup>(1)</sup>  | 36% | 45% |
| Adjusted Net Income<sup>(2)</sup>  | 112290 | 212930 |
| Adjusted Net Income Margin<sup>(2)</sup>  | 29% | 32% |
| Adjusted Earnings Per Share<sup>(3)</sup>  | 1.07 | 1.79 |

---

(1) Adjusted Operating Income for a given period is defined as operating income for that period, adjusted to exclude (i) amortization and impairment of acquired intangible assets, (ii) transaction-related expense, (iii) reorganization-related expense, and (iv) other items that management does not consider indicative of core or ongoing operating performance.

Adjusted Operating Income Margin for a given period is defined as Adjusted Operating Income divided by revenue for that period.

When considered together with comprehensive GAAP financial information, Adjusted Operating Income and Adjusted Operating Income Margin may help evaluate our operating efficiency and improve period-to-period comparability, particularly during periods in which acquisition and transformation activities were especially intensive.

Adjusted Operating Income and Adjusted Operating Income Margin are presented for supplemental informational purposes only and should not be considered substitutes for financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies. See *Presentation of financial information* and *Management's discussion and analysis of financial condition and results of operations — Key performance indicators — Adjusted Operating Income and Adjusted Operating Income* for a description of Adjusted Operating Income and Adjusted Operating Income Margin.

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The following table presents a reconciliation of Adjusted Operating Income to its most directly comparable GAAP financial measure, operating income, for the periods shown.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended December 31,**  | **Year ended December 31,**  |  | |
| | **2023**  | **2024**  | **Change**  | **Change**  |
|  | **$ thousands, except percentages**  | **$ thousands, except percentages**  | **$ thousands, except percentages**  | **$ thousands, except percentages**  |
| **Operating income**  | **84267** | **127352** |  | **51%** |
| Amortization and impairment of acquired intangible assets  | 33809 | 85947 |  | 154% |
| Transaction-related expense  | 848 | 31952 |  | n.m. |
| Reorganization-related expense  | 13514 | 51792 |  | 283% |
| Other items not indicative of core or ongoing operating performance  | 5003 | 2438 |  | -51% |
| **Adjusted Operating Income**  | **137441** | **299481** |  | **118%** |
| *Operating income as a percentage of revenue*  | *22%* | *19%* | *-3 p.p.* | *-3 p.p.* |
| *Adjusted Operating Income Margin*  | *36%* | *45%* | *+9 p.p.* | *+9 p.p.* |

---

(2) Adjusted Net Income for a given period is defined as net income for that period, adjusted to exclude, net of the related income tax effect, (i) amortization and impairment of acquired intangible assets, (ii) transaction-related expense, (iii) reorganization-related expense, and (iv) other items that management does not consider indicative of core or ongoing operating performance.

Adjusted Net Income Margin for a given period is defined as Adjusted Net Income divided by revenue for that period.

When considered together with comprehensive GAAP financial information, Adjusted Net Income and Adjusted Net Income Margin may help evaluate our profitability and improve period-to-period comparability, particularly during periods in which acquisition and transformation activities were especially intensive.

 *Adjusted Net Income and Adjusted Net Income Margin are presented for supplemental informational purposes only and should not be considered substitutes for financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies. See Presentation of financial information and Management's discussion and analysis of financial condition and results of operations — Key performance indicators — Adjusted Net Income and Adjusted Net Income Margin for a description of Adjusted Net Income and Adjusted Net Income Margin.* 

The following table presents a reconciliation of Adjusted Net Income to its most directly comparable GAAP financial measure, net income, for the periods shown.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended December 31,**  | **Year ended December 31,**  |  | |
| | **2023**  | **2024**  | **Change**  | **Change**  |
|  | **$ thousands, except percentages**  | **$ thousands, except percentages**  | **$ thousands, except percentages**  | **$ thousands, except percentages**  |
| **Net income**  | **160643** | **88997** |  | **-45%** |
| Amortization and impairment of acquired intangible assets  | 33809 | 85947 |  | 154% |
| Transaction-related expense  | 848 | 31952 |  | n.m. |
| Reorganization-related expense  | 13514 | 51792 |  | 283% |
| Other items not indicative of core or ongoing operating performance  | (81636) | 2438 |  | n.m. |
| Income tax effect  | (14889) | (48196) |  | 224% |
| **Adjusted Net Income**  | **112290** | **212930** |  | **90%** |
| *Net income as a percentage of revenue*  | *42%* | *13%* | *-28 p.p.* | *-28 p.p.* |
| *Adjusted Net Income Margin*  | *29%* | *32%* | *+3 p.p.* | *+3 p.p.* |

---

(3) Adjusted Earnings per Share for a given period is defined as diluted earnings per share for that period, adjusted to exclude, net of the related income tax effect and the portion attributable to non-controlling interests, the per-share impact of (i) amortization and impairment of acquired intangible assets, (ii) transaction-related expense, (iii) reorganization-related expense, and (iv) other items that management does not consider indicative of core or ongoing operating performance.

When considered together with comprehensive GAAP financial information, Adjusted Earnings per Share may help evaluate our compounding efficiency and improve period-to-period comparability, particularly during periods in which acquisition and transformation activities were especially intensive. Among our non-GAAP key performance indicators, we consider Adjusted Earnings per Share to be the most important.

 *Adjusted Earnings per Share is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies. See Presentation of financial information and Management's discussion and analysis of financial condition and results of operations — Key performance indicators — Adjusted Earnings per Share for a description of Adjusted Earnings per Share.* 

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The following table presents a reconciliation of Adjusted Earnings per Share to its most directly comparable GAAP financial measure, diluted earnings per share, for the periods shown.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended December 31,**  | **Year ended December 31,**  |  | |
| | **2023**  | **2024**  | **Change**  | **Change**  |
|  | **$, except percentages**  | **$, except percentages**  | **$, except percentages**  | **$, except percentages**  |
| **Diluted earnings per share**  | **1.53** | **0.75** |  | **-51%** |
| Amortization and impairment of acquired intangible assets  | 0.32 | 0.72 |  | 123% |
| Transaction-related expense  | 0.01 | 0.27 |  | n.m. |
| Reorganization-related expense  | 0.13 | 0.43 |  | 236% |
| Other items not indicative of core or ongoing operating performance  | (0.78) | 0.02 |  | n.m. |
| Income tax effect  | (0.14) | (0.40) |  | 184% |
| **Adjusted Earnings per Share**  | **1.07** | **1.79** |  | **67%** |

---

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## Risk factors
*You should carefully consider the risks and uncertainties described below and the other information in this prospectus before making a decision to invest in our ordinary shares including "Note regarding forward-looking statements." There may also be additional risks and uncertainties not presently known to us or that we currently deem immaterial. If any of these risks and uncertainties occur, our business, results of operations, financial condition, prospects, and reputation could be materially and adversely affected. In that event, the trading price and value of our ordinary shares could decline, and you could lose all or part of your investment.* 

#### Risks relating to our business and industry
***Our growth strategy includes acquisitions, which could be difficult to identify, pose integration challenges, divert leadership attention, require additional financing, and materially and adversely affect our business***

We acquire and transform digital businesses, and we expect acquisitions to remain our priority for the foreseeable future. Identifying suitable acquisition opportunities can be challenging, time consuming, and competitive, and we may not be able to source, evaluate, or complete acquisitions at the pace or on the terms we expect. The total addressable market for business acquisitions that we believe could fit within our acquisition strategy is based on our internal analysis and it may prove to be smaller than we expect. We may face intensified competition from strategic acquirers and financial sponsors, which may increase purchase prices or reduce the number of attractive acquisition opportunities available. Our inability to complete acquisitions at a sufficiently high rate and at appropriate prices, and to make appropriate investments that support our long-term strategy, could materially and adversely affect our business, results of operations, and financial condition.

Any acquisition or investment may divert leadership's attention from day-to-day operations, require significant time and resources for diligence and negotiation, and result in expenses that we may incur whether or not a transaction closes. Our use of cash to pay for acquisitions limits other potential uses of our cash and may deplete our cash reserves or require us to seek additional financing. We may incur write-offs, impairment charges, amortization expenses, or other expenses related to goodwill and other intangible assets we record.

Even when we complete an acquisition, integrating the acquired business and its technology, data, teams, and operations can be complex and may not proceed as planned. The changes we implement following an acquisition may be significant and may include overhauling technologies, integrating proprietary technologies, rewriting portions of the software, redesigning user interfaces, accelerating product development, optimizing marketing and monetization, and restructuring the organization. This process may be more costly or take longer than expected. It can introduce defects, performance issues, or downtime that can adversely impact revenue and profitability or harm customer satisfaction, retention, and ratings. Differences in technologies, open-source license use, or third-party dependencies can complicate the integration process. Contracts with key vendors, including licensors, payment providers, or other third parties may be non-assignable or require renegotiation on less favorable terms. Our historical performance may have benefited from cost optimization measures implemented in the acquired businesses, and our future profitability may differ if similar opportunities for cost optimizations are not available. We may also be unable to integrate and retain our key team members or those from an acquired business, or to integrate or transfer technology systems effectively. Moreover, different laws, regulations, and practices with respect to employment relationships, work councils, and labor unions may make it more difficult to restructure the organization of an acquired business for long-term success in certain jurisdictions.

Certain acquisitions have included, and in the future may include, entering into transition service and other agreements, and we may depend on the selling party satisfying its obligations under such agreements, including any indemnification obligations, as part of one or more acquisitions. In addition, many of our acquisition agreements include, and in the future may include, purchase price adjustment

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
mechanisms, such as adjustments based on closing cash, indebtedness, net working capital, or other agreed measures. These adjustments may be complex, involve significant judgment and estimation, and depend on financial information that may be incomplete or subject to differing interpretations. Disputes may arise regarding the preparation of closing statements, the application of accounting principles or methodologies, or the calculation of adjustment amounts, and we may be required to make additional payments to the selling party or may be unable to recover amounts we believe are owed to us.

If we are unable to identify and complete attractive acquisitions, integrate them effectively, realize anticipated benefits on the expected timeline, or retain customers or users and key team members, our business, results of operations, financial condition, and prospects could be materially and adversely affected.

#### We may not effectively identify, or selling parties may omit to disclose, material matters in connection with acquisitions
When assessing an acquisition opportunity prior to completion, we and any of our legal and financial advisers rely on the limited available resources, including information and data, that selling parties provide to us. We and our advisers may not be able to confirm the completeness, genuineness, or accuracy of such information and data. As a result, we depend on the integrity and accuracy of the information provided by selling parties and others who act on a selling party's behalf. Moreover, we and our advisers may not have sufficient time to fully evaluate such information even if it is available.

Risks and liabilities that acquired businesses or assets may present and that are difficult to discover prior to completion include:

• Technical debt

• Data quality or data provenance issues

• Inadequate content moderation, privacy, security, or age-appropriate measures and controls

• Non-compliance with mobile application stores or other platform rules

• Non-compliant refund or billing practices

• Violations or disputes related to breach of contract, privacy and data protection, intellectual property rights, consumer protection, intermediary liability, labor, employment and benefits, tax, and other laws and regulations

We may be responsible for unexpected liabilities that were not discovered during diligence for past or future acquisitions. We may also carry out analyses or due diligence processes that may not reveal or highlight all relevant facts that may be necessary or helpful when we are evaluating acquisition opportunities, or we may believe that under the circumstances it is commercially reasonable not to carry out any diligence. For example, we may fail to identify or assess opportunity costs or certain liabilities, shortcomings, or other circumstances when we are determining the value of an acquisition opportunity. We will also make subjective judgments about the results of operations, financial condition, and prospects of an acquisition target. If a due diligence process fails to fully and correctly identify material risks and liabilities or if we consider such material risks to be commercially acceptable relative to the opportunity and we do not receive adequate recourse for such risks, we may not be able to recover our losses from the selling party.

The value of an acquisition opportunity may also be affected by fraud, misrepresentation, or omission by the selling party, its advisers or other parties. Such fraud, misrepresentation, or omission may artificially inflate our valuation of the acquisition opportunity, causing us to overpay or increase the risk that the acquired business is subject to unforeseen compliance costs, litigation or regulatory action after completion, which could materially and adversely affect our business, results of operations, financial condition, and prospects.

Our efforts to limit these liabilities through any diligence, contractual indemnities, escrows, or insurance may not be enforceable, collectible, or sufficient to offset potential liabilities. We may also have to

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
litigate to recover losses. Any of the foregoing could materially and adversely affect our business, financial condition, results of operations, prospects, and reputation.

#### Our pre-acquisition forecasts may prove materially inaccurate
Our strategy depends in part on our ability to evaluate acquisition targets and forecast their future performance and value-creation potential. In assessing acquisition opportunities, we consider high-level criteria such as size, predictability of cash flows over several years, and our perceived margin for improvement through product, technology, monetization, and operational changes. We also analyze the available data, set detailed assumptions, and assess the expected return profile of an acquisition across different price points and probability-weighted scenarios, including on a risk-adjusted basis.

Despite these efforts, our pre-acquisition forecasts and assumptions may be incorrect, incomplete, or based on information that is limited, inaccurate, or difficult to verify. Our valuation process involves making subjective judgments about the acquisition target's future revenue, retention, engagement, pricing power, costs, margins, and growth trajectory, as well as the feasibility and timing of the improvements we expect to implement. Generating these forecasts is particularly difficult in our industry, which is rapidly evolving and subject to changes in technology, platform policies, competitive dynamics, customer and user preferences, macroeconomic conditions, and regulatory requirements.

Our forecasts also depend on assumptions about the effectiveness, speed, and cost of the changes we intend to implement following an acquisition. These efforts may take longer or cost more than expected, or fail to generate the expected benefits. If we misjudge growth potential, underestimate competitive pressures, or fail to achieve other anticipated improvements, the returns on an acquisition may be lower than expected.

If our pre-acquisition forecasts are materially inaccurate, we may overpay for an acquisition, fail to achieve expected returns, incur unexpected costs, be required to record impairments or other charges, or divert significant leadership time and resources from other opportunities, any of which could materially and adversely affect our business, results of operations, financial condition, and prospects.

#### We may be unable to raise capital when needed or on acceptable terms
We may require additional capital to support our operations, growth strategy, and acquisitions, and we may be unable to obtain new capital on terms acceptable to us or at all. Our ability to access the capital markets and other sources of financing may be affected by factors outside our control, including macroeconomic conditions, interest rates, investor sentiment, and volatility in the equity and debt markets. If we are unable to obtain additional financing when needed, we may be required to delay, reduce, or cancel investments in product development, marketing, infrastructure, or acquisitions, which could materially and adversely affect our business, results of operations, financial condition, and prospects. Furthermore, the issuance of additional equity may dilute shareholder value, and increases in our level of indebtedness resulting from acquisitions could materially and adversely affect our business, results of operations, financial condition, and prospects.

#### Our frequent reassessment of organizational structure and resource allocation may materially and adversely affect our business
Following an acquisition, or in response to changes in our business, we reallocate team members across businesses and platform teams, at times making significant changes. We may be unable to effectively manage organizational changes and resource allocations, which could result in declines in customer satisfaction, increases in costs, difficulties in introducing new products or enhancing existing products, reputational harm, difficulty in attracting or retaining talent, loss of customers or users, or operational difficulties in executing sales strategies, any of which could materially and adversely affect our business, results of operations, financial condition, and prospects.

#### We face significant competition and are subject to a rapidly evolving technological landscape
The industry and the markets in which we operate are highly competitive, rapidly evolving, and subject to continuous technological changes and shifting customer demands and needs. We compete with a wide

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
range of companies, including well-established companies with significantly greater financial, technical, marketing, sales, data, distribution, and other resources, as well as smaller or emerging companies that may be able to innovate more quickly, offer differentiated products, features, or business models, or operate from jurisdictions with less developed regulatory frameworks or less consistent enforcement.

To remain competitive in the markets in which we operate, we invest in the optimization and development of our businesses. The process of optimizing or developing new technologies, products, and features is complex, and it may include, among other things, the use of the latest advancements in data processing, AI, cloud-based technologies, and other tools to differentiate our features, products, and technologies. Differences in distribution channel rules, device penetration, payment methods, and customer or user preferences across markets mean competitive dynamics may vary significantly by country, increasing operational complexity.

Our competition may intensify if new or existing competitors expand or lower the price of their offerings, make them available for free, or launch more attractive products or features, better technologies, or user experiences. Technology platform operators may also launch, expand, bundle, or favor their own products. To compete effectively, we may be required to increase our spending on product development, customer support, and marketing activities, and to reduce prices or introduce new features more quickly than planned, any of which could increase our costs and reduce our margins. If we cannot differentiate our products, offer high-quality user experiences, or adapt to changing customer or user preferences, our growth and profitability could be materially and adversely affected. If customers or users do not find our products to be compelling or if other existing or new products are perceived by our customers or users to be better, our business, results of operations, financial condition, and prospects could be materially and adversely affected.

We also face competition for opportunities that fit within our acquisition strategy from financial sponsors, strategic acquirers, and a potential target's management, and such competition may intensify, which could increase purchase prices or limit our ability to source new opportunities on favorable terms.

#### We may be unable to execute product development, improvement, and innovation effectively
Our business depends in part on our ability to identify, prioritize, and execute product and technology improvements that enhance user experiences, drive engagement and retention, and support monetization. The process of developing, improving, and maintaining digital products and related technologies is complex, resource intensive, and subject to significant uncertainty. We may be unsuccessful in designing, launching, or scaling new features, pricing models, or product experiences, or we may introduce changes that are not favorably received by customers or users. In addition, we may invest in product development initiatives that do not achieve the expected results, do not generate an adequate return on investment, or require us to rework or abandon prior efforts.

We seek to build products by attempting to understand customer and user needs and delivering improvements at a high standard of quality. Our product designers, product managers, and software engineers gather inputs through user research, surveys, and analysis of customer support interactions, including AI-enabled tools that summarize and categorize user feedback. However, these inputs may be incomplete, misleading, biased, or not representative of broader customer or user preferences, and we may misinterpret or incorrectly value certain signals. In addition, while we use experimentation to test assumptions and prioritize work, experiments may not be predictive of real-world outcomes at scale, may produce false positives or false negatives, or may lead us to pursue initiatives that do not translate into durable engagement, retention, or revenue. We also invest heavily in instrumentation and proprietary data technologies to inform product decisions, but the availability, accuracy, and interpretability of data may be limited, and data-driven decision-making may not yield the desired outcomes, particularly where customer or user behavior is difficult to predict or rapidly changes. These practices may not be sufficient to ensure that we identify the most impactful opportunities, accurately predict customer or user behavior, or successfully deliver improvements on the timelines we expect. We may prioritize the wrong initiatives, misjudge customer or user demand, or fail to achieve expected performance improvements, monetization outcomes, or adoption.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
Our ability to execute effectively may be constrained by a number of factors, including limited engineering and product capacity relative to the breadth of our portfolio, dependencies on third-party technologies and services, and the need to maintain performance, reliability, and security while continuing to ship improvements. As we expand our product portfolio through acquisitions, we may need to modernize or rebuild acquired products that include legacy codebases, architectural constraints, undocumented dependencies, or technical debt. These issues can increase development complexity, slow delivery timelines, reduce iteration speed, and increase the risk of defects or degraded performance when changes are implemented.

We may also need to modify or limit product functionality, data practices, personalization, or certain features to address evolving legal and regulatory requirements, platform rules, or industry practices, which could reduce product effectiveness, increase compliance and development costs, or delay releases. Further, changes in how customers or users perceive the value of certain features, including AI-enabled functionality, may affect adoption, conversion, and willingness to pay, and we may misjudge what improvements will drive sustainable usage or revenue.

If we are unable to successfully develop, improve, and monetize our products and technologies, or to execute our product roadmap at the pace or quality required, our business, results of operations, financial condition, and prospects could be materially and adversely affected.

#### We may be unable to successfully market our products
A significant portion of our customer and user acquisition depends on our ability to market our products through third-party platforms, including search engines, mobile application stores, AI agents, and social media channels. Many customers or users find our products organically through these platforms or word of mouth. We also rely on paid advertising and other marketing channels offered by these platforms.

Our visibility and prominence on these platforms are influenced by factors largely outside of our control, including changes to ranking algorithms, search methodologies, recommendation systems, advertising policies, pricing models, and user interface design. Search engines, mobile application stores, and social media channels frequently update their algorithms, product display formats, rules or guidelines, and AI-driven search experiences may provide direct answers or alternative recommendations that reduce traffic to our products, limit how prominently they are displayed, or inaccurately describe them. These changes could reduce organic traffic, increase our dependence on paid advertising channels, or negatively affect growth or conversion rates.

Competition for customer and user attention on these platforms is intense. Among other strategies, we may perform search engine or app store optimization, which involves applying methods and strategies to improve visibility and ranking for search queries for which our products may be relevant. However, competitors may devote greater resources to search engine and app store optimization, paid advertising, influencer marketing, or other promotional strategies, which could reduce our relative visibility. In addition, platform operators may prioritize their own products or those of preferred partners, or modify their policies or technical requirements in ways that may disadvantage us.

Our marketing efforts are also affected by broader changes in the online advertising ecosystem. The phasing out of third-party cookies and other tracking technologies, increasing adoption of privacy-enhancing tools, and platform-level restrictions on data access may reduce our ability to measure campaign performance, target prospective customers or users effectively, or optimize marketing spend. As a result, our customer or user acquisition costs may increase and the return on our marketing investments may decline. Online advertising marketing channels may continue to rapidly change or grow more competitive, and we may choose to continue to use these or new platforms, which may reduce the predictability and efficiency of our customer or user acquisition efforts. In the future, existing or new providers of AI products or technologies may replace search engines, mobile application stores, and social media platforms, and we may not be able to respond effectively to events of this nature.

If we are unable to cost-effectively market our products through online marketing channels, or adapt to changes in third-party platform dynamics, discovery mechanisms, advertising technologies, or the

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
online advertising ecosystem, we may experience reduced traffic and customer or user growth, higher customer or user acquisition costs, and our business, results of operations, financial condition, and prospects could be materially and adversely affected.

#### Our business depends in part on our ability to develop and use AI effectively, and AI may expose us to risks
Our ability to compete and succeed requires developments in our technology and productivity such as the successful implementation of AI technologies throughout our business, including in our products and operations. We are making significant investments in AI technologies and using them to enhance our productivity and operations, to enable new products and features, and to improve existing ones.

There are significant risks involved in using AI technologies, and no assurance can be provided that our use of AI technologies will enhance our productivity, operations, or products, produce the intended results, or keep pace with our competitors. AI technologies are developing rapidly and may continue to evolve in ways that are difficult to predict, including through advancements in widely available AI third-party models and open-source models. These developments may change customer and user expectations, as well as their demand for products and features, including those offered by us, and may increase competitive pressures or reduce differentiation. We may not be able to keep pace with this technological change, and we may fail to develop, enhance, or maintain products and features that meet evolving customer and user expectations regarding AI technologies. If we are slower or less effective than other companies in developing and leveraging AI-based technologies and products to meet the needs of customers, or to improve operations or productivity, our competitive advantages may be eroded.

Furthermore, developing, integrating, and operating AI technologies may require significant expenditures and may involve substantial technical complexity. We may incur significant costs and experience delays in developing new products, features, and technology solutions, or enhancing our existing ones to adapt to changes in AI technologies, and we may not achieve a return on investment or successfully capitalize on opportunities presented by demand for AI-enabled solutions. In addition, although AI adoption may continue and could accelerate, the long-term trajectory of AI development and adoption is uncertain, and market acceptance, understanding, and valuation of AI-integrated products and features may be unpredictable. If we misjudge the perceived value of AI-enabled products or features, or if broader perceptions of AI change adversely, demand for our products could decline.

AI technologies, including broadly available third-party models, are complex and may be subject to performance limitations or unexpected behavior. If the AI technologies we use are deficient, inaccurate, biased, unreliable, or otherwise fail to perform as intended, our products and operations could be negatively affected, including through reduced product quality, customer dissatisfaction, operational inefficiencies, competitive harm, and harm to our brand and reputation. Among other AI technologies, we incorporate generative AI technologies that can produce and output new content, including software code, data, and information, into our products, tools, and internal operations. There is a risk that generative AI technologies could produce inaccurate, misleading, or other unexpected results or behaviors, such as hallucinatory behavior that can generate irrelevant or incorrect results. While we take measures designed to ensure the accuracy of such AI generated content, those measures may not be sufficient or successful, and in some cases, we may need to rely on customers or users to report such inaccuracies.

The development and use of AI also raise significant legal, regulatory, and contractual risks (see — *Risks relating to legal and regulatory matters* — *We are subject to new and evolving laws and regulations relating to the use of AI technologies*). AI models are trained using one or more data sets and may rely on third-party data, content, software, or other inputs. If the design, training, testing, or use of AI models involves incomplete, inadequate, or biased data, or if data or other inputs are used without sufficient rights or in violation of any applicable restrictions, we could be exposed to claims or liability related to intellectual property infringement or misappropriation, privacy, data protection, publicity, consumer protection, or other rights, as well as breach of contract, regulatory enforcement, or other legal claims. In addition, errors or perceived errors in AI outputs, or outcomes that are controversial, misleading, discriminatory, or otherwise unacceptable to customers, users, regulators, or the public, could result in increased scrutiny, reduced adoption of our products, or other adverse impacts. Concerns

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
relating to the responsible use of AI technologies by our customers or users, including uses that are perceived as harmful, inappropriate, or controversial, could also result in reputational harm and may increase the risk of legal claims or regulatory enforcement. These risks may be heightened to the extent our AI-enabled products process or generate content at scale. For example, public disclosures or perceived changes relating to AI, such as references to AI in a product's terms of service, may trigger negative customer reaction and media coverage, increased scrutiny, or reputational harm even if the product's underlying functionalities or operations are not materially changing.

Because AI technologies and the applicable legal and regulatory framework are rapidly developing and highly complex, it may not be possible to predict or identify all of the risks that may arise in connection with our current or future use of AI technologies. If any of the foregoing risks materialize, our business, results of operations, financial condition, and prospects could be materially and adversely affected.

#### We may be unable to effectively adapt or optimize our pricing, subscription plans, or billing models
We monetize our products primarily through subscriptions, but also through advertising and other methods, such as one-off purchases or transaction-based fees. Subscription fees are important to our business model and profitability, and a significant portion of our revenue depends on customers purchasing and renewing their subscriptions. There are several factors that could affect our ability to increase or maintain pricing and subscription plans, and to convert users to paid subscription plans. Purchases or renewals of subscriptions to one or more of our products may decline or fluctuate for reasons such as dissatisfaction with such products or their customer support, a customer no longer having a need for such products, a belief that a competitor's product is better, including where competing products are perceived as more innovative, higher quality, more secure, or offered at lower prices, or increased price sensitivity due to broader economic conditions or recent pricing changes. In addition, some of our products are offered with free trial subscription plans, and we may not be able to convert customers into paid subscription plans, or continue to realize the benefits of this business model.

We may from time to time significantly change a product's monetization strategy or billing model. Before making such changes, we may conduct experimentation. The results of these tests may be inaccurate, or we may fail to interpret them correctly. These tests and related data-driven models may not accurately predict customer or user behavior or long-term outcomes, and we may fail to anticipate indirect effects, leading to monetization decisions that negatively impact revenue, retention, or growth. In addition, optimizing marketing and monetization strategies may include price increases, changes to subscription tiers or plans, bundling strategies, or billing terms, which may result in higher churn, reduced conversion rates, or adverse public perception, including if customers believe that pricing changes are inconsistent with the value delivered.

Our ability to sustain our subscription plans and pricing may also depend on our reputation for quality and innovation, and on continuing to deliver reliable, secure, and high-quality improvements, technologies and features in connection with our products. We are subject to pricing pressure from competing products, including free or lower-priced alternatives. If we fail to innovate or keep pace with evolving industry standards or if rising costs for cloud services or third-party technologies increase the cost to deliver our products, the perceived value of our products may decline and our pricing power may weaken.

Furthermore, platform, legal, contractual, industry, and regulatory changes may limit our ability to optimize prices, subscription plans, billing models, auto-renewals, or promotions. For example, requirements regarding simpler or more prominently featured cancellation mechanisms, or opt-in for changes in pricing, subscription plans, or billing models could increase churn and hinder our ability to maintain existing subscriptions.

More generally, our inability to increase or maintain pricing and subscription plans, to convert users to paid subscription plans, or to adjust our offerings and value proposition to support our subscription plans and their pricing, could materially and adversely affect our business, results of operations, financial condition, and prospects.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

#### We may be unable to compete for advertisements and our relationships with advertising networks may be negatively impacted
We generate advertising revenue by selling advertising space across a number of our products, both directly to advertisers and through intermediaries such as media agencies and programmatic networks. Our ability to maintain or grow advertising revenue depends on our ability to attract and retain customers or users, sustain engagement and usage, and compete effectively for advertising demand.

The digital advertising market is highly competitive and subject to significant volatility. Advertising revenue may be materially and adversely affected by factors beyond our control, including changes in advertiser demand, budget reductions, shifts in marketing spend across channels, changes in the pricing and availability of advertising inventory, seasonality, broader economic conditions, and increased competition for advertising spend. If we are unable to compete effectively for advertising spend, or if the perceived effectiveness of advertising in our products declines, our advertising revenue could decrease.

In addition, our advertising revenue also depends in part on third-party advertising networks, exchanges, measurement providers, and other intermediaries. These third parties may change their terms, policies, pricing, technical requirements, or allocation of advertising demand, or may limit, suspend, or terminate our access to their services. In addition, advertising partners may impose requirements relating to brand safety, content policies, privacy practices, data usage, or customer or user consent, and any failure, perceived failure, or allegation of non-compliance could result in reduced demand, lower pricing, withheld payments, account suspension, or termination of our relationships.

Furthermore, platform, legal, contractual, industry, and regulatory changes — such as restrictions on cookies and other tracking technologies, limitations on access to device identifiers, and requirements for user consent — may reduce the ability of advertisers to target or measure advertising effectiveness and may decrease advertising demand or pricing.

Any decline in advertising revenue, or disruption in our relationships with advertising networks or other intermediaries, could materially and adversely affect our business, results of operations, financial condition, and prospects.

#### We generally do not have long-term agreements with our customers
Our customers can cancel their subscriptions at any time without penalty, with the cancellation becoming effective at the end of the current term. Term duration is typically one year or shorter. Because our customers are not typically bound by long-term contractual commitments, we face continuous pressure to provide high-quality products and frequent feature updates to retain recurring payments. Moreover, our visibility into future revenue may be limited compared to companies with a majority or all of their revenue derived from multi-year, non-cancellable contracts.

***We may be unable to effectively leverage or develop sales capabilities to attract and retain enterprise customers, and to expand usage of our products within our customer base***

Our ability to grow our business depends in part on our ability to attract new enterprise customers, retain existing enterprise customers, and increase adoption and usage of our products within our customer base. Historically, we have not relied on a significant outbound sales force, and our ability to drive enterprise growth may depend on our ability to build and scale our sales organization and implement an effective sales strategy. If we are unable to develop and leverage sales capabilities successfully, our business, results of operations, financial condition, and prospects could be materially and adversely affected.

We may encounter challenges in developing our sales force and sales strategy, including hiring, training, and retaining qualified sales personnel, developing effective sales processes and management systems, investing in supporting functions such as customer success, onboarding, implementation, and support, and coordinating effectively across our commercial, product, and legal and compliance

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
functions. We may also be unsuccessful in achieving broader market acceptance of our products among enterprise customers, including those with established vendor relationships or internal preferences for competing solutions.

In addition, some of our enterprise offerings have extended and complex sales cycles, which can be long, resource-intensive, and unpredictable. Prospective enterprise customers may require significant time and resources to evaluate our products, complete security, compliance, procurement, or legal reviews, negotiate commercial terms, or conduct pilots or trials before making purchasing decisions. These factors may increase our costs, delay revenue recognition, reduce our ability to forecast results, and make it more difficult to achieve efficient growth.

If we are unable to effectively develop and scale our outbound sales capabilities, attract and retain enterprise customers, or expand usage of our products within our customer base, our business, results of operations, financial condition, and prospects could be materially and adversely affected.

#### Dependence on a limited number of top-performing products could increase volatility and adversely affect our results
A meaningful portion of our revenue has historically been derived from a limited number of top-performing products. As a result, our business and financial performance may be disproportionately affected by the performance of a small number of products, and we may not be able to successfully expand and diversify our revenue sources beyond them.

The performance of individual products can be volatile and may fluctuate significantly from period to period due to factors that are difficult to predict or outside of our control, including adverse developments affecting a particular product, category, or ecosystem, changes in platform featuring, pricing, ranking, search algorithms, policies, and enforcement practices, competitive entries, shifts in customer or user preferences, seasonality, and product changes or updates that do not perform as expected. In addition, if one or more of our leading products underperforms, experiences reduced engagement, renewal rates, or conversion, or is otherwise unable to sustain or improve its historical monetization levels, our revenue and margins could fluctuate materially. The size and diversification of our portfolio may not sufficiently mitigate these risks.

Revenue concentration risk may be further affected by changes in our product portfolio over time, including as a result of acquisitions. Acquired businesses may perform below our expectations, or we may be unable to sustain or improve the performance of acquired businesses following integration.

If we fail to maintain a diversified and successful portfolio, our business, results of operations, financial condition, and prospects could be materially and adversely affected.

#### A significant portion of our products depend on mobile application stores and other third-party platforms for their distribution, marketing, and collection of payments
A significant portion of our products depend on mobile application stores, such as the Apple App Store and Google Play Store, and other third-party platforms for their distribution, marketing, and collection of payments. These platforms influence the visibility, discoverability, and monetization of some of our products and may be critical channels through which customers and users download these products, see advertisements, purchase subscriptions, and make other in-app purchases. Our success depends in part on the overall mobile application ecosystem, including user demand for mobile applications, the effectiveness of mobile application store distribution, and the ability to monetize and acquire users for our mobile applications.

Mobile application stores and other third-party platforms have broad discretion to change their terms, policies, guidelines, and practices, including those relating to application reviews and rankings, search and recommendation algorithms, pricing, payment processing, commissions and fees, refund practices, advertising policies, privacy requirements, our ability to target users or measure the effectiveness of our marketing and product changes, and customer or user consent mechanisms. They may also interpret, enforce, or modify these terms or policies in ways that are inconsistent, unpredictable, or unfavorable to us. In addition, these third parties may limit, prohibit, suspend, remove, or otherwise interfere with one

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
or more of our products or features, including by delaying approvals, restricting functionality, requiring modifications, or removing our products from their platforms. They may require us to provide information and data, change our practices, or implement specific features, disclosures, or policies as a condition to continued distribution or monetization on their platforms. Responding to such requests, inquiries, or enforcement actions, or implementing required changes, could be costly, time consuming, and could delay product releases or negatively affect product performance. Furthermore, these third parties may give preferential treatment to competitive products.

Any such changes or actions could disrupt or discontinue our access to the Apple App Store, Google Play, or other significant third-party platforms, reduce the discoverability or distribution of our products, disrupt advertising revenue, payment processing or subscriptions, increase costs, reduce margins, and negatively affect customer or user acquisition or retention. In addition, because we generally do not have the ability to negotiate platform terms and must adapt our products and business practices to comply with platform requirements, we may be unable to mitigate the impact of adverse platform actions or policy changes.

As a result, our business, results of operations, financial condition, and prospects could be materially and adversely affected by changes impacting or actions taken by mobile application stores and other third-party platforms.

#### A significant portion of our products depend on third-party payment processors
A significant portion of our products rely on payment processing services provided by third parties such as Adyen, PayPal, and Stripe to process transactions and collect payments from customers. These providers are critical to our ability to monetize our products, including through subscriptions and other digital purchases.

Third-party payment processors may increase fees or other charges, modify their terms of service, interpret or enforce their policies in a manner unfavorable to us, or impose new requirements that increase our compliance costs or operational complexity. They may also delay, suspend, or restrict our ability to process payments or access funds, including by imposing reserves, significant guarantees, payment holds, rolling delays, transaction limits, or enhanced monitoring, which could negatively affect our liquidity and user experience. In addition, payment processors may limit or prohibit certain transactions, products, pricing models, or jurisdictions, or require us to make changes to our billing flows, refund practices, fraud prevention controls, or customer onboarding processes. Payment processing is also subject to risks of fraud, chargebacks, refunds, disputes, and errors, which may increase our costs and reduce our revenue.

If any third-party payment processor experiences disruptions, performance degradation, outages, service interruptions, or other operational failures, our ability to collect payments could be disrupted. In addition, if we are unable to maintain our relationships with payment processors on commercially reasonable terms, or if we are required to transition to alternative providers, we may incur significant costs, experience delays, or suffer interruptions in our ability to collect payments.

As a result, our business, results of operations, financial condition, and prospects could be materially and adversely affected by changes impacting or actions taken by third-party payment processors.

#### We rely on third-party cloud infrastructure and other technology service providers to operate our products and business
In addition to third-party platforms such as mobile application stores and third-party payment processors, we rely on hardware, software, and other technology infrastructure for our products and operations (collectively, "Technology Infrastructure"). We depend on third parties for critical parts of our Technology Infrastructure. In particular, we depend on cloud service providers such as Amazon Web Services and Google Cloud for computing, storage, networking, and other technology services that are critical to our products and operations. As a result, our ability to operate our business depends on the availability, performance, reliability, and capacity of these cloud service providers. We may be unable to efficiently provision, adapt, or scale computing, storage, networking, or other infrastructure resources to meet actual

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
demand and support our growth, products, and integrations. As a result, we may experience unexpected capacity limitations, and our products and our operations may experience degraded performance or interruptions.

Some of our products rely on additional third parties to provide key services, such as hosting, video processing and transcoding, content delivery networks, customer support, software development, and AI technologies. Our ability to continue to use our Technology Infrastructure at the scale we need may be dependent on access to specific third-party service providers. We have experienced service interruptions in the past, including in connection with the release of new software versions or bug fixes, and we may experience similar interruptions in the future. If any of these third-party service providers experience disruptions, outages, performance degradation, or other service interruptions, our products may become unavailable or experience reduced performance. Even brief interruptions or delays may negatively affect customer or user experience, engagement, and conversion or renewal rate, and significant or prolonged outages could result in loss of customers or users and affect our ability to attract new customers or users. Depending on the severity and nature of any disruption, we may also face data security incidents, including incidents that may require notification to affected individuals, regulators, or other stakeholders, and could expose us to liability.

Technology Infrastructure third-party service providers generally have discretion to change and interpret their terms of service and other policies, including at contract renewal, and may take actions that are unfavorable to us. These service providers may increase pricing, impose additional fees or charges, change service levels or support practices, alter technical requirements, restrict how we process data on their systems, discontinue or limit access to certain services, or terminate or seek to terminate our contractual relationships. Hosting and infrastructure costs are also expected to increase as our customer and user base grows. In addition, our infrastructure costs may be variable, difficult to predict, and sensitive to changes in usage patterns, product mix, and third-party pricing or technical requirements, and we may be unable to manage these costs effectively as we scale. If our access to Amazon Web Services, Google Cloud, AI technology, or other key technology service providers were limited or terminated, or if we were unable to secure alternative providers on favorable terms or in a timely manner, we could experience significant interruptions in our operations and ability to deliver our products to customers and users. Any transition to alternative technology service providers could require substantial technical changes to our products, technologies, and systems and could be costly, time-consuming, and operationally risky, and we may be unable to fully offset any resulting losses through service credits or other contractual remedies. If we lose the right to use, renew, or continue to access such services, we may be required to transition to alternative technologies on an accelerated timeline, which could be costly and disruptive.

Because our strategy includes acquiring and integrating products and businesses, as our product portfolio grows, our reliance on a broader set of Technology Infrastructure third-party service providers may increase operational complexity and make it more difficult to scale reliably and cost effectively. In addition, we may need to consolidate, migrate, or re-architect the Technology Infrastructure of acquired products, including moving workloads between cloud providers, consolidating accounts and environments, transitioning content delivery networks, modifying hosting and storage configurations, or replacing third-party service providers. These migrations and consolidations are complex and operationally risky, and may result in service disruptions, degraded performance, increased latency, data loss or corruption, unexpected cost increases, security or compliance issues, or delays in product development and integration efforts. We may also be required to maintain duplicative infrastructure or vendor relationships for extended periods, which could increase costs and operational complexity, and we may be unable to execute these transitions effectively or on the timelines we expect.

If we do not effectively respond to disruptions, upgrade our Technology Infrastructure as needed, or continually develop it to accommodate evolving demands, our business, results of operations, financial condition, prospects, and reputation could be materially and adversely affected.

Our business also depends on our customers and users' ability to access and use the internet and internet-enabled devices. Internet access, internet-enabled devices, and operating systems are provided by companies with significant market power, any of whom could take actions that degrade, disrupt, or increase the costs for us to provide, or customers and users to access, our products. In addition, changes

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in laws, regulations, or practices affecting the growth, popularity, or use of the internet, including those relating to net neutrality, could decrease demand for, or usage of, our products, increase our costs, and materially and adversely affect our business, results of operations, financial condition, and prospects.

#### We and our third-party service providers may be subject to data breaches and other cybersecurity incidents, including cyberattacks and ransomware
We and some of our Technology Infrastructure third-party service providers collect, transmit, host, store, and otherwise process a large amount of data relating to customers, users, team members, candidates, business partners, and others, including information and data that constitutes "personal data," "personal information," "personally identifiable information," or similar terms under applicable laws (collectively, "Personal Information"), as well as intellectual property and proprietary business information (collectively, including Personal Information, "Confidential Information"). This Confidential Information may include trade secrets, and customer and user contact information, device identifiers, usage data, payment and subscription information, and support records. Our success depends in part on our ability to collect, transmit, host, store, and otherwise process Confidential Information. In addition, any actual or perceived failure to protect Confidential Information could harm our business, and we may collect, transmit, host, store, and process Confidential Information in jurisdictions different from where it was collected.

There has been an increasing number of cyberattacks in recent years, and the number and complexity of these threats continue to increase over time. We face numerous and evolving cybersecurity risks that threaten the confidentiality, integrity, and availability of Confidential Information and our Technology Infrastructure, and that may disrupt our operations, degrade product performance, and result in service interruptions. Because some of our products are integrated with our customers or users' systems or operations, any circumvention or failure of our cybersecurity measures could also compromise the confidentiality, integrity, and availability of our customers or users' own Technology Infrastructure and Confidential Information. We and our Technology Infrastructure third-party service providers have experienced and may continue to experience actual or perceived security incidents, including related to hacking, phishing, malware, ransomware, social engineering, unauthorized access to or disclosure of data, denial-of-service attacks, business email compromise, deepfakes, or other cyberattacks. These risks may also result from human error, insider threats, system misconfiguration, bugs, or other vulnerabilities in Technology Infrastructure, or failures of security controls or processes. Moreover, our disaster recovery systems and those of our Technology Infrastructure third-party service providers may not function as intended or may fail to adequately protect our critical business information in the event of a significant interruption, which could result in security breaches, loss of data or functionality, or other similar adverse impacts. Further, we have acquired and may continue to acquire companies with cybersecurity vulnerabilities or inadequate security measures, which has exposed us and may continue to expose us to significant risks.

Cybersecurity incidents affecting our Technology Infrastructure third-party service providers could disrupt our business or result in unauthorized access to, or disclosure or loss of Confidential Information. We may have limited ability to control, monitor, or remediate security incidents affecting our Technology Infrastructure third-party service providers, and our contractual protections may be insufficient to fully protect us from harm. In addition, our and our Technology Infrastructure third-party service providers' remote working arrangements may increase cybersecurity risks due to the challenges associated with managing remote computing assets and security vulnerabilities that are present in many public or home networks. Moreover, the integration of AI in our or any Technology Infrastructure third-party service providers' operations or products is expected to pose new or unknown cybersecurity risks.

Techniques used to obtain unauthorized access to Technology Infrastructure, sabotage systems, or disable or degrade services change frequently, and may be large-scale, automated, and difficult to detect. These techniques are often not recognized until launched against a target. Malicious actors are becoming increasingly sophisticated, including through the use of AI technologies, and may be able to circumvent security controls, evade detection, or remove forensic evidence. We regularly identify security vulnerabilities in our Technology Infrastructure, and we may be unable to remediate all vulnerabilities in a timely manner, or at all, and our mitigating measures may not be implemented

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
before a vulnerability is exploited, including where customers or users fail to timely apply updates, and vulnerabilities may remain undiscovered or persist even after mitigation measures are implemented. Further, there can be no assurance that our cybersecurity risk management program, including our policies, controls, and procedures, will be fully implemented, complied with, or effective in protecting Confidential Information or our Technology Infrastructure. As a result, we may be unable to prevent, detect, investigate, remediate, or recover from cybersecurity incidents in a timely manner, or at all.

In addition, third parties have attempted (and, in some cases, succeeded) and may continue to attempt to exploit our products, technologies, or brands to defraud others, including through impersonation, account compromise, fraudulent payment activity, or other misuse, which could result in customer or user harm and damage to our reputation.

While to date no incidents have had a material impact, material incidents may occur in the future. Any cybersecurity incident, whether actual or perceived, could expose us to significant liabilities and costs, including regulatory investigations or enforcement actions, compulsory audits, fines or penalties, litigation (including class actions), remediation and recovery costs, fraud losses, increased insurance premiums, and reputational harm. We may also face contractual disputes, indemnity obligations, and termination or non-renewal by customers or partners, and any limitations of liability in our contracts may not be enforceable or sufficient to protect us from all liabilities. We may be required to notify regulators, customers, users, team members, or other stakeholders under applicable breach notification and data protection laws in multiple jurisdictions, including in the E.U, the U.K., and the U.S. Any required notifications could be costly, could lead to negative publicity, and could cause customers or users to lose confidence in our products or security measures. In addition, mitigating the risk of cybersecurity incidents has resulted, and could in the future result, in additional operating and capital costs in Technology Infrastructure, personnel, monitoring, and other investments, and these costs may increase over time. Any liabilities or costs incurred in relation to a cybersecurity incident may not be covered by insurance and insurance policies may not be available to us in the future on economically reasonable terms, or at all.

If we are unable to prevent or effectively respond to cybersecurity incidents, our business, results of operations, financial condition, and prospects could be materially and adversely affected.

#### We may experience software defects and other similar problems with our products or technology infrastructure
We may experience software defects, outages, performance degradation, development delays, data losses, or other technical problems, including issues introduced through updates, new feature releases, integrations, migrations, or changes in Technology Infrastructure third-party services on which we rely. Software or hardware that we develop internally or procure from Technology Infrastructure third-party service providers may contain technical problems. These technical problems may result in diminished performance, service disruptions, product malfunctions, security incidents, or, in severe cases, permanently disabled products that could disrupt operations, product performance, or our cybersecurity. Such software and Technology Infrastructure may not be sufficient to address technological advances, regulatory requirements, changing market conditions or other developments.

Because our products operate at scale and evolve rapidly, technical issues may emerge unexpectedly, and we may be unable to resolve them quickly without introducing additional defects or disruptions. Such issues may not be identified during development or testing and may only become apparent after deployment or at scale.

In addition, we have grown and expect to continue to grow through acquisitions, and acquired products may contain legacy code, technical debt, undocumented dependencies, or infrastructure or architectural constraints that increase the likelihood or severity of defects, outages, or performance issues, particularly during integration efforts, migrations, or major changes to product functionality.

Any such issues could damage our reputation, reduce customer or user engagement, lower revenue, impact the stability or accuracy of our customer or user metrics or other estimates, allow third parties to manipulate or exploit our software, and expose us to claims for damages. Any liabilities or costs

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
incurred in relation to the above may not be covered by insurance and insurance policies may not be available to us in the future on economically reasonable terms, or at all.

If we are unable to prevent, detect, and remediate software defects and other technical issues effectively, our business, results of operations, financial condition, and prospects could be materially and adversely affected.

#### We may be subject to the terms of open-source software licenses
We use open-source software in our products and Technology Infrastructure and expect to continue to use open-source software in the future. The terms of many open-source licenses to which we are subject have only been interpreted in a limited number of court decisions, or have not been interpreted by courts at all, and there is a risk that open-source software licenses could be construed in ways that impose unanticipated conditions or restrictions on our ability to operate, commercialize, or protect our technology. In addition, under some open-source software licenses, if we combine our proprietary software with open-source software in a certain manner, third parties may claim ownership of, a license to, or demand the release of, the open-source software derivative works that we developed using such software, which could include our proprietary source code. Such third parties may also seek to enforce the terms of the applicable open-source software license through litigation which, if successful, could require us to make our proprietary source code freely available, purchase a costly license, or cease offering the implicated products unless and until we can re-engineer them to avoid infringement. This re-engineering process could require significant additional research and development resources, and we may not be able to complete it successfully. In addition to risks related to open-source software license requirements, use of certain open-source software may pose greater risks than use of third-party commercial software, since open-source licensors generally do not provide warranties or controls on the origin and accuracy of the software. Further, we may have incorporated or used open-source software in a manner that is inconsistent with applicable license terms or our internal policies, and we cannot assure that our processes for identifying, tracking, and managing open-source software usage are or will be effective. Any of these risks could be difficult to eliminate or manage.

We may also contribute code to open-source projects from time to time, and any such contributions are generally publicly available, which may limit or eliminate our ability to protect intellectual property rights in that software and could allow competitors to use or incorporate it. Similarly, we may be subject to third-party intellectual property claims as a user of or contributor to open-source software.

Any of the foregoing could materially and adversely affect our business, results of operations, financial condition, and prospects.

***Our ability to maintain customer or user satisfaction depends in part on the quality of our customer support, including support provided by third-party service providers***

Our ability to attract and retain customers and users depends in part on the quality of our customer support, including assisting customers and users in using our products, responding to legal, privacy or security-related matters, and resolving performance and reliability problems. If we fail to provide effective customer support, customer and user satisfaction could decline, our reputation could be harmed, and customer and user churn could increase.

As our customer and user base evolves, customer support demand may increase or fluctuate significantly, including following product changes, outages, security incidents, or monetization changes. We may be unable to hire, develop, and retain sufficient team members to support or scale our support systems effectively, particularly if growth exceeds our forecasts. In addition, providing support globally at scale across time zones and in multiple languages may require additional resources and could increase complexity, expenses, and legal risks. Increased support demand without corresponding revenue increases could also increase our costs.

We also rely in part on third-party staffing and outsourcing providers to support customer support operations, and we may have limited control over their personnel, training, processes, and service levels.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
If these providers fail to meet our standards, experience disruptions, increase costs, or terminate their relationship with us, customer support quality could decline.

In addition, we use AI-enabled tools to support customer support operations. AI tools may generate inaccurate, incomplete, or inconsistent responses, including in ways that negatively affect user experiences or result in improper handling of billing, refunds, account access, privacy, or security-related matters, and may increase regulatory, legal, or reputational risks. If we are unable to effectively manage these risks, our customer support operations and customer and user satisfaction could be materially and adversely affected.

If we fail to maintain effective customer support at scale, our business, results of operations, financial condition, and prospects could be materially and adversely affected.

***We may be unable to attract, develop, and retain talent at the scale required by our business, labor costs may increase, and we may suffer workforce disruptions***

Our success depends on our ability to attract, develop, and retain highly skilled personnel. The process of hiring individuals with the combination of skills and attributes required to implement our strategy can be difficult and time consuming, and we face intense competition for this talent from well-established companies as well as smaller or emerging companies, many of which have greater resources, more recognized brands, and the ability to offer cash or equity compensation that may be more attractive than ours. In addition, we may find it difficult to recruit talent who are willing to relocate to, or regularly work from, the locations where we operate.

Our business model requires maintaining a lean organizational structure with effective collaboration across teams and high talent density. Our strategy includes acquiring businesses and implementing deep changes, which requires allocating talent to acquired businesses and integrating and motivating team members from acquired businesses. As we scale, the challenge of hiring, developing, and retaining increasing numbers of team members without compromising talent quality may increase, and attrition could rise as competition for talent intensifies. Loss of key team members, failure to retain key team members from acquired businesses, or prolonged vacancies in specialized roles could materially and adversely affect operations, product development, product quality, reliability, user experience, customer support, innovation, and integration efforts.

To remain competitive, attract and retain talent, and support our growth we expect to expand hiring into new jurisdictions and continue relying on remote teams, contractors, and employer-of-record arrangements. This may increase complexity and risk relating to immigration, tax, and benefits administration, information security and access controls, confidentiality, and intellectual property assignment and ownership.

In addition, compensation pressures in our industry may increase our operating costs. Higher salary benchmarks, increased competition for talent, and the need to provide equity, benefits, or other incentives to attract and retain talent could elevate expenses and reduce margins. Labor laws and practices in the jurisdictions where we operate may further increase costs, impose procedural requirements, or reduce workforce flexibility. In certain jurisdictions, team members may be represented by work councils or may be subject to collective bargaining arrangements, and team members may seek additional representation in the future, which could increase costs and operational complexity. Moreover, in Italy and certain other jurisdictions, membership in a union is information that employees need not disclose to employers, potentially making our future ability to address labor organizing issues among our team more difficult. While we have not experienced such disruptions in the past, we may experience work stoppages, strikes, or other labor disruptions, including among key third-party contractors and service providers.

If we are unable to effectively manage these risks, our business, results of operations, financial condition, and prospects could be materially and adversely affected.

#### Our leadership team may depart at any time
Our success depends in significant part on the continued service of our leadership team, including our co-founder and chief executive officer, Luca Ferrari, and our co-founder and head of business

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
acquisitions, Francesco Patarnello. Each member of our leadership team has significant expertise and plays an important role in executing our strategy, including identifying and evaluating acquisition opportunities, leading transformations, and driving product and operational performance. We heavily rely on their continued service, performance, contribution to core areas, and efficient execution of our business. We have not entered into employment agreements with Luca Ferrari or Francesco Patarnello and they may terminate their relationship with us at any time. We may be unable to replace such individuals in a timely manner, on acceptable terms, or at all. The loss of any member of our leadership team could disrupt our operations, delay or prevent the achievement of our business objectives, and materially and adversely affect our business, results of operations, financial condition, prospects, and reputation.

#### Our company culture has contributed to our success, and we may not be able to maintain this culture as we grow
We believe our company culture has been an important contributor to our success. Our culture is designed to support our ability to appeal to highly talented, driven, and collaborative talent, operate efficiently, and execute our strategy, including integrating and transforming acquired businesses.

As we continue to grow, including through acquisitions, we may find it increasingly difficult to maintain aspects of our culture across a larger and more geographically dispersed organization and across teams with different backgrounds and expectations. Growth may increase organizational complexity and communication challenges, slow decision-making, reduce accountability, or create misalignment across teams. In addition, integrating new team members from acquired businesses may require significant leadership attention and may create cultural friction or reduce cohesion, which could negatively affect productivity, collaboration, and execution.

If we are unable to preserve and reinforce the elements of our culture that have contributed to our success, we may experience higher turnover from our talent, difficulty attracting and retaining talent, reduced operational effectiveness, and challenges executing our business strategy, any of which could materially and adversely affect our business, results of operations, financial condition, prospects, and reputation.

#### Reorganizations and restructurings may disrupt our operations and harm our reputation
In the past, we have frequently implemented, and we expect to continue to implement, at least with each acquisition, workforce reductions, restructurings, or other forms of reorganizations to streamline operations, integrate acquisitions, increase innovation, agility, and speed of execution, and reduce costs.

Reorganizations can result in the loss of institutional knowledge and can disrupt operations, product roadmaps, and release schedules, and make it more difficult to maintain consistent engineering, security, and quality standards across our products and businesses. These actions are difficult to implement, and may also divert leadership attention, reduce productivity, and require additional recruiting, onboarding, and training to address critical gaps. In addition, reorganizations may involve significant costs, including severance, benefits, retention or transition costs, professional fees, and other related expenses.

Reorganizations may also negatively affect the morale of our team members and may impair our ability to attract, retain, and motivate key talent, including within acquired businesses. They may influence how our brand is perceived by customers, users, business partners, and prospective candidates, and could result in adverse media coverage or other reputational harm. In addition, reputational harm associated with reorganizations could materially and adversely affect our acquisition strategy. Potential acquisition targets or selling parties may be reluctant to engage with us if they believe an acquisition could negatively affect their brand, workforce, culture, or reputation, which could limit our ability to pursue or complete acquisitions on attractive terms or at all.

We have in the past faced and may in the future face employment-related claims, disputes, or regulatory scrutiny in connection with reorganizations, including allegations of wrongful termination, discrimination, work-related injuries, retaliation, wage-and-hour violations, or failures to comply with severance, notice, or consultation obligations such as work council or collective procedures. These matters could

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
result in investigations, litigation, settlements, penalties, and additional costs. If we do not manage workforce reductions and reorganizations effectively, our business, results of operations, financial condition, prospects, and reputation could be materially and adversely affected.

#### We may suffer damage to our reputation or brands, including the reputation of any of our products
The reputation of our business and our products is important to our success. Maintaining and enhancing our brands helps us attract and retain customers and users, supports our pricing and subscription plans, and contributes to the long-term value of our product portfolio.

Our brands and reputation could be harmed in many ways, including if:

• A product experiences quality issues, persistent bugs, outages, service interruptions, or poor performance

• Customers or users have negative experiences with billing, refunds, renewals, or customer support

• We implement changes that are perceived negatively by customers, users, team members, or the public, such as reorganizations, price increases, or changes to product features or monetization strategies

• We are perceived to have misled customers or users in advertising, purchase option presentation, or changes in pricing, subscription plans, or billing models

• We suffer a data privacy or security incident

• We fail to comply with applicable laws, regulations, or platform rules

• A product is removed from, restricted on, or downgraded within a mobile application store, search engine, or other distribution channel

• We face claims or allegations relating to intellectual property infringement or violations of privacy or data protection laws

• User generated content uploaded to one of our products violates a third party's rights, is unlawful, or is otherwise questionable or harmful

• We are subject to unfavorable media coverage, social media attention, or online reviews, including in connection with acquisitions, integrations, reorganizations, restructurings, or other efforts to streamline operations

Because some of our products operate under the Bending Spoons brand name or are known to have been acquired by Bending Spoons, harm to the reputation of one product can adversely affect the perception and performance of our other products. For example, negative reviews, media coverage, ratings, or search engine or mobile application store placement affecting a single product may influence how customers or users view us, our developer pages, cross-promotions, and new releases, reduce trust in our broader portfolio, and lead to increased scrutiny of our other products by customers, users, platforms, regulators, or other third parties. In addition, certain actions or decisions such as reorganizations may receive disproportionate attention and online discourse relative to other aspects of our business, which may amplify reputational harm. As our portfolio grows and our products reach more customers and users across different categories, markets, and regions, the likelihood that an incident affecting one product could have broader effects may increase.

In addition, industry standards and customer and user expectations may continue to evolve, including with respect to product quality, user experience, privacy, security, accessibility, and customer support. If we do not meet these evolving expectations, or if competitors deliver superior experiences, the strength of our brands may decline. Moreover, third parties using similar names or branding, or the distribution of unauthorized imitations, copies, or modified versions of our products, may also harm our reputation and brand value.

Our employer brand is also important to our business. If our reputation is harmed, we may experience increased difficulty attracting, retaining, and motivating talent. Damage to our reputation or brands could

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also negatively affect our relationships with lenders, business partners, and investors, and our ability to execute our business strategy.

If our reputation or the value of our brands is harmed or declines, whether due to events affecting the Bending Spoons brand, a single product, or our portfolio as a whole, our business, results of operations, financial condition, and prospects could be materially and adversely affected.

#### Our insurance policies may not be sufficient to cover all claims
We maintain various insurance policies intended to protect against certain operational and other risks, including risks relating to cybersecurity incidents, operational failures, litigation, and other liabilities. However, insurance coverage, by its nature, is subject to exclusions, deductibles, coverage conditions, limitations, and policy limits. Our insurance may not cover all claims that may arise, coverage may be disputed by insurers, and the amounts payable under our policies may be insufficient to cover all possible losses or liabilities.

In addition, the cost of insurance is likely to increase in the future, and the availability of coverage may decrease, influenced by the evolving risk landscape in the technology sector or broader economic conditions. We may be unable to maintain our current insurance coverage on commercially reasonable terms or at all, and as our business expands and evolves, we may be required to pay higher premiums, accept higher deductibles or more restrictive terms, or obtain less coverage than we desire.

In the event of a significant loss or liability that is not fully covered by our insurance policies, or if coverage is disputed by insurers, we may be exposed to significant financial losses. Moreover, significant uninsured losses could damage our reputation among customers, users, business partners, lenders, and investors. It could also lead to increased scrutiny from regulators and other stakeholders.

Any actual or potential insufficiency or inadequacy of insurance coverage and related financial exposure could materially and adversely affect our business, results of operations, financial condition, prospects, and reputation.

***We operate internationally and are subject to risks associated with the legislative, regulatory, judicial, accounting, political, and economic conditions in the markets and territories in which we operate***

Our headquarters are in Italy, we operate internationally, our products are offered globally, and we expect to continue to expand our international presence. We may become subject to various laws and regulations as we expand into new markets, introduce new products, features, or technologies, or acquire businesses or products. Operating across multiple jurisdictions increases the complexity of our business and exposes us to risks that may differ from those faced by companies with more limited geographic operations. Risks associated with our international operations include, among others:

• Political instability, adverse changes in diplomatic relations, and unfavorable economic and business conditions in the markets in which we operate or into which we may expand

• More restrictive, inconsistent, or otherwise unfavorable laws and regulations, including evolving regulation of AI and digital products, which could increase compliance costs, require changes to our products or operations, or limit or prohibit certain offerings in particular jurisdictions

• The need to comply with differing, and sometimes conflicting, legal and regulatory standards relating to consumer protection, privacy and data protection, payment processing, content or product restrictions, and other aspects of our products and operations

• Limitations on the protection and enforcement of intellectual property rights across jurisdictions

• Enhanced difficulties of integrating acquisitions across jurisdictions

• Restrictions on the ability of our foreign subsidiaries to repatriate profits or otherwise remit earnings, and exposure to currency controls or other governmental actions

• Adverse tax consequences arising from the complexity of operating across multiple jurisdictions and from changes in, or new interpretations of, tax laws, regulations, treaties, or enforcement practices

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• Expropriation of assets, nationalization, or other governmental actions, including the risk of renegotiation or modification of existing agreements with government authorities

• Diminished ability to enforce contractual rights or obtain effective legal remedies in foreign jurisdictions

• Lower levels of internet access, credit card usage, or consumer spending in certain markets compared to the E.U., the U.K., and the U.S.

• Difficulties managing operations and adapting to customer and user needs due to distance, language, and cultural differences, including differences in local business practices and customs, and challenges in maintaining effective management, operational, financial reporting, and internal control systems across jurisdictions

Due to the size and scale of our operations and the factors described above, we may not be able to anticipate or address these risks in a timely manner or at all. If we are unable to effectively manage the risks associated with our international operations, our business, results of operations, financial condition, and prospects could be materially and adversely affected.

#### We are subject to risks related to adverse global economic and geopolitical conditions as well as natural disasters
Our business is subject to risks associated with global political and economic conditions. The purchase and use of our products are often discretionary and may require a significant commitment of resources. Demand for our products may fluctuate with market conditions. As a result, adverse global economic conditions could reduce consumer and business spending and negatively affect demand for our products. Macroeconomic uncertainty may be driven by factors such as reduced consumer confidence, fears of recession, unemployment levels, inflation, rising interest rates, the availability and cost of consumer credit, and changes in tax rates. In addition, perceived or actual instability in banking and financial markets, regulatory uncertainty, and changes in trade policies and restrictions (including tariffs, trade controls, and other barriers) may increase costs and contribute to market volatility. These conditions could lead to reduced demand, pricing pressure, slower growth across our product portfolio, and, for certain offerings, longer or less predictable sales cycles. Economic deterioration may also impair collections on accounts receivable and adversely affect our liquidity.

Geopolitical instability and conflicts may further increase volatility and disrupt global economic conditions, including through sanctions, retaliatory measures, and disruptions to international commerce. In addition, we have team members and operations in regions that have experienced geopolitical instability or armed conflict, including Israel and Ukraine, and we may be materially and adversely affected by any escalation of conflict, war, terrorist attacks, or related disruptions in those regions or elsewhere. We may also be materially and adversely affected by natural disasters, global health crises, and other catastrophic events beyond our control, including earthquakes, hurricanes, floods, fires, power outages, impacts on power cost, cyberattacks, telecommunications failures, pandemics, and epidemics. Climate change could increase the frequency or severity of certain events. These circumstances or incidents could disrupt our operations, damage or disrupt our technology infrastructure, delay product development, cause service interruptions, result in reputational harm, or lead to data security incidents or loss of critical data. Advances in AI are still unknown and could increase such risks, including cyberattacks, terrorism, disruption to labor markets, criminal misuse, autonomous warfare, and catastrophic accidents.

We maintain business continuity and disaster recovery strategies and certain insurance coverage, but these measures may not be sufficient to prevent or mitigate all adverse effects of such events. If any of these risks materialize, our business, results of operations, financial condition, and prospects could be materially and adversely affected.

***We have experienced rapid growth and may continue to grow in the future. We may not be able to effectively manage growth, change, and the scope and complexity of our business***

We have experienced rapid growth in recent periods, and may continue to grow in the future, including through international acquisitions of products, technologies, or businesses, and diversification across

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regions, segments, and business models. As our business has expanded and may continue to expand, the scope and complexity of our operations have increased rapidly and may continue to increase. This has placed and is expected to continue to place a significant strain on our managerial, administrative, operational, and financial resources. Our ability to manage growth effectively will depend on, among other things, our ability to scale our organizational structure, systems and infrastructure, controls, and processes, integrate new businesses or technologies, and recruit, retain, and develop talent.

If we are unable to effectively manage the allocation of limited resources in our organization or the risks that we may encounter in expanding our operations as we grow and expand across new businesses, products, technologies, regions, segments, or business models, our business, results of operations, financial condition, and prospects could be materially and adversely affected.

***We have a limited operating history at our current scale, and our historical, operating, and financial results may not be indicative of future performance, which makes it difficult to predict our future business prospects and financial performance***

We have a limited history of operating at our current scale and scope and, consequently, it is impracticable to forecast our future results based upon historical data. You should not rely on our past results of operations as indicators of future performance, and you should consider and evaluate our prospects in light of the risks and uncertainties frequently encountered by growing companies in rapidly evolving industries. These risks and uncertainties include challenges in accurate financial planning as a result of limited historical data relevant to the current scale and scope of our business, the uncertainties in forecasting the incremental performance that future acquisitions may contribute, and the uncertainties resulting from recent acquisitions and having had relatively limited time to integrate them.

We are not certain whether we will be able to sustain or increase our revenue or whether we will attain sufficient revenue to maintain profitability in the future. It is possible that our costs and expenses will increase in future periods. In particular, we intend to continue to make significant investments to grow our business in such areas as:

• Research and development, including new applications and technologies such as AI

• Our Technology Infrastructure, including systems architecture, scalability, availability, performance, and security

• Acquisitions or strategic investments, and the integration of any such acquisitions

• New products, user experiences, and features, including AI-powered products or features

• Productivity improvements, including through enhanced expertise, processes, and company culture

• Employer branding, recruiting capabilities, and access to talent

• Product brand awareness, marketing, and communications activities

• Sales capabilities

• Global expansion and diversification across regions, segments, and business models

• Our general and administrative organization and the legal, information technology, and accounting teams and processes associated with being a public company

Even if such investments increase our revenue, any such increase may not be enough to offset our increased operating expenses, and we may not be able to maintain profitability, and our business, results of operations, and financial condition could be materially and adversely affected.

#### Operating as a public company may increase our costs, divert leadership attention, and expose us to additional risks
As a public company, we will be subject to increased legal, regulatory, reporting, and corporate governance requirements, including under U.S. securities laws and the rules of the SEC and Nasdaq. Compliance with these obligations requires significant time and attention from our leadership and other

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team members and may divert resources away from executing our business priorities, including our growth and acquisition strategy.

Operating as a public company also increases our administrative, accounting, legal, and infrastructure costs, including costs associated with financial reporting, internal controls, investor relations, public disclosures, audit and advisory services, director and officer insurance, and maintaining governance and compliance programs. These costs may be significant and may increase over time, including as regulatory requirements evolve or as our business grows in size and complexity.

In addition, we may be subject to increased scrutiny from regulators, lenders, investors, analysts, the media, and other stakeholders, and we may face an increased risk of litigation, including securities class actions, shareholder derivative actions, and other claims relating to our public disclosures, governance practices, or share price volatility. Defending such matters, regardless of outcome, may be costly, time consuming, and disruptive, and could divert leadership attention.

Our status as a public company may also make us a more attractive target for competitors seeking to recruit or poach our team members and make it more difficult to attract, retain, and motivate talent. Increased public visibility and disclosure regarding our strategy, operations, and financial performance may also provide competitors with additional insights into our business, which could intensify competition.

If we are unable to effectively manage these requirements, costs, and risks, our business, results of operations, financial condition, and prospects could be materially and adversely affected.

#### Risks relating to legal and regulatory matters

#### We are subject to complex and evolving privacy, data protection, cybersecurity, and other data laws
In connection with the operation of our business, we collect, use, store, disclose, transfer, and otherwise process Personal Information relating to customers, users, team members, candidates, business partners, and others. We also depend on a number of third-party service providers which process Personal Information on our behalf or on behalf of our customers. We are therefore subject to a variety of data protection, privacy, and cybersecurity laws, regulations, standards, and contractual obligations globally that are complex, rapidly evolving, and may differ significantly across jurisdictions, including the E.U. General Data Protection Regulation ("E.U. GDPR"), the U.K. General Data Protection Regulation ("U.K. GDPR"), the California Consumer Privacy Act ("CCPA") and other U.S. state comprehensive data privacy laws, and industry requirements. These requirements impose significant obligations relating to transparency, consent, retention, security safeguards, cross-border transfers, vendor management, and data subject rights. This leads to increased compliance costs and operational risks, as well as potential customer or user confusion, and exposes us to significant potential liabilities, including regulatory enforcement actions and penalties, customer or user claims, and orders to change our data processing activities. The implementation of these laws and regulations requires continuous updates to our products, Technology Infrastructure, data processing activities, terms and conditions, and privacy policies, and investments in technical and organizational measures designed to safeguard the rights and freedoms of data subjects. Such investment may result in significant costs to our business and may require us to modify certain of our practices. As a result, we may not always be fully and technically compliant with such laws and regulations.

Laws and regulatory scrutiny relating to behavioral advertising, direct marketing, cookies, and other tracking technologies continue to evolve, and technical changes by platforms, browsers, or operating systems may reduce our ability to measure performance, personalize experiences, or market effectively. Numerous class-action suits under federal and state laws have been filed recently against companies that use third-party tracking technologies, alleging violations of consumer protection laws and invasions of privacy due to lack of adequate notice or consent prior to use of such technologies. In the E.U. and the U.K., informed consent is required for the placement of certain cookies and other tracking technologies on a device and for direct marketing. The E.U. GDPR and the U.K. GDPR impose conditions on obtaining valid consent for cookies and tracking technologies, including a prohibition on pre-checked

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consents and a requirement to obtain separate consents for each type of cookie and similar tracking technology. Recent European court and regulatory decisions are driving increased attention to cookies and similar tracking technologies. Moreover, our use of cookies and other tracking technologies exposes us to risk of claims under a number of laws in the U.S., including the Video Privacy Protection Act ("VPPA"), the Electronic Communications Privacy Act ("ECPA"), and the California Invasion of Privacy Act ("CIPA"), and we have been subject to VPPA, ECPA, and CIPA claims related to some of our websites. In a recent trend, some content publishers have been subject to litigation over alleged violations of the VPPA in connection with advertising provided by third parties. As a result, we may have to develop alternative means to analyze our customer or users' behavior, customize their experience, or efficiently advertise to them if they block cookies or other tracking technologies, or if additional barriers to collecting data via cookies or other tracking technologies are introduced via laws, regulations, or providers of devices or web browsers. The regulation of the use of these cookies and other tracking technologies and advertising practices or a loss in our ability to make effective use of such technologies could adversely affect us.

There has also been an increase in class actions filed under laws such as the Illinois Biometric Information Privacy Act ("BIPA"), and we have been subject to BIPA claims. Claims under BIPA and similar biometric laws in other U.S. states, allege that biometric identifiers or biometric information (for example, face templates, facial recognition data, voiceprints, fingerprints, or iris scans) have been collected, used, or disclosed without the required notices, consents, retention schedules, or security safeguards. These laws may provide for a private right of action and statutory damages on a per-violation basis and often impose stringent requirements. If one or more of our products, technologies, team members, third-party service providers, or customers or users were alleged or determined to have violated any biometric privacy law, we could be subject to enforcement actions, litigation, fines, penalties, adverse publicity, and loss of customers or users.

Regulators are increasingly scrutinizing companies that process minors' Personal Information or provide digital products that are used by minors. For example, in the U.S., laws, regulations, and legally binding codes, such as the Children's Online Privacy Protection Act, California's Age-Appropriate Design Code, the CCPA, and other U.S. privacy laws impose heightened obligations on companies that process minors' Personal Information or provide online services used by minors. In Europe, the E.U. GDPR and the U.K. GDPR, as well as the E.U. Digital Services Act, the U.K. Online Safety Act, and the U.K. Age-Appropriate Design Code impose similar requirements. These requirements apply to some of our products and may include restrictions on advertising or profiling, enhanced transparency and user protection obligations, requirements to obtain certain consents, limitations on the collection, use, retention, or sharing of minors' Personal Information, age assurance or age verification measures, and expanded rights for minors and their parents or guardians. These regimes are evolving and may be subject to legal challenges, differing interpretations, and changing enforcement priorities, which may increase compliance costs and operational complexity. Some obligations may apply broadly, including to products that do not intentionally target minors and in some cases where "children" may be defined as individuals under the age of 18. Some of our products are likely to be used by individuals under the age of 18. If we fail to accurately anticipate the application, interpretation, or expansion of these requirements, we could be subject to regulatory investigations or enforcement actions, data processing restrictions, litigation, fines and penalties, adverse publicity, and loss of customers or users.

Some of our products also subject us to payment card industry rules and standards, including the Payment Card Industry Data Security Standard, as well as contractual requirements imposed by payment processors, card networks, and other payment ecosystem participants. These requirements may change over time and may require us to implement and maintain additional security controls, monitoring, and documentation. Any failure, or alleged failure, to comply with such requirements could result in fines, penalties, increased transaction fees, contractual liability, reputational harm, and restrictions on our ability to accept or process payment card transactions.

Privacy and data protection laws and regulations are in some cases relatively new and their interpretation and application are uncertain, and we cannot ensure that our privacy policies, data processing agreements, and other statements regarding our data practices will be sufficient to protect us from claims, proceedings, liability, or negative media coverage relating to privacy, data protection, or

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cybersecurity. In addition, although we endeavor to comply with our privacy policies and ensure that our third-party service providers comply with our data processing agreements, as applicable, we may at times fail to do so or be alleged to have failed to do so.

We have in the past received, and may in the future receive, complaints or notifications from third parties, including regulators, asking about our compliance or alleging that we have violated applicable privacy, data protection, and cybersecurity laws and regulations. Any concerns about our privacy, data protection, and cybersecurity practices, even if unfounded, could damage our reputation and adversely affect our business. Non-compliance, or perceived non-compliance, with these laws and regulations has in the past led, and may in the future lead, to regulatory investigations, enforcement or other legal actions, and proceedings against us by supervisory authorities, government entities, consumers, data subjects, or others. We may be subject to substantial regulatory fines, or other penalties, or orders to cease or change our data processing activities in a manner that would be adverse to our business, require us to incur substantial costs, or lead to reputational harm.

We may also become subject to new laws that regulate data beyond Personal Information. For example, the E.U. Data Act imposes certain data and cloud service interoperability and switching obligations to enable users to switch between cloud service providers without undue delay or cost, as well as certain requirements concerning cross-border international transfers of, and governmental access to, data other than Personal Information outside the E.U. Depending on how this and any similar laws are implemented and interpreted, we may have to adapt our business practices, contractual arrangements, and products to comply with such obligations, and applicable obligations may impact our ability to retain customers and users.

Further, through the acquisition of businesses and products we may inherit legacy data practices, consents, disclosures, or technical implementations that do not meet our standards or do not comply with current legal or regulatory requirements. For example, we may discover, after the completion of an acquisition, that disclosures were incomplete, consents were missing or not properly recorded, data was combined or repurposed in ways that are not permitted, or technical controls were inadequate. Remediation can be costly and time consuming and may require deleting or limiting data, changing products or features, or reducing personalization, analytics, measurement, or marketing practices, which could reduce conversion, engagement, and revenue.

Privacy concerns and restrictions may therefore reduce the effectiveness of our product, customer and user acquisition, and monetization strategies. Any failure, or perceived failure, by us or our third-party service providers to comply with applicable privacy, data protection, or cybersecurity requirements could result in complaints, investigations, compulsory audits, enforcement actions, litigation (including class actions), fines, penalties, orders to change or cease certain practices, distraction to our leadership and technical personnel, increase in our costs of doing business, reduced demand for our products, and loss of customer or user trust, any of which could materially and adversely affect our business, results of operations, financial condition, prospects, and reputation.

#### We are subject to complex and evolving consumer protection, subscription, advertising, and payments-related laws and industry requirements
We are subject to a broad range of consumer protection laws, regulations, and industry requirements globally, including those relating to marketing practices, including pricing disclosures, billing, refunds, free trials, subscriptions, and automatic renewals. Many of our products use monetization strategies with subscription models that automatically renew unless cancelled, and we often provide free or discounted trial periods. For example, in the U.S., the Restore Online Shoppers Confidence Act and analogous state laws regulate such offers. In the E.U., the Consumer Rights Directive imposes specific requirements on pre-contractual information and the right of withdrawal for consumers, while the Unfair Commercial Practices Directive provides a horizontal framework prohibiting misleading and aggressive commercial practices. In Italy, the Legislative Decree No. 206 of September 6, 2005, also known as the Italian Consumer Code, applies. Similarly, in the U.K., the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 govern these practices, and under the Digital Markets, Competition and Consumers Act 2024, new provisions regarding pre-contractual information, reminder notices, and cancellation periods for subscription contracts are due to come into effect. Laws,

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regulations, and enforcement priorities in this area continue to evolve, and regulators and private plaintiffs have increased scrutiny of subscription flows, cancellation mechanisms, disclosures, and claims relating to "dark patterns," misleading interfaces, or unfair or deceptive practices.

Changes in laws, regulations, or industry practices could make it more difficult to implement automatic renewals or free trials, could require more friction in customer or user flows, and could reduce conversion or renewal rates. For example, requirements to obtain express opt-in consent for the automatic renewal of subscriptions could reduce the rate of subscription renewals. Similarly, third-party platform providers or payment processors and card networks may also impose operational, compliance, and security requirements, and effectively regulate subscriptions, billings, refunds, and automatic renewals. Failure to comply with such third parties' rules and policies could materially and adversely affect our monetization strategies.

We are also subject to laws, regulatory, and industry requirements relating to advertising, including rules governing marketing claims, endorsements, influencer marketing, targeting practices, and disclosures, as well as requirements that may apply to advertising directed to minors.

If we fail, or are alleged to have failed, to comply with applicable advertising, consumer protection, or subscription and autorenewal laws, regulations, and industry requirements, we could be subject to investigations, enforcement actions, civil penalties, damages, restitution, injunctions, litigation (including class actions), and reputational harm, and we may be required to modify our monetization strategies and marketing practices, including pricing disclosures, billing, refunds, free trials, subscription flows and plans, automatic renewals, paywalls, and cancellation processes. Any of the foregoing could materially and adversely affect our business, results of operations, financial condition, prospects, and reputation.

#### We are subject to complex and evolving intermediary liability and content moderation laws and regulations
Some of our products enable customers and users to upload, publish, stream, share, or otherwise make available content such as videos, comments, documents, and other content ("User Content"). We cannot review all User Content before it is posted or distributed, and some User Content will inevitably violate laws, regulations, or third-party rights, including intellectual property rights, privacy and publicity rights, or laws relating to defamation, harassment, hate speech, misinformation, online safety, or other unlawful or harmful content. We may be required to investigate, respond to, and defend claims relating to User Content, and we could incur significant costs by doing so. If we are found liable, or if regulators determine that we have failed to meet applicable obligations, we could be subject to investigations, damages, fines, penalties, injunctions, orders to remove or restrict content, product limitations, or other remedies, and our reputation could be harmed.

Our approach to content moderation creates additional risk, including the design and enforcement of terms of service, community guidelines, acceptable use policies, the handling of notices and takedown requests, and decisions to remove or restrict content or accounts. We may face claims that we acted improperly by removing content, restricting accounts, or enforcing policies inconsistently, and we may also face claims that we failed to remove content sufficiently quickly or at all. Individuals, advocacy groups, regulators, and other stakeholders may pressure us to remove or restrict certain content or accounts, while others may criticize us for doing so, which can result in negative publicity and could reduce customer or user trust and engagement.

The legal frameworks governing liability for User Content and content moderation decisions are evolving and differ significantly across jurisdictions. In the U.S., Section 230 of the Communications Decency Act has historically limited liability for certain third-party content and provided protections for certain content moderation decisions. However, there have been, and may continue to be, legislative, regulatory, and judicial efforts at the federal and state levels to narrow, reinterpret, modify, or eliminate these protections for certain categories of content or conduct. If the scope of Section 230 protections is reduced, we could face increased litigation risk and higher compliance and operating costs in the U.S., including for moderation decisions and for content posted by customers and users.

Outside the U.S., comparable protections may be more limited or uncertain, and many jurisdictions impose affirmative obligations on online services regarding illegal or harmful content, user reporting

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mechanisms, cooperation with law enforcement, transparency requirements, and the speed with which certain categories of content must be addressed. In the E.U., the Digital Services Act ("DSA") imposes significant compliance obligations on intermediary services, including requirements relating to terms and conditions, notice and content reporting procedures, transparency reporting, and other governance and risk-management measures. Compliance with the DSA may require us to modify our products and internal processes, expand moderation and trust and safety operations, and incur substantial costs. In addition, while the DSA is an E.U. regulation, it is enforced through authorities in each E.U. country and may be applied in practice with differing approaches across jurisdictions, which may increase uncertainty and compliance burdens. Certain E.U. countries also have, or may adopt, national laws addressing illegal or harmful online content and related enforcement processes, such as Germany's Network Enforcement Act, which may impose additional or different obligations and increase our compliance costs and operational complexity. In the U.K., the Online Safety Act also imposes significant and evolving obligations on certain online services, including requirements relating to illegal and harmful content, risk assessments, reporting and enforcement processes, and child safety measures, and may expose us to substantial fines, increased regulatory scrutiny, and potential restrictions on our products if we fail to comply. Moreover, these frameworks, and similar laws and regulations globally, may require age assurance or age-gating measures for certain products, features, or content, which could be costly to implement, may reduce customer and user engagement or growth, and may expose us to enforcement risk if implemented incorrectly or inconsistently.

In addition, our ability to limit liability for copyright infringement based on User Content may depend on compliance with the safe harbor provisions of the U.S. Digital Millennium Copyright Act of 1998 ("DMCA") and similar laws. We may not be shielded from copyright infringement lawsuits or related liability for hosting User Content. Even if we ultimately succeed in demonstrating that the DMCA limits our liability, defending such claims can be costly and time-consuming, and we may be required to remove content, restrict accounts, or modify products or processes. There has been recent proposed U.S. federal legislation seeking to hold digital product and platform providers liable for certain User Content and, if the DMCA or similar safe harbor regimes are amended, narrowed, or interpreted in ways that are unfavorable to us, we could face increased compliance costs and increased risk of liability. We are also subject to evolving laws in the E.U. and other jurisdictions relating to online copyright enforcement. For example, the E.U. Copyright Directive expanded potential intermediary liability for certain copyright-infringing content and may require that we obtain authorizations from rights holders or implement measures designed to prevent the availability of certain copyrighted content. Implementing these requirements may require significant investment in content identification and enforcement tools, changes to products, and increased compliance costs, and may expose us to additional liability if we are alleged to have failed to satisfy applicable obligations. Similar content-related legislation and regulations in other jurisdictions may require us to change our products or business practices, restrict access to certain features or services in particular geographies, or otherwise impact our operations.

In addition, some jurisdictions have enacted or may enact laws that impose strict timelines for removing certain categories of content, provide for significant penalties for non-compliance, or authorize authorities to restrict access to services. We have been, and may in the future be, subject to temporary restrictions or access limitations in certain jurisdictions based on content hosted on our products. Even a single piece of content may lead to governmental scrutiny, enforcement action, litigation, or reputational harm.

These evolving compliance requirements may affect how we operate, design, and offer our products, including how we manage user reports, moderation processes, transparency obligations, and age-related safeguards. Any failure, or perceived failure, to effectively manage these risks or comply with evolving intermediary liability and content moderation laws and regulations (in particular, if such laws and regulations become more restrictive), could result in investigations, enforcement actions, fines, litigation, reputational harm, or restrictions on our products or operations, any of which could materially and adversely affect our business, results of operations, financial condition, prospects, and reputation.

#### We are subject to new and evolving laws and regulations relating to the use of AI technologies
We use AI technologies to improve our internal operations and products and may increasingly incorporate AI technologies more deeply into our products and operations. The legal and regulatory landscape

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
governing AI technologies is rapidly evolving and remains uncertain across jurisdictions. Legislators and regulators in the E.U., the U.K., the U.S. (including at the state level), and other jurisdictions have proposed, enacted, or are considering laws, regulations, and guidance that may regulate the development, deployment, transparency, and use of AI technologies, including with respect to disclosures to customers or users, risk management obligations, and documentation and monitoring requirements. These frameworks may be inconsistent or conflicting across jurisdictions, and we may be required to modify our products, data processing activities, or operations in certain jurisdictions, which could increase costs, reduce functionality, delay product launches, limit our ability to use certain AI technologies, or otherwise adversely affect our business. For example, California enacted several new laws in 2024 that regulate use of AI technologies and provide consumers with additional protections around companies' use of AI technologies, such as requiring companies to disclose certain uses of generative AI. Other U.S. states have also passed AI-focused legislation, such as Colorado's Artificial Intelligence Act, which will require developers and deployers of "high-risk" AI systems to implement certain safeguards against algorithmic discrimination, and Utah's Artificial Intelligence Policy Act, which establishes disclosure requirements and accountability measures for the use of generative AI in certain consumer interactions. In the E.U., the Artificial Intelligence Act ("E.U. AI Act"), which entered into force in August 2024, establishes a comprehensive, risk-based governance framework for AI in the E.U. The E.U. AI Act includes requirements around transparency, conformity assessments and monitoring, risk assessments, human oversight, security, accuracy, general purpose AI and foundation models, and imposes fines for breaches of up to 7% of worldwide annual revenue. These frameworks may impose significant compliance obligations and may be interpreted or enforced in ways that restrict our ability to develop, use, or commercialize AI technologies, including in connection with products that rely on AI as a core feature. As a result, implementation standards and enforcement practices are likely to remain uncertain for the foreseeable future, and we cannot yet completely predict the impact future laws, regulations, or standards, or the market perception of their requirements, may have on our business or how we will respond to these laws or regulations.

It is also possible that further new laws, regulations, or industry standards will be adopted, or that existing laws, and regulations such as privacy, consumer protection, intellectual property, and competition laws may be applied, interpreted, or enforced in ways that would limit our ability to use AI technologies for our business, or require us to change the way we use AI technologies in a manner that negatively affects the way in which we use AI technologies and the performance of our products and business. For example, certain data protection and privacy laws extend rights to individuals (such as the right to delete certain Personal Information) and regulate automated decision making, which may restrict our use of AI technologies. Implementation standards and enforcement practices may remain uncertain for the foreseeable future, and obligations may differ across jurisdictions or conflict with each other. As a result, we may be required to change our products, operations, disclosures, data processing activities, or internal controls, limit certain uses of AI technologies, delay releases, or incur substantial costs to comply, and we may not always be able to anticipate how to respond to these laws or regulations. Regulators may also seek remedies that could materially affect our business, including restrictions on certain practices or requirements to delete data or outputs. Further, the creation, use, or distribution of AI-generated content, or the use of content to train AI models, raises novel and unsettled questions relating to intellectual property ownership and rights, which may expose us to disputes or litigation and may limit how we develop or offer AI-enabled features. As our industry continues to evolve, our business conduct and transactions, including acquisitions, partnerships, or commercial arrangements involving AI technologies, may be subject to enhanced regulatory review or enforcement risk, which could delay, limit, or prevent certain initiatives or increase compliance costs.

Any failure, or perceived failure, to effectively manage these risks or comply with evolving laws and regulations governing AI technologies could result in investigations, enforcement actions, fines, litigation, reputational harm, or restrictions on our products or operations, any of which could materially and adversely affect our business, results of operations, financial condition, prospects, and reputation.

#### We are subject to anti-corruption, anti-bribery, anti-money laundering, export controls, and economic and trade sanctions laws
We are subject to anti-corruption, anti-bribery, anti-money laundering, export controls, and economic and trade sanctions laws and regulations in the jurisdictions in which we operate, including those

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
administered by the United Nations, the E.U., E.U. countries, the U.K., the U.S., and other governmental or intergovernmental authorities. These laws and regulations are complex, frequently changing, and may apply broadly to our global operations, including cross-border transactions, payment flows, and dealings with customers, users, service providers, business partners and others. For example, we are subject to the U.S. Foreign Corrupt Practices Act ("FCPA"), the U.K. Bribery Act 2010 ("U.K. Bribery Act"), the U.S. PATRIOT Act, and the laws of other countries in which we conduct activities or offer our products.

The FCPA prohibits us and our directors, officers, team members, agents, and business partners acting on our behalf from corruptly offering, authorizing, or providing anything of value to a "foreign official" for the purposes of influencing official decisions or otherwise securing an improper advantage to obtain or retain business. The FCPA further requires companies listed on U.S. stock exchanges to make and keep books and records that accurately reflect transactions and dispositions of assets and to maintain a system of internal accounting controls. The U.K. Bribery Act prohibits "commercial bribery" of private parties, in addition to bribery involving domestic or foreign officials, the acceptance of bribes, as well as the giving of bribes, and "facilitation payments," meaning generally low level payments designed to secure or expedite routine governmental actions or other conduct to which persons are already under obligations to perform. The U.K. Bribery Act also creates a corporate offense of the failure to prevent bribery by our directors, officers, team members, and other third parties acting on our behalf, to which it is a defense to maintain "adequate procedures" designed to prevent such acts of bribery.

In Italy, we are subject to the Italian Legislative Decree No. 231 of June 8, 2001 ("Decree 231"), which may expose us to monetary penalties and other sanctions in connection with certain criminal offenses committed by, among others, our directors, officers, or team members. Under the Decree 231, a defense may be available if a company can demonstrate, among other things, that it has adopted and properly implemented an organization, management, and control model aimed at effectively preventing the commission of the relevant criminal offenses prior to the unlawful conduct (a "Model 231"). We have a Model 231 and have appointed a supervisory body that oversees its functioning and observance, monitors the implementation of preventive measures, and reports regularly to our board of directors. However, the adoption of Model 231 does not by itself exclude the applicability of penalties and other sanctions under the Decree 231. In the event an offense results in administrative liability for the company under the Decree 231, a court will evaluate the Model 231 and its actual implementation. If we are found liable under the Decree 231, we could be subject to significant monetary penalties and other sanctions, including interdictory measures, confiscation of the price or profits deriving from the offense, and publication of the judgment, as well as reputational harm and loss of trust by our customers or users.

We are also subject to economic and trade sanctions and export control laws and regulations, including those administered by the E.U., the U.K., the U.S. Department of the Treasury's Office of Foreign Assets Control, the U.S. Department of Commerce, the U.S. Department of State, and other government authorities (collectively, "Trade Controls"). These Trade Controls prohibit or restrict dealings with, and may require us to implement controls relating to, certain countries, regions, governments, or persons. Compliance with Trade Controls may be particularly challenging because they are subject to frequent changes and may be interpreted or enforced differently across jurisdictions. Changes in geopolitical conditions or government policies may increase the scope or severity of these restrictions, delay or hinder our cross-border operations, increase compliance costs, or in some cases prevent us from conducting certain business activities altogether. For example, while most of our products are designated EAR99 under the U.S. Export Administration Regulations, certain products are classified under Export Control Classification Numbers 5D992, 5D002, and 5E002, which are subject to heightened export control restrictions and may become further restricted in the future. Furthermore, we operate in jurisdictions that present elevated risks from a Trade Controls perspective. For example, our digital products are offered in Russia and Belarus. As a result, we may occasionally interact with, or receive inquiries or fines from, regulatory bodies located in these jurisdictions, which may raise issues under U.S., U.K., E.U., or other sanctions, or under other relevant laws. We believe that we operate within the structures of applicable Trade Controls. However, we cannot predict the nature, scope, or effect of future regulatory requirements to which our operations might become subject. Our global operations and business increase

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our exposure to these risks. We may interact, directly or indirectly, with third parties that could be subject to Trade Controls, or that may engage in improper conduct, including customers, users, service providers, business partners, and other third parties. We also cannot predict the manner in which existing laws might be administered or interpreted. In addition, as we acquire businesses and integrate new teams, technologies, and operations, we may inherit legacy practices, controls, or compliance gaps that do not meet our standards or current legal requirements, which could increase our risk of non-compliance.

We maintain internal controls, policies, training, procedures, and other measures designed to promote compliance with anti-corruption, anti-money laundering, Trade Controls and other similar laws and regulations. Despite our compliance efforts and activities, there can be no assurance that our compliance measures will be effective in preventing or detecting all violations, including violations by our team members, agents, service providers, business partners, or other parties acting on our behalf, and we may be held responsible. Our products are offered globally, including in certain countries that are generally perceived to present a higher risk for corruption. Actual or alleged violations, or even the appearance of non-compliance with these laws and regulations, could result in whistleblower complaints, investigations, litigation, and prosecution or other enforcement actions, which could lead to disclosures, sanctions, settlements, disgorgement of profits, significant fines, damages, other civil and criminal penalties, including imprisonment, or injunctions, suspension or debarment from contracting with certain persons, the loss of export privileges, reputational harm, adverse media coverage, and other collateral consequences. Responding to any litigation, prosecution, subpoena, investigation, or other enforcement action may divert leadership attention and resources, and cause significant defense compliance, and other legal and investigatory costs. Any of the foregoing could materially and adversely affect our business, results of operations, financial condition, prospects, and reputation.

#### We are subject to antitrust, competition, and foreign direct investment laws and regulatory review regimes
We are subject to antitrust and competition laws and regulations in multiple jurisdictions, including laws governing acquisitions, mergers, dissolutions, corporate governance matters, and other business conduct. Competition and other government authorities have intensified their scrutiny of acquisitions and business practices in the technology sector, including transactions involving digital platforms and AI-related businesses, and this heightened scrutiny may continue. In addition, certain jurisdictions maintain foreign direct investment and national security review regimes that may apply to acquisitions, financings, and other transactions based on factors such as the nature of the target's activities or assets, including access to sensitive data, critical technologies, communications infrastructure, or other services deemed strategic. For example, certain transactions may be subject to review by the Committee on Foreign Investment in the United States or by the Italian Presidency of the Council of Ministers ("Golden Power Authority") under the Italian Law Decree No. 21 of March 15, 2012, as converted into law and amended from time to time (the "Golden Power Legislation"), as well as other similar frameworks in other jurisdictions.

Under the Golden Power Legislation, notifications may be required and the Golden Power Authority may review, impose conditions on, restrict, or prohibit (i) the acquisition of interests, including through the enforcement of security interests, in companies with assets or relationships in strategic sectors (including defense and national security, energy, transport, communications, healthcare, critical technologies, and financial or personal data processing sectors), and (ii) corporate resolutions, acts, or transactions approved by companies holding assets and relationships in strategic sectors that result in a change in ownership, control, possession, availability, intended use, or purpose of such assets or relationships, including the transfer of voting or other governance rights to secured creditors and, where they produce the effects described above, the granting, issuance, or extension of security interests over shares or strategic assets. According to recent case law of the Italian Supreme Administrative Court (*Consiglio di Stato*), outside the defense and national security sectors, the creation or extension of a pledge that leaves voting and administrative rights with the pledgor until the occurrence of an event of default does not, in itself, trigger a notification under the Golden Power Legislation, provided that the relevant security documentation requires a notification upon any subsequent enforcement of the pledge or transfer of the relevant voting rights. However, the impact of such case law on future decisions

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
of the Golden Power Authority or other Italian courts cannot be fully assessed as of the date of this registration statement. The Golden Power Legislation may also apply to intra-group resolutions, acts, or transactions that produce the effects described above.

In particular, acquisitions of controlling interests in companies operating in strategic sectors by investors located within the E.U. or the European Economic Area (the "EEA"), and acquisitions of interests representing at least 10% of the voting rights or share capital (where the value of the investment is at least €1 million) by investors located outside the E.U. or the EEA, as well as subsequent acquisitions that result in the thresholds of 15%, 20%, 25% or 50% being exceeded, are subject to notification to the Golden Power Authority, which may exercise its powers to prohibit the transaction or impose conditions or other measures. In the defense and national security sector, the notification threshold is exceeded upon the acquisition of more than 3% of the voting rights or share capital, irrespective of the nationality of the investor. The scope and interpretation of the Golden Power Legislation, including as applied to financings, security interests, corporate governance rights, and other corporate actions, are subject to evolving regulatory practice and judicial developments. Our ability to pursue certain transactions and corporate resolutions affecting our ownership structure or governance rights, including acquisitions and financings, may therefore be subject to notification obligations, mandatory review periods, conditions, restrictions, or prohibitions imposed by the Golden Power Authority.

Past transactions and corporate resolutions involving acquisitions and financings have been, and similar future transactions may be, subject to mandatory notification requirements, waiting periods, information requests, and reviews by one or more government authorities in Italy, the U.S., and in other jurisdictions. These processes can be time-consuming, costly, and unpredictable, may delay or prevent the completion of a transaction, and may require us to modify transaction terms, accept behavioral or structural remedies (including divestitures or operational restrictions), implement mitigation measures, or abandon a proposed transaction. Increased scrutiny may also reduce the willingness of potential selling parties, lenders, or investors to engage with us, increase execution risk and deal uncertainty, and divert leadership time and resources. Competition, antitrust, or foreign direct investment enforcement authorities may investigate or challenge our conduct or transactions even after completion, including through requests for information or enforcement actions. In addition, certain transactions may be subject to review by multiple government authorities in different jurisdictions, which may impose differing, inconsistent, or conflicting requirements or outcomes and may further increase the cost and complexity of conducting our business.

If we are found to have violated antitrust, competition, or foreign direct investment laws or regulations (or any measures imposed by government authorities under such laws or regulations), we could be subject to significant fines, damages (including treble damages in certain jurisdictions), civil or criminal penalties, injunctions restricting our activities, requirements to divest assets or discontinue certain transactions or corporate actions, restrictions on our ability to operate certain businesses or process certain data, and reputational harm. In addition, the relevant transaction or resolution can be declared null and void. Any of the foregoing could materially and adversely affect our business, results of operations, financial condition, and prospects.

#### We may not be able to maintain, protect and enforce our intellectual property rights
Our success depends in part on our ability to protect the intellectual property rights underlying our proprietary information, products, and technologies. We attempt to protect our intellectual property under trademark, copyright, patent, and trade secret laws, as well as design and database rights, through a combination of intellectual property registrations, assignment and nondisclosure agreements with team members and third parties, other contractual restrictions, technological measures, and other methods. These measures may only offer limited protection and are constantly evolving to meet the expanding needs of the business. Despite our efforts to protect our intellectual property rights, we cannot assure that they will be sufficient to prevent, deter, or enable us to enforce against infringement, misappropriation, dilution, or other unauthorized use. Unauthorized parties may copy aspects of our products, technologies, marketing materials, and brand features, or obtain and use our trade secrets and other Confidential Information, including to create businesses or products that compete with ours.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
We rely on trademarks and other brand protections to protect names, logos, and other marks associated with our business and products. We hold several trademark registrations and pending trademark applications in the U.S., E.U., and other jurisdictions which include material word marks and logos of AOL, Bending Spoons, Brightcove, Eventbrite, Evernote, Harvest, komoot, Meetup, Remini, Splice, StreamYard, Vimeo, and WeTransfer. In addition, we have registered domain names for approximately 1,350 websites that we use or hold for use in our business, including domain names for Bending Spoons and the above products. Others may oppose our trademark applications, challenge our use of our marks, claim superior rights, or register confusingly similar marks, domain names or social media handles. If we are unable to protect our marks, we may be required to rebrand our business or one or more products, or limit our use of certain marks, which could reduce brand recognition, increase costs, and confuse customers and users, and adversely affect our growth.

As of December 31, 2025, we owned several patents worldwide, including 219 issued U.S. patents, 7 U.S. patent applications, and 57 issued non-U.S. patents related to the business, as well as 2 issued patents in the E.U., 4 patent applications in the E.U., and 1 abandoned patent in the E.U. Our issued U.S. patents, and any patents that may issue from our pending U.S. patent applications, are scheduled to expire at dates ranging between 2026 and 2039, subject to any patent term adjustments or extensions. Our issued E.U. patents are scheduled to expire at dates ranging between 2034 and 2037, subject to any patent term adjustments or extensions. Obtaining, maintaining, and enforcing patents is expensive and uncertain, and software-based patents may be difficult to protect or enforce. The scope of our patent protection could be influenced by changes in legal precedent and patent office interpretations. Our patents and applications may be challenged, narrowed, invalidated, or circumvented, and competitors may independently develop similar or superior technology. There is no guarantee that any pending patent applications we may file will result in issued patents with the desired scope of protection, particularly in jurisdictions of strategic importance, or that any patents we obtain will provide meaningful protection or a competitive advantage. In addition, in certain jurisdictions, there may be limitations on the remedies available for patent infringement, including limitations on damages, which could reduce the value of our patent rights.

We depend on copyright protection, registered design rights in the E.U., and database rights for elements of our business, products, and related content, including software code, datasets, user interfaces, audiovisual works, designs, icons, written materials, and other creative assets. The scope, validity, ownership, and enforceability of such rights may be uncertain. Protection may be limited by statutory exceptions, compulsory licensing regimes, limitations on protectability (including originality or functionality requirements), or evolving legal standards. In addition, in certain jurisdictions, registration may be required to obtain or enforce certain rights or remedies, and available remedies for infringement may be limited. Third parties may copy, reproduce, distribute, or create derivative works based on such elements without authorization.

We also rely on confidentiality and invention assignment agreements with our team members, service providers, customers, and other third parties to protect trade secrets and proprietary know-how, but these agreements may be breached or difficult to enforce, and trade secret laws do not prevent independent development by third parties. In addition, we may not have sufficient remedies in the event that any such agreements are breached.

Because our strategy includes acquiring businesses and assets, we face additional intellectual property risks in connection with acquisitions and integrations. Acquired businesses or assets may include legacy code, third-party dependencies, open-source components, content libraries, trademarks, or other intellectual property rights that are subject to unclear ownership, incomplete documentation, restrictions on use, or infringement claims, including due to historical development practices or missing assignments. These issues may impair our ability to operate, improve, monetize, or integrate acquired businesses or assets, or may require us to rebrand or redesign products or technologies and incur significant costs.

Moreover, the legal framework governing intellectual property rights in AI technologies is evolving and uncertain, including with respect to the use of protected materials to train AI models, ownership and protectability of AI-generated outputs, and the scope and enforceability of AI-related patents. These uncertainties may limit our ability to protect certain AI-enabled features or products, increase the risk of

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disputes, or require us to change our development practices. In addition, our use of AI tools in our product development and engineering processes may make it more difficult to assert ownership rights over certain aspects of our technology or outputs. Further, given the long history of development of AI technologies, other parties may have, or in the future may obtain, patents or other proprietary rights that could prevent, limit, or interfere with our ability to develop, use, or commercialize certain AI technologies or features.

Policing unauthorized use of our intellectual property rights can be difficult, costly, and time-consuming, and may not always be effective. We may be required to spend significant resources to monitor and enforce our intellectual property rights, and we may not have sufficient resources to effectively do so. While we may pursue enforcement actions, such as takedown requests or litigation, these efforts may not succeed and may divert leadership attention and resources. In addition, alleged infringers may bring counterclaims challenging the validity, enforceability, or scope of our intellectual property rights. If any such counterclaims are successful, we could lose valuable intellectual property rights. Moreover, intellectual property protection may be unavailable, limited, or difficult to enforce in certain jurisdictions, and we may be unable to effectively enforce our intellectual property and contractual rights in key jurisdictions. Further, from time to time, we may consider the sale or licensing of portions of our intellectual property portfolio, and any such efforts could be complex, may not be successful, and could increase the risk of disputes or claims.

If we are unable to maintain, protect, and enforce our intellectual property rights, our business, results of operations, financial condition, and prospects could be materially and adversely affected.

#### We are, and may in the future become, party to intellectual property-related disputes
Companies in the technology industry are subject to frequent litigation based on allegations of infringement, misappropriation, or other violations of intellectual property rights. We are, and may in the future become, subject to claims that we infringe, misappropriate, or otherwise violate the intellectual property or proprietary rights of third parties, including with respect to patents, trademarks, copyrights, trade secrets, and other rights. Such claims may arise in connection with the development, operation, marketing, or distribution of our products and technologies, including in connection with acquisitions and integrations and our use of third-party software, content, and services. Moreover, they may involve claims from "non-practicing entities" that own patents and other intellectual property rights that often attempt to assert claims in order to extract value from technology companies, and given that these patent holding companies or other adverse intellectual property rights holders typically have no relevant product revenue, any issued or pending patents and other intellectual property rights of our own may provide little or no deterrence to these rights holders in bringing intellectual property rights claims against us. Even if we believe such claims are without merit, they may be time-consuming and costly to defend, divert leadership attention, and harm our reputation.

If any such claim is successful, we could be required to pay substantial damages or settlements, enter into royalty or licensing arrangements, or cease using certain technologies, content, or branding. We may be required to redesign products or features, remove or modify functionality, discontinue certain offerings, or rebrand one or more products. Any required licenses may not be available on commercially reasonable terms, or at all, and we may be unable to develop or obtain alternatives in a timely manner. In addition, intellectual property disputes may result in injunctions or other restrictions that limit our ability to operate, commercialize, or expand our products and technologies.

Some agreements with customers may include contractual obligations to indemnify them against claims that our products infringe the intellectual property rights of third parties. The results of any intellectual property litigation to which we might become a party, or for which we are required to provide indemnification, may force us to cease the offering or use of products or technologies, make substantial payments for costs or damages, obtain a license to sell or use the relevant technology (which may not be available on reasonable terms), or redesign those products or technologies to avoid infringement. We may be required to make substantial payments or undertake any of the foregoing actions as a result of any obligation to indemnify our customers for such claims.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
Any of the foregoing could materially and adversely affect our business, results of operations, financial condition, prospects, and reputation.

#### We are, and may in the future become, subject to litigation, regulatory inquiries and other claims
We are, and may in the future become, subject to claims, lawsuits, investigations, subpoenas, regulatory inquiries, enforcement actions, arbitration proceedings, and other disputes arising in or outside the ordinary course of our business, including in connection with our products, acquisitions, commercial relationships, labor matters, intellectual property, privacy and data protection, consumer protection, advertising, monetization strategies, cybersecurity incidents, and other regulatory compliance obligations.

Acquisitions of publicly traded companies may expose us and target companies to shareholder litigation, appraisal demands, regulatory scrutiny, and other claims challenging the transactions, the adequacy of disclosures, the process followed by the targets' board of directors, or the consideration paid, which could delay or prevent completion of a transaction, increase costs, or result in other adverse outcomes. Even after an acquisition is announced or completed, third parties may challenge the transaction or bring through litigation or regulatory proceedings. As a public company, we may also be subject to shareholder derivative lawsuits, securities class actions, and other claims related to our disclosures, governance, or securities offerings.

Regardless of the merits or ultimate outcome, such matters can be costly, time consuming, and disruptive, could divert leadership attention and resources from our business, and lead to attempts by others to pursue similar claims. The costs of litigation and related proceedings are difficult to predict and may vary significantly from period to period. An adverse outcome could result in substantial damages, settlement payments, fines, penalties, sanctions, or other remedies. These matters could also result in reputational harm, consent decrees, or orders requiring us to change our business practices, limit certain products, or modify our operations. In addition, because litigation and regulatory proceedings are inherently uncertain, we may from time to time decide to settle disputes, even where we believe we have meritorious defenses, which could involve significant costs or other obligations.

Any of the foregoing could materially and adversely affect our business, results of operations, financial condition, prospects, and reputation.

#### We are subject to evolving trends relating to sustainability and corporate responsibility
The focus from lawmakers, regulators, investors, team members, customers, users, and other stakeholders concerning sustainability and corporate responsibility, specifically related to environmental, social, and governance matters is evolving in the E.U., the U.K., the U.S., and the rest of the world. Investors may use these non-financial performance factors to guide their investment strategies and, in some cases, may choose not to invest in us if they believe our policies and actions relating to corporate responsibility are inadequate. Further, there is particular focus on concerns relating to AI and its impact on the environment, including the power-intensive nature of the industry, potential impacts to the climate, high consumption of water, and reliance on critical minerals and rare elements. We may experience heightened scrutiny from our stakeholders and potential investors around these issues.

We expect to be subject to various laws, regulations, and other requirements with respect to environmental, social, and governance topics in the future, such as the E.U.'s Corporate Sustainability Reporting Directive. Compliance with such requirements may require us to implement or change policies, provide additional disclosures, or dedicate significant time and resources. Failure to comply with such requirements could subject us to significant liability, including fines and penalties, or result in negative perception of our business.

Additionally, we may choose to change our approach regarding sustainability and corporate responsibility, which may be difficult or costly to implement, and may not have the desired effect. If our competitors' sustainability or corporate responsibility performance is perceived to be better than ours, potential or current investors may elect to invest with our competitors instead. Our business may face increased scrutiny related to these activities and our related disclosures, including from the investment

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
community. A failure to achieve progress or manage the dynamic public sentiment and legal and policy landscape in these areas on a timely basis or at all, could materially and adversely affect our business, results of operations, financial condition, prospects, and reputation.

#### Risks relating to financial, accounting, and tax matters

#### Our existing and any future indebtedness may affect our business and may restrict our operating flexibility
We have incurred indebtedness and expect to incur additional indebtedness in the future, which may increase our vulnerability to adverse economic, financial, and industry conditions and limit our ability to plan for or react to changes in our business or the markets in which we operate.

Servicing our indebtedness requires significant cash, and our ability to make scheduled and other mandatory payments of principal and interest, fund capital expenditures, and pursue acquisitions or other strategic initiatives depends on our ability to generate sufficient cash from operations and, when necessary, access additional sources of liquidity. Our ability to generate cash depends on many factors, including our ability to develop and improve our products, successfully integrate and operate acquired businesses, maintain and grow our customer and user base, and manage operating costs. It is also subject to global and local economic conditions, competitive dynamics, regulatory developments, and other factors beyond our control. As a result, we may not generate sufficient cash flow from operations to meet our debt service obligations or other liquidity needs.

In addition, our debt instruments contain covenants, including covenants related to maintaining certain financial ratios, and other restrictions that may limit our ability to, among other things, incur additional debt, pay dividends, make other distributions, or repurchase or redeem our ordinary shares, make investments, sell assets (including equity interests in certain subsidiaries), incur liens, enter into sale and leaseback transactions, engage in transactions with affiliates, enter into agreements restricting our subsidiaries' ability to pay dividends, or consolidate, merge, or sell or otherwise dispose of all or substantially all of our assets. These restrictions could limit our operating flexibility and our ability to execute our business strategy. See *Management's discussion and analysis of financial condition and results of operations — Liquidity and capital resources*. Our ability to comply with these covenants and restrictions may be affected by events beyond our control. If we breach any of these covenants, we could be in default under our debt instruments. In the event of a default, our lenders could take certain actions, including terminating all applicable commitments to extend further credit thereunder and accelerating the repayment of all outstanding indebtedness. If our debt were to be accelerated, we may not have sufficient cash or liquid assets to repay our debt, and we may be forced to seek additional financing, refinance our indebtedness, or take other actions that could be costly, disruptive, or not available on acceptable terms, or at all.

We may also need to refinance all or a portion of our indebtedness on or before maturity, which may be required that we pay a premium. We may be unable to refinance our debt in a timely manner on commercially reasonable terms, or at all. Any inability to refinance our debt, or to do so on terms we consider acceptable, could require us to reduce expenditures, delay or forgo acquisitions or other initiatives, dispose of assets, or take other actions that could harm our business.

Our existing debt, any future indebtedness, and any of the foregoing could materially and adversely affect our business, results of operations, financial condition, and prospects.

#### We are subject to interest rate risk resulting from general economic conditions and policies of government and regulatory agencies
Our interest expense is exposed to changes in benchmark interest rates, which may be highly sensitive to factors beyond our control, including general economic conditions and the monetary policies of government and regulatory agencies, including the European Central Bank and the U.S. Federal Reserve.

If interest rates increase, our debt service obligations on the unhedged portion of our floating-rate debt would increase even if the principal amount outstanding remains the same, which could reduce our

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
net income, cash flows, and liquidity. Higher financing costs could also limit our operating flexibility, reduce the funds available to invest in our business, and increase the cost of refinancing existing debt or obtaining additional financing on acceptable terms. Because our strategy includes acquiring businesses and assets, increased interest rates and tighter financing conditions could make acquisitions more expensive, reduce the availability of debt financing, or adversely affect the returns we expect to achieve from acquisitions and other investments.

To manage these risks, we have utilized, and may in the future utilize, financial derivatives or interest rate hedging transactions. However, such measures may not fully, if at all, mitigate the impact of interest rate fluctuations and may introduce additional costs or counterparty risks. Furthermore, market conditions or regulatory restrictions in certain jurisdictions may limit our ability to effectively hedge our interest rate exposures, thereby increasing the potential impact of interest rate volatility on our financial performance.

Any of the foregoing could materially and adversely affect our business, results of operations, financial condition, and prospects.

#### Key business metrics and other estimates are subject to inherent challenges in measurement and to change as our business evolves
Our business decisions are heavily reliant on accurately tracking and, in some cases, predicting various metrics. These key metrics are calculated using internal company data and have not been validated by an independent third-party. While these numbers are based on what we currently believe to be reasonable estimates for the applicable period of measurement, there are inherent challenges in such measurements. If we fail to maintain an effective analytics platform, our key metrics calculations may be inaccurate, and we may not be able to identify those inaccuracies. For example, the monitoring and forecasting of the engagement and purchasing behavior of customers or users exposed to different experiences impacts our decisions regarding customer or user acquisition, product offering, and monetization. However, bugs or other errors may affect the accuracy of such metrics, and the forecasting models are not guaranteed to provide dependable projections. Furthermore, even minor prediction errors can lead to significant differences in business outcomes. Despite our efforts, we may fail to maintain effective processes and systems, and our key metrics may be inaccurate and we may fail to identify such inaccuracies in a timely manner, or at all, which could materially and adversely affect our business, results of operations, financial condition, and prospects.

#### We may have exposure to greater than anticipated tax liabilities
We are subject to complex tax laws in the many jurisdictions in which we operate, which are often subject to uncertain interpretation. Our interpretation and application of these laws and regulations as well as compliance with specific tax filing requirements, payment obligations and transfer pricing regulations require significant judgment and the use of assumptions and estimates. Our effective tax rate and tax filings reflect our interpretation of such tax laws. As a result, we are exposed to the risk that tax authorities in any of these jurisdictions could disagree with our interpretations of the applicable tax laws or our tax calculation methodologies, including the classification of our revenues, the pricing of our intercompany transactions, or the determinations of the jurisdictions to which profits are attributed. In case of challenges, we could face long tax proceedings, which may result in additional taxes, interest, and penalties.

Furthermore, our effective tax rate (which depends on the location of earnings among the different jurisdictions in which we operate) could materially increase as a result of changes in generally accepted accounting principles, tax law, tax treaties, or the interpretation thereof. For example, the base erosion and profit shifting ("BEPS") initiative undertaken by the Organization for Economic Co-operation and Development ("OECD"), which contemplates changes to numerous international tax principles, as well as national tax incentives, may have adverse consequences on our tax liabilities, including the country-by-country reporting, permanent establishment rules, transfer pricing rules, tax treaties and taxation of the digital economy. The OECD BEPS initiative, which continues to evolve, focuses on two pillars. Pillar One focused on the profit allocation of large multinational enterprises (with revenue in excess of €20 billion and profitability of at least 10%) among taxing jurisdictions based on a

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
market-based concept rather than the historical "permanent establishment" concept. Pillar Two Global Anti-Base Erosion ("GloBE") is focused on developing a global minimum tax rate of at least 15% applicable to in-scope multinational enterprises (with revenue in excess of €750 million). As of 2026, GloBE rules have been enacted in certain jurisdictions in which we operate, including the E.U. pursuant to the Council Directive (EU) 2022/2523, as implemented in Italy by the Legislative Decree No. 209/2023, effective from fiscal years beginning from December 31, 2023. However, Pillar Two remains subject to ongoing international political discussions and amendments. The OECD recently finalized a "side-by-side" approach, under which certain multinational enterprises may be exempt from certain Pillar Two rules.

Additionally, we have substantial operations in the U.S. subject to U.S. income tax, and U.S. tax laws have changed significantly in recent years, including as a result of the enactment of the Tax Cuts and Jobs Act, the Coronavirus Aid, Relief and Economic Security Act, the Inflation Reduction Act, and most recently, the One Big Beautiful Bill Act. Moreover, changes to withholding tax rules, or how they apply to us, may impact our ability to repatriate profits from our operating subsidiaries in various jurisdictions. Our tax liability may also increase significantly if we are required to pay additional taxes (including "minimum" taxes, value added tax ("VAT"), other indirect taxes, and employment taxes) in any jurisdiction as a result of a growth of our business.

Italy has historically implemented a number of domestic provisions, including those implementing E.U. anti-abuse directives and the OECD BEPS initiative. Italian tax authorities are increasingly scrutinizing multinational groups based on these provisions, including by enforcing exchange of information instruments in force with foreign tax authorities. The combination of the above factors may lead to an increased likelihood of tax audits with respect to, among other things, tax residence, permanent establishment, transfer pricing, controlled foreign company legislation, taxation of dividends and capital gains derived upon interests held in companies located in low-tax jurisdictions, withholding tax application on cross-border payments, and anti-hybrid mismatches. In any such case, depending on the specific circumstances, tax audits or tax litigations with the Italian tax authorities could result in long tax proceedings and potentially in significant tax liabilities, fines, or penalties.

In addition, we may be exposed to tax risks in connection with our acquisitions, including risks relating to any restructuring measures that we may implement. We may also inherit tax liabilities in connection with an acquisition, either because we consider such tax liabilities to be commercially acceptable relative to the acquisition opportunity or because such tax liabilities were not identified as part of the due diligence process. Although we may seek to mitigate acquisition-related tax risks through contractual protections, including indemnity provisions, such protections may be inadequate or insufficient and we may not be able to recover our losses from a selling party.

Any changes in tax laws or regulations, or in their interpretation by the relevant authorities, the outcome of any tax audits, or changes to our taxation as a result of any expansion or modification of our network, operations, or corporate structure, could materially and adversely affect our business, results of operations, financial condition, and prospects.

#### Currency exchange rate fluctuations may materially and adversely affect our results of operations and profitability
We report our consolidated financial results in both euros and U.S. dollars. As our revenues are in many cases collected in the currency of the country of the customer or user, significant fluctuations in exchange rates can result in substantial variations in the euro or U.S. dollar value of these revenues. This introduces volatility into our financial results and may lead to increased fluctuations in our reported financial performance. Furthermore, our operating expenses, which are incurred in various currencies, will never be perfectly matched with our revenues in those currencies. This misalignment leads to exchange rate risk, where a depreciation of the revenue currency relative to the expense currency could negatively impact our profitability. We also have outstanding debt obligations denominated in euros and U.S. dollars.

To manage these risks, we have in the past utilized, and may in the future utilize, financial derivatives or currency hedging transactions. However, such measures may not fully, if at all, mitigate the impact of

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exchange rate fluctuations and may introduce additional costs or counterparty risks. Furthermore, market conditions or regulatory restrictions in certain jurisdictions may limit our ability to effectively hedge our currency exposures, thereby increasing the potential impact of exchange rate volatility on our financial performance.

As we continue to expand our operations, our exposure to the effects of fluctuations in currency exchange rates may increase, and our business, results of operations, financial condition, and prospects could be materially and adversely affected.

***Our unaudited pro forma condensed combined financial information in this prospectus may not reflect our actual results of operations or financial condition and may not be representative of our future results***

The Unaudited Pro Forma Condensed Combined Financial Information included in this prospectus is derived from our consolidated financial statements and the historical financial statements of AOL Holdco I LLC, Eventbrite, Inc., and Vimeo, Inc., as well as assumptions that require significant judgment. While we believe the assumptions are reasonable and can be useful to potential investors seeking to evaluate our performance over time, they are inherently uncertain and may not reflect our actual results. The Unaudited Pro Forma Condensed Combined Financial Information is presented solely for illustrative purposes and is not intended to provide a simulation of our results. As a result, the Unaudited Pro Forma Condensed Combined Financial Information included in this prospectus may differ materially from our actual results and should not be relied upon as indicative of our future results of operations or financial condition.

 *The Unaudited Pro Forma Condensed Combined Financial Information should be read in conjunction with the historical financial statements and their notes which are included elsewhere in this prospectus and Management's discussion and analysis of financial condition and results of operations. See Presentation of financial and other information — Unaudited pro forma condensed combined financial information.* 

#### We have incurred in the past, and may in the future incur, impairment charges related to our intangible assets
We acquire other companies and intangible assets, which results in recording goodwill and other intangible assets in our consolidated financial statements. We assess goodwill and other intangible assets for impairment at least once a year. In the past, we have recorded, and may again in the future be required to record, significant impairment charges in our consolidated financial statements during the period in which any impairment of our goodwill or other intangible assets is determined, which would materially and adversely affect our results of operations.

***We have identified material weaknesses in our internal control over financial reporting, and we may not be able to remediate these material weaknesses or otherwise maintain effective internal control over financial reporting***

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. Effective internal control over financial reporting is necessary to provide reliable financial reporting in a timely manner and in compliance with the financial reporting requirements applicable to an SEC registrant. Prior to this offering, we operated as a private company and, accordingly, were not required to design or maintain internal control over financial reporting commensurate with the requirements applicable to public companies.

We have identified material weaknesses in our internal control over financial reporting in accordance with the requirements of Internal Control — Integrated Framework (2013 Framework) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). These material weaknesses primarily relate to an absence of clearly defined structures, authorities, and accountability, as well as limited experience with SEC reporting and a lack of sufficient Sarbanes-Oxley Act of 2002 ("SOX") and GAAP expertise. In addition, as a private company, we had not formally designed and

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
implemented a comprehensive set of control activities, including appropriate segregation of duties and information technology general controls. Our acquisition-driven strategy and the ongoing integration of newly acquired businesses increases the complexity of our accounting and reporting processes and has required prompt alignment of accounting, reporting, and information technology practices, which has contributed to these material weaknesses. As a result, we did not fully implement components of the COSO framework, resulting in material weaknesses either individually or in the aggregate, in the control environment, risk assessment, control activities, information and communication, and monitoring. These material weaknesses could result in a misstatement of one or more account balances or disclosures and could lead to a material misstatement in our annual or interim consolidated financial statements that would not be prevented or detected on a timely basis. If we are unable to maintain effective internal control over financial reporting, we may be unable to accurately report our financial results, meet our reporting obligations in a timely manner, or prevent fraud, and we could be subject to regulatory scrutiny, investigations, enforcement actions, restatements, reputational harm, litigation, and a loss of investor confidence, any of which could materially and adversely affect our business, results of operations, financial condition, and prospects.

We have begun implementing measures designed to improve our internal control over financial reporting and remediate these material weaknesses. Our remediation efforts include, among other things, enhancing our governance structure, strengthening our accounting and finance organization to support appropriate segregation of duties and increased public-company reporting requirements, implementing information technology general controls, establishing controls to identify, assess, and respond to risks of material misstatement, enhancing controls over non-routine, unusual, or complex transactions, and designing and implementing controls and procedures to support the timely and effective integration of newly acquired or newly consolidated businesses.

While we are in the process of implementing these remediation measures, our efforts may not be sufficient to remediate these material weaknesses in a timely manner, or at all, and may not help to avoid potential future material weaknesses. In particular, our growth strategy and anticipated future acquisitions pose additional challenges and complexities on how we design and operate internal control over financial reporting as we integrate newly acquired businesses. Therefore, the existing material weaknesses identified may remain unremediated in the future while additional and future material weaknesses may arise.

In addition, neither we nor an independent registered public accounting firm have performed an evaluation of our internal control over financial reporting in accordance with SOX. Had we or our independent registered public accounting firm performed an evaluation of our internal control over financial reporting in accordance with SOX, additional material weaknesses may have been identified.

If we are not able to remediate these material weaknesses, or if we identify additional material weaknesses in the future, or otherwise fail to develop and maintain an effective system of internal control over financial reporting, we may not be able to produce timely and accurate financial statements, which may subject us to adverse regulatory consequences and negatively affect investor confidence in us and, as a result, adversely affect the price of our securities and our ability to access capital markets in the future.

#### Our customers may fail to pay the amounts owed to us, or to pay such amounts in a timely manner
We could encounter significant delays or defaults in payments owed to us by our largest customers, and we may need to extend our payment terms or restructure the receivables owed to us, which could have an adverse effect on our financial condition, including impacting the timing of revenue recognition. Any deterioration in the financial condition of our largest customers will increase the risk of uncollectible receivables.

Any of the foregoing could materially and adversely affect our business, results of operations, financial condition, and prospects.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

#### Risks relating to this offering and ownership of our ordinary shares

#### The price of our ordinary shares may be volatile, and you may lose all or part of your investment
The market price of our ordinary shares may be volatile and could fluctuate significantly in response to many factors, including those described elsewhere in this prospectus as well as the following:

• Actual or anticipated fluctuations in our revenue, operating results, cash flows, and financial condition

• Changes in the performance of, or customer or user engagement with, a limited number of our products

• Changes in platform rules, ranking, or distribution practices of mobile application stores, search engines, AI agents, or other third-party platforms on which we rely

• Changes in expectations or recommendations by securities research analysts, or the absence of analyst coverage

• Changes in general market, industry, or macroeconomic conditions, including interest rates, inflation, recession concerns, or volatility in the equity markets

• Announcements regarding acquisitions, integrations, strategic transactions, or changes to our acquisition strategy

• Announcements by us or our competitors regarding product launches, feature changes, pricing or subscription model changes, or monetization strategies

• Actual or perceived changes in laws or regulations applicable to our business

• Actual or threatened litigation, regulatory inquiries, or enforcement actions

• The trading volume and liquidity of our ordinary shares, including as a result of a limited public float

• Any adverse publicity about us, our brands, our products, or our industry

• Sales of our ordinary shares by existing shareholders, or the perception that such sales may occur, including following the expiration of lock-up or other transfer restrictions

These and other factors could cause the market price and trading volume of our ordinary shares to change suddenly and substantially, and you may not be able to sell your ordinary shares at or above the initial public offering price, or at all. In addition, the stock markets have from time to time experienced significant price and volume fluctuations that have affected the market prices of equity securities of many companies, including companies in the technology industry, and these fluctuations may be unrelated to the operating performance of those companies. In the past, following periods of volatility in the market price of a company's securities, securities class action litigation has often been instituted against that company. If we become involved in such litigation, regardless of the merit or ultimate results of such litigation, it could result in substantial costs and divert leadership attention and resources.

Any of the foregoing could materially and adversely affect our business, results of operations, financial condition, and prospects.

***You will experience immediate and substantial dilution in the net tangible book value of the ordinary shares you purchase in this offering. Any future issuances of ordinary shares or other equity-based securities may result in additional dilution***

The initial public offering price of our ordinary shares is substantially higher than the net tangible book value per ordinary share immediately after this offering. Therefore, if you purchase our ordinary shares in this offering, you will suffer immediate dilution of $ per ordinary share (or $ per ordinary share if the underwriters exercise in full their option to purchase additional ordinary shares from us and the Selling Shareholders in full) in net tangible book value after giving effect to the sale of ordinary shares in this offering at an assumed initial public offering price of $ per ordinary share, which is the midpoint of the price range set forth on the cover page of this prospectus. If outstanding options to

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
purchase our ordinary shares are exercised or we issue additional ordinary shares in the future, you will experience additional dilution. See *Dilution.* 

In addition, we have in the past issued, and may in the future issue additional ordinary shares or securities convertible into, or exercisable for, ordinary shares, including in connection with acquisitions, financings, equity incentive plans, or other strategic initiatives. To the extent we issue additional ordinary shares or equity-based securities, investors purchasing ordinary shares in this offering may experience further dilution, and the market price of our ordinary shares could decline. If we raise additional capital through debt or the issuance of equity or equity-based securities, the terms of such loans or securities may include preferences, rights, or privileges that are senior to those of holders of our ordinary shares. Any issuance of additional debt, ordinary shares, or equity-based securities, or the perception that such issuances may occur, could adversely affect the market price of our ordinary shares, and holders of our ordinary shares may not agree with our financing plans or the terms of such financings.

#### Our dual class share structure may adversely affect the value and trading market of our ordinary shares
Our share capital has a dual class structure. Holders of Class A shares are entitled to votes per share, and holders of ordinary shares are entitled to one vote per share. See *Description of share capital and bylaws* for additional information about our dual class share structure.

We cannot predict whether our dual class structure will result in a lower or more volatile market price for our ordinary shares or in adverse publicity or other adverse consequences. For example, certain index providers have restricted, and may in the future restrict, the inclusion of companies with multiple class share structures in certain indexes. As a result, our dual class structure may make us ineligible for inclusion in some indexes, and mutual funds, exchange-traded funds, and other investment vehicles that seek to track such indexes may be unable to invest in our ordinary shares. Any exclusion from indexes, or similar investment limitations, could reduce demand for our ordinary shares. Any of the foregoing could negatively affect the market price and trading market for our ordinary shares.

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; will have considerable influence over important corporate matters due to their ownership of Class A shares
collectively exercise a significant majority of the voting power with respect to our outstanding shares because of their ownership of all our Class A shares. Upon completion of this offering, will hold, in the aggregate, approximately % of the total voting power (or % if the underwriters exercise in full their option to purchase additional ordinary shares from us and the Selling Shareholders).

As a result, the holders of our Class A shares will be able to control, or significantly influence, the outcome of matters submitted to our shareholders for approval, including the election and removal of directors and the approval of significant corporate transactions, including a merger, consolidation, or sale of all or substantially all of our assets. This concentrated voting control could delay, deter, or prevent a change of control transaction that other shareholders may view as beneficial, including transactions that could otherwise result in a premium to holders of our ordinary shares. Conversely, this concentrated voting control could enable the holders of our Class A shares to cause us to enter into a transaction that other shareholders do not support.

The holders of our Class A shares will be able to control or significantly influence our corporate governance and strategic direction. The interests of the holders of our Class A shares may not always be aligned with the interests of holders of our ordinary shares, including with respect to decisions relating to our business strategy, capital allocation, or potential acquisition opportunities.

#### We do not intend to pay dividends in the foreseeable future
We have never declared or paid any cash dividends on our share capital. We currently intend to retain all available funds and any future earnings for use in the operation and growth of our business and do not anticipate paying any dividends in the foreseeable future.

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Any determination to pay dividends in the future will be at the discretion of our board of directors and will be approved by a shareholder meeting, subject to our Bylaws and applicable laws, and will depend on a number of factors, including our results of operations, cash flow, financial condition, capital requirements, contractual restrictions (including under any current or future indebtedness), and the amount of distributions, if any, received by us from our subsidiaries. As a result, investors in our ordinary shares may not receive any return on their investment unless they sell their ordinary shares for a price greater than that which they paid.

#### The rights of our shareholders may differ from the rights typically offered to shareholders of U.S. companies
We are incorporated as a joint stock company (*società per azioni*) under Italian law. The rights of holders of our ordinary shares are governed by Italian law, including the Italian Civil Code and other applicable Italian laws and regulations, as well as our Bylaws. These rights may differ in certain respects from the rights of shareholders of companies incorporated in the U.S.

As a result, our shareholders may have different rights and protections than shareholders of U.S. companies, including with respect to matters such as shareholder actions, derivative proceedings, fiduciary duties, disclosure obligations, and other corporate governance matters.

#### Claims of U.S. civil liabilities may not be enforceable against us
We are incorporated under Italian law. Our executive officers and a significant portion of our board of directors reside outside the U.S. As a result, it may not be possible for investors to effect service of process within the U.S. upon such persons or to enforce judgments obtained in courts in the U.S. against them or us, including judgments predicated upon the civil liability provisions of the U.S. federal securities laws.

***We will be a foreign private issuer, and, as a result, we will be subject to reporting obligations that are less extensive and less frequent than those of a U.S. domestic public company***

Upon the closing of this offering, we will report under the Exchange Act as a non-U.S. company with foreign private issuer status. Because we qualify as a foreign private issuer, we are exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

• The sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act

• The sections of the Exchange Act establishing liability for insiders who profit from trades made in a short period of time

• The rules under the Exchange Act requiring the filing with the SEC of current reports on Form 8-K upon the occurrence of specified significant events

• The rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified information

In addition, foreign private issuers are not required to file their annual report on Form 20-F until four months after the end of each fiscal year, while U.S. domestic issuers that are accelerated filers are required to file their annual report on Form 10-K within 75 days after the end of each fiscal year, and U.S. domestic issuers that are large accelerated filers are required to file their annual report on Form 10-K within 60 days after the end of each fiscal year. Foreign private issuers are also exempt from Regulation FD, which prohibits selective disclosures of material information.

As a result, you may not have access to the same level of information as you would if we were a domestic public company, and you may not have the same protections afforded to shareholders of a company that is not a foreign private issuer.

#### As a foreign private issuer, we are permitted to and we intend to rely on exemptions from certain of the Nasdaq corporate governance requirements
As a foreign private issuer, we are permitted to follow certain home country corporate governance practices rather than certain Nasdaq corporate governance requirements, provided that we disclose

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
the requirements we do not follow and describe the home country practices we follow instead. We intend to rely on these foreign private issuer exemptions with respect to the following requirements: . We may in the future elect to rely on these exemptions with respect to additional matters.

• • • As a result, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all Nasdaq corporate governance requirements.

#### We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses
The determination of foreign private issuer status is made annually on the last business day of an issuer's most recently completed second fiscal quarter and, accordingly, the next determination will be made with respect to us on June 30, 2027. In the future, we would lose our foreign private issuer status if (i) more than 50% of our outstanding voting securities are owned by U.S. residents and (ii) a majority of our directors or executive officers are U.S. citizens or residents, or we fail to meet additional requirements necessary to avoid loss of foreign private issuer status.

If we lose our foreign private issuer status, we would be required to file with the SEC periodic reports and registration statements on domestic issuer forms, which are more detailed and extensive than the forms applicable to a foreign private issuer. We would also be required to comply with federal proxy requirements, and our officers, directors, and more than 10% shareholders would become subject to the short-swing profit recovery provisions of Section 16 of the Exchange Act. In addition, we would no longer be eligible to rely on certain exemptions from Nasdaq corporate governance requirements.

As a listed public company in the U.S. that is not a foreign private issuer, we would incur significant additional legal, accounting, and other expenses.

#### We have broad discretion in the use of the net proceeds from this offering and may not use them effectively
Our leadership will have broad discretion in the application of the net proceeds from this offering and may use the proceeds in ways that do not improve our results of operations or enhance the value of our ordinary shares. We intend to use the net proceeds from this offering for general corporate purposes and to invest in new acquisitions. However, we do not have binding agreements for any material acquisition at this time. Our use of these proceeds may differ substantially from our current plans. We may not be able to apply these funds effectively, which could result in financial losses that could adversely affect our business and cause the price of our ordinary shares to decline. Pending their use, we may invest the net proceeds from this offering in a manner that does not produce income or that loses value.

If we do not apply the net proceeds effectively, our business, results of operations, financial condition, prospects, and the market price of our ordinary shares could be materially and adversely affected.

#### U.S. Holders of our ordinary shares may suffer adverse U.S. tax consequences if we are treated as a passive foreign investment company
We would be a passive foreign investment company ("PFIC"), for any taxable year if, after the application of certain look-through rules, either: (i) 75% or more of our gross income for such year is "passive income" as defined in the relevant provisions of the Internal Revenue Code of 1986, as amended ("Code"), or (ii) 50% or more of the value of our assets (generally determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income. For these purposes, cash and other assets readily convertible into cash or that do or could generate passive income generally are categorized as passive assets, and the value of goodwill is an active asset under the PFIC rules to the extent attributable to activities that produce active income. Passive income generally includes, among other things, rents, dividends, interest, royalties, and other

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
investment income and gains, with exceptions. In addition, for purposes of these tests, we will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation of which we own, directly or indirectly, at least 25% (by value) of the stock.

Based on the current and anticipated composition of our income, assets (including their expected value) and operations, we do not expect to be treated as a PFIC for the current taxable year. However, whether we are treated as a PFIC is a factual determination that is made on an annual basis after the close of each taxable year. This determination will depend on, among other things, the ownership and the composition of our income and assets, as well as the value of our assets from time to time. The value of our assets for purposes of the PFIC determination will generally be determined by reference to the market price of our ordinary shares, which could fluctuate significantly. Moreover, the application of the PFIC rules is unclear in certain respects. In addition, the U.S. Internal Revenue Service or a court may disagree with our determinations, including the manner in which we determine the value of our assets and the percentage of our assets that are passive assets under the PFIC rules. Therefore, there can be no assurance that we will not be classified as a PFIC for the current taxable year or for any future taxable year.

Adverse U.S. federal income tax consequences could apply to a U.S. Holder if we are treated as a PFIC for any taxable year during which such U.S. Holder holds our ordinary shares. U.S. Holders should consult their tax advisors about the potential application of the PFIC rules to their investment in our ordinary shares. For additional information, see *Taxation — Material U.S. federal income tax considerations — Passive foreign investment company considerations.* 

#### Bending Spoons S.p.A. is primarily a holding company and depends on its subsidiaries for cash to fund its operations
Bending Spoons S.p.A. is primarily a holding company and has no material operations of its own. Its principal source of cash flow will be distributions and other payments from our operating subsidiaries. As a result, our ability to fund and conduct our business, service our debt, and make distributions to shareholders, if any, will depend on the ability of each of our subsidiaries to generate cash and make upstream distributions to other subsidiaries or Bending Spoons S.p.A.

The ability of each of our subsidiaries to make distributions or other payments to other subsidiaries or Bending Spoons S.p.A. may be restricted or limited by a variety of factors, including applicable corporate and other laws and regulations, contractual restrictions (including restrictions in any existing or future debt instruments), tax considerations, and other limitations, as well as their results of operations, cash flows, working capital needs, and capital expenditure requirements. In addition, our ability to repatriate funds may be affected by currency liquidity restrictions, monetary or exchange controls, or other legal or regulatory constraints.

Each of our subsidiaries is a separate legal entity and, although it is directly or indirectly wholly owned and controlled by Bending Spoons S.p.A., it has no obligation to make funds available to other subsidiaries or Bending Spoons S.p.A., whether in the form of loans, dividends, or otherwise. To the extent the ability of any of our subsidiaries to distribute dividends or other payments to other subsidiaries or Bending Spoons S.p.A. is limited in any way, our ability to fund and conduct our business, service our debt, and pay any dividends could be materially and adversely affected.

#### Financial analysts may not publish research or reports about our business, or may issue unfavorable commentary or downgrade our ordinary shares
The trading market for our ordinary shares will be influenced by the research, reports, and commentary that financial analysts publish about us and our business. Analysts' estimates and recommendations are based on their own assumptions and methodologies, which may differ from our expectations, and we do not have control over the content or timing of their publications.

Given our business model, including our acquisition strategy and the fact that our results may be affected by factors that are difficult to forecast or compare across periods or companies, analysts may have difficulty evaluating our business, which could contribute to differences in expectations, increased

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
volatility, or a lack of consistent coverage. If our financial results or other operating metrics fall short of analysts' estimates or investor expectations, or if one or more analysts downgrade our ordinary shares, issue unfavorable commentary, reduce or withdraw coverage, or fail to initiate coverage, we could lose visibility in the financial markets, and the market price and trading volume of our ordinary shares could decline.

#### There has been no prior public market for our ordinary shares, and an active trading market may not develop or be sustained
Prior to this offering, there has been no public trading market for our ordinary shares. An active trading market may not develop following the completion of this offering and the listing of the shares or, if developed, may not be sustained. If an active trading market does not develop or is not sustained, holders of our ordinary shares may have difficulty selling their shares at a time or price that they deem appropriate, or at all. An inactive market may also impair the value of our ordinary shares, our ability to raise capital, and our ability to pursue additional acquisitions by using our shares as consideration.

The initial public offering price will be determined through negotiations between us and the underwriters and may not be indicative of the market price of our ordinary shares after this offering. The market price of our ordinary shares may decline below the initial public offering price.

#### As a result of being a public company, we are obligated to develop and maintain proper and effective internal controls over financial reporting
Upon becoming a publicly traded company, we will be required to comply with the SEC's rules implementing Sections 302 and 404 of SOX, which will require leadership to certify financial and other information in our annual reports and provide an annual management report on the effectiveness of control over financial reporting as of the end of the fiscal year that coincides with the filing of our second annual report with the SEC. This assessment will need to include disclosure of any material weaknesses identified by our leadership in our internal control over financial reporting. In addition, our independent registered public accounting firm will be required to attest to the effectiveness of our internal control over financial reporting in our first annual report required to be filed with the SEC.

Our current controls and any new controls that we develop may become inadequate because of changes in conditions in our business. In addition, changes in accounting principles or interpretations could also challenge our internal controls and require that we establish new business processes, systems and controls to accommodate such changes. Additionally, if these new systems, controls or standards and the associated process changes do not give rise to the benefits that we expect or do not operate as intended, it could materially and adversely affect our financial reporting systems and processes, our ability to produce timely and accurate financial reports, or the effectiveness of internal control over financial reporting. Moreover, our business may be harmed if we experience problems with any new systems and controls that result in delays in their implementation or increased costs to correct any post-implementation issues that may arise.

There may be material weaknesses or significant deficiencies in our internal control over financial reporting in the future. Any failure to maintain internal control over financial reporting could severely inhibit our ability to accurately report our financial condition or results of operations. If we are unable to conclude that our internal control over financial reporting is effective and identify material weaknesses, or if our independent registered public accounting firm determines we have a material weakness or significant deficiency in our internal control over financial reporting, we could lose investor confidence in the accuracy and completeness of our financial reports, the market price of our ordinary shares could decline, and we could be subject to sanctions or investigations by the SEC or other regulatory authorities. Failure to remedy any material weakness in our internal control over financial reporting, or to implement or maintain other effective control systems required of public companies, could also restrict our future access to the capital markets.

The growth and expansion of our business places a continuous, significant strain on our operational and financial resources. Our internal controls and procedures may not be adequate to support the further growth of our operations. As we continue to grow, we may not be able to successfully implement requisite improvements to these systems, controls, and processes in a timely or efficient manner, whether

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
as a result of the growth of our business or otherwise and may result in our inability to accurately forecast our revenue and expenses, or to prevent certain losses. In addition, our systems and processes may not prevent or detect all errors, omissions, or fraud. Moreover, the failure of our systems and processes could undermine our ability to provide accurate, timely and reliable reports on our financial condition and results of operations and could impact the effectiveness of our internal control over financial reporting.

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## Market and industry data
Within this prospectus, we reference information and statistics regarding our industry, which we believe to be reasonable. We have obtained this information and statistics from our own internal estimates, surveys and research, as well as from various independent third-party sources.

Industry publications, research, surveys, studies, and forecasts generally state that the information they contain has been obtained from sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed. These forecasts and forward-looking information are subject to uncertainty and risk due to a variety of factors, including those described under *Note regarding forward-looking statements, Risk factors,* and elsewhere in this prospectus*.* These and other factors could cause results to differ materially from those expressed in the forecasts or estimates from independent third parties and us.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

## Use of proceeds
We estimate that the net proceeds to us from this offering will be approximately $ million, assuming an initial public offering price per ordinary share of $, which is the midpoint of the price range set forth on the cover page of this prospectus, after deducting the estimated underwriting discounts and commissions and expenses of the offering that are payable by us (or approximately $ million if the underwriters exercise their option to purchase additional ordinary shares from us in full).

We will not receive any proceeds from the sale of ordinary shares by the Selling Shareholders.

Each $1.00 increase (decrease) in the assumed initial public offering price per ordinary share would increase (decrease) our net proceeds, after deducting the estimated underwriting discounts and commissions and expenses, by $, assuming the number of ordinary shares offered by us, as set forth on the cover page of this prospectus, remains the same. Each increase (decrease) of ordinary shares in the number of ordinary shares offered by us would increase (decrease) our net proceeds, after deducting the estimated underwriting discounts and commissions and expenses, by approximately $ million, assuming no change in the assumed initial public offering price per ordinary share. Expenses of this offering will be paid by us.

The principal purposes of this offering are to create a public market for our ordinary shares, facilitate access to the public equity markets, increase our visibility in the marketplace, as well as to obtain additional capital. We intend to use the net proceeds of this offering for general corporate purposes and to invest in new acquisitions. However, we do not have binding agreements for any material acquisition at this time.

The expected use of the net proceeds from this offering reflects our current intentions based on our present plans and business conditions, which may change as those plans and conditions evolve. We cannot predict with certainty all of the specific uses for the net proceeds of this offering or the amounts that we will ultimately allocate to each use described above. As a result, we will have broad discretion in how the net proceeds are applied, and investors will be relying on our judgment in determining the use of those proceeds.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

## Dividend policy
We have not declared or paid any cash dividends on our share capital in the years ended December 31, 2023 or 2024. We do not anticipate paying any cash dividends on our ordinary shares in the foreseeable future. We currently intend to retain all available funds and any future earnings to fund the development and expansion of our business. We may change our policy in the future and expect to reevaluate our dividend policy on a regular basis following the offering and may, subject to compliance with the covenants contained in our Senior Facilities Agreement and other considerations, determine to pay dividends in the future.

Any determination to pay dividends in the future will be at the discretion of our board of directors and will be approved by a shareholder meeting, subject to our Bylaws and applicable laws, and will depend on a number of factors, including our financial condition, results of operations, capital requirements, contractual restrictions, general business conditions, and other factors that our board of directors may deem relevant. Any profits or share premium we declare as dividends will not be available to be reinvested in our operations. See *Description of share capital and bylaws — Bylaws — Dividends*.

Moreover, we are a holding company that does not conduct material operations of its own. As a result, we are dependent upon cash dividends, distributions and other transfers from our subsidiaries to make dividend payments. The ability of certain of our subsidiaries to pay dividends is currently restricted by the terms of our debt agreements and other instruments and may be further restricted by any future indebtedness we or they incur. See *Management's discussion and analysis of financial condition and results of operations — Liquidity and capital resources — Revolving credit facilities and term loans*.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

## Capitalization
The table below sets forth our cash and cash equivalents and capitalization as of December 31, 2025:

• On an actual basis

• On an as adjusted basis to reflect the issuance and sale of ordinary shares by us in this offering at the assumed initial public offering price of $ per ordinary share, which is the midpoint of the price range set forth on the cover page of this prospectus, after deducting underwriting discounts and commissions and estimated offering expenses payable by us, and the use of proceeds therefrom as described under *Use of proceeds* 

Investors should read this table in conjunction with our audited financial statements included in this prospectus as well as *Use of proceeds* and *Management's discussion and analysis of financial condition and results of operations.* There have been no significant adjustments to our capitalization since December 31, 2025.

---

| | | |
|:---|:---|:---|
| | **As of December 31, 2025**  | **As of December 31, 2025**  |
| | **Actual**  | **As <br> Adjusted<sup>(1)</sup>**  |
|  | **$ thousands**  | **$ thousands**  |
| Cash and cash equivalents  |  |  |
| Total debt, including current portion  |  |  |
| Shareholders' equity: |  |  |
|  Common stock authorized shares with no par value; shares issued at  |  |  |
| Additional paid-in capital  |  |  |
| Accumulated other comprehensive income / (loss)  |  |  |
| Retained earnings  |  |  |
| Treasury stock at cost shares  |  |  |
| Total shareholders' equity  |  |  |
| **Total capitalization**  |  |  |

---

(1) A $1.00 increase or decrease in the assumed initial public offering price of $ per ordinary share, which is the midpoint of the price range set forth on the cover page of this prospectus, would increase or decrease the as adjusted amount of each of cash and cash equivalents, share premium, total shareholders' equity and total capitalization by approximately $ million, assuming the number of ordinary shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions. An increase or decrease of 1,000,000 ordinary shares in the number of ordinary shares offered by us, as set forth on the cover page of this prospectus, would increase or decrease the as adjusted amount of each of cash and cash equivalents, share premium, total shareholders' equity and total capitalization by approximately $ million, assuming no change in the assumed initial public offering price of $ per ordinary share, which is the midpoint of the price range set forth on the cover page of this prospectus, and after deducting the estimated underwriting discounts and commissions.

The number of our ordinary shares and Class A shares to be outstanding after this offering is based on ordinary shares and Class A shares outstanding as of December 31, 2025 and excludes:

• ordinary shares issuable upon exercise of share options outstanding as of December 31, 2025 under our Share Option Plans (as described under *Management — Long-term incentive plans*), with a weighted average exercise price of $ per share

• ordinary shares reserved for future issuance under the 2026 Plan, which will become effective in connection with the completion of this offering (as well as any shares that become issuable pursuant to provisions in the 2026 Plan that automatically increase the share reserve under the 2026 Plan) as described in *Management — Long-term incentive plans* 

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• ordinary shares issuable upon exercise of warrants as described below under *Management — Warrants* outstanding as of December 31, 2025, with an exercise price of $ per share

• ordinary shares issuable upon exercise of other warrants outstanding as of December 31, 2025, with an exercise price of $ per share, which were exercised on , 2026

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## Dilution
If you invest in our ordinary shares, your interest will be diluted to the extent of the difference between the initial public offering price per ordinary share and the as adjusted net tangible book value per ordinary share immediately following the consummation of this offering.

At December 31, 2025, we had a net tangible book value of $ million, corresponding to a net tangible book value of $ per ordinary share. Net tangible book value per ordinary share represents the amount of our total assets less our total liabilities, excluding goodwill and intangible assets, net, divided by the total number of our ordinary shares outstanding.

After giving effect to the sale by us of ordinary shares in this offering at the assumed initial public offering price of $ per ordinary share, which is the midpoint of the price range set forth on the cover page of this prospectus, after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us, our as adjusted net tangible book value at December 31, 2025 would have been approximately $ million, representing $ per ordinary share. This represents an immediate increase in net tangible book value of $ per ordinary share to existing shareholders and an immediate dilution in net tangible book value of $ per ordinary share to new investors purchasing ordinary shares in this offering at the assumed initial public offering price. Dilution in net tangible book value per ordinary share to new investors is determined by subtracting as adjusted net tangible book value per ordinary share after this offering from the assumed initial public offering price per ordinary share paid by new investors.

The following table illustrates this dilution to new investors purchasing ordinary shares in the offering.

---

| | |
|:---|:---|
| Assumed initial public offering price  | $|
| &nbsp;&nbsp;&nbsp; Net tangible book value per ordinary share as of December 31, 2025  | $— |
| &nbsp;&nbsp;&nbsp; Increase in net tangible book value per ordinary share attributable to this offering  |  |
| As adjusted net tangible book value per ordinary share after this offering  |  |
|  Dilution in net tangible book value per ordinary share to new investors in this <br> offering  | $|

---

If the underwriters exercise their option to purchase additional ordinary shares from us in full, our as adjusted net tangible book value after this offering would be $ per ordinary share representing an immediate increase in as adjusted net tangible book value of $ per ordinary share to existing shareholders and immediate dilution of $ per ordinary share in as adjusted net tangible book value per ordinary share to new investors purchasing ordinary shares in this offering, based on an assumed initial public offering price of $ per ordinary share, which is the midpoint of the price range set forth on the cover page of this prospectus.

Each $1.00 increase (decrease) in the assumed initial public offering price of $ per ordinary share, which is the midpoint of the price range set forth on the cover page of this prospectus, would increase (decrease) the as adjusted net tangible book value after this offering by $ per ordinary share and the dilution to new investors in the offering by $ per ordinary share assuming that the number of ordinary shares offered by us, as set forth on the cover page of this prospectus, remains the same.

The following table summarizes, on an as adjusted basis, as of December 31, 2025, the total number of ordinary shares purchased from us, the total consideration paid to us and the average price per ordinary share paid by the existing shareholders and by new investors purchasing ordinary shares in this offering.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ordinary Shares <br> Purchased**  | **Ordinary Shares <br> Purchased**  | **Total Consideration**  | **Total Consideration**  | **Average <br> Price Per <br> Ordinary <br> Share**  |
| | **Number**  | **Percent**  | **Amount**  | **Percent**  | **Average <br> Price Per <br> Ordinary <br> Share**  |
| Existing shareholders  |  |  |  |  |  |
| New investors  |  |  |  |  |  |
| **Total** |  |  |  |  |  |

---

The total number of shares reflected in the discussion and tables above is based on ordinary shares outstanding as of December 31, 2025 on an as adjusted basis and does not reflect the ordinary shares purchased by new investors from the Selling Shareholders.

Sales by the Selling Shareholders in this offering will reduce the number of ordinary shares held by existing shareholders to , or approximately %, of the total number of ordinary shares outstanding after this offering.

If the underwriters exercise their option to purchase additional ordinary shares from us in full, the following will occur:

• The percentage of our ordinary shares held by existing shareholders will decrease to approximately % of the total number of our ordinary shares outstanding after this offering

• The percentage of our ordinary shares held by new investors will increase to approximately % of the total number of our ordinary shares outstanding after this offering

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## Unaudited pro forma condensed combined financial information
The following unaudited pro forma condensed combined financial information and related notes (collectively, the "Unaudited Pro Forma Condensed Combined Financial Information") for Bending Spoons S.p.A., as of and for the year ended December 31, 2025, have been derived from: (i) the audited historical consolidated financial statements of Bending Spoons S.p.A. as and for the year ended December 31, 2025; (ii) the audited financial statements of AOL Holdco I LLC as of and for the year ended December 31, 2025; (iii) the audited historical consolidated financial statements of Eventbrite, Inc. as of and for the year ended December 31, 2025; and (iv) the unaudited historical interim consolidated financial statements of Vimeo, Inc. as of and for the nine months ended September 30, 2025, as adjusted to give effect to the "Transactions" (as defined below).

The unaudited pro forma condensed combined balance sheet as of December 31, 2025 gives effect to the Transactions as if they had occurred on that date. The unaudited pro forma condensed combined income statement for the year ended December 31, 2025 gives effect to the Transactions as if they occurred on January 1, 2025.

The Unaudited Pro Forma Condensed Combined Financial Information only presents the pro forma effects of the Transactions and does not give effect to this offering, the payment of related costs, fees, premiums and expenses in connection therewith and the other related transactions described in this prospectus or otherwise in connection with any of the foregoing. See also *Use of proceeds*.

Assumptions underlying the pro forma adjustments are described in the accompanying notes, which should be read in conjunction with this Unaudited Pro Forma Condensed Combined Financial Information.

The following Unaudited Pro Forma Condensed Combined Financial Information has been prepared in accordance with Article 11 of Regulation S-X, as amended by the final rule, Amendments to Financial Disclosures About Acquired and Disposed Businesses, as adopted by the SEC on May 21, 2020 (hereinafter, "Article 11"), to give effect to the Transactions.

The Unaudited Pro Forma Condensed Combined Financial Information should be read in conjunction with:

• Our audited consolidated financial statements as and for the year ended December 31, 2025

• The AOL Holdco I LLC audited financial statements as of and for the years ended December 31, 2024 and 2025 (the "AOL Financial Statements")

• The Vimeo, Inc. audited financial statements as of and for the years ended December 31, 2023 and 2024 and unaudited interim financial statements as of September 30, 2025 and for the nine months then ended (the "Vimeo Financial Statements")

• *The other information contained in this prospectus including Risk factors, Summary consolidated financial data, and Management's discussion and analysis of financial condition and results of operations* 

The Unaudited Pro Forma Condensed Combined Financial Information is not necessarily indicative of what our results of operations would have been had the Transactions been completed as of the dates indicated. The pro forma adjustments are based upon available information and methodologies that are factually supportable and directly related to the transactions described below and are presented for illustrative purposes only. The Unaudited Pro Forma Condensed Combined Financial Information includes various estimates which are subject to material change and may not be indicative of what our operations or financial position would have been had the Transactions taken place on the dates indicated, or that may be expected to occur in the future and does not purport to project our future financial position or operating results. See *Risk factors — Our unaudited pro forma condensed combined financial information in this prospectus may not reflect our actual results of operations or financial condition and may not be representative of our future results*.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

#### Description of the transactions
On September 10, 2025, we entered into a definitive agreement to acquire Vimeo, Inc. and the Vimeo Acquisition was completed on November 24, 2025.

On October 29, 2025, we entered into a definitive agreement to acquire AOL Holdco I LLC and certain related assets, and the AOL Acquisition was completed on January 2, 2026.

On December 1, 2025, we entered into a definitive agreement to acquire Eventbrite, Inc. and the Eventbrite Acquisition was completed on March 10, 2026.

Each of AOL Holdco I LLC and Vimeo, Inc. is considered a significant subsidiary pursuant to Rule 3-05 of Regulation S-X.

See Note to our audited consolidated financial statements as of and for the year ended December 31, 2025 for a description of our acquisitions. The AOL Acquisition, the Eventbrite Acquisition, and the Vimeo Acquisition are referred herein as the "Acquisitions".

AOL Holdco I LLC, Eventbrite, Inc., and Vimeo, Inc. are now wholly owned subsidiaries of Bending Spoons S.p.A.

In 2025 and 2026, we entered into certain financing agreements, to fund one or more of the Acquisitions, among others (collectively, the "Financing" and, together with the Acquisitions, the "Transactions").

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

## Bending Spoons S.p.A.

## Unaudited pro forma combined balance sheet as of December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025**  | **As of December 31, 2025**  | **As of December 31, 2025**  | **As of December 31, 2025**  | **As of December 31, 2025**  | **As of December 31, 2025**  | **As of December 31, 2025**  |
| | | **Acquisition of Eventbrite**  | **Acquisition of Eventbrite**  | **Acquisition of AOL**  | **Acquisition of AOL**  | | |
| | **Bending <br> Spoons <br> Historical**  | **Eventbrite <br> Historical <br> (As <br> Adjusted)**  | **Eventbrite <br> Acquisition <br> Transaction <br> Related <br> Adjustments**  | **AOL <br> Historical <br> (As <br> Adjusted)**  | **AOL <br> Acquisition <br> Transaction <br> Related <br> Adjustments**  | **Financing <br> Transaction <br> Related <br> Adjustments**  | **Pro forma <br> Combined**  |
|  |  | **Note 2**  | **Note 3**  | **Note 4**  | **Note 5**  | **Note 11**  |  |
|  | **$ thousands, except share and per-share data**  | **$ thousands, except share and per-share data**  | **$ thousands, except share and per-share data**  | **$ thousands, except share and per-share data**  | **$ thousands, except share and per-share data**  | **$ thousands, except share and per-share data**  | **$ thousands, except share and per-share data**  |
| **ASSETS** |  |  |  |  |  |  |  |
| Cash and cash equivalents  |  |  |  |  |  |  |  |
| Accounts receivable, net  |  |  |  |  |  |  |  |
| Income tax receivables, current  |  |  |  |  |  |  |  |
| Costs to obtain contracts  |  |  |  |  |  |  |  |
| Prepaid expenses  |  |  |  |  |  |  |  |
| Other current assets  |  |  |  |  |  |  |  |
| **Total current assets**  |  |  |  |  |  |  |  |
| Goodwill  |  |  |  |  |  |  |  |
| Intangibles assets, net  |  |  |  |  |  |  |  |
| Property, plant and equipment, net  |  |  |  |  |  |  |  |
| Deferred tax non-current assets  |  |  |  |  |  |  |  |
| Other non-current assets, net  |  |  |  |  |  |  |  |
| **Total assets**  |  |  |  |  |  |  |  |
| **LIABILITIES AND SHAREHOLDERS' EQUITY**  |  |  |  |  |  |  |  |
| **Current liabilities** |  |  |  |  |  |  |  |
| Accounts payables  |  |  |  |  |  |  |  |
| Long-term debt, current  |  |  |  |  |  |  |  |
| Deferred revenue  |  |  |  |  |  |  |  |
| Income tax current liabilities  |  |  |  |  |  |  |  |
| Accrued and other current liabilities  |  |  |  |  |  |  |  |
| **Total current liabilities**  |  |  |  |  |  |  |  |
| Long-term debt, non-current  |  |  |  |  |  |  |  |
| Deferred tax non-current liabilities  |  |  |  |  |  |  |  |
| Other non-current liabilities  |  |  |  |  |  |  |  |
| **Total Liabilities**  |  |  |  |  |  |  |  |
| Commitments and contingencies  |  |  |  |  |  |  |  |
| **Shareholders' equity:** |  |  |  |  |  |  |  |
|  Common stock: authorized shares with no par value; shares issued and shares outstanding as of December 31, 2025  |  |  |  |  |  |  |  |

---

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CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | As of December 31, 2025  | As of December 31, 2025  | As of December 31, 2025  | As of December 31, 2025  | As of December 31, 2025  | As of December 31, 2025  | As of December 31, 2025  |
| | | Acquisition of Eventbrite  | Acquisition of Eventbrite  | Acquisition of AOL  | Acquisition of AOL  | | |
| | Bending Spoons Historical  | Eventbrite Historical (As Adjusted)  | Eventbrite Acquisition Transaction Related Adjustments  | AOL Historical (As Adjusted)  | AOL Acquisition Transaction Related Adjustments  | Financing Transaction Related Adjustments  | Pro forma Combined  |
|  |  | Note 2  | Note 3  | Note 4  | Note 5  | Note 11  |  |
|  | $ thousands, except share and per-share data  | $ thousands, except share and per-share data  | $ thousands, except share and per-share data  | $ thousands, except share and per-share data  | $ thousands, except share and per-share data  | $ thousands, except share and per-share data  | $ thousands, except share and per-share data  |
| Additional paid-in capital  |  |  |  |  |  |  |  |
|  Accumulated other comprehensive (loss) / income  |  |  |  |  |  |  |  |
| Retained earnings  |  |  |  |  |  |  |  |
|  Treasury stock at cost, shares as of December 31, 2025  |  |  |  |  |  |  |  |
|  Total Bending Spoons shareholders' equity  |  |  |  |  |  |  |  |
| Non-controlling interests  |  |  |  |  |  |  |  |
| Total shareholders' equity  |  |  |  |  |  |  |  |
| Total liabilities and shareholders' equity  |  |  |  |  |  |  |  |

---

For further information, please see the accompanying notes to the Unaudited Pro Forma Condensed Combined Financial Information.

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CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

## Bending Spoons S.p.A.

## Unaudited pro forma combined income statement for the year ended December 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | As of December 31, 2025  | As of December 31, 2025  | As of December 31, 2025  | As of December 31, 2025  | As of December 31, 2025  | As of December 31, 2025  | As of December 31, 2025  | As of December 31, 2025  | As of December 31, 2025  |
| | | Acquisition of Eventbrite  | Acquisition of Eventbrite  | Acquisition of AOL  | Acquisition of AOL  | Acquisition of Vimeo  | Acquisition of Vimeo  | | |
| | Bending Spoons Historical  | Eventbrite Historical (As adjusted)  | Eventbrite Acquisition Transaction Related Adjustments  | AOL Historical (As Adjusted)  | AOL Acquisition Transaction Related Adjustments  | Vimeo Historical (As Adjusted)  | Vimeo Acquisition Transaction Related Adjustments  | Financing Transaction Related Adjustments  | Pro forma Combined  |
|  |  | Note 2  | Note 3  | Note 4  | Note 5  | Note 7  | Note 8  | Note 11  |  |
|  | $ thousands, except share and per-share data  | $ thousands, except share and per-share data  | $ thousands, except share and per-share data  | $ thousands, except share and per-share data  | $ thousands, except share and per-share data  | $ thousands, except share and per-share data  | $ thousands, except share and per-share data  | $ thousands, except share and per-share data  | $ thousands, except share and per-share data  |
| Revenue  |  |  |  |  |  |  |  |  |  |
| Cost of revenue  |  |  |  |  |  |  |  |  |  |
| Gross profit  |  |  |  |  |  |  |  |  |  |
|  Research and development expense  |  |  |  |  |  |  |  |  |  |
| Sales and marketing expense  |  |  |  |  |  |  |  |  |  |
|  General and administrative expense  |  |  |  |  |  |  |  |  |  |
| Operating income  |  |  |  |  |  |  |  |  |  |
| Interest expense  |  |  |  |  |  |  |  |  |  |
| Other income (expense)  |  |  |  |  |  |  |  |  |  |
| Income before tax  |  |  |  |  |  |  |  |  |  |
| Income tax provision (benefit)  |  |  |  |  |  |  |  |  |  |
| Net income  |  |  |  |  |  |  |  |  |  |
|  Net income (loss) attributable to non-controlling interests  |  |  |  |  |  |  |  |  |  |
|  Net income attributable to Bending Spoons shareholders  |  |  |  |  |  |  |  |  |  |
|  Earnings per share attributable to Bending Spoons shareholders  |  |  |  |  |  |  |  |  |  |
| Basic  |  |  |  |  |  |  |  |  |  |
| Diluted |  |  |  |  |  |  |  |  |  |

---

For further information, please see the accompanying notes to the Unaudited Pro Forma Condensed Combined Financial Information.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

## Notes to unaudited pro forma condensed combined financial information

#### Basis of presentation
The unaudited pro forma combined balance sheet as of December 31, 2025 combines historical consolidated balance sheets of AOL Holdco I LLC, Bending Spoons S.p.A., and Eventbrite, Inc. and has been prepared as if the AOL Acquisition and the Eventbrite Acquisition had occurred on December 31, 2025. The unaudited pro forma combined income statement for the year ended December 31, 2025 combines the historical consolidated income statement of AOL Holdco I LLC, Bending Spoons S.p.A., and Eventbrite, Inc., and has been prepared as if the Transactions had occurred on January 1, 2025. The historical financial statements described above have been adjusted to give effect to pro forma events that are directly attributable to the Transactions, factually supportable and expected to have a continuing impact on the combined results.

We have prepared the Unaudited Pro Forma Condensed Combined Financial Information based on available information using assumptions that we believe are reasonable. This Unaudited Pro forma Condensed Combined Financial Information is being provided for informational purposes only and does not claim to represent our actual financial position or results of operations had the Transactions occurred on the date specified, nor do they project results of operations or financial position for any future period or date. The actual results reported by the combined company in periods following the Transactions may differ significantly from this Unaudited Pro Forma Condensed Combined Financial Information.

The acquisition method of accounting for business combinations was used in accordance with Accounting Standards Codification (ASC) 805, Business Combinations. Based on the acquisition method of accounting, the consideration paid for each acquisition is allocated to its assets and liabilities based on their fair value as of the date of the completion of the acquisition. Under ASC 805, acquisition-related transaction costs and acquisition-related restructuring charges are not included as components of consideration transferred but are accounted for as expenses in the period in which the costs are incurred.

The process for estimating the fair values of identifiable intangible assets requires the use of significant estimates and assumptions, including estimating future cash flows and developing appropriate discount rates. The excess purchase price over the estimated amounts of identifiable assets of the subsidiaries acquired as of the effective date of the acquisitions were allocated to goodwill in accordance with the accounting guidance. The purchase price allocation and valuation of the AOL Acquisition, the Eventbrite Acquisition, and the Vimeo Acquisition are based on preliminary estimates, subject to final adjustments. Accordingly, the purchase accounting in the Unaudited Pro Forma Condensed Combined Financial Information is preliminary and will be adjusted upon completion of the final valuation. Such adjustments could be material.

For purposes of measuring the estimated fair value of the assets acquired as reflected in the Unaudited Pro Forma Condensed Combined Financial Information, in accordance with the applicable accounting guidance, we established a framework for measuring fair values. The applicable accounting guidance defines fair value as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Market participants are assumed to be buyers and sellers in the principal or most advantageous market for the asset or liability. Additionally, under the applicable accounting guidance, fair value measurements for an asset assume the highest and best use of that asset by market participants. As a result, we may be required to value assets of the acquired subsidiaries at fair value measures that do not reflect our intended use of those assets. Use of different estimates and judgments could yield different results.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
The Unaudited Pro Forma Condensed Combined Financial Information does not account for the cost of any restructuring activities or impact of any synergies resulting from the Acquisitions or other costs relating to the integration of the acquired subsidiaries, or other historical acquisitions that were undertaken by Bending Spoons.

We and each acquired subsidiary have not had any historical relationship prior to the respective acquisition date. Accordingly, no pro forma adjustments were required to eliminate activities between the companies.

#### Eventbrite historical (as adjusted)
The financial information below illustrates the impact of certain reclassifications made to the audited financial statements of Eventbrite, Inc. for the year ended December 31, 2025, prepared in accordance with GAAP and included elsewhere in this prospectus, to present them on a basis consistent with our accounting policies.

#### Eventbrite Acquisition transaction related adjustments
*Eventbrite, Inc. historical (as adjusted)* 

The table below represents the preliminary purchase price allocation of Eventbrite, Inc. as if the Eventbrite Acquisition had been completed on December 31, 2025:

---

| | |
|:---|:---|
| | **As of <br> December 31, <br> 2025**  |
|  | **$ thousands**  |
| Intellectual properties<sup>(1)</sup>  |  |
| Customer base<sup>(1)</sup>  |  |
| Other intangible assets<sup>(1)</sup>  |  |
| Deferred tax non-current assets  |  |
| Other non-current assets, net  |  |
| Cash and cash equivalents  |  |
| Income tax receivables, current  |  |
| Trade receivables and other current assets  |  |
| Long-term debt, current  |  |
| Deferred tax non-current liabilities  |  |
| Other non-current liabilities  |  |
| Income tax current liabilities  |  |
| Accrued and other current liabilities  |  |
| **Fair value of net identifiable assets acquired**  |  |
| **Goodwill** |  |
| **Net assets acquired**  |  |

---

(1) Refer to Note 3.b in our audited consolidated financial statements included elsewhere in this prospectus for further information.

The preliminary purchase price allocation has been used to prepare the acquisition pro forma adjustments. (See Note in our audited consolidated financial statements included elsewhere in this prospectus). The purchase price allocation will be finalized when the valuation analysis is complete. The final allocation could differ materially from the preliminary allocation used for the purpose of the pro forma adjustments.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
*Eventbrite Acquisition related adjustments to the income statement* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; i.

Pro forma adjustment for amortization of intangible assets, net is based on the estimated fair values of intangible assets acquired amortized over the respective estimated useful lives. The table below presents the pro forma adjustments for amortization for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Estimated <br> useful life <br> (in years)**  | **Estimated <br> Fair <br> Value**  | **Year ended <br> December 31, <br> 2025**  |
|  | **$ thousands, except estimated <br> useful life in years**  | **$ thousands, except estimated <br> useful life in years**  | **$ thousands, except estimated <br> useful life in years**  |
| Customer base  |  |  |  |
| Developed technology  |  |  |  |
| Trade names  |  |  |  |
| **Adjustment for amortization expense**  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ii.

Pro forma adjustment to record estimated transaction costs incurred in connection with the acquisition for $ million. The estimated transaction costs will not affect the combined income statement beyond twelve months after the acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iii.

Pro forma adjustment to record the impact of the acceleration of certain share-based awards granted to the employees of the acquired subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iv.

Pro forma adjustment to record the income tax impacts of the pro forma adjustments for amortization using a statutory tax rate of %. This rate does not reflect the combined company's effective tax rate, which may differ from the rates assumed for purposes of preparing these statements. The applicable statutory tax rates used for this Unaudited Pro Forma Condensed Combined Financial Information may vary from the actual effective rates in periods as of and after the completion of the acquisition.

#### AOL Holdco I LLC historical
The financial information below illustrates the audited financial statements of AOL Holdco I LLC for the year ended December 31, 2025, prepared in accordance with GAAP and included elsewhere in this prospectus, to present them on a basis consistent with our accounting policies.

#### AOL Acquisition transaction related adjustments
*AOL Acquisition transaction related adjustments to the balance sheet* 

The table below represents the preliminary purchase price allocation of AOL Holdco I LLC as if the AOL Acquisition had been completed on December 31, 2025:

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---

| | |
|:---|:---|
| | **As of <br> December 31, <br> 2025**  |
|  | **$ thousands**  |
| Intellectual properties<sup>(1)</sup>  |  |
| Customer base<sup>(1)</sup>  |  |
| Other intangible assets<sup>(1)</sup>  |  |
| Deferred tax non-current assets  |  |
| Other non-current assets, net  |  |
| Cash and cash equivalents  |  |
| Income tax receivables, current  |  |
| Trade receivables and other current assets  |  |
| Long-term debt, current  |  |
| Deferred tax non-current liabilities  |  |
| Other non-current liabilities  |  |
| Income tax current liabilities  |  |
| Accrued and other current liabilities  |  |
| **Fair value of net identifiable assets acquired**  |  |
| **Goodwill** |  |
| **Net assets acquired**  |  |

---

(1) Refer to Note 5.b in our audited consolidated financial statements included elsewhere in this prospectus, for further information.

The preliminary purchase price allocation has been used to prepare the acquisition pro forma adjustment (See Note). The purchase price allocation will be finalized when the valuation analysis is complete. The final allocation could differ materially from the preliminary allocation used for the purpose of the pro forma adjustment.

*AOL Acquisition transaction related adjustments to the income statement* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; i.

Pro forma adjustment for amortization of intangible assets, net is based on the estimated fair values of intangible assets acquired amortized over the respective estimated useful lives. The table below presents the pro forma adjustments for amortization for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Estimated <br> useful life <br> (in years)**  | **Estimated <br> Fair <br> Value**  | **Year ended <br> December 31, <br> 2025**  |
|  | **$ thousands, except estimated <br> useful life in years**  | **$ thousands, except estimated <br> useful life in years**  | **$ thousands, except estimated <br> useful life in years**  |
| Customer base  |  |  |  |
| Developed technology  |  |  |  |
| Trade names  |  |  |  |
| **Adjustment for amortization expense**  |  |  |  |

---

Amortization expense related to acquired intangible assets has adjusted cost of revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ii.

Pro forma adjustment to record the impact of the acceleration of certain share-based awards granted to the employees of the acquired subsidiary.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iii.

Pro forma adjustment to record the income tax impacts of the pro forma adjustments for amortization using a statutory tax rate of %. This rate does not reflect the combined company's effective tax rate, which may differ from the rates assumed for purposes of preparing these statements. The applicable statutory tax rates used for this Unaudited Pro Forma Condensed Combined Financial Information may vary from the actual effective rates in periods as of and after the completion of the acquisition.

#### Vimeo, Inc. historical (as adjusted)
The financial information below illustrates the impact of adjustments made to the unaudited financial statements of Vimeo, Inc. prepared in accordance with GAAP and included elsewhere in this prospectus, to present them on a basis consistent with our accounting policies.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Vimeo <br> income <br> statements <br> line <br> items <br> from <br> January 1 to <br> September 30, <br> 2025**  | **Vimeo <br> income <br> statements <br> from <br> January 1 to <br> September 30, <br> 2025**  | **Accounting <br> policy <br> and <br> reclassification <br> adjustments**  | **Notes**  | **Notes**  | **Bending Spoons income <br> statements presentation**  | **Vimeo <br> income <br> statements <br> from <br> January 1 to <br> September 30, <br> 2025 <br> under <br> Bending <br> Spoons <br> income <br> statements <br> presentation**  | **Vimeo <br> income <br> statements <br> from <br> January 1 to <br> September 30, <br> 2025 <br> under <br> Bending <br> Spoons <br> income <br> statements <br> presentation**  |
|  | **7.a**  |  |  |  |  |  |  |  |
|  | **$ thousands**  | **$ thousands**  | **$ thousands**  | **$ thousands**  | **$ thousands**  | **$ thousands**  | **$ thousands**  | **$ thousands**  |
| Revenue  |  |  |  |  |  | Revenue |  |  |
|  Cost of revenue (exclusive of depreciation shown separately below)  |  |  |  |  | (3) | Cost of revenue |  |  |
| **Gross profit**  |  |  |  |  |  | **Gross profit** |  |  |
| Operating expenses: |  |  |  |  |  |  |  |  |
|  Research and development <br> expense  |  |  |  |  | (4) | Research and development expense  |  |  |
| Sales and marketing expenses  |  |  |  |  | (5) | Sales and marketing expense |  |  |
|  General and administrative <br> expenses  |  |  |  |  |  | General and administrative expense  |  |  |
| Depreciation  |  |  |  |  | (1) |  |  |  |
| Amortization of intangibles  |  |  |  |  | (2) |  |  |  |
| **Total operating expenses**  |  |  |  |  |  |  |  |  |
| **Operating income (loss)**  |  |  |  |  |  | **Operating income** |  |  |
| Interest expense  |  |  |  |  |  | Interest expense |  |  |
| Other income, net  |  |  |  |  | (2) | Other income (expense) |  |  |
|  **Earnings (loss) before income <br> taxes**  |  |  |  |  |  | **Income before tax** |  |  |
| Income tax (provisions)  |  |  |  |  |  | Income tax provision (benefit) |  |  |
| **Net earnings (loss)**  |  |  |  |  |  | **Net earnings for the year**  |  |  |
|  |  |  |  |  |  | Net income (loss) attributable to non-controlling interests  |  |  |
|  |  |  |  |  |  | Net income attributable to Bending Spoons shareholders  |  |  |
|  |  |  |  |  |  | Earnings per share attributable <br> to Bending Spoons <br> shareholders  |  |  |
|  |  |  |  |  |  | Basic |  |  |
|  |  |  |  |  |  | Diluted |  | $— |

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
The Vimeo, Inc. historical GAAP financial information for the period from January 1 to September 30, 2025 has been derived from the Vimeo interim financial statements as of September 30, 2025 and for the nine months then ended, included elsewhere in this prospectus.

(1) Represents a reclassification of depreciation to general and administrative.

(2) Represents a reclassification of amortization to cost of revenue.

(3) Represents a reclassification of cost of revenue to general and administrative.

(4) Represents a reclassification of research and development to general and administrative.

(5) Represents a reclassification of sales and marketing to general and administrative.

#### Vimeo Acquisition transaction related adjustments
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; i.

Pro forma adjustment for amortization of intangible assets, net is based on the estimated fair values of intangible assets acquired amortized over the respective estimated useful lives. The table below presents the pro forma adjustments for amortization for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Estimated <br> useful life <br> (in years)**  | **Estimated <br> Fair <br> Value**  | **Year ended <br> December 31, <br> 2025**  |
|  | **$ thousands, except estimated useful life in years**  | **$ thousands, except estimated useful life in years**  | **$ thousands, except estimated useful life in years**  |
| Customer base  |  |  |  |
| Developed technology  |  |  |  |
| Trade names  |  |  |  |
| **Adjustment for amortization expense**  |  |  |  |

---

The adjustment for amortization expense for the period from January 1, 2025 to the Vimeo Acquisition date amounts to $ million and has adjusted cost of revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ii.

Pro forma adjustment to record the income tax impacts of the pro forma adjustments for amortization using a statutory tax rate of %. This rate does not reflect the combined company's effective tax rate, which may differ from the rates assumed for purposes of preparing these statements. The applicable statutory tax rates used for this Unaudited Pro Forma Condensed Combined Financial Information may vary from the actual effective rates in periods after the completion of the acquisition.

#### Financing transaction related adjustments
*Financing adjustments to the balance sheet* 

Pro forma adjustment to cash and cash equivalents consists of the following:

Pro forma adjustment to long-term debt consists of the following:

*Financing adjustments to the income statement* 

Pro forma adjustment to interest expense, net consists of the following:

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#### Pro forma earnings per share

#### Other information
The pro forma condensed combined consolidated income statement includes $ million transaction related costs including the impact of the acceleration of certain share-based awards granted to the employees of the acquired subsidiaries that are not expected to recur in our consolidated income statement beyond twelve months after the completion of each acquisition including $ million of transaction related costs incurred in the year ended December 31, 2025.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

## Management's discussion and analysis of financial condition and results of operations
*You should read the following discussion and analysis of our operating results and financial condition together with our consolidated financial statements and related notes included elsewhere in this prospectus. This section contains forward-looking statements based on our strategy, plans, expectations, and beliefs, which involve significant risks and uncertainties. Actual performance may differ materially from that contemplated by these forward-looking statements due to, among other things, the risks described under "Note regarding forward-looking statements," "Risk factors," and elsewhere in this prospectus.* 

#### Overview
Bending Spoons is built on the conviction that excellence in both acquiring and operating businesses allows us to improve products at scale and generate strong shareholder returns. In pursuit of these objectives, we acquire digital businesses, implement deep transformations and ongoing optimizations to sustainably expand earnings, and reinvest in additional acquisitions, thereby continuing the compounding cycle. We have executed this Playbook for more than a decade and, to date, have not sold a material business. Our performance is enabled by our Platform — comprising our people, proprietary technologies, and proprietary data — and reflects our intense focus on talent density, cultural strength, and technical excellence.

Below, we describe our three-step Playbook in greater detail:

• **Step 1 — Acquire.** We acquire a business whose core products are digital. We prioritize businesses that we believe we can improve significantly, that have a large revenue base relative to the scale of our portfolio at the time of acquisition, and whose trajectory we can forecast with reasonable confidence several years into the future, a process that involves factoring in the risk of disruption from advances in AI. Our evaluation is analytical and rigorous, and we are disciplined on price.

• **Step 2 — Transform and optimize.** We strive to envision the most successful version of the acquired business and work to close the gap between its current state and that vision as quickly and completely as possible. The transformation is typically deep and includes reorganizing teams, overhauling technology, redesigning user interfaces, accelerating product development, and strengthening marketing and monetization. AI is often both a central component of our vision for the acquired business and a key tool in implementing the transformation. Through these efforts, we seek to increase revenue and reduce costs to drive a sustainable expansion in earnings. We then optimize the business as part of our broader portfolio on an ongoing basis.

• **Step 3 — Reinvest.** We deploy our earnings, along with contributions from newly acquired and improved businesses and prudent levels of incremental debt, to fund additional acquisitions, thereby continuing the compounding cycle. We may also opportunistically raise incremental equity to accelerate growth.

Together, our people, proprietary technologies, and proprietary data constitute the Platform that supports our acquisitions, transformations, and ongoing optimization. We have been building this Platform since our founding in 2013 and consider it our primary source of competitive advantage.

• **People.** We have a talent-dense core team of Spooners<sup>10</sup> who embrace a culture emphasizing truth-seeking and extreme ownership — traits we consider critical drivers of business performance. In 2025, we received more than 800,000 job applications to become a Spooner and, consistent with our

<sup>10</sup>

We define "Spooners" as team members who have successfully completed the rigorous and selective application process to join our core team. Spooners are allocated flexibly across the organization and may be transferred between businesses on short notice. They are held to particularly demanding performance standards.

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focus on talent density, hired 286 individuals, representing less than 0.04% of applications received. We allocate Spooners flexibly across our portfolio, deploying resources to areas of opportunity and reducing them where appropriate. For example, we may assemble a task force to transform a newly acquired business, expand an engineering team to accelerate a product initiative, or scale back an organization once a period of intensive change has concluded.

• **Proprietary technologies.** We have engineered, and we continue to improve, numerous technologies that enable us to do more and better work with fewer resources. Examples include an end-to-end data infrastructure, a user lifetime value prediction system, and a product experimentation toolkit. Our technologies are purpose-built for our needs and are integrated with one another, making their deployment across acquired businesses easier and allowing them to deliver superior impact, more rapidly. As a result, most of our businesses adopt substantially all of our proprietary technologies. We began embedding AI within our proprietary technologies in 2019 and continue to expand its use. As we harness AI's advances, we expect our proprietary technologies to become more effective in supporting the execution of our Playbook.

• **Proprietary data.** Over many years, we have accumulated extensive data across acquisitions and operations. We have completed more than 50 acquisitions and operate dozens of businesses. In 2025 alone, we ran more than 3,000 experiments through our product experimentation toolkit. At the end of Q4 2025, our data infrastructure was processing more than 3 billion data points per day on average. This data supports faster and more informed decision-making in both acquisitions and operations. As AI advances and our ability to leverage complex data at scale improves, the value of our data may increase.

We believe that we have been early adopters in leveraging AI to enhance products, optimize marketing and monetization, and improve productivity. Many of our proprietary technologies incorporate AI. Our team of Spooners includes hundreds of talented and motivated software engineers, data scientists, and AI research engineers. Among our cultural strengths are adaptability, a commitment to technological and data excellence, and an intense drive to achieve. Revenue per full-time equivalent Spooner<sup>11</sup> was $1.12 million in 2023 and $1.64 million in 2024.

In our view, AI is the most transformative technology of our time, and companies that adapt effectively may realize enormous benefits. Supported by our Platform, Bending Spoons has an opportunity to be among these companies. We expect that, through progress in AI, we will expand our advantage in product development, marketing, and monetization capabilities. We also expect our productivity advantage to widen and the scalability of our acquisition and transformation model to improve. Finally, as many companies lack diversification and may not be well equipped to leverage AI, certain owners' willingness to sell could increase, contributing to lower valuation levels for attractive acquisition targets.

The Platform-powered execution of our Playbook has delivered growth, operating efficiency, and shareholder returns we regard as strong. The following graphs present revenue, operating income, Adjusted Operating Income,<sup>12</sup> diluted earnings per share, and Adjusted Earnings per Share<sup>13</sup> for the periods shown. Among our non-GAAP key performance indicators, we consider Adjusted Earnings per Share to be the most important.

<sup>11</sup>

"Revenue per full-time equivalent Spooner" for a given quarter is defined as revenue for that quarter divided by the number of full-time equivalent Spooners at the end of the quarter. Revenue per full-time equivalent Spooner for a given twelve-month period is defined as the average of the quarterly values for that period.

 *<sup>12</sup>* 

 *As defined in Management's discussion and analysis of financial condition and results of operations — Key performance indicators — Adjusted Operating Income and Adjusted Operating Income Margin.*

 *<sup>13</sup>* 

 *As defined in Management's discussion and analysis of financial condition and results of operations — Key performance indicators — Adjusted Earnings per Share.*

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![[MISSING IMAGE: bc_confidentialtreat-4c.jpg]](bc_confidentialtreat-4c.jpg)

We are still early in our journey. We see a significant opportunity to continue compounding capital at attractive rates of return within an addressable market that we estimate includes more than 1,000 businesses generating nearly $400 billion in aggregate annual revenue in 2025.

![[MISSING IMAGE: bc_estimatedtotal-bwlr.jpg]](bc_estimatedtotal-bwlr.jpg)

In our view, AI is the most transformative technology of our time, and companies that adapt effectively may realize enormous benefits. Supported by our Platform, we believe Bending Spoons has an opportunity to be among these companies.

#### How we generate revenue
We own and operate a diversified portfolio of dozens of digital businesses. In December 2025, our portfolio served over 380 million monthly active users<sup>14</sup> and more than 7 million monthly paying customers.<sup>15</sup>

<sup>14</sup>

"Monthly active users" represents the users who interacted with our products during a given calendar month. Interaction is measured based on activity observed through our internal systems and may include, depending on the product, opening an application, visiting a website, or otherwise engaging with the product's features. We calculate the number of monthly active users for each product in our portfolio based on product-level data and then aggregate these figures across our portfolio. Because the same user may interact with multiple products, with each product associating interactions to a separate user identifier, or may interact with the same product through multiple user identifiers, and because we do not have a reliable method of de-duplication, the aggregated monthly active user figure may count the same user more than once. As such, our reported number of monthly active users is intended to provide an indication of the scale of our portfolio rather than a precise count of distinct users.

<sup>15</sup>

"Monthly paying customers" represents the customers that generated revenue during a given calendar month, whether through a one-time transaction or by having an active subscription during that month. We calculate the number of monthly paying customers for each product in our portfolio based on product-level data and then aggregate these figures across our portfolio. Because the same customer may purchase across multiple products, with each product associating transactions to a separate customer identifier, or may transact within the same product through multiple customer identifiers, and because we do not have a reliable method of de-duplication, the aggregated monthly paying customer figure may count the same customer more than once. As such, our reported number of monthly paying customers is intended to provide an indication of the scale of our portfolio rather than a precise count of distinct customers.

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![[MISSING IMAGE: bc_portfolioscale-bwlr.jpg]](bc_portfolioscale-bwlr.jpg)

In Q4 2024, the businesses contributing the most revenue were, in alphabetical order, Evernote, Meetup, Remini, Splice, StreamYard, and WeTransfer. In aggregate, these businesses accounted for more than 60% of our revenue for the period.

We expect our portfolio to evolve as we continue to execute our acquisition-driven strategy. As a result, businesses that currently contribute significantly to our overall revenue may become less relevant over time, particularly as our acquisition targets tend to become progressively larger.

We generate revenue from the following three sources:

• **Subscriptions.** We generate subscription revenue by selling term-based access to our products to individuals and organizations. These contracts are typically auto-renewing, with term durations ranging from one week to a few years. Subscriptions represented 89% of our revenue in Q4 2024 and were the primary source of revenue for all of our businesses during the period.

• **Advertising.** We generate advertising revenue by selling advertising space across our products, both directly to advertisers and through intermediaries such as media agencies and programmatic networks. In Q4 2024, revenue from advertising accounted for 11% of our total revenue.

• **Other.** Other revenue sources include fees for overages and software integration services at Brightcove, commissions earned by Harvest in connection with invoice payment facilitation for its customers, and one-time purchases within komoot. In Q4 2024, revenue from these sources accounted for less than 1% of our total revenue.

Net revenue retention<sup>16</sup> was 92% in 2024. In Q4 2024, 47% of our subscription revenue was generated by customers with a tenure of at least five years, and 32% by customers with a tenure of at least ten years. Revenue-weighted average subscriber tenure was 8.8 years.<sup>17</sup>

<sup>16</sup>

"Net revenue retention" for a given quarter represents the subscription revenue generated in that quarter from customers acquired before the end of the same quarter in the prior calendar year, divided by the subscription revenue generated in the corresponding prior-year quarter. For example, net revenue retention for Q1 2026 is calculated as subscription revenue generated in Q1 2026 from customers acquired before the end of Q1 2025, divided by subscription revenue generated in Q1 2025. Net revenue retention for a given twelve-month period is defined as the average of the quarterly values for that period. For certain products, the date of customer acquisition may coincide with that customer's first interaction with the product and precede the first transaction associated with that customer. Accordingly, net revenue retention is intended to provide an indication of subscription revenue growth from an existing customer base, excluding the impact of new customer acquisition during the period, rather than a measure of continuous revenue generation from a customer cohort. These calculations are based on all businesses owned as of March 13, 2026, and include their respective customer acquisition and subscription revenue information for pre-acquisition periods.

<sup>17</sup>

A customer's "tenure" represents the elapsed time from the date that customer was acquired to the end of the period presented. For certain products, the date of customer acquisition may coincide with that customer's first interaction with the product and precede the first transaction associated with that customer. Accordingly, tenure does not necessarily represent the length of time a customer has maintained an uninterrupted subscription. Because a customer may purchase across multiple products, with each product associating transactions to a separate customer identifier, or may transact within the same product through multiple customer identifiers, and because we do not have a reliable method of de-duplication, our calculation of tenure may in some cases underestimate the duration of our relationship with that customer. "Revenue-weighted average subscriber tenure" represents the average tenure of customers who generated subscription revenue during the period presented, weighted based on the amount of subscription revenue generated by each such customer during that period. These measures are intended to provide an indication of the length of customer relationships across our portfolio rather than a precise measure of continuous revenue generation.

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![[MISSING IMAGE: bc_revenueq42024-4clr.jpg]](bc_revenueq42024-4clr.jpg)

These retention and tenure levels reflect a combination of factors, the relative importance of which varies by business, including product positioning, customer engagement, and our efforts to improve performance. In our experience, subscribers with longer tenure generally exhibit higher retention rates than newer subscribers, and longer-standing businesses tend to accumulate longer-tenured subscriber bases. We believe these dynamics contribute to our retention performance, particularly given that most of our businesses have operated for more than a decade.

In Q4 2024, no customer contributed more than 1% to our overall revenue. During the same period, 54% of our revenue was generated in North America, 23% in Europe, 11% in Asia, 6% in Central and South America, and 6% in the rest of the world.

#### How we acquire customers
We acquire customers through organic channels (including word of mouth and non-paid search), paid advertising (including brand and performance campaigns), and direct sales and other go-to-market initiatives. The relative contribution of these channels varies by business. For example, Remini relies predominantly on word of mouth, whereas Brightcove's customer acquisition is driven primarily by sales efforts. We have also invested in optimizing customer acquisition through AI agent recommendations. While this channel has contributed only marginally to date, we expect its importance to increase over time.

The share of revenue from new customers acquired through organic channels was 79% in 2023 and 76% in 2024, with the remainder generated by customers acquired through paid advertising or direct sales and other go-to-market initiatives. In 2024, customers acquired through paid advertising accounted for 21% of such revenue, and customers acquired through direct sales and other go-to-market initiatives accounted for 3%. Advertising expense as a percentage of revenue was 9% in 2023 and 9% in 2024.

![[MISSING IMAGE: bc_customeraccquis-4c.jpg]](bc_customeraccquis-4c.jpg)

Our limited reliance on paid advertising reflects a deliberate strategic decision. When evaluating acquisition opportunities, we favor businesses with lower dependence on paid advertising for customer acquisition. Given the volatility of advertising dynamics, we believe this approach supports revenue predictability. At the same time, we use paid advertising when it helps improve business performance.

#### How we create shareholder value
Since our founding in 2013, acquisitions have been our capital allocation priority, and we have completed more than 50 to date. We believe that our addressable market is vast, that our Platform represents a durable source of competitive advantage, and that progress in AI will expand our addressable market and

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
further strengthen that advantage. As a result, we expect acquisitions to remain our capital allocation priority for the foreseeable future.

The pace of our acquisition activity has varied over time. We closed one acquisition in 2023, five in 2024, six in 2025, and two in Q1 2026. 2017 was the only year in which we completed more than ten acquisitions, and we had two years with no acquisitions, the most recent of which was 2020. In that year, we devoted a substantial portion of our team's efforts to the pro bono development of a contact-tracing application in support of the Italian government's response to the COVID-19 pandemic. Looking ahead, we expect acquisition activity to continue at a comparable pace when averaged over multi-year periods. The number of acquisitions in any given year will depend on factors such as prevailing valuations, availability of capital, and our operational capacity.

For more than a decade, our performance has been shaped by the acquisition and transformation of businesses, together with the ongoing optimization of our portfolio. The prudent use of debt — and, to a lesser extent, the raising of incremental equity — has contributed to our growth. Revenue was $387 million in 2023 and $671 million in 2024.

The following graph presents revenue by annual acquisition cohort for the periods shown. It also presents the aggregate purchase price (enterprise value) paid for the businesses within each cohort.

![[MISSING IMAGE: mt_revenuebycohort-4c.jpg]](mt_revenuebycohort-4c.jpg)

As we have scaled our business and developed our Platform, operating efficiency has improved over time. The following graph presents operating income as a percentage of revenue and Adjusted Operating Income Margin<sup>18</sup> for the periods shown.

![[MISSING IMAGE: bc_shareholdervalue-4c.jpg]](bc_shareholdervalue-4c.jpg)

Executing our Playbook has delivered shareholder returns we regard as strong. Diluted earnings per share was $1.53 in 2023 and $0.75 in 2024, with year-over-year growth of -51% in 2024. Adjusted Earnings per Share was $1.07 in 2023 and $1.79 in 2024, with year-over-year growth of 67% in 2024. Among our non-GAAP key performance indicators, we consider Adjusted Earnings per Share to be the most important.

 *<sup>18</sup>* 

 *As defined in Key performance indicators — Adjusted Operating Income and Adjusted Operating Income Margin below.*

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#### Factors affecting our performance
We expect our growth to depend primarily on our ability to identify and finance attractive acquisition opportunities, to continue improving and scaling our Platform, and to remain at the forefront of AI. We believe we are well positioned to execute across these dimensions.

#### Identifying acquisition opportunities
We have acquired both consumer and enterprise digital businesses serving a wide range of use cases and generated returns we regard as strong across this spectrum of business types. Given this track record and the versatility of our Platform, we believe that a broad range of digital businesses can constitute viable acquisition targets and that, accordingly, our addressable market is vast.

Using a combination of third-party data and proprietary analysis, we have identified more than 1,000 digital businesses — both private and public — that we expect could be attractive acquisition targets over the next few years. These businesses generated nearly $400 billion in aggregate estimated annual revenue in 2025.

This assessment of a vast opportunity set is supported by our day-to-day experience. Our acquisition pipeline is currently at an all-time high in both the number of opportunities and aggregate revenue. In 2025 alone, we evaluated more than 200 potential targets in depth, and we are in contact with many of them.

#### Financing acquisitions
We finance our acquisitions through our operating cash flow, incremental debt, and, opportunistically, incremental equity. Therefore, the pace at which we acquire new businesses depends on our ability to generate operating cash flow, as well as to raise debt — and, to a lesser extent, equity — on acceptable terms.

Historically, we have prioritized deploying our available cash flow toward acquisitions, and we expect to continue doing so for the foreseeable future. Net cash from operating activities was $59 million in 2023 and $205 million in 2024.

We have consistently used — and intend to continue using — financial leverage, while seeking to maintain overall indebtedness at levels we consider prudent. We have accessed the term loan A market since 2017.

Since our founding, we have viewed our cost of equity as relatively high and have therefore been selective in issuing equity. We intend to remain disciplined and opportunistic in our use of incremental equity going forward. From 2023 through 2024, dilution resulting from such issuances averaged 8.5% per year.

#### Improving and scaling our Platform
Together, our people, proprietary technologies, and proprietary data constitute the Platform that supports our acquisitions, transformations, and ongoing optimization. We have been building it since our founding in 2013 and consider it our primary source of competitive advantage. Continuously improving and scaling our Platform helps us drive sustained growth.

Reflecting a strengthening employer brand and progress in our candidate attraction efforts, the number of applications to become a Spooner increased from approximately 110,000 in 2023 to 360,000 in 2024 and 800,000 in 2025, resulting in 100, 152, and 286 hires, respectively. In parallel, through the refinement of our recruiting-related proprietary technologies, including predictive models, we believe our ability to identify talented and culturally aligned applicants has improved. We intend to continue improving and scaling our candidate attraction and selection capabilities. If scaling our team were to become a constraint on growth, we may reallocate resources from smaller or more optimized businesses to larger or less optimized ones.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
Our proprietary technologies have evolved over time. For example, we first developed a system to predict user lifetime value in 2019, and have since enhanced it to support multi-year predictions, leverage data from other products to generate insights for newly acquired businesses, and scale to orders of magnitude greater load. We expect to continue developing new proprietary technologies and refining existing ones.

Over many years, we have accumulated extensive data across acquisitions and operations. We have completed more than 50 acquisitions and operate dozens of businesses. In 2025 alone, we ran more than 3,000 experiments through our product experimentation toolkit. At the end of Q4 2025, our data infrastructure was processing more than 3 billion data points per day on average. We expect our proprietary data set to continue expanding as we acquire new businesses and extend our operating track record.

Our growing scale and continued investment in our Platform have enabled increases in productivity and operating profitability, and we believe we will achieve further increases going forward. Revenue per full-time equivalent Spooner was $1.12 million in 2023 and $1.64 million in 2024. Operating income as a percentage of revenue was 22% in 2023 and 19% in 2024. Adjusted Operating Income Margin was 36% in 2023 and 45% in 2024.

#### Remaining at the forefront of AI
We believe that we have been early adopters in leveraging AI to enhance products, optimize marketing and monetization, and improve productivity. Many of our proprietary technologies incorporate AI. Our team of Spooners includes hundreds of talented and motivated software engineers, data scientists, and AI research engineers. Among our cultural strengths are adaptability, a commitment to technological and data excellence, and an intense drive to achieve.

In our view, as with prior technological transitions, some companies will lag in leveraging AI while others will advance more rapidly. Given the transformative potential of AI, companies that adapt effectively may realize enormous benefits. Supported by our Platform, Bending Spoons has an opportunity to be among these companies.

The main ways in which we expect to benefit from progress in AI are as follows:

• **Capabilities advantage.** As AI advances, our ability to enhance the product, marketing, and monetization of acquired businesses following their integration into our Platform may improve. This potential is reflected in the AI-based features we have introduced at Remini, Evernote, and StreamYard, among other businesses. It is also reflected in the AI-driven evolution of our proprietary technologies, including, among many examples, the introduction of an AI-based user lifetime predictive system and the upgrade of our data infrastructure to use AI to automatically tag events.

• **Productivity advantage.** AI has also been a clear accelerator of productivity for us. For example, while difficult to measure precisely, the speed at which Bending Spoons engineers develop software has increased materially in recent years.

• **Operational scalability.** In the past, we have occasionally passed on acquisition opportunities due to insufficient team capacity to manage additional transformations. As AI enables us to do more with fewer people, this operational constraint may ease, thereby improving the scalability of our acquisition and transformation model.

• **Willingness to sell among target businesses.** We believe that suboptimal foundations to leverage AI and a lack of diversification expose many businesses to a significant risk of AI-driven disruption. Accordingly, certain owners' willingness to sell may increase, contributing to lower valuation levels. Our Platform and diversification put us in an advantageous position. Therefore, as we continue to execute with discipline and long-term orientation, this environment may create opportunities for us to acquire attractive businesses at favorable valuations.

While we believe that AI creates an enormous opportunity for us, it also introduces uncertainty. For example, it makes design and software development easier and cheaper, thereby lowering technical barriers to entry, and it enables novel forms of competition, including through general-purpose AI chatbots.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
These risks are mitigated by several factors, including our diversification and our long-standing practice of favoring acquisition targets for which the risk of AI-driven disruption is limited once integrated into our Platform. Moreover, most of our businesses — as well as a substantial portion of those within our addressable market — are not particularly reliant on technical barriers to entry or susceptible to replacement by general-purpose AI chatbots.

To date, we believe our portfolio of businesses has benefited from advances in AI.

#### Key performance indicators
To inform our strategy and plans, we regularly monitor the following key performance indicators, which include certain non-GAAP financial measures. These non-GAAP financial measures are presented for supplemental informational purposes only, are not a substitute for GAAP financial information, and may differ from similarly titled measures used by other companies. Among our non-GAAP key performance indicators, we consider Adjusted Earnings per Share to be the most important.

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  |
| | **2023**  | **2024**  | **2023 to 2024**  |
|  | **$ thousands, except percentages and per-share data**  | **$ thousands, except percentages and per-share data**  | **$ thousands, except percentages and per-share data**  |
| Revenue  | 387067 | 671053 | +73% |
| Adjusted Operating Income  | 137441 | 299481 | +118% |
| *Adjusted Operating Income Margin*  | *36%* | *45%* | *+9p.p.* |
| Adjusted Net Income  | 112290 | 212930 | +90% |
| *Adjusted Net Income Margin*  | *29%* | *32%* | *+3p.p.* |
| Adjusted Earnings per Share  | 1.07 | 1.79 | +67% |

---

Definitions, discussion, and analysis of these indicators are provided in their respective sections below. These include reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure, and investors are encouraged to review these reconciliations together with the related GAAP financial measures.

#### Revenue
The following table presents revenue and period-to-period growth for the periods shown.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended <br> December 31,**  | **Year ended <br> December 31,**  |  | |
| | **2023**  | **2024**  | **Change**  | **Change**  |
|  | **$ thousands, except percentages**  | **$ thousands, except percentages**  | **$ thousands, except percentages**  | **$ thousands, except percentages**  |
| Revenue  | 387067 | 671053 |  | +73% |

---

Revenue grew by $284 million, or 73%, in 2024 compared to 2023, primarily driven by acquisitions. The businesses acquired in 2024 were Issuu, Meetup, Mosaic, StreamYard, and WeTransfer. Collectively, these businesses contributed $268 million in revenue for the year.

The remaining $17 million of growth in 2024 compared to 2023 came from increased revenue generated by our existing portfolio, with Evernote and Remini making the largest contributions. The increase in Evernote revenue was primarily driven by higher subscription revenue resulting from an increase in average revenue per subscriber, partially offset by a decline in the number of subscribers. The increase in Remini revenue was primarily driven by growth in active users, which increased both advertising revenue and the number of subscribers.

#### Adjusted Operating Income and Adjusted Operating Income Margin
Adjusted Operating Income for a given period is defined as operating income for that period, adjusted to exclude (i) amortization and impairment of acquired intangible assets, (ii) transaction-related expense,

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(iii) reorganization-related expense, and (iv) other items that management does not consider indicative of core or ongoing operating performance.

Adjusted Operating Income Margin for a given period is defined as Adjusted Operating Income divided by revenue for that period.

When considered together with comprehensive GAAP financial information, Adjusted Operating Income and Adjusted Operating Income Margin may help evaluate our operating efficiency and improve period-to-period comparability, particularly during periods in which acquisition and transformation activities were especially intensive.

The following table presents a reconciliation of Adjusted Operating Income to its most directly comparable GAAP financial measure, operating income, for the periods shown.

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended <br> December 31,**  | **Year ended <br> December 31,**  | |
| | **2023**  | **2024**  | **Change**  |
|  | **$ thousands, except percentages**  | **$ thousands, except percentages**  | **$ thousands, except percentages**  |
| **Operating income**  | **84267** | **127352** | **+51%** |
| Amortization and impairment of acquired intangible assets  | 33809 | 85947 | +154% |
| Transaction-related expense  | 848 | 31952 | n.m. |
| Reorganization-related expense  | 13514 | 51792 | +283% |
|  Other items not indicative of core or ongoing operating <br> performance  | 5003 | 2438 | –51% |
| **Adjusted Operating Income**  | **137441** | **299481** | **+118%** |
| *Operating income as a percentage of revenue*  | *22%* | *19%* | *–3p.p.* |
| *Adjusted Operating Income Margin*  | *36%* | *45%* | *+9p.p.* |

---

Operating income grew by $43 million, or 51%, in 2024 compared to 2023, driven by a $284 million increase in revenue, partially offset by increases in cost of revenue, research and development expense, sales and marketing expense, and general and administrative expense.

Amortization and impairment of acquired intangible assets increased by $52 million, or 154%, reflecting the recognition of intangible assets as part of new acquisitions.

Acquisition activity also drove the increase in transaction-related expense, which rose by $31 million. In 2023, transaction-related expense included $1 million of advisory and consulting costs related to acquisitions. In 2024, it included $18 million of advisory and consulting costs related to acquisitions, $10 million of costs associated with acquisition financing, and $5 million of costs related to the acceleration of equity instruments held by the acquired teams at Issuu and WeTransfer.

Acquisition activity also drove the increase in reorganization-related expense, which rose by $38 million, or 283%. In 2023, reorganization-related expense was primarily driven by separation packages offered to team members in connection with the reorganization of Evernote. In 2024, it was primarily driven by separation packages offered to team members in connection with the reorganizations of Issuu, Meetup, StreamYard, and WeTransfer.

In 2023, other items not indicative of core or ongoing operating performance included a $5 million expense in association with an asset acquisition. In 2024, such items included a $1 million expense related to the same acquisition and $2 million related to advisory services, partially offset by proceeds from the sale of a minor business.

Adjusted Operating Income grew by $162 million, or 118%, in 2024 compared to 2023, driven by the factors described above.

#### Adjusted Net Income and Adjusted Net Income Margin
Adjusted Net Income for a given period is defined as net income for that period, adjusted to exclude, net of the related income tax effect, (i) amortization and impairment of acquired intangible assets,

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(ii) transaction-related expense, (iii) reorganization-related expense, and (iv) other items that management does not consider indicative of core or ongoing operating performance.

Adjusted Net Income Margin for a given period is defined as Adjusted Net Income divided by revenue for that period.

When considered together with comprehensive GAAP financial information, Adjusted Net Income, and Adjusted Net Income Margin may help evaluate our profitability and improve period-to-period comparability, particularly during periods in which acquisition and transformation activities were especially intensive.

The following table presents a reconciliation of Adjusted Net Income to its most directly comparable GAAP financial measure, net income, for the periods shown.

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended <br> December 31,**  | **Year ended <br> December 31,**  | |
| | **2023**  | **2024**  | **Change**  |
|  | **$ thousands, except percentages**  | **$ thousands, except percentages**  | **$ thousands, except percentages**  |
| **Net income**  | **160643** | **88997** | **–45%** |
| Amortization and impairment of acquired intangible assets  | 33809 | 85947 | +154% |
| Transaction-related expense  | 848 | 31952 | n.m. |
| Reorganization-related expense  | 13514 | 51792 | +283% |
|  Other items not indicative of core or ongoing operating <br> performance  | (81636) | 2438 | n.m. |
| Income tax effect  | (14889) | (48196) | +224% |
| **Adjusted Net Income**  | **112290** | **212930** | **+90%** |
| *Net income as a percentage of revenue*  | *42%* | *13%* | *–28p.p.* |
| *Adjusted Net Income Margin*  | *29%* | *32%* | *+3p.p.* |

---

Net income decreased by $72 million, or 45%, in 2024 compared to 2023, primarily driven by a $119 million increase in income tax provision (benefit) and a $15 million increase in interest expense, partially offset by a $43 million increase in operating income.

Amortization and impairment of acquired intangible assets increased by $52 million, or 154%, reflecting the higher capital invested in acquisitions.

The intensification of acquisition activity drove the increase in transaction-related expense, which rose by $31 million. In 2023, transaction-related expense included $1 million of advisory and consulting costs related to acquisitions. In 2024, it included $18 million of advisory and consulting costs related to acquisitions, $10 million of costs associated with acquisition financing, and $5 million of costs related to the acceleration of equity instruments held by the acquired teams at Issuu and WeTransfer.

Acquisition activity also drove the increase in reorganization-related expense, which rose by $38 million, or 283%. In 2023, reorganization-related expense was primarily driven by separation packages offered to team members in connection with the reorganization of Evernote. In 2024, it was primarily driven by separation packages offered to team members in connection with the reorganizations of Issuu, Meetup, StreamYard, and WeTransfer.

In 2023, other items not indicative of core or ongoing operating performance included a $65 million benefit from aligning the tax basis of certain assets with their carrying values and a $22 million benefit from deferred tax assets recognized in connection with a group transaction, partially offset by a $5 million deferred payment related to an acquisition completed in 2021. In 2024, such items included a $1 million expense related to the same acquisition and $2 million related to advisory services, partially offset by proceeds from the sale of a minor business.

The income tax effects of these adjustments have been calculated using an effective tax rate that reflects the expected tax treatment of the underlying items.

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Adjusted Net Income grew by $101 million, or 90%, driven by the factors described above.

#### Adjusted Earnings per Share
Adjusted Earnings per Share for a given period is defined as diluted earnings per share for that period, adjusted to exclude, net of the related income tax effect and the portion attributable to non-controlling interests, the per-share impact of (i) amortization and impairment of acquired intangible assets, (ii) transaction-related expense, (iii) reorganization-related expense, and (iv) other items that management does not consider indicative of core or ongoing operating performance.

When considered together with comprehensive GAAP financial information, Adjusted Earnings per Share may help evaluate our profitability and compounding efficiency and improve period-to-period comparability, particularly during periods in which acquisition and transformation activities were especially intensive. Among our non-GAAP key performance indicators, we consider Adjusted Earnings per Share to be the most important.

The following table presents a reconciliation of Adjusted Earnings per Share to its most directly comparable GAAP financial measure, diluted earnings per share, for the periods shown.

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended <br> December 31,**  | **Year ended <br> December 31,**  | |
| | **2023**  | **2024**  | **Change**  |
|  | **$, except percentages**  | **$, except percentages**  | **$, except percentages**  |
| **Diluted earnings per share**  | **1.53** | **0.75** | **–51%** |
| Amortization and impairment of acquired intangible assets  | 0.32 | 0.72 | +123% |
| Transaction-related expense  | 0.01 | 0.27 | n.m. |
| Reorganization-related expense  | 0.13 | 0.43 | +236% |
| Other items not indicative of core or ongoing operating performance  | (0.78) | 0.02 | n.m. |
| Income tax effect  | (0.14) | (0.40) | +184% |
| **Adjusted Earnings per Share**  | **1.07** | **1.79** | **+67%** |

---

Diluted earnings per share decreased by $0.78, or 51%, in 2024 compared to 2023, driven by a 45% decrease in net income and a 14% increase in diluted weighted-average shares outstanding.

Changes in amortization and impairment of acquired intangible assets, transaction-related expense, reorganization-related expense, and other items not indicative of core or ongoing operating performance are described in *— Adjusted Net Income and Adjusted Net Income Margin* above.

The income tax effects of these adjustments have been calculated using an effective tax rate that reflects the expected tax treatment of the underlying items.

Adjusted Earnings per Share grew by $0.71, or 67%, driven by the factors described above.

#### Components of operating results
Below, we describe the components of our operating results.

#### Revenue
 *We generate revenue from subscriptions, advertising, and other sources. See — How we generate revenue above for additional information.* 

#### Cost of revenue
Cost of revenue consists primarily of amortization of acquired intangible assets, IT infrastructure costs (mainly for AWS and Google Cloud), distribution and payment processing costs (mainly for services provided by Adyen, Apple, Google, PayPal, and Stripe), and personnel costs (mainly related to customer support and product maintenance).

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
In share transactions, the purchase price is allocated to the identifiable assets acquired and liabilities assumed based on their estimated fair value as of the acquisition date, with identifiable intangible assets recognized separately from goodwill and subsequently amortized over their estimated useful life. In asset transactions, the purchase price is allocated to the identifiable assets acquired and subsequently amortized over their estimated useful life.

We depend on several key vendors, including providers of cloud infrastructure (primarily AWS and Google Cloud), distribution channels (primarily Apple and Google through their app stores), and payment processing services (primarily Adyen, Apple, Google, PayPal, and Stripe). Changes in the contractual terms with these vendors can have a material impact on our profitability. As we scale, we have been able to secure more favorable terms with certain vendors and have invested in technologies and processes designed to reduce switching costs. Nevertheless, these vendors continue to have significant negotiating leverage.

In Q4 2024, 93% of revenue was generated through electronic payments and 7% through wire transfers. Of revenue generated through electronic payments, 43% was processed through providers such as Adyen, PayPal, and Stripe, and 57% through the Apple App Store or Google Play Store. For purchases made through the App Store or Play Store, Apple or Google, respectively, retain a fee ranging from 15% to 30% of the payment value. By contrast, payments processed through providers such as Adyen, PayPal, and Stripe generally involve fees of 5% or less, while wire transfers usually result in costs to us below 0.1%. At the same time, we have often found that, due to the convenience of purchasing through the App Store or Play Store, customers using our standalone mobile applications are more likely to complete a transaction when this option is offered as the default. As a result, a significant portion of customer purchases will probably continue to occur through the App Store or Play Store.

We expect cost of revenue to increase in absolute U.S. dollar terms as our business grows, including through acquisitions. Cost of revenue may fluctuate as a percentage of revenue from period to period depending on, among other factors, changes in amortization of acquired intangible assets, the timing and outcomes of renegotiations of our IT infrastructure contracts, the share of revenue generated through transactions processed via the App Store or Play Store, and shifts in product mix that influence IT infrastructure and customer support characteristics.

#### Research and development expense
Research and development expense consists primarily of personnel costs, including, following an acquisition, separation packages for impacted team members and retention bonuses for those we seek to incentivize to remain during the transition period.

We have expensed all research and development costs as incurred.

We expect research and development expense to increase in absolute U.S. dollar terms as our business grows, including through acquisitions. Research and development expense may fluctuate as a percentage of revenue from period to period depending on, among other factors, the level of investment in our products and technologies, adjustments to team member compensation, and the timing and magnitude of post-acquisition reorganizations.

#### Sales and marketing expense
Sales and marketing expense consists primarily of advertising costs (mainly on Google Ads and Meta Ads), personnel costs (including, following an acquisition, separation packages for impacted team members and retention bonuses for those we seek to incentivize to remain during the transition period), and amortization of capitalized sales commissions and related costs.

We have expensed all advertising costs as incurred.

We capitalize certain sales commissions and related costs, including associated payroll taxes and social security contributions, and subsequently amortize them over their expected period of benefit, which we determine based on the terms of the relevant customer contract or our estimate of customer lifetime.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
We expect sales and marketing expense to increase in absolute U.S. dollar terms as our business grows, including through acquisitions. Sales and marketing expense may fluctuate as a percentage of revenue from period to period depending on, among other factors, our level of investment in advertising, adjustments to team member compensation, the timing and magnitude of post-acquisition reorganizations, and the share of our portfolio that targets enterprise customers and therefore requires a significant sales effort.

#### General and administrative expense
General and administrative expense consists primarily of personnel costs, professional service costs (including transaction-related audit and advisory), and real estate costs. Personnel costs may, on occasion, include the acceleration of equity instruments held by an acquired company's management and other team members. Depending on the purchase price adjustment mechanisms agreed with the seller, such compensation costs may be deducted from the purchase price. Following an acquisition, personnel costs also include separation packages for impacted team members and retention bonuses for individuals we seek to incentivize to remain during the transition period.

We expect general and administrative expense to increase in absolute U.S. dollar terms as our business grows, including through acquisitions, and as a result of operating as a public company. General and administrative expense may fluctuate as a percentage of revenue from period to period depending on, among other factors, adjustments to team member compensation, the intensity of our acquisition activity, the timing and magnitude of post-acquisition reorganizations, and changes in our use of external advisors and consultants.

#### Interest expense
Interest expense consists primarily of interest on our outstanding borrowings and amortization of financing fees and related costs.

We capitalize financing fees and related costs that are directly attributable to obtaining borrowings and subsequently amortize them over the contractual term of the related loan.

We expect interest expense to increase in absolute U.S. dollar terms as our business grows. Interest expense may fluctuate as a percentage of revenue from period to period depending on, among other factors, changes in our level of indebtedness, the composition of our debt, the extent of our interest rate hedging activities, and prevailing interest rates.

#### Other income (expense)
Other income (expense) consists primarily of interest income earned on our cash, cash equivalents, and short-term investments, as well as gains and losses arising from currency exchange rate fluctuations.

Other income (expense) may fluctuate from period to period depending on, among other factors, the amount of cash and cash equivalents we hold, the composition of our investment portfolio, prevailing interest rates, the geographic distribution of our operations, customer base, and cash balances, the extent of our currency exchange rate hedging activities, and movements in currency exchange rates.

#### Income tax provision (benefit)
Income tax provision (benefit) consists primarily of current and deferred income taxes.

Income tax provision (benefit) may fluctuate depending on, among other factors, the geographic mix of our earnings, changes in tax laws and tax rates in the jurisdictions in which we operate, the utilization of tax attributes such as net operating losses and tax credits, and the timing and magnitude of discrete tax items, including changes in valuation allowances.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

#### Operating results
The following table presents our operating results for the periods shown.

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended <br> December 31,**  | **Year ended <br> December 31,**  | |
| | **2023**  | **2024**  | **Change**  |
|  | **$ thousands, except percentages**  | **$ thousands, except percentages**  | **$ thousands, except percentages**  |
| Revenue  | 387067 | 671053 | +73% |
| Cost of revenue  | 150550 | 242202 | +61% |
| Gross profit  | 236518 | 428851 | +81% |
| Research and development expense  | 51792 | 92557 | +79% |
| Sales and marketing expense  | 42636 | 79191 | +86% |
| General and administrative expense  | 57823 | 129752 | +124% |
| Operating income  | 84267 | 127352 | +51% |
| Interest expense  | 17173 | 32605 | +90% |
| Other (expense) income  | (9585) | 10090 | n.m. |
| Income before tax  | 57509 | 104837 | +82% |
| Income tax (benefit) provision  | (103134) | 15840 | n.m. |
| Net income  | 160643 | 88997 | –45% |

---

Below, we discuss our operating results on a line-by-line basis.

#### Revenue
For a discussion of revenue performance, see — *Key performance indicators — Revenue* above.

#### Cost of revenue
The following table presents cost of revenue and period-to-period growth for the periods shown.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended <br> December 31,**  | **Year ended <br> December 31,**  |  | |
| | **2023**  | **2024**  | **Change**  | **Change**  |
|  | **$ thousands, except percentages**  | **$ thousands, except percentages**  | **$ thousands, except percentages**  | **$ thousands, except percentages**  |
| Cost of revenue  | 150550 | 242202 |  | +61% |

---

Cost of revenue grew by $92 million, or 61%, in 2024 compared to 2023, primarily driven by:

• A $52 million increase in amortization of acquired intangible assets, reflecting the higher capital invested in acquisitions

• A $27 million increase in distribution and payment processing expense, reflecting the increase in revenue

• A $14 million increase in IT infrastructure expense, reflecting increased customer activity

In 2023, cost of revenue included:

• $34 million of amortization of acquired intangible assets

• $2 million of reorganization-related expense

• $5 million of other items not considered indicative of core or ongoing operating performance

In 2024, cost of revenue included:

• $86 million of amortization of acquired intangible assets

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• $1 million of reorganization-related expense

• $1 million of other items not considered indicative of core or ongoing operating performance

#### Research and development expense
The following table presents research and development expense and period-to-period growth for the periods shown.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended <br> December 31,**  | **Year ended <br> December 31,**  |  | |
| | **2023**  | **2024**  | **Change**  | **Change**  |
|  | **$ thousands, except percentages**  | **$ thousands, except percentages**  | **$ thousands, except percentages**  | **$ thousands, except percentages**  |
| Research and development expense  | 51792 | 92557 |  | +79% |

---

Research and development expense grew by $41 million, or 79%, in 2024 compared to 2023, primarily driven by:

• Personnel costs associated with the ongoing operations of the businesses acquired in 2024

• Separation packages offered to team members in connection with the reorganizations of Issuu, Meetup, StreamYard, and WeTransfer

• An increase in other personnel costs across the group

In 2023, research and development expense included $8 million of reorganization-related expense.

In 2024, research and development expense included:

• $25 million of reorganization-related expense

• $2 million of transaction-related expense

#### Sales and marketing expense
The following table presents sales and marketing expense and period-to-period growth for the periods shown.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended <br> December 31,**  | **Year ended <br> December 31,**  |  | |
| | **2023**  | **2024**  | **Change**  | **Change**  |
|  | **$ thousands, except percentages**  | **$ thousands, except percentages**  | **$ thousands, except percentages**  | **$ thousands, except percentages**  |
| Sales and marketing expense  | 42636 | 79191 |  | +86% |

---

Sales and marketing expense grew by $37 million, or 86%, in 2024 compared to 2023, primarily driven by:

• Personnel costs associated with the ongoing operations of the businesses acquired in 2024

• Separation packages offered to team members in connection with the reorganizations of Issuu, Meetup, StreamYard, and WeTransfer

• An increase in other personnel costs across the group

In 2023, sales and marketing expense included $1 million of reorganization-related expense.

In 2024, sales and marketing expense included:

• $9 million of reorganization-related expense

• $1 million of transaction-related expense

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

#### General and administrative expense
The following table presents general and administrative expense and period-to-period growth for the periods shown.

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended <br> December 31,**  | **Year ended <br> December 31,**  | |
| | **2023**  | **2024**  | **Change**  |
|  | **$ thousands, except percentages**  | **$ thousands, except percentages**  | **$ thousands, except percentages**  |
| General and administrative expense  | 57823 | 129752 | +124% |

---

General and administrative expense grew by $72 million, or 124%, in 2024 compared to 2023, primarily driven by:

• Personnel costs associated with the ongoing operations of the businesses acquired in 2024

• Advisory and consulting costs related to those acquisitions

• Separation packages offered to team members in connection with the reorganizations of Issuu, Meetup, StreamYard, and WeTransfer

• An increase in other personnel costs across the group

In 2023, general and administrative expense included:

• $1 million of transaction-related expense

• $2 million of reorganization-related expense

In 2024, general and administrative expense included:

• $28 million of transaction-related expense

• $16 million of reorganization-related expense

• $1 million of other items not considered indicative of core or ongoing operating performance

#### Interest expense
The following table presents interest expense and period-to-period growth for the periods shown.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended <br> December 31,**  | **Year ended <br> December 31,**  |  | |
| | **2023**  | **2024**  | **Change**  | **Change**  |
|  | **$ thousands, except percentages**  | **$ thousands, except percentages**  | **$ thousands, except percentages**  | **$ thousands, except percentages**  |
| Interest expense  | 17173 | 32605 |  | +90% |

---

Interest expense grew by $15 million, or 90%, in 2024 compared to 2023, primarily driven by higher average borrowings associated with acquisition financing. On July 30, 2024, we entered into a €710 million senior term loan facility and an up to €50 million revolving credit facility agreement. In connection with this transaction, all previously outstanding indebtedness was refinanced, except for two senior term loan facilities with original nominal amounts of €70 million and €50 million, which remained outstanding.

#### Other income (expense)
The following table presents other income (expense) and period-to-period growth for the periods shown.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended <br> December 31,**  | **Year ended <br> December 31,**  |  | |
| | **2023**  | **2024**  | **Change**  | **Change**  |
|  | **$ thousands, except percentages**  | **$ thousands, except percentages**  | **$ thousands, except percentages**  | **$ thousands, except percentages**  |
| Other income (expense)  | (9585) | 10090 |  | n.m. |

---

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
Other income (expense) increased by $20 million in 2024 compared to 2023, primarily driven by favorable changes in currency exchange rates, partially offset by a higher loss from changes in the fair value of financial instruments, mainly related to the aforementioned debt refinancing.

#### Income tax provision (benefit)
The following table presents income tax provision (benefit) and period-to-period growth for the periods shown.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended <br> December 31,**  | **Year ended <br> December 31,**  |  | |
| | **2023**  | **2024**  | **Change**  | **Change**  |
|  | **$ thousands, except percentages**  | **$ thousands, except percentages**  | **$ thousands, except percentages**  | **$ thousands, except percentages**  |
| Income tax provision (benefit)  | (103134) | 15840 |  | n.m. |

---

Income tax provision (benefit) decreased by $119 million in 2024 compared to 2023, primarily reflecting the following items recorded in 2023:

• A $65 million benefit from aligning the tax basis of certain assets with their carrying values, considered not indicative of core or ongoing operating performance

• A $22 million benefit from deferred tax assets recognized in connection with a group transaction, considered not indicative of core or ongoing operating performance

#### Donations
Historically, we have allocated a low single-digit percentage of our net income to give-back initiatives, including donations to charitable causes. We expect this practice to continue for the foreseeable future.

While decisions regarding charitable giving could be left to individual shareholders, we believe pursuing give-back initiatives as a company offers certain advantages, particularly at these modest levels. In our experience, doing so helps maintain perspective, resonates with some team members, and may enhance our brand.

#### Seasonality
Some of our businesses experience significant seasonality in their operations. For example, komoot — a route planning and navigation product for hikers and cyclists — typically sees higher usage and revenue during the summer months, when outdoor activities are more popular in the geographies where most of komoot's customers are located. By contrast, WeTransfer, a digital file management and transfer service used mainly by professionals and organizations, tends to exhibit the opposite pattern, as collaborative projects often slow during the summer.

At the level of Bending Spoons as a whole, our operations may exhibit seasonality depending on the composition of our portfolio at a given time. Based on our current portfolio composition, however, we do not expect seasonality to be significant at this level.

#### Liquidity and capital resources
Our primary sources of liquidity are cash from operating activities, cash and cash equivalents, and availability under our revolving credit facility. Cash equivalents consist mainly of cash held in interest-bearing accounts with financial institutions.

Net cash from operating activities was $59 million in 2023 and $205 million in 2024. Cash and cash equivalents totaled $239 million at the end of 2024. At the end of 2024, our revolving credit facility provided borrowing capacity of up to €50 million, or $52 million at the then-current exchange rate, and was fully undrawn.

We believe our cash flows from operating activities, existing cash and cash equivalents, and availability under our revolving credit facility will be sufficient to fund our business for at least the next

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
twelve months and for the foreseeable future. However, our funding requirements may vary materially from our current expectations, particularly as a result of acquisitions.

If our resources are insufficient to fund our business, including future acquisitions, we may seek additional debt or equity financing. Incurring additional debt would increase our debt service obligations and could subject us to covenants that restrict our operating flexibility. Issuing additional equity would result in dilution to existing shareholders. Additional financing may not be available on favorable terms, or at all.

#### Cash flows
The following table presents our cash flows for the periods shown.

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended <br> December 31,**  | **Year ended <br> December 31,**  | |
| | **2023**  | **2024**  | **Change**  |
|  | **$ thousands, except percentages**  | **$ thousands, except percentages**  | **$ thousands, except percentages**  |
| Net cash from operating activities  | 59154 | 204895 | +246% |
| Net cash from investing activities  | (170294) | (889654) | +422% |
| Net cash from financing activities  | 110664 | 664044 | +500% |

---

Net cash from operating activities grew by $146 million, or 246%, in 2024 compared to 2023, primarily driven by improved operating efficiency at Evernote following our transformation of the business, as well as cash flows generated by acquisitions completed during 2024.

Net cash from investing activities grew by $719 million, or 422%, reflecting the higher capital invested in acquisitions. In 2023, we acquired Evernote. In 2024, we acquired Issuu, Meetup, Mosaic, StreamYard, and WeTransfer.

Net cash from financing activities grew by $553 million, or 500%, primarily driven by the €710 million senior term loan facility raised on July 30, 2024, partially offset by the refinancing of a portion of our existing borrowings.

#### Revolving credit facilities and term loans
*Euro Senior Facilities Agreement* 

On July 30, 2024, we entered into an English law governed senior facilities agreement with, among others, Intesa Sanpaolo S.p.A., as agent and security agent, Banco BPM S.P.A., BNP Paribas Italian Branch and Intesa Sanpaolo S.p.A., as arrangers, and certain financial institutions mentioned as original lenders in the agreement (the "Original Senior Facilities Agreement"), providing for a term loan facility of €710 million (the "Euro TLA1 Facility") and a revolving credit facility to be subsequently established for up to €50 million (the "Original Euro Revolving Facility"). The Original Senior Facilities Agreement was subsequently amended, restated, supplemented or integrated by the following documentation, among others:

• An additional facility notice dated October 27, 2025 (as amended and restated on November 12, 2025 and November 14, 2025), providing for an increase in the original revolving credit facility of €305 million (the Original Euro Revolving Facility, as subsequently increased from time to time, the "Euro Revolving Facility")

• An additional facility notice dated October 27, 2025 (as amended and restated on November 12, 2025 and November 14, 2025), establishing an additional term loan facility of €476 million (the "Euro TLA2 Facility" and, together with the Euro TLA1 Facility, the "Euro TLA Facilities")

• A consent request letter signed by us on November 24, 2025 and countersigned by Intesa Sanpaolo S.p.A., as agent under the Original Senior Facilities Agreement, on January 20, 2026 relating to certain amendments to the termination dates of the facilities and the related provisions included in

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
the Original Senior Facilities Agreement (the Original Facilities Agreement, as amended, amended and restated, supplemented and/or integrated from time to time, the "Senior Facilities Agreement")

As of December 31, 2024, we had €710 million drawn under the Euro TLA1 Facility, and €50 million available but not drawn under the Euro Revolving Facility.

The Senior Facilities Agreement contains certain negative covenants. These covenants, among other things, restrict, subject to certain exceptions, our and the other obligors' ability to incur indebtedness, create liens, engage in mergers or acquisitions, make investments, loans and advances, pay dividends and distributions and dispose of assets.

The Senior Facilities Agreement also contains a financial covenant that requires us to ensure that in respect of any Testing Date (as defined within the Senior Facilities Agreement), the Total Leverage Ratio (as defined within the Senior Facilities Agreement) in respect of the Relevant Period (as defined within the Senior Facilities Agreement) ending on such Testing Date shall not exceed 4.00:1.00.

Additionally, the Senior Facilities Agreement contains certain customary representations and warranties, affirmative covenants and events of default. This summary describes the material provisions of the Senior Facilities Agreement but may not contain all information that is important to you. You should read the Senior Facilities Agreement, which has been filed as an exhibit to the registration statement of which this prospectus forms a part.

*USD TLA Credit Facility Agreement* 

On January 2, 2026, Bending Spoons US Inc., as borrower, and certain of its affiliates entered into a senior secured Credit Agreement (the "US TLA/RCF Credit Agreement") with the lenders party to the US TLA/RCF Credit Agreement, with JPMorgan Chase Bank, N.A. serving as Administrative Agent, and with Intesa Sanpaolo S.p.A. serving as Security Agent. The US TLA/RCF Credit Agreement provides for Tranche A term loans in an aggregate principal amount of up to $660 million which were fully funded on January 2, 2026 (the "Tranche A Term Loans"), and revolving commitments in an aggregate principal amount of up to $195 million (which may be borrowed, repaid and reborrowed during the life of the facility), including a subfacility for issuance of letters of credit in an aggregate amount of up to $15 million. Borrowings under the term and revolving facilities bear interest, at our option, at a per annum rate equal to (i) term SOFR plus 3.50% or (ii) an alternate base rate (equal to the greater of the prime rate, the federal funds rate plus 0.50% and term SOFR for a period of one month plus 1.00%) ("ABR") plus 2.50%. The interest rate margins under the US TLA/RCF Credit Agreement are reduced by 0.25% per annum upon consummation of certain initial public offering transactions. Unused commitments under the revolving facility are subject to a commitment fee of 0.50% per annum, payable quarterly in arrears. The term loans amortize in quarterly installments of 1.25% of the original principal amount, with amounts repaid not permitted to be reborrowed.

The proceeds of the Tranche A Term Loans were used to finance a portion of the consideration for the AOL Acquisition, to refinance certain indebtedness of AOL Holdco I LLC, and to pay related fees and expenses, including original issue discounts ("OID") or upfront fees. The revolving facility and letters of credit are available for general corporate purposes, including acquisitions and other transactions permitted by the Credit Agreement.

The US TLA/RCF Credit Agreement contains customary mandatory prepayment requirements in the event of certain asset sales, certain condemnation events and incurrences of non-permitted indebtedness, as well as customary covenants and events of default. The US TLA/RCF Credit Agreement also requires us to maintain a quarterly total net leverage ratio of no greater than 4.00 to 1.00.

The final maturity date of the US TLA/RCF Credit Agreement is March 7, 2031.

*USD TLB Credit Agreement* 

On March 7, 2025, Bending Spoons US Inc., as borrower, entered into a senior secured Term Loan Credit Agreement (the "Original TLB Credit Agreement" and, as amended pursuant to the amendments

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described below, the "TLB Credit Agreement") with the lenders party to the Original TLB Credit Agreement, with JPMorgan Chase Bank, N.A., as Administrative Agent, and with Intesa Sanpaolo S.p.A., as Security Agent. The Original TLB Credit Agreement provided for an initial Tranche B term loan facility in an aggregate principal amount of $600 million (the "Closing Term Loan B"), the proceeds of which were available for permitted acquisitions, investments, and capital expenditures and to pay fees and expenses, including OID or upfront fees.

On April 4, 2025, the Original TLB Credit Agreement was amended to provide Bending Spoons US Inc. with incremental Tranche B term loans in an aggregate principal amount of $150 million (the "First Amendment Term Loan B"), which were available for permitted acquisitions, investments, and capital expenditures and to pay fees and expenses, including OID or upfront fees.

On July 21, 2025, the TLB Credit Agreement was further amended to, among other things, expand the ability of other subsidiaries to incur incremental indebtedness under the TLB Credit Agreement.

On July 29, 2025, the TLB Credit Agreement was further amended to provide (i) Bending Spoons US Inc. with incremental Tranche B term loans in an aggregate principal amount of $175 million (the "Third Amendment Term Loan B") and (ii) Bending Spoons US Inc. and Wetransfer B.V. (as co-borrowers) with incremental Euro-denominated Tranche B term loans in an aggregate principal amount of Euro 350 million (the "Third Amendment Euro Loan"). The proceeds of the Third Amendment Term Loan B and the Third Amendment Euro Loan were available for permitted acquisitions, investments, and capital expenditures, and to pay fees and expenses, including OID and upfront fees. Amendment No. 3 also appointed J.P. Morgan SE as Non-U.S. Administrative Agent.

On January 2, 2026, the TLB Credit Agreement was further amended to provide (i) Bending Spoons US Inc. with incremental Tranche B term loans in an aggregate principal amount of $950 million (the "Fourth Amendment Term Loan B") and (ii) Bending Spoons US Inc. and Wetransfer B.V. (as co-borrowers) with incremental Euro-denominated Tranche B term loan commitments in an aggregate principal amount of up to Euro 300 million which commitments were fully funded on January 30, 2026 (the "Fourth Amendment Euro Loan"). The proceeds of the Fourth Amendment Term Loan B and Fourth Amendment Euro Loan were used to finance (or to replenish cash and revolver borrowings utilized to finance) a portion of the consideration for the AOL Acquisition, to refinance certain indebtedness of AOL Holdco I LLC, and to pay related fees and expenses.

After giving effect to the amendments described above, the TLB Credit Agreement provides for the following interest rates applicable to the loans outstanding under the agreement, in each case, with the applicable margin being reduced by 0.25% per annum upon consummation of certain initial public offering transactions:

• The Closing Term Loan B, First Amendment Term Loan B, Third Amendment Term Loan B, and Fourth Amendment Term Loan B bear interest, at the Company's option, at a per annum rate equal to (a) term SOFR plus 5.875% or (b) ABR plus 4.875% (subject to a term SOFR floor of 1.00%)

• The Third Amendment Euro Loan bears interest at a per annum rate equal to EURIBOR plus 5.25% (subject to a EURIBOR floor of zero)

• The Fourth Amendment Euro Loan bears interest at a per annum rate equal to EURIBOR plus 5.875% (subject to a EURIBOR floor of zero)

All term loans under the TLB Credit Agreement amortize in quarterly installments of 1.25% of the original principal amount (as adjusted to ensure fungibility of the Closing Term Loan B, First Amendment Term Loan B, and the Third Amendment Term Loan B), with amounts repaid not permitted to be reborrowed.

The Credit Agreement contains customary mandatory prepayment requirements in the event of excess cash flow generation, certain asset sales, certain condemnation events, and incurrences of non-permitted indebtedness, as well as customary covenants and events of default. The TLB Credit Agreement also requires us to maintain a quarterly total net leverage ratio of no greater than 4.00 to 1.00.

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The final maturity date of the TLB Credit Agreement is March 7, 2031.

#### Contractual obligations and commitments
The following table presents our cash requirements from significant contractual obligations and commitments as of the end of 2024, shown in total, by payment due date, and by obligation or commitment type. Where variable interest rates apply, interest payments have been calculated assuming the rates in effect as of that date and, to the extent that hedging was in place, including its impact. Where amounts are denominated in currencies other than U.S. dollars, they have been converted at the exchange rates as of the same date.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **All due <br> dates**  | **Due within <br> 1 year**  | **Due in <br> 1 to 3 years**  | **Due in <br> 3 to 5 years**  | **Due in <br> over 5 years**  |
|  | **$ thousands**  | **$ thousands**  | **$ thousands**  | **$ thousands**  | **$ thousands**  |
| Term loan principal  | 862286 | 112475 | 395360 | 354451 |  |
| Term loan interest  | 149166 | 51827 | 71659 | 25680 |  |
| Revolving credit facility commitment fee  | 2492 | 481 | 1108 | 903 |  |
| Operating leases  | 10305 | 3710 | 5875 | 720 |  |
| All obligation and commitment types  | 1024249 | 168493 | 474001 | 381754 |  |

---

We did not have during the periods presented, nor do we currently have, any off balance sheet financing arrangements or any relationships with unconsolidated entities or financial partnerships.

#### Market risks
Changes in financial market conditions may affect our operating results and financial condition. Our exposures include the following.

#### Interest rates
During the periods presented, we were exposed to interest rate risk on our variable-rate borrowings. We mitigate this exposure through the use of hedging derivatives, which, at the end of 2024, covered more than 80% of our outstanding borrowings. The following table presents the estimated annualized impact on interest expense for 2023 and 2024 of a 100-basis-point increase in market interest rates on our long-term debt as of the end of 2023 and 2024.

---

| | | |
|:---|:---|:---|
| | **2023**  | **2024**  |
|  | **$ thousands**  | **$ thousands**  |
| Increase in interest expense  | 589 | 870 |

---

We expect to continue hedging most of our outstanding borrowings against interest rate fluctuations.

Cash equivalents consist primarily of cash held in interest-bearing accounts with financial institutions. We have not used, and do not expect to use, derivatives to manage interest rate risk associated with these balances.

#### Currency exchange rates
We generate revenue and incur expenses in multiple currencies, primarily U.S. dollars and euros, and we may hold debt denominated in both currencies. As a result, fluctuations in currency exchange rates affect our operating results and financial condition.

We generally seek to align the currency composition of our indebtedness with that of our revenue and our holdings of cash and cash equivalents in order to mitigate currency exchange risk. However, this strategy does not fully eliminate our exposure to fluctuations in currency exchange rates.

The following table presents the estimated impact on income before tax for 2024 of a 10% strengthening in the exchange rates of certain currencies. The analysis assumes that each currency moves in

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
isolation and that all other variables remain constant. The impact of a 10% weakening of a particular currency would be equal in magnitude and opposite in direction.

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| | | |
|:---|:---|:---|
| | **U.S. dollar**  | **Euro**  |
|  | **$ thousands**  | **$ thousands**  |
| Increase (decrease) in income before tax for 2024  | (6455) | 5956 |

---

#### Critical accounting estimates
Our consolidated financial statements are prepared in accordance with GAAP, which requires us to make estimates that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures. Critical accounting estimates are those involving a significant level of uncertainty at the time the estimate was made and for which changes in the estimate have had, or are reasonably likely to have, a material effect on our operating results or financial condition. We base our estimates on assumptions that we believe are reasonable under the circumstances, and we evaluate these estimates on an ongoing basis.

#### Fair value of assets acquired in a business combination
The accounting for business combinations requires us to make significant estimates in allocating the purchase price to the identifiable assets acquired and liabilities assumed at their respective fair values as of the acquisition date in accordance with Accounting Standards Codification (ASC) 805, Business Combinations. Significant estimates include the valuation of identifiable intangible assets — primarily customer relationships, trade names, and developed technology — as well as the determination of assumed liabilities and deferred tax assets and liabilities. Goodwill is measured as the excess of the purchase price over the fair value of the identifiable net assets acquired and, as a result, is sensitive to changes in these fair value estimates.

The fair value of identifiable intangible assets is determined using valuation techniques that incorporate income, market, and cost approaches, as appropriate for each asset type. These valuation techniques require us to make assumptions that are inherently uncertain and are based on information available as of the acquisition date. Changes in these estimates or assumptions could materially affect the amounts assigned to identifiable intangible assets and goodwill and could impact future operating results through changes in amortization expense or the recognition of impairment charges.

The purchase price allocation is provisional at the acquisition date and may be adjusted during the measurement period, which may extend up to one year from the acquisition date, as additional information becomes available regarding facts and circumstances that existed as of the acquisition date.

#### Useful life of intangible assets
We assess the reasonableness of the useful lives of our finite-lived intangible assets periodically and when events or changes in circumstances occur that may indicate a change in the period over which we expect to benefit from the asset. Our finite-lived intangible assets — primarily customer relationships, trade names, and developed technology — are amortized over their estimated useful lives, and changes in these estimates could materially affect future amortization expense and our operating results.

In addition, we evaluate finite-lived intangible assets for impairment in accordance with ASC 360, *Property, Plant, and Equipment*, whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. This evaluation requires significant judgment in estimating future undiscounted cash flows and, if necessary, determining the fair value of the asset group. If such estimates or assumptions change, we may be required to record an impairment charge, which could have a material effect on our operating results.

#### Impairment of goodwill
Goodwill is not amortized and is tested for impairment at least annually, or more frequently if events or changes in circumstances indicate it is more likely than not that its fair value is less than its carrying amount.

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We may first perform a qualitative assessment; if it concludes it is not more likely than not that fair value is below carrying amount, no further testing is required. Otherwise, we perform a quantitative test and recognize an impairment charge for any excess of carrying amount over fair value.

Fair value is estimated primarily using a discounted cash flow methodology, which requires significant assumptions, including those related to revenue growth, margin expectations, terminal value, and the weighted-average cost of capital. Changes in these assumptions could materially affect the estimated fair value and the amount of any goodwill impairment.

#### Equity compensation
We account for equity compensation in accordance with ASC 718, *Compensation — Stock Compensation*, which requires us to recognize compensation expense for equity awards to team members based on the grant-date fair value of those awards. We grant stock options that include service-based and, in certain cases, performance-based vesting conditions.

We estimate the fair value of stock options on the grant date using the Black-Scholes option pricing model. This model requires significant assumptions, including expected share price volatility, expected term, risk-free interest rate, expected dividend yield, and the fair value of our underlying common stock. Changes in these assumptions could result in materially different fair values and amounts of equity compensation expense.

Because our common stock is not yet publicly traded, determining its grant-date fair value requires significant judgment. We estimate the fair value of our common stock considering, among other factors, our operating and financial forecasts. The underlying assumptions affect the estimated enterprise value and resulting equity value used in our valuation analyses. Our forecasts are inherently uncertain, and actual results may differ materially from those assumptions, potentially affecting the related equity compensation expense.

Because we have limited historical information on the price of our common stock, we estimate expected volatility primarily using a peer group of publicly traded companies. After our initial public offering, we expect to transition to using the historical volatility of our publicly traded common stock. However, for an initial period following the initial public offering, we expect to continue to use the peer group approach, in whole or in part, until we have sufficient trading history to develop a reliable estimate based on our own stock.

#### Income taxes
Significant judgment is required in determining our worldwide provision for income taxes, including recognition of deferred taxes, valuation allowances, uncertain tax positions, and allocation of income among the jurisdictions in which we operate. Our income tax provision is based on estimates that may differ from amounts reflected in our tax returns filed in subsequent periods. We record adjustments resulting from return filings, new information, or changes in tax law and interpretations in the period the relevant facts become known, which can materially impact our effective tax rate. We are also subject to examination by Italian, U.S. federal and state, and other tax authorities. Resolving audits and uncertain tax positions may require judgment and could result in additional taxes, interest, and penalties. The ultimate tax outcome of certain transactions and calculations is uncertain in the ordinary course of operating a global business, including the application of tax laws to our intercompany arrangements, identifying items eligible for preferential tax treatment, and allocating income and expenses among jurisdictions. Changes in the geographical mix of our earnings or changes in applicable laws in the jurisdictions in which we operate could materially affect our effective tax rate. Although we believe our estimates are reasonable, actual outcomes may differ from those estimates and could have a material effect on our income tax provision and net income in the period such matters are resolved.

We recognize deferred tax assets and liabilities based on temporary differences and carryforwards and record a valuation allowance when it is more likely than not that some portion of our deferred tax assets will not be realized. Determining the valuation allowance requires judgment and depends on our expected generation of taxable income in the jurisdictions where our deferred tax assets reside,

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
including consideration of our historical results, forecasts of future taxable income, the mix of earnings by jurisdiction, carryforward periods, and feasible tax planning strategies. Changes in these assumptions could result in an increase or decrease to our valuation allowance, which we record in earnings in the period of change (or as an adjustment to goodwill for acquisition-related deferred taxes during the measurement period, as applicable).

#### Recent accounting pronouncements

#### Issued and adopted
In November 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. We adopted this ASU for our 2024 annual reporting with the comparative periods presented consistently.

#### Issued and not yet adopted
In December 2023, the FASB issued ASU No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures*, which requires disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendment is effective for annual periods beginning after December 15, 2024. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. We will adopt this ASU in our 2025 financial statements.

 *In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. The amendments will be effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating this ASU to determine its impact on our financial disclosures.* 

In September 2025, the FASB issued ASU 2025-06, *Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software*. Upon adoption, we will be required to account for internal-use software under the updated capitalization criteria. The standard is effective for our interim and annual 2028 periods, with early adoption permitted. The standard can be applied either prospectively, retrospectively, or under a modified transition approach. We are currently evaluating this ASU to determine its impact on our financial statements.

#### Internal controls over financial reporting
Prior to this offering, we operated as a private company and, accordingly, we were not required to design or maintain internal control over financial reporting commensurate with the requirements applicable to public companies. Therefore, we operated with limited accounting personnel to execute our accounting processes and limited resources with which to address our internal control over financial reporting.

After the completion of this offering, our management will be responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). Under the supervision and with the participation of our management, including our chief executive officer and co-chief financial officers, we will need to conduct an evaluation of the effectiveness of our internal control over financial reporting on an annual basis based on the Internal Control — Integrated Framework (2013 Framework) issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO").

We have identified material weaknesses in our internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
statements will not be prevented or detected on a timely basis. The material weaknesses we identified relate to (i) an absence of clearly defined structures, authorities, and accountability within our control environment; (ii) limited experience with SEC reporting and a lack of sufficient SOX and GAAP expertise; (iii) insufficient segregation of duties; (iv) inadequate information technology general controls; and (v) the lack of a comprehensive set of control activities, including with respect to the timely integration of newly acquired businesses into our control environment. As a result, we did not fully implement the components of the COSO framework. These material weaknesses could result in a misstatement of one or more account balances or disclosures that would result in a material misstatement in our annual or interim consolidated financial statements that would not be prevented or detected on a timely basis.

In light of these material weaknesses, we have performed additional analyses and have begun implementing measures designed to improve our internal control over financial reporting and remediate these material weaknesses, including by (i) enhancing our governance structure; (ii) strengthening our accounting and finance organization to support appropriate segregation of duties and public-company reporting requirements; (iii) implementing information technology general controls; (iv) establishing controls to identify, assess, and respond to risks of material misstatement; (v) enhancing controls over non-routine, unusual, or complex transactions; and (vi) designing and implementing controls and procedures to support the timely and effective integration of newly acquired businesses into our internal control framework.

 *We cannot assure that we will be able to remediate these material weaknesses in a timely manner, or at all, or that additional material weaknesses will not be identified in the future. For additional information regarding risks related to these material weaknesses, see Risk Factors — We have identified material weaknesses in our internal control over financial reporting, and we may not be able to remediate these material weaknesses or otherwise maintain effective internal control over financial reporting.*

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## Business
*You should read the following description of our business together with our consolidated financial statements and related notes included elsewhere in this prospectus. This section contains forward-looking statements based on our strategy, plans, expectations, and beliefs, which involve significant risks and uncertainties. Actual performance may differ materially from that contemplated by these forward-looking statements due to, among other things, the risks described under "Note regarding forward-looking statements," "Risk factors," and elsewhere in this prospectus.* 

#### Overview
Bending Spoons is built on the conviction that excellence in both acquiring and operating businesses allows us to improve products at scale and generate strong shareholder returns. In pursuit of these objectives, we acquire digital businesses, implement deep transformations and ongoing optimizations to sustainably expand earnings, and reinvest in additional acquisitions, thereby continuing the compounding cycle. We have executed this Playbook for more than a decade and, to date, have not sold a material business. Our performance is enabled by our Platform — comprising our people, proprietary technologies, and proprietary data — and reflects our intense focus on talent density, cultural strength, and technical excellence.

Below, we describe our three-step Playbook in greater detail:

• **Step 1 — Acquire.** We acquire a business whose core products are digital. We prioritize businesses that we believe we can improve significantly, that have a large revenue base relative to the scale of our portfolio at the time of acquisition, and whose trajectory we can forecast with reasonable confidence several years into the future, a process that involves factoring in the risk of disruption from advances in AI. Our evaluation is analytical and rigorous, and we are disciplined on price.

• **Step 2 — Transform and optimize.** We strive to envision the most successful version of the acquired business and work to close the gap between its current state and that vision as quickly and completely as possible. The transformation is typically deep and includes reorganizing teams, overhauling technology, redesigning user interfaces, accelerating product development, and strengthening marketing and monetization. AI is often both a central component of our vision for the acquired business and a key tool in implementing the transformation. Through these efforts, we seek to increase revenue and reduce costs to drive a sustainable expansion in earnings. We then optimize the business as part of our broader portfolio on an ongoing basis.

• **Step 3 — Reinvest.** We deploy our earnings, along with contributions from newly acquired and improved businesses and prudent levels of incremental debt, to fund additional acquisitions, thereby continuing the compounding cycle. We may also opportunistically raise incremental equity to accelerate growth.

Together, our people, proprietary technologies, and proprietary data constitute the Platform that supports our acquisitions, transformations, and ongoing optimization. We have been building this Platform since our founding in 2013 and consider it our primary source of competitive advantage.

• **People.** We have a talent-dense core team of Spooners<sup>1</sup><sup>9</sup> who embrace a culture emphasizing truth-seeking and extreme ownership — traits we consider critical drivers of business performance. In 2025, we received more than 800,000 job applications to become a Spooner and, consistent with our focus on talent density, hired 286 individuals, representing less than 0.04% of applications received. We allocate Spooners flexibly across our portfolio, deploying resources to areas of opportunity and reducing them where appropriate. For example, we may assemble a task force to transform a newly acquired business, expand an engineering team to accelerate a product initiative, or scale back an organization once a period of intensive change has concluded.

<sup>1</sup><sup>9</sup>

We define "Spooners" as team members who have successfully completed the rigorous and selective application process to join our core team. Spooners are allocated flexibly across the organization and may be transferred between businesses on short notice. They are held to particularly demanding performance standards.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• **Proprietary technologies.** We have engineered, and we continue to improve, numerous technologies that enable us to do more and better work with fewer resources. Examples include an end-to-end data infrastructure, a user lifetime value prediction system, and a product experimentation toolkit. Our technologies are purpose-built for our needs and are integrated with one another, making their deployment across acquired businesses easier and allowing them to deliver superior impact, more rapidly. As a result, most of our businesses adopt substantially all of our proprietary technologies. We began embedding AI within our proprietary technologies in 2019 and continue to expand its use. As we harness AI's advances, we expect our proprietary technologies to become more effective in supporting the execution of our Playbook.

• **Proprietary data.** Over many years, we have accumulated extensive data across acquisitions and operations. We have completed more than 50 acquisitions and operate dozens of businesses. In 2025 alone, we ran more than 3,000 experiments through our product experimentation toolkit. At the end of Q4 2025, our data infrastructure was processing more than 3 billion data points per day on average. This data supports faster and more informed decision-making in both acquisitions and operations. As AI advances and our ability to leverage complex data at scale improves, the value of our data may increase.

We believe that we have been early adopters in leveraging AI to enhance products, optimize marketing and monetization, and improve productivity. Many of our proprietary technologies incorporate AI. Our team of Spooners includes hundreds of talented and motivated software engineers, data scientists, and AI research engineers. Among our cultural strengths are adaptability, a commitment to technological and data excellence, and an intense drive to achieve. Revenue per full-time equivalent Spooner<sup>20</sup> was $1.12 million in 2023 and $1.64 million in 2024.

In our view, AI is the most transformative technology of our time, and companies that adapt effectively may realize enormous benefits. Supported by our Platform, Bending Spoons has an opportunity to be among these companies. We expect that, through progress in AI, we will expand our advantage in product development, marketing, and monetization capabilities. We also expect our productivity advantage to widen and the scalability of our acquisition and transformation model to improve. Finally, as many companies lack diversification and may not be well equipped to leverage AI, certain owners' willingness to sell could increase, contributing to lower valuation levels for attractive acquisition targets.

The Platform-powered execution of our Playbook has delivered growth, operating efficiency, and shareholder returns we regard as strong. The following graphs present revenue, operating income, Adjusted Operating Income,<sup>21</sup> diluted earnings per share, and Adjusted Earnings per Share<sup>22</sup> for the periods shown. Among our non-GAAP key performance indicators, we consider Adjusted Earnings per Share to be the most important.

<sup>20</sup>

"Revenue per full-time equivalent Spooner" for a given quarter is defined as revenue for that quarter divided by the number of full-time equivalent Spooners at the end of the quarter. Revenue per full-time equivalent Spooner for a given twelve-month period is defined as the average of the quarterly values for that period.

 *<sup>21</sup>* 

 *As defined in Management's discussion and analysis of financial condition and results of operations — Key performance indicators — Adjusted Operating Income and Adjusted Operating Income Margin.*

 *<sup>22</sup>* 

 *As defined in Management's discussion and analysis of financial condition and results of operations — Key performance indicators — Adjusted Earnings per Share.*

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![[MISSING IMAGE: bc_confidentialtreat-4c.jpg]](bc_confidentialtreat-4c.jpg)

We are still early in our journey. We see a significant opportunity to continue compounding capital at attractive rates of return within an addressable market that we estimate includes more than 1,000 businesses generating nearly $400 billion in aggregate annual revenue in 2025.

![[MISSING IMAGE: bc_estimatedtotal-bwlr.jpg]](bc_estimatedtotal-bwlr.jpg)

In our view, AI is the most transformative technology of our time, and companies that adapt effectively may realize enormous benefits. Supported by our Platform, we believe Bending Spoons has an opportunity to be among these companies.

#### Current portfolio
We own and operate a diversified portfolio of dozens of digital businesses. In December 2025, our portfolio served over 380 million monthly active users<sup>23</sup> and more than 7 million monthly paying customers.<sup>24</sup>

#### Businesses
In Q4 2024, the businesses contributing the most revenue were, in alphabetical order, Evernote, Meetup, Remini, Splice, StreamYard, and WeTransfer. In aggregate, these businesses accounted for more than 60% of our revenue for the period.

<sup>23</sup>

"Monthly active users" represents the users who interacted with our products during a given calendar month. Interaction is measured based on activity observed through our internal systems and may include, depending on the product, opening an application, visiting a website, or otherwise engaging with the product's features. We calculate the number of monthly active users for each product in our portfolio based on product-level data and then aggregate these figures across our portfolio. Because the same user may interact with multiple products, with each product associating interactions to a separate user identifier, or may interact with the same product through multiple user identifiers, and because we do not have a reliable method of de-duplication, the aggregated monthly active user figure may count the same user more than once. As such, our reported number of monthly active users is intended to provide an indication of the scale of our portfolio rather than a precise count of distinct users.

<sup>24</sup>

"Monthly paying customers" represents the customers that generated revenue during a given calendar month, whether through a one-time transaction or by having an active subscription during that month. We calculate the number of monthly paying customers for each product in our portfolio based on product-level data and then aggregate these figures across our portfolio. Because the same customer may purchase across multiple products, with each product associating transactions to a separate customer identifier, or may transact within the same product through multiple customer identifiers, and because we do not have a reliable method of de-duplication, the aggregated monthly paying customer figure may count the same customer more than once. As such, our reported number of monthly paying customers is intended to provide an indication of the scale of our portfolio rather than a precise count of distinct customers.

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Below, we describe each of these businesses:

• **Evernote.** Acquired in January 2023, Evernote is a productivity suite that supports note-taking and knowledge management for individuals and teams.

• **Meetup.** Acquired in January 2024, Meetup facilitates the organization of events and connects individuals through interest-based communities.

• **Remini.** Acquired in June 2021, Remini is a consumer-focused image and video enhancement and generation application.

• **Splice.** Acquired in November 2018, Splice is a video editing application designed for creators producing short-form content.

• **StreamYard.** Acquired in April 2024, StreamYard provides video recording and multi-destination live-streaming tools for creators and businesses.

• **WeTransfer.** Acquired in July 2024, WeTransfer enables digital file storage and distribution for individuals and businesses.

We expect our portfolio to evolve as we continue to execute our acquisition-driven strategy. As a result, businesses that currently contribute significantly to our overall revenue may become less relevant over time, particularly as our acquisition targets tend to become progressively larger.

#### Revenue sources
In Q4 2024, 89% of our revenue was from subscriptions, 11% from advertising, and less than 1% from other sources.

Net revenue retention<sup>2</sup><sup>5</sup> was 92% in 2024. In Q4 2024, 47% of our subscription revenue was generated by customers with a tenure of at least five years, and 32% by customers with a tenure of at least ten years. Revenue-weighted average subscriber tenure was 8.8 years.<sup>26</sup>

![[MISSING IMAGE: bc_revenueq42024-4clr.jpg]](bc_revenueq42024-4clr.jpg)

<sup>2</sup><sup>5</sup>

"Net revenue retention" for a given quarter represents the subscription revenue generated in that quarter from customers acquired before the end of the same quarter in the prior calendar year, divided by the subscription revenue generated in the corresponding prior-year quarter. For example, net revenue retention for Q1 2026 is calculated as subscription revenue generated in Q1 2026 from customers acquired before the end of Q1 2025, divided by subscription revenue generated in Q1 2025. Net revenue retention for a given twelve-month period is defined as the average of the quarterly values for that period. For certain products, the date of customer acquisition may coincide with that customer's first interaction with the product and precede the first transaction associated with that customer. Accordingly, net revenue retention is intended to provide an indication of subscription revenue growth from an existing customer base, excluding the impact of new customer acquisition during the period, rather than a measure of continuous revenue generation from a customer cohort. These calculations are based on all businesses owned as of March 13, 2026, and include their respective customer acquisition and subscription revenue information for pre-acquisition periods.

<sup>2</sup><sup>6</sup>

A customer's "tenure" represents the elapsed time from the date that customer was acquired to the end of the period presented. For certain products, the date of customer acquisition may coincide with that customer's first interaction with the product and precede the first transaction associated with that customer. Accordingly, tenure does not necessarily represent the length of time a customer has maintained an uninterrupted subscription. Because a customer may purchase across multiple products, with each product associating transactions to a separate customer identifier, or may transact within the same product through multiple customer identifiers, and because we do not have a reliable method of de-duplication, our calculation of tenure may in some cases underestimate the duration of our relationship with that customer. "Revenue-weighted average subscriber tenure" represents the average tenure of customers who generated subscription revenue during the period presented, weighted based on the amount of subscription revenue generated by each such customer during that period. These measures are intended to provide an indication of the length of customer relationships across our portfolio rather than a precise measure of continuous revenue generation.

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These retention and tenure levels reflect a combination of factors, the relative importance of which varies by business, including product positioning, customer engagement, and our efforts to improve performance. In our experience, subscribers with longer tenure generally exhibit higher retention rates than newer subscribers, and longer-standing businesses tend to accumulate longer-tenured subscriber bases. We believe these dynamics contribute to our retention performance, particularly given that most of our businesses have operated for more than a decade.

In Q4 2024, no customer contributed more than 1% to our overall revenue. During the same period, 54% of our revenue was generated in North America, 23% in Europe, 11% in Asia, 6% in Central and South America, and 6% in the rest of the world.

#### Marketing channels
We acquire customers through organic channels (including word of mouth and non-paid search), paid advertising (including brand and performance campaigns), and direct sales and other go-to-market initiatives. The relative contribution of these channels varies by business. For example, Remini relies predominantly on word of mouth, whereas Brightcove's customer acquisition is driven primarily by sales efforts. We have also invested in optimizing customer acquisition through AI agent recommendations. While this channel has contributed only marginally to date, we expect its importance to increase over time.

The share of revenue from new customers acquired through organic channels was 79% in 2023 and 76% in 2024, with the remainder generated by customers acquired through paid advertising or direct sales and other go-to-market initiatives. In 2024, customers acquired through paid advertising accounted for 21% of such revenue, and customers acquired through direct sales and other go-to-market initiatives accounted for 3%. Advertising expense as a percentage of revenue was 9% in 2023 and 9% in 2024.

![[MISSING IMAGE: bc_customeraccquis-4c.jpg]](bc_customeraccquis-4c.jpg)

Our limited reliance on paid advertising reflects a deliberate strategic decision. When evaluating acquisition opportunities, we favor businesses with lower dependence on paid advertising for customer acquisition. Given the volatility of advertising dynamics, we believe this approach supports revenue predictability. At the same time, we use paid advertising when it helps improve business performance.

#### Acquisition track record
Since our founding in 2013, acquisitions have been our capital allocation priority, and we have completed more than 50 to date. We believe that our addressable market is vast, that our Platform represents a durable source of competitive advantage, and that progress in AI will expand our addressable market and further strengthen that advantage. As a result, we expect acquisitions to remain our capital allocation priority for the foreseeable future.

The pace of our acquisition activity has varied over time. We closed one acquisition in 2023, five in 2024, six in 2025, and two in Q1 2026. 2017 was the only year in which we completed more than ten acquisitions, and we had two years with no acquisitions, the most recent of which was 2020. In that year, we devoted a substantial portion of our team's efforts to the pro bono development of a contact-tracing application in support of the Italian government's response to the COVID-19 pandemic. Looking ahead, we expect acquisition activity to continue at a comparable pace when averaged over multi-year periods.

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The number of acquisitions in any given year will depend on factors such as prevailing valuations, availability of capital, and our operational capacity.

For more than a decade, our performance has been shaped by the acquisition and transformation of businesses, together with the ongoing optimization of our portfolio. The prudent use of debt — and, to a lesser extent, the raising of incremental equity — has contributed to our growth. Revenue was $387 million in 2023 and $671 million in 2024.

The following graph presents revenue by annual acquisition cohort for the periods shown. It also presents the aggregate purchase price (enterprise value) paid for the businesses within each cohort.

![[MISSING IMAGE: mt_revenuebycohort-4c.jpg]](mt_revenuebycohort-4c.jpg)

As we have scaled our business and developed our Platform, operating efficiency has improved over time. The following graph presents operating income as a percentage of revenue and Adjusted Operating Income Margin<sup>2</sup><sup>7</sup> for the periods shown.

![[MISSING IMAGE: bc_shareholdervalue-4c.jpg]](bc_shareholdervalue-4c.jpg)

Executing our Playbook has delivered shareholder returns we regard as strong. Diluted earnings per share was $1.53 in 2023 and $0.75 in 2024, with year-over-year growth of -51% in 2024. Adjusted Earnings per Share was $1.07 in 2023 and $1.79 in 2024, with year-over-year growth of 67% in 2024. Among our non-GAAP key performance indicators, we consider Adjusted Earnings per Share to be the most important.

#### Addressable market
We have acquired both consumer and enterprise digital businesses serving a wide range of use cases and generated returns we regard as strong across this spectrum of business types. Given this track record and the versatility of our Platform, we believe that a broad range of digital businesses can constitute viable acquisition targets and that, accordingly, our addressable market is vast.

Using a combination of third-party data and proprietary analysis, we have identified more than 1,000 digital businesses — both private and public — that we expect could be attractive acquisition targets over the next few years. These businesses generated nearly $400 billion in aggregate estimated annual revenue in 2025.

 *<sup>2</sup><sup>7</sup>* 

 *As defined in Management's discussion and analysis of financial condition and results of operations — Key performance indicators — Adjusted Operating Income and Adjusted Operating Income Margin.*

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
Each of the identified businesses satisfies all of the following criteria:

• Estimated annual revenue between $50 million and $5 billion

• Headquarters located in Europe or North America

• A product offering and revenue model that our Platform is well suited to address today

In defining these criteria, we have intentionally adopted a conservative approach. For example, while the selected revenue range reflects the scale of businesses we are currently prioritizing, we expect over time to pursue businesses with annual revenue exceeding $5 billion. Similarly, our geographic focus on Europe and North America reflects our greater familiarity with these regions, rather than limitations of our model. Finally, as our Platform continues to improve, we believe we will be able to acquire and transform businesses with product offerings or revenue models beyond the filter applied above. Relaxing these criteria would expand the resulting revenue pool.

A market of this scale provides a substantial foundation for long-term growth. Moreover, the prolonged period of low interest rates in recent decades may have increased the attractiveness of this opportunity. In our view, the widespread availability of inexpensive capital encouraged aggressive investment in revenue growth at the expense of profitability, creating inefficiencies that we believe we are well positioned to tackle. Additionally, significant amounts of invested capital may now be seeking an exit.

This assessment of a vast opportunity set is supported by our day-to-day experience. Our acquisition pipeline is currently at an all-time high in both the number of opportunities and aggregate revenue. In 2025 alone, we evaluated more than 200 potential targets in depth, and we are in contact with many of them.

#### Platform
We execute our acquisitions, transformations, and ongoing optimization through our Platform, which we have been building for more than a decade. This Platform is our primary source of competitive advantage. It comprises our people, our proprietary technologies, and our proprietary data. We describe each of these elements in greater detail below.

#### People
Our culture is rooted in principles such as truth-seeking and extreme ownership, which are intended to attract and retain strong talent and drive business performance. We aim to further reinforce talent density through a scientific and centralized approach. Our compensation and promotion system is designed to foster high performance, allocate resources efficiently, and encourage decisions that maximize outcomes for Bending Spoons as a whole. To support agility, speed, and efficiency, we maintain a lean, flat, and dynamically staffed organizational structure.

*Team composition* 

Full-time equivalent team members, including both employees and contractors, totaled 405 at the end of 2023, 785 at the end of 2024, and 1,826 at the end of 2025. Full-time equivalent employees totaled 372 at the end of 2023, 712 at the end of 2024, and 1,737 at the end of 2025.

At the end of 2025, 33% of full-time equivalent team members were in technical roles (including software engineers, data scientists, and AI research engineers) and 10% were in product and growth roles (including product designers, product managers, and growth managers). 35% of full-time equivalent team members were based in the U.S., 25% in Italy, 11% in India, 8% in the U.K., 4% in Israel, and the remaining 16% in the rest of the world.

We define "Spooners" as team members who have successfully completed the rigorous and selective application process to join our core team. Spooners are allocated flexibly across the organization and may be transferred between businesses on short notice — for example, when a newly acquired business requires additional resources to support a transformation. They are held to particularly demanding performance standards.

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Non-Spooner team members are typically assigned to a specific business throughout their tenure with us. They generally join through an acquisition and remain dedicated to that business. We may also hire additional non-Spooner team members following an acquisition if the business requires incremental personnel and Spooner capacity is limited. Non-Spooner team members can apply internally to become Spooners, in which case they must complete a process as rigorous and selective as the one applicable to external candidates.

At the end of 2025, we had 553 full-time equivalent Spooners, representing 30% of total full-time equivalent team members. Of these, 45% were in technical roles (including software engineers, data scientists, and AI research engineers) and 20% were in product and growth roles (including product designers, product managers, and growth managers).

Spooners represent a critical element of our Platform and, as such, of our competitive advantage. Their dedication to Bending Spoons over many years has provided the continuity necessary to build a deeply rooted culture and a shared Playbook. They have also developed our proprietary technologies. Finally, Spooners are key drivers of our transformations and ongoing portfolio optimization.

To our knowledge, none of our employees are currently represented by a labor union. In certain jurisdictions, employees are subject to industry-wide collective bargaining agreements. We consider our relationship with our team members to be good and we have not experienced any work stoppages.

*Culture* 

We have designed our culture to be appealing to talented, driven, and collaborative people, and to help them work together effectively. Ultimately, our culture exists to support the execution of our Playbook.

Since our founding in 2013, we have invested in developing our culture — one person at a time. We promote this culture among all team members. Spooners are selected in part based on their likelihood of embracing this culture, which we believe is now deeply rooted among them and significantly enhances our performance.

Some of the key aspects of our culture are described below:

• **Extreme ownership.** We seek to work with people who feel profoundly responsible for their work, their team, and the company at large — and who act accordingly. In our view, this emphasis on extreme ownership has resulted in many of our team members, including most Spooners, being highly hands-on and demonstrating extraordinary levels of care, proactivity, and effort.

• **Truth-seeking.** We aim to leverage all available data, think as logically and rationally as possible, and turn those insights into action. This approach has been critical across multiple acquisitions, where we explored the business in depth, rigorously assessed its value levers, and, largely unencumbered by the status quo, identified opportunities for substantial improvement.

• **Relentless simplification.** We have observed that organizations tend to accumulate complexity even when it does not create value. To counteract this tendency, we ask team members to actively look for and eliminate unnecessary complexity. This mindset is particularly useful when transforming a newly acquired business. In those situations, we generally stop non-core activities and streamline teams, enabling us to move faster and deliver higher-quality work in the areas that matter most to customers.

• **Selfless team-play.** Ego and individualistic behavior are not welcome at Bending Spoons. A great team member acts with the company's best interests at heart and, where useful, willingly takes on projects and tasks they may find unappealing. Such versatility and team-oriented attitude help maximize efficiency and foster widespread motivation and team spirit across the organization.

• **Radical candor.** We expect team members to accurately express what they truly think — with respect and supportiveness, but without sugarcoating — and to trust the recipient to be emotionally resilient enough to take this input constructively. While this principle can lead to uncomfortable conversations, we believe it improves outcomes for both individuals and the company.

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*Talent density* 

Primary responsibility for talent density optimization lies with our Talent team, which, at the end of 2025, comprised 44 full-time equivalent Spooners, representing 8% of total Spooners on a full-time equivalent basis. In addition to candidate acquisition managers and talent managers, the Talent team includes software engineers, data scientists, and AI research engineers. Our investment in this area extends beyond maintaining a dedicated Talent team: over time, we have consistently organized dozens of recruiting events per year and developed proprietary technologies alongside a range of other initiatives.

The number of applications to become a Spooner increased from approximately 110,000 in 2023 to 360,000 in 2024 and 800,000 in 2025. In 2025, approximately 60,000 candidates completed practical tests and approximately 3,300 were interviewed. 286 candidates were hired, representing less than 0.04% of applications received in 2025.

In 2025, 0.6% of the Spooners we intended to retain left the company. Total Spooner attrition was 16.2%, implying wanted attrition of 15.6%, concentrated among recent hires and driven by our efforts to pursue exceptional talent density. Attrition rates in 2023 and 2024 were broadly similar. At the end of 2025, our average Glassdoor rating was 4.7 out of 5.<sup>2</sup><sup>8</sup>

![[MISSING IMAGE: fc_spoonerhiring-4clr.jpg]](fc_spoonerhiring-4clr.jpg)

We believe our value proposition to aspiring and existing Spooners stands out primarily for the following elements:

• Exceptional colleagues

• Attractive compensation

• A culture that emphasizes truth-seeking and extreme ownership

• A high-performance and meritocratic environment, where individuals may attain positions of major responsibility early in their careers based on demonstrated potential

• The ability to rotate across multiple businesses over time

The ability to rotate across multiple businesses enables accelerated learning and reduces the risk of limited advancement opportunities. To our knowledge, such mobility is rarely available at other companies in the industry, many of which operate a single business or do not frequently reallocate resources across their portfolios. We believe this distinctive career proposition has been a key driver of our talent attraction and retention in recent years.

Below, we describe a few of our distinguishing practices in talent density optimization:

<sup>2</sup><sup>8</sup>

The average rating is based on more than 300 anonymous reviews submitted by Spooners on Glassdoor.com and includes reviews in all languages. Reviewers rate the company on a scale of one to five stars and may provide additional information, such as descriptions of the pros and cons of working at the company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• **A scientific approach.** In these matters, we apply the same experimentation-heavy and intellectually rigorous methodology that characterizes our work in other areas. For example, within our selection process, we test variations of practical assessments and interview questions and track post-hire performance across different tenures to improve our predictive models.

• **Centralized hiring and separation decisions.** Our Talent team has final authority over all hiring decisions, as well as decisions to part ways with team members. Compared to most team managers, the Talent team is more likely to maintain a long-term perspective. It is also dedicated to these matters and operates at a greater scale, which we believe further enhances decision-making quality.

• **Uncompromising excellence.** In our experience, it is uncommon for companies to part ways with team members who are performing adequately, even if stronger contributors are available. By contrast, we proactively make and act on such determinations, even when doing so is difficult. We are equally committed to providing substantial support to departing team members.

• **Self-selection on cultural fit.** We have implemented measures designed to encourage culturally misaligned candidates to self-select out early. For example, our job postings explicitly state that we work hard, and every job offer is accompanied by a document outlining some of our controversial principles, including radical candor and uncompromising excellence.

*Promotions and compensation* 

We designed our promotions and compensation system to foster high performance, allocate resources efficiently, and encourage decisions that maximize outcomes for Bending Spoons as a whole.

Some of the principles underpinning this system are outlined below:

• **Internal promotion and meritocracy.** When filling leadership positions, we generally promote from within. We do not prioritize tenure or prior experience; instead, we assess each candidate's ability to perform effectively in the role. We believe this approach serves as a source of motivation for team members and helps ensure that our culture remains deeply rooted across the organization.

• **Attractive compensation.** We aim to work with exceptional people and expect a great deal from them. Accordingly, for many roles we compensate at the high end of relevant market benchmarks.

• **Equity acquired through cash trade-off.** Spooners are given the opportunity to acquire Bending Spoons equity at a discount to fair market value. Participation requires relinquishing a commensurate portion of cash compensation, meaning equity ownership results from an explicit cash trade-off rather than from an automatic grant of stock options or restricted stock units. We believe this approach helps mitigate the risk of value-destroying shareholder dilution. From 2023 through 2024, dilution from equity compensation averaged 1.6% per year.

• **Ownership at the group level.** Equity is acquired at the top company level. This structure encourages decisions that optimize outcomes across the entire portfolio, even when that requires deprioritizing individual businesses. This perspective is particularly important in an organization that reallocates resources frequently.

![[MISSING IMAGE: bc_averageannual-bwlr.jpg]](bc_averageannual-bwlr.jpg)

*Organization* 

The following are selected practices we follow when organizing our people:

• **Centralized and dynamic staffing of Spooners.** We periodically review and adjust staffing levels across our organization, including following each acquisition, reallocating Spooners among businesses

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and often making significant changes. We believe this practice supports efficient talent allocation and facilitates knowledge sharing across the organization, among other benefits.

• **Platform teams.** We operate several teams responsible for developing and delivering services designed to support multiple — and ideally all — of our businesses. These teams span a wide range of areas, from Talent, which oversees recruiting and performance assessments, to Foundations Technology, which provides tools for data management and payment processing.

• **Lean teams.** We have observed that, in our industry, overall team productivity often declines as teams grow larger, since increases in headcount can come at the expense of simplicity, talent density, and individual ownership. As a result, maintaining lean teams is a core element of our operating model. We believe our proprietary technologies, which increasingly embed AI, have helped us do so.

• **Limited hierarchy.** We strive to keep our organization as flat as possible, as we are convinced this reduces bureaucracy and internal politics. Today, in most cases, there are no more than three managerial layers between our CEO and an individual contributor Spooner. We expect to scale the company while adding only modest incremental organizational layers.

#### Proprietary technologies
We have engineered, and we continue to improve, numerous technologies that enable us to do more and better work with fewer resources.

These technologies are particularly valuable because they are purpose-built for our specific and evolving needs. This level of customization often results in functionality or performance that, in our context, exceeds what is available from off-the-shelf solutions, which are generally designed to serve a broader and more heterogeneous set of enterprise users. In addition, our technologies are tightly integrated with one another, making their deployment across acquired businesses straightforward and allowing them to deliver their full impact quickly. As a result, most of our businesses adopt substantially all of our proprietary technologies.

Our scale and the deep integration of our businesses into a shared Platform increase the expected return on investment in proprietary technologies, as the same technological advancement can benefit multiple businesses across our portfolio. In addition, as individual businesses use these shared technologies, they may develop improvements that we subsequently deploy across the portfolio.

Today, we view our proprietary technologies as a source of competitive advantage, although we believe we have only begun to realize their full potential. Advances in AI, in particular, are likely to expand the set of opportunities we can pursue in the coming years. Accordingly, we intend to continue investing in our technological capabilities to strengthen our competitive position.

Below, we describe a representative sample of our proprietary technologies.

*Pico, Lumen, and Abacus* 

An end-to-end data infrastructure processing more than 3 billion data points per day on average at the end of Q4 2025. Pico handles high-throughput data ingestion, Lumen performs data transformation, and Abacus computes and serves standardized metrics at scale, enabling reliable and consistent analysis across the organization. AI is used to harmonize schemas, tag events, and infer the purpose of data fields, including for privacy and compliance needs.

We began developing this infrastructure in 2017, and it has been a key area of investment ever since. AI has played an increasingly important role, with new models enabling more accurate and sophisticated analysis and a conversational interface supporting more efficient data exploration. Looking ahead, we plan to introduce additional AI-powered capabilities to further automate data quality validation, schema management, and privacy-related checks, as well as to deliver more advanced self-serve analytics experiences.

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*Minerva* 

An AI-based predictor designed to estimate user lifetime value based on behavioral and transactional data. It updates its predictions in real time, provides critical inputs to other internal systems, and improves the efficiency of marketing and monetization decisions.

We first developed Minerva in 2019 and have since enhanced it to support multi-year predictions, leverage data from other products to generate insights for newly acquired businesses, and scale to orders of magnitude greater load. Planned enhancements include more accurate predictions of advertising revenue and returning-user behavior, as well as significant cost optimization.

*Juno* 

A system for managing payments. It supports checkout flows, subscriptions, price changes, promotional codes, billing retries, invoicing, and experimentation, enabling more efficient monetization at lower cost.

We built Juno in 2023 with an initial focus on web-based electronic payments and have since expanded its capabilities, including the integration of payment data from the Apple App Store and Google Play Store. We have also enhanced Juno's migration functionality. As a result, upon acquiring a business, we can now transition key subscription-related responsibilities — other than core payment processing — from third-party providers to Juno with minimal friction. This transition enables both cost optimization and greater control over the customer experience. Our roadmap includes further enhancements to transaction routing based on factors such as cost and availability, as well as deeper vertical integration across the payments stack.

*Janus and Orion* 

An experimentation toolkit that enables rapid and rigorous product iteration. It supports advanced audience targeting and the concurrent execution of hundreds of experiments with minimal operational overhead. In 2025 alone, we ran more than 3,000 experiments using Janus and Orion.

We began developing these tools in 2017 and have added increasing levels of sophistication over time. Future development efforts are expected to focus on leveraging AI for experiment analysis, including automated identification of statistically meaningful results, detection of anomalous patterns, and assistance in interpreting complex outcomes. We also plan to use AI to reduce operational overhead in experiment management, such as assisting with validation of audience definitions.

*Role Model* 

A recruiting technology that supports our Talent team end to end. Among other features, it leverages dozens of first-party assessments and AI models to improve the quality of hiring decisions. In addition to enabling better decision-making, Role Model allows each talent manager to handle tens of thousands of job applications per year.

We started investing in Role Model in 2017, initially with a focus on streamlining recruiting operations. Over time, supported by years of data science work and increasing model sophistication, Role Model evolved into an automated advisor trained on millions of historical outcomes, including extensive post-hire performance data. Moving forward, we plan to continue refining its predictive models and strengthening its automations to drive further increases in talent density and talent manager productivity.

#### Proprietary data
Over many years, we have accumulated extensive data across acquisitions and operations. We have completed more than 50 acquisitions and operate dozens of businesses. In 2025 alone, we ran more than 3,000 experiments through our product experimentation toolkit. At the end of Q4 2025, our data infrastructure was processing more than 3 billion data points per day on average.

This data supports faster and more informed decision-making in both acquisitions and operations. For example, when assessing a potential acquisition, we can draw on benchmarks that indicate estimated

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achievable performance levels in areas such as subscription conversion and revenue retention. Similarly, when prioritizing a backlog of potential monetization experiments, we frequently benefit from data-driven expectations regarding which initiatives are most likely to have an impact.

As our experience expands and the number of businesses we operate grows, we expect to be increasingly likely to possess insights that improve outcomes when acquiring, transforming, and optimizing additional businesses. We also believe that, as AI advances and our ability to leverage complex data at scale improves, the value of our proprietary data will increase.

#### Playbook
At Bending Spoons, we follow a three-step Playbook: acquire, transform and optimize, and reinvest. Below, we describe these steps and some of the underlying frameworks and processes. Our competitive advantage does not lie in these frameworks and processes, but in our Platform, which we believe enables us to execute this Playbook with a high degree of effectiveness and efficiency.

#### Step 1 — Acquire
We source and select opportunities on an ongoing basis. For selected targets, we then proceed to valuation and negotiation, which may lead to closing a transaction.

*Acquisition opportunity sourcing and selection* 

Our Business Acquisitions team is responsible for acquisitions end to end, including opportunity sourcing and selection. This team comprises Spooners in technical roles, such as software engineers and data scientists.

We source acquisition opportunities through various methods, such as automated reviews of publicly available information, recurring meetings with investors, financial sponsors, and M&A advisors, and networking with founders and executive teams. We are often invited to participate in structured sales processes. Sourced opportunities are selected through an iterative, analytical, and rigorous process.

When sourcing and selecting acquisition opportunities, we prioritize businesses with the following characteristics:

• **Digital.** We have acquired both consumer and enterprise digital businesses serving a wide range of use cases and generated returns we regard as strong across this spectrum of business types. Given this track record and the versatility of our Platform, we believe that a broad range of digital businesses can constitute viable acquisition targets.

• **Significant room for improvement.** We favor businesses that we believe can benefit significantly from our Platform, including through the effective application of AI, in ways that both increase revenue and reduce costs on a sustainable basis.

• **Large revenue base.** Because the effort required to transform a business does not appear to scale linearly with the business's revenue, we prioritize businesses with larger revenue bases. Moreover, we have found that larger businesses are not necessarily more optimized. Their typically longer histories and greater complexity can create especially attractive opportunities to unlock value through our Platform.

• **Predictable earnings.** We prefer businesses that exhibit several of the following characteristics, enabling us to forecast their trajectory with reasonable confidence several years into the future:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Strong customer retention

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Future revenue largely supported by existing customers; alternatively, customer acquisition not significantly dependent on paid advertising

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Customer data spanning many years, with stable trends or trends that can be interpreted with confidence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Limited vendor risk once the business is integrated into our Platform

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Limited risk of disruption from advances in AI once the business is integrated into our Platform

While a business's pre-acquisition profitability profile is informative, we have typically improved the profitability of acquired businesses significantly. Therefore, our interest is driven primarily by the performance we believe a business will achieve once integrated into our Platform.

Additionally, we are largely agnostic about the organic revenue growth trends of our targets. Although organic growth assumptions play an important role in the valuation process, once those assumptions are established, acquisition decisions are driven purely by expected returns.

In 2025, we sourced over 2,500 acquisition opportunities, conducted in-depth analyses of approximately 200 of them, and completed six acquisitions, reflecting the breadth of our sourcing efforts and the selectivity of our acquisition process.

*Acquisition opportunity valuation and negotiation* 

Our Business Acquisitions team is also responsible for valuation and negotiation. As an opportunity advances through our pipeline and the likelihood of submitting an offer increases, experts from across the organization are engaged to help refine our assumptions.

We acquire businesses intending to hold and operate them indefinitely, with the objective of generating and reinvesting earnings to deliver strong long-term shareholder returns. Accordingly, when valuing acquisition opportunities, we largely ignore exit value and instead focus on earning potential once the business is integrated into our Platform.

The valuation of a business begins with the development of assumptions, which we typically express as probability distributions. Although the specific assumptions depend on the business under evaluation, they generally span dozens of dimensions, including in areas such as existing customer behavior, new customer acquisition, and the impact of our transformation and subsequent optimization. Insights from our proprietary data inform this assumption-setting process.

We do not run simulations — or review the resulting projections — until the assumptions are finalized. We believe this sequencing helps mitigate potential biases, such as the tendency to adjust assumptions upward to justify the price we anticipate will be required to consummate a transaction.

Once simulations are complete, we evaluate expected returns across different price points and a range of probability-weighted scenarios. We assess returns using both levered and unlevered internal rates of return.

Whether we extend an offer — and its terms — is guided by the following principles:

• **Margin of safety.** Although we may accept a material risk of loss on small acquisitions when the potential upside warrants it, we do not make major investments unless we expect to generate acceptable returns even under downside scenarios.

• **Patience.** We may decline acquisition opportunities with attractive expected returns when we anticipate that superior opportunities are likely to become available in the near term.

• **The value of reputation.** We do not extend an offer unless we are prepared to stand behind it. We present what we consider a compelling offer upfront and are generally unwilling to increase it significantly thereafter. We aim to establish a reputation as a preferred counterparty that maintains pricing discipline in negotiations.

• **Team capacity as a key factor.** We account for an acquisition's requirements in terms of the time and energy of our people. Our transformation model remains demanding for our teams, but our Platform has enabled consistent per-Spooner productivity gains, with AI accelerating this trend in recent years. Revenue per full-time equivalent Spooner was $1.12 million in 2023 and $1.64 million in 2024.

The Business Acquisitions team conducts retrospectives on all transactions, assessing post-closing outcomes and comparing them with our pre-closing assumptions. Insights from these reviews are incorporated into our proprietary data and help refine our judgment, tools, and processes over time.

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#### Step 2 — Transform and optimize
With each acquisition, we strive to envision the most successful version of the acquired business and work to close the gap between its current state and that vision as quickly and completely as possible. Through these efforts, we seek to increase revenue and reduce costs to drive a sustainable expansion in earnings. We then continue to optimize the business as part of our broader portfolio.

Below, we describe our pre-closing preparations, post-closing transformation planning, transformation execution, and ongoing optimization.

*Pre-closing preparations* 

As closing approaches, we assemble a task force of Spooners whose collective expertise spans all key functional areas, including software engineering, data science, AI research engineering, product design, product management, and growth management. While the size of the task force depends on the complexity of the acquired business, it generally comprises dozens of Spooners. Most members of the task force have substantial hands-on experience across other Bending Spoons businesses.

In the weeks leading up to closing, the task force prepares thoroughly. This work includes reviewing diligence materials, conducting knowledge-sharing sessions with the Business Acquisitions team, studying the product in detail, analyzing available data, and preparing documentation for the next phase.

*Post-closing transformation planning* 

Once an acquisition closes, a new phase begins. This period typically lasts from a few weeks to a few months and focuses on developing a more granular understanding of the acquired business than was possible pre-closing.

A key priority is meeting the acquired team — often through individual conversations with most members of the organization — setting clear expectations, and providing emotional and logistical support. This is particularly important, as acquisitions can create uncertainty and stress. At this stage, we also study the codebase and infrastructure, assess the product roadmap, interview numerous customers, and review marketing and monetization strategies, among other activities.

Following this evaluation, we develop a comprehensive transformation plan that often incorporates AI as a central component. This plan typically includes a redesigned organizational structure, a backlog of technological improvements, an updated product roadmap, and a set of marketing and monetization experiments. It is informed by the analyses conducted during this phase (including input from the acquired team), pre-closing diligence insights, and lessons learned from our other businesses.

We communicate the plan broadly and begin implementation, marking the start of the next phase.

*Transformation execution* 

The transformation is often deep, with some interventions potentially appearing drastic or involving controversial steps, such as workforce reductions. These decisions are made with the conviction that they will benefit the business over the long term, a view we believe is supported by our track record. Historically, departing team members have been provided with substantial support, and the vast majority of reorganization-related costs have been incurred within the first year following closing.

Another hallmark of our transformations is the integration of our proprietary technologies, which enables enhancements in both quality and speed. For example, deploying our in-house data, payments, and experimentation systems allows us to begin testing product, marketing, and monetization changes promptly and to identify statistically significant improvements with confidence.

*Ongoing optimization* 

The distinction between transformation and subsequent ongoing optimization is not sharp. However, we generally consider a transformation complete once we have implemented the most significant organizational restructuring, integrated our proprietary technologies and resolved critical technological

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issues, released the most pressing product enhancements, and completed an initial round of marketing and monetization improvements. To date, we have typically completed our transformations within the first year following closing.

We continue to invest in our businesses well beyond the initial transformation phase, often delivering substantial improvements several years after an acquisition closes. For example, in 2023, approximately two years after closing, we launched a set of AI-based features on Remini that drove major user and revenue growth. In early 2026 — three years post-closing — we released Evernote v11, the product's most notable update under our ownership.

We believe that Spooners are critical to executing our transformations and ongoing optimization effectively and efficiently.

#### Step 3 — Reinvest
Successfully transforming and optimizing newly acquired businesses increases our earnings. We deploy these earnings, along with prudent levels of incremental debt, to fund additional acquisitions, thereby continuing the compounding cycle. We may also opportunistically raise incremental equity to accelerate growth.

#### Case studies
Below, we present three case studies illustrating our Platform-powered acquisitions, transformations, and ongoing optimization. These case studies have been selected to provide a representative view of how we have executed our Playbook and the outcomes achieved over the past few years.

#### Remini
We acquired Remini in June 2021. At the time, Remini was a mobile application offering AI-based photo editing functionality, primarily focused on enhancing blurry or low-resolution images.

As we strived to envision Remini's most successful version, we identified an opportunity to make the photo editing experience more intuitive. While Remini had already experienced strong growth, our analysis suggested there was room to improve both marketing and monetization efficiency. Moreover, customers were acquired almost entirely through organic channels, which — together with robust retention — contributed to a more predictable business trajectory. Finally, we expected Remini to add significantly to our overall revenue at the time, rendering its transformation an attractive use of resources.

Since the acquisition, we have rebuilt Remini from the ground up into a fundamentally different and improved product. In 2025, Remini served, on average, more than five times as many monthly active users and generated more than nine times the revenue relative to pre-acquisition levels. The data presented in the following graph has not been derived from audited financial statements.

![[MISSING IMAGE: bc_reminisrevenue-4clr.jpg]](bc_reminisrevenue-4clr.jpg)

We describe some of the improvements we have made in greater detail below.

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*Organization* 

The Remini acquisition was structured as an asset transaction, and no team transferred with the business. We initially allocated approximately 30 full-time equivalent Spooners to it. This team embodied the core elements of how we operate, including high talent density, a lean and flat organizational structure, and a culture that emphasizes truth-seeking and extreme ownership.

Over time, as technological advances enabled increasingly compelling user experiences, we concluded that Remini's opportunity set was expanding. Accordingly, we scaled headcount quickly, reaching a peak of 64 average full-time equivalent Spooners in 2024. As incremental opportunities later began to exhibit diminishing returns and higher-priority needs emerged elsewhere in the portfolio, we redeployed resources to other businesses, with Remini's team declining to approximately 20 full-time equivalent Spooners at the end of 2025. This progression illustrates our ability to scale teams up and down decisively by reallocating talent across our portfolio as circumstances evolve. Despite its smaller size, the Remini team has continued to deliver product improvements at a strong pace.

*Technology* 

At the time of acquisition, Remini's technology fell short of the standards we apply across our portfolio, constraining both user experience and development velocity.

Within six months, we integrated our proprietary technologies, fully rewrote Remini's codebase, and rearchitected its infrastructure. To further maximize its potential, we built dedicated proprietary tooling, including technologies that enable the productization and testing of new AI-based features, accelerating time-to-market while maintaining high execution quality. Taken together, we believe these initiatives enhanced performance, reliability, and development velocity.

Repeated viral spikes — defined as atypically large and short-lived increases in user growth — introduced scalability challenges. During one such spike in 2023, the rate of images generated rose from fewer than 100,000 to approximately 7 million per day in less than one month. We addressed these challenges through a combination of user experience and infrastructure optimizations. For example, we dynamically adjusted the balance between free and paid features, as well as pricing, during peak usage periods, and implemented automations to select, in real time, the lowest-cost set of graphics processing units sufficient to meet workload requirements.

#### Product
We were convinced that Remini had significant untapped potential, but that incremental product improvements would not suffice to realize it.

Consistent with this view, a few months after the acquisition closed, we completely redesigned the application, centering it on the photo enhancement features that already accounted for nearly all user engagement. As part of the redesign, we eliminated all non-core functionality, such as the ability to color black-and-white photos or remove scratches and blemishes. This decision, informed by extensive analysis, made the user experience more intuitive and, together with other improvements, resulted in stronger product performance. For example, from December 6, 2021 to December 26, 2022, user retention over 60 days increased by 36%, and the number of photos processed and saved per user over the same period increased by 46%.

In 2023, we launched a set of new features that allow users to upload a small number of photos of themselves, which are then used by the underlying AI to generate photorealistic synthetic images. This launch triggered a viral spike that led Remini to temporarily rank first by free downloads on the Apple App Store in the U.S. and many other countries.

We have since continued to strengthen Remini's core user experience to support long-term engagement and create a more fertile foundation for monetization. Among the many features released are text-based image editing, virtual outfit try-on, and video generation.

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*Marketing and monetization* 

After experiencing Remini's viral spike in 2023, we focused on building the capabilities required to systematically engineer such spikes and thereby drive repeated accelerations in user growth. By developing sophisticated market screening tools — including user sentiment analysis — together with a dedicated experimentation framework, we have triggered six additional viral spikes.

With respect to monetization, shortly after the acquisition closed, we refocused Remini from one-time and consumable purchases to subscriptions. Subscriptions accounted for less than 43% of total revenue in 2021, increased to 85% in 2023, and have maintained approximately that level thereafter.

More broadly, leveraging our proprietary technologies and guided by insights from our proprietary data, we have conducted more than 1,000 monetization-related experiments at Remini, primarily aimed at optimizing subscriptions revenue, while also generating gains in advertising revenue.

#### Evernote
Evernote is a productivity suite that supports note-taking and knowledge management for individuals and teams. We acquired Evernote in January 2023.

In evaluating Evernote as a potential acquisition target, we were drawn to its strong brand recognition, with more than 200 million people having created an Evernote account prior to our acquisition. We also valued its robust subscriber retention, driven by a rich feature set and a highly engaged and tenured customer base. Many customers had thousands of notes stored in Evernote and had developed personalized workflows on and around the product. At the time of acquisition, the average customer tenure was 7.2 years. In addition, we identified scope to improve operational efficiency and enhance the product, among other areas of opportunity. Finally, Evernote's scale further reinforced its attractiveness, as the acquisition would contribute meaningfully to our overall revenue.

Since the acquisition, we have implemented extensive changes, reducing operating costs while accelerating the pace of innovation, overhauling the product and its underlying technology, and optimizing marketing and monetization. These efforts have driven revenue growth and improved profitability, and we expect Evernote to continue to grow in the coming years. The data presented in the following graph has not been derived from audited financial statements.

![[MISSING IMAGE: bc_evernotesrevenue-4clr.jpg]](bc_evernotesrevenue-4clr.jpg)

We describe some of the improvements we have made in greater detail below.

*Organization* 

Within the first year following the acquisition, we rebuilt the organization from scratch, with the objective of improving both cost efficiency and execution speed.

The number of full-time equivalent team members dedicated to Evernote declined from 341 at the time of the acquisition to 60 at the end of 2024 — a reduction of 82%. We eliminated management layers, reducing them from four to two, and removed many rules and processes in favor of greater individual responsibility — and corresponding accountability — across the organization.

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Taken together, we believe these changes increased talent density, motivation, autonomy, and sense of urgency, contributing to higher productivity and a faster pace of innovation and optimization. Consistent with this acceleration, the number of product releases grew 50% in 2023, and then doubled in 2024. While this metric does not fully capture execution speed, it illustrates the higher rate at which the team was able to deliver updates following the reorganization.

Since then, we have continued to refine Evernote's organization, always optimizing for Bending Spoons as a whole. For example, to appropriately staff the Harvest team following our acquisition of that business in July 2025, we redeployed approximately half of the team previously dedicated to Evernote, enabling us to execute the Harvest transformation quickly and effectively. Supported by the technological and organizational foundations established by then, the remaining Evernote team absorbed this change smoothly and has continued to deliver product and monetization improvements at a rapid pace. The team released over 150 updates in 2025, broadly in line with 2024, while also preparing the launch of Evernote v11 — the product's most significant update in over five years — which was rolled out in early 2026.

*Technology* 

At the time of acquisition, Evernote's technological foundation was dated, resulting in subpar performance and reliability and constraining development velocity.

We began by integrating our proprietary technologies. We also dismantled Evernote's monolithic system into microservices — that is, transforming a consolidated, difficult-to-navigate, and fragile architecture into a more modular, intuitive, and robust one. Moreover, we modernized Evernote's client — server communication model, transitioning from a polling-based approach to an event-driven one. By delivering updates to clients as changes occur, rather than relying on frequent requests, we reduced unnecessary infrastructure load and related costs, improved server responsiveness, and mitigated data consistency issues when notes were edited across devices.

Although complex due to the scale and criticality of the system, this work proved worthwhile. At the same time, the new architecture — combined with efforts to streamline the codebase — enabled our engineers to optimize critical components and deliver measurable performance gains. For example, in 2025 we accelerated the note editor loading process, reducing median note opening time by 35% across all devices and by 43% on desktop devices.

*Product* 

We had ambitious plans for Evernote as a product and, supported by the improved technological foundation, invested accordingly.

One year after the acquisition closed, we released a fully redesigned version of the desktop applications, aligning the product's visual language with contemporary interface standards. Shortly thereafter, we rolled out corresponding updates to the mobile applications, using the opportunity to reimagine the information-capture experience.

We have also delivered substantial additions to the feature set. These include updates to the note editor — such as draggable paragraphs and slash commands — as well as enhancements to collaboration functionality, including the introduction of comments, guest collaboration, and more granular access controls. Alongside these larger initiatives, we have delivered hundreds of smaller improvements. Notable examples include two-way calendar synchronization, a new task-management view, customizable navigation, collapsible headers, refined content sorting and filtering, and a more powerful search experience.

We first integrated AI into Evernote's core workflows in 2023, strengthening note search and editing capabilities. In 2024, we extended our AI offering with image and audio transcription, enabling users to convert multimedia content into searchable text. In early 2026, we rolled out a major AI-focused update — Evernote v11 — which further upgraded search, introduced meeting recording, transcription, and synthesis, and enabled users to interact with their notes, tasks, and calendar through a dedicated

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chat interface. We estimate that these AI-driven capabilities have already contributed to more than 2 million additional registrations and 50,000 incremental subscription conversions.

Beginning in 2023, we also undertook an engineering effort to strengthen product reliability. Prioritization was guided by automated analyses of customer support interactions generated by one of our proprietary technologies. From 2023 through 2025, we shipped over 6,000 reliability-related updates, ultimately reaching a point where, in 2025, a dedicated reliability team was no longer required.

*Marketing and monetization* 

Year-over-year growth in new user registrations had been negative for several years: –23% in 2021, –23% in 2022, and –20% in 2023. Combined with the product improvements described above, our marketing capabilities helped reverse this multi-year decline. Growth turned positive in 2024 and 2025, reaching +29% and +20%, respectively.

From 2023 through 2025, we leveraged our proprietary technologies to launch more than 200 experiments across a range of areas, including evaluating the impact of new features on retention, testing alternative price points, and iterating on the user onboarding experience. Experiment ideation and prioritization were supported by insights from our proprietary data.

One of the most consequential changes was allowing non-paying users to access all features — many of which, such as task management and calendar integration, had previously been behind a paywall — while introducing usage limits on selected functionalities. Following the rollout of this change in 2024, and supported by prior optimizations, subscription conversions triggered by reaching a usage limit increased to approximately twice their level in 2022, the last full pre-acquisition year. In 2025, such usage limits accounted for 51% of all conversions.

We also rearchitected Evernote's subscription plans to better align pricing with how different customer segments, including enterprises, engage with the product.

#### StreamYard
StreamYard provides video recording and multi-destination live-streaming tools for creators and businesses. We acquired StreamYard in April 2024.

StreamYard benefited from high levels of organic customer acquisition, driven largely by word of mouth and reflecting a well-established brand within the live-streaming niche. Subscriber retention was strong and, combined with the limited reliance on paid advertising, supported reliable earnings forecasts. In addition, we identified opportunities to increase revenue and lower costs, with the potential to contribute significantly to our overall profitability.

Since the acquisition, we have streamlined the organization, enhanced technology and product, and optimized monetization and marketing. These initiatives have accelerated growth and improved profitability, and we believe additional growth lies ahead. The data presented in the following graph has not been derived from audited financial statements.

![[MISSING IMAGE: bc_streamyardsrevenue-4clr.jpg]](bc_streamyardsrevenue-4clr.jpg)

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We describe some of the improvements we have made in greater detail below.

*Organization* 

Upon acquisition closing, the StreamYard organization was divided into highly specialized teams, which, in our view, required a higher overall headcount and led to local — rather than global — prioritization decisions, without delivering commensurate benefits. In addition, there was a large general and administrative function.

We reorganized the business, reducing the number of full-time equivalent team members dedicated to StreamYard from 154 at the time of acquisition to 44 at the end of 2024, less than one year later — a reduction of 71%. In the process, we absorbed nearly all general and administrative activities into existing teams across Bending Spoons. We also shifted to a structure with fewer and more talent-dense teams, each with broader responsibilities and greater autonomy. We believe these changes increased execution speed and quality, as reflected in the progress described below.

*Technology* 

Once the reorganization was underway, we began addressing cost inefficiencies. We terminated vendor contracts for services we deemed unnecessary or that could be replaced with our proprietary technologies, and consolidated most remaining contracts across Bending Spoons as a whole, leveraging our scale to secure more favorable terms. At the same time, we implemented targeted engineering initiatives, including deleting multiple petabytes of unused recording files and developing an automation to adjust cloud resources in real time based on workload requirements.

Reliability is particularly critical for StreamYard, as customers depend on uninterrupted live-streaming performance to reach their audiences. Accordingly, we strengthened monitoring systems to detect issues promptly. We also introduced AI agents to analyze logs and codebases, enabling faster identification of root causes and resolution of incidents. As a result of these and other initiatives, the incident rate was approximately 75% lower in 2025 than in 2023.

We further improved the development experience by redesigning StreamYard's rollback tools and processes. Together with strengthened monitoring, this reduced the need for lengthy pre-release cycles, shortening them from weeks prior to the acquisition to hours at the end of 2025. In turn, the shorter pre-release cycles enabled an acceleration in product development, which we discuss next.

*Product* 

Armed with a more fit-for-purpose technological foundation, we invested in elevating StreamYard's already strong product offering, addressing both significant gaps and areas of under-optimization.

One such gap concerned viewing formats. Live content is increasingly consumed in portrait mode, whereas at acquisition StreamYard focused primarily on landscape broadcasting. We therefore introduced multi-aspect-ratio streaming, enabling customers to automatically generate a portrait-optimized version of a livestream alongside the standard landscape format, without additional effort. Implementing this feature required rethinking layout logic and real-time rendering to support multiple synchronized outputs. In Q4 2025, 17% of subscribers leveraged this capability.

We also enhanced user workflows through AI. Many streamers extend the reach of their content by publishing short excerpts after a broadcast concludes, but extracting highlights from hour-long sessions is time-consuming. We developed functionality that automatically analyzes video and transcripts, identifies key moments, reformats content into a vertical layout, and generates short, shareable segments. In Q4 2025, 18% of subscribers used this feature.

In parallel, we upgraded audio and video quality. In its early years, StreamYard accepted lower quality to reduce infrastructure costs and technical complexity. As more sophisticated streamers grew to represent a larger portion of the customer base, this trade-off became suboptimal. We therefore reengineered encoding and bandwidth management systems to support higher audio and video bitrates, maintaining full resolution from capture to live delivery.

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Beyond these initiatives, we shipped more than 50 additional product improvements in 2024 and 2025 alone, including cross-platform chat overlays, expanded streaming destinations, studio workflow enhancements, and multiple usability refinements. These updates were delivered to reinforce retention while broadening StreamYard's relevance across use cases.

*Marketing and monetization* 

At the time of acquisition, a significant portion of paid advertising was unprofitable, while the profitable portion had further scaling potential. We paused advertising spend altogether and rebuilt the customer acquisition pipeline using our proprietary technologies and frameworks.

We also strengthened monetization through extensive experimentation and guided by insights from our proprietary data. In 2024 and 2025 alone, we launched more than 140 tests across onboarding flows, paywall design, subscription periodicity, pricing, and checkout optimization. Together with our product initiatives, these efforts increased the conversion rate from organic registered users to subscribers by 66% in 2025 relative to 2023.

Finally, in many cases, individual subscription plans were cannibalizing potential enterprise revenue. We implemented an automated system to detect business-like usage patterns, helping ensure that enterprise customers were assigned appropriate plans in accordance with StreamYard's terms.

#### The impact of AI
We believe that we have been early adopters in leveraging AI across our Platform and Playbook to enhance products, optimize marketing and monetization, and improve productivity. Many of our proprietary technologies incorporate AI. Our team of Spooners includes hundreds of talented and motivated software engineers, data scientists, and AI research engineers. Among our cultural strengths are adaptability, a commitment to technological and data excellence, and an intense drive to achieve.

In our view, as with prior technological transitions, some companies will lag in leveraging AI while others will advance more rapidly. Given the transformative potential of AI, companies that adapt effectively may realize enormous benefits. Supported by our Platform, Bending Spoons has an opportunity to be among these companies.

#### Seizing AI-driven opportunities
Below, we describe the main ways in which we expect to benefit from progress in AI.

*Capabilities advantage* 

AI can enable new functionality and improve existing features across the businesses we own, as well as many of those within our addressable market. It can also support more efficient marketing and monetization. This potential is reflected in the AI-based features we have introduced at Remini, Evernote, and StreamYard, among other businesses, in the AI-driven evolution of our proprietary technologies, and in the growth we have experienced, which has benefited from these initiatives.

In light of our track record, we believe our talent density, change-embracing and high-achieving culture, and technological and data sophistication position us well to continue capitalizing on these opportunities quickly and effectively. Therefore, as AI advances, our ability to enhance the product, marketing, and monetization of acquired businesses following their integration into our Platform may improve further, which could expand our addressable market and accelerate our growth.

*Productivity advantage* 

AI has also been a clear accelerator of productivity for us. For example, while difficult to measure precisely, the speed at which Bending Spoons engineers develop software has increased materially in recent years — rising manyfold for certain tasks, such as exploring and updating complex legacy codebases with which they are not yet fully familiar.

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Unlocking these gains has required multiple years of investment in proprietary technologies, the embedding of third-party solutions, and adjustments to our engineering culture. In achieving these outcomes, our team, culture, and capabilities have been key. As a result, we expect that, for many businesses within our addressable market, integration into our Platform would lead to a significant AI-driven productivity improvement, and that advances in AI may further enhance this effect over time.

*Operational scalability* 

In the past, we have occasionally passed on acquisition opportunities due to insufficient team capacity to manage additional transformations. As AI enables us to do more with fewer people, this operational constraint may ease, thereby improving the scalability of our acquisition and transformation model.

*Willingness to sell among target businesses* 

We believe that many businesses lack the foundations required to take full advantage of AI, exposing them to a heightened risk of disruption by more capable competitors. When such businesses also operate in narrow segments, the lack of diversification can further amplify the adverse consequences of AI-driven disruption. Taken together, these factors could increase certain owners' willingness to sell and contribute to lower valuation levels.

Our Platform and diversified portfolio put us in an advantageous position. Therefore, as we continue to execute with discipline and long-term orientation, this environment may create opportunities for us to acquire attractive businesses at favorable valuations, potentially expanding our addressable market and accelerating our growth.

#### Mitigating AI-driven risks
While we believe that AI creates an enormous opportunity for us, it also introduces uncertainty. For example, it makes design and software development easier and cheaper, thereby lowering technical barriers to entry, and it enables novel forms of competition, including through general-purpose AI chatbots.

In our view, these risks are mitigated by several factors, including the following:

• **Diversification.** We operate businesses addressing a wide range of use cases. As a result, our diversification mitigates AI-driven risks for Bending Spoons as a whole.

• **AI as a pre-acquisition consideration.** We evaluate the risk of disruption from advances in AI as part of our acquisition process and have done so for years. We favor businesses for which this risk is limited once integrated into our Platform.

• **Limited reliance on technical barriers to entry.** Many digital products have long been inexpensive to replicate from a design and software development perspective relative to the potential economic rewards available to a market leader. Accordingly, for most of our businesses, as well as for a substantial portion of those within our addressable market, customer retention is not primarily driven by a scarcity of technically viable alternatives.

• **Limited susceptibility to replacement by general-purpose AI chatbots.** We see the risk of displacement by general-purpose AI chatbots as modest for use cases that require specialized experiences, that rely on information not broadly available, or where network effects apply. As such, we expect that most of our businesses, as well as a substantial portion of those within our addressable market, will not be replaced in the foreseeable future.

To date, we believe our portfolio of businesses has benefited from advances in AI.

#### Divestitures
We have never sold a material business, nor do we expect to do so frequently in the future, for the following reasons:

• **Strong ownership economics.** We strive to be among the best operators of digital businesses globally, and we believe we have built a competitive advantage in pursuing this objective. As a result,

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we are unlikely to encounter potential acquirers who could reasonably expect to generate more value from one of our businesses than we do ourselves — and who could therefore justify a compelling offer.

• **Cultural continuity.** Spooners are assigned to our businesses with the expectation that they will rotate across them over time. In practice, we believe they tend to feel a more pronounced sense of belonging to Bending Spoons as a whole than to any individual business. Transferring Spooners to an acquirer would therefore conflict with that implicit understanding and, in our view, risk harming our culture.

• **Deep integration.** Our businesses are integrated into our Platform. Disentangling them would be costly and time-consuming.

#### Competition
We compete with other bidders in pursuing acquisitions. These bidders have typically been financial sponsors, although strategic acquirers have also participated. Whether we acquire a target business depends primarily on the price we offer and our reputation as a trustworthy bidder. We believe our Platform provides us with a distinctive advantage. If we can improve an acquired business to a greater extent than alternative bidders, we expect to often prevail in competitive processes while generating attractive returns for our shareholders. This has been our experience to date.

Each of our businesses competes for customers within its respective markets. For example, AOL competes with email services (such as Gmail and Outlook), news portals (such as Apple News and Google News), and search engines (such as Bing and Google Search). Vimeo competes with video hosting, management, and streaming solutions (such as Cloudflare Stream and Kaltura). WeTransfer competes with digital file storage and distribution services (such as Google Drive and Smash). Our businesses' ability to compete depends on multiple factors, including brand strength and the breadth, quality, and pricing of their product offerings. We believe our Platform helps our businesses serve customers more effectively.

We generate most of our advertising revenue through intermediaries such as programmatic networks and media agencies. In these cases, we do not interact directly with advertisers. We also sell a portion of our advertising inventory directly to advertisers, primarily on WeTransfer. Whether or not we have a direct relationship with an advertiser, we compete for advertising budgets against alternative marketing investments. We believe our ability to compete depends primarily on our reputation, the strength of our product brands, and the performance that advertising on our properties delivers. As the scale of our advertising inventory increases and our capabilities in this area improve, we expect to serve advertisers more effectively.

Finally, we compete to hire and retain talented, driven, and collaborative individuals as Spooners. Our ability to do so depends on offering attractive compensation, a stimulating work environment, and compelling career opportunities. We believe our Platform supports us in this regard. In particular, the candidates we seek to hire often value the level of talent density at Bending Spoons, a culture that emphasizes truth-seeking and extreme ownership, a high-performance and meritocratic environment, and the ability to rotate across multiple businesses over time.

#### Intellectual property
Our intellectual property is important to our business. We seek to protect it through trademark, copyright, patent, and trade secret laws, as well as design and database rights. To do so, we rely on a combination of intellectual property registrations, assignment and nondisclosure agreements with team members and third parties, other contractual restrictions, and technological measures, among other safeguards.

For example, we have several issued patents and pending patent applications in the U.S. and other jurisdictions. We also hold several trademark registrations and pending trademark applications in the U.S. and other jurisdictions, including material word marks and logos of AOL, Bending Spoons, Brightcove, Eventbrite, Evernote, Harvest, komoot, Remini, StreamYard, Vimeo, and WeTransfer. In addition, we maintain a portfolio of internet domain names that we use, or intend to use, in our business.

#### Real estate
We are headquartered in Milan, Italy, where we occupy approximately 40,000 square feet of office space under a lease agreement that expires on November 30, 2030 and may be renewed for an

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additional six years. On October 10, 2025, we entered into another lease agreement in Milan for approximately 100,000 square feet of office space, which expires on August 19, 2035 and may be renewed for an additional six years. We do not own any real estate.

We intend to expand our office footprint to support our growth and believe that suitable additional or alternative space will be available on commercially reasonable terms as needed.

#### Regulation
We are subject to the laws and regulations of various jurisdictions, including Italy, the E.U., the U.K., and the U.S., in areas such as privacy, data protection and security, intellectual property, artificial intelligence, consumer protection, advertising, product and content, competition, economic and trade sanctions, import and export controls, anti-bribery and anti-corruption, national security and foreign investment, sustainability and climate, employment and labor, and taxation.

The legal and regulatory frameworks applicable to our business differ across jurisdictions. Some may be more restrictive than others or may impose overlapping or conflicting requirements. Moreover, these laws and regulations may evolve and be interpreted, applied, or amended in ways that could adversely affect us.

#### Legal proceedings
We are involved in, and may in the future be involved in, claims, legal proceedings, and regulatory investigations or inquiries arising in the ordinary course of business. Although the outcome of any such matters cannot be predicted with certainty, we do not believe that the resolution of any currently pending matters, individually or in the aggregate, is likely to have a material adverse effect on our business.

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## Management

#### Executive officers and board of directors
The following table provides information regarding our executive officers and board of directors as of , 2026:

---

| | | |
|:---|:---|:---|
| **Name**  | **Age**  | **Position**  |
| Luca Ferrari | 41  | Chair of the board of directors, co-founder, and chief executive officer |
| Francesco Patarnello | 40  | Executive director, co-founder, and head of business acquisitions |
| Davide Giorgio Andrea Scarpazza | 36  | Co-chief financial officer |
| Enrico Martinelli | 34  | Co-chief financial officer |
| Francesco Mancone | 31  | Chief technology officer |
| Ignacio José Pereira | 36  | General counsel |
| Donald D. O'Neal | 65  | Director |
| Joshua James Motta | 42  | Director |
| Leah Schwartz | 37  | Director |
| Robert J. Mylod Jr. | 59  | Director |
| Stephen Sinwell | 65  | Director |

---

The following is a summary of the business experience of our executive officers and directors. Unless otherwise indicated, their current business address is Via Nino Bonnet 10, 20154 Milan, Italy.

#### Executive officers
***Luca Ferrari*** co-founded Bending Spoons and has served as our chief executive officer and on our board of directors since June 2013 . Prior to 2013, Mr. Ferrari worked as an associate at McKinsey & Company from 2010 to 2012. He also co-founded Evertale, a startup developing an AI-based self-writing diary application, where he worked from 2010 to 2013. From 2018 to 2021, Mr. Ferrari served as director at WeRoad, a social adventure travel company that organizes group trips for travelers. Mr. Ferrari holds a Master of Science in Telecommunications Engineering, with honors, from the Technical University of Denmark. Mr. Ferrari also holds a Master of Science in Electrical & Electronics Engineering, with honors, and a Bachelor of Science in Information Engineering, with honors, from the University of Padua, Italy.

***Francesco Patarnello*** co-founded Bending Spoons and has served as our head of business acquisitions and on our board of directors since June 2013. Prior to that, Mr. Patarnello co-founded Evertale, a startup developing an AI-based self-writing diary application, where he served as chief executive officer from 2010 to 2013. Mr. Patarnello holds a Master of Science in Telecommunications Engineering, with honors, from the Technical University of Denmark and a Master of Science in Electronics Engineering, with honors, from the University of Padua.

***Davide Giorgio Andrea Scarpazza*** has served as our chief financial officer since joining us in August 2016. Prior to joining Bending Spoons, Mr. Scarpazza worked at Oliver Wyman as a consultant from 2014 to 2016. Mr. Scarpazza holds a Master's degree in Economics and Law, with honors, and a Bachelor's degree in Business Administration and Management, with honors, from Università Bocconi in Milan, Italy.

***Enrico Martinelli*** has served as our co-chief financial officer since September 2025, after initially joining us in September 2015. Mr. Martinelli previously served us in a variety of roles within our AI, data science, and software engineering functions. Mr. Martinelli holds a Master's degree in Software

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Engineering, with honors, from Politecnico di Milano and a Bachelor's degree in Software Engineering, with honors, from Università di Modena e Reggio Emilia.

***Francesco Mancone*** has served as our chief technology officer since November 2023, after initially joining us in February 2019. Mr. Mancone previously served us in a variety of roles within our data science, marketing, and software engineering functions. Mr. Mancone holds a Master of Science in Computer Engineering, and a Bachelor of Science in Information Engineering, each with honors from the University of Padua, where he received also a merit award reserved for the top 3% of his graduating class.

***Ignacio José Pereira*** has served as our general counsel since December 2022, and he previously served as one of our legal counsel from August 2019 to November 2022. Prior to joining Bending Spoons, Mr. Pereira served as Project Leader, Legal Support for Digital Innovation at the law firm BonelliErede in Milan, Italy, from February 2018 to July 2019, and worked in private practice in Buenos Aires, Argentina, from August 2012 to July 2016. Mr. Pereira holds a Master of Laws in Law, Science and Technology from Stanford Law School and a law degree from Universidad Torcuato Di Tella in Buenos Aires, Argentina. Mr. Pereira is admitted to the State Bar of California and is a Certified Information Privacy Professional/Europe by the International Association of Privacy Professionals.

#### Non-executive directors
***Donald D. O'Neal*** has served as a member of our board of directors since February 2026. Prior to joining our board, Mr. O'Neal served as a Partner at Capital Group, Inc., a global investment management firm, from 1985 to 2025. At Capital Group, Mr. O'Neal served as a senior leader, leading a number of funds as principal investment officer and chairing various investment and internal operations committees. Mr. O'Neal also served as a director of the Growth Fund of America from 1998 to 2024, Investment Company of America from 1996 to 2020, Salzburg Global Seminar from 2007 to 2019, and American Funds Insurance Series — Growth-Income Fund from 2002 to 2018. Mr. O'Neal brings extensive experience in risk assessment and financial reporting across a wide array of industries. He holds a Master of Business Administration from Stanford University and a Bachelor of Science in Nuclear Engineering, summa cum laude, from the University of California, Los Angeles. He is also a Chartered Financial Analyst.

***Joshua James Motta*** has served as a member of our board of directors since 2025. Mr. Motta co-founded and has served as chief executive officer of Coalition, Inc., a cyber insurance and security company, since 2017. Prior to founding Coalition, Mr. Motta worked at Cloudflare, where he gained experience in internet security and resilience infrastructure. Mr. Motta also gained experience working in private equity at Francisco Partners and in the Investment Banking Division at Goldman Sachs, where he evaluated investments in technology companies with a focus on downside risk, capital structure, governance, and long-term value creation. Mr. Motta has served as an Advisory Board Member of the College Advisory Council at The University of Chicago since August 2024. He holds a Bachelor of Arts from The University of Chicago, where he graduated with honors and was elected to Phi Beta Kappa.

***Leah Schwartz*** has served as a member of our board of directors since 2024 and has served as a director of Andie Co. since 2017. Ms. Schwartz has served as Managing Director at Allen & Company LLC, an investment bank, from November 2016, where she advises on capital markets and M&A transactions for companies in the technology and digital media industries. She previously worked at Goldman Sachs from 2011 to 2014, where she similarly advised on capital markets and M&A transactions for companies in a diversified range of industries. Ms. Schwartz holds a Bachelor of Arts in Social Studies, magna cum laude, from Harvard University.

***Robert J. Mylod Jr.*** has served as a member of our board of directors since 2024 and also serves on the board of other companies, such as Booking Holdings, Inc., Vroom, Inc., StockX Inc., and Southern Bancshares, Inc. Mr. Mylod has also served as Managing Partner at Annox Capital Management, Inc., a venture capital investment firm, since 2012. He previously served as Chief Financial Officer and Vice Chairman of Booking Holdings, Inc. from 1999 to 2011, where he was involved in the management or board oversight of seven companies that completed initial public offerings. Mr. Mylod holds a Master of

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Business Administration from the University of Chicago Booth School of Business and a Bachelor of Arts in English from the University of Michigan.

***Stephen Sinwell*** has served as a member of our board of directors since 2025. Mr. Sinwell previously served as Vice Chair and Senior Partner at Deloitte LLP, a provider of audit, consulting, tax, and risk advisory services, from 2021 until his retirement in 2023, where he served as lead client service partner to several of Deloitte's largest SEC clients. Mr. Sinwell was at Deloitte for 39 years. Mr. Sinwell is a Certified Public Accountant and holds a Bachelor's degree in Accounting and Computer Science from California State University.

#### Family relationships
There are no family relationships among any of our executive officers or directors.

#### Composition of our board of directors
The Italian Civil Code provides for three alternative corporate governance systems for a company's management and control: (1) the traditional system, consisting of a board of directors and a board of statutory auditors, (2) the two-tier system, consisting of a management board and a supervisory board, and (3) the one-tier system, consisting of a board of directors and an audit committee (*comitato per il controllo sulla gestione*).

On 2026, in connection with the approval of our Bylaws, we have adopted the one-tier corporate governance system, subject to and with effect from the effective date of this registration statement, under which we will have a board of directors and an audit committee. The board of directors will be elected by the shareholder meeting, and the audit committee will be, in turn, elected by the board of directors from among its members.

We expect our board of directors that will take office as of the effective date of this registration statement to consist of members. At least of the members of our board of directors must meet the independence requirements required by our Bylaws and the Italian Civil Code. Our board of directors is expected to determine that do not have relationships that would interfere with the exercise of independent judgment in carrying out the responsibilities as directors and that each of these directors is an "independent" director as defined under Nasdaq rules, our Bylaws, and the Italian Civil Code.

#### Audit committee
We expect that our board of directors that will take office from the effective date of this registration statement will elect an audit committee.

The audit committee, which is expected to consist of , and , will assist our board of directors in overseeing our accounting and financial reporting processes, internal controls, organizational structure, and the audit of our financial statements. The audit committee may perform additional activities upon the request of our board of directors. will serve as chair of the audit committee. The audit committee will consist exclusively of members of our board of directors who are financially literate is considered an "audit committee financial expert" as defined by the SEC, while is registered in the Italian register of auditors (*registro dei revisori legali*). Our board of directors has determined that , , and each satisfies the independence requirements under Rule 10A-3 under the Exchange Act, the Italian Civil Code, and Nasdaq independence rules. The audit committee will be governed by a charter that is consistent and complies with applicable law and Nasdaq rules.

#### Duties of directors
Under Italian law, the board of directors is generally responsible for the management of the company. The board of directors may therefore take all actions it deems necessary, useful, or appropriate to achieve the company's corporate purpose in accordance with our Bylaws and applicable law. In particular, directors must generally act with care, in the company's interest and not pursuing personal interests, and on an informed basis.

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The applicable standard of conduct is assessed on a case-by-case basis, taking into account, among other factors, the characteristics of the company, the specific tasks and responsibilities assigned to each director, and each director's experience and qualifications.

Directors are also subject to a number of statutory duties, including obligations relating to the maintenance of corporate books and records, the preparation and filing of annual financial statements, the convening of shareholder meetings when required, and the monitoring of the company's financial position.

To the extent permitted by our Bylaws and applicable law, the board of directors may delegate its authority and responsibilities to one or more of its members or to an executive committee from among its members.

#### Election of directors
Pursuant to our current bylaws, which will be amended and restated with effect from the effective date of this registration statement, all members of our board of directors are elected by the holders of our Class A shares by a majority vote. If, for two consecutive meetings, the members of our board of directors are not elected by the holders of our Class A shares by a majority vote, they are instead elected at a shareholder meeting with the majorities required under applicable law. The board of directors that will take office as of the effective date of this registration statement was elected in accordance with these provisions on . Any future election of a member of our board of directors will be governed by our Bylaws. For additional information, see *Description of share capital and bylaws*.

Directors are elected by shareholders at an ordinary shareholder meeting for a term determined at the time of their election, which may not exceed three fiscal years. Directors may be reelected for successive terms.

Our Bylaws provide that the board of directors is elected through a slate voting system at an ordinary shareholder meeting that also determines its term and compensation, and may elect a chair. Directors serve for a term that may not exceed three financial years and may be re-elected. Shareholders may remove a director before the end of the term, and a director who is removed without cause may be entitled to claim damages from the company. Directors may resign at any time by providing written notice to the board of directors and to the chair of the audit committee. If shareholders do not elect a chair, the board of directors will elect one from among its members. The board may also appoint one or more deputy chairs to serve if the chair is absent or unavailable.

If one or more directors cease to hold office before the end of their term, they will be replaced in accordance with our Bylaws and applicable law.

#### Code of conduct
We have adopted a code of business conduct and ethics that addresses, among other things, conflicts of interest, compliance matters, and other company policies such as equal opportunity and non-discrimination standards. Our code of conduct applies to all of our executive officers, directors, and other team members.

#### Foreign private issuer status
As a foreign private issuer whose shares will be listed on Nasdaq, we will have the option to follow certain Italian corporate governance practices rather than those of Nasdaq, except to the extent that such practices are contrary to U.S. securities laws and provided that we disclose the practices we are not following and describe the home country practices we are following. We intend to rely on this "foreign private issuer exemption" with respect to the following requirements:

• • • 132

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
Except as stated above, we intend to comply with the rules generally applicable to U.S. domestic companies listed on Nasdaq. We may in the future decide to use other foreign private issuer exemptions with respect to some or all of the other Nasdaq listing requirements. Following our home country governance practices, as opposed to the requirements that would otherwise apply to a company listed on Nasdaq, may provide less protection than is accorded to investors under Nasdaq listing requirements applicable to domestic issuers.

We are subject to the provisions of the Italian Civil Code applicable to companies that are listed on a regulated market (*società che fanno ricorso al mercato del capitale di rischio*). As described in more detail in *Description of share capital and bylaws*, these provisions differ in a number of ways from those applicable to U.S. domestic companies under the rules of Nasdaq.

#### Executive officer and director compensation
For the year ended December 31, 2025, we paid an aggregate of $ million in cash to our executive officers and directors. Total compensation for our executive officers and directors was $ million. The total amount set aside or accrued by us to provide pension, retirement, or similar benefits to our executive officers and directors with respect to the year ended December 31, 2025 was $ million.

#### Executive officer agreements
We have entered into employment agreements with our executive officers other than Luca Ferrari, our chief executive officer, and Francesco Patarnello, our head of business acquisitions. These agreements follow the applicable Italian industry-wide collective bargaining agreements for matters not specifically covered, such as notice periods and holiday entitlement. Our agreements with such executive officers also contain customary provisions regarding confidentiality of information and assignment of intellectual property rights. However, the enforceability of such provisions may be limited under applicable law.

#### Long-term incentive plans
We have granted share options to purchase Class X-1 and Class X-2 shares to eligible employees and contractors, including our executive officers, under our share option plans (the "Share Option Plans"). Upon the effectiveness of our Bylaws and the completion of this offering, all outstanding options granted under the Share Option Plans will convert into options to purchase our ordinary shares.

The Share Option Plans are administered by our board of directors. Options are generally granted in connection with a participant's election to receive a portion of their cash compensation in the form of share options for a specified period.

Options vest over time in accordance with their terms. Vested options, and in certain circumstances a limited portion of unvested options, may be exercised during designated exercise windows. These include an annual exercise window and an exercise window in connection with a change of control or listing event (each as defined in the Share Option Plans). Exercise is subject to payment of the applicable exercise price and required tax withholding. In the case of a change of control or listing event, exercise is also conditioned upon the consummation of the transaction.

Under the Share Option Plans, following the expiration of an exercise window in connection with a change of control or listing event, we may elect to redeem vested options and eligible unvested options that remain unexercised at a price equal to the per-share value determined in the applicable transaction, less the exercise price. For options granted instead of cash compensation, the redemption price may not be less than the amount of compensation waived in connection with the grant. This offering will constitute a listing event under the Share Option Plans.

As of December 31, 2025, options to purchase an aggregate of shares were outstanding under the Share Option Plans at a weighted-average exercise price of approximately $ per share.

The number of awards and other interests held by executive officers and directors pursuant to the below arrangements is included in *Principal and selling shareholders* below.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

#### Warrants
We have granted warrants to members of our and our subsidiaries' boards of directors. Similar to our Share Option Plans, eligible directors may elect to receive all or a portion of their cash compensation in the form of warrants for a specified period. The warrants generally vest on a monthly basis and may be exercised in connection with a change of control or listing event.

As of December 31, 2025, warrants to purchase an aggregate of shares with a weighted average exercise price of were outstanding.

#### 2026 incentive award plan
In connection with this offering, we intend to adopt the 2026 Plan, under which we may grant cash and equity incentive awards to eligible service providers in order to attract, motivate, and retain the talent for which we compete. The material terms of the 2026 Plan have not yet been determined.

#### Insurance and indemnification
On or before the time of effectiveness of this registration statement, we will enter into indemnification agreements with our executive officers and directors. These indemnification agreements will require us to indemnify our executive officers and directors to the fullest extent permitted by law. Under Italian law, indemnification is not permitted, among other cases, for acts or omissions involving willful misconduct or gross negligence, or for liability of a director or executive officer toward the company.

Insofar as indemnification of liabilities arising under the Securities Act may be permitted to executive officers and directors or persons controlling us pursuant to the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

We maintain insurance policies relating to certain liabilities that our directors and officers may incur in such capacity.

In any underwriting agreement we enter into in connection with the sale of the ordinary shares being registered hereby, the underwriters will agree to indemnify, under certain conditions, us, our directors, our officers, and persons who control us within the meaning of the Securities Act against certain liabilities.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

## Principal and selling shareholders
The following table sets forth information relating to the beneficial ownership of our ordinary shares and Class A shares as of , 2026 (i) prior to the consummation of this offering and (ii) as adjusted to reflect the sale of our ordinary shares in this offering by:

• Each person, or group of affiliated persons, known by us to beneficially own 5% or more of our outstanding ordinary shares

• Each of our executive officers and our directors

• Our executive officers and our directors as a group

For further information regarding material transactions between us and principal shareholders, see *Certain relationships and related party transactions.* 

The number of ordinary shares and Class A shares beneficially owned by each entity, person, executive officer, or director is determined in accordance with the rules of the SEC, and the information is not necessarily indicative of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any shares over which the individual has sole or shared voting power or investment power as well as any shares that the individual has the right to acquire within 60 days of , 2026 through the exercise of any option, warrant or other right. Except as otherwise indicated, and subject to applicable community property laws, the persons named in the table have sole voting and investment power with respect to all ordinary shares or Class A shares held by that person. In the table below, the percentage total voting power represents voting power with respect to all ordinary shares and Class A shares, as a single class. Each holder of ordinary shares shall be entitled to one vote per ordinary share, and each holder of Class A shares shall be entitled to votes per Class A share, on all matters submitted to our shareholders for a vote. The ordinary shares and Class A shares vote together as a single class on all matters submitted to a vote of our shareholders, except as may otherwise be required by law.

The percentage of shares beneficially owned before the offering is computed on the basis of of our ordinary shares and of our Class A shares, each as of , 2025. The percentage of shares beneficially owned after the offering is based on the number of our ordinary shares to be outstanding after this offering, including the ordinary shares that the Selling Shareholders are selling in this offering, and the number of our Class A shares to be outstanding after this offering. Ordinary shares or Class A shares that a person has the right to acquire within 60 days of , 2026 are deemed outstanding for purposes of computing the percentage ownership of the person holding such rights but are not deemed outstanding for purposes of computing the percentage ownership of any other person, except with respect to the percentage ownership of all executive officers and directors as a group.

As of , 2026, we had holders of record of our ordinary shares in the United States, holding, in the aggregate , or % of our outstanding ordinary shares. Unless otherwise indicated below, the address for each beneficial owner listed is Via Nino Bonnet 10, 20154 Milan, Italy.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares Beneficially Owned <br> Prior to the Offering**  | **Shares Beneficially Owned <br> Prior to the Offering**  | **Shares Beneficially Owned <br> Prior to the Offering**  | **Shares Beneficially Owned <br> Prior to the Offering**  | **Percentage <br> of Total <br> Voting <br> Power <br> Prior to the <br> Offering**  | **Ordinary <br> shares <br> offered <br> hereby**  | **Ordinary <br> shares <br> offered <br> hereby**  | **Shares beneficially <br> owned after this offering**  | **Shares beneficially <br> owned after this offering**  | **Shares beneficially <br> owned after this offering**  | **Shares beneficially <br> owned after this offering**  | **Shares beneficially <br> owned after this offering**  | **Shares beneficially <br> owned after this offering**  | **Percentage <br> of Total <br> Voting <br> Power <br> After the <br> Offering**  |
| **Name of beneficial owner**  | | | | | **Percentage <br> of Total <br> Voting <br> Power <br> Prior to the <br> Offering**  | **Ordinary <br> shares <br> offered <br> hereby**  | **Ordinary <br> shares <br> offered <br> hereby**  | **Ordinary shares**  | **Ordinary shares**  | **Ordinary shares**  | **Ordinary shares**  | **Class A <br> shares**  | **Class A <br> shares**  | **Percentage <br> of Total <br> Voting <br> Power <br> After the <br> Offering**  |
| **Name of beneficial owner**  | **Ordinary <br> shares**  | **Ordinary <br> shares**  | **Class A <br> shares**  | **Class A <br> shares**  | **Percentage <br> of Total <br> Voting <br> Power <br> Prior to the <br> Offering**  | **Ordinary <br> shares <br> offered <br> hereby**  | **Ordinary <br> shares <br> offered <br> hereby**  | **No exercise of <br> underwriters' <br> option to <br> purchase <br> additional <br> ordinary <br> shares**  | **No exercise of <br> underwriters' <br> option to <br> purchase <br> additional <br> ordinary <br> shares**  | **Full exercise of <br> underwriters' <br> option to <br> purchase <br> additional <br> ordinary <br> shares**  | **Full exercise of <br> underwriters' <br> option to <br> purchase <br> additional <br> ordinary <br> shares**  | **Class A <br> shares**  | **Class A <br> shares**  | **Percentage <br> of Total <br> Voting <br> Power <br> After the <br> Offering**  |
| **Name of beneficial owner**  | **Number**  | **%**  | **Number**  | **%**  | **Percentage <br> of Total <br> Voting <br> Power <br> Prior to the <br> Offering**  | **Number**  | **%**  | **Number**  | **%**  | **Number**  | **%**  | **Number**  | **%**  | **Percentage <br> of Total <br> Voting <br> Power <br> After the <br> Offering**  |
|  ***5% or Greater Shareholders***  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Galileo Quattordici <br> S.à r.l.<sup>(1)</sup> % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Baillie Gifford Overseas Limited<sup>(2)</sup> % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  ***Executive Officers and Directors***  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Luca Ferrari % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Francesco Patarnello % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Davide Giorgio Andrea Scarpazza % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Enrico Martinelli % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Francesco Mancone % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Ignacio José Pereira % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Donald D. O'Neal % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Joshua James Motta % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Leah Schwartz % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Robert J. Mylod Jr. % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Stephen Sinwell % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  All executive officers and directors as a group (11 persons) % |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

\*

Indicates beneficial ownership of less than 1% of the total outstanding ordinary shares or Class A shares.

(1) The business address of Galileo Quattordici S.à r.l., a company organized under the laws of Luxembourg, is 1, Rue Isaac Newton, 2242 Luxembourg (Luxemburg). Carlo Santoiemma, Mario Marozzi, and Claire Pepe are the senior managing officials and may be deemed to have beneficial ownership of all of the ordinary shares held by Galileo Quattordici S.à r.l.

(2) Represents ordinary shares held by Baillie Gifford Co-Invest (No. 1) Fund L.P., ordinary shares held by Baillie Gifford Co-Invest (No. 2) Fund L.P., ordinary shares held by Baillie Gifford Private Companies Fund II L.P., ordinary shares held by Baillie Gifford European Growth Trust plc, and ordinary shares held by The Schiehallion Fund Limited. The ultimate management of these funds' assets (including their shareholdings in the Company) is delegated to Baillie Gifford & Co and its group companies. The primary business address of Baillie Gifford & Co, is Calton Square, 1 Greenside Row, Edinburgh, EH1 3AN, United Kingdom.

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## Certain relationships and related party transactions
*This section contains summaries of certain transactions and relationships with our directors, executive officers and certain of our shareholders since January 1, 2023. Because these descriptions are only summaries of the applicable agreements, they do not necessarily contain all of the information that you may find useful. For a complete description of compensation arrangements, including the long-term incentive plans and warrants, see "Management."* 

#### Transactions with executive officers and directors prior to this offering

#### Luca Ferrari
Luca Ferrari serves as our chief executive officer and chair of the board of directors. In 2022, Mr. Ferrari received a gross bonus of €824,520 from us, which he used to purchase 8,500 Class E shares, later converted into Class X-1 shares (170,000 Class X-1 shares following the March 2024 stock split) through a capital increase on December 19, 2022. In connection with this purchase, Mr. Ferrari entered into a shareholder agreement with the then-existing holders of Class B and Class A shares pursuant to which he committed to transfer such shares to us, individuals identified by us, or the holders of Class A shares by December 31, 2027, and transfer to us, as a non-refundable capital contribution, the proceeds from the sale of such shares. This shareholder agreement is expected to be terminated before the consummation of this offering, and Mr. Ferrari will retain ownership of the 128,835 Class X-1 shares currently in his possession.

In 2024, Mr. Ferrari received a two-day short-term loan of €1,119,999.68 from us, representing an advance of the tax due on the sale of part of his shares. This loan was repaid in full and is no longer outstanding.

#### Francesco Patarnello
Francesco Patarnello serves as our head of business acquisitions and executive director. In 2024, Mr. Patarnello received a two-day short-term loan of €1,119,999.68 from us, representing an advance of the tax due on the sale of part of his shares. This loan was repaid in full and is no longer outstanding.

#### Leah Rose Schwartz
Leah Rose Schwartz serves as a member of our board of directors. Pursuant to the arrangements described under *Management — Warrants,* Ms. Schwartz was granted 5,735 warrants in December 2024 at a discount, which was applied equally to the grants to all similarly situated team members. These warrants were exercised in December 2025 and we paid Ms. Schwartz $257,526.53 in cash in December 2025 to cover certain costs incurred in connection with the exercise of such warrants. As compensation for her services as a director in 2025, we granted Ms. Schwartz 8,014 Class X-1 treasury shares, which were automatically converted into Class X-2 shares upon the transfer of the shares, free of charge in December 2025. Pursuant to the arrangements described in *Management — Warrants*, Ms. Schwartz was granted 3,549 warrants in January 2026 at a discount, which was applied equally to the grants to all similarly situated team members. These warrants currently remain unexercised.

Ms. Schwartz also serves as a managing director of Allen & Company, LLC, a financial advisor and shareholder of ours, and she is a member of Allen Operations, LLC (Allen & Company, LLC's parent entity), which is also one of our shareholders. Allen & Company, LLC holds 579,040 Class X-2 shares which represent approximately 0.48% of our outstanding shares, and Allen Operations, LLC holds 560,000 Class X-1 shares which represent approximately 0.47% of our outstanding shares. In February 2023, Ms. Schwartz purchased 1,200 Class E shares, later converted into Class X-1 shares (24,000 Class X-1 shares following the March 2024 stock split) through a capital increase for €90,108 in an arm's length transaction alongside Allen Operations, LLC and other Allen & Company, LLC team

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
members. In April 2023, Ms. Schwartz, in her capacity as managing director of Allen & Company, LLC, signed a financial advisory engagement letter with us on behalf of Allen & Company, LLC (the "Engagement Letter"), pursuant to which Allen & Company, LLC provides strategic and financial advisory services to us. In connection with an equity financing completed in the first quarter of 2024, Allen & Company, LLC received an advisory fee of $874,227 in cash and 27,200 Class X-3 treasury shares, which were automatically converted into Class X-2 shares upon the transfer of the shares, of which 4,080 Class X-2 shares were attributed to Ms. Schwartz. Effective July 23, 2025, Allen & Company, LLC temporarily suspended the services provided under the Engagement Letter in connection with the Vimeo Acquisition and the Eventbrite Acquisition. Such services have been resumed following the closing of the Eventbrite Acquisition.

#### Robert Joseph Mylod Jr.
Robert Joseph Mylod Jr. serves as a member of our board of directors. Pursuant to the arrangements described under *Management — Warrants,* Mr. Mylod was granted 5,735 warrants in December 2024 at a discount, which was applied equally to the grants to all similarly situated team members. These warrants were exercised in December 2025 and we paid Mr. Mylod $257,526.53 in cash in December 2025 to cover certain costs incurred in connection with the exercise of such warrants. As compensation for his services as a director in 2025, we granted Mr. Mylod 8,014 Class X-1 treasury shares, which were automatically converted into Class X-2 shares upon the transfer of the shares, free of charge in December 2025. Pursuant to the arrangements described under *Management — Warrants,* Mr. Mylod was granted 3,549 warrants in January 2026 at a discount, which was applied equally to the grants to all similarly situated team members. These warrants currently remain unexercised.

#### Joshua James Motta
Joshua James Motta serves as a member of our board of directors. Pursuant to the arrangements described under *Management — Warrants,* Mr. Motta was granted 3,549 warrants in January 2026 at a discount, which was applied equally to the grants to all similarly situated team members. These warrants currently remain unexercised. In November 2025, Mr. Motta also purchased through his trust, To Kalon Trust, 4,476 Class X-1 treasury shares, which were automatically converted into Class X-2 shares upon the transfer of the shares, at a discount out of the ordinary course of business.

#### Stephen Charles Sinwell
Stephen Charles Sinwell serves as a member of our board of directors. Pursuant to the arrangements described under *Management — Warrants,* Mr. Sinwell was granted 3,549 warrants in January 2026 at a discount, which was applied equally to the grants to all similarly situated team members. These warrants currently remain unexercised. In November 2025, Mr. Sinwell also purchased 2,407 Class X-1 treasury shares, which were automatically converted into Class X-2 shares upon the transfer of the shares, at a discount out of the ordinary course of business.

#### Donald Darby O'Neal
Donald Darby O'Neal serves as a member of our board of directors. Pursuant to the arrangements described under *Management — Warrants,* Mr. O'Neal was granted 3,060 warrants in February 2026 at a discount, which was applied equally to the grants to all similarly situated team members. These warrants currently remain unexercised. In February 2026, Mr. O'Neal also purchased through his trust, The Donald and Sally J. O'Neal Community Property Trust, 4,461 Class X-1 treasury shares at a discount out of the ordinary course of business, and 11,193 Class X-1 treasury shares, at fair market value, all of which were automatically converted into Class X-2 shares upon the transfer of the shares.

#### Transactions with executive officers prior to this offering

#### Davide Giorgio Andrea Scarpazza
Davide Giorgio Andrea Scarpazza serves as our co-chief financial officer. Pursuant to the arrangements described under *Management — Long-term incentive plans,* between March 2022 and January 2026,

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
as compensation for his services, Mr. Scarpazza was granted 336,492 share options at a discount, which was applied equally to the grants to all similarly situated team members, of which 326,572 remain outstanding.

#### Enrico Martinelli
Enrico Martinelli serves as our co-chief financial officer. Pursuant to the arrangements described under *Management — Long-term incentive plans,* between March 2022 and January 2026, as compensation for his services, Mr. Martinelli was granted 107,725 share options at a discount, which was applied equally to the grants to all similarly situated team members. These options currently remain outstanding.

#### Francesco Mancone
Francesco Mancone serves as our chief technology officer. Pursuant to the arrangements described under *Management — Long-term incentive plans,* between March 2022 and January 2026, as compensation for his services, Mr. Mancone was granted 498,403 share options at a discount, which was applied equally to the grants to all similarly situated team members, of which 461,603 remain outstanding.

#### Ignacio José Pereira
Ignacio José Pereira serves as our general counsel. Pursuant to the arrangements described under *Management — Long-term incentive plans,* between March 2022 and January 2026, as compensation for his services, Mr. Pereira was granted 66,097 share options at a discount, which was applied equally to the grants to all similarly situated team members. These options currently remain outstanding.

#### Registration rights agreement
In connection with this offering, we intend to enter into a registration rights agreement with certain of our shareholders (the "Registration Rights Agreement"), the form of which will be filed as an exhibit to this registration statement, pursuant to which such shareholders will have certain demand registration rights, short-form registration rights and piggyback registration rights in respect of any ordinary shares and related indemnification rights from us, subject to customary restrictions and exceptions. All fees, costs and expenses of registrations, other than underwriting discounts and commissions, are expected to be borne by us.

#### Agreements with executive officers
 *For a description of our agreements with our executive officers, see Management — Executive officer agreements.* 

#### Indemnification agreements
 *We intend to enter into indemnification agreements with our directors and executive officers. See Management — Insurance and indemnification for a description of these indemnification agreements.* 

#### Related party transaction policy
We intend to adopt a formal, written policy regarding related person transactions, which will become effective upon the effectiveness of the registration statement of which this prospectus forms a part.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

## Description of share capital and bylaws
*The following is a summary of certain information about our shares, our Bylaws, and applicable Italian law. This summary is not intended to be complete and may not contain all the information that may be relevant to a decision to purchase our ordinary shares. For further information, you should refer to our Bylaws and applicable Italian law.* 

We are a joint stock company (*società per azioni*) incorporated in Italy, and our corporate affairs are governed by our Bylaws, the Italian Civil Code, and other applicable laws.

Before this offering, our share capital consisted of multiple classes of shares: Class A, Class B, Class C, Class X-1, Class X-2, and Class X-3. A description of material changes to our share capital and our Bylaws during the past three years will be included in a subsequent filing.

On , 2026, an extraordinary shareholder meeting approved (i) our Bylaws, and (ii) the conversion of all outstanding Class B shares, Class C shares, Class X-1 shares, Class X-2 shares, and Class X-3 shares into ordinary shares based on a 1:1 ratio, in each case subject to and effective upon the effective date of this registration statement. As a result, upon the effectiveness of this registration statement, we will have two classes of shares outstanding: ordinary shares and Class A shares. All our issued and outstanding shares are fully paid.

#### Bylaws
The following is a summary of the material provisions of our Bylaws, as they relate to the material terms of our shares.

#### Corporate purpose
Our corporate purpose, as set forth in our Bylaws, includes the following activities, which may be carried out directly or through our subsidiaries and affiliates:

• Acquiring, holding, managing, and disposing of equity interests, businesses, and assets

• Acquiring, developing, producing, marketing, advertising, distributing, licensing, disposing, and otherwise commercializing hardware and software

• Acquiring, developing, producing, marketing, advertising, distributing, licensing, disposing, and otherwise commercializing other products and services

• Creating, managing, licensing, disposing, and otherwise commercializing intellectual property

• Ancillary commercial, industrial, real estate, and financial activities

#### Applicable provisions
Upon the effectiveness of this registration statement to which this prospectus forms a part, we will be subject to both the provisions of the Italian Civil Code applicable to joint stock companies and to companies listed on a regulated market (*società che fanno ricorso al mercato del capitale di rischio*).

Classes of shares

Following this offering, our share capital will amount to € and will be divided into shares, with no par value, as follows:

• ordinary shares

• Class A shares

Only ordinary shares will be traded.

Our share capital may be increased through contributions of cash, assets in kind, and receivables. We may also issue shares with rights other than those of the shares already issued, in accordance with

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
our Bylaws and applicable law. Any delegation of authority to the board of directors to increase our share capital will be described in a subsequent filing.

#### Shareholder ledger and U.S. register
The shares are issued in book-entry form and recorded in our shareholder ledger (*libro soci*), which we may maintain in paper or electronic form (the "Shareholder Ledger").

Our board of directors may establish and maintain, in compliance with Nasdaq rules and applicable U.S. law, a paper or an electronic register or both (the "U.S. Register") in which the direct holders of our shares and related share transfers are recorded, with corresponding entries subsequently made in the Shareholder Ledger.

Our board of directors may establish procedures and engage third-party service providers to identify indirect holders of our ordinary shares (the "Beneficial Owners") who indirectly exercise corporate rights as described below. These procedures will apply following the registration in the U.S. Register of a single depositary of the ordinary shares designated by us and entrusted with the management of the U.S. Register, in accordance with applicable laws (the "Holder of Record"). The indirect exercise of corporate rights by Beneficial Owners through the Holder of Record, whether collectively or individually, does not require any update to the U.S. Register or the Shareholder Ledger.

#### Rights attached to the shares
Ordinary shares are nominative, indivisible, freely transferable, and grant each holder of ordinary shares equal rights. Each ordinary share grants the right to one vote at our ordinary and extraordinary shareholder meetings, as well as other financial and administrative rights set forth in our Bylaws and under applicable law.

Each Class A share is entitled to votes per share and is convertible at any time into one ordinary share upon request of the holder. In addition, our Class A shares automatically convert into ordinary shares upon certain transfers and other events.

Holders of our ordinary shares and Class A shares generally vote together as a single class, unless otherwise required by our Bylaws or applicable law.

We may issue additional Class A shares only in connection with:

• A share capital increase through new contributions in cash without the exclusion or limitation of the pre-emption rights of our shareholders

• A share capital increase without new contributions pursuant to article 2442 of the Italian Civil Code

• A merger or demerger, in combination with ordinary shares

In the event of a merger or demerger, the holders of Class A shares will be entitled to receive, in exchange for or in addition to the Class A shares held by them, shares having the same rights and obligations as the Class A shares, to the extent legally permitted, unless otherwise resolved by a special meeting of the holders of Class A shares.

#### Dividends
A shareholder meeting may approve the payment of annual dividends out of our distributable profits and reserves for the relevant year. The shareholder meeting may also establish extraordinary reserves.

Our board of directors may propose the payment of annual dividends, which must be approved by our shareholders at the annual general meeting. Before any dividends are paid, we must allocate at least 5% of our net profits to the legal reserve until that reserve reaches one fifth of our share capital.

If losses reduce our funds below our share capital, we may not pay dividends until the share capital is either reconstituted or reduced to match the level of our existing funds. If the conditions of article 2433-*bis* of the Italian Civil Code are met, our board of directors may authorize interim dividends, subject

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
to certain limitations. Dividends, interim dividends, and other distributions to shareholders will be paid on the terms and in the manner set by the shareholder meeting or the board of directors, as applicable.

#### Shareholder meetings
Holders of ordinary shares are entitled to attend and vote at our shareholder meetings if they are registered in both the Shareholder Ledger and the U.S. Register as of the close of the day (New York time) before the date on which the shareholder meeting is held, or, if that day is not a trading day (as determined by the Nasdaq trading calendar), as of the close of the immediately preceding trading day (the "Record Date"). Such shareholders are entitled to attend and vote at a shareholder meeting even if they have transferred their ordinary shares after the Record Date.

Shareholder meetings are called by our board of directors or by the chair of the board of directors at the time and location in any E.U. country, in the U.K., in Switzerland, or in the U.S. that is determined by our board of directors. Pursuant to our Bylaws, our board of directors may decide to hold the shareholder meeting virtually.

Holders of not less than 5% of our share capital may also cause our board of directors to call a shareholder meeting.

Our shareholder meetings must be convened by notice at least days prior to the date of the meeting. Notices of shareholder meetings must be provided in accordance with our Bylaws and applicable law, and must specify the date, time, agenda, location of the meeting (or virtual meeting details), and other information required by applicable law. Shareholders may cast their vote by mail or electronically as specified in the notice of the meeting.

Ordinary shareholder meetings may resolve upon such matters provided by our Bylaws and applicable law. Our Bylaws provide that an ordinary shareholder meeting held in a single call can validly take place regardless of how much voting share capital attends the meeting, and resolutions are passed with a majority of the votes attached to the shares held by the shareholders who attend the meeting. If the notice of the ordinary shareholder meeting provides for multiple calls, different quorum and voting requirements apply as set forth in our Bylaws and applicable law.

Extraordinary shareholder meetings may resolve upon amendments to our Bylaws and other reserved matters under applicable law. Our Bylaws provide that an extraordinary shareholder meeting held in a single call can validly take place if at least one fifth of the voting share capital attends the meeting, and resolutions are passed with the affirmative vote of at least two thirds of the voting share capital attending the meeting. If the notice of the extraordinary shareholder meeting provides for multiple calls, different quorum and voting requirements apply as set forth in our Bylaws and applicable law.

#### Right of withdrawal
The Italian Civil Code provides for a right of withdrawal to absent, abstaining, or dissenting shareholders under certain conditions. In addition, pursuant to our Bylaws, the right of withdrawal is not available to shareholders who did not vote on, or who voted against, resolutions relating to the extension of our term, or the introduction, amendment, or removal of limitations on transfers of our shares.

Pursuant to the Italian Civil Code, the liquidation value of the ordinary shares is determined by reference to the arithmetic average of the closing prices during the six months preceding the publication of the notice of the shareholder meeting whose resolutions give rise to the right of withdrawal.

#### Corporate governance
Our Bylaws provide for a board of directors and an audit committee elected by the board of directors from among its members.

#### Board of directors
Our board of directors consists of five to eleven members. Our Bylaws provide that the board of directors is elected through a slate voting system at an ordinary shareholder meeting that also

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
determines its term and compensation, and may elect a chair. Directors serve for a term that may not exceed three financial years and may be re-elected. Shareholders may remove a director before the end of the term, and a director who is removed without cause may be entitled to claim damages from the company. Directors may resign at any time by providing written notice to the board of directors and to the chair of the audit committee. If shareholders do not elect a chair, the board of directors will elect one from among its members. The board may also elect one or more deputy chairs to serve if the chair is absent or unavailable.

Directors must satisfy the eligibility and integrity requirements of article 2382 of the Italian Civil Code and must have the professional skills and competence needed to carry out their duties.

At least of our members of the board of directors must meet the independence requirements required by our Bylaws and the Italian Civil Code.

Under Italian law, the board of directors is generally responsible for the management of the company. The board of directors may therefore take all actions it deems necessary, useful, or appropriate to achieve the company's corporate purpose, except for such matters that are reserved for our shareholders in accordance with our Bylaws and applicable law. In particular, directors must generally act with care, in the company's interest and not pursuing personal interests, and on an informed basis.

To the extent permitted by our Bylaws and applicable law, the board of directors may delegate its authorities and responsibilities to one or more of its members or to an executive committee from among its members.

Meetings of the board of directors may be called by its chair at any time or upon request in accordance with our Bylaws.

#### Audit committee
Our audit committee consists of at least three members elected by our board of directors from among its members. Members serve for three financial years, unless they resign or are removed earlier, and may be re-elected. The audit committee elects a chair from among its members. The audit committee is governed by a charter that is consistent and complies with applicable Italian law and Nasdaq rules.

The audit committee performs the functions required of an "audit committee" under applicable SEC and Nasdaq rules, and assists our board of directors in overseeing our accounting and financial reporting processes, internal controls, organizational structure, and the audit of our financial statements. The audit committee may perform additional activities upon request of our board of directors.

Each member of our audit committee must meet the independence requirements under article 2399 of the Italian Civil Code, Rule 10A-3 of the Exchange Act, and Nasdaq independence rules. Members of the executive committee (if appointed) and directors who hold delegated powers, special offices, or who otherwise perform management functions at our company or at companies that control or are controlled by it may not serve on the audit committee. At least one member of the audit committee must be registered in the Italian register of auditors (*registro dei revisori legali*).

#### Liquidation
Our winding-up and liquidation are governed by Italian law.

#### Shareholder agreements
Shareholder agreements must be notified to us and disclosed at each shareholder meeting. If these requirements are not met, the voting rights attached to the relevant shares may not be exercised, and any resolutions passed with the decisive affirmative vote of such shares may be voided.

#### Material differences between Italian law and Delaware law
 *The provisions of the Italian Civil Code applicable to companies listed on a regulated market (società che fanno ricorso al mercato del capitale di rischio) differ from the laws applicable to U.S. corporations and their shareholders.* 

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
The following summary of the main differences between the provisions of the Italian Civil Code applicable to companies that are listed on a regulated market (*società che fanno ricorso al mercato del capitale di rischio*) and the provisions of the General Corporation Law of the State of Delaware relating to rights and protections of shareholders does not affect the description of our Bylaws above.

Our Bylaws may differ from the provisions of the Italian Civil Code described below. In the event of conflict between the summary below and our Bylaws, our Bylaws prevail.

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| | | |
|:---|:---|:---|
| | **Italian law**  | **Delaware law**  |
| **Director number**  | Shareholders at an ordinary shareholder meeting elect the board of directors for a specified term, which may not exceed three financial years. <br> The bylaws set the number of directors. If the bylaws specify only a minimum and a maximum number of directors, the number of elected directors is determined by a shareholder meeting. <br> In companies that adopt a one-tier corporate governance system, the board of directors elects an audit committee of at least three members from among its members.  | A corporation must have at least one director. The bylaws set the number of directors (or the method for determining it), unless the certificate of incorporation fixes the number, in which case, changing it requires amending the certificate of incorporation. |
| **Director removal**  | The holders of a majority of shares entitled to vote at a shareholder meeting may remove any director or the entire board, with or without cause. A director who is removed without cause may claim damages from the company. A director may resign at any time by giving written notice to the board of directors and the chair of the audit committee. | &nbsp;&nbsp;&nbsp; The holders of a majority of shares entitled to vote at a director election may remove any director or the entire board, with or without cause. There are two exceptions: <br> • If the board is classified, removal is only for cause unless the certificate of incorporation says otherwise <br>• If the corporation uses cumulative voting and less than the entire board is being removed, a director cannot be removed without cause if the votes against removal would have been enough to elect that director in a cumulative vote for the full board (or, if there are classes of directors, for that director's class) <br>A director may resign at any time by giving written notice to the company.  |
| **Vacancies on the board of directors**  | Vacancies of less than half of the members of the board of directors resulting from resignations, removals, death, or loss of the legal qualifications or independence requirements (as applicable) may be | Vacancies and newly created directorships resulting from any increase in the authorized number of directors elected by all shareholders having the right to vote as a single class may be filled by a majority of |

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| | | |
|:---|:---|:---|
| | **Italian law**  | **Delaware law**  |
|  | filled by the board of directors, with the approval of the audit committee. Directors filling such vacancies serve until a shareholder meeting is held, which may confirm or elect their replacement. Vacancies of more than half of the directors elected by a shareholder meeting must be filled by an ordinary shareholder meeting, which must be called by the remaining directors. Directors who resign must remain in office until vacancies are filled by a shareholder meeting (*in prorogatio*). | the remaining directors (even if fewer than a quorum) or by a sole remaining director, unless (i) the certificate of incorporation or the bylaws provide otherwise, or (ii) the certificate of incorporation grants a particular class or series of shares the right to elect that director, in which case, a majority of the other directors elected by that class or series (or a sole remaining director elected by that class or series) fills the vacancy. |
| **Annual general meeting**  | &nbsp;&nbsp;&nbsp; Shareholder meetings may be ordinary or extraordinary. <br> In companies adopting the one-tier corporate governance system, ordinary shareholder meetings may take the following actions, among others: <br> • Approve the company's financial statements <br>• Elect or remove directors <br>• Appoint external auditors <br>• Determine the base compensation of directors and external auditors <br>• Decide whether to bring claims against directors <br>• Approve any authorizations the bylaws may require for certain transactions <br>An ordinary shareholder meeting must be held at least once a year, within the term set by the bylaws and no later than 120 days after the end of the financial year. This deadline may be extended to up to 180 days after the end of the financial year, if the company is required by law to prepare consolidated financial statements, or if necessary due to special circumstances related to its structure or corporate purpose.  | The annual shareholder meeting is held at the place, date, and time designated by the board of directors or as specified in the certificate of incorporation or the bylaws. |

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| | | |
|:---|:---|:---|
| | **Italian law**  | **Delaware law**  |
| **Extraordinary shareholder meeting**  | &nbsp;&nbsp;&nbsp; An extraordinary shareholder meeting may take the following actions, among others: <br> • Approve amendments to the bylaws <br>• Decide on any other reserved matter under the law <br>|  |
| **Special shareholder meeting**  | &nbsp;&nbsp;&nbsp; Special shareholder meetings may be called when the company has issued different classes of shares and a resolution of the shareholder meeting would adversely affect the rights of the holders of one or more of those classes. A special meeting of the holders of the affected classes must also approve any such resolution. <br> Special meetings of the holders of a specific class of shares may take the following actions, among others: <br> • Approve or reject resolutions of the shareholder meeting that would adversely affect the rights attached to that class of shares <br>• Decide on any other matters reserved to special shareholder meetings pursuant to the bylaws <br>Special shareholder meetings follow the same rules that apply to extraordinary shareholder meetings.  | Special shareholder meetings may be called by the board of directors or by any person authorized to do so under the certificate of incorporation or the bylaws. |
| **Location of the annual general meeting**  | Shareholder meetings may be held inside the municipality of the company's registered office, or at any other location that the board of directors determines in accordance with the bylaws. Shareholder meetings may be held virtually if the bylaws permit it. | Shareholder meetings may be held inside or outside Delaware and may be held virtually if the certificate of incorporation or the bylaws permit it. |
| **Action by written consent**  | Actions that require a shareholder meeting cannot be taken without holding a meeting. | Any action that would normally require a shareholder meeting may instead be taken without a meeting if the shareholders holding at least the minimum number of votes needed to approve the action at a meeting at which all shares entitled to vote were present and voted to sign a written consent. |

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|:---|:---|:---|
| | **Italian law**  | **Delaware law**  |
| **Notice of annual general meeting**  | The board of directors calls shareholder meetings by issuing notice to the shareholders at least 15 days before the meeting date. The notice must state the place, date, and time of the meeting, the means of remote communication (if any) by which shareholders may participate and vote, and the meeting agenda. The notice must be published in the Official Gazette of Italy or in at least one daily newspaper specified in the bylaws. The bylaws may impose additional requirements, such as publishing the notice on the company's website. Unless the bylaws provide otherwise, the notice may specify that the meeting will be held in multiple calls. | Unless the certificate of incorporation or the bylaws provide otherwise, each shareholder entitled to vote must receive written notice of any meeting at least 10 days but no more than 60 days before the meeting date. The notice must state the place, date, and time of the meeting, the means of remote communication (if any) by which shareholders and proxy holders may participate and vote, the record date for determining who may vote (if different from the record date for determining the shareholders entitled to receive the notice), and, for special meetings, the purpose of the meeting. |
| **Quorum**  | Unless the bylaws provide otherwise, an ordinary shareholder meeting held in a single call can validly take place regardless of how much voting share capital attends the meeting, and resolutions are passed with a majority of the votes attached to the shares held by the shareholders who attend the meeting. <br> The bylaws may allow ordinary shareholder meetings to be held in multiple calls. In that case, unless the bylaws require higher majorities for certain resolutions, (i) at the first call, the meeting can validly take place if a majority of the voting share capital attends the meeting, and resolutions are passed with a majority of the votes attached to the shares held by the shareholders who attend the meeting, and (ii) at the second and any subsequent calls, the meeting can validly take place regardless of how much voting share capital attends the meeting, and resolutions are passed with a majority of the votes attached to the shares held by the shareholders who attend the meeting.  | The certificate of incorporation or the bylaws may specify how many shares must be present or represented by proxy to form a quorum, but a quorum can never be less than one third of the shares entitled to vote. If neither the certificate of incorporation nor the bylaws specifies a quorum, a majority of the shares entitled to vote (present in person or by proxy) constitutes the quorum. |

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|:---|:---|:---|
| | **Italian law**  | **Delaware law**  |
|  | Unless the bylaws provide otherwise, an extraordinary shareholder meeting held in a single call can validly take place if at least one fifth of the voting share capital attends the meeting, and resolutions are passed with the affirmative vote of at least two thirds of the voting share capital attending the meeting. <br> The bylaws may allow extraordinary shareholder meetings to be held in multiple calls. In that case, unless the bylaws require higher majorities, (i) at the first call, the meeting can validly take place if a majority of the voting share capital attends the meeting, and resolutions are passed with the affirmative vote of at least two thirds of the voting share capital attending the meeting, (ii) at the second call, the meeting can validly take place if more than one third of the voting share capital attends the meeting, and resolutions are passed with the affirmative vote of at least two thirds of the voting share capital attending the meeting, and (iii) at subsequent calls, the meeting can validly take place if at least one fifth of the voting share capital attends the meeting, and resolutions are passed with the affirmative vote of at least two thirds of the voting share capital attending the meeting.  | |
| **Proxy**  | A shareholder may appoint another person to act on their behalf by proxy (either in writing or by electronic transmission) at any shareholder meeting. A proxy may only cover one meeting and must name the appointed representatives and any substitutes. A shareholder may not appoint as proxy holder any director or employee of the company or of other companies controlled by such company. A single proxy holder may represent no more than 20 to 200 shareholders, depending on the size of the company's share capital.  | A shareholder may appoint another person to act on their behalf by proxy (either in writing or by electronic transmission) at any shareholder meeting. A proxy expires three years after its date unless it specifies a longer period. <br> A director may not give a proxy to another person to transfer their voting rights as a director.  |
|  | A director may not give a proxy to another person to transfer their voting rights as a director. |  |

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|:---|:---|:---|
| | **Italian law**  | **Delaware law**  |
| **Pre-emption rights**  | Shareholders have the right to subscribe for newly issued shares in proportion to their existing shareholdings. This pre-emption right may be waived or limited by the bylaws (for up to 10% of the existing share capital) or by a resolution of an extraordinary shareholder meeting, subject to certain conditions. If pre-emption rights are waived or limited, the board of directors must justify the new share issuance, and the subscription price must be based on the company's consolidated net worth. The company's external auditors must issue an opinion on whether the subscription price is fair. Pre-emption rights may also be limited when newly issued shares are offered to employees of the company, its subsidiaries, or its parent companies. | Shareholders have no pre-emption rights to subscribe for additional shares or convertible securities unless the certificate of incorporation expressly grants them.  |
| **Authority to increase the share capital**  | An extraordinary shareholder meeting may authorize increases of the share capital and share issuances (i) for cash, to be subscribed by existing shareholders or third parties or (ii) for free to existing shareholders, if the company has sufficient available reserves to cover the newly issued shares and the share capital is backed by the company's existing funds. <br> Shareholders may delegate the power to increase the share capital to the board of directors by an extraordinary shareholder meeting, up to a specified amount and for a maximum of five years from the date of such delegation. <br> When new shares are issued for cash, the resolution may be executed once subscribers have subscribed for the shares and paid at least 25% of their nominal value plus the full share premium.  | The board of directors has the power to authorize share issuances up to the amount authorized in the certificate of incorporation. Amendments to the certificate of incorporation to increase the authorized share capital amount require the affirmative vote of the holders of at least a majority of the voting shares, or a greater percentage if required by the certificate of incorporation. Shares may be issued for cash, tangible or intangible property, any benefit to the corporation, or any combination of these. The board of directors may set the consideration amount by approving a formula. Absent actual fraud, the directors' judgment on the value of the consideration is conclusive. |

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|:---|:---|:---|
| | **Italian law**  | **Delaware law**  |
| **Voting rights**  | Each shareholder has one vote per share, unless the bylaws provide otherwise. The bylaws may create classes of shares with no voting rights, limited voting rights, contingent voting rights, or multiple voting rights (up to 10 votes per share). | Each shareholder has one vote per share, unless the certificate of incorporation provides otherwise. |
| **Shareholder vote on certain transactions**  | Any merger or demerger must be approved by both the board of directors and shareholders at an extraordinary shareholder meeting. The bylaws may also require approval by shareholders at an ordinary shareholder meeting for other transactions. | &nbsp;&nbsp;&nbsp; Unless the certificate of incorporation requires a greater vote, completing a merger, consolidation, sale, lease, or exchange of all or substantially all corporation's assets, or a dissolution, requires: <br> • The approval of the board of directors <br>• The approval of the holders of a majority of the outstanding shares or, if the certificate of incorporation provides for more or less than one vote per share, a majority of the votes of the outstanding shares entitled to vote on that matter <br>|
| **Director standard of conduct**  | &nbsp;&nbsp;&nbsp; Directors have a general duty to act with care, without self-interest, and on a well-informed basis. <br> The applicable standard of conduct is assessed on a case-by-case basis, considering the company's characteristics, the specific tasks and responsibilities assigned to each director, and each director's personal skills. <br> Directors' duties include the following: <br> • Registering the company with the business register and keeping the registered information up to date <br>• Maintaining the company's books and records (including the shareholder ledger) <br>• business register <br> Preparing the company's annual financial statements in accordance with applicable accounting standards and filing them with the <br>| Delaware law does not set out a specific statutory standard of conduct for directors. Instead, the scope of directors' fiduciary duties is largely shaped by Delaware court decisions. <br> In general, directors must act without self-interest, on a well-informed basis, and in a manner they reasonably believe serves the best interests of the shareholders. <br> Directors of a corporation owe fiduciary duties of care and loyalty to the corporation and its shareholders. The duty of care requires a director to act in good faith and with the care an ordinarily prudent person would exercise in similar circumstances. This means a director must consider all material information reasonably available before making significant decisions. <br> The duty of loyalty requires directors to act in what they reasonably  |

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|:---|:---|:---|
| | **Italian law**  | **Delaware law**  |
|  | &nbsp;&nbsp;&nbsp; • Calling ordinary shareholder meetings at least annually, or when necessary, or when requested by shareholders holding at least 5% of the share capital <br>• Monitoring the company's equity and financial position, and taking the actions required by law if (i) losses reduce the share capital below two thirds of its original amount, or (ii) the company experiences income, asset, or financial imbalances <br>| believe to be the corporation's best interests and not to use their position for personal gain. Subject to certain exceptions, a director's actions are presumed to have been taken on an informed basis, in good faith, and in the honest belief that they served the corporation's best interests. This presumption can be rebutted by evidence of a breach of fiduciary duties. Delaware courts also apply a heightened standard of conduct to directors who take action to defeat a threatened change of control. <br> In addition, when the board of directors of a corporation approves the sale or break-up of the corporation, the board may, in certain circumstances, have a duty to obtain the highest value reasonably available for shareholders.  |
| **Director and officer liability**  | Directors may be held liable to the company, its creditors, or one or more shareholders for damages caused by a breach of their duties and obligations. Provisions, whether in the bylaws, a contract, or otherwise, that attempt to exempt directors from liability for breach of a duty to the company may be unenforceable. | &nbsp;&nbsp;&nbsp; The certificate of incorporation may include a provision that eliminates or limits a director's personal liability to the corporation and its shareholders for monetary damages from a breach of fiduciary duty. However, no such provision may limit liability for: <br> • Any breach of the director's duty of loyalty to the corporation or its shareholders <br>• Acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law <br>• Intentional or negligent payment of unlawful dividends or share purchases, or redemptions <br>• Any transaction from which the director derives an improper personal benefit <br>|

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| | | |
|:---|:---|:---|
| | **Italian law**  | **Delaware law**  |
| **Director and officer indemnification**  | Companies may enter into indemnification agreements (*patti di manleva*) with directors and officers, under which the company holds directors or officers harmless from liabilities arising from actions taken during their service. Companies may also issue indemnification letters in favor of directors and officers when they cease to hold their office. | &nbsp;&nbsp;&nbsp; A corporation may indemnify a director or officer against expenses (including attorney fees), judgments, fines, and settlement amounts actually and reasonably incurred in defending an action, suit, or proceeding related to their position, provided that: <br> • The director or officer acted in good faith and in a manner they reasonably believed to be in, or not opposed to, the best interests of the corporation <br>|
|  |  | &nbsp;&nbsp;&nbsp; • In the case of a criminal proceeding, the director or officer had no reasonable cause to believe their conduct was unlawful <br>|
| **Shareholder litigation**  | Under Italian law, the company may bring a liability action against directors following a resolution of the ordinary shareholder meeting. The statute of limitations for this action is five years from the date the director ceased to hold office. If the shareholder meeting approves a liability action with at least 20% of the share capital voting in favor, the director is automatically removed from office (if still serving). <br> The company may waive or settle a liability action, provided the ordinary shareholder meeting approves and shareholders holding at least 5% of the share capital do not vote against it. <br> Shareholders holding at least 2.5% of the share capital (or the lower threshold set in the bylaws) may also bring liability actions. The shareholders who brought the action may waive or settle it, but any proceeds from the waiver or settlement go to the company.  | &nbsp;&nbsp;&nbsp; A shareholder may bring a derivative action to enforce a corporate right that the corporation has failed to enforce on its own. <br> The complaint must: <br> • State that the plaintiff was a shareholder at the time of the transaction, or that the plaintiff acquired shares afterward by operation of law <br>• Describe the plaintiff's efforts to get the directors to take the desired action and explain why those efforts failed, or state the reasons for not making the effort <br>The plaintiff must remain a shareholder for the entire duration of the derivative suit. <br> The action cannot be dismissed or settled without the approval of the Delaware Court of Chancery.  |

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|:---|:---|:---|
| | **Italian law**  | **Delaware law**  |
| **Amendment of the certificate of incorporation**  | The certificate of incorporation is the deed by which the company is incorporated and is not subsequently amended. | &nbsp;&nbsp;&nbsp; A corporation may generally amend its certificate of incorporation if: <br> • Its board of directors has adopted a resolution setting out the proposed amendment and declaring it advisable <br>• Holders of a majority of the outstanding shares entitled to vote on the amendment adopt it (or a greater vote if required by the certificate of incorporation), along with a majority of the outstanding shares of each class or series entitled to vote on the amendment as a class or series, if any (or a greater vote if required by the certificate of incorporation) <br>|
| **Amendment of the bylaws**  | The extraordinary shareholder meeting must approve any amendments to the bylaws, which must also be filed with the business register. The bylaws may also authorize the board of directors to make certain other amendments, including those relating to opening or closing a company's branch, certain simplified mergers, and designating which directors have the power to represent the company. | Shareholders entitled to vote may adopt, amend, or repeal the bylaws. The certificate of incorporation may also grant that power to the board of directors. |
| **Transactions with significant shareholders**  | These rules do not apply to companies whose shares are not listed on an E.U.-regulated market. | Subject to certain exceptions and conditions, a corporation may not enter into a business combination with an interested shareholder for three years after the person became an interested shareholder, unless shareholders holding at least 66<sup>2</sup>∕3% of the corporation's outstanding voting shares (excluding shares owned by the interested shareholder) gave prior approval. |

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|:---|:---|:---|
| | **Italian law**  | **Delaware law**  |
| **Dissenter rights of appraisal**  | &nbsp;&nbsp;&nbsp; Merger and demerger plans approved by the board of directors must include a fair share exchange ratio, which must be verified by independent experts appointed by a court. These experts must prepare a report on whether the exchange ratio is fair. The report must include: <br> • The methods used to determine the proposed exchange ratio and the values that resulted from each method <br>• Any difficulties encountered in the valuation process <br>• The experts' opinion on whether the methods used were appropriate, and the relative weight given to each method in determining the final value <br>| Appraisal rights are available to holders of any class or series of shares in a merger or consolidation, with limited exceptions. For example, appraisal rights generally do not apply to a merger or consolidation involving corporations listed on a national securities exchange where the consideration offered consists of listed shares. |

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#### Listing
We intend to apply to list our ordinary shares on Nasdaq under the symbol "BSP."

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

## Shares eligible for future sale
Prior to this offering, there has been no public market for our ordinary shares. Future sales of substantial amounts of our ordinary shares in the public market could adversely affect market prices prevailing from time to time. Furthermore, because only a limited number of ordinary shares will be available for sale shortly after this offering due to existing contractual and legal restrictions on resale as described below, there may be sales of substantial amounts of our ordinary shares in the public market after such restrictions lapse. This may adversely affect the prevailing market price of our ordinary shares and our ability to raise equity capital in the future. See *Risk factors — Risks relating to this offering and ownership of our ordinary shares* for more information.

Upon completion of this offering, we will have ordinary shares outstanding, or ordinary shares outstanding if the underwriters exercise their option to purchase additional ordinary shares from us in full, and Class A shares outstanding.

All of the ordinary shares expected to be sold in this offering will be freely tradable without restriction or further registration under the Securities Act, except for ordinary shares held by our "affiliates," as that term is defined in Rule 144 under the Securities Act, who are subject to lock-up restrictions or are restricted from selling shares by Rule 144. The remaining outstanding ordinary shares (including ordinary shares issuable upon conversion of our Class A shares) will be deemed "restricted securities" as that term is defined under Rule 144. Restricted securities may be sold in the public market only if their offer and sale is registered under the Securities Act or if the offer and sale of those securities qualify for an exemption from registration, including exemptions provided by Rules 144 and 701 under the Securities Act, which are summarized below.

As a result of the lock-up agreements described below and the provisions of Rules 144 or 701, and assuming no extension of the lock-up period and no exercise of the underwriters' option to purchase additional ordinary shares, the ordinary shares that will be deemed "restricted securities" will be available for sale in the public market following the completion of this offering as follows:

• No ordinary shares will be eligible for sale on the date of this prospectus

• ordinary shares will be eligible for sale upon expiration of the lock-up agreements described below, beginning more than 180 days after the date of this prospectus (assuming no Class A shares are converted into ordinary shares)

#### Rule 144
In general, a person who has beneficially owned our ordinary shares that are restricted securities for at least six months would be entitled to sell such securities, provided that (1) such person is not deemed to have been one of our affiliates at the time of, or at any time during the 90 days preceding, a sale and (2) we are subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale. Persons who have beneficially owned our ordinary shares that are restricted securities for at least six months but who are our affiliates at the time of, or any time during the 90 days preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period only a number of securities that does not exceed the greater of either of the following, as long as we are subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale:

• 1% of the number of our ordinary shares then outstanding, which will equal approximately ordinary shares immediately after this offering

• The average weekly trading volume of our ordinary shares on Nasdaq during the four calendar weeks preceding the date of filing of a notice on Form 144 with respect to the sale

Such sales both by affiliates and by non-affiliates must also comply with the manner of sale, current public information, and notice provisions of Rule 144 to the extent applicable.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

#### Rule 701
In general, under Rule 701, any of our employees, executive officers, directors, consultants, or advisors who purchases shares from us in connection with a compensatory share or option plan or other written agreement before the effective date of this offering is entitled to resell such shares 90 days after the effective date of this offering in reliance on Rule 144, without having to comply with the holding period requirements or other restrictions contained in Rule 701.

The SEC has indicated that Rule 701 will apply to typical share options granted by an issuer before it becomes subject to the reporting requirements of the Exchange Act, along with the shares acquired upon exercise of such options, including exercises after the date of this prospectus. Securities issued in reliance on Rule 701 are restricted securities and, subject to the contractual restrictions described below, beginning 90 days after the date of this prospectus, may be sold by persons other than "affiliates," as defined in Rule 144, subject only to the manner of sale provisions of Rule 144 and by "affiliates" under Rule 144 without compliance with its one-year minimum holding period requirement.

#### Regulation S
Regulation S provides generally that sales made in offshore transactions are not subject to the registration or prospectus delivery requirements of the Securities Act.

#### Lock-up agreements
We, the Selling Shareholders, our executive officers, directors, and certain other shareholders have agreed, subject to limited exceptions, not to offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise dispose of, directly or indirectly, or enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of our ordinary shares or such other securities (including any securities convertible into or exercisable or exchangeable for our ordinary shares) for a period of days after the date of this prospectus, subject to certain exceptions, without the prior written consent of . These agreements are described below under *Underwriting.* 

#### Registration rights
We intend to enter into a Registration Rights Agreement upon consummation of this offering pursuant to which we will agree under certain circumstances to file a registration statement to register the resale of the ordinary shares held by certain of our existing shareholders, as well as to cooperate in certain public offerings of such ordinary shares. Registration of these ordinary shares under the Securities Act would result in these ordinary shares becoming freely tradable without restriction under the Securities Act immediately upon the effectiveness of the registration, except for shares purchased by affiliates. See *Certain relationships and related party transactions — Registration rights agreement.* 

#### Share options
We intend to file one or more registration statements on Form S-8 under the Securities Act to register the offer and sale of any ordinary shares issued or reserved for issuance under our equity plans. We expect to file the registration statement covering these ordinary shares after the date of this prospectus, which will permit the resale of such shares by persons who are non-affiliates of ours in the public market without restriction under the Securities Act, subject, with respect to certain of the ordinary shares, to the provisions of the lock-up agreements described above.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

## Taxation
*The following summary describes the material Italian and U.S. federal income tax consequences of the acquisition, ownership, and disposition of our ordinary shares. This summary does not address all the tax considerations that may be relevant to a decision to purchase our ordinary shares. The summary is based on the tax laws and regulations of Italy and the U.S. as of the date of this prospectus, which are subject to change.* 

#### Material Italian tax considerations
This section describes the material Italian tax consequences of acquiring, holding, and disposing of our ordinary shares. It does not address all the aspects of Italian taxation that may be relevant to you, and different rules may apply to you or if you are subject to special treatment under applicable law.

You should consult your own tax advisors regarding the Italian tax consequences of acquiring, holding, and disposing of our ordinary shares. You should also consider whether any amounts received as distributions in connection with our ordinary shares relate to dividends or equity reserves.

This summary is based on the tax laws, regulations, and case law of Italy as of the date of this prospectus. The laws and regulations on which this discussion is based are subject to change, potentially with retroactive effect, and the information provided in this prospectus may not reflect future tax laws, regulations, or frameworks.

#### Taxation of dividends
Dividends paid by us are subject to the tax regime generally applicable to dividends paid by companies that are resident for tax purposes in Italy, as summarized below, depending on the class of recipient.

*Italian resident holders* 

*Individuals not engaged in a business activity* 

Under the Italian Decree No. 600 of September 29, 1973 ("Decree 600"), dividends paid to Italian resident individuals holding our ordinary shares neither in connection with a business activity nor in the context of a discretionary investment portfolio regime (*risparmio gestito*) are subject to 26% tax withheld at source in Italy. In this case, you are not required to report the dividends on your income tax return.

Subject to certain conditions and limitations, including minimum holding period requirements, dividends paid by us may be exempt from any income taxation (including from the 26% tax withheld at source) if the ordinary shares do not represent a Qualified Holding (as defined below) and are included in a long-term savings account (*piano di risparmio a lungo termine*) that meets all applicable requirements under Italian tax law.

If you have entrusted the management of the shares to an authorized intermediary under a discretionary asset management contract and have made an election for the discretionary investment portfolio regime (*risparmio gestito*) under the Italian Legislative Decree No. 461 of November 21, 1997, dividends are not subject to any tax withheld at source and are included in the annual accrued management result (*risultato maturato annuo di gestione*), which is subject to a 26% substitute tax.

"Qualified Holding" means a holding of our ordinary shares, including rights or securities through which our ordinary shares may be acquired, that represent, in case of shares listed on regulated markets, either (i) more than 2% of voting rights or (ii) more than 5% of our share capital.

*Sole Proprietors* 

Dividends paid to Italian resident individuals holding our ordinary shares in connection with a business activity ("Sole Proprietors") are not subject to any tax withheld at source in Italy, provided that, at the time

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
of receipt, they declare that the profits collected are from holdings connected to their business activity. Such dividends are partially included in their taxable income up to a certain percentage, that may vary depending on the fiscal year in which the underlying profit was realized, and are subject to personal income tax.

Under the Italian Law No. 199 of December 30, 2025 ("Budget Law 2026"), the dividend regime described above applies provided that the dividends relate to ordinary shares that (i) represent at least 5% of our share capital (taking into account indirect participations held through subsidiaries controlled within the meaning of article 2359, paragraph 1 (1) and 2 of the Italian Civil Code ("Controlled Subsidiaries"), on a proportional look-through basis), or (ii) have a tax basis of not less than €500,000. If neither condition is met, dividends are fully taxable.

*Partnerships such as società in nome collettivo, società in accomandita semplice, società semplici, and other companies and business entities referred to in CITA* 

No Italian tax is withheld at source on dividends paid to Italian business partnerships such as *società in nome collettivo*, *società in accomandita semplice,* and similar partnerships or business entities referred to in article 5 of the Italian Presidential Decree No. 917 of December 22, 1986 ("CITA"). Such dividends are partially included in the business partnership taxable income, and then proportionally allocated to the relevant partners on a look-through basis. These dividends are included up to a certain percentage based on the fiscal year in which the underlying profit is realized.

Under Budget Law 2026, the dividend regime described above applies provided that the dividends relate to ordinary shares that (i) represent at least 5% of our share capital (taking into account indirect participations held through Controlled Subsidiaries, on a proportional look-through basis), or (ii) have a tax basis of not less than €500,000. If neither condition is met, dividends are fully taxable.

If the partnership is instead a non-business partnership (*società semplice*), under the Italian Law Decree No. 124 of October 26, 2019, as amended, dividends are deemed to be received on a tax transparency basis by the partners and are subject to tax under the tax regime applicable to each partner as if they were directly paid to them.

 *No Italian tax is withheld at source on dividends paid to Italian resident companies and other Italian resident business entities referred to in CITA, including joint-stock companies (società per azioni), partnerships limited by shares (società in accomandita per azioni), limited liability companies (società a responsabilità limitata), and public and private entities whose sole or primary purpose is to carry out business activities. Under Budget Law 2026, only 5% of such income is included in taxable income subject to corporate income tax ("IRES"), if certain conditions are met.* 

Furthermore, if our ordinary shares are financial assets held for trading by holders that apply IAS or IFRS Accounting Standards under the Regulation No. 1606/2002 of the European Parliament and the Council of July 19, 2002, the full amount of the dividends is included in taxable income subject to IRES.

IRES is currently applied at 24%, but a higher rate may apply for companies in specific sectors.

For some companies and under certain conditions, dividends may also be partially included in the net value of production, which is subject to regional tax on productive activities ("IRAP").

*Non-business entities referred to in CITA* 

No Italian tax is withheld at source on dividends paid to Italian resident non-business entities referred to in article 73(1)(c) of CITA (including Italian resident trusts that do not carry out a business activity), except for Italian collective investment funds ("OICR"). The dividends are fully included in the holder's income, subject to IRES.

For certain social security entities, subject to certain conditions and limitations, including minimum holding period requirements, dividends and other income from our ordinary shares that do not represent a Qualified Holding may be excluded from the taxable base if the social security entity earmarks the ordinary shares as eligible investment under the Italian Law No. 232 of December 11, 2016, as amended

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("Budget Law 2017") to the extent that the investment in our ordinary shares, and other qualifying shares or units in OICR investing mainly in qualifying shares, represent no more than 10% of the gross asset value of the social security entity of the previous year.

According to the Italian Law No. 178 of December 30, 2020 ("Budget Law 2021"), 50% of the dividends paid to non-business entities referred to in article 73(1)(c) of CITA will be excluded from their IRES taxable base provided that they (i) exclusively or mainly carry out any of the qualifying non-profit activities listed in article 1(45) of Budget Law 2021 and (ii) earmark the related tax savings to a non-distributable reserve and use these resources to finance these non-profit activities.

*Persons exempt from IRES and persons outside of the scope of IRES* 

Dividends paid to Italian resident holders that are exempt from IRES are generally subject to a 26% tax withheld at source. No Italian tax is withheld at source on dividends paid to persons that are outside the scope of IRES under article 74(1) of CITA.

*Pension funds and OICR (other than Real Estate AIF)* 

No Italian tax is withheld at source on dividends received by Italian pension funds governed by the Legislative Decree No. 252 of December 5, 2005 ("Decree 252"), and they are taken into account to compute the pension fund's net annual accrued yield, which is subject to a 20% substitute tax. Subject to certain conditions and limitations, including minimum holding period requirements, dividends and other income from our ordinary shares may be excluded from the taxable base of the 20% substitute tax if the pension fund earmarks our ordinary shares as eligible investment under Budget Law 2017 to the extent that the investment in our ordinary shares, and other qualifying shares or units in OICR investing mainly in qualifying shares, represent no more than 10% of the gross asset value of the pension fund of the previous year.

No Italian tax is withheld at source on dividends received by OICR that are established under Italian law and that are subject to regulatory supervision, other than Italian real estate investment funds and Italian real estate investment companies with fixed capital (collectively, "Real Estate AIF"), and are not subject to taxation at the level of the OICR.

*Real Estate AIF* 

No Italian tax is withheld at source on dividends paid to a Real Estate AIF. Moreover, dividends are not subject to taxation at the level of the Real Estate AIF. However, in some circumstances the income realized by a Real Estate AIF is attributed *pro rata* to Italian resident unitholders or shareholders, irrespective of any actual distribution, on a tax transparency basis if such unitholders or shareholders are not institutional investors and hold units or shares in the Real Estate AIF representing more than 5% of the Real Estate AIF's net asset value.

*Non-Italian resident holders* 

*Non-resident persons holding ordinary shares through a permanent establishment in Italy* 

No Italian tax is withheld at source on dividends paid to non-resident persons (other than Sole Proprietors) that hold our ordinary shares through a permanent establishment in Italy to which our ordinary shares are effectively connected. Only 5% of the dividends are included in income subject to IRES, if certain conditions are met.

Furthermore, if our ordinary shares are financial assets held for trading by holders that apply IAS or IFRS Accounting Standards under the Regulation No. 1606/2002 of the European Parliament and the Council of July 19, 2002, the full amount of the dividends is included in income subject to IRES.

IRES is currently applied at 24%, but a higher rate may apply for companies operating in specific sectors.

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If our ordinary shares are held by a non-resident Sole Proprietor through a permanent establishment in Italy to which the ordinary shares are effectively connected, dividends are subject to the same tax regime discussed above.

For some companies and under certain conditions, dividends may also be partially included in the net value of production, which is subject to IRAP.

*Non-resident persons who do not hold the ordinary shares through a permanent establishment in Italy* 

A 26% tax withheld at source generally applies to dividends paid to non-resident persons that do not have a permanent establishment in Italy to which our ordinary shares are effectively connected.

Subject to a specific application that must be submitted to the Italian tax authority, you are entitled to tax relief in the form of a refund up to 11/26 of the tax applied in Italy if you can demonstrate that you have paid final tax abroad on the same profits. If you may be eligible for this relief, you should consult with your own tax advisors to determine whether you are eligible for, and how to obtain, the tax refund.

As an alternative to this relief, residents in countries that have a double tax treaty in force with Italy may request that the tax withheld at source on dividends be applied at the reduced rate provided under the applicable tax treaty, if they submit the required documentation (including tax resident certificates released or stamped by the foreign tax authority). Certain U.S. holders of our ordinary shares may qualify for full or partial relief from the Italian dividend tax withheld at source under the Convention between the Government of the U.S. and the Government of Italy for the avoidance of double taxation with respect to taxes on income and the prevention of fraud or fiscal evasion signed in Washington, D.C. on August 25, 1999 (the "Treaty"). Under the Treaty, under certain conditions, (i) qualifying U.S. individuals are entitled to a reduced Italian dividend tax withheld at source of 15%, and (ii) qualifying U.S. companies are entitled to a reduced Italian dividend tax withheld at source of either 5% or 15%, depending on the circumstances. Under the Treaty, qualified U.S. governmental entities are entitled, under certain conditions, to a full exemption from Italian dividend withholding tax.

The domestic rate of tax withheld at source on dividends is 1.2% (and not 26%) if each of the following conditions is met:

• The recipients and beneficial owners of the dividends on our ordinary shares are companies or entities that (i) are resident for tax purposes in an E.U. country or a country that is a party to the EEA Agreement that is included in the Italian White List (as defined below), and (ii) are subject to corporate income tax in such country

• Under Budget Law 2026, dividends relate to ordinary shares that (i) represent at least 5% of our share capital (taking into account indirect participations held through Controlled Subsidiaries, on a proportional look-through basis) or (ii) have a tax basis of not less than €500,000.

If the 1.2% rate of tax withheld at source applies, companies and entities may not be entitled to certain tax reliefs.

"Italian White List" means the list of countries and territories that allow for an adequate exchange of information with Italy set out in the Italian Ministerial Decree of September 4, 1996, as amended, or in any decree or regulation that may be issued to provide the list of such countries and territories.

The domestic withholding tax rate on dividends is 11% if the recipients and beneficial owners of the dividends on our ordinary shares are pension funds that are set up in an E.U. country or a country that is a party to the EEA Agreement that is included in the Italian White List. The pension funds may not be entitled to certain tax reliefs. Under Budget Law 2017, if certain conditions are met pension funds may be eligible for an exemption on tax withheld at source on dividends.

Under Decree 600, Italian tax may not be withheld at source on dividends paid to foreign collective investment funds under certain circumstances.

Under Decree 600, an E.U. company is entitled to a full exemption or refund of the tax withheld at source on the dividends if certain conditions are met. The exemption may be denied by the Italian tax authority under the article 10-bis of Law No. 212 of July 27, 2000.

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Under the Agreement between the European Community and the Swiss Confederation providing for measures equivalent to those laid down in Council Directive 2003/48/EC on taxation of savings income in the form of interest payments, the withholding tax refund or exemption regime described above may also apply to dividends paid to a company that, among other conditions, is a tax resident in Switzerland.

The application of the tax relief, withholding tax reduction under the double tax treaties, or withholding tax exemption described above is subject to specific conditions under the applicable laws or treaties, which may vary depending on your case, as well as to you fulfilling certain formalities, such as the timely submission to the withholding tax agent of affidavits, statements, and tax residence certificates. You should consult with your own tax advisors to determine whether you are eligible for, and how to obtain, such tax relief, withholding tax reductions, or exemption.

#### Taxation of certain equity reserves
Special rules apply to the distribution of certain capital reserves, such as reserves or other funds formed with share premium, adjusted interest paid by subscribers of shares, equity (other than share capital) contributions (*versamenti a fondo perduto*) or share capital account payments (*versamenti in conto capitale*) made by shareholders and tax-exempt revaluation reserves. Under certain circumstances, such distribution may trigger taxable income for the recipients, depending, among other factors, on any current profits or outstanding profit reserves at the time of the distribution. The application of such rules may also affect the tax basis of our ordinary shares, the characterization of the taxable income received by you, and the applicable tax regime. See *Taxation of dividends or Taxation of capital gains*, depending on the type of investor and other circumstances.

You should consult your own tax advisors if any distributions of such capital reserves occur.

#### Taxation of capital gains
The tax regime summarized in this section applies only to the holders of our ordinary shares described below.

*Italian resident holders* 

*Italian resident individuals not engaged in business activity* 

Capital gains realized by Italian resident individuals upon transfer for consideration of our ordinary shares (as well as of securities or rights whereby ordinary shares may be acquired), other than capital gains realized in connection with a business activity, are subject to a 26% substitute tax ("CGT"). CGT may apply based on the tax regime you opt for.

Subject to certain conditions and limitations (including minimum holding period requirements), capital gains on our ordinary shares may be exempt from any income taxation (including from the 26% CGT) if our ordinary shares do not represent a Qualified Holding and are included in a long-term savings account (*piano di risparmio a lungo termine*) that meets all the relevant requirements under Italian tax law.

Under the Italian Law No. 448 of December 28, 2001, as amended, for CGT purposes, Italian individuals may opt to increase the tax basis of our shares held as of January 1, 2026 up to their fair market value by paying a 21% substitute tax on the fair market value by November 30, 2026. This substitute tax may also be paid in three installments, the first of which must, in any event, be paid by November 30, 2026. For these purposes, the fair market value is determined as of January 1, 2026, and must be determined according to applicable tax rules.

*Sole Proprietors and business partnerships (società in nome collettivo, società in accomandita semplice and similar partnerships) referred to in article 5 of CITA* 

 *Capital gains realized by Sole Proprietors and business partnerships such as società in nome collettivo, società in accomandita semplice, and similar Italian partnerships referred to in article 5 of CITA, upon* 

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
transfer for consideration of our ordinary shares, must be fully included in income and reported in the annual income tax return. Capital losses (or other negative items of income) upon transfer for consideration of our ordinary shares would be fully deductible from the holder's income.

However, if certain conditions are met, only a certain percentage of the capital gain should be included in the business income.

Capital losses realized on our ordinary shares that meet certain conditions are only partially deductible (similarly to the tax treatment of capital gains).

For the purpose of determining capital gains and capital losses, your tax basis in our ordinary shares is reduced by any write-down that you have deducted in previous fiscal years.

*Companies and other business entities referred to in CITA* 

Capital gains realized by Italian resident companies and other business entities referred to in article 73(1)(a)-(b) of CITA (including partnerships limited by shares and public and private entities whose sole or primary purpose is carrying out business activity) upon transfer for consideration of our ordinary shares must be fully included in the taxable business income subject to IRES in the tax year in which the capital gains are realized.

However, under article 87 of CITA ("PEX Regime"), capital gains realized upon a transfer of our ordinary shares may be exempt up to 95% if each of the following requirements is met:

• Our ordinary shares have been held without interruption since the first day of the twelfth month preceding the transfer, with the most recently acquired shares deemed transferred first (on a last-in, first-out basis).

• Our ordinary shares have been booked as non-current financial assets in the first financial statements closed during the holding period. If you prepare your financial statements according to IAS or IFRS Accounting Standards, our ordinary shares are deemed non-current financial assets if they are not accounted as financial assets held for trading.

• Our tax residency is in a country that does not have a privileged tax regime under article 47-bis(1) of CITA. This requirement must be met when the capital gain is realized, without interruption, from the moment you began holding the shares or, if the shares have been held for more than five years and the disposal is made to entities that are not part of the seller's group, from at least the beginning of the fifth tax period preceding the gain.

• We carry out a commercial business activity under article 55 of CITA, provided that this requirement does not apply to companies whose securities are traded on regulated markets, such as us. This requirement must be met when the capital gain is realized, without interruption, from at least the beginning of the third tax period preceding the gain.

• Our ordinary shares (i) represent at least 5% of our share capital (taking into account indirect participations held through Controlled Subsidiaries, on a proportional look-through basis) or (ii) have a tax basis of not less than €500,000. This provision, introduced by Budget Law 2026, applies exclusively to ordinary shares held or subscribed for on or after January 1, 2026, and uses a first-in, first-out method for shareholdings acquired partly before and partly after that date.

The transfer of ordinary shares recorded as fixed financial assets and as inventory must be considered separately for each class.

If the requirements for the participation exemption are met, any capital loss realized on the ordinary shares cannot be deducted.

For the purpose of determining capital gains and capital losses, your tax basis of the shares is reduced by any write-down that you have deducted in previous fiscal years.

Capital losses, as well as negative differences between revenues and costs, relating to shares that do not meet the participation exemption requirements, are not relevant and cannot be deducted to the extent

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of the non-taxable amount of dividends, or advance dividend, received by you in the 36 months before the transfer. This anti-avoidance rule applies to shares acquired in the 36 months preceding the realization of the capital loss (or the negative difference), provided that requirements under article 87(1)(c)-(d) of CITA are met. The anti-avoidance rule does not apply to holders that prepare their financial statements according to IAS or IFRS Accounting Standards for which a different regime applies.

When the amount of the capital losses and negative differences deriving from one or more transactions on shares traded on regulated markets is greater than €50,000, you must, under certain circumstances, report the information regarding the transaction to the Italian tax authority. Moreover, you must report to the Italian tax authority capital losses greater than €5,000,000 deriving from one or more transfers of shares booked as non-current financial assets. This obligation does not apply to holders that prepare their financial statements according to IAS or IFRS Accounting Standards.

For some companies and under certain conditions, capital gains on our ordinary shares may also be included in the net value of production subject to IRAP.

*Non-business entities referred to in CITA and non-business partnerships (società semplici) referred to in Article 5 CITA* 

Capital gains realized outside the scope of a business activity by Italian resident non-business entities referred to in Article 73(1)(c) of CITA (other than OICR) and Italian non-business partnerships referred to in article 5 of CITA are subject to tax under the same rules provided for capital gains realized by Italian resident individuals who do not hold our ordinary shares in connection with a business activity. For a short description of a potentially more favorable regime available to certain social security entities, see *Taxation of dividends*.

Italian resident non-business entities referred to in article 73(1)(c) of CITA holding our ordinary shares outside the scope of a business activity and Italian non-business partnerships referred to in article 5 of CITA may also elect for the tax basis step-up regime under article 5 of Law No. 448 of December 28, 2001 (as amended by Article 1 paragraph 144 of Budget Law 2026) in relation to our ordinary shares held since January 1, 2026, as described above.

*Pension funds and OICR (other than Real Estate AIF)* 

Capital gains on our ordinary shares held by Italian pension funds governed by Decree 252 must be taken into account to compute the pension fund's net annual accrued yield, which is subject to a 20% substitute tax. See *Taxation of dividends*.

Capital gains on our ordinary shares held by OICR established under Italian law and subject to regulatory supervision (other than Real Estate AIF) are not subject to tax at the OICR level.

*Real Estate AIF* 

Capital gains on our ordinary shares held by Italian Real Estate AIF are not subject to IRES or IRAP at the level of the Real Estate AIF.

*Non-Italian resident holders* 

*Non-resident persons holding our ordinary shares through a permanent establishment in Italy* 

If you hold our ordinary shares through a permanent establishment in Italy to which our ordinary shares are effectively connected, capital gains realized upon disposal of our ordinary shares must be included in the permanent establishment's income taxable in Italy according to the tax regime as provided for capital gains realized by Italian resident companies and other business entities as referred to in Article 73(1)(a)-(b) of CITA, which is summarized above.

If our ordinary shares are held by a non-resident Sole Proprietor through a permanent establishment in Italy to which the ordinary shares are effectively connected, capital gains realized upon disposal of

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the ordinary shares must be included in the permanent establishment's income taxable in Italy according to the tax regime as provided for capital gains realized by Italian Sole Proprietors, which is summarized above.

*Non-resident persons who do not hold our ordinary shares through a permanent establishment in Italy* 

Since our ordinary shares will be listed on a regulated market, no tax applies in Italy on capital gains realized by you if you are a non-Italian resident holder without a permanent establishment in Italy upon transfer for consideration of our ordinary shares that do not qualify as Transfers of Qualified Holdings (as defined below), even if our ordinary shares are held in Italy and regardless of the provisions of any applicable double tax treaty. To benefit from this exemption, if you hold our ordinary shares with an Italian authorized financial intermediary and either are subject to the non-discretionary investment portfolio regime or have elected for the discretionary investment portfolio regime, you may be required to timely submit to the Italian authorized financial intermediary an affidavit stating that you are not resident in Italy for tax purposes.

"Transfers of Qualified Holdings" means transfers of our ordinary shares, including rights or securities through which our ordinary shares may be acquired, that exceed, over a period of 12 months, the threshold for qualifying as Qualified Holdings. The twelve-month period starts from the date when the shares, securities, and rights owned represent a percentage of voting rights or interest in our share capital that exceeds these thresholds. For rights or securities through which our ordinary shares may be acquired, the percentage of voting rights or interest in our capital potentially attributable to holding such rights and securities is taken into account.

Capital gains realized by you if you are a non-Italian resident holder without a permanent establishment in Italy upon Transfers of Qualified Holdings are subject to substitute tax at the rate of 26% under the rules as provided for capital gains realized by Italian resident individuals who do not hold our ordinary shares in connection with a business activity. However, (i) under Budget Law 2021, no tax applies in Italy on capital gains realized by foreign collective investment funds under certain circumstances, and (ii) under CITA, capital gains realized on our ordinary shares by entities that are resident for tax purposes in an E.U. country or a country that is a party to the EEA Agreement that is included in the Italian White List are 95% exempt if certain conditions are met.

The tax regimes described above will not prevent the application, if more favorable to you, of any different provisions of any applicable double taxation treaty with Italy. Most double taxation treaties entered into by Italy provide that capital gains realized on the disposal of shares are subject to tax only in the country of residence of the seller. In such cases, the capital gains you realize on the disposal of our ordinary shares will not be subject to tax in Italy. Under the Treaty, capital gains realized by treaty entitled U.S. resident shareholders upon the disposal of our ordinary shares would be subject to tax only in the U.S.

If you do not hold our ordinary shares through a permanent establishment in Italy and you may be exposed to Italian source taxation on capital gains, you may also consider electing for the tax basis step-up regime under article 5 of the Italian Law No. 448 of December 28, 2001. This step-up regime cannot be taken into account in the computation of capital gains or losses eligible for the PEX Regime for non-resident business entities described above.

#### Transfer tax
Contracts or other legal instruments relating to the transfer of securities, including the transfer of our ordinary shares, are subject to registration tax as follows:

• Notary deeds (*atti pubblici*) and private deeds with notarized signatures (*scritture private autenticate*) executed in Italy must be registered with the Italian tax authority and are subject to a €200 registration tax

• Private deeds (*scritture private*) are subject to a €200 registration tax only if voluntarily filed for registration with the Italian tax authority or if the so-called *caso d'uso* or *enunciazione* occurs.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

#### Financial transaction tax
*Transfer of ownership of the shares* 

The Italian Law No. 228 of December 24, 2012, introduced a financial transaction tax ("FTT") applicable to the transfers of the ownership of the following, among other securities:

• Shares issued by Italian resident companies

• Participating financial instruments (as defined under the Italian Civil Code) issued by Italian resident corporations

• Securities representing equity investments in Italian resident companies such as American Depositary Receipts and Global Depositary Receipts, regardless of the country of residence of the issuer and where the contract has been entered into

The FTT is due by the transferee of the relevant financial instruments and is generally applied by any financial intermediary intervening in the transaction.

Based on Budget Law 2026, the FTT rates are 0.2% for transfers of shares executed in regulated stock markets or through multilateral trading facilities and 0.4% for all other taxable transfers.

The residence of the issuer for FTT purposes is the place where the issuer has its registered office (intended as its corporate seat). Since our corporate seat is in Italy, transfers of ownership of our ordinary shares will be subject to the FTT.

*High-frequency trading* 

Transactions carried out on the Italian financial markets and concerning our ordinary shares may, in limited circumstances, be subject to a tax on high-frequency trading. If you are engaged in high-frequency trading, you should consult your own tax advisors regarding the Italian tax consequences of high-frequency trading on our ordinary shares.

*Transfer of our ordinary shares upon death or by gift* 

Subject to certain exceptions, Italian inheritance and gift tax is generally payable on transfers of assets and rights, including our ordinary shares, (i) upon the death of or gift by an Italian resident holder who is an individual (or other transfers for no consideration and the creation of liens on such assets for a specific purpose), even if the transferred assets are held outside Italy, and (ii) upon the death of or gift by a non-Italian resident holder who is an individual, but limited to transferred assets held in Italy. Shares in companies that have their registered address, place of effective management, or their primary business purpose in Italy for the greater part of the fiscal year are deemed to be held in Italy. Special rules apply to Italian resident holders who are individuals and opted for the flat tax regime set out in CITA.

The applicable rates are 4%, 6% and 8%, depending on certain conditions and subject to certain exclusions and exemptions.

Assets segregated in a trust or allocated to special-purpose funds under a fiduciary arrangement, or encumbered by special-purpose liens under the Italian Civil Code for the benefit of persons with severe disabilities are exempt from Italian inheritance and gift tax, provided that the conditions set out in the Italian Law No. 112 of June 22, 2016, are met. The exemption from Italian inheritance and gift tax also applies to the transfer of assets and rights if the beneficiary dies before the settlor.

No inheritance tax applies if our ordinary shares are included in a long-term savings account (*piano di risparmio a lungo termine*) that meets all the applicable requirements under Italian tax laws and regulations.

#### Stamp duty
Under the Italian Decree No. 642 of October 26, 1972, a 0.2% stamp duty generally applies to communications and reports that Italian financial intermediaries periodically send to their clients

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
regarding financial products deposited with such intermediaries. Shares are included in the definition of financial products for these purposes. Communications and reports are deemed to be sent at least once a year, even if the Italian financial intermediary is under no obligation to prepare or send them. The stamp duty cannot exceed €14,000 per year for investors other than individuals.

The stamp duty applies to any investor who is a "client" as this term is defined in the Bank of Italy regulation issued on June 20, 2012 (*Trasparenza delle operazioni e dei servizi bancari e finanziari — Correttezza delle relazioni tra intermediari e clienti*) of an entity that exercises in any form a banking, financial, or insurance activity in Italy.

The taxable base of the stamp duty is the market value or, if no market value is available, the nominal value or redemption amount of the relevant financial product.

#### Wealth tax on financial products held abroad (IVAFE)
Under the Italian Decree No. 201 of December 6, 2011, individuals, non-business entities, and non-business partnerships resident for tax purposes in Italy who hold certain financial products outside of Italy, including shares, are required to pay a wealth tax at the rate of 0.2%, or 0.4% if the financial products are held in one of the countries or territories included in the Italian Ministerial Decree of May 4, 1999 (*Individuazione di Stati e territori aventi un regime fiscale privilegiato*).

The wealth tax applies to the market value at the end of the relevant year or, if no market value is available, to the nominal or redemption value of such financial products held outside of Italy. The wealth tax cannot exceed €14,000 per year for investors other than individuals.

You may deduct from the Italian wealth tax a tax credit equal to any wealth tax paid in the country where the financial products are held, up to the amount of the Italian wealth tax due.

#### Certain reporting obligations for Italian resident holders
Under the Italian Law Decree No. 167 of June 28, 1990, individuals, non-business entities, and non-business partnerships resident for tax purposes in Italy who, during the fiscal year, hold financial assets abroad (which may potentially include our ordinary shares) must, in certain circumstances, disclose these financial assets to the Italian tax authority in their income tax return (or if the income tax return is not due, in a specified form that must be filed within the same term for the annual income tax return), regardless of the value of such assets (except for deposits or bank accounts having an aggregate value not exceeding €15,000 throughout the year). The requirement applies also if such holders are not the direct holders of the financial assets but are the beneficial owners under the Italian Legislative Decree n. 231 of November 21, 2007.

No disclosure requirements exist for financial assets, including our ordinary shares, under management or administration entrusted to Italian banks, broker-dealers (SIM), fiduciary companies, or other professional intermediaries pursuant to the Italian Law Decree No. 167 of June 28, 1990, and for contracts concluded through their intervention, provided that the cash flows and the income derived from such assets and contracts have been subjected to Italian withholding tax or substitute tax by such intermediaries.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

#### Material U.S. federal income tax considerations
The following discussion describes certain material U.S. federal income tax consequences to U.S. Holders of an investment in our ordinary shares. This summary applies only to U.S. Holders that acquire our ordinary shares in exchange for cash in this offering, hold our ordinary shares as capital assets within the meaning of Section 1221 of the Code, and have the U.S. dollar as their functional currency.

This discussion is based on the tax laws of the U.S. as in effect on the date of this prospectus, including the Code, and U.S. Treasury regulations in effect or, in some cases, proposed, as of the date of this prospectus, as well as judicial and administrative interpretations of such laws and regulations available on or before such date. All of the preceding authorities are subject to change, and any such change could apply retroactively and affect the U.S. federal income tax consequences described below. The statements in this prospectus are not binding on the U.S. Internal Revenue Service (the "IRS") or any court. We can provide no assurance that the U.S. federal income tax consequences discussed below will not be challenged by the IRS or will be sustained by a court if challenged by the IRS. Furthermore, this summary does not address any estate or gift tax consequences, state, local, or non-U.S. tax consequences, or other tax consequences other than U.S. federal income tax consequences.

The following discussion does not describe all of the tax consequences that may be relevant to any particular investor or to persons in special tax situations such as any of the following:

• Banks and certain other financial institutions

• Regulated investment companies

• Real estate investment trusts

• Insurance companies

• Broker-dealers

• Traders who elect to mark our ordinary shares to market for U.S. federal income tax purposes

• Tax-exempt entities

• Persons liable for any alternative minimum tax or the Medicare contribution tax on net investment income

• U.S. expatriates

• Persons holding our ordinary shares as part of a straddle, hedging, constructive sale, conversion, or integrated transaction

• Persons that actually or constructively own 10% or more of our stock by vote or value

• Persons who are resident or ordinarily resident in or have a permanent establishment in a jurisdiction outside the U.S.

• Persons who acquired our ordinary shares pursuant to the exercise of any employee share option or otherwise as compensation

• Persons holding our ordinary shares through partnerships or other pass-through entities or arrangements.

***Rules to your particular circumstances, as well as the state, local, and non-U.S. tax consequences to you of the purchase, ownership, and disposition of our ordinary shares***

The tax treatment of a partner in an entity or arrangement treated as a partnership for U.S. federal income tax purposes that holds our ordinary shares generally will depend on such partner's status and the partnership's activities. If you are a partner in such a partnership, you should consult your tax advisor.

#### Dividends and other distributions on our ordinary shares
Subject to the PFIC considerations discussed below, the gross amount of distributions made by us with respect to our ordinary shares, including the amount of any non-U.S. taxes withheld therefrom,

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
generally will be includible as dividend income in your gross income in the year received, to the extent such distributions are paid out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Because we do not maintain our earnings and profits calculations under U.S. federal income tax principles, a U.S. Holder should expect all cash distributions to be reported as dividends for U.S. federal income tax purposes. Such dividends will not be eligible for the dividends-received deduction allowed to U.S. corporations with respect to dividends received from other U.S. corporations. Dividends received by non-corporate U.S. Holders may be "qualified dividend income," which is taxed at the lower applicable capital gains rate, provided that (i) our ordinary shares are readily tradable on an established securities market in the U.S. or we are qualified for the benefits of the income tax treaty between the U.S. and Italy, (ii) we are not a PFIC (as discussed below) for either the taxable year in which the dividend was paid or the preceding taxable year, (iii) you satisfy specific holding period requirements, and (iv) you are not under an obligation to make related payments with respect to positions in substantially similar or related property. Nasdaq, on which we expect our ordinary shares to be traded, is generally considered an established securities market for the purpose of clause (i) above. Non-corporate U.S. Holders should consult their tax advisors regarding the availability of the lower rate for dividends paid with respect to our ordinary shares.

Dividends on our ordinary shares generally will constitute foreign source income for foreign tax credit limitation purposes. Subject to certain complex conditions and limitations, any non-U.S. taxes withheld on any distributions on our ordinary shares at the applicable income tax treaty rate may be eligible for credit against your U.S. federal income tax liability or, at your election, may qualify as a deduction in computing your U.S. federal taxable income. If a refund of the tax withheld is available under the laws of the foreign jurisdiction imposing such tax, the amount of tax withheld that is refundable will not be eligible for such credit against a U.S. Holder's U.S. federal income tax liability (and will not qualify for the deduction against U.S. federal taxable income). The limitation on foreign taxes eligible for the credit is calculated separately for specific classes of income. For this purpose, dividends distributed by us with respect to our ordinary shares will generally constitute "passive category income." U.S. Treasury regulations addressing foreign tax credits ("Foreign Tax Credit Regulations") impose additional requirements for foreign taxes to be eligible for a foreign tax credit. There can be no assurance that those requirements will be satisfied unless you are entitled to and elect to claim the benefits of an applicable income tax treaty with respect to such taxes. However, IRS guidance allows taxpayers to defer the application of many aspects of the Foreign Tax Credit Regulations until new guidance is issued. The rules relating to the determination of the U.S. foreign tax credit are complex, and you should consult your tax advisors regarding the availability of a foreign tax credit in your particular circumstances and the possibility of claiming an itemized deduction (instead of the foreign tax credit) for any foreign taxes paid or withheld.

#### Sale or other taxable disposition of ordinary shares
Subject to the PFIC considerations discussed below, upon a sale or other taxable disposition of our ordinary shares, you will recognize capital gain or loss in an amount equal to the difference between the amount realized and your adjusted tax basis in such ordinary shares. Your adjusted tax basis in our ordinary shares generally will equal the cost of such ordinary shares. Generally, any such gain or loss will be treated as long-term capital gain or loss if your holding period in our ordinary shares exceeds one year. Non-corporate U.S. Holders, including individuals, generally will be subject to U.S. federal income tax on long-term capital gain at preferential rates. The deductibility of capital losses is subject to significant limitations.

Gain or loss, if any, realized by you on the sale or other taxable disposition of our ordinary shares generally will be treated as U.S.-source gain or loss for U.S. foreign tax credit limitation purposes. You may not be able to claim foreign tax credits with respect to non-U.S. tax imposed upon the sale or other taxable disposition of our ordinary shares unless such credit can be applied (subject to applicable limitations) against tax due on other foreign source income. Moreover, the FTT discussed in *Material Italian tax considerations,* imposed on transfers of our ordinary shares is likely creditable for U.S. federal income tax purposes. In addition, under the Foreign Tax Credit Regulations, any non-U.S. tax would generally not be a foreign income tax eligible for a foreign tax credit (regardless of any other foreign source income that you may have), unless you are entitled to and elect to claim the benefits of an

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
applicable income tax treaty with respect to such tax. In such a case, the non-creditable tax may reduce the amount realized on the sale or other taxable disposition of our ordinary shares. However, IRS guidance allows taxpayers to defer the application of many aspects of the Foreign Tax Credit Regulations until new guidance is issued. You should consult your tax advisors regarding the tax consequences if any non-U.S. taxes, including the FTT, are imposed on or connected with a sale or other taxable disposition of our ordinary shares and your ability to credit any such non-U.S. taxes against your U.S. federal income tax liability, or take a deduction instead of a credit or reduce the amount realized by the amount of such non-U.S. taxes.

#### PFIC considerations
We would be a PFIC for any taxable year if, after the application of certain look-through rules, either: (i) 75% or more of our gross income for such year is "passive income" (as defined in the relevant provisions of the Code), or (ii) 50% or more of the value of our assets (generally determined based on a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income. For these purposes, cash and other assets readily convertible into cash or that do or could generate passive income, are generally categorized as passive assets, and the value of goodwill is an active asset under the PFIC rules to the extent attributable to activities that produce active income. Passive income generally includes, among other things, rents, dividends, interest, royalties, and other investment income and gains, with certain exceptions. In addition, for purposes of these tests, we will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation of which we own, directly or indirectly, at least 25% (by value) of the stock.

Under the PFIC rules, if we were considered a PFIC at any time that you hold our ordinary shares, we would continue to be treated as a PFIC with respect to your investment unless (i) we ceased to be a PFIC and (ii) you made a "deemed sale" election under the PFIC rules.

Based on the current and anticipated composition of our income, assets (including their expected value), and operations, we do not expect to be treated as a PFIC for the current taxable year. However, whether we are treated as a PFIC is a factual determination made annually after the close of each taxable year. This determination will depend on, among other things, the ownership and composition of our income and assets, as well as the value of our assets from time to time. The value of our assets for purposes of the PFIC determination will generally be determined by reference to the market price of our ordinary shares, which could fluctuate significantly. Moreover, the application of the PFIC rules is unclear in certain respects. In addition, the IRS or a court may disagree with our determinations, including the manner in which we determine the value of our assets and the percentage of our assets that are passive assets under the PFIC rules. Therefore, there can be no assurance that we will not be classified as a PFIC for the current taxable year or for any future taxable year.

If we are considered a PFIC at any time that you hold our ordinary shares, any gain recognized by you on a sale or other disposition of the ordinary shares, as well as the amount of any "excess distribution" (defined below) received by you, would be allocated ratably over your holding period for the ordinary shares. The amounts allocated to the taxable year of the sale or other disposition (or the taxable year of receipt, in the case of an excess distribution) and to any year before we became a PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest rate in effect for individuals or corporations, as appropriate, for that taxable year, and an interest charge would be imposed. For the purposes of these rules, distributions received by you on ordinary shares in a taxable year are excess distributions to the extent that they exceed 125% of the average of the annual distributions on the ordinary shares received during the preceding three years or your holding period, whichever is shorter. In addition, if we are a PFIC and any of our subsidiaries is also a PFIC, you will generally be deemed to own shares in each subsidiary PFIC in that proportion which the value of ordinary shares you own bears to the value of all of our shares. As a result, you may also be subject to the adverse tax consequences described above with respect to any gain or "excess distribution" realized or deemed realized in respect of such subsidiary PFIC. Certain elections (such as a "qualified electing fund" election or a "mark-to-market" election) may be available that would result in alternative treatments of the ordinary shares if we are considered a PFIC. However, we currently have no intention to provide the information necessary for you to make a "qualified electing fund" election.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
If we are treated as a PFIC with respect to you, you will also be subject to annual information reporting requirements. You should consult your tax advisors about the potential application of the PFIC rules, including the availability and consequences of making a mark-to-market election, to an investment in our ordinary shares.

#### Information reporting and backup withholding
Dividend payments with respect to our ordinary shares and proceeds from the sale or other taxable disposition of our ordinary shares may be subject to information reporting to the IRS and U.S. backup withholding. You will generally be eligible for an exemption from backup withholding if you furnish a correct taxpayer identification number and make any other required certification or are otherwise exempt from backup withholding. U.S. Holders who are required to establish their exempt status may be required to provide their taxpayer identification number and any required certifications on IRS Form W-9 (or substitute version thereof). You should consult your tax advisors regarding the application of the U.S. information reporting and backup withholding rules. Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against your U.S. federal income tax liability, and you may obtain a refund of any excess amounts withheld under the backup withholding rules by timely filing an appropriate claim for refund with the IRS and furnishing any required information.

#### Additional information reporting requirements
Certain U.S. Holders who are individuals (and certain entities) that hold an interest in "specified foreign financial assets" (which may include our ordinary shares) are required to report information relating to such assets, subject to certain exceptions (including an exception for our ordinary shares held in accounts maintained by certain financial institutions). Penalties can apply if you fail to satisfy such reporting requirements. You should consult your tax advisors regarding the applicability of these requirements to your acquisition and ownership of our ordinary shares.

The discussion above is a general summary. It does not cover all tax matters that may be important to you. You should consult your tax advisor about the tax consequences of an investment in our ordinary shares under your circumstances.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

## Underwriting
We and the Selling Shareholders are offering our ordinary shares described in this prospectus through a number of underwriters. Goldman Sachs International and J.P. Morgan Securities LLC are acting as joint book-running managers of the offering and as representatives of the underwriters. We and the Selling Shareholders have entered into an underwriting agreement with the underwriters. Subject to the terms and conditions of the underwriting agreement, we have agreed to sell to the underwriters, and each underwriter has severally agreed to purchase, at the public offering price less the underwriting discounts and commissions set forth on the cover page of this prospectus, the number of shares listed next to its name in the following table:

---

| | |
|:---|:---|
| **Name**  | **Number of <br> Shares**  |
| Goldman Sachs International  |  |
| J.P. Morgan Securities LLC  |  |
| Total  |  |

---

The underwriters are committed to purchase all the ordinary shares being offered if they purchase any shares. The underwriting agreement also provides that if an underwriter defaults, the purchase commitments of non-defaulting underwriters may also be increased or the offering may be terminated.

The underwriters propose to offer the ordinary shares directly to the public at the initial public offering price set forth on the cover page of this prospectus and to certain dealers at that price less a concession not in excess of $ per share. Any such dealers may resell shares to certain other brokers or dealers at a discount of up to $ per share from the initial public offering price. After the initial offering of the shares to the public, if all of the ordinary shares are not sold at the initial public offering price, the underwriters may change the offering price and the other selling terms. Certain of the underwriters are expected to make offers and sales both inside and outside the U.S. through their respective selling agents. Any offers or sales in the U.S. will be conducted by broker-dealers registered with the SEC. Goldman Sachs International is not a broker-dealer registered with the SEC; therefore, to the extent that it intends to effect any sales of any ordinary shares in the United States, it will do so through its SEC-registered broker-dealer affiliate in the United States, Goldman Sachs & Co. LLC, in compliance with applicable U.S. laws and regulations and as permitted by FINRA regulations.

The underwriters have an option to buy up to additional shares from us and up to additional shares from the Selling Shareholders to cover sales of shares by the underwriters which exceed the number of shares specified in the table above. The underwriters have 30 days from the date of this prospectus to exercise this option to purchase additional shares. If any shares are purchased with this option to purchase additional shares, the underwriters will purchase shares in approximately the same proportion as shown in the table above. If any additional shares are purchased, the underwriters will offer the additional shares on the same terms as those on which the shares are being offered.

The underwriting fee is equal to the public offering price per share less the amount paid by the underwriters to us per share. The underwriting fee is $ per share. The following table shows the per share and total underwriting discounts and commissions to be paid to the underwriters by us and the Selling Shareholders assuming both no exercise and full exercise of the underwriters' option to purchase additional shares.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Paid by the Company**  | **Paid by the Company**  | **Paid by the Selling Shareholders**  | **Paid by the Selling Shareholders**  |
| | **Without <br> option to <br> purchase <br> additional <br> shares <br> exercise**  | **With full <br> option to <br> purchase <br> additional <br> shares <br> exercise**  | **Without <br> option to <br> purchase <br> additional <br> shares <br> exercise**  | **With full <br> option to <br> purchase <br> additional <br> shares <br> exercise**  |
| Per ordinary share  |  | $— | $— |  |
| Total  |  | $— | $— |  |

---

We estimate that the total expenses of this offering, including registration, filing and listing fees, printing fees and legal and accounting expenses, but excluding the underwriting discounts and commissions, will be approximately $.

A prospectus in electronic format may be made available on the websites maintained by one or more underwriters, or selling group members, if any, participating in the offering. The underwriters may agree to allocate a number of shares to underwriters and selling group members for sale to their online brokerage account holders. Internet distributions will be allocated by the representatives to underwriters and selling group members that may make Internet distributions on the same basis as other allocations.

We have agreed that we will not (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, or submit to, or file with, the SEC a registration statement under the Securities Act relating to, any of our ordinary shares or securities convertible into or exercisable or exchangeable for any of our ordinary shares, or publicly disclose the intention to make any offer, sale, pledge, loan, disposition or filing, or (ii) enter into any swap or other arrangement that transfers all or a portion of the economic consequences associated with the ownership of any of our ordinary shares or any such other securities (regardless of whether any of these transactions are to be settled by the delivery of shares or such other securities, in cash or otherwise), in each case without the prior written consent of Goldman Sachs International and J.P. Morgan Securities LLC for a period of days after the date of this prospectus, other than our ordinary shares to be sold in this offering.

Our directors and executive officers and substantially all of our shareholders, including the Selling Shareholders (each such person, a "Lock-Up Party") have entered into lock-up agreements with the underwriters prior to the commencement of this offering pursuant to which each Lock-Up Party, with limited exceptions, for a period of days after the date of this prospectus (such period, the "Restricted Period"), may not (and may not cause any of their direct or indirect affiliates to), without the prior written consent of Goldman Sachs International and J.P. Morgan Securities LLC, (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, any of our ordinary shares or any securities convertible into or exercisable or exchangeable for our ordinary shares (including, without limitation, ordinary shares or such other securities which may be deemed to be beneficially owned by such Lock-Up Parties in accordance with the rules and regulations of the SEC and securities which may be issued upon exercise of a share option or warrant (collectively with the ordinary shares, the "Lock-Up Securities")), (2) enter into any hedging, swap or other agreement or transaction that transfers, in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of Lock-Up Securities, in cash or otherwise, (3) make any demand for, or exercise any right with respect to, the registration of any Lock-Up Securities, or (4) publicly disclose the intention to do any of the foregoing. Such persons or entities have further acknowledged that these undertakings preclude them from engaging in any hedging or other transactions or arrangements (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined) designed or intended, or which could reasonably be expected to lead to or result in, a sale or disposition or transfer (by any person or entity, whether or not a signatory to such agreement) of any economic consequences of ownership, in whole or in part, directly or indirectly, of any Lock-Up Securities, whether

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any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of Lock-Up Securities, in cash or otherwise.

Goldman Sachs International and J.P. Morgan Securities LLC, in their sole discretion, may release the securities subject to any of the lock-up agreements with the underwriters described above, in whole or in part at any time.

We and the Selling Shareholders have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act.

We intend to apply to list our ordinary shares on Nasdaq under the symbol "BSP."

The underwriters have advised us that, pursuant to Regulation M of the Securities Act, they may also engage in other activities that stabilize, maintain or otherwise affect the price of the ordinary shares, including the imposition of penalty bids. This means that if the representatives of the underwriters purchase ordinary shares in the open market in stabilizing transactions or to cover short sales, the representatives can require the underwriters that sold those shares as part of this offering to repay the underwriting discount received by them.

These activities may have the effect of raising or maintaining the market price of the ordinary shares or preventing or retarding a decline in the market price of the ordinary shares, and, as a result, the price of the ordinary shares may be higher than the price that otherwise might exist in the open market. If the underwriters commence these activities, they may discontinue them at any time. The underwriters may carry out these transactions on Nasdaq, in the over-the-counter market or otherwise.

Prior to this offering, there has been no public market for our ordinary shares. The initial public offering price will be determined by negotiations between us, the Selling Shareholders and the representatives of the underwriters. In determining the initial public offering price, we, the Selling Shareholders and the representatives of the underwriters expect to consider a number of factors including:

• The information set forth in this prospectus and otherwise available to the representatives

• Our prospects and the history and prospects for the industry in which we compete

• An assessment of our management

• Our prospects for future earnings

• The general condition of the securities markets at the time of this offering

• The recent market prices of, and demand for, publicly traded shares of generally comparable companies

• Other factors deemed relevant by the underwriters and us

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Neither we nor the underwriters can assure investors that an active trading market will develop for our ordinary shares, or that the shares will trade in the public market at or above the initial public offering price.

Other than in the U.S., no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

#### Other relationships
Certain of the underwriters and their affiliates have provided in the past to us and our affiliates and may provide from time to time in the future certain commercial banking, financial advisory, investment banking and other services for us and such affiliates in the ordinary course of their business, for which they have received and may continue to receive customary fees and commissions. For example, J.P. Morgan Securities LLC or its affiliate has served as our financial advisor with respect to acquisition targets, for which it has received customary compensation upon closing of each such acquisitions. JPMorgan Chase Bank, N.A. and J.P. Morgan SE, affiliates of J.P. Morgan Securities LLC, and Goldman Sachs Bank Europe SE, an affiliate of Goldman Sachs International, are acting as the lead arrangers and/or lenders in connection with the Senior Facilities Agreement and US TLA/RCF Credit Agreement, for which they have received, and will receive, customary fees and expenses as consideration therewith. The relevant credit agreements remain effective as of the date of this prospectus. In addition, from time to time, certain of the underwriters and their affiliates may effect transactions for their own account or the account of customers, and hold on behalf of themselves or their customers, long or short positions in our debt or equity securities or loans, and may do so in the future.

#### Selling restrictions
*Notice to prospective investors in the EEA* 

In relation to each Member State of the EEA (each a "Relevant State"), none of our ordinary shares have been offered or will be offered pursuant to the offering to the public in that Relevant State prior to the publication of a prospectus in relation to our ordinary shares which has been approved by the competent authority in that Relevant State or, where appropriate, approved in another Relevant State and notified to the competent authority in that Relevant State, all in accordance with Regulation (EU) 2017/1129 (the "Prospectus Regulation"), except that offers of ordinary shares may be made to the public in that Relevant State at any time under the following exemptions under the Prospectus Regulation, provided that no such offer of ordinary shares will require the Issuer or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation:

• To any legal entity which is a qualified investor as defined under the Prospectus Regulation

• To fewer than 150 natural or legal persons (other than qualified investors as defined under the Prospectus Regulation), subject to obtaining the prior consent of the underwriters for any such offer

• In any other circumstances falling within Article 1(4) of the Prospectus Regulation

Each person in a Relevant State who initially acquires any ordinary shares or to whom any offer is made will be deemed to have represented, acknowledged, and agreed to and with the Company and the underwriters that it is a qualified investor within the meaning of the Prospectus Regulation.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
In the case of any ordinary shares being offered to a financial intermediary as that term is used in Article 5(1) of the Prospectus Regulation, each such financial intermediary will be deemed to have represented, acknowledged, and agreed that the ordinary shares acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer to the public other than their offer or resale in a Relevant State to qualified investors, in circumstances in which the prior consent of the underwriters has been obtained to each such proposed offer or resale.

For the purposes of this provision, the expression an "offer to the public" in relation to any ordinary shares in any Relevant State means the communication in any form and by any means of sufficient information on the terms of the offer and any ordinary shares to be offered so as to enable an investor to decide to purchase or subscribe for any ordinary shares.

*Notice to prospective investors in the U.K.* 

No ordinary shares have been offered or will be offered pursuant to the offering to the public in the U.K. prior to the publication of a prospectus in relation to the ordinary shares which has been approved by the Financial Conduct Authority, except that the ordinary shares may be offered to the public in the United Kingdom at any time:

• Where the offer is conditional on the admission of the ordinary shares to trading on the London Stock Exchange plc's main market (in reliance on the exception in paragraph 6(a) of Schedule 1 of the Public Offers and Admissions to Trading Regulations 2024 (the "POATR")

• To any qualified investor as defined under paragraph 15 of Schedule 1 of the POATR

• To fewer than 150 persons (other than qualified investors as defined under paragraph 15 of Schedule 1 of the POATR), subject to obtaining the prior consent of the underwriters for any such offer

• In any other circumstances falling within Part 1 of Schedule 1 of the POATR

For the purposes of this provision, the expression an "offer to the public" in relation to the ordinary shares in the U.K. means the communication to any person which presents sufficient information on (i) the ordinary shares to be offered, and (ii) the terms on which they are to be offered, to enable an investor to decide to buy or subscribe for the ordinary shares, and the expressions "POATR" means the Public Offers and Admissions to Trading Regulations 2024.

*Notice to prospective investors in Canada* 

The ordinary shares may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions, and Ongoing Registrant Obligations. Any resale of the ordinary shares must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts, or NI 33-105, the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

*Notice to prospective investors in Hong Kong* 

The ordinary shares have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (i) to "professional investors" as defined in the Securities and Futures

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Ordinance (Cap. 571 of the laws of Hong Kong) (the "SFO") and any rules made thereunder, or (ii) in other circumstances which do not result in this prospectus being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the laws of Hong Kong) (the "CO") or which do not constitute an offer to the public within the meaning of the CO. No advertisement, invitation or document relating to the ordinary shares has been or may be issued or has been or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to the ordinary shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the SFO and any rules made thereunder.

*Notice to prospective investors in Singapore* 

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, the ordinary shares may not be offered or sold, or made the subject of an invitation for subscription or purchase, nor may this prospectus or any other document or material in connection with the offer or sale, or invitation for subscription or purchase of the ordinary shares be circulated, whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor (as defined in Section 4A of the Securities and Futures Act 2001 of Singapore, as modified or amended from time to time (the "SFA")) pursuant to Section 274 of the SFA, or (ii) to an accredited investor (as defined in Section 4A of the SFA) pursuant to and in accordance with the conditions specified in Section 275 of the SFA.

*Notice to prospective investors in Japan* 

The ordinary shares have not been and will not be registered pursuant to Article 4, Paragraph 1 of the Financial Instruments and Exchange Act. Accordingly, none of the ordinary shares nor any interest therein may be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any "resident" of, Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to or for the benefit of a resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Financial Instruments and Exchange Act and any other applicable laws, regulations and ministerial guidelines of Japan in effect at the relevant time.

*Notice to prospective investors in Brazil* 

The offer and sale of the ordinary shares have not been and will not be registered with the Brazilian Securities Commission (Comissão De Valores Mobiliários, or "CVM") and, therefore, will not be carried out by any means that would constitute a public offering in Brazil under CVM Resolution no 160, dated July 13, 2022, as amended ("CVM Resolution 160") or unauthorized distribution under Brazilian laws and regulations. The ordinary shares may only be offered to Brazilian Professional Investors (as defined by applicable CVM regulation), who may only acquire the ordinary shares through a non-Brazilian account, with settlement outside Brazil in non-Brazilian currency. The trading of these ordinary shares on regulated securities markets in Brazil is prohibited.

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## Expenses of the offering
We estimate that our expenses in connection with this offering, other than underwriting discounts and commissions, will be as follows:

---

| | |
|:---|:---|
| **Expenses**  | **Amount**  |
| SEC registration fee  | $\* |
| FINRA filing fee  | \* |
| Stock exchange listing fee  | \* |
| Legal fees and expenses  | \* |
| Accounting fees and expenses  | \* |
| Miscellaneous costs  | \* |
| **Total** | **\*** |

---

\*

To be filed by amendment.

All amounts in the table are estimates except the SEC registration fee, the stock exchange listing fee and the FINRA filing fee. We will pay all of the expenses of this offering.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

## Legal matters
The validity of our ordinary shares and other and certain legal matters of Italian law and U.S. federal law in connection with this offering will be passed upon for us by Latham & Watkins LLP. Certain matters of U.S. federal law will be passed upon for the underwriters by Milbank LLP. Certain matters of Italian law will be passed upon for the underwriters by Legance — Avvocati Associati.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

## Experts

#### Bending Spoons S.p.A.
The consolidated financial statements of Bending Spoons S.p.A. as of December 31, 2023 and 2024, and for each of the two years in the period ended December 31, 2024, included in this prospectus have been audited by Deloitte & Touche S.p.A., an independent registered public accounting firm, as stated in their report. Such financial statements are included in reliance upon the report of such firm given their authority as experts in auditing and accounting. The current address of Deloitte & Touche S.p.A. is Via Santa Sofia, 28 — 20122 Milano.

#### Vimeo, Inc.
The consolidated financial statements of Vimeo, Inc. at December 31, 2024 and 2023, and for the years then ended, appearing in this Prospectus and Registration Statement have been audited by Ernst & Young LLP, independent registered public accounting firm, as set forth in their report thereon appearing elsewhere herein, and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing. The current address of Ernst & Young LLP is One Manhattan West, New York, NY, 10001.

#### Other considerations
Deloitte & Touche S.p.A. ("Deloitte Italy") has complied with the local independence standards in Italy for the years ended December 31, 2023 and 2024. Following the Company's acquisition of Vimeo, Inc. in November 2025, Deloitte & Touche Ukrainian Services Company ("Deloitte Ukraine"), an associated entity of Deloitte Italy, continued to provide bookkeeping and legal services to Vimeo, Inc.'s subsidiary in Ukraine until December 2025 that were considered permissible under the local independence standards but were impermissible under the auditor independence rules of the SEC and the PCAOB. The bookkeeping services were originally for Vimeo, Inc.'s financial and management reporting purposes, and the legal services related to a tax dispute before a court and certain employment matters. The total fees for the services were $5,000.

The Company engaged another service provider to prepare the post-acquisition information for Vimeo, Inc.'s Ukrainian subsidiary that would be relevant for the consolidated financial statements of the Company for the fiscal year ended December 31, 2025. Therefore, the bookkeeping services, as well as the legal services, did not impact the Company's accounting records or result in the preparation or origination of source data underlying the financial statements, were not used as part of the Company's internal control over financial reporting and were not subject to Deloitte Italy's audit of the Company's financial statements. The individuals involved in providing the various services were not members of the audit team and management of the Company directed, oversaw and provided ultimate approval of the services. Furthermore, the legal services related to matters that are immaterial to the Company and did not involve negotiating on behalf of the Company.

After careful consideration of the facts and circumstances and the applicable independence rules, Deloitte Italy has concluded that (i) the aforementioned matter does not impair Deloitte Italy's ability to exercise objective and impartial judgment in connection with its audits of the Company's consolidated financial statements, and (ii) a reasonable investor with knowledge of all relevant facts and circumstances would conclude that Deloitte Italy has been and is capable of exercising objective and impartial judgment on all issues encompassed within its audits of the Company's consolidated financial statements. After considering these matters, the Company's management and board of directors concur with Deloitte's conclusions.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

## Enforcement of civil liabilities
We are incorporated and currently existing under the laws of Italy. In addition, our executive officers and a significant portion of our board of directors reside outside the U.S., and most of the assets of our non-U.S. subsidiaries are located outside the U.S. As a result, it may be a long and costly process for investors to effect service of process on us or those non-U.S. resident persons in the U.S. or to enforce the U.S. judgments obtained in U.S. courts against us or those non-U.S. resident persons based on the civil liability or other provisions of the U.S. securities laws or other laws. It may be possible for investors to effect service of process within other jurisdictions (including Italy) upon us or those non-U.S. resident persons provided that, for example, The Hague Convention on the Service Abroad of Judicial and Extrajudicial Documents in Civil or Commercial Matters of November 15, 1965 is complied with.

Judgments of U.S. courts may be enforceable in Italy. Final enforceable and conclusive judgments rendered by U.S. courts, even if obtained by default, will not require retrial on the merits and will be enforceable in Italy, provided that, pursuant to article 64 of the Italian Law No. 218 of May 31, 1995 (*riforma del sistema italiano di diritto internazionale privato*), each of the following conditions are met:

• The U.S. court which rendered the final judgment had jurisdiction according to Italian law principles of jurisdiction

• The relevant summons and complaint was appropriately served on the defendants in accordance with U.S. law and during the proceedings the essential rights of the defendants have not been violated

• The parties to the proceedings appeared before the court in accordance with U.S. law or, in the event of default by the defendants, the U.S. court declared such default in accordance with U.S. law

• The decision is final pursuant to U.S. law

• There is no conflicting final judgment previously rendered by an Italian court

• There is no pending proceeding before an Italian court between the same parties over the same matter which were instituted before the U.S. proceedings

• The provisions of such judgment would not violate Italian public policy

In addition, pursuant to article 67 of the Italian Law No. 218 of May 31, 1995, the recognition and enforcement in Italy of a judgment rendered by a U.S. court requires a separate proceeding before the competent Italian Court of Appeal. In such a proceeding, the competent Italian Court of Appeal does not review the merits of the underlying judgment, but instead verifies whether the conditions for recognition and enforcement set out above are satisfied.

Moreover, original actions brought before Italian courts based solely on U.S. federal securities laws may be subject to uncertainty. In such cases, Italian courts would apply Italian rules of civil procedure and may apply Italian substantive law provisions that are considered mandatory. As a result, an Italian court may decline to apply U.S. law or to grant certain remedies such as punitive damages if doing so would be contrary to Italian public policy or mandatory provisions of Italian law.

Shareholders outside of the U.S. should seek advice from their own counsel based on the applicable circumstances.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

## Where you can find more information
We have filed with the SEC a registration statement (including amendments and exhibits to the registration statement) on Form F-1 under the Securities Act. This prospectus, which is part of the registration statement, does not contain all of the information set forth in the registration statement. The rules and regulations of the SEC allow us to omit certain information from this prospectus that is included in the registration statement and the exhibits and schedules to the registration statement. For further information, we refer you to the registration statement and the exhibits and schedules filed as part of the registration statement.

Statements made in this prospectus concerning the contents of any contract, agreement, or other document are not complete descriptions of all terms of these documents. If a document has been filed as an exhibit to the registration statement, we refer you to the copy of the document that has been filed for a complete description of its terms. Each statement in this prospectus relating to a document filed as an exhibit is qualified in all respects by the filed exhibit. You should read this prospectus and the documents that we have filed as exhibits to the registration statement of which this prospectus is a part completely.

Upon the closing of this offering, we will become subject to the informational requirements of the Exchange Act. Accordingly, we will be required to file reports and other information with the SEC, including annual reports on Form 20-F and reports on Form 6-K. The SEC maintains an internet website that contains reports and other information about issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov.

As a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our executive officers, board of directors, and principal shareholders are exempt from the short swing profit recovery provisions contained in Section 16 of the Exchange Act and our principal shareholders who are not our directors or officers are also exempt from the reporting provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### Index to consolidated financial statements

---

| | |
|:---|:---|
| **Bending Spoons S.p.A.** |  |
|  ***Consolidated financial statements as of and for the years ended December 31, 2023 and <br>2024***  |  |
| [Report of Independent Registered Public Accounting Firm](#tTORE)  | [F-2](#tTORE) |
| [Consolidated Balance Sheet as of December 31, 2023 and 2024](#tCBS)  | [F-4](#tCBS) |
| [Consolidated Income Statements for the years ended December 31, 2023 and 2024](#tCIS)  | [F-5](#tCIS) |
|  [Consolidated Comprehensive Income Statements for the years ended December 31, 2023 and <br>2024](#tCCIS)  | [F-6](#tCCIS) |
|  [Consolidated Statements of Shareholders' Equity for the years ended December 31, 2023 and <br>2024](#tCSOS)  | [F-7](#tCSOS) |
| [Consolidated Statements of Cash Flows for the years ended December 31, 2023 and 2024](#tCONST)  | [F-8](#tCONST) |
| [Notes to the Consolidated Financial Statements](#tNTCF)  | [F-9](#tNTCF) |
| **Vimeo, Inc.** |  |
|  ***Consolidated financial statements as of and for the years ended December 31, 2023 and <br>2024***  |  |
| [Report of Independent Registered Public Accounting Firm](#tRIRP1)  | [F-47](#tRIRP1) |
| [Consolidated Balance Sheets as at December 31, 2023 and 2024](#tCOBA)  | [F-48](#tCOBA) |
| [Consolidated Income Statements for the years ended December 31, 2023 and 2024](#tCOSO)  | [F-49](#tCOSO) |
|  [Consolidated Statements of Other Comprehensive Income for the years ended December 31, 2023 and 2024](#tCSCO)  | [F-50](#tCSCO) |
|  [Consolidated Statements of Changes in Equity for the years ended December 31, 2023 and 2024](#tCONS)  | [F-51](#tCONS) |
| [Consolidated Cash Flow Statements for the years ended December 31, 2023 and 2024](#tCOSCF)  | [F-52](#tCOSCF) |
| [Notes to the Consolidated Financial Statements](#tNTCF1)  | [F-53](#tNTCF1) |
|  ***Condensed financial statements (Unaudited) as of and for the nine months ended September 30, 2024 and 2025***  |  |
| [Consolidated Balance Sheets as of September 30, 2024 and 2025](#fCCNAN1)  | [F-79](#fCCNAN1) |
|  [Consolidated Statement of Operations for the nine months ended September 30, 2024 and 2025](#fCCNAN2)  | [F-80](#fCCNAN2) |
|  [Consolidated Statement of Comprehensive Operations for the nine months ended September 30, 2024 and 2025](#fCCNAN3)  | [F-81](#fCCNAN3) |
|  [Consolidated Statement of Shareholders' Equity for the nine months ended September 30, 2024 and 2025](#fCCNAN4)  | [F-82](#fCCNAN4) |
|  [Consolidated Statement of Cash Flows for the nine months ended September 30, 2024 and 2025](#fCCNAN5)  | [F-83](#fCCNAN5) |
| [Notes to the Consolidated Financial Statements](#fNTNA)  | [F-84](#fNTNA) |

---

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Directors of

Bending Spoons S.p.A.

#### Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Bending Spoons S.p.A. and subsidiaries (the "Company") as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income, shareholders' equity, and cash flows, for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

#### Critical Audit Matter
The critical audit matter communicated below is a matter arising from the audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

#### Business Combinations — Fair Value of Acquired Intangible Assets — Refer to Note 5 to the financial statements
*Critical Audit Matter Description* 

The Company completed the acquisition of The Creativity Productivity Group B.V. ("WeTransfer") for purchase consideration of $476 million on July 31, 2024. The Company accounted for the acquisition

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
under the acquisition method of accounting for business combinations. Accordingly, the purchase price was allocated to the assets acquired and liabilities assumed based on their respective fair values, including acquired intangible assets of $191 million. The excess of the purchase consideration over the fair value of identifiable assets acquired and liabilities assumed was recorded as goodwill.

We identified the fair value determination of the acquired intangible assets for the WeTransfer business combination as a critical audit matter due to the significant judgement in determining their estimated fair values. Significant judgements made by management to estimate the fair value were based on a number of significant forecast assumptions, including revenue growth rate and operating margin, and the selection of appropriate discount rates. There was a high degree of auditor judgement and subjectivity in applying audit procedures and evaluating the significant forecast assumptions relating to the estimates and as a result an increased extent of effort, including involvement of our fair value specialists.

*How the Critical Audit Matter Was Addressed in the Audit* 

Our audit procedures related to the significant forecast assumptions and the selection of the discount rate for the acquired intangible asset included the following, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We assessed the knowledge, skills, abilities, and objectivity of management's valuation specialists and evaluated the work performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We assessed the reasonableness of assumptions related to revenue growth rate and operating margin when compared against historical financial information of WeTransfer, the Company's forecasted and historical financial information, and financial information of certain peer companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • With the assistance of our fair value specialists, we evaluated the reasonableness of the (1) valuation methodology and (2) discount rate by testing the source information underlying the determination of the discount rate and testing the mathematical accuracy of the calculation.

#### /s/ Deloitte & Touche S.p.A.
Milan, Italy

March 12, 2026

We have served as the Company's auditor since 2024.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### C onsolidated B alance S heet ($ amounts in thousands, except share and per share amounts)

---

| | | |
|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  |
| | **2023**  | **2024**  |
| **ASSETS** |  |  |
| Cash and cash equivalents  | $289063 | $238723 |
| Accounts receivable, net  | 37684 | 85880 |
| Income tax receivables, current  | 115 | 5162 |
| Costs to obtain contracts  | 4991 | 11212 |
| Prepaid expenses  | 3155 | 11309 |
| Other current assets  | 22877 | 100992 |
| **Total current assets**  | **357886** | **453278** |
| Goodwill  | 163863 | 693512 |
| Intangibles assets, net  | 162127 | 529122 |
| Property, plant, and equipment, net  | 8921 | 9126 |
| Deferred tax assets  | 224761 | 182265 |
| Other non-current assets, net  | 19187 | 17676 |
| **Total assets**  | $**936744** | $**1884980** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **Current liabilities** |  |  |
| Accounts payables  | 2055 | 14999 |
| Long-term debt, current  | 87849 | 111501 |
| Deferred revenue  | 57943 | 149156 |
| Income tax current liabilities  | 90894 | 62401 |
| Accrued and other current liabilities  | 31066 | 76192 |
| **Total current liabilities**  | **269807** | **414249** |
| Long-term debt, non-current  | 301444 | 755840 |
| Deferred tax liabilities  | 15512 | 62398 |
| Other non-current liabilities  | 12762 | 15745 |
| **Total liabilities**  | $**599524** | $**1248232** |
| Commitments and contingencies (Note 6) |  |  |
| **Shareholders' equity:** |  |  |
|  Common stock: 123,671,760 authorized shares with an implicit par value of <br> €0.001 per share as of December 31, 2023 and 132,721,249 authorized shares <br> with an implicit par value of €0.01 per share as of December 31, 2024; <br> 121,565,120 shares issued and 105,763,600 shares outstanding as of <br> December 31, 2023, and 130,834,809 shares issued and 115,532,834 shares <br> outstanding as of December 31, 2024. Issued shares consisted of: 2023: <br> Class A 65,022,860; Class B 7,411,400; Class C 12,515,800; X-1 20,367,060; <br> X-2 1,728,900; X-3 14,519,100. 2024: Class A 63,437,095; Class B 7,889,120; <br> Class C 24,084,536; X-1 18,297,470; X-2 3,095,700; X-3 14,030,888.<sup>(1)</sup>  | 137 | 1431 |
| Additional paid-in capital  | 115197 | 334737 |
| Accumulated other comprehensive (loss) / income  | (13469) | (24686) |
| Retained earnings  | 235259 | 324773 |
|  Treasury stock at cost, 15,801,520 shares and 15,301,975 shares as of December 31, 2023 and 2024, respectively  | (34) | (34) |
| **Total Bending Spoons shareholders' equity**  | **337090** | **636221** |
| Non-controlling interests  | 130 | 528 |
| **Total shareholders' equity**  | **337220** | **636749** |
| **Total liabilities and shareholders' equity**  | $**936744** | $**1884980** |

---

(1) Amounts as of December 31, 2023 have been retrospectively adjusted to give effect to the share split that became effective on March 21, 2024.

See Accompanying Notes to Consolidated Financial Statements

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### C onsolidated I ncome S tatements ($ amounts in thousands, except per share amounts)

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2023**  | **2024**  |
| Revenue  | $387067 | $671053 |
| Cost of revenue  | 150550 | 242202 |
| **Gross profit**  | **236518** | **428851** |
| Research and development expense  | 51792 | 92557 |
| Sales and marketing expense  | 42636 | 79191 |
| General and administrative expense  | 57823 | 129752 |
| **Operating income**  | **84267** | **127352** |
| Interest expense  | 17173 | 32605 |
| Other (expense) income  | (9585) | 10090 |
| **Income before tax**  | **57509** | **104837** |
| Income tax (benefit) provision  | (103134) | 15840 |
| **Net income**  | **160643** | **88997** |
| Net loss attributable to non-controlling interests  | (130) | (516) |
| **Net income attributable to Bending Spoons shareholders**  | $**160773** | $**89513** |
| **Earnings per share attributable to Bending Spoons shareholders** |  |  |
| Basic | $1.61  | $0.80  |
| Diluted | $1.53  | $0.75  |

---

See Accompanying Notes to Consolidated Financial Statements

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### C onsolidated C omprehensive I ncome S tatements ($ amounts in thousands)

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2023**  | **2024**  |
| Net income  | $160643 | $88997 |
| Other comprehensive income (loss): |  |  |
| Change in foreign currency translation adjustments  | (6460) | (11653) |
|  Gains on derivative instruments that are designated as, and qualify as, cash flow hedges  |  | 530 |
| **Other comprehensive loss, before tax:**  | **(6460)** | **(11123)** |
|  Income tax expense of items included in other comprehensive income <br> (loss)<sup>(1)</sup>  |  | (127) |
| Total other comprehensive loss, net of tax  | (6460) | (11250) |
| **Comprehensive income**  | **154183** | **77747** |
| Less: Comprehensive loss attributable to non-controlling interests  | (153) | (548) |
| **Comprehensive income attributable to Bending Spoons shareholders**  | $**154336** | $**78295** |

---

(1) Entirely related to gains on derivative instruments that are designated as, and qualify as, cash flow hedges.

See Accompanying Notes to Consolidated Financial Statements

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### C onsolidated S tatements of S hareholders' E quity ($ in thousands, except share data)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common stock<sup>(1)</sup>**  | **Common stock<sup>(1)</sup>**  | **Common stock<sup>(1)</sup>**  | | | **Treasury stock at cost**  | **Treasury stock at cost**  | **Treasury stock at cost**  |  | |  | |
| | **Shares<sup>(3)</sup>**  | **Amounts**  | **Additional <br> paid-in <br> capital**  | **Accumulated <br> other <br> comprehensive <br> income /<br>(loss)**  | **Retained <br> earnings**  | **Shares<sup>(3)</sup>**  | **Amounts**  | **Total <br> Bending <br> Spoons <br> shareholders' <br> equity**  | **Non- <br> controlling <br> interests**  | **Non- <br> controlling <br> interests**  | **Total <br> shareholders' <br> equity**  | **Total <br> shareholders' <br> equity**  |
|  **Balance as of January 1, 2023**  | **97109740** | $**111** | $**26485** | $**(7032)** | $**74486** | **(1279160)** | $**—** | $**94050** |  | $**110** |  | $**94160** |
|  Paid-in capital <br> increase  | 8989220 | 10 | 73576 |  |  |  |  | 73586 |  |  |  | 73586 |
|  Share-based compensation expense<sup>(2)</sup>  |  |  | 14900 |  |  |  |  | 14900 |  |  |  | 14900 |
|  Share option plans <br> exercise and share units <br> assignment  | 466160 | 0 | 145 |  |  | 483420 |  | 145 |  |  |  | 145 |
|  Treasury stock <br> issuance  | 15000000 | 16 |  |  |  | (15000000) | (16) |  |  |  |  |  |
|  Other transactions with shareholders  |  |  | 91 |  |  | (5780) | (18) | 73 |  | 173 |  | 246 |
|  Other comprehensive (loss) income  |  |  |  | (6437) |  |  |  | (6437) |  | (23) |  | (6460) |
| Net income  |  |  |  |  | 160773 |  |  | 160773 |  | (130) |  | 160643 |
|  **Balance as of December 31, 2023**  | **121565120** | **137** | **115197** | **(13469)** | **235259** | **(15801520)** | **(34)** | **337090** |  | **130** |  | **337220** |
| Paid-in capital increase  | 9039329 | 1294 | 193700 |  |  | 31493 |  | 194994 |  |  |  | 194994 |
|  Share-based compensation expense<sup>(2)</sup>  |  |  | 25683 |  |  |  |  | 25683 |  |  |  | 25683 |
|  Share option plans exercise and units assignment  | 230360 |  | 157 |  |  | 468052 |  | 157 |  |  |  | 157 |
|  Other transactions with shareholders  |  |  |  |  |  |  |  |  |  | 946 |  | 946 |
|  Other comprehensive (loss) income  |  |  |  | (11217) |  |  |  | (11217) |  | (32) |  | (11250) |
| Net income  |  |  |  |  | 89513 |  |  | 89513 |  | (516) |  | 88997 |
|  **Balance as of December 31, 2024**  | $**130834809** | $**1431** | $**334737** | $**(24686)** | $**324773** | $**(15301975)** | $**(34)** | $**636221** |  | $**528** |  | $**636749** |

---

(1) As of December 31, 2023 and 2024, our common stock was comprised of six classes of shares (A, B, C, X-1, X-2 and X-3). Shares of all classes are presented together in the above statement as they have the same participating rights. Further details on share classes are provided in Note 10.

(2) See Note 11 for further details.

(3) Amounts have been retrospectively adjusted to give effect to the share split that became effective on March 21, 2024.

See Accompanying Notes to Consolidated Financial Statements

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### C onsolidated S tatements of C ash F lows ($ in thousands)

---

| | | |
|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2023**  | **2024**  |
| **Net income**  | $160643 | $88997 |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net income to net cash provided by operating activities:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based compensation expense  | 14900 | 25855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment and depreciation of property, plant, and equipment  | 1089 | 3248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairments and amortization of intangible assets  | 33809 | 85947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain from disposal of intangible assets and property, plant, and equipment  |  | (369) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax benefit  | (195458) | (1372) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in fair value of interest rate swaps  | 6847 | 9591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions  | 2182 | (512) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash interest expense  | 3933 | 25483 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable  | (16862) | (28919) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets  | (758) | (27830) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payables  | (22718) | 3159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued and other current and non-current liabilities  | (21857) | 11159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax liabilities and income tax assets, current  | 83237 | (28121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue  | 10168 | 38579 |
| **Net cash from operating activities**  | 59154 | 204895 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions of businesses net of cash and cash equivalents acquired  | (170586) | (726574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of intangible assets  | (958) | (162476) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of property, plant and equipment  | (4044) | (604) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from other investments  | 5295 |  |
| **Net cash from investing activities**  | (170294) | (889654) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal repayments of long-term debt  | (85431) | (347427) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of debt  | 123606 | 838295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of shares pursuant to share-based awards  | 145 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments of debt issuance cost  | (1242) | (21975) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from paid-in capital increase  | 73586 | 194994 |
| **Net cash from financing activities**  | 110664 | 664044 |
| Total cash used  | (475) | (20715) |
| Effect of exchange rate changes on cash and cash equivalents  | 3643 | (29623) |
| **Net increase (decrease) in cash and cash equivalents**  | 3167 | (50338) |
| Cash and cash equivalents at beginning of period  | 285896 | 289063 |
| **Cash and cash equivalents at end of period**  | $**289063** | $**238723** |
| **Supplemental disclosure of cash flow information:** |  |  |
| Income taxes paid  | 7732 | 6456 |
| Interests paid  | 16581 | 19168 |

---

See Accompanying Notes to Consolidated Financial Statements

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements
1. Description of business

At Bending Spoons, we execute the following playbook to improve products for customers and generate returns:

1. **Acquire.** We acquire a business whose core products are digital. We prioritize businesses that we believe we can improve, and whose trajectory we can forecast with reasonable confidence several years into the future, a process that involves factoring in the risk of disruption from advances in AI.

2. **Transform and optimize.** We strive to envision the most successful version of the acquired business and work to close the gap between its current state and that vision as quickly and completely as possible. The transformation includes reorganizing teams, overhauling technology, redesigning user interfaces, accelerating product development, and strengthening marketing and monetization. AI is often both a central component of our vision for the acquired business and a key tool in implementing the transformation. Through these efforts, we seek to increase revenue and reduce costs to drive a sustainable expansion in earnings. We then optimize the business as part of our broader portfolio on an ongoing basis.

3. **Reinvest.** We deploy our earnings, along with contributions from newly acquired and improved businesses and prudent levels of incremental debt, to fund additional acquisitions, thereby continuing the compounding cycle. We may also opportunistically raise incremental equity to accelerate growth.

"Bending Spoons," "Company," "we," "our," and "us" refer to Bending Spoons S.p.A. together with its consolidated subsidiaries, except where the context otherwise requires or where otherwise indicated.

2. Summary of significant accounting policies

**Basis of presentation and principles of consolidation —** The accompanying consolidated financial statements have been prepared in conformity with U.S generally accepted accounting principles ("GAAP"). Consolidated financial statements include accounts and operations of Bending Spoons. All intercompany transactions and balances have been eliminated upon consolidation.

**Use of estimates —** The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes. We base our estimates on assumptions that are believed to be reasonable under the circumstances. On an ongoing basis, we evaluate our estimates, including, but not limited to, those related to fair values of assets and liabilities acquired through acquisitions, useful lives of intangible assets and property, plant and equipment, pre-combinations costs, lease terms, income and indirect taxes, contingent liabilities, evaluation of recoverability of intangible assets and long-lived assets, goodwill impairment, share-based compensation, fair value of financial instruments including derivatives. These estimates are inherently subject to judgment, and actual results could differ materially from those estimates.

**Revenue recognition —** Bending Spoons mainly generates revenue from the following sources:

• **Subscriptions.** We generate subscription revenue by selling term-based access to our products to individuals and organizations. These contracts are typically auto-renewing, with term durations ranging from one week to a few years. Subscription revenue is recognized ratably over the subscription term. We have evaluated these contracts under the principal-versus-agent guidance in ASC 606 and determined that we act as principal, as we are responsible for the fulfillment of the performance obligation.

• **Advertising.** We generate advertising revenue by selling advertising space across our products, both directly to advertisers and through intermediaries such as media agencies and programmatic

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)
networks. Under arrangements with third-party advertising networks, we contract directly with the advertising network, which is identified as the customer. The advertising network controls the advertising service, including advertiser selection, pricing, ad serving, measurement, and billing. We provide access to advertising inventory within our applications and websites and are entitled to consideration in the form of a contractual revenue share based on advertising delivered. Advertising revenue is recognized in an amount equal to our contractual share of advertising proceeds earned from the advertising network. The performance obligation is satisfied at a point in time and control transfers when advertising is delivered, that is when impressions and, where applicable, clicks are recorded.

Revenue is recognized for each performance obligation when, or as, the performance obligation is satisfied by transferring control of a promised product or service to a customer. Payment terms and conditions vary by contract type. The period between the recording of an invoice to be issued or issuance of an invoice and the corresponding payment due date is generally short, ranging between 15 and 60 days. Payments are primarily collected through third-party payment processors and mobile application marketplace operators.

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2023**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Subscription revenue  | $366399 | $616418 |
| Advertising revenue  | 20042 | 52690 |
| Other revenue  | 627 | 1945 |
| &nbsp;&nbsp;&nbsp; Total revenue  | $387067 | $671053 |

---

Revenue by geography, based on user and customer location:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2023**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  |
| North America  | $212707 | $366539 |
| Europe  | 64960 | 133071 |
| Asia  | 53433 | 86409 |
| Central and South America  | 28193 | 42321 |
| Rest of the world  | 27775 | 42714 |
| Total revenue  | $387067 | $671053 |

---

**Costs to obtain contracts —** These costs mainly consist of incremental distribution fees associated with reaching customers through the app stores. Capitalized costs are amortized over the term of the associated subscriptions. Capitalized costs of $5.0 million as of December 31, 2023 were fully amortized and recognized in cost of revenue for the year ended December 31, 2024.

**Accounts receivable, net —** Mobile application stores accounted for 95% and 68% of our gross accounts receivable for the years ended December 31, 2023 and 2024, respectively.

The allowance for expected credit losses is based upon a number of factors, including: the length of time accounts receivable are past due, our previous loss history, the specific customer's ability to pay its obligation and any other forward-looking data regarding customers' ability to pay that is available. Customer payments that are not collected in advance of the transfer of promised services or goods are generally due no later than 60 days from the invoice date. The allowance for credit losses was not material for the periods presented.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)
**Deferred revenue —** Deferred revenue consists of payments that are received in advance of our performance obligation. We report deferred revenue on a contract-by-contract basis at the end of each reporting period. We classify deferred revenue as current when the term of the applicable subscription period or expected completion of our performance obligation is one year or less. The current deferred revenue balances were $57.9 million and $149.2 million as of December 31, 2023 and 2024, respectively. The increase is almost entirely attributable to new acquisitions occurred in 2024. During the years ended December 31, 2023 and 2024, we recognized in the income statements the whole amount that was included in the deferred revenue balance at the end of prior years. As of December 31, 2023 and 2024, there was no non-current portion of deferred revenue.

The aggregate balance of remaining performance obligations that were unsatisfied or partially unsatisfied as of December 31, 2023 was $57.9 million. All of the remaining performance obligations were satisfied over the twelve months following December 31, 2023.

The aggregate balance of remaining performance obligations that were unsatisfied or partially unsatisfied as of December 31, 2024 was $155.0 million. All of the remaining performance obligations were satisfied over the twelve months following December 31, 2024.

**Cash and cash equivalents —** Cash and cash equivalents primarily consist of cash on deposit with banks denominated in euros or U.S. dollars.

**Derivatives —** We account for derivative instruments as either assets or liabilities within the consolidated balance sheet and adjust them to fair value at the end of each period. For derivative instruments that hedge the exposure to variability in expected future cash flows that are designated and qualify as cash flow hedges, the gain or loss on the derivative instrument is recorded in accumulated other comprehensive income (loss) in shareholders' equity until the hedged item is recognized in earnings, at which point accumulated gains or losses are recognized in earnings and classified with the underlying hedged transaction. Derivatives that do not qualify or have not been designated as hedges are adjusted to fair value through earnings in other (expense) income. See Note 3 for additional information.

Cash paid for or received from the settlements of interest rate swaps (IRS differential) are presented in net cash from operating activities and in the consolidated statements of cash flows supplemental disclosure.

**Fair value of financial instruments —** Fair value is defined as the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy is applied to prioritize the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements).

The three levels of the fair value hierarchy under the guidance on fair value measurements are described below:

• Level 1 — Observable inputs based upon unadjusted quoted prices for identical or similar instruments in active markets.

• Level 2 — Inputs other than quoted prices included in level 1 that are observable either directly or indirectly. Our level 2 assets and liabilities entirely relate to interest swap contracts.

• Level 3 — Unobservable inputs of which there is little or no market data, which require the Company to develop its own assumptions. Our level 3 assets and liabilities include investments in non-marketable securities and other investments.

**Property, plant and equipment, net —** Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which is as follows:

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### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)

---

| | |
|:---|:---|
| | **Useful life**  |
| Leasehold improvements | Shorter of the remaining lease term or the estimated useful lives of the assets  |
| Plant and equipment | 6 years  |
| Commercial equipment | 6 years  |
| Furniture and fixtures | 6 years  |
| Electronic equipment | 5 years  |

---

When assets are retired, or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in operations in the period realized. Maintenance and repairs are charged to operations as incurred.

**Leases —** Leases consist primarily of operating leases for office facilities. We determine if an arrangement is or contains a lease at inception and does not recognize right-of-use assets and lease liabilities for leases with a term of 12 months or less. Payments under our lease arrangements are primarily fixed. However, certain lease agreements contain variable payments and other costs, including lease payments depending on an index or a rate and other costs such as common area maintenance, utilities, and taxes, which are expensed as incurred and not included in the lease right-of-use assets and liabilities.

Operating lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Lease payments consist primarily of the fixed payments under the arrangement, less any lease incentives. We generally use an incremental borrowing rate estimated based on the information available at the lease commencement date or on the date of lease modification, if applicable, to determine the present value of lease payments unless the implicit rate is readily determinable. We estimate our incremental borrowing rate based on the rate of interest we would have to pay to borrow on a collateralized basis with an equal lease payment amount, over a similar term, and in a similar economic environment. Generally, the lease term is based on the non-cancelable lease term when determining lease assets and liabilities. Lease terms may include periods under options to extend or terminate the lease when it is reasonably certain that we will exercise that option.

Operating lease right-of-use assets are included in other non-current assets, net. Operating lease liabilities current and non-current are included in accrued expense and other current liabilities and other non-current liabilities, respectively.

Operating lease expenses are recognized on a straight-line basis over the lease terms.

**Software development costs —** We incur development costs related to internal-use software. Development costs are capitalized once the preliminary project stage is complete, management authorizes and commits to funding the project, and it is probable that the project will be completed and the software will be used to perform its intended function. We have determined that for our software, these capitalization criteria are generally met only very shortly before the software is completed. Accordingly, no material software development costs were identified and thus capitalized in the years ended December 31, 2023 and 2024.

**Goodwill —** Goodwill is not amortized, and we test it for impairment at least annually. We first assess qualitative factors, including macroeconomic, industry-specific, and company-specific events or changes in circumstances to determine if goodwill is impaired. If the qualitative assessment determines that it is more likely than not that goodwill is not impaired, no further testing is performed. If the qualitative assessment indicates otherwise, impairment testing continues with the estimation of the fair value of the reporting unit. A goodwill impairment is recognized for the amount that the carrying value of the reporting unit, including goodwill, exceeds its fair value.

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### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)
**Intangible assets —** Intangible assets are carried at cost, net of accumulated amortization and impairment. We determine the appropriate useful life of intangible assets based on their expected cash flows. Amortization of definite-lived intangible assets is computed on a straight-line basis over the estimated useful lives of the assets, which is as follows:

---

| | |
|:---|:---|
| | **Useful life**  |
| Intellectual properties  | 2 – 7 years  |
| Licenses and trademarks  | 7 – 10 years  |
| Customer base  | 6 – 10 years  |

---

**Impairment of long-lived assets —** Long-lived assets, including right-of-use assets, property, plant, and equipment, and intangible assets with definite useful lives, are evaluated for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. An asset or asset group is considered not recoverable if its carrying amount exceeds the sum of the undiscounted cash flows expected to result from its use and eventual disposition. If the carrying amount is determined to be not recoverable, an impairment loss is recognized for the excess of the carrying amount over the asset's fair value. Impairment losses on long-lived assets were not material for the periods presented.

**Acquisitions —** An acquired set of activities and assets is considered a business if it includes, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. We first apply a screen test to assess whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If that screen test is met, the set is determined not to be a business; if it is not met, we assess the presence of the minimum required inputs and processes necessary to be a business. Acquisitions that do not meet the definition of a business are accounted for as asset acquisitions.

For transactions accounted for as business combinations, we allocate the fair value of the acquisition consideration to the identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair value, with excess recorded as goodwill. During the measurement period, which is one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Acquisition-related costs are expensed as incurred and recorded in general and administrative expense in our consolidated income statements.

For each business combination we identify any amounts that are not part of the exchange for the acquiree and recognize as part of applying the acquisition method only the consideration transferred for the acquiree. Generally, a transaction entered into by or on behalf of Bending Spoons or primarily for our benefit or the combined entity, rather than primarily for the benefit of the acquiree (or its former owners) before the combination, is considered a separate transaction.

For transactions accounted for as asset acquisitions, the cost, including certain transaction costs, is allocated to the assets acquired on the basis of relative fair values. We generally recognize contingent consideration in the cost of the acquired assets only once the related uncertainty has been resolved or becomes probable and estimable.

**Cost of revenue —** Cost of revenue consists primarily of amortization of acquired intangible assets, IT infrastructure costs, distribution and payment processing costs, and personnel costs (mainly related to customer support and product maintenance, and including share-based compensation).

**Sales and marketing expense —** Sales and marketing expense consists primarily of advertising costs, personnel costs (including share-based compensation and, following an acquisition, separation packages for impacted team members and retention bonuses for those we seek to incentivize to remain during the transition period), and amortization of capitalized sales commissions and related costs.

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**Advertising costs —** Advertising costs are expensed in the period incurred and represent online marketing, including fees paid to search engines and social media sites, and offline marketing. Advertising costs are included in sales and marketing expense. Advertising costs were $36.4 million and $57.2 million for the years ended December 31, 2023 and 2024, respectively.

**Research and development expense —** Research and development expense consists primarily of personnel costs, including share-based compensation and, following an acquisition, separation packages for impacted team members and retention bonuses for those we seek to incentivize to remain during the transition period.

**General and administrative expense —** General and administrative expense consist primarily of personnel costs (including share-based compensation), professional service costs (including transaction-related audit and advisory), and real estate costs (including rent and facilities, depreciation and amortization). Personnel costs may, on occasion, include the acceleration of equity instruments held by an acquired company's management and other team members. Following an acquisition, personnel costs also include separation packages for impacted team members and retention bonuses for individuals we seek to incentivize to remain during the transition period.

**Share-based compensation —** We have granted equity-settled share-based awards in the form of share grants, share options, and warrants to employees and non-employees, receiving services from them as consideration for the awards. The fair value of the cost of these services is recognized as an expense over the period in which the services are rendered and is measured net of estimated forfeitures. We estimate forfeitures of share-based awards at the time of grant based on historical employee turnover and expectations of future service. We revise those estimates, if necessary, in subsequent periods. For awards granted to employees with graded vesting subject only to a service condition (time-based vesting), the compensation cost over the requisite service period is recognized separately for each vesting tranche as though each tranche of the award were, in substance, a separate award.

**Employee benefit —** We have defined benefit plans, granted to employees based in Italy and regulated by Italian laws. The defined benefit obligation is calculated based on employee compensation and duration of the employment relationship and is paid to the employee upon termination of the employment relationship. The cost of the defined benefit plans reported in our consolidated income statements is determined by actuarial calculation performed on an annual basis. The actuarial valuation is performed using the "Projected Unit Credit Method" based on the employees' expected date of separation or retirement. Actuarial gain and losses are immediately recognized within other expense (income) in the consolidated income statements. Employee benefit obligations are included within other non-current liabilities in the consolidated balance sheet.

**Income taxes —** We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, we determine deferred tax assets and liabilities based on the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

We recognize deferred tax assets to the extent that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations.

If we determine that we will be able to realize deferred tax assets in the future in excess of their net recorded amount, an adjustment to the deferred tax asset valuation allowance is made to reduce the provision for income taxes.

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The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statements of operations. Accrued interest and penalties are included on the related tax liability line in the consolidated balance sheets. We record uncertain tax positions on the basis of a two-step process in which determinations are made (i) whether it is more likely than not that the tax positions will be sustained based on their technical merits, and, (ii) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with a tax authority.

**Share split —** On March 21, 2024, our shareholders' meeting approved a 20-for-1 share split, resulting in a proportional subdivision of each issued and outstanding share into 20 shares, with no par value.

**Presentation currency and functional currency —** These consolidated financial statements are presented in U.S. dollars. In general, each entity that is part of Bending Spoons uses the currency of its primary economic environment as its functional currency for its stand-alone reporting.

The assets and liabilities of the Company and its non-U.S. subsidiaries are translated from their functional currency to U.S. dollars using the exchange rates at the reporting date. The revenues and expenses are translated to U.S. dollars using the average exchange rates for each quarter of the year, which approximate the exchange rates at the date of the transaction. All resulting foreign exchange differences are recognized in other comprehensive income (loss) and included in foreign exchange translation reserve in equity.

**Foreign currency transactions —** Transactions denominated in currencies other than the functional currency of the respective entity are translated into the functional currency at the exchange rate on the date of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured using the exchange rates prevailing at the end of the reporting period. Any foreign exchange gain or loss arising from the initial recognition or the remeasurement of these monetary assets and liabilities is recognized in other income (expense) in the consolidated income statements. Net exchange gains (losses) amounted to a loss of $4.3 million and a gain of $14.7 million for the years ended December 31, 2023 and 2024, respectively. The unrealized component of exchange rate differences was a loss of $0.4 million and a gain of $6.5 million for the years ended December 31, 2023 and 2024, respectively.

**Comprehensive income (loss) —** Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss).

**Other comprehensive income (loss) —** Other comprehensive income (loss) consists of foreign currency translation adjustments and change in the fair value of cash-flow hedge derivatives.

**Earnings per share —** Basic earnings per share is calculated by dividing the net income attributable to shareholders by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share is calculated by dividing net income attributable to common shareholders by the sum of (i) the weighted-average number of shares outstanding during the reporting period and (ii) the weighted-average number of additional shares that would have been outstanding during that period if all potentially dilutive securities outstanding during the period had been exercised or converted. The treasury stock method is used to compute the dilutive effect of share-based compensation.

**Recent accounting pronouncements (issued and adopted) —** In November 2023, the FASB issued ASU No. 2023-07 Segment Reporting (Topic 280): *Improvements to Reportable Segment Disclosures* which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. We adopted this ASU in our annual financial statements for the year ended December 31, 2024, and we have applied the guidance retrospectively to all periods presented.

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**Recent accounting pronouncements (issued and not yet adopted) —** In December 2023, the FASB issued ASU No. 2023-09, Income Taxes: *Improvements to Income Tax Disclosures,* which requires disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendment is effective for annual periods beginning after December 15, 2024. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. We adopted this ASU prospectively in our 2025 financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement: *Reporting Comprehensive Income-Expense Disaggregation Disclosures,* which requires disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. The amendments will be effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating this ASU to determine its impact on our financial disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): *Targeted Improvements to the Accounting for Internal-Use* to modernize the accounting for software costs under Subtopic 350-40, Intangibles-Goodwill and Other–Internal-Use Software (referred to as "internal-use software"). Upon adoption, we will be required to account for internal-use software under the updated capitalization criteria. The standard is effective for our interim and annual 2028 periods, with early adoption permitted. The standard can be applied either prospectively, retrospectively, or under a modified transition approach. We are currently evaluating this ASU to determine its impact on our financial statements.

3. Financial instruments and fair value measurements

The following table sets forth our financial instruments that were measured at fair value by level within the fair value hierarchy on a recurring basis:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **As of December 31, 2023**  | **As of December 31, 2023**  | **As of December 31, 2023**  |
| | **Total**  | **Level 1**  | **Level 2**  | **Level 3**  |
|  |  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  |
| **Financial assets** |  |  |  |  |
| Non-marketable securities  | $114 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $114 |
| Derivative financial instruments  | 7830 |  | 7830 |  |
| Other investments  | 5424 |  |  | 5424 |
| &nbsp;&nbsp;&nbsp; Total financial assets  | $13368 | $— | $7830 | $5538 |
| **Financial liabilities** |  |  |  |  |
| Derivative financial instruments  | 2844 |  | 2844 |  |
| &nbsp;&nbsp;&nbsp; Total financial liabilities  | $2844 | $— | $2844 | $— |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **As of December 31, 2024**  | **As of December 31, 2024**  | **As of December 31, 2024**  |
| | **Total**  | **Level 1**  | **Level 2**  | **Level 3**  |
|  |  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  |
| **Financial assets** |  |  |  |  |
| Non-marketable securities  | $109 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $109 |
| Derivative financial instruments  | 2960 |  | 2960 |  |
| Other investments  | 5424 |  |  | 5424 |
| &nbsp;&nbsp;&nbsp; Total financial assets  | $8493 | $— | $2960 | $5533 |
| **Financial liabilities** |  |  |  |  |
| Derivative financial instruments  | 6793 |  | 6793 |  |
| &nbsp;&nbsp;&nbsp; Total financial liabilities  | $6793 | $— | $6793 | $— |

---

#### Derivative financial instruments
We use derivative instruments to manage interest rate risks. In particular, we entered into interest rate swaps as part of our interest rate risk management strategy in connection with certain variable rate debt financing agreements (see Note 9). The fair value of the outstanding interest rate swaps is determined using widely accepted valuation techniques including discounted cash flow analysis based on the expected cash flows of the interest rate swaps. We have determined that the significant inputs, such as interest yield curve and discount rate, used to value our interest rate swaps fall within Level 2 of the fair value hierarchy. During the years ended December 31, 2023 and 2024, we recorded net losses of $6.8 million and $9.6 million, respectively, related to not highly effective hedging derivatives.

The gross notional amount of our derivative interest rate swaps outstanding as of December 31, 2023 and 2024 was $345.8 million and $775.3 million, respectively.

The following tables present the fair value and the location of derivative contracts reported in the consolidated balance sheets:

---

| | | |
|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  |
| **Balance Sheet Classification**  | **2023**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Other non-current assets, net  | $2550 | $— |
| Other current assets  | $5280 | $2960 |
| Other non-current liabilities  | $2844 | $5735 |
| Accrued and other current liabilities  | $— | $1058 |

---

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4. Supplemental financial statement information

Property, plant, and equipment, net consisted of the following:

---

| | | |
|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  |
| | **2023**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Leasehold improvements  | $8944 | $10475 |
| Furniture and fixtures  | 3506 | 3598 |
| Plant and equipment  | 917 | 2105 |
| Projects in progress  | 726 |  |
| &nbsp;&nbsp;&nbsp; Total property, plant, and equipment, gross  | 14093 | 16178 |
| Accumulated depreciation  | (5171) | (7053) |
| &nbsp;&nbsp;&nbsp; Total property, plant, and equipment, net  | $8921 | $9126 |

---

Depreciation expenses of property, plant, and equipment were $0.8 million and $3.0 million for the years ended December 31, 2023 and 2024, respectively and were recorded within general and administrative expense.

As of December 31, 2023 and 2024, there were no assets mortgaged, pledged, or otherwise subject to lien.

Other current assets consisted of the following:

---

| | | |
|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  |
| | **2023**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Tax assets, other than current income taxes  | $16021 | $39674 |
| Advance payments  | 659 | 52237 |
| Derivative financial instruments  | 5280 | 2960 |
| Security deposit  | 241 | 477 |
| Other items  | 676 | 5644 |
| Total other current assets  | $22877 | $100992 |

---

Advance payments of $45.3 million as of December 31, 2024 relate to the consideration of an acquisition completed in January 2025.

Accrued and other current liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  |
| | **2023**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Tax liabilities, other than current income taxes  | $2902 | $20215 |
| Accrued expenses  | 11312 | 10628 |
| Payable to employees and directors  | 5767 | 27486 |
| Social securities  | 1751 | 3098 |
| Deferred R&D incentive  | 1340 | 3347 |
| Operating lease liabilities, current  | 3388 | 3485 |
| Provision for risk  | 2200 |  |
| Derivative financial instruments  |  | 1058 |
| Other payables  | 2406 | 6875 |
| Total accrued and other current liabilities  | $31066 | $76192 |

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5. Business combinations

No contingent consideration of any kind or other forms of deferred payments related to business combinations was outstanding by the end of each financial year. The total consideration of all such acquisitions was fully settled in cash.

Goodwill of $161.4 million and $545.7 million arising from business combinations completed during 2023 and 2024, respectively, is attributable to future economic and financial benefits resulting from the profitability improvements arising from the transformation and ongoing optimization of the acquired businesses, executed through our platform. No portion of goodwill is considered deductible for tax purposes.

#### Business combinations completed in 2023
On January 3, 2023, we completed the acquisition of 100% of the issued and outstanding equity securities of Evernote Corporation, for a total consideration of $199.7 million. Evernote Corporation is a Delaware corporation which, directly and through its subsidiaries, operates and markets Evernote. Evernote is a productivity suite that supports note-taking and knowledge management for individuals and teams. We accounted for the acquisition as a business combination. Transaction expenses incurred by us in connection with the acquisition, including professional fees, amounted to $1.8 million and were recognized in general and administrative expense.

The following table summarizes the fair value of the assets acquired and liabilities assumed as of the acquisition date:

---

| | |
|:---|:---|
| | **Fair value**  |
|  | **(In thousands)**  |
| Goodwill  | $161387 |
| Intellectual properties<sup>(1)</sup>  | 8577 |
| Customer base<sup>(1)</sup>  | 66909 |
| Other intangible assets<sup>(1)</sup>  | 31609 |
| Deferred tax assets  | 1735 |
| Other non-current assets, net  | 15846 |
| Cash and cash equivalents  | 29106 |
| Income tax receivables, current  | 4814 |
| Trade receivables and other current assets  | 4067 |
| &nbsp;&nbsp;&nbsp; **Total assets acquired**  | **324050** |
| Long-term debt, current  | 19023 |
| Deferred tax liabilities  | 28916 |
| Other non-current liabilities  | 3027 |
| Accrued and other current liabilities  | 73394 |
| &nbsp;&nbsp;&nbsp; **Total liabilities assumed**  | **124358** |
| &nbsp;&nbsp;&nbsp; **Fair value of net assets acquired**  | $**199692** |

---

(1) We used income approaches to estimate the fair values of the identifiable intangible assets. The estimated useful life for intellectual properties is 5 years, for the customer base is 10 years, and for other intangible asset (mainly related to trademarks) is 10 years.

Our consolidated income statement for the year ended December 31, 2023 includes Evernote 's revenue of $95.0 million and income before tax of $11.3 million for the period from the acquisition date (January 3, 2023 to December 31, 2023).

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#### Business combinations completed in 2024
On January 23, 2024, we completed the acquisition of 100% of the issued and outstanding equity securities of Community Matters Holdings Inc., a Delaware corporation which, through its indirect subsidiary Meetup LLC, operates and markets Meetup. Meetup is an online platform that facilitates the organization of events and connects individuals through interest-based communities. We accounted for the acquisition as a business combination. Transaction expenses incurred by us in connection with the acquisition, including professional fees, amounted to $1.5 million and were recognized in general and administrative expense.

On April 23, 2024, we completed the acquisition of 100% of the issued and outstanding equity securities of StreamYard Top Corp., a Delaware corporation which, through its subsidiaries, operates and markets StreamYard among other digital products. StreamYard provides video recording and multi-destination live-streaming tools for creators and businesses. We accounted for the acquisition as a business combination. Transaction expenses incurred by the Company in connection with the acquisition, including professional fees, amounted to $1.4 million and were recognized in general and administrative expense.

On July 18, 2024, we completed the acquisition of 100% of the issued and outstanding equity securities of Issuu Inc., a Delaware corporation which operates and markets Issuu. Issuu is a digital platform that enables creators and publishers to distribute, monetize, and analyze digital publications. We accounted for the acquisition as a business combination. Transaction expenses incurred by us in connection with the acquisition, including professional fees, amounted to $2.1 million and were recognized in general and administrative expense.

The total consideration paid for the Meetup, StreamYard, and Issuu acquisitions was $280.7 million.

The following table summarizes the fair value of the assets acquired and liabilities assumed for Meetup, StreamYard, and Issuu as of their respective acquisition dates:

---

| | |
|:---|:---|
| | **Fair value**  |
|  | **(In thousands)**  |
| Goodwill  | $211559 |
| Intellectual properties<sup>(1)</sup>  | 11436 |
| Customer base<sup>(1)</sup>  | 77966 |
| Other intangible assets<sup>(1)</sup>  | 21905 |
| Deferred tax assets  | 3312 |
| Other non-current assets, net  | 1619 |
| Cash and cash equivalents  | 60637 |
| Trade receivables and other current assets  | 12969 |
| &nbsp;&nbsp;&nbsp; **Total assets acquired**  | **401403** |
| Long-term debt, current  | 22291 |
| Deferred tax liabilities  | 25626 |
| Other non-current liabilities  | 443 |
| Accrued and other current liabilities  | 72298 |
| &nbsp;&nbsp;&nbsp; **Total liabilities assumed**  | **120658** |
| &nbsp;&nbsp;&nbsp; **Fair value of net assets acquired**  | $**280745** |

---

(1) We used income approaches to estimate the fair values of the identifiable intangible assets. The estimated useful life for intellectual properties is 5 years, for the customer bases is 6 or 7 years, and for other intangible asset (mainly related to trademarks) is 7 or 10 years.

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In connection with the acquisition of Issuu, certain unvested share-based payment awards held by employees of the acquirees became subject to accelerated vesting upon the change in control. Based on an assessment of the terms of the awards and the requirements of ASC 805, the portion of the fair value attributable to pre-combination vesting was included in the consideration transferred. The remaining portion, representing the fair value attributable to post-combination vesting, and amounting to $0.9 million with respect, was determined to be a separate transaction and was recognized as compensation expense in cost of revenue, research and development expense, sales and marketing expense and general and administrative expense for the year ended December 31, 2024.

Our consolidated income statement for the year ended December 31, 2024 includes revenue from Meetup, StreamYard and Issuu of $92.4 million and income before tax of $21.7 million for the period from the respective acquisition date to December 31, 2024.

#### WeTransfer
On July 31, 2024, we acquired 100% of the share capital of The Creative Productivity Group B.V., for a total consideration of $476.3 million. The Creative Productivity Group B.V. is a private limited liability company under Dutch law that, through its subsidiaries, operates and markets WeTransfer. WeTransfer enables digital file storage and distribution for individuals and businesses. We accounted for the acquisition as a business combination. Transaction expenses incurred by us in connection with the acquisition, including professional fees, amounted to $3.1 million and were recognized in general and administrative expense.

The following table summarizes the fair value of the assets acquired and liabilities assumed as of the acquisition date:

---

| | |
|:---|:---|
| | **Fair value**  |
|  | **(In thousands)**  |
| Goodwill  | $334113 |
| Intellectual properties<sup>(1)</sup>  | 29307 |
| Customer base<sup>(1)</sup>  | 119748 |
| Other intangible assets<sup>(1)</sup>  | 42419 |
| Deferred tax assets  | 10605 |
| Other non-current assets, net  | 8522 |
| Cash and cash equivalents  | 15073 |
| Trade receivables and other current assets  | 32991 |
| &nbsp;&nbsp;&nbsp; **Total assets acquired**  | **592778** |
| Long-term debt, current  | 5246 |
| Deferred tax liabilities  | 49332 |
| Other non-current liabilities  | 4406 |
| Income tax current liabilities  | 3048 |
| Accrued and other current liabilities  | 54483 |
| &nbsp;&nbsp;&nbsp; **Total liabilities assumed**  | **116515** |
| &nbsp;&nbsp;&nbsp; **Fair value of net assets acquired**  | $**476263** |

---

(1) We used income approaches to estimate the fair values of the identifiable intangible assets. The estimated useful life for intellectual properties is 7 years, for the customer base is 10 years and for other intangible asset (mainly related to trademarks) is 10 years.

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Our consolidated income statement for the year ended December 31, 2024 includes WeTransfer 's revenue of $60.7 million and loss before tax of $17.1 million for the period from the acquisition date (July 31, 2024 to December 31, 2024).

See pro forma results of operations under "Supplemental pro forma information" below.

In connection with the acquisition of WeTransfer, certain unvested share-based payment awards held by service providers of the acquirees became subject to accelerated vesting upon the change in control. Based on an assessment of the terms of the awards and the requirements of ASC 805, the portion of the fair value attributable to pre-combination vesting was included in the consideration transferred. The remaining portion, representing the fair value attributable to post-combination vesting, and amounting to $3.6 million, was determined to be a separate transaction and was recognized as compensation expense in cost of revenue, research and development expense, sales and marketing expense, and general and administrative expense for the year ended December 31, 2024.

#### Supplemental pro forma information
The unaudited supplemental pro forma information below presents the combined historical results of operations of Bending Spoons, Meetup, StreamYard, Issuu, and WeTransfer for the periods presented as if the businesses had been acquired as of January 1, 2023.

The unaudited pro forma financial information includes adjustments to reflect the additional amortization that would have been charged assuming the fair value intangible assets had been applied from January 1, 2023, with the consequential tax effects. The unaudited pro forma financial information for the year ended December 31, 2023 includes non-recurring expenses, amounting to $12.9 million (net of related tax effects), relating to transaction costs incurred in connection with the business combinations, and the acceleration of certain share-based awards held by employees of Issuu and WeTransfer.

The unaudited pro forma financial information presented below is provided for informational purposes only and is not necessarily indicative of (i) our consolidated results of operations for the combined business had the acquisition occurred at the beginning of fiscal year 2023 or (ii) the results of future operations of the combined business.

---

| | | |
|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2023**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Revenue  | $646524 | $784588 |
| Net income  | $99354 | $(2178) |

---

Pro forma results of operations for the Evernote acquisition, which closed on January 3, 2023, have not been presented because the pro forma effect of the acquisition is not material to our consolidated financial results. Revenue and earnings attributable to acquired businesses since the date of the acquisition are included in our consolidated statements of operations.

6. Commitments and contingencies

#### Commitments
As of December 31, 2023, we had the following commitments in place:

• On July 27, 2018, Intesa Sanpaolo S.p.A. issued bank surety No. 366/8200/733987 amounting to $0.6 million in favor of Colliers Global Investors SGR S.p.A. — Antirion Core Fund, as guarantee for the payment of the rent for the additional portion of the property located at Corso Como 15, Milan.

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### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)
• On July 27, 2018, Intesa Sanpaolo S.p.A. issued bank surety No. 366/8200/733985 amounting to $0.2 million in favor of Colliers Global Investors SGR S.p.A. — Antirion Core Fund, as guarantee for the completion of the internal connection works between the leased spaces at Corso Como 15, Milan.

• On December 1, 2021, Intesa Sanpaolo S.p.A. issued bank surety No. 03066/8200/00858699 amounting to $2.1 million in favor of Coima SGR S.p.A., as guarantee for the compliance with all obligations arising from the lease agreement for the building located at Via Bonnet 8-10, Milan. This surety is valid until May 31, 2031.

• On March 7, 2023, UniCredit S.p.A. issued bank surety No. 460011798311 amounting to $0.1 million in favor of Colliers Global Investors SGR S.p.A. — Antirion Core Fund, as guarantee for the compliance with all obligations arising from the lease agreement for the building located at Via Bonnet 8-10, Milan. This surety is valid until October 31, 2028.

• On March 7, 2023, UniCredit S.p.A. issued bank surety No. 460011798309 amounting to $0.1 million in favor of Colliers Global Investors SGR S.p.A. — Antirion Core Fund, as guarantee for the compliance with all obligations arising from the lease agreement for the building located at Via Bonnet 8-10, Milan. This surety is valid until October 31, 2028

As of December 31, 2024, we had the following commitments in place:

• On December 1, 2021, Intesa Sanpaolo S.p.A. issued bank surety No. 03066/8200/00858699 amounting to $2.0 million in favor of Coima SGR S.p.A., as guarantee for the compliance with all the obligations that will arise from the lease agreement for the building located at Via Bonnet 8-10, Milan. This surety is valid until May 31, 2031.

• On March 13, 2023, SACE S.p.A. and SACE Futuro issued two guarantees, each amounting to $36.4 million, in favor of Bending Spoons, to safeguard the proper and timely fulfillment of all obligations arising from the bank loan No. 1104660100 provided by Intesa Sanpaolo S.p.A. These guarantees will remain valid until March 13, 2028.

**Contingencies —** From time to time, we may have certain contingent liabilities that arise in the ordinary course of business activities. We accrue a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. As of December 31, 2023 and 2024, there were no material recognized and unrecognized contingent liabilities that would require to be disclosed for the consolidated financial statements not to be misleading in accordance with ASC 450-20-50.

**Legal proceedings —** From time to time, we are involved from time to time in claims, disputes and legal proceedings. The outcomes of our legal proceedings are inherently unpredictable and subject to significant uncertainty. We record a liability when it is probable that a loss has been incurred, and the amount can be reasonably estimated. If it is determined that a loss is reasonably possible, and the loss or range of loss can be estimated, the reasonably possible loss is disclosed. We evaluate developments in legal matters that could affect the amount of liability that has been previously accrued, and related reasonably possible losses disclosed, and make adjustments as appropriate. Significant judgment is required to make these determinations.

As of December 31, 2023, a provision of $2.2 million was set aside to cover the risk arising from a dispute in connection with a mobile application distributed by Splice Video Editor S.r.l. The provision, which was presented within accrued and other current liabilities in our consolidated balance sheet, was fully utilized during 2024 following the out-of-court settlement of this dispute. As of December 31, 2024, no provision was set aside.

We expense legal fees in the period in which they are incurred.

**Indemnifications —** We enter into indemnification provisions under agreements with other parties in the ordinary course of business, including certain customers, business partners, investors, service

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)
providers, executive officers, and directors. It is not possible to determine the maximum potential loss under these indemnification provisions due to our limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, losses incurred in connection with the indemnification provisions have not been material. As of December 31, 2023 and 2024, we did not have any material indemnification claims that were probable or reasonably possible.

**Non-income taxes —** We may be subject to audit by tax authorities in Italy and other jurisdictions regarding non-income tax matters. The subject matter of non-income tax audits primarily arises from different interpretations on tax treatment and tax rates applied. We accrue liabilities for non-income taxes that may result from examinations by, or any negotiated agreements with, these tax authorities when a loss is probable and reasonably estimable. If a loss is reasonably possible, and the loss or range of loss can be estimated, we disclose the reasonably possible loss.

7. Goodwill and intangible assets

Changes in the carrying amount of goodwill are as follows:

---

| | |
|:---|:---|
| | **Goodwill**  |
|  | **(In thousands)**  |
| Gross amount  | $2239 |
| Accumulated impairment losses  |  |
| Balance as of January 1, 2023  | 2239 |
| Goodwill acquired during the year<sup>(1)</sup>  | 161387 |
| Impairment losses  |  |
| Foreign exchange translation  | 238 |
| Gross amount  | 163863 |
| Accumulated impairment losses  |  |
| Balance as of December 31, 2023  | 163863 |
| Goodwill acquired during the year<sup>(1)</sup>  | 545672 |
| Impairment losses<sup>(2)</sup>  | (2425) |
| Foreign exchange translation  | (13598) |
| Gross amount  | 695839 |
| Accumulated impairment losses  | (2327) |
| Balance as of December 31, 2024  | $693512 |

---

(1) Goodwill acquired in the year ended December 31, 2023 of $161.4 million was attributable to the Evernote acquisition. Goodwill acquired in the year ended December 31, 2024, of $211.6 million was attributable to the Meetup, StreamYard and Issuu acquisitions, and $334.1 million was attributable to the WeTransfer acquisition. See Note 6 for further details.

(2) Impairment losses entirely relate to one reporting unit. Such reporting unit consisted of only one, non-material business that was disposed of in the first half of 2025.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)
Intangible assets, which consist of intellectual properties, customer base, and other intangible assets, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2023**  | **As of December 31, 2023**  | **As of December 31, 2023**  | **Weighted <br> Average Useful <br> Life in Years**  |
| | **Gross Carrying <br> Value**  | **Accumulated <br> amortization**  | **Net Book <br> Value**  | **Weighted <br> Average Useful <br> Life in Years**  |
|  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  |  |
| Intellectual properties, net  | $208507 | $(135094) | $73413 | 5.00 |
| Customer base, net  | 67056 | (6838) | 60218 | 10.00 |
| Other intangible assets, net  | 28518 | (22) | 28496 | 10.00 |
| &nbsp;&nbsp;&nbsp; Total  | $304081 | $(141954) | $162127 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2024**  | **As of December 31, 2024**  | **As of December 31, 2024**  | **Weighted <br> Average Useful <br> Life in Years**  | **Weighted <br> Average Useful <br> Life in Years**  |
| | **Gross Carrying <br> Value**  | **Accumulated <br> amortization**  | **Net Book <br> Value**  | **Weighted <br> Average Useful <br> Life in Years**  | **Weighted <br> Average Useful <br> Life in Years**  |
|  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  |  |  |
| Intellectual properties, net  | $328039 | $(116964) | $211075 |  | 6.19 |
| Customer base, net  | 259768 | (26567) | 233201 |  | 9.02 |
| Other intangible assets, net  | 95066 | (10221) | 84845 |  | 9.65 |
| &nbsp;&nbsp;&nbsp; Total  | $682874 | $(153752) | $529122 |  |  |

---

We recorded impairment and amortization expenses related to intangible assets amounting to $33.8 million and $85.9 million for the years ended December 31, 2023 and 2024, respectively, within cost of revenue.

As of December 31, 2024, the expected future amortization expense related to intangible assets is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31, 2024**  | **As of December 31, 2024**  | **As of December 31, 2024**  |
| | **Intellectual <br> properties, net**  | **Customer <br> base, net**  | **Other intangible <br> assets, net**  |
|  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  |
| 2025  | $60455 | $29907 | $9897 |
| 2026  | 50802 | 29907 | 9897 |
| 2027  | 46788 | 29907 | 9897 |
| 2028  | 37612 | 29907 | 9897 |
| 2029  | 8725 | 29907 | 9897 |
| Thereafter  | 6692 | 83666 | 35360 |
| &nbsp;&nbsp;&nbsp; Total expected future amortization expense  | $**211075** | $**233201** | $**84845** |

---

We did not capitalize any software development costs for the years ended December 31, 2023 and 2024.

8. Leases

We have entered into various non-cancellable operating leases primarily for our office facilities. As of December 31, 2024, these leases have residual lease terms of less than 1 to 4 years, some of which include options to extend the leases for a period between 2 and 6 years.

Variable lease expense and other consists primarily of variable lease payments depending on an index or a rate and other costs such as common area maintenance, utilities, and taxes, which are not

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)
included in the recognition of right-of-use assets and related lease liabilities. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Operating right-of-use assets and operating lease liabilities recognized in the consolidated balance sheet were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | | **As of December 31,**  | **As of December 31,**  |
| **Leases**  | **Balance Sheet Classification**  | **2023**  | **2024**  |
|  |  | **(In thousands)**  | **(In thousands)**  |
| **Assets:** |  |  |  |
| Operating lease right-of-use assets, net  | Other non-current assets, net | $9953 | $8998 |
| **Liabilities:** |  |  |  |
| Operating lease liabilities, current  | Accrued and other current liabilities  | $3388 | $3485 |
| Operating lease liabilities, non-current  | Other non-current liabilities | 7606 | 6383 |
|  |  | $10994 | $9868 |

---

The components of lease costs recognized in our consolidated income statement were as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2023**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Operating lease expense  | $4299 | $4128 |
| Variable lease expense and other  | 2113 | 1812 |
| Total lease expense<sup>(1)</sup>  | $6412 | $5940 |

---

(1) Entirely included in general and administrative expense.

Maturities of lease liabilities as of December 31, 2024 were as follows:

---

| | |
|:---|:---|
| | **As of December 31, 2024**  |
|  | **(In thousands)**  |
| 2025  | $3710 |
| 2026  | 3276 |
| 2027  | 2599 |
| 2028  | 720 |
| 2029  |  |
| Thereafter  |  |
| Total lease payments  | 10305 |
| Less: amount representing interest  | (437) |
| Present value of future lease payments  | 9868 |
| Less: current obligations under leases  | (3485) |
| Non-current lease obligations  | $6383 |

---

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)
The following are the weighted average assumptions used for lease term and discount rate:

---

| | | |
|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  |
| | **2023**  | **2024**  |
| Weighted-average remaining lease term  | 3.3 years  | 2.9 years  |
| Weighted-average discount rate  | 2.7% | 3.1% |

---

Supplemental cash flow information related to leases was as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2023**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  |
|  Cash paid for amount included in the measurement of lease liabilities:  |  |  |
| Operating cash flows for operating leases  | $4674 | $4475 |

---

We had no additional operating leases that were not reflected in our consolidated balance sheet as of December 31, 2023 and 2024. During 2025, we entered into new operating lease agreements either directly or through business combinations. For further details please refer to Note 17.

9. Debt

Our outstanding debt consisted of the following:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **As of December 31,**  | **As of December 31,**  | **Interest Contractual <br> Rate**  | **Effective interest <br> rate as of <br> December 31,**  | **Effective interest <br> rate as of <br> December 31,**  | **Effective interest <br> rate as of <br> December 31,**  | **Effective interest <br> rate as of <br> December 31,**  |
| | **Maturity**  | **2023**  | **2024**  | **Interest Contractual <br> Rate**  | **2023**  | **2023**  | **2024**  | **2024**  |
|  |  | **(In thousands)**  | **(In thousands)**  |  |  |  |  |  |
| Intesa Sanpaolo n. 1176400100  | 2029  | $— | $51945 | 6M Euribor + 2.4%  |  |  |  | 4.34% |
| Intesa Sanpaolo n. 117077<sup>(\*)</sup>  | 2029  |  | 115910 | 6M Euribor + 3.5%  |  |  |  | 3.38% |
| Banco BPM n. 117077<sup>(\*)</sup>  | 2029  |  | 115910 | 6M Euribor + 3.5%  |  |  |  | 3.38% |
| BNL n. 117077<sup>(\*)</sup>  | 2029  |  | 73464 | 6M Euribor + 3.5%  |  |  |  | 3.38% |
| BPER Banca n. 117077 <sup>(\*)</sup>  | 2029  |  | 62334 | 6M Euribor + 3.5%  |  |  |  | 3.38% |
| Mizuho n. 117077<sup>(\*)</sup>  | 2029  |  | 58233 | 6M Euribor + 3.5%  |  |  |  | 3.38% |
| BNP n. 117077<sup>(\*)</sup>  | 2029  |  | 42446 | 6M Euribor + 3.5%  |  |  |  | 3.38% |
| Deutsche Bank n. 117077 <sup>(\*)</sup>  | 2029  |  | 39478 | 6M Euribor + 3.5%  |  |  |  | 3.38% |
| HSBC n. 117077<sup>(\*)</sup>  | 2029  |  | 36881 | 6M Euribor + 3.5%  |  |  |  | 3.38% |
| IFIS n. 117077<sup>(\*)</sup>  | 2029  |  | 36881 | 6M Euribor + 3.5%  |  |  |  | 3.38% |
| Rabo Bank n. 117077<sup>(\*)</sup>  | 2029  |  | 36881 | 6M Euribor + 3.5%  |  |  |  | 3.38% |
| Credit Agricole n. 117077 <sup>(\*)</sup>  | 2029  |  | 33969 | 6M Euribor + 3.5%  |  |  |  | 3.38% |
| CACIB n. 117077<sup>(\*)</sup>  | 2029  |  | 24264 | 6M Euribor + 3.5%  |  |  |  | 3.38% |
| JPM n. 117077<sup>(\*)</sup>  | 2029  |  | 20778 | 6M Euribor + 3.5%  |  |  |  | 3.38% |
| MCC n. 117077<sup>(\*)</sup>  | 2029  |  | 20778 | 6M Euribor + 3.5%  |  |  |  | 3.38% |
| NATIXIS n. 117077<sup>(\*)</sup>  | 2029  |  | 19411 | 6M Euribor + 3.5%  |  |  |  | 3.38% |
| Banco BPM n. 0457080087  | 2028  | 22100 |  | 6M Euribor + 2.6%  |  | 5.78% |  |  |
| Intesa Sanpaolo n. 1104660100  | 2028  | 77350 | 72723 | 6M Euribor + 2.4%  |  | 5.31% |  | 6.44% |

---

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **As of December 31,**  | **As of December 31,**  | **Interest Contractual <br> Rate**  | **Effective interest <br> rate as of <br> December 31,**  | **Effective interest <br> rate as of <br> December 31,**  | **Effective interest <br> rate as of <br> December 31,**  |
| | **Maturity**  | **2023**  | **2024**  | **Interest Contractual <br> Rate**  | **2023**  | **2023**  | **2024**  |
|  |  | **(In thousands)**  | **(In thousands)**  |  |  |  |  |
| Intesa Sanpaolo n. 98143  | 2027  | 61880 |  | 6M Euribor + 0.9%  |  | 4.37% |  |
| BNL n. 6172577  | 2027  | 35360 |  | 6M Euribor + 2.7%  |  | 5.19% |  |
|  Medio Credito Centrale <br> n. 13024733  | 2027  | 11310 |  | 3M Euribor + 2.7%  |  | 5.49% |  |
| Intesa Sanpaolo n. 107448  | 2027  | 98222 |  | 6M Euribor + 1.9%  |  | 4.43% |  |
| Deutsche Bank n. 1040052700  | 2027  | 14733 |  | 6M Euribor + 2.25%  |  | 5.92% |  |
|  Intesa Sanpaolo <br> n. 0IC1010772760<sup>(2)</sup>  | 2026  | 1996 |  | 3M Euribor + 0.85%  |  | 3.89% |  |
|  Credito Valtellinese <br> n. 455/0074998<sup>(1)</sup>  | 2026  | 1774 |  | 3M Euribor + 1.40%  |  | 4.03% |  |
|  Medio Credito Centrale <br> n. 13022058<sup>(1)</sup>  | 2026  | 4645 |  | 3M Euribor + 1.70%  |  | 4.53% |  |
| Banco BPM n. 0455366912  | 2026  | 23791 |  | 3M Euribor + 1.34%  |  | 1.25% |  |
| Credit Agricole n. 02386525  | 2026  | 9301 |  | 3M Euribor + 2.62% + <br> 1.5%  |  | 3.59% |  |
| Intesa Sanpaolo n. 88288  | 2025  | 4856 |  | 3M Euribor + 0.9%  |  | 4.21% |  |
| UniCredit n. 000/8656026/000  | 2025  | 3911 |  | 3M Euribor + 1.2%  |  | 4.66% |  |
| Banco BPM n. 0454883485<sup>(1)</sup>  | 2025  | 4605 |  | 0.95%  |  | 1.07% |  |
|  Credito Emiliano <br> n. 322/7508916<sup>(1)</sup>  | 2025  | 2021 |  | 6M Euribor + 1.2%  |  | 4.63% |  |
|  Credit Agricole Italia <br> n. 40022701393081<sup>(1)</sup>  | 2025  | 3382 |  | 3M Euribor + 0.9%  |  | 3.85% |  |
|  Credit Agricole Italia <br> n. 40022701393082<sup>(1)</sup>  | 2025  | 1127 |  | 3M Euribor + 0.9%  |  | 3.85% |  |
| Banca Sella n. Q2B1258958262  | 2025  | 1341 |  | 3M Euribor + 1.3%  |  | 4.53% |  |
|  Medio Credito Trentino <br> n. 10/21/31240<sup>(3)</sup>  | 2025  | 1002 |  | 6M Euribor + 1.6%  |  | 5.36% |  |
| BPER Banca n. 421/004947312  | 2024  | 2791 |  | 3M Euribor + 1.2%  |  | 4.55% |  |
| &nbsp;&nbsp;&nbsp; Total principal amount  |  | 387498 | 862286 |  |  |  |  |
|  Less: unamortized debt discount and issuance costs  |  | 1795 | 5055 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net carrying amount  |  | 389293 | 867341 |  |  |  |  |
| Less: long-term debt, current  |  | (87849) | (111501) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Long-term debt, non-current  |  | $301444 | $755840 |  |  |  |  |

---

(\*)

Senior Facility Agreement

(1) Warranty EU Finance for Innovators (50%)

(2) Warranty Mediocredito Centrale S.p.A. (90%)

(3) Warranty European Investment Fund — EIF (80%)

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)
As of December 31, 2024, the future principal payments for the outstanding debt were as follows:

---

| | |
|:---|:---|
| | **As of December 31, 2024**  |
|  | **(In thousands)**  |
| 2025  | $112475 |
| 2026  | 197680 |
| 2027  | 197680 |
| 2028  | 187291 |
| 2029  | 167160 |
|  | $862286 |

---

#### Senior facilities agreement
On July 30, 2024, we entered into an English law governed senior facilities agreement with, among others, Intesa Sanpaolo S.p.A., as agent and security agent, Banco BPM S.P.A., BNP Paribas Italian Branch and Intesa Sanpaolo S.p.A., as arrangers, and certain financial institutions, providing for (i) a term loan facility of €710 million ("Euro TLA1 Facility") and (ii) a revolving credit facility to be subsequently established for up to €50 million ("Original Euro Revolving Facility" and together with the Euro TLA1 Facility, the "Senior Facility Agreement"). The Original Euro Revolving Facility may be withdrawn at variable interest rate equal to the Euribor 6 months plus a spread determined based on the relevant leverage ratio.

As of December 31, 2024, we had €710 million drawn under the Euro TLA1 Facility, and €50 million available but not drawn under the Original Euro Revolving Facility.

The Senior Facilities Agreement contains certain negative covenants. These covenants, among other things, limit, subject to certain exceptions, our and the other obligors' ability to incur indebtedness, create liens, engage in mergers or acquisitions, make investments, loans and advances, pay dividends and distributions and dispose of assets.

The Senior Facilities Agreement also contains a financial covenant defined as Total Leverage Ratio, which means the ratio of Total Net Financial Debt to Adjusted EBITDA (Adjusted EBITDA).

Total Net Financial Debt includes all financial debt and lease liabilities, subtracting available cash (bank accounts and unrestricted deposits).

Adjusted EBITDA, as contractually defined, is determined on a pro forma basis, thus including the results of the acquired companies for the entire reporting period, and is adjusted to exclude extraordinary or non-recurring items, such as restructuring costs, write-downs, and other exceptional items. In addition, Adjusted EBITDA, as contractually defined, recognizes synergies and expected cost savings from acquisitions or reorganizations, up to a maximum limit set by the agreement.

The Total Leverage Ratio is tested quarterly starting from the approval of the 2024 consolidated financial statements. This parameter must not exceed the limit set in the agreement, where this limit is predetermined for each testing date. As of December 31, 2024, we had complied with all financial covenants.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)

#### Interest expense on debt
The following table sets forth total interest expense related to our debt:

---

| | | |
|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2023**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Interest expense – bank loans at amortized cost  | $20395 | $44573 |
| Interest rate swap differentials  | (3222) | (11968) |
| Total interest expense  | $17173 | $32605 |

---

10. Equity

*Common stock* 

As of December 31, 2024, our common stock consisted of the following classes of shares:

• Class "A," "B," and "C" shares, which grant economic and governance rights, including voting rights

• Class "X-1," "X-2," and "X-3" shares, which are assigned to our team members and directors for incentive purposes and grant the same economic rights of class "A", "B", and "C" shares, but do not grant voting rights

The following table sets forth the shares in our common stock as of December 31, 2024:

---

| | |
|:---|:---|
| | **As of December 31, 2024**  |
|  | **Shares (in units)**  |
| Class A  | 63437095 |
| Class B  | 7889120 |
| Class C  | 24084536 |
| Class X-1  | 18297470 |
| Class X-2  | 3095700 |
| Class X-3  | 14030888 |
| Common stock  | 130834809 |

---

Please refer to the consolidated statements of shareholders equity for changes on issued and outstanding shares for the years ended December 31, 2023 and 2024.

The following tables show the changes in accumulated other comprehensive income by component for the year ended December 31, 2023 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| | **Gains and <br> Losses on <br> Cash Flow <br> Hedges**  | **Foreign <br> Currency <br> Items**  | **Total**  |
| | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  |
| <br> **Balance as of January 1, 2023**  | $**—** | $**(7032)** | $**(7032)** |
| Other comprehensive income before reclassifications  |  | (6460) | (6460) |
|  Amounts reclassified from accumulated other comprehensive income  |  |  |  |
| Net current-period other comprehensive income  |  | (6460) | (6460) |
| Balance as of December 31, 2023  | $— | $(13492) | $(13492) |

---

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)

---

| | | | |
|:---|:---|:---|:---|
| | **Gains and <br> Losses on <br> Cash Flow <br> Hedges**  | **Foreign <br> Currency <br> Items**  | **Total**  |
| | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  |
| <br>Balance as of December 31, 2023  | $**—** | $**(13492)** | $**(13492)** |
| Other comprehensive income before reclassifications  | 403 | (11653) | (11250) |
|  Amounts reclassified from accumulated other comprehensive income  |  |  |  |
| Net current-period other comprehensive income  | 403 | (11653) | (11250) |
| Balance as of December 31, 2024  | $403 | $(25145) | $(24741) |

---

11. Share-based compensation expense

As of December 31, 2023 and 2024 certain share-based awards, in the form of share grant plans, share options plans, and warrants, have been granted to certain employees, directors, contractors. and third-party suppliers. All share-based awards qualify as equity-settled share-based payments.

The breakdown of share-based compensation expense by function is as follows:

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,**  | **Year ended December 31,**  |
| | **2023**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Cost of revenue  | $332 | $707 |
| Research and development expense  | 8970 | 15605 |
| Sales and marketing expense  | 274 | 433 |
| General and administrative expense  | 5324 | 9110 |
| Total share-based compensation expense<sup>(1)</sup>  | $14900 | $25855 |

---

(1) Share-based compensation expense for the year ended December 31, 2024 was recognized for $25.7 million in equity and for the remaining portion in other non-current liabilities.

For the years ended December 31, 2023 and 2024, we recognized tax benefits on total share-based compensation expense amounting to $4.6 million and $33.9 million, respectively.

For the years ended December 31, 2023 and 2024, the cash received from the exercise of share options and warrants granted under share-based payment arrangements amounted to $145 thousand and $157 thousand, respectively.

#### 11.a

#### Share grant plans
As of December 31, 2023 and 2024, the following share-based awards in the form of share grant plans were in place.

 *<u>2018 Bending Spoons S.p.A. share grant plan for employees and directors</u>* 

On February 28, 2018, our board of directors and shareholders' meeting approved a share grant plan for selected employees and directors ("2018 Share Grant Plan"). The 2018 Share Grant Plan was amended on November 20, 2019, and, following the redenomination of "E" class shares to "X-1" class shares, on July 24, 2023. Under the 2018 Share Grant Plan, initially, up to 735,608 units (each unit corresponding to a share of Bending Spoons S.p.A.) could be granted to eligible participants free of charge, as follows:

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)
• Up to 178,145 type "1" units (vesting immediately)

• Up to 11,294 type "2" units (vesting monthly over 21 months)

• Up to 64,380 type "3" units (vesting monthly over 37 months)

• Up to 223,769 type "4" units (vesting monthly over 42 months)

• Up to 108,515 type "5" units (vesting monthly over 47 months)

• Up to 149,505 type "6" units (vesting monthly over 48 months)

In 2019, to reflect changes in Bending Spoons' scale, the 2018 Share Grant Plan was amended to increase the maximum number of units that could be granted under the plan, without affecting previous allocations, to 255,965 as follows:

• Up to 155,965 type "6" units

• Up to 100,000 "Special" units (monthly or instant vesting, based on each grant notice)

 *<u>2020 Bending Spoons S.p.A. share grant plan for suppliers</u>* 

On December 11, 2020, our board of directors approved a share grant plan for selected suppliers ("2020 Share Grant Plan").

The 2020 Share Grant Plan was amended on July 24, 2023, following the conversion of class "E" shares into class "X-1" shares. Under the 2020 Share Grant Plan, up to 30,000 units (each unit corresponding to a share of Bending Spoons S.p.A.) could be granted free of charge, as follows:

• Up to 10,000 type "6" units (vesting monthly over 48 months)

• Up to 20,000 "Special" type units (monthly or instant vesting, based on each grant notice)

The following table summarizes movements of awards under the 2018 Share Grant Plan and the 2020 Share Grant Plan for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
| | **Units Outstanding**  | **Units Outstanding**  |
| | **Number of awards**  | **Weighted-average grant date <br> fair value (per awards)**  |
| Non vested as of December 31, 2023<sup>(1)</sup>  | 249220 | $2.47 |
| Vested  | (237400) | $2.47 |
| Granted  |  | $— |
| Cancelled  | (1200) | $2.52 |
| Non vested as of December 31, 2024  | 10620 | $2.48 |

---

(1) Amounts have been retrospectively adjusted to give effect to the share split that became effective on March 21, 2024.

As of December 31, 2023, a total unrecognized compensation cost related to non-vested awards of $93 thousand was expected to be recognized over a weighted average period of 2 years.

As of December 31, 2024, a total unrecognized compensation cost related to non-vested awards of $0.1 thousand was expected to be recognized over a weighted average period of 1 year.

#### 11.b Share option plans
As of December 31, 2023 and 2024, the following share-based awards in the form of share option plans were in place:

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)
 *<u>2022 Bending Spoons S.p.A. share option plan for employees, directors, and suppliers</u>* 

On January 28, 2022, our board of directors and shareholders' meeting approved certain incentive plans that govern the granting of options to purchase shares upon a selected employee, director, or supplier's election to receive a portion of their cash compensation in the form of share options for a specified period ("2022 Share Option Plans"). The expiration date of the 2022 Share Option Plans is December 31, 2030.

Following an amendment to our bylaws, the 2022 Share Option Plans were amended on June 8, July 24, and December 22, 2023, to provide for the right to receive class X-1 or X-2 shares upon the exercise of the share options, instead of class G and E shares. On April 23 and November 21, 2024, the 2022 Share Option Plans were further amended to, among other things, allow us, under certain conditions, to redeem options after a "good leaver event" (as defined in the 2022 Share Option Plans).

The exercise of options granted under the 2022 Share Option Plans gives beneficiaries the right to purchase a share of Bending Spoons S.p.A. during designated exercise windows. Exercise is subject to payment of the applicable exercise. Options vest over time, and the vesting period for each option is determined by our board of directors.

As of December 31, 2024 and 2023, share options were granted with the following vesting periods:

• Between 1 and 12 months for share options granted instead of base cash compensation

• Between 0 and 49 months for share options granted instead of cash bonuses or other variable compensation to which service providers are entitled in addition to base compensation

No share options had been granted to directors as of December 31, 2023 and 2024.

The designated exercise windows are as follows:

• July 1<sup>st</sup> of each year or, if later, the 30<sup>th</sup> day after the date of the shareholder meeting approving our financial statements for the previous year, or the next business day if these dates do not fall on a business day

• The date of a "change of control," (as defined in the 2022 Share Option Plans)

• The date of a "listing," (as defined in the 2022 Share Option Plans)

• Any other dates that may be determined by our board of directors

In the event of a "change of control," "listing," or other extraordinary exercise window that is determined by our board of directors, beneficiaries may also exercise a specified maximum number of unvested options.

Upon a "good leaver event," the beneficiary retains (i) all vested options and (ii) a portion of the unvested options equal to the number of options that would have become exercisable if an exercise window had opened on the beneficiary's termination date. The retained unvested options automatically vest, and all other unvested options lapse. For options granted instead of a service provider's base cash compensation, if a "Good Leaver Event" occurs within the first year of the beneficiary's employment or engagement, we may redeem any vested but unexercised options held by the beneficiary. The redemption price is equal to the greater of the fair value of the options and the amount of compensation waived for those options.

Upon a "bad leaver event," the beneficiary immediately forfeits all vested and unvested options, and all share options lapse. We also have the right to repurchase, or redeem, any shares held by the beneficiary that were acquired under these plans.

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)
 *<u>Bending Spoons Holdings S.p.A., Bending Spoons Operations S.p.A., Splice Video Editor S.r.l., and AI Creativity S.r.l. share option plans for employees, directors, and suppliers</u>* 

The boards of directors of Bending Spoons Holdings S.p.A., Bending Spoons Operations S.p.A., Splice Video Editor S.r.l., and AI Creativity S.r.l. approved incentive plans for employees, directors and suppliers on the following dates (together, "Other Share Option Plans"):

• March 5, 2024 for Bending Spoons Holdings S.p.A. and Bending Spoons Operations S.p.A.

• January 28, 2022 for Splice Video Editor S.r.l.

• December 15, 2023 for AI Creativity S.r.l.

The Other Share Option Plans were last amended on November 21, 2024. The Other Plans govern the granting of options to purchase shares of Bending Spoons S.p.A. upon the election of selected employee, director, or suppliers of Bending Spoons Holdings S.p.A., Bending Spoons Operations S.p.A., Splice Video Editor S.r.l., or AI Creativity S.r.l. to receive a portion of their cash compensation in the form of share options for a specified period.

The terms and conditions of the Other Share Option Plans, including vesting periods, are substantially similar to those of the 2022 Share Option Plan.

No options had been granted to directors as of December 31, 2023 and 2024 under the Other Share Option Plans.

Bending Spoons Holdings S.p.A., Bending Spoons Operations S.p.A., Splice Video Editor S.r.l., and AI Creativity S.r.l. has each entered into an agreement with Bending Spoons S.p.A. under which they may purchase shares from Bending Spoons S.p.A. at their fair value at the time of the purchase to serve the Other Share Option Plans.

 *<u>Alight Creative Inc. share option plan for employees, directors, and suppliers</u>* 

On January 23, 2023, a share option plan for employees, directors, and suppliers of Alight Creative Inc. was approved (the "Alight Share Option Plan"). The Alight Share Option Plan governs the granting of options to purchase shares of Bending Spoons S.p.A. upon the election of a selected Alight Creative Inc. employee, director, or supplier's election to receive a portion of their cash compensation in the form of share options for a specified period.

The Alight Share Option Plan was last amended on April 23, 2024, and its terms and conditions are substantially similar to those of the 2022 Share Option Plan, with the exception of the definition of exercise windows. Since the liquidation of Alight Creative Inc. on December 7, 2023, the plan management was assumed by Bending Spoons S.p.A.

 *<u>2024 Bending Spoons Operations S.p.A. share option plan for directors and suppliers</u>* 

On December 20, 2024, the board of directors of Bending Spoons Operations S.p.A. approved a share option plan for its directors and suppliers (the "2024 BSO Share Option Plan"). The 2024 BSO Share Option Plan governs the granting of options to purchase shares of Bending Spoons S.p.A. upon the election of selected directors or suppliers of Bending Spoons Operations S.p.A. to receive a portion of their cash compensation in the form of share options for a specified period.

The terms and conditions of the 2024 BSO Share Option Plan are substantially similar to those of the Other Share Option Plans, with the exception of the definition of exercise windows, which are limited to "change of control" or "listing" of Bending Spoons (as defined in the 2024 BSO Share Option Plan).

The following table summarizes awards activity under the existing share option plans during 2023 and 2024.

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)

---

| | | |
|:---|:---|:---|
| | **Options Outstanding**  | **Options Outstanding**  |
| | **Number of awards**  | **Weighted-average grant date <br> fair value (per awards)**  |
| Balance as of December 31, 2023<sup>(1)</sup>  | 5964240 | $5.31 |
| Exercised  | (464012) | $8.88 |
| Granted  | 1213972 | $22.92 |
| Cancelled  | (64513) | $10.91 |
| Balance as of December 31, 2024  | 6649687 | $9.73 |

---

(1) Amounts have been retrospectively adjusted to give effect to the share split that became effective on March 21, 2024.

As of December 31, 2023 and 2024, $7.4 million and $4.1 million of total unrecognized compensation costs related to non-vested awards was expected to be recognized over a weighted average period of 1.8 years and 1.6 years, respectively.

We recognized a share-based payment expense for these awards of $14.4 million and $23.4 million in 2023 and 2024, respectively.

The aggregate intrinsic value of share options exercised was $4 million and $11 million at an average exercise price of $0.29 and $0.34 per share for the year ended December 31, 2023 and 2024, respectively.

We measure all share options at the fair value of the award on grant date using the Black-Scholes valuation model. The weighted-average fair value of all options granted for the years ended December 31, 2023 and 2024 was determined using the following principal assumptions:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **(In units except as otherwise indicated)**  | **(In units except as otherwise indicated)**  |
| | **2023**  | **2024**  |
| Weighted-average fair value ($)  | 7.12 | 22.92 |
| *Weighted average of key assumptions:* |  |  |
| Share price ($)  | 7.78 | 24.41 |
| Exercise price ($)  | 0.52 | 1.71 |
| Expected term, in years  | 7 | 6 |
| Risk-free interest rates (%)  | 3.10% | 2.52% |
| Expected volatility (%)  | 58.36% | 45.61% |
| Dividend yield (%)  | 0% | 0% |

---

#### 11.c Warrants
As of December 31, 2023 and 2024, the following share-based awards in the form of warrants were in place:

 *<u>2023 warrants with graded vesting features for suppliers of Bending Spoons S.p.A. and its affiliates</u>* 

On April 20, 2023, our board of directors approved the regulation of warrants to purchase our shares that may be offered to our suppliers (the "2023 Warrant Plan"). On the same date, our board of directors awarded one of our advisors 400,000 warrants (20,000 warrants prior to the share split effective as of March 21, 2024).

The warrants are subject to the following vesting schedule: (i) 100,000 warrants (class "A") have a 12-month vesting period, (ii) 100,000 warrants (class "B") have a 24-month vesting period, (iii) 100,000

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)
warrants (class "C") have a 36-month vesting period, and (iv) 100,000 warrants (class "D") have a 48-month vesting period.

Each vested warrant confers the warrant holder the right to subscribe to one class "X-1" share of Bending Spoons (formerly class E shares) before April 20, 2028 upon the payment of a strike price for each share.

For each vested warrant, we may also grant the warrant holder the right to subscribe for an additional class "X-1" share for each warrant by paying the strike price due for each such additional share.

 *<u>2024 warrants for directors of Bending Spoons S.p.A. and its affiliates</u>* 

On November 21, 2024, our board of directors approved the regulation of warrants that may be offered to members of our and our subsidiaries' boards of directors (the "2024 Warrant Plan"). Directors may elect to receive a portion of their cash compensation in the form of warrants for a specified period.

Each warrant granted under the 2024 Warrant Plan confers the warrant holder the right, subject to the vesting conditions specified in each grant notice, to subscribe for one class "X-1" or "X-2" share upon the payment of a strike price for each share. The warrants generally vest on a monthly basis and may be exercised in connection a "change of control" or "listing" event as defined in the 2024 Warrant Plan.

The following table summarizes movements of awards under the 2023 Warrants Plans and the 2024 Warrants Plans for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
| | **Warrants Outstanding**  | **Warrants Outstanding**  |
| | **Number of awards**  | **Weighted-average grant date <br> fair value (per awards)**  |
| Balance as of December 31, 2023<sup>(1)</sup>  | 400000 | $3.41 |
| Exercised  |  | $— |
| Granted<sup>(2)</sup> | 111470 | $19.57 |
| Cancelled  |  | $— |
| Balance as of December 31, 2024  | 511470 | $6.93 |

---

(1) Amounts have been retrospectively adjusted to give effect to the share split that became effective on March 21, 2024.

(2) Includes additional and discretional 100,000 warrants assigned to the beneficiary at the end of the first 12-month vesting period of the 2023 Warrant.

As of December 31, 2023 and 2024, $1.1 million and $0.8 million of total unrecognized compensation costs related to non-vested awards was expected to be recognized over a weighted average period of 4 years and 3 years, respectively.

We have recognized a share-based payment expense for these awards amounting to $0.2 million and $2.2 million in 2023 and 2024, respectively.

We measure all warrants at the fair value of the award on grant date using the Black-Scholes valuation model. The weighted-average fair value of all options granted for the years ended December 31, 2023 and 2024 was determined using the following principal assumptions:

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **(In units except as otherwise indicated)**  | **(In units except as otherwise indicated)**  |
| | **2023**  | **2024**  |
| Weighted-average fair value ($)  | 3.41 | 19.57 |
| *Weighted average of key assumptions:* |  |  |
| Share price ($)  | 6.75 | 25.78 |
| Exercise price ($)  | 8.22 | 7.48 |
| Expected term, in years  | 5 | 4.62 |
| Risk-free interest rates (%)  | 3.20% | 2.33% |
| Expected volatility (%)  | 62.43% | 46.06% |
| Dividend yield (%)  | 0% | 0% |

---

12. Employee benefit plans

Our employees based in Italy and certain of our subsidiaries are entitled to the Italian termination severance plan ("*trattamento di fine rapporto*") that qualifies as a defined benefit plan.

Changes in obligations of the defined benefit plans are as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2023**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  |
| **Benefit obligation at the beginning of the period**  | $**1810** | $**2312** |
| Service cost  | 934 | 1226 |
| Interest cost  | 77 | 117 |
| Actuarial (gain) loss  | (146) | 546 |
| Benefit paid  | (450) | (374) |
| Foreign exchange translation reserve  | 100 | (200) |
| **Benefit obligation at the end of the period**  | $**2312** | $**3627** |

---

There are no plan assets servicing the defined benefits plans.

The assumptions used to determine benefit obligations at year-end are as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  |
| | **2023**  | **2024**  |
| Annual discount rate  | 3.2% | 3.4% |
| Annual inflation rate  | 2.0% | 2.0% |
| TFR annual growth rate  | 3.0% | 3.0% |
| Annual growth rate in compensation  | 7.0% | 7.0% |

---

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)
The following benefit payments are expected to be made:

---

| | |
|:---|:---|
| | **As of December 31, 2024**  |
|  | **(In thousands)**  |
| 2025  | $202 |
| 2026  | 102 |
| 2027  | 130 |
| 2028  | 168 |
| 2029  | 188 |
| Thereafter  | 2837 |
| Total defined benefit plan obligations  | $3627 |

---

Personnel-related expense amounting to $86.7 million for the year ended December 31, 2023 (of which $14.5 million related to share-based compensation expense) and $156.5 million for the year ended December 31, 2024 (of which $23.0 million related to share-based compensation expense) were allocated as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2023**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Cost of revenue  | $6190 | $5634 |
| Sales and marketing expense  | 4596 | 14588 |
| Research and development expense  | 52330 | 91370 |
| General and administrative expense  | 23687 | 44287 |
| Other (income) expense  | (69) | 663 |
| Personnel-related expense  | $86734 | $156542 |

---

13. Net earnings per share

The following table sets forth the computation of basic and diluted net earnings per share attributable to our shareholders for the years ended December 31, 2023 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2023**  | **Year Ended December 31, 2023**  | **Year Ended December 31, 2023**  | **Year Ended December 31, 2023**  | **Year Ended December 31, 2023**  | **Year Ended December 31, 2023**  |
| | **Class A**  | **Class B**  | **Class C**  | **Class X-1**  | **Class X-2**  | **Consolidated<sup>(3)</sup>**  |
| **Basic EPS:** |  |  |  |  |  |  |
|  Net income attributable to Bending Spoons shareholders – Basic  | $107076175 | $12766101 | $8287601 | $31782515 | $860386 | $160772779 |
| Shares used in computation of basic EPS<sup>(1)</sup>  | 66464364 | 7924179 | 5144283 | 19728055 | 534059 | 99794940 |
| Basic EPS  | $1.61 | $1.61 | $1.61 | $1.61 | $1.61 | $1.61 |
| **Diluted EPS:** |  |  |  |  |  |  |
|  Net income attributable to Bending Spoons shareholders – Diluted  | $101918045 | $12151126 | $7888367 | $30613593 | $8201648 | $160772779 |
| Shares used in computation of basic EPS<sup>(1)</sup>  | 66464364 | 7924179 | 5144283 | 19728055 | 534059 | 99794940 |
| Effect of dilutive shares equivalent<sup>(2)</sup>  |  |  |  | 236152 | 4814526 | 5050678 |
| Shares used in computation of diluted EPS<sup>(1)</sup>  | 66464364 | 7924179 | 5144283 | 19964207 | 5348585 | 104845618 |
| Diluted EPS  | $1.53 | $1.53 | $1.53 | $1.53 | $1.53 | $1.53 |

---

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
| | **Class A**  | **Class B**  | **Class C**  | **Class X-1**  | **Class X-2**  | **Consolidated<sup>(3)</sup>**  |
| **Basic EPS:** |  |  |  |  |  |  |
|  Net income attributable to Bending Spoons shareholders – Basic  | $51061000 | $6236100 | $15996919 | $14255228 | $1964045 | $89513292 |
| Shares used in computation of basic EPS<sup>(1)</sup>  | 64210084 | 7842002 | 20116399 | 17926193 | 2469820 | 112564498 |
| Basic EPS  | $0.80 | $0.80 | $0.80 | $0.80 | $0.80 | $0.80 |
| **Diluted EPS:** |  |  |  |  |  |  |
|  Net income attributable to Bending Spoons shareholders – Diluted  | $48124261 | $5877434 | $15076866 | $13443932 | $6990799 | $89513292 |
| Shares used in computation of basic EPS<sup>(1)</sup>  | 64210084 | 7842002 | 20116399 | 17926193 | 2469820 | 112564498 |
| Effect of dilutive shares equivalent<sup>(2)</sup>  |  |  |  | 11454 | 6857695 | 6869149 |
| Shares used in computation of diluted EPS<sup>(1)</sup>  | 64210084 | 7842002 | 20116399 | 17937647 | 9327515 | 119433647 |
| Diluted EPS  | $0.75 | $0.75 | $0.75 | $0.75 | $0.75 | $0.75 |

---

(1) Amounts have been retrospectively adjusted to give effect to the share split that became effective on March 21, 2024.

(2) Diluted shares equivalent consists of share-based awards granted to certain employees, directors and suppliers, in the form of share grant plans, share options plans, and warrants. See Note 11 for further details.

(3) Net earnings per share is presented for each class of shares, except for class X-3, which consists solely of treasury stock and is therefore not considered outstanding, and it is excluded from the calculation.

14. Income taxes

Income before tax for the years ended December 31, 2023 and 2024 included the following components:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2023**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Italy  | $48332 | $185081 |
| U.S.  | 4476 | (20782) |
| Other jurisdictions  | 4700 | (59462) |
| &nbsp;&nbsp;&nbsp; Income before tax  | $57509 | $104837 |

---

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)
Income tax provision (benefit) for the years ended December 31, 2023 and 2024 consisted of the following:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2023**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Current |  |  |
| &nbsp;&nbsp;&nbsp; - Italy  | $90421 | $282 |
| &nbsp;&nbsp;&nbsp; - U.S. Federal  | 1604 | 18446 |
| &nbsp;&nbsp;&nbsp; - Other jurisdictions  | 300 | (1515) |
| &nbsp;&nbsp;&nbsp; Total current  | 92325 | 17213 |
| Deferred |  |  |
| &nbsp;&nbsp;&nbsp; - Italy  | (174991) | 15827 |
| &nbsp;&nbsp;&nbsp; - U.S. Federal  | (20895) | (8492) |
| &nbsp;&nbsp;&nbsp; - Other jurisdictions  | 428 | (8707) |
| &nbsp;&nbsp;&nbsp; Total deferred  | (195458) | (1372) |
| &nbsp;&nbsp;&nbsp; Income tax (benefit) provision  | $(103134) | $15840 |

---

The reconciliation of Italian corporate statutory income tax rate to the effective income tax rate is as follows:

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,**  | **Year ended December 31,**  |
| | **2023**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  |
| **Income before tax**  | $**57509** | $**104837** |
| Primary tax rate of the Company<sup>(1)</sup>  | 24% | 24% |
|  **Tax (benefit) provision calculated according to the Company's primary tax rate**  | 13802 | 25161 |
| Foreign tax effect<sup>(2)</sup>  | 958 | (551) |
| Deferred tax benefit as a result of asset revaluation<sup>(3)</sup>  | (64589) |  |
| Change in valuation allowance  | (47835) | 15735 |
| Non-taxable income  | (3166) | (529) |
| Costs not deductible for tax purposes  | (8219) | (32145) |
| State and local taxes<sup>(4)</sup>  | (2192) | 10752 |
| Return to provision  | 6550 | (540) |
| Uncertain tax benefit  | 172 | (4053) |
| Global intangible low tax income  |  | 680 |
| Other adjustments  | 1385 | 1331 |
| **Reported income tax (benefit) provision**  | $**(103134)** | $**15840** |

---

(1) For the years ended December 31, 2023 and 2024, "primary tax rate of the Company" means the Italian corporate income tax rate, "IRES," which amounts to 24%.

(2) For the years ended December 31, 2023 and 2024, "foreign" relates to tax jurisdictions outside Italy.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)
(3) Deferred tax assets were recognized as a result of an income tax realignment relating to certain intangible assets acquired in business combinations following a contribution in kind within the group. Deferred tax assets will be used over the expected useful life of such assets (5 years).

(4) Including: IRAP, the Italian regional tax on productive activities, whose rate applicable to Bending Spoons was 4.65% and 3.9% for the years ended December 31, 2023 and 2024, respectively, and the ACE (Aid to Economic Growth) tax incentive.

The following table summarizes deferred tax assets and liabilities:

---

| | | |
|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  |
| | **2023**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  |
| *Deferred tax assets* |  |  |
| Intellectual properties (tax realignment)<sup>(1)</sup>  | $176681 | $132974 |
| Intellectual properties (revaluation)<sup>(2)</sup>  | 28200 | 21234 |
| Deferred income  | 2416 | 18612 |
| Interest expense  | 814 | 2516 |
| Expense deductible in subsequent period  | 14028 | 19178 |
| Research and development expense  | 13277 | 21356 |
| Net operating loss carryforwards  | 12630 | 96700 |
| Other  | 1630 | 2959 |
| **Total deferred tax assets, gross**  | 249676 | 315529 |
| Less: valuation allowance  | (6583) | (93260) |
| Less: deferred tax liabilities offsetting  | (18332) | (40004) |
| **Total deferred tax assets, net**  | $224761 | $182265 |
| *Deferred tax liabilities* |  |  |
| Undistributed profits  | $— | $487 |
| Intangible assets acquired in business combinations  | 31292 | 95892 |
| Other  | 2553 | 6021 |
| **Total deferred tax liabilities**  | 33844 | 102402 |
| Less: deferred tax assets offsetting  | (18332) | (40004) |
| **Total deferred tax liabilities, net**  | $15512 | $62398 |

---

(1) Relates to deferred tax assets recognized as a result of an income tax realignment of certain intangible assets acquired in business combinations following a contribution in kind within the group.

(2) Relates to the recognition of a tax benefit associated with the statutory revaluation of certain intellectual properties done by an Italian subsidiary of the group, as allowed by Italian Decree-Law No. 104/2020. In particular, the subsidiary paid a 3% substitute tax, and, as a result, the related amortization became deductible for income tax purposes. As the intellectual property revaluation was not recognized in these consolidated financial statements, related deferred tax assets were recognized.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)
The following table sets forth the movement in the valuation allowance for the year ended December 31, 2023 and 2024:

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,**  | **Year ended December 31,**  |
| | **2023**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Balance at the beginning of the period  | $— | $6583 |
| Additions from business combinations  | 54418 | 70942 |
| Increase in the period  |  | 15735 |
| Decrease in the period  | (47835) |  |
| Balance at the end of the period  | $6583 | $93260 |

---

The following table sets forth the movement in unrecognized tax benefits:

---

| | | |
|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  |
| | **2023**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Balance at the beginning of the period  | $— | $10746 |
| Additions from business combinations  | 6522 |  |
| Increases related to tax positions from prior fiscal years  | 4052 |  |
| Decreases related to tax positions from prior fiscal years  |  | (4053) |
| Increases related to tax positions taken during current fiscal year  | 172 |  |
| Settlements with tax authorities  |  |  |
| Lapses of statutes of limitation  |  |  |
| Balance at the end of the period  | $10746 | $6693 |

---

Our tax returns for years 2021 through 2025 remain open to examination by tax authorities in Italy. For years 2022 through 2025, our tax returns remain open to examination by the tax authorities of other major jurisdictions.

The Organization for Economic Co-operation and Development ("OECD") has introduced a framework for a global minimum tax rate of 15% (commonly referred to as "Pillar Two"). Various jurisdictions in which we operate have enacted, or are in the process of enacting, legislation implementing these rules.

We are continuing to evaluate the potential impact of the Pillar Two framework on our consolidated financial statements. Based on our current assessment, the adoption of these rules is not expected to have a material impact on our consolidated financial statements; however, the ultimate impact will depend on the specific legislation enacted in each jurisdiction and the application of the rules to our operations.

15. Segments and geographic information

Bending Spoons acquires and operates digital businesses through a centralized platform. Key strategic and operating decisions include the identification and execution of acquisitions, determination of financing structures, integration of acquired businesses, and resource allocation across our portfolio. These decisions are initiated and determined by the Company's chief executive officer.

Dedicated teams are responsible for devising and executing product, technology, and marketing initiatives at the level of individual businesses or groups of businesses. Personnel are frequently reallocated across businesses as our portfolio expands and priorities shift. As a result, the composition of these teams and how businesses are grouped evolve over time, particularly following acquisitions.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)
This model reflects our focus on optimizing overall portfolio performance rather than managing individual businesses as independent profit centers.

Consistent with this structure, we operate as a single operating and reportable segment, and our chief executive officer has been identified as the chief operating decision maker ("CODM"). The CODM evaluates the Company's performance and allocates resources based on consolidated net income (loss) as presented on the consolidated income statements (management may also review an adjusted version of this measure to improve period-to-period comparability). The measure of segment assets is reported as total consolidated assets in the consolidated balance sheets. Significant segment expenses and other segment items are included within our consolidated income statements, with additional information about these components presented elsewhere in the accompanying financial statements.

Our long-lived tangible assets and operating lease right-of-use assets recognized were as follows:

---

| | | |
|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  |
| | **2023**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Europe  | $16861 | $16024 |
| North America  | 2010 | 2004 |
| Rest of the world  | 3 | 96 |
| Total  | $18874 | $18124 |

---

Please see Note 2 for revenue disaggregated by geography.

16. Related party transaction

During the years ended December 31, 2023 and 2024, Bending Spoons had no material related party transactions, other than compensation and similar arrangements in the ordinary course of business.

17. Subsequent events

Subsequent to the balance sheet date, we completed several business combinations. The acquisitions were accounted for under ASC 805, Business Combinations, using the acquisition method of accounting. The purchase price allocations for these transactions are preliminary as of the date of issuance of these consolidated financial statements. We are continuing to evaluate certain acquired assets and liabilities, including identifiable intangible assets, deferred taxes, contingencies, and working capital adjustments. Accordingly, the provisional amounts reported below are subject to change during the measurement period, which will not exceed one year from the respective acquisition dates.

On February 4, 2025, we acquired 100% of the issued and outstanding equity securities of Brightcove Inc. for a total cash consideration of $218 million, net of cash acquired. Brightcove is a cloud-based video platform that enables businesses and media organizations to stream, monetize, and manage video content for their audiences. The valuation of assets acquired, and liabilities assumed is in process and we expect most of the purchase price will be allocated to goodwill and other identified intangible assets.

On March 20, 2025, we acquired 100% of the share capital of komoot GmbH for a total cash consideration of $317 million, net of cash acquired. komoot is a route-planning platform that enables outdoor enthusiasts to discover, plan, and navigate adventures across hiking, cycling, and mountain biking. The valuation of assets acquired, and liabilities assumed is in process and we expect most of the purchase price will be allocated to goodwill and other identified intangible assets.

On November 24, 2025, we acquired 100% of the issued and outstanding equity securities of Vimeo Inc. for a total cash consideration of $1,359 million, net of cash acquired. Vimeo is a video platform that

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)
enables creators and organizations to create, manage, and share high-quality video experiences. The valuation of assets acquired, and liabilities assumed is in process and we expect most of the purchase price will be allocated to goodwill and other identified intangible assets.

On January 1, 2025, June 30, 2025, and July 31, 2025, we acquired 100% of the issued and outstanding equity securities of Loomly Holdco, Inc., MileIQ Inc., and Iridesco LLC d/b/a Harvest for a total cash consideration of $335 million, net of cash acquired. Loomly is a social media management platform that enables marketing teams to plan, schedule, and analyze content across channels. MileIQ is a mileage tracking app that automatically records and classifies drives to simplify expense reporting and tax deductions. Harvest is a time-tracking and invoicing platform that helps teams record work hours, manage projects, and generate invoices. The valuation of assets acquired, and liabilities assumed is in process and we expect most of the purchase price will be allocated to goodwill and other identified intangible assets.

On January 2, 2026, we acquired 100% of the issued and outstanding equity securities of AOL Holdco I LLC, for a total cash consideration of $1,456 million. AOL is a digital media and communications platform that provides email, news, and online content services. The valuation of assets acquired, and liabilities assumed is in process and we expect most of the purchase price will be allocated to goodwill and other identified intangible assets.

On March 11, 2026, we acquired 100% of the issued and outstanding equity securities of Eventbrite Inc., for a total cash consideration of $500 million, net of cash acquired. Eventbrite is a global marketplace for shared experiences that enables event creators and attendees to connect. The valuation of assets acquired, and liabilities assumed is in process and we expect most of the purchase price will be allocated to goodwill and other identified intangible assets.

Subsequent to year end, we entered into significant long-term lease arrangements to support our continued operational expansion.

In October 2025, Bending Spoons Operations S.p.A., our Italian operating subsidiary, entered into a long-term lease agreement with Coima SGR S.p.A. for an entire office building located at Via Tocqueville 13, Milan, Italy. The leased premises comprise approximately 92,350 square feet of office space and 13,130 square feet of commercial space (to be delivered at a later date), together with associated parking facilities and external areas. The property is undergoing redevelopment to high sustainability standards and is expected to obtain LEED<sup>®</sup> Gold and WELL<sup>®</sup> Gold certifications (shell and core). The lease has an initial nine-year term, following an initial rent-free period, and delivery of the primary office premises occured in February 2026. At full run rate, annual base rent is expected to be approximately $6.7 million for the office component and $0.7 million for the commercial component, in each case subject to capped inflation-based adjustments.

In June 2025, Bending Spoons UK Limited entered into a 10-year lease agreement for office premises at Thorley Works, Regent's Wharf, London, comprising the ground and first floors of a commercial office building within the Regent's Wharf development. Annual base rent is approximately $0.9 million through January 2027 and $1.9 million thereafter, subject to an RPI-indexed rent review in 2030, and the lease includes a tenant-only break option in 2030.

In February 2026, Bending Spoons Operations S.p.A entered into an 18-month services agreement with Telepass S.p.A. for the use of fully serviced office premises located at Viale Don Luigi Sturzo 45, Milan, Italy. The arrangement provides the company with the use of approximately one full office floor and two parking spaces, together with related services including reception, cleaning, utilities, maintenance, security, and facility management support. The premises will be used for corporate office operations of the company and its affiliates.

The service term commenced March 1, 2026 and extends through August 31, 2027, with limited monthly renewal options thereafter. Annual consideration under the agreement is approximately

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)
$1.1 million (exclusive of VAT), payable quarterly in advance, with a one-month fee incentive applied to the first quarterly installment. The Company also provided a refundable security deposit of approximately $0.3 million. Fees are subject to annual indexation adjustments after the first 12 months, capped at 5%.

Subsequent to year end, we entered into several new financing agreements and amendments to existing debt arrangements.

The EURO TLA 1 Facility was amended, amended and restated, supplemented and/or integrated through a series of additional facility notices and related documentation.

• On March 11, 2025, Bending Spoons Operations S.p.A. entered into an additional facility notice providing for an increase in the revolving credit facility to an aggregate amount of €356 million.

• On June 18, 2025 and June 23, 2025, additional facility notices further increased the revolving credit facility to €601 million and €651 million, respectively.

• On October 3, 2025, a further additional facility notice increased the revolving credit facility to €671 million.

• On October 27, 2025 (as amended and restated on November 12, 2025 and November 14, 2025), an additional facility notice increased the revolving credit facility to €976 million.

• In addition, on October 27, 2025 (as amended and restated on November 12, 2025 and November 14, 2025), the parties established an additional term loan facility in an aggregate principal amount of €475.9 million. Subsequently, the Company signed a consent request letter on November 24, 2025, which was countersigned by Intesa Sanpaolo S.p.A., as agent under the EURO TLA 1 Facility, on January 20, 2026, relating to certain amendments to the termination dates of the facilities (extending its term no later than March 2031) and related provisions under the EURO TLA 1 Facility.

In addition, on March 7, 2025, Bending Spoons US Inc., as borrower, together with the lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and Intesa Sanpaolo S.p.A., as Security Agent, entered into a senior secured Credit Agreement (the "Original TLB Credit Agreement," and as subsequently amended, the "TLB Credit Agreement").

• The Original TLB Credit Agreement provided for an initial Tranche B term loan facility in an aggregate principal amount of $600 million (the "Closing Term Loan B"), the proceeds of which were available for permitted acquisitions, investments and capital expenditures and to pay related fees and expenses, including original issue discount or upfront fees.

• On April 4, 2025, the Original TLB Credit Agreement was amended to provide incremental Tranche B term loans in an aggregate principal amount of $150 million (the "First Amendment Term Loan B") for similar permitted uses.

• On July 21, 2025, the TLB Credit Agreement was further amended to expand the ability of other subsidiaries of the Company to incur incremental indebtedness under the facility.

• On July 29, 2025, the agreement was further amended to provide (i) incremental Tranche B term loans in an aggregate principal amount of $175 million (the "Third Amendment Term Loan B") and (ii) euro-denominated Tranche B term loans to Bending Spoons US Inc. and Wetransfer B.V., as co-borrowers, in an aggregate principal amount of €350 million (the "Third Amendment Euro Loan"). Amendment No. 3 also appointed J.P. Morgan SE as Non-U.S. Administrative Agent.

• On January 2, 2026, the TLB Credit Agreement was further amended to provide (i) incremental Tranche B term loans in an aggregate principal amount of $950 million (the "Fourth Amendment Term Loan B") and (ii) euro-denominated Tranche B term loan commitments to Bending Spoons US Inc. and Wetransfer B.V., as co-borrowers, in an aggregate principal amount of up to €300 million, which commitments were fully funded on January 30, 2026 (the "Fourth Amendment Euro Loan"). The

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### B ending S poons S.p.A.

### N otes to C onsolidated F inancial S tatements (Continued)
proceeds of the Fourth Amendment Term Loan B and the Fourth Amendment Euro Loan were used

to finance the ongoing M&A activity.

After giving effect to the amendments described above, the TLB Credit Agreement provides that the Closing Term Loan B, First Amendment Term Loan B, Third Amendment Term Loan B and Fourth Amendment Term Loan B bear interest, at the Company's option, at a rate per annum equal to either term SOFR plus 5.875% or the alternate base rate ("ABR") plus 4.875%, subject to a term SOFR floor of 1.00%. The Third Amendment Euro Loan bears interest at a rate per annum equal to EURIBOR plus 5.25%, subject to a EURIBOR floor of zero, and the Fourth Amendment Euro Loan bears interest at a rate per annum equal to EURIBOR plus 5.875%, subject to a EURIBOR floor of zero. In each case, the applicable margin is reduced by 0.25% per annum upon the consummation of certain IPO transactions. All term loans under the TLB Credit Agreement amortize in quarterly installments equal to 1.25% of the original principal amount thereof (as adjusted to ensure fungibility of the Closing Term Loan B, First Amendment Term Loan B and the Third Amendment Term Loan B), and amounts repaid may not be reborrowed. The final maturity date of the TLB Credit Agreement is March 7, 2031.

Lastly, on January 2, 2026, Bending Spoons US Inc., as borrower, together with certain of its affiliates, entered into a senior secured Credit Agreement (the "US TLA/RCF Credit Agreement") with the lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and Intesa Sanpaolo S.p.A., as Security Agent. The US TLA/RCF Credit Agreement provides for (i) Tranche A term loans in an aggregate principal amount of up to $660 million, which were fully funded on January 2, 2026, and (ii) revolving commitments in an aggregate principal amount of up to $195 million, which may be borrowed, repaid and reborrowed during the life of the facility, including a subfacility for the issuance of letters of credit in an aggregate amount of up to $15 million. Borrowings under the term loan and revolving facilities bear interest, at the Company's option, at a rate per annum equal to either term SOFR plus 3.50% or an alternate base rate (equal to the greater of the prime rate, the federal funds rate plus 0.50%, and one-month term SOFR plus 1.00%) plus 2.50%. The applicable margins under the US TLA/RCF Credit Agreement are reduced by 0.25% per annum upon the consummation of certain IPO transactions. The term loans amortize in quarterly installments equal to 1.25% of the original principal amount thereof, and amounts repaid may not be reborrowed. The proceeds were mainly used to carry out new acquisitions. The final maturity date of the US TLA/RCF Credit Agreement is March 7, 2031.

We evaluated subsequent events through March 12, 2026, which is the date on which these consolidated financial statements were available to be issued.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of Vimeo, Inc.

#### Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheet of Vimeo, Inc. and subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive operations, shareholders' equity and cash flows for the years then ended, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We served as the Company's auditor from 2020 to 2025.

New York, New York

February 19, 2025

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### CONSOLIDATED BALANCE SHEET

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2024**  | **2023**  |
|  | **(In thousands, except par value amounts)**  | **(In thousands, except par value amounts)**  |
| **ASSETS**  |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | $325276 | $301372 |
| &nbsp;&nbsp;&nbsp; Accounts receivable, net  | 24648 | 26605 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets  | 24732 | 23491 |
| Total current assets  | 374656 | 351468 |
| &nbsp;&nbsp;&nbsp; Leasehold improvements and equipment, net  | 456 | 607 |
| &nbsp;&nbsp;&nbsp; Goodwill  | 245406 | 245406 |
| &nbsp;&nbsp;&nbsp; Intangible assets with definite lives, net  | 1239 | 2629 |
| &nbsp;&nbsp;&nbsp; Other non-current assets  | 21064 | 22810 |
| **TOTAL ASSETS**  | $642821 | $622920 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY**  |  |  |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable, trade  | $4473 | $4696 |
| &nbsp;&nbsp;&nbsp; Deferred revenue  | 161923 | 168610 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities  | 56027 | 53573 |
| Total current liabilities  | 222423 | 226879 |
| &nbsp;&nbsp;&nbsp; Other long-term liabilities  | 11601 | 13809 |
| Commitments and contingencies |  |  |
| **SHAREHOLDERS' EQUITY:** |  |  |
| &nbsp;&nbsp;&nbsp; Common stock, $0.01 par value; 1,600,000 shares authorized; <br> 161,993 and 158,511 shares issued and 156,047 and <br> 158,511 shares outstanding, respectively  | 1620 | 1585 |
| &nbsp;&nbsp;&nbsp; Class B common stock, $0.01 par value; 400,000 shares authorized; 9,399 shares issued and outstanding, respectively  | 94 | 94 |
| &nbsp;&nbsp;&nbsp; Preferred stock $0.01 par value; 100,000 shares authorized, no shares issued and outstanding  |  |  |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 801367 | 774587 |
| &nbsp;&nbsp;&nbsp; Accumulated deficit  | (366323) | (393335) |
| &nbsp;&nbsp;&nbsp; Accumulated other comprehensive loss  | (1180) | (699) |
| &nbsp;&nbsp;&nbsp; Treasury stock, at cost, 5,946 and 0 shares, respectively  | (26781) |  |
| Total shareholders' equity  | 408797 | 382232 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY**  | $642821 | $622920 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### CONSOLIDATED STATEMENT OF OPERATIONS

---

| | | |
|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2024**  | **2023**  |
|  | **(In thousands, except per share data)**  | **(In thousands, except per share data)**  |
| Revenue  | $417006 | $417214 |
| Cost of revenue (exclusive of depreciation shown separately below)  | 90731 | 91576 |
| Gross profit  | 326275 | 325638 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp; Research and development expense  | 109373 | 107074 |
| &nbsp;&nbsp;&nbsp; Sales and marketing expense  | 119869 | 151487 |
| &nbsp;&nbsp;&nbsp; General and administrative expense  | 76604 | 49194 |
| &nbsp;&nbsp;&nbsp; Depreciation  | 356 | 1997 |
| &nbsp;&nbsp;&nbsp; Amortization of intangibles  | 1390 | 2839 |
| Total operating expenses  | 307592 | 312591 |
| Operating income (loss)  | 18683 | 13047 |
| &nbsp;&nbsp;&nbsp; Interest expense  |  | (998) |
| &nbsp;&nbsp;&nbsp; Other income, net  | 15033 | 12862 |
| Earnings (loss) before income taxes  | 33716 | 24911 |
| &nbsp;&nbsp;&nbsp; Income tax provision  | (6704) | (2879) |
| **Net earnings (loss)**  | $27012 | $22032 |
| **Per share information:** |  |  |
| &nbsp;&nbsp;&nbsp; Basic earnings (loss) per share  | $0.16 | $0.13 |
| &nbsp;&nbsp;&nbsp; Diluted earnings (loss) per share  | $0.16 | $0.13 |
| **Stock-based compensation expense by function:** |  |  |
| &nbsp;&nbsp;&nbsp; Cost of revenue  | $757 | $996 |
| &nbsp;&nbsp;&nbsp; Research and development expense  | 13700 | 15753 |
| &nbsp;&nbsp;&nbsp; Sales and marketing expense  | 5984 | 9661 |
| &nbsp;&nbsp;&nbsp; General and administrative expense  | 12264 | (14368) |
| Total stock-based compensation expense  | $32705 | $12042 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS

---

| | | |
|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2024**  | **2023**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Net earnings (loss)  | $27012 | $22032 |
| Other comprehensive (loss) income: |  |  |
| &nbsp;&nbsp;&nbsp; Change in foreign currency translation adjustments  | (481) | 132 |
| Total other comprehensive (loss) income  | (481) | 132 |
| Comprehensive income (loss)  | $26531 | $22164 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY Years Ended December 31, 2024 and 2023

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common stock, <br> $0.01 par value**  | **Common stock, <br> $0.01 par value**  | **Common stock, <br> $0.01 par value**  | **Class B <br> common stock, <br> $0.01 par value**  | **Class B <br> common stock, <br> $0.01 par value**  | **Class B <br> common stock, <br> $0.01 par value**  | **Treasury Stock**  | **Treasury Stock**  | **Treasury Stock**  | **Additional <br> Paid-in <br> Capital**  | **Accumulated <br> Deficit**  | **Accumulated <br> Other <br> Comprehensive <br> Loss**  | **Total <br> Shareholders' <br> Equity**  |
| | **$**  | $**Shares**  | **Shares**  | **$**  | $**Shares**  | **Shares**  | **$**  | $**Shares**  | **Shares**  | **Additional <br> Paid-in <br> Capital**  | **Accumulated <br> Deficit**  | **Accumulated <br> Other <br> Comprehensive <br> Loss**  | **Total <br> Shareholders' <br> Equity**  |
|  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  |
|  **Balance as of December 31, 2022**  |  |  | 157187 |  |  | 9399 |  |  |  | $768390 | $(415367) | $(831) | $353858 |
| Net earnings  |  |  |  |  |  |  |  |  |  |  | 22032 |  | 22032 |
|  Other comprehensive income  |  |  |  |  |  |  |  |  |  |  |  | 132 | 132 |
|  Stock-based compensation <br> expense  |  |  |  |  |  |  |  |  |  | 12042 |  |  | 12042 |
|  Amounts related to settlement of equity awards  |  |  | 2948 |  |  |  |  |  |  | (5861) |  |  | (5832) |
| Restricted Stock Award  |  |  | (1624) |  |  |  |  |  |  | 16 |  |  |  |
|  **Balance at December 31, 2023**  |  |  | 158511 |  |  | 9399 |  |  |  | $774587 | $(393335) | $(699) | $382232 |
| Net earnings  |  |  |  |  |  |  |  |  |  |  | 27012 |  | 27012 |
|  Other comprehensive <br> loss  |  |  |  |  |  |  |  |  |  |  |  | (481) | (481) |
|  Stock-based compensation <br> expense  |  |  |  |  |  |  |  |  |  | 32705 |  |  | 32705 |
|  Amounts related to settlement of equity awards  |  |  | 3482 |  |  |  |  |  |  | (5925) |  |  | (5890) |
|  Purchase of treasury <br> stock  |  |  |  |  |  |  |  |  | 5946 |  |  |  | (26781) |
|  **Balance at December 31, 2024**  |  |  | 161993 |  |  | 9399 |  |  | 5946 | $801367 | $(366323) | $(1180) | $408797 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### CONSOLIDATED STATEMENT OF CASH FLOWS

---

| | | |
|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2024**  | **2023**  |
|  | **(In thousands)**  | **(In thousands)**  |
| **Cash flows from operating activities:** |  |  |
| **Net earnings (loss)**  | $27012 | $22032 |
|  Adjustments to reconcile net earnings (loss) to net cash provided by (used in) <br> operating activities:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation expense  | 32705 | 12042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangibles  | 1390 | 2839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation  | 356 | 1997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses  | 993 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on the sale of an asset  |  | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash lease expense  | 4352 | 4449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other adjustments, net  | 54 | 1333 |
| &nbsp;&nbsp;&nbsp; Changes in assets and liabilities, net of effects of acquisitions and dispositions:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable  | (1090) | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | (542) | (5180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and other liabilities  | (3031) | (7744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue  | (5338) | 4128 |
| **Net cash provided by (used in) operating activities**  | 56861 | 37785 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisitions, net of cash acquired  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital expenditures  | (222) | (108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of an asset  |  | 639 |
| **Net cash (used in) provided by investing activities**  | (222) | 531 |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amounts related to settlement of equity awards  | (6878) | (6414) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from exercise of stock options  | 1106 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of treasury stock  | (26405) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contingent consideration payment  |  | (5774) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other, net  |  | (266) |
| **Net cash used in financing activities**  | (32177) | (11695) |
| **Total cash provided (used)**  | 24462 | 26621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of exchange rate changes on cash and cash equivalents and restricted cash  | (405) | (19) |
|  **Net increase (decrease) in cash and cash equivalents and restricted cash**  | 24057 | 26602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents and restricted cash at beginning of period  | 301436 | 274834 |
| **Cash and cash equivalents and restricted cash at end of period**  | $325493 | $301436 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

#### NOTE 1 — ORGANIZATION AND BASIS OF PRESENTATION

#### Description of Business
Vimeo is the world's most innovative video experience platform, providing a full breadth of video tools through a software-as-a-service ("SaaS") model. Our core focus is transforming how people create and share videos by providing cutting-edge products and a platform that bridges technology with creative innovation. We provide a turnkey cloud-based solution that eliminates barriers to using video and solves essential video needs, including video hosting and management, intuitive video creation and editing, insightful analytics, artificial intelligence language translations, and enterprise tools.

Unless otherwise stated herein, references to "Vimeo," the "Company," "we," "our" or "us" refers to Vimeo, Inc. and its consolidated subsidiaries.

#### Basis of Presentation and Consolidation
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and with the rules and regulations of the Securities and Exchange Commission ("SEC"). The accompanying consolidated financial statements include all the assets, liabilities, revenues, expenses and cash flows of entities in which Vimeo has a controlling interest ("subsidiaries"), and in the opinion of management, include all adjustments considered necessary for a fair presentation.

All intercompany balances and transactions between and among Vimeo and its subsidiaries have been eliminated.

#### Accounting Estimates
Management of Vimeo is required to make certain estimates, judgments and assumptions during the preparation of its consolidated financial statements in accordance with GAAP that affect the amounts reported in the accompanying consolidated financial statements and footnotes thereto. Actual results could differ from these estimates.

Significant estimates and judgments inherent in the preparation of the accompanying consolidated financial statements include those related to: the recoverability of goodwill; contingencies; unrecognized tax benefits; and the valuation allowance for deferred income tax assets, among others. Vimeo bases its estimates, judgments and assumptions on historical experience, its forecasts and budgets and other factors that Vimeo considers relevant.

#### NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

#### Revenue Recognition
Vimeo's revenue is derived primarily from fixed SaaS subscription fees paid by customers. Subscription periods generally range from one month to three years with the most common being an annual subscription and are generally non-cancellable. Vimeo's disaggregated revenue disclosures are presented in "Note 3 — Revenue."

Vimeo accounts for a contract with a customer when it has approval and commitment from all parties, the rights of the parties and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The transaction price, which generally reflects the fixed SaaS subscription fees listed in the terms of the contract, is the amount of consideration Vimeo expects to be entitled to in exchange for access to the Vimeo platform. The transaction price is recognized as revenue on a straight-line basis over the contractual term of the arrangement beginning on the date access is provided to the Vimeo platform, which is considered to be a series of distinct services that

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
comprise a single performance obligation and have the same pattern of transfer over the contractual term. Estimates of variable consideration have not been significant.

All taxes assessed by governmental authorities that are both (i) imposed on and concurrent with a specific revenue-producing transaction and (ii) collected from customers are excluded from the measurement of the transaction price, and accordingly, not included as a component of revenue or cost of revenue. For contracts that have an original duration of one year or less, Vimeo does not consider the time value of money applicable to such contracts.

#### Deferred Revenue
Deferred revenue consists of payments that are received or are contractually due in advance of Vimeo's performance. Vimeo's deferred revenue is reported on a contract-by-contract basis at the end of each reporting period. Vimeo classifies deferred revenue as current when the term of the applicable subscription period or expected completion of its performance obligation is one year or less.

#### Costs to Obtain a Contract with a Customer
Vimeo has determined that commissions paid to employees pursuant to certain sales incentive programs meet the requirements to be capitalized as a cost of obtaining a contract with a customer and are amortized over the estimated customer relationship period. Vimeo calculates the estimated customer relationship period as the average customer life, which is based on historical data. When customer renewals are expected and the renewal commission is not commensurate with the initial commission, the average customer life includes renewal periods. Vimeo has elected the practical expedient to expense costs to obtain a contract with a customer as incurred when the amortization period would be one year or less.

#### Cost of Revenue
Cost of revenue consists primarily of hosting fees, credit card processing fees, compensation expense and other employee-related costs and stock-based compensation expense for personnel engaged in customer care functions, traffic acquisition costs, which includes in-app purchase fees, and outsourced customer care personnel costs.

#### Research and Development Expense
Research and development expense consists primarily of compensation expense and other employee-related costs and stock-based compensation expense that are not capitalized for personnel engaged in the design, development, testing and enhancement of product offerings and related technology, software license and maintenance costs, rent expense and facilities costs.

#### Sales and Marketing Expense
Sales and marketing expense consists primarily of compensation expense and other employee-related costs and stock-based compensation expense for Vimeo's sales force and marketing personnel, advertising expenditures, which include online marketing, including fees paid to search engines, social media sites, e-mail campaigns, display advertising, video advertising and affiliate marketing, and offline marketing, which includes conferences and events, software license and maintenance costs, rent expense and facilities costs.

#### General and Administrative Expense
General and administrative expense consists primarily of compensation expense and other employee-related costs and stock-based compensation expense for personnel engaged in executive management,

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
finance, legal, tax, information technology and human resources, provision for credit losses, fees for professional services, rent expense, facilities costs, software license and maintenance costs, and business insurance.

#### Cash and Cash Equivalents
Cash and cash equivalents include cash and short-term investments, with maturities of three months or less from the date of purchase. Vimeo monitors concentrations of credit risk with respect to cash and cash equivalents by placing such balances with higher quality financial institutions or investing such amounts in liquid, short-term, highly-rated investments or investment funds holding similar instruments. At December 31, 2024, the significant majority of our cash and cash equivalents is held domestically, and primarily consists of money market funds invested with banks with a credit rating of Aaa. Additionally, at December 31, 2024 Vimeo did not have more than $100 million invested in any single bank or money market mutual fund.

#### Allowance for Credit Losses
Vimeo maintains an allowance for credit losses to provide for the estimated amount of accounts receivable that will not be collected. We assess the collectability of the accounts by taking into consideration the aging of our trade receivables, historical experience, reasonable and supportable forecasts of future economic conditions, and management judgement. The time between the invoice and payment due dates is not significant as customer payments that are not collected in advance of the transfer of promised services or goods are generally due no later than 30 days from invoice date.

The changes in the allowance for credit losses are as follows:

---

| | | |
|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2024**  | **2023**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Balance at beginning of period  | $2728 | $5183 |
| &nbsp;&nbsp;&nbsp; Provision for credit losses  | 993 | 777 |
| &nbsp;&nbsp;&nbsp; Write-offs charged against the allowance  | (2192) | (4366) |
| &nbsp;&nbsp;&nbsp; Recoveries collected  | 876 | 1129 |
| &nbsp;&nbsp;&nbsp; Currency translation adjustment  | (1) | 5 |
| Balance at end of period  | $2404 | $2728 |

---

#### Leasehold Improvements and Equipment
Leasehold improvements and equipment are recorded at cost. Depreciation of leasehold improvements and equipment is computed using the straight-line method over the estimated useful lives of the assets, or, in the case of leasehold improvements, the lease term, if shorter. Repairs and maintenance costs are expensed as incurred. Leasehold improvements and equipment, net is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **December 31,**  | **December 31,**  | **Estimated Useful <br> Lives**  |
| | **2024**  | **2023**  | **Estimated Useful <br> Lives**  |
|  | **(In thousands)**  | **(In thousands)**  |  |
| &nbsp;&nbsp;&nbsp; Leasehold improvements  | $634 | $761 | Shorter of lease <br> term or 10 Years  |
| &nbsp;&nbsp;&nbsp; Computer and other equipment  | 386 | 550 | 2 to 10 Years  |
| Total leasehold improvements and equipment  | 1020 | 1311 |  |
| &nbsp;&nbsp;&nbsp; Accumulated depreciation and amortization  | (564) | (704) |  |
| Leasehold improvements and equipment, net  | $456 | $607 |  |

---

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Tangible long-lived assets at December 31, 2024 and December 31, 2023 relate to "Leasehold improvements and equipment, net."

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2024**  | **2023**  |
|  | **(In thousands)**  | **(In thousands)**  |
| **Leasehold improvements and equipment, net:** |  |  |
| &nbsp;&nbsp;&nbsp; United States  | $346 | $492 |
| &nbsp;&nbsp;&nbsp; All other countries  | 110 | 115 |
| Total  | $456 | $607 |

---

#### Leases
Vimeo leases office space used in connection with its operations under various operating leases. Right-of-use assets ("ROU assets") represent Vimeo's right to use the underlying assets for the lease term and lease liabilities represent the present value of Vimeo's obligation to make payments arising from these leases. ROU assets and related lease liabilities are based on the present value of fixed lease payments over the lease term, determined using the Company's incremental borrowing rate on the lease commencement date. Vimeo combines the lease and non-lease components of lease payments in determining ROU assets and related lease liabilities. If the lease includes one or more options to extend the term of the lease, the renewal option is considered in the lease term if it is reasonably certain Vimeo will exercise the option(s). Lease expense is recognized on a straight-line basis over the term of the lease. Vimeo has elected not to record leases with an initial term of twelve months or less on the accompanying consolidated balance sheet.

Variable lease payments consist primarily of common area maintenance, utilities and taxes, which are not included in the recognition of ROU assets and related lease liabilities. Vimeo's lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The Company's ROU assets and lease liabilities primarily relate to the West 34th Street sublease (as described in "Note 14 — Related Party Transactions"), which includes an escalation clause.

#### Business Combinations
The allocation of the purchase price to the assets acquired and liabilities assumed is based upon their fair values on the acquisition date, including identifiable intangible assets that either arise from a contractual or legal right or are separable from goodwill. Vimeo generally uses the assistance of outside valuation experts to assist in the allocation of purchase price to the identifiable intangible assets acquired. While outside valuation experts may be used, management has ultimate responsibility for the valuation methods, models and inputs used and the resulting purchase price allocation. The excess purchase price over the value of net tangible and identifiable intangible assets acquired is recorded as goodwill.

#### Goodwill
Vimeo assesses goodwill for impairment annually as of October 1 or more frequently if an event occurs or circumstances change that would indicate that a reporting unit's fair value is more likely than not below its carrying value. Goodwill is tested for impairment at the reporting unit level which is either an "operating segment," or one level below, which is referred to as a "component." The level at which the impairment test is performed requires judgment as to whether there are multiple operating segments and/or components, and if so, whether their operations are similar such that they should be aggregated for purposes of the impairment test. For purposes of performing the 2024 impairment

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
test, management has determined that there is a single operating segment and no components below that level, which results in a single reporting unit at the overall Vimeo level for purposes of testing goodwill for impairment.

If Vimeo elects to perform a qualitative assessment and concludes it is not more likely than not that its fair value is less than its carrying value, no further assessment of goodwill is necessary; otherwise, a quantitative assessment is performed and the fair value of Vimeo is determined. If the carrying value of Vimeo exceeds its fair value, an impairment equal to the excess is recorded. No impairments to goodwill were recorded for the years ended December 31, 2024 and 2023.

#### Long-Lived Assets
Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. The carrying value of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If the carrying value is deemed not to be recoverable, an impairment loss is recorded equal to the amount by which the carrying value of the long-lived asset exceeds its fair value. Amortization of long-lived assets is based on the pattern in which the economic benefits of the asset are expected to be realized, which is generally on a straight-line basis.

#### Fair Value Measurements
Vimeo categorizes its financial instruments measured at fair value into a fair value hierarchy that prioritizes the inputs used in pricing the asset or liability. The three levels of the fair value hierarchy are:

• Level 1: Observable inputs obtained from independent sources, such as quoted market prices for identical assets and liabilities in active markets.

• Level 2: Other inputs, which are observable directly or indirectly, such as quoted market prices for similar assets or liabilities in active markets, quoted market prices for identical or similar assets or liabilities in markets that are not active and inputs that are derived principally from or corroborated by observable market data. The fair values of Vimeo's Level 2 financial assets are primarily obtained from observable market prices for identical underlying securities that may not be actively traded. Certain of these securities may have different market prices from multiple market data sources, in which case an average market price is used.

• Level 3: Unobservable inputs for which there is little or no market data and for which Vimeo must develop its own assumptions, based on the best information available in the circumstances, about the inputs that market participants would use in pricing the assets or liabilities.

See "Note 6 — Fair Value Measurements" for additional information.

#### Advertising Costs
Advertising costs are expensed as incurred (when the advertisement first runs for production costs that are initially capitalized) and primarily include online marketing, including fees paid to search engines, social media sites, e-mail campaigns, display advertising, video advertising and affiliate marketing, and offline marketing, which is primarily conferences and events. Advertising expense was $32.4 million and $60.4 million for the years ended December 31, 2024 and 2023, respectively.

#### Income Taxes
Vimeo accounts for income taxes under the liability method, and deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying values of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
differences are expected to be recovered or settled. A valuation allowance is provided if it is determined that it is more likely than not that the deferred tax asset will not be realized. Vimeo records interest and penalties, net of any applicable related income tax benefit, on potential income tax contingencies as a component of income tax provision.

Vimeo evaluates and accounts for uncertain tax positions determined more-likely-than-not to be sustainable upon examination based solely on its technical merits. Vimeo considers many factors when evaluating and estimating its tax positions and unrecognized tax benefits, which may require periodic adjustment and which may not accurately anticipate actual outcomes. Although management currently believes changes to unrecognized tax benefits from period to period and differences realized upon resolution will not be material, these matters are subject to inherent uncertainties and management's view of these matters may change in the future.

Vimeo has made an accounting policy election to treat Global Intangible Low-Taxed Income taxes as a current period expense rather than including these amounts in the measurement of deferred taxes.

#### Earnings per Share
Vimeo common stock and Class B common stock are treated as one class of common stock for earnings per share ("EPS") purposes as both classes of common stock participate in earnings, dividends and other distributions on the same basis. Basic EPS is calculated using the two-class method since the Vimeo Restricted Shares are participating securities due to their rights as described in "Note 8 — Shareholders' Equity". Diluted EPS is calculated on the most dilutive basis under either the two-class method or treasury stock method, both of which exclude equity awards that are antidilutive.

#### Foreign Currency
The functional currency of foreign entities is generally the local currency. Functional currency denominated (i) assets and liabilities are translated at the rates of exchange as of the balance sheet date, and (ii) revenue and expenses of these operations are translated at average rates of exchange during the period. Translation gains and losses are included in accumulated other comprehensive income as a component of shareholders' equity. Transaction gains and losses resulting from assets and liabilities denominated in a currency other than the functional currency are included in the consolidated statement of operations as a component of "Other income, net".

#### Stock-Based Compensation
Vimeo measures and recognizes compensation expense for all stock-based awards based on the grant date fair value of the award. Stock-based compensation expense (net of estimated forfeitures) for all stock-based awards, including those with graded vesting, is recognized ratably over the requisite service period. Estimated forfeitures are based on an analysis of historical forfeitures and revised, if necessary, in subsequent periods if actual forfeitures differ from the estimated rate.

The grant-date fair value of a restricted stock unit ("RSU") is determined based on the closing sale price of the Company's common stock on the date of grant. The grant date fair value of a RSU with a market condition is determined by using a Monte Carlo simulation of Vimeo's stock price over the performance period. The grant-date fair value of a stock option or stock appreciation right ("SAR") is estimated using the Black-Scholes option-pricing model. See "Note 10 — Stock-Based Compensation" for additional information.

#### Segment Information
The Company operates as a single operating segment and single reportable segment. Operating segments are defined as components of an enterprise about which separate financial information is

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
evaluated regularly by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess performance. The Company's CODM allocates resources and assesses performance based upon consolidated financial information. See "Note 18 — Segment" for additional information.

#### Recent Accounting Pronouncements Adopted by the Company
Vimeo adopted Accounting Standard Update ("ASU") 2023-07*, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*, effective November 27, 2023. This guidance amends Topic 280 to require disclosure of significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment's profit or loss and assets that are currently required annually. The adoption of this guidance did not have a material impact on Vimeo's consolidated financial statements. See "Note 18 — Segment" for additional information.

In December 2023, ASU 2023-09*, Income Taxes (Topic 740): Improvements to Income Tax Disclosures* was issued, and requires disclosure of disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. This guidance will impact the Company's income tax disclosures beginning the year ended December 31, 2025 on a prospective basis.

#### Recent Accounting Pronouncements Not Yet Adopted by the Company
In November 2024, ASU 2024-03*, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40)* was issued, which requires public business entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items. This guidance will become effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, on a prospective basis. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.

#### NOTE 3 — REVENUE
Disaggregated revenue is as follows:

---

| | | |
|:---|:---|:---|
| | **Years Ended <br> December 31,**  | **Years Ended <br> December 31,**  |
| | **2024**  | **2023**  |
|  | **(In thousands)**  | **(In thousands)**  |
| **Revenue:** |  |  |
| &nbsp;&nbsp;&nbsp; Self-Serve & Add-Ons  | $271691 | $285529 |
| &nbsp;&nbsp;&nbsp; Vimeo Enterprise  | 83191 | 56499 |
| &nbsp;&nbsp;&nbsp; Other  | 62124 | 75186 |
| Total  | $417006 | $417214 |

---

Revenue by geography is based on where the subscriber is located. The United States was the only country from which revenue constituted greater than 10% of total revenue of the Company for the years ended December 31, 2024 and 2023.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

---

| | | |
|:---|:---|:---|
| | **Years Ended <br> December 31,**  | **Years Ended <br> December 31,**  |
| | **2024**  | **2023**  |
|  | **(In thousands)**  | **(In thousands)**  |
| **Revenue:** |  |  |
| &nbsp;&nbsp;&nbsp; United States  | $226790 | $223055 |
| &nbsp;&nbsp;&nbsp; All other countries  | 190216 | 194159 |
| Total  | $417006 | $417214 |

---

#### Deferred Revenue
The current and non-current deferred revenue balances are included in the accompanying consolidated balance sheet as follows:

---

| | | |
|:---|:---|:---|
| | **December 31, <br> 2024**  | **December 31, <br> 2023**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Deferred revenue  | $161923 | $168610 |
| Other long-term liabilities  | 512 | 1216 |

---

During the year ended December 31, 2024, Vimeo recognized $165.8 million of revenue that was included in the deferred revenue balance as of December 31, 2023. During the year ended December 31, 2023, the Company recognized $166.0 million of revenue that was included in the deferred revenue balance as of December 31, 2022.

#### Costs to Obtain a Contract with a Customer
The current and non-current balances of capitalized costs to obtain a contract with a customer are included in the accompanying consolidated balance sheet as follows:

---

| | | |
|:---|:---|:---|
| | **December 31, <br> 2024**  | **December 31, <br> 2023**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Prepaid expenses and other current assets  | $5451 | $5099 |
| Other non-current assets  | 8475 | 8263 |

---

During the years ended December 31, 2024 and 2023, Vimeo recognized expense of $5.6 million and $6.2 million, respectively, related to the amortization of capitalized costs to obtain a contract with a customer.

#### NOTE 4 — INCOME TAXES
U.S. and foreign earnings (losses) before income taxes are as follows:

---

| | | |
|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2024**  | **2023**  |
|  | **(In thousands)**  | **(In thousands)**  |
| &nbsp;&nbsp;&nbsp; U.S.  | $30330 | $15189 |
| &nbsp;&nbsp;&nbsp; Foreign  | 3386 | 9722 |
| Earnings (loss) before income taxes  | $33716 | $24911 |

---

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
The components of the income tax provision (benefit) are as follows:

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2024**  | **2023**  |
|  | **(In thousands)**  | **(In thousands)**  |
| **Current income tax provision:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal  | $2944 | $294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State  | 1390 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign  | 2088 | 1402 |
| &nbsp;&nbsp;&nbsp; Current income tax provision  | 6422 | 2162 |
| **Deferred income tax provision (benefit):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal  | 1 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign  | 281 | 550 |
| &nbsp;&nbsp;&nbsp; Deferred income tax provision (benefit)  | 282 | 717 |
| Income tax provision  | $6704 | $2879 |

---

The tax effects of cumulative temporary differences that give rise to significant deferred tax assets and deferred tax liabilities are presented below. The valuation allowance relates to deferred tax assets for which it is more likely than not that the tax benefit will not be realized.

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2024**  | **2023**  |
|  | **(In thousands)**  | **(In thousands)**  |
| **Deferred tax assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net operating loss carryforwards  | $11429 | $14566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax credit carryforwards  | 6875 | 13509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued bonus  | 4431 | 3745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation  | 6998 | 10767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized research and development expenses  | 37610 | 26977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other  | 3720 | 4569 |
| &nbsp;&nbsp;&nbsp; Total deferred tax assets  | 71063 | 74133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: valuation allowance  | (56871) | (62108) |
| &nbsp;&nbsp;&nbsp; Net deferred tax assets  | 14192 | 12025 |
| **Deferred tax liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses  | (5784) | (5468) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets with definite lives  | (6081) | (3308) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets  | (2390) | (3303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes  | (1323) | (1083) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other  | (68) | (56) |
| &nbsp;&nbsp;&nbsp; Total deferred tax liabilities  | (15646) | (13218) |
| Net deferred tax liability<sup>(a)</sup>  | $(1454) | $(1193) |

---

(a) Net deferred tax liability was included in "Other long-term liabilities" in the accompanying consolidated balance sheet.

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
The composition of Vimeo's net operating losses carryforwards ("NOL") as of December 31, 2024 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **State<sup>(b)</sup>**  | **Foreign**  | **Total**  |
|  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  |
| &nbsp;&nbsp;&nbsp; Subject to expiration<sup>(a)</sup>  | $28576 | $— | $28576 |
| &nbsp;&nbsp;&nbsp; Indefinite carryforward  | 4733 | 43544 | 48277 |
| Total NOLs  | $33309 | $43544 | $76853 |

---

(a) State NOLs will expire at various times between 2031 through 2043.

(b) Certain State NOLs of $0.5 million are subject to limitations under IRC Section 382, separate return limitations, and applicable law.

At December 31, 2024, Vimeo has tax credit carryforwards of $11.2 million. Of this amount, $9.2 million relates to credits for research activities and $2.0 million relates to credits for foreign taxes. These credit carryforwards will expire between 2027 and 2044.

During 2024, Vimeo's valuation allowance decreased by $5.2 million, primarily due to net operating loss utilization, partially offset by deferred tax assets for research and development expenses. At December 31, 2024, Vimeo has a valuation allowance of $56.9 million related to deferred tax assets on temporary differences, tax credits, and tax loss carryforwards for which it is more likely than not that the tax benefit will not be realized.

A reconciliation of the income tax provision to the amounts computed by applying the statutory federal income tax rate to earnings (loss) before income taxes is shown as follows:

---

| | | |
|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2024**  | **2023**  |
|  | **(In thousands)**  | **(In thousands)**  |
| &nbsp;&nbsp;&nbsp; Income tax benefit at the federal statutory rate of 21%  | $7080 | $5231 |
| &nbsp;&nbsp;&nbsp; State income taxes, net of effect of federal tax benefit  | 1368 | (359) |
| &nbsp;&nbsp;&nbsp; Global intangible low-taxed income  | 2353 | 2864 |
| &nbsp;&nbsp;&nbsp; Section 250 deductions  | (4088) | (1350) |
| &nbsp;&nbsp;&nbsp; Return to provision  | (108) | 2283 |
| &nbsp;&nbsp;&nbsp; Valuation allowance  | (5267) | (4543) |
| &nbsp;&nbsp;&nbsp; Stock-based compensation  | 6835 | (709) |
| &nbsp;&nbsp;&nbsp; Non-deductible executive compensation  | 839 | 377 |
| &nbsp;&nbsp;&nbsp; Tax credits  | (2740) | (2441) |
| &nbsp;&nbsp;&nbsp; Uncertain tax positions  | 459 | 461 |
| &nbsp;&nbsp;&nbsp; Deferred tax adjustments  | 26 | 1242 |
| &nbsp;&nbsp;&nbsp; Other, net  | (53) | (177) |
| Income tax provision  | $6704 | $2879 |

---

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

---

| | | |
|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2024**  | **2023**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Balance at beginning of period excluding interest and penalties  | $4582 | $2523 |
| &nbsp;&nbsp;&nbsp; Additions based on tax positions related to prior years  | 288 | 1347 |
| &nbsp;&nbsp;&nbsp; Settlements  |  |  |
| &nbsp;&nbsp;&nbsp; Additions based on tax positions related to the current year  | 799 | 712 |
| Balance at end of period excluding interest and penalties  | $5669 | $4582 |
| &nbsp;&nbsp;&nbsp; Interest and penalties  | 375 | 66 |
| Balance at end of period including interest and penalties  | $6044 | $4648 |

---

At December 31, 2024 and 2023, unrecognized tax benefits, including interest and penalties, were $6.0 million and $4.6 million, respectively. A portion of unrecognized tax benefits as of December 31, 2024 relates to tax positions included in IAC's consolidated tax return filings. If unrecognized tax benefits at December 31, 2024 are subsequently recognized, net of related deferred tax assets and interest, income tax provision would decrease by $1.0 million. Vimeo does not expect any settlements or changes to the existing unrecognized tax benefits by December 31, 2025.

Vimeo is routinely under audit by federal, state, local, and foreign authorities as a result of previously filed separate company and consolidated tax returns with IAC. These audits include questioning the timing, amount, and allocation of income and deductions among various tax jurisdictions. The Company is not currently under audit by the Internal Revenue Service. Various other jurisdictions are open to examination for tax years beginning with 2015.

#### NOTE 5 — GOODWILL AND INTANGIBLE ASSETS WITH DEFINITE LIVES
Goodwill and intangible assets with definite lives, net are as follows:

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2024**  | **2023**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Goodwill  | $245406 | $245406 |
|  Intangible assets with definite lives, net of accumulated <br> amortization  | 1239 | 2629 |

---

At December 31, 2024 and 2023, intangible assets with definite lives are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2024**  |
| | **Gross <br> Carrying <br> Amount**  | **Accumulated <br> Amortization**  | **Net**  | **Weighted <br> Average <br> Useful Life <br> (Years)**  |
|  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  |  |
| &nbsp;&nbsp;&nbsp; Developed technology  | $29730 | $(28777) | $953 | 3.7 |
| &nbsp;&nbsp;&nbsp; Customer relationships  | 17530 | (17244) | 286 | 3.9 |
| &nbsp;&nbsp;&nbsp; Trade names  | 3000 | (3000) |  | 1.7 |
| Total<sup>(a)</sup> | $50260 | $(49021) | $1239 | 3.6 |

---

(a) The remaining carrying value is expected to be amortized during the year ended December 31, 2025.

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2023**  | **December 31, 2023**  | **December 31, 2023**  | **December 31, 2023**  |
| | **Gross <br> Carrying <br> Amount**  | **Accumulated <br> Amortization**  | **Net**  | **Weighted <br> Average <br> Useful Life <br> (Years)**  |
|  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  |  |
| &nbsp;&nbsp;&nbsp; Developed technology  | $29730 | $(27720) | $2010 | 3.7 |
| &nbsp;&nbsp;&nbsp; Customer relationships  | 17530 | (16911) | 619 | 3.9 |
| &nbsp;&nbsp;&nbsp; Trade names  | 3000 | (3000) |  | 1.7 |
| Total  | $50260 | $(47631) | $2629 | 3.6 |

---

#### NOTE 6 — FAIR VALUE MEASUREMENTS
Vimeo's financial instruments that are measured at fair value on a recurring basis are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2024**  |
| | **Quoted Market <br> Prices for <br> Identical Assets <br> in Active <br> Markets <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Total <br> Fair Value <br> Measurements**  |
|  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Money market funds  | $287617 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $287617 |
| &nbsp;&nbsp;&nbsp; Time deposits  |  | 11828 |  | 11828 |
| Total  | $287617 | $11828 | $— | $299445 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2023**  | **December 31, 2023**  | **December 31, 2023**  | **December 31, 2023**  |
| | **Quoted Market <br> Prices for <br> Identical Assets <br> in Active <br> Markets <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Total <br> Fair Value <br> Measurements**  |
|  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Money market funds  | $274212 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $274212 |
| &nbsp;&nbsp;&nbsp; Time deposits  |  | 6098 |  | 6098 |
| Total  | $274212 | $6098 | $— | $280310 |

---

Money market funds and time deposits are included in "Cash and cash equivalents" in the accompanying consolidated balance sheet.

Vimeo's non-financial assets (which consist primarily of goodwill and ROU assets) are adjusted to fair value only if an impairment is recognized. Such fair value measurements are based predominantly on Level 3 inputs.

The changes in the Company's financial instruments that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows and solely related to the Company's contingent consideration arrangements, which were finalized and paid in 2023 (as described below):

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

---

| | |
|:---|:---|
| | **Year Ended <br> December 31, 2023**  |
|  | **(In thousands)**  |
| Balance at beginning of period  | $7845 |
| Total net gains: |  |
| &nbsp;&nbsp;&nbsp; Included in operating income:  | (396) |
| Settlements  | (7449) |
| Balance at end of period  | $— |

---

During the year ended December 31, 2023, the Company's contingent consideration arrangements were finalized and resulted in payments of $7.4 million. In the accompanying consolidated statement of cash flows, $5.8 million was included in "Contingent consideration payment" within financing activities and $1.7 million was included in "Accounts payable and other liabilities" within operating activities. As a result of finalizing these arrangements, a net $0.4 million gain was recorded within "General and administrative expense" in the accompanying consolidated statement of operations.

#### NOTE 7 — REVOLVING CREDIT FACILITY
Effective June 30, 2023, Vimeo.com, Inc. terminated the $100 million revolving credit facility (the "Credit Facility") set to expire February 12, 2026, under, and in accordance with the terms of, that certain credit agreement, dated as of February 12, 2021, among Vimeo.com, Inc., as borrower, the lenders and issuing banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent. In connection with such termination, a letter of credit issued under the Credit Facility was cash collateralized, all other outstanding obligations were paid off in full and all liens securing the Credit Facility were released.

#### NOTE 8 — SHAREHOLDERS' EQUITY

#### Description of Vimeo Common Stock and Vimeo Class B Common Stock
Except as described herein, shares of Vimeo common stock and Vimeo Class B common stock are identical.

In general, the holders of shares of Vimeo common stock vote together as a single class with the holders of shares of Vimeo Class B common stock on all matters, including the election of directors; provided, however, that the holders of shares of Vimeo common stock, acting as a single class, are entitled to elect twenty-five percent (25%) of the total number of Vimeo directors, rounded up to the next whole number in the event of a fraction. Each outstanding share of Vimeo common stock and Vimeo Class B common stock entitles the holder to one vote per share and ten votes per share, respectively.

The holders of shares of Vimeo common stock and the holders of shares of Vimeo Class B common stock are entitled to receive, share for share, such dividends as may be declared by Vimeo's Board of Directors (the "Board") out of funds legally available for the payment of dividends. In the event of a liquidation, dissolution, distribution of assets or winding-up of Vimeo, the holders of shares of Vimeo common stock and the holders of shares of Vimeo Class B common stock are entitled to receive, share for share, all the assets available for distribution after payment of a proper amount to the holders of any series of Vimeo preferred stock, including any series that may be issued in the future.

Vimeo is authorized to issue 1,600,000,000 shares of Vimeo common stock and 400,000,000 shares of Vimeo Class B common stock.

#### Vimeo Restricted Shares
Vimeo Restricted Shares (held by Joseph Levin, Special Advisor to the Board and former Chairman and member of the Board) totaling 3,247,000 shares were reflected in the accompanying consolidated

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
balance sheet within "Common Stock" at December 31, 2024 and 2023. Vesting of the Vimeo Restricted Shares is subject to Mr. Levin's continued service as Special Advisor to the Board through November 5, 2030, as well as the achievement of certain stock price targets. Vimeo Restricted Shares have a non-forfeitable dividend right in the event the Company declares a cash dividend to common shareholders and participates in all other distributions of the Company in the same manner as all other Vimeo common shareholders.

#### Description of Preferred Stock
The Board is authorized to provide for the issuance of shares of preferred stock, and any class or series thereof, and to assign the designations, powers, preferences and rights to each such class or series and any qualifications, limitations or restrictions. There have been no preferred stock issuances to date.

#### Stock Repurchase Program
On February 25, 2022, the Board authorized a stock repurchase program of up to $50 million of the Company's common stock through open market or private transactions (the "Stock Repurchase Program"). Under the Stock Repurchase Program, Vimeo may repurchase shares of its common stock at any time or from time to time, without prior notice, subject to market conditions and other considerations, as determined by management. Vimeo's repurchases may be made through 10b5-1 plans, open market purchases, privately negotiated transactions, block purchases or other transactions. No date has been established for the completion of the Stock Repurchase Program. Vimeo intends to fund repurchases under the repurchase program from cash on hand, has no obligation to repurchase any shares under the Stock Repurchase Program, and may suspend or discontinue it at any time. During the year ended December 31, 2024, the Company repurchased 5.9 million shares of its common stock, on a trade date basis, at a weighted average cost of $4.50 per share, or in aggregate $26.8 million. There were no shares repurchased during the year ended December 31, 2023. The Company accounts for treasury stock under the cost method.

Subsequent to December 31, 2024 and through February 13, 2025, the Company repurchased 1.5 million shares of its common stock, on a trade date basis, at a weighted average cost of $6.55 per share, or in aggregate $9.7 million. At February 13, 2025, the Company has $13.7 million remaining under its share repurchase authorization.

#### NOTE 9 — ACCUMULATED OTHER COMPREHENSIVE LOSS
Accumulated other comprehensive loss consisting of foreign currency translation adjustments is as follows:

---

| | | |
|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2024**  | **2023**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Balance at beginning of period  | $(699) | $(831) |
| &nbsp;&nbsp;&nbsp; Other comprehensive (loss) income  | (481) | 132 |
| Balance at end of period  | $(1180) | $(699) |

---

At December 31, 2024 and 2023, there was no tax benefit or provision on accumulated other comprehensive loss.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

#### NOTE 10 — STOCK-BASED COMPENSATION

#### 2021 Stock and Annual Incentive Plan
Vimeo currently has one active equity plan, the Vimeo, Inc. 2021 Stock and Annual Incentive Plan (including an Israeli Appendix), amended and restated as of June 6, 2023 (the "2021 Plan"). The 2021 Plan authorizes the Company to deliver equity awards to its employees, officers, directors and consultants covering an aggregate of up to 20.0 million shares of the Company's common stock (in addition to previously awarded shares). At December 31, 2024, there were 12.0 million shares available for delivery under the 2021 Plan.

Equity awards provided for under the 2021 Plan include SARs, stock options, RSUs, and other stock-based awards related to shares of Vimeo common stock. The exercise price of stock options and SARs cannot be less than the market value of Vimeo common stock on the grant date. In connection with the settlement of stock-based awards, shares of Vimeo common stock may be issued either from authorized but unissued shares or from treasury stock. SARs and stock options generally vest three years from the grant date or in equal annual installments over a three or four-year period. RSUs generally vest either one year or three years from the grant date or in various installments over periods ranging from six months to three years from the grant date.

#### Stock-based compensation expense
Vimeo recorded stock-based compensation expense of $32.7 million and $12.0 million for the years ended December 31, 2024 and 2023, respectively. No income tax benefit was recognized in the accompanying consolidated statement of operations for the years ended December 31, 2024 and 2023 related to equity awards because Vimeo has recorded a full valuation allowance against the related deferred tax asset. At December 31, 2024, there was $28.0 million of unrecognized compensation cost, net of estimated forfeitures, related to equity awards, which is expected to be recognized over a weighted average period of 1.9 years.

#### Stock appreciation rights and stock options
The weighted average grant date fair value of SARs and stock options granted during the year ended December 31, 2023 was $1.87. The key assumptions in determining the grant date fair value included the expected volatility of 52.0%, risk-free interest rate of 3.6%, expected term of 6.5 years, and dividend yield of 0%. There were no SARs or stock options granted during the year ended December 31, 2024.

The table below summarizes information about SARs and stock options exercised:

---

| | | |
|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2024**  | **2023**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Intrinsic value  | $2494 | $157 |
| Cash received  | $1106 | $759 |

---

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
SAR and stock option activity for the year ended December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SARs and <br> stock options**  | **Weighted <br> average <br> exercise price**  | **Weighted <br> average <br> remaining <br> contractual <br> term in years**  | **Aggregate <br> intrinsic value**  |
|  | **(Shares and intrinsic value in thousands)**  | **(Shares and intrinsic value in thousands)**  | **(Shares and intrinsic value in thousands)**  | **(Shares and intrinsic value in thousands)**  |
| Outstanding at December 31, 2023  | 12354 | $5.58 |  |  |
| &nbsp;&nbsp;&nbsp; Granted  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exercised  | (2102) | 5.39 |  |  |
| &nbsp;&nbsp;&nbsp; Forfeited  | (17) | 21.63 |  |  |
| &nbsp;&nbsp;&nbsp; Expired  | (1413) | 6.44 |  |  |
| Outstanding at December 31, 2024  | 8822 | 5.46 | 2.2 | 11220 |
| Exercisable at December 31, 2024  | 8566 | $5.48 | 2.0 | $10620 |

---

As of December 31, 2024, the number, weighted average exercise price, weighted average remaining contractual term, and aggregate intrinsic value of Vimeo SARs and stock options that either had vested or are expected to vest approximate the corresponding amounts for Vimeo SARs and stock options outstanding.

#### Restricted stock units
The table below summarizes the weighted average grant date fair value of RSUs granted, the weighted average assumptions used to determine the grant date fair value of RSUs subject to market conditions, and the intrinsic value of RSUs that vested.

---

| | | |
|:---|:---|:---|
| | **Years Ended <br> December 31,**  | **Years Ended <br> December 31,**  |
| | **2024<sup>(a)</sup>**  | **2023**  |
| **Weighted average grant date fair value of RSUs granted:** |  |  |
| Service condition  | $4.30 | $3.67 |
| Market condition  |  | 5.80 |
| Total RSUs  | $4.30 | $4.11 |
| **Assumptions for RSUs granted with market conditions:** |  |  |
| Volatility  | —% | 57.2% |
| Risk free rate  | —% | 4.5% |
| Dividend yield  | —% | 0% |
| **Other Information (In thousands):** |  |  |
| Intrinsic value of RSUs that vested  | $20095 | $15960 |

---

(a) There were no RSUs with market conditions granted in the year ended December 31, 2024.

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
RSU activity for the year ended December 31, 2024 is as follows:

---

| | | |
|:---|:---|:---|
| | **Number of <br> Shares**  | **Weighted <br> Average <br> Grant Date <br> Fair Value**  |
|  | **(Shares in thousands)**  | **(Shares in thousands)**  |
| Unvested at December 31, 2023  | 12546 | $7.95 |
| &nbsp;&nbsp;&nbsp; Granted  | 7431 | 4.30 |
| &nbsp;&nbsp;&nbsp; Performance adjustment  | 3 | 4.68 |
| &nbsp;&nbsp;&nbsp; Vested  | (4473) | 10.54 |
| &nbsp;&nbsp;&nbsp; Forfeited  | (3364) | 6.12 |
| Unvested at December 31, 2024<sup>(a)</sup>  | 12143 | $5.26 |

---

(a) Includes 0.3 million RSUs subject to market conditions.

#### Modifications
In connection with executive and Board turnover in prior years, the Company previously modified certain equity awards resulting in a net benefit to stock-based compensation expense of $16.5 million in the year ended December 31, 2023, which was primarily a result of lower stock prices on the applicable modification dates as compared to the original grant date.

#### NOTE 11 — EARNINGS (LOSS) PER SHARE
The computation of basic and diluted earnings (loss) per share attributable to common shareholders is as follows:

---

| | | |
|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2024**  | **2023**  |
|  | **(In thousands, except <br> per share data)**  | **(In thousands, except <br> per share data)**  |
| **Basic EPS:** |  |  |
| **Numerator:** |  |  |
| &nbsp;&nbsp;&nbsp; Net earnings (loss)  | $27012 | $22032 |
| &nbsp;&nbsp;&nbsp; Less: Net earnings attributed to participating security  | (525) | (475) |
| Net earnings (loss) attributable to common stock shareholders  | $26487 | $21557 |
| **Denominator:<sup>(a)</sup>** |  |  |
| Weighted average basic common shares outstanding  | 163929 | 163238 |
| Basic earnings (loss) per share  | $0.16 | $0.13 |
| **Diluted EPS:** |  |  |
| **Numerator:** |  |  |
| &nbsp;&nbsp;&nbsp; Net earnings (loss)  | $27012 | $22032 |
| &nbsp;&nbsp;&nbsp; Less: Net earnings attributed to participating security  | (508) | (469) |
| Net earnings (loss) attributable to common stock shareholders  | $26504 | $21563 |

---

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

---

| | | |
|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2024**  | **2023**  |
|  | **(In thousands, except <br> per share data)**  | **(In thousands, except <br> per share data)**  |
| **Denominator:<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp; Weighted average basic common shares outstanding  | $163929 | $163238 |
| &nbsp;&nbsp;&nbsp; Dilutive securities  | 5522 | 2033 |
| Weighted average diluted common shares outstanding  | 169451 | 165271 |
| Antidilutive securities  | 10393 | 21461 |
| Diluted earnings (loss) per share  | $0.16 | $0.13 |

---

(a) Vimeo Restricted Shares were excluded from the computation of average basic common shares outstanding for EPS purposes because the number of shares that ultimately vest is subject to the satisfaction of certain market conditions.

#### NOTE 12 — LEASES
ROU assets and lease liabilities on the accompanying consolidated balance sheet are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | | **December 31,**  | **December 31,**  |
| **Balance Sheet Classification**  |  | **2024**  | **2023**  |
|  |  | **(In thousands)**  | **(In thousands)**  |
| Right-of-use assets  | Other non-current assets | $11106 | $12795 |
| &nbsp;&nbsp;&nbsp; Current lease liabilities  | Accrued expenses and other current liabilities  | $3330 | $2661 |
| &nbsp;&nbsp;&nbsp; Long-term lease liabilities  | Other long-term liabilities | 8514 | 10775 |
| Total lease liabilities  |  | $11844 | $13436 |

---

Components of lease expense are as follows:

---

| | | |
|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **Lease Expense**  | **2024**  | **2023**  |
|  | **(In thousands)**  | **(In thousands)**  |
| &nbsp;&nbsp;&nbsp; Fixed  | $4352 | $4449 |
| &nbsp;&nbsp;&nbsp; Short-term  | 1154 | 2131 |
| &nbsp;&nbsp;&nbsp; Variable  | 188 | 238 |
| Total lease expense, net  | $5694 | $6818 |

---

---

| | | |
|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **Lease Expense Statement of Operations Classification**  | **2024**  | **2023**  |
|  | **(In thousands)**  | **(In thousands)**  |
| &nbsp;&nbsp;&nbsp; Cost of revenue  | $538 | $692 |
| &nbsp;&nbsp;&nbsp; Research and development expense  | 2024 | 2048 |
| &nbsp;&nbsp;&nbsp; Sales and marketing expense  | 2076 | 2229 |
| &nbsp;&nbsp;&nbsp; General and administrative expense  | 1056 | 1849 |
| Total lease expense, net  | $5694 | $6818 |

---

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Maturities of lease liabilities as of December 31, 2024 are as follows:

---

| | |
|:---|:---|
| **Years Ended December 31,**  | **(In thousands)**  |
| &nbsp;&nbsp;&nbsp; 2025  | $4169 |
| &nbsp;&nbsp;&nbsp; 2026  | 4248 |
| &nbsp;&nbsp;&nbsp; 2027  | 3826 |
| &nbsp;&nbsp;&nbsp; 2028  | 1318 |
| **Total<sup>(a)</sup>**  | 13561 |
| &nbsp;&nbsp;&nbsp; Less: imputed interest  | (1717) |
| Total lease liabilities  | $11844 |

---

(a) All leases are expected to mature by December 31, 2028.

The weighted average assumptions used for lease term and discount rate are as follows:

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2024**  | **2023**  |
| Remaining lease term  | 3.2 years  | 4.2 years  |
| Discount rate  | 8.2% | 8.9% |

---

Other information related to leases is as follows:

---

| | | |
|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2024**  | **2023**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Right-of-use assets obtained in exchange for lease liabilities  | $1538 | $262 |
|  Cash paid for amounts included in the measurement of lease liabilities  | $4253 | $4324 |

---

#### NOTE 13 — COMMITMENTS AND CONTINGENCIES

#### Commitments
Vimeo has entered into certain off-balance sheet commitments that require the future purchase of services ("purchase obligations"). Future payments under non-cancelable purchase obligations as of December 31, 2024 principally consist of payments for various cloud computing and software development arrangements and are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Amount of Commitment Expiration Per Period**  | **Amount of Commitment Expiration Per Period**  | **Amount of Commitment Expiration Per Period**  | **Amount of Commitment Expiration Per Period**  | **Amount of Commitment Expiration Per Period**  |
| | **Less Than <br> 1 Year**  | **1 – 3 <br> Years**  | **3 – 5 <br> Years**  | **More Than <br> 5 Years**  | **Total <br> Amounts <br> Committed**  |
|  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  |
| Purchase obligations  | $57892 | $38775 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $96667 |

---

#### Contingencies
In the ordinary course of business, Vimeo is, and from time to time may become, a party to various legal proceedings. Vimeo establishes reserves for specific legal matters when it determines that the likelihood of an unfavorable outcome is probable and the loss is reasonably estimable. Management has also identified certain other legal matters where it believes an unfavorable outcome is not probable

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
and, therefore, no reserve is established. Although management currently believes that resolving claims against Vimeo, including claims where an unfavorable outcome is reasonably possible, will not have a material impact on the liquidity, results of operations or financial condition of Vimeo, these matters are subject to inherent uncertainties and management's view of these matters may change in the future. Vimeo also evaluates other contingent matters, including income and non-income tax contingencies, to assess the likelihood of an unfavorable outcome and estimated extent of potential loss. It is possible that an unfavorable outcome of one or more of these lawsuits or other contingencies could have a material impact on the liquidity, results of operations or financial condition of Vimeo. See "Note 4 — Income Taxes" for additional information related to income tax contingencies.

#### EMI/Capitol Records Copyright Infringement Litigation
In December 2009, a group of music publishers owned by EMI Music Publishing (now owned by Sony/ATV Music Publishing, a subsidiary of Sony Entertainment) and a group of then EMI-affiliated record companies, including Capitol Records (now owned by Universal Music Group), filed two lawsuits against Vimeo and its former owner, Connected Ventures, in the U.S. District Court for the Southern District of New York. See *Capitol Records, LLC v. Vimeo, LLC*, No. 09 Civ. 10101 (S.D.N.Y.) and *EMI Blackwood Music, Inc. v. Vimeo, LLC*, No. 09 Civ. 10105 (S.D.N.Y.). In both cases, plaintiffs allege that Vimeo infringed their music copyrights (in the publishers' musical compositions and the record companies' sound recordings) by hosting and streaming videos uploaded by users (and in certain cases, former employees) featuring their musical works. Plaintiffs seek, among other things, injunctive relief and monetary damages. The initial complaints identified 199 videos as infringing (which Vimeo removed post-suit).

Prior to suit, plaintiffs did not avail themselves of their right to submit a takedown notice to Vimeo pursuant to the online safe harbor provisions of the Digital Millennium Copyright Act of 1998 ("DMCA"), which limits the liability of online service providers for copyright infringement of their users when the provider takes certain measures. Vimeo asserts that the DMCA limits its liability because it complies with the DMCA and plaintiffs failed to submit takedown notices. Plaintiffs disagree, asserting various theories as to why the DMCA may not apply to some or all of the videos-in-suit.

The district court bifurcated proceedings and required the parties to first litigate the issue of whether Vimeo satisfied the DMCA's safe harbor provisions. On September 18, 2013, the district court granted partial summary judgment to Vimeo on 144 of the 199 original videos-in-suit on the ground that Vimeo complied with the threshold requirements of the DMCA and that there was no evidence that a Vimeo employee had watched the videos in question such that Vimeo had actual or "red flag" knowledge of infringement, which would disqualify the DMCA's application. The court denied summary judgment as to 35 videos-in-suit on the ground that there was a material question of fact as to whether Vimeo had "red flag" knowledge of infringement based upon employees having watched all or part of these videos. The court further held that the DMCA did not apply to the record companies' state-law claims regarding sound recordings fixed before February 1972; a trial was necessary to determine whether Vimeo was liable for employees who uploaded approximately 20 videos; and that plaintiffs should be permitted to amend their complaints to add over 1,500 videos allegedly infringing their copyrights (which Vimeo removed after receiving plaintiffs' proposed amended complaint).

Vimeo sought and obtained the right to appeal certain issues on an interlocutory basis to the U.S. Court of Appeals for the Second Circuit. On June 16, 2016, the Second Circuit held that (1) the district court had applied the incorrect summary-judgment standard for "red flag" infringement and that evidence that an employee watched all or part of a video containing plaintiffs' music did not raise a genuine issue of fact as to whether Vimeo had "red flag" knowledge in such video; (2) the DMCA applies to state-law copyright infringement claims predicated on pre-1972 sound recordings; and (3) on an issue raised by plaintiffs in their cross-appeal, the record did not show that Vimeo was willfully blind

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
towards infringing activity taking place on its platform. As a result of these rulings, the Second Circuit partially vacated the district court's ruling and remanded the case for further proceedings consistent with its judgment.

On March 31, 2018, the district court granted Vimeo's motion to dismiss plaintiffs' state-law unfair competition claims on the grounds that they were state-law copyright claims covered by the DMCA per the Second Circuit's judgment. On May 28, 2021, the district court granted Vimeo summary judgment as to videos for which the sole remaining basis of liability was the assertion that Vimeo had "red flag" knowledge of infringement. On August 26, 2021, the district court approved a stipulation whereby plaintiffs agreed to conditionally dismiss all remaining claims to allow a final judgment to issue. Under the stipulation, plaintiffs may refile their claims regarding the alleged employee-uploaded videos if the Second Circuit reverses the district court's other rulings in whole or in part. On November 1, 2021, the district court entered a final judgment adopting the terms of the parties' stipulation. On November 29, 2021, plaintiffs filed an appeal to the U.S. Court of Appeals for the Second Circuit. On January 13, 2025, the Second Circuit issued an opinion affirming the judgment.

#### RTI Copyright Litigation
Between 2012 and 2017, Italian broadcaster Reti Televisive Italiane s.p.a. and an affiliate thereof (collectively, "RTI") filed four lawsuits for copyright infringement against Vimeo in the Civil Court of Rome. See *Reti Televisive Italiane s.p.a. v. Vimeo, LLC*, Cause Nos. 23732/12, 62343/2015, and 59780/2017 (Rome Civil Court), and *Medusa Film v. Vimeo, Inc.*, Cause No. 74775/2017 (Rome Civil Court). In each case, RTI asserts that Vimeo infringed its copyrights by hosting and streaming user-uploaded videos that allegedly contain RTI's television or film programming, and seeks, among other things, injunctive relief and monetary damages.

On January 15, 2019, the Civil Court of Rome concluded the first case (No. 23732/12) and entered a judgment against Vimeo, awarding RTI damages of €8,500,000 plus interest and entering an injunction against Vimeo with respect to further acts of infringement. Vimeo filed an appeal and petitioned to stay the judgment pending appeal. On May 13, 2019, the Rome Court of Appeals stayed the judgment pending appeal. On August 10, 2022, the Rome Court of Appeals affirmed the judgment. Vimeo appealed to the Italian Supreme Court of Cassation.

On June 2, 2019, the Civil Court of Rome concluded the second case (No. 62343/2015) and entered a judgment against Vimeo, awarding RTI damages of €4,746,273 plus interest and entering an injunction against Vimeo as to further acts infringement. Vimeo filed an appeal and petitioned to stay the judgment pending appeal. The Rome Court of Appeals declined to stay the judgment. On October 12, 2023, the Rome Court of Appeals published its decision affirming the lower court's judgment on liability but reducing the amount of damages to €3,865,161 plus interests and costs. Vimeo has appealed to the Italian Supreme Court of Cassation and the case is currently pending (No. 856/2024).

To pursue enforcement of the judgments in the United States, RTI initially commenced a lawsuit against Vimeo in the U.S. District Court for the Southern District of New York on October 26, 2020 to enforce the June 2019 judgment. See Reti Televisive Italiane s.p.a. v. Vimeo, LLC, No. 20 Civ. 8954 (S.D.N.Y.). On December 22, 2020, Vimeo and RTI filed, and the district court entered, a stipulation and order staying the U.S. proceedings pending the final outcome of the appeals from the Italian judgment at issue. On June 1, 2023, RTI filed an action in the Supreme Court of New York, New York County to enforce the Civil Court's judgment of €8,500,000 (No. 652646/2023). The case was removed to federal court and is now pending in the Southern District of New York. See Reti Televisive Italiane S.p.A. v. Vimeo.com, Inc, No. 23 Civ. 05488 (S.D.N.Y.). On October 20, 2023, the U.S. District Court for the Southern District of New York entered an order lifting the stay of the U.S. enforcement proceedings in the first case (No. 20 Civ. 8954) and consolidating the two enforcement proceedings (No. 20 Civ. 8954 and No. 23 Civ. 05488). Vimeo has filed a Motion for Summary Judgement or, in the Alternative, to Stay the Case.

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
On April 7, 2023, the Civil Court of Rome published a decision finding in favor of Vimeo and dismissing the third case (No. 59780/2017) in its entirety. On October 9, 2023, RTI served Vimeo with its appeal challenging the court's decision in the third case.

On October 18, 2022, the Civil Court of Rome issued a decision in the fourth case, Medusa Film v. Vimeo, Inc. (No. 74775/2017) finding liability but rejecting RTI's damage calculation and reserving judgment as to the amount of damages. On November 30, 2022, RTI served a notice of appeal challenging the court's decision on damages.

On June 26, 2024, the parties entered into a settlement agreement to resolve the lawsuits pending in Italy and the consolidated enforcement action pending in New York. The settlement agreement included a payment to the plaintiffs, which did not have a material impact on Vimeo's financial condition, results of operations, or cash flows. Pursuant to the settlement agreement, on July 12, 2024, the parties filed a Joint Stipulation of Dismissal of the consolidated enforcement action in the Southern District of New York (No. 23 Civ. 05488), and the case is now closed. On July 18, 2024, the parties filed Joint Stipulations of Dismissal to resolve the cases pending in the Civil Court of Rome (No. 74775/2017), the Rome Court of Appeals (Nos. 6536/2022 and 5033/2023), and the Italian Supreme Court of Cassation (Nos. 26719/2022 and 856/2024). The Civil Court of Rome and the Rome Court of Appeals have dismissed the cases pending before them. The Italian Supreme Court of Cassation dismissed the first case (No. 26719/2022), and the second case (No. 856/2024) remains pending.

#### Sony/Universal/Warner Copyright Litigation
In March 2021, Sony Music Entertainment Italy (a subsidiary of Sony Music Entertainment Group), Warner Music Italia (a subsidiary of Warner Music Group), Universal Music Italia (a subsidiary of Universal Music Group), and Warner Music International Services (a subsidiary of Warner Music Group) filed a lawsuit against Vimeo in the Court of Milan alleging violations of Italian copyright and unfair competition laws. See *Sony Music Entertainment Italy s.p.a. et al. v. Vimeo, Inc.*, Case No. 10977/2021 (Court of Milan, Business Division). The complaint alleges that Vimeo infringed plaintiffs' copyrights by hosting and streaming user-uploaded videos that contain plaintiffs' copyrighted works and that, upon notification of the alleged infringement, Vimeo employed a takedown process that did not comply with Italian law. The complaint seeks, among other things, injunctive relief and damages to be quantified in a separate proceeding. Additionally, the complaint seeks potential penalties of €10,000 per day of delay in removing unauthorized works after receipt of a court order to do so, if applicable. On November 3, 2021, Vimeo filed its initial brief. On November 23, 2021, the parties attended the initial hearing with the Court of Milan where the court set forth a briefing schedule. The parties have exchanged briefs, and the claims hearing scheduled for October 16, 2024 has been rescheduled for October 8, 2025.

#### NOTE 14 — RELATED PARTY TRANSACTIONS
In May 2021, Vimeo became an independent, separately traded public company through a spin-off from IAC/InterActiveCorp ("IAC") (the "Spin-off"). Following the Spin-off, IAC continues to be a related party to Vimeo due to the relationship between our directors and substantial stockholders with IAC and its subsidiaries. All related party balances between Vimeo and IAC and its subsidiaries are reflected in the accompanying consolidated balance sheet within "Accrued expenses and other current liabilities" and "Other long-term liabilities".

All related party transactions between Vimeo and IAC and its subsidiaries, other than amounts related to the settlement of equity awards, are reflected in the accompanying consolidated statement of cash flows as operating activities. Amounts related to the settlement of equity awards are reflected in the accompanying consolidated statement of cash flows as financing activities.

In November 2021, Vimeo entered into a sublease agreement with a subsidiary of Angi Inc., which is also an indirect subsidiary of IAC, whereby Vimeo agreed to sublease the 10th floor at 330 West 34th

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Street ("West 34th Street Sublease") in New York City. In July 2022, Vimeo extended the terms of the West 34th Street Sublease, and added a sublease of a portion of the fifth floor, both through April 2028. At December 31, 2024 and 2023, Vimeo had a current lease liability of $2.7 million and $2.3 million included in "Accrued expenses and other current liabilities," respectively, and a non-current lease liability of $8.0 million and $10.7 million included in "Other long-term liabilities," respectively, related to the West 34th Street Sublease in the accompanying consolidated balance sheet. Rent expense for the years ended December 31, 2024 and 2023 were $3.5 million and $3.5 million, respectively.

The relationship between Vimeo and IAC has been governed by a number of agreements that include: a separation agreement; a tax matters agreement; a transition services agreement; an employee matters agreement; and a data protection agreement. There were no related charges for the year ended December 31, 2024. The total related charges for the year ended December 31, 2023 were $0.8 million. At December 31, 2024, Vimeo had a current payable due to IAC of $0.1 million which was included in "Accrued expenses and other current liabilities" in the accompanying consolidated balance sheet and was subsequently paid in January 2025. At December 31, 2023, there was no amount due to IAC.

#### NOTE 15 — BENEFIT PLANS
Vimeo employees in the United States may elect to participate in the Vimeo Retirement Savings Plan (the "Vimeo Plan"), which is a retirement savings program in the United States that qualifies under Section 401(k) of the Internal Revenue Code. The employer match under the Vimeo Plan is 100% of the first 10% of a participant's eligible earnings, subject to IRS limits on the Company's matching contribution that a participant contributes to the Vimeo Plan. Under the Vimeo Plan, the Company's common stock is not an available investment option. Vimeo incurred costs related to matching contributions to the Vimeo Plan of $4.9 million and $5.7 million for the years ended December 31, 2024 and 2023, respectively.

Vimeo also has or participates in various benefit plans, primarily defined contribution plans, for its international employees. Vimeo incurred costs related to contributions to these plans of $2.0 million and $2.0 million for the years ended December 31, 2024 and 2023, respectively.

#### NOTE 16 — FINANCIAL STATEMENT DETAILS

#### Cash and Cash Equivalents and Restricted Cash
The reconciliation of cash and cash equivalents and restricted cash reported within the accompanying consolidated balance sheet to the total amounts shown in the accompanying consolidated statement of cash flows is as follows:

---

| | | |
|:---|:---|:---|
| | **December 31, 2024<sup>(a)</sup>**  | **December 31, 2023<sup>(b)</sup>**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Cash and cash equivalents  | $325276 | $301372 |
| Restricted cash included in other current assets  | 217 | 64 |
|  Total cash and cash equivalents and restricted cash as shown on the consolidated statement of cash flows  | $325493 | $301436 |

---

(a) Restricted cash consisted of a deposit related to a lease.

(b) Restricted cash consisted of a deposit related to corporate credit cards.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

#### Prepaid Expenses and Other Current Assets

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2024**  | **2023**  |
|  | **(In thousands)**  | **(In thousands)**  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses  | $15638 | $14395 |
| &nbsp;&nbsp;&nbsp; Other current assets  | 9094 | 9096 |
| Prepaid expenses and other current assets  | $24732 | $23491 |

---

#### Accrued Expenses and Other Current Liabilities

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| | **2024**  | **2023**  |
|  | **(In thousands)**  | **(In thousands)**  |
| &nbsp;&nbsp;&nbsp; Accrued employee compensation and benefits  | $33500 | $27519 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses and current liabilities<sup>(a)</sup>  | 22527 | 26054 |
| Accrued expenses and other current liabilities  | $56027 | $53573 |

---

(a) As of December 31, 2024 and 2023, includes $2.7 million and $2.3 million, respectively, related to the operating lease agreements as described in "Note 14 — Related Party Transactions."

#### Other Income, net
The components of "Other income, net" are as follows:

---

| | | |
|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2024**  | **2023**  |
|  | **(In thousands)**  | **(In thousands)**  |
| &nbsp;&nbsp;&nbsp; Interest income  | $14793 | $12640 |
| &nbsp;&nbsp;&nbsp; Foreign exchange gains, net  | 240 | 259 |
| &nbsp;&nbsp;&nbsp; Loss on the sale of an asset  |  | (37) |
| &nbsp;&nbsp;&nbsp; Other, net  |  |  |
| Other income, net  | $15033 | $12862 |

---

#### Supplemental Disclosure of Cash Flow Information

---

| | | |
|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2024**  | **2023**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Cash received (paid) during the year for: |  |  |
| &nbsp;&nbsp;&nbsp; Interest payments  | $— | $(151) |
| &nbsp;&nbsp;&nbsp; Income tax payments  | (7293) | (1434) |
| &nbsp;&nbsp;&nbsp; Income tax refunds  | $24 | $125 |

---

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

#### NOTE 17 — RESTRUCTURING
During the years ended December 31, 2024 and 2023, , the Company completed evaluations to sufficient levels of detail to commit to restructuring plans that resulted in reductions to its workforce of approximately 4% and 11%, respectively. One-time termination benefits provided as part of the restructuring plans include severance, continuation of health insurance coverage and other benefits for a specified period of time, which resulted in $2.2 million and $4.9 million of restructuring costs for the years ended December 31, 2024 and 2023, respectively.

Costs related to these restructuring plans have been recognized in the accompanying consolidated statement of operations as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2024**  | **2023**  |
|  | **(In thousands)**  | **(In thousands)**  |
| **Restructuring costs:** |  |  |
| &nbsp;&nbsp;&nbsp; Cost of revenue  | $88 | $298 |
| &nbsp;&nbsp;&nbsp; Research and development expense  | 116 | 2813 |
| &nbsp;&nbsp;&nbsp; Sales and marketing expense  | 1104 | 1078 |
| &nbsp;&nbsp;&nbsp; General and administrative expense  | 897 | 699 |
| Total  | $2205 | $4888 |

---

At December 31, 2024, all payments under the restructuring plans have been made.

#### NOTE 18 — SEGMENT
Vimeo's Chief Executive Officer ("CEO") is the CODM and allocates resources and assesses performance based upon consolidated "Net earnings (loss)" that is included in the accompanying consolidated statement of operations, primarily by monitoring actual results versus our internal budget. Accordingly, the Company operates as a single operating segment. The measure of segment assets is reflected as "Total assets" in the accompanying consolidated balance sheet. Vimeo's revenue is derived primarily from fixed SaaS subscription fees paid by customers as discussed further in "Note 2 — Summary of Significant Accounting Policies."

Revenue and significant expenses regularly provided to the CEO to arrive at Segment net earnings (loss) are as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2024**  | **2023**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Revenue  | $417006 | $417214 |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp; Hosting  | 51578 | 49455 |
| &nbsp;&nbsp;&nbsp; Compensation and other employee-related  | 194074 | 189461 |
| &nbsp;&nbsp;&nbsp; Advertising  | 32353 | 60351 |
| &nbsp;&nbsp;&nbsp; Other segment items<sup>(a)(b)</sup>  | 111989 | 95915 |
| Segment net earnings (loss)  | 27012 | 22032 |
| Adjusting items  |  |  |
| Net earnings (loss)  | $27012 | $22032 |

---

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(a) Other segment items primarily include stock-based compensation expense, credit card processing fees, software license and maintenance costs, fees for professional services, and rent expense and facility costs.

(b) Other segment items also include "Depreciation", "Amortization of intangibles", "Interest expense", "Other income, net" (as detailed in in Note 16 — Financial Statement Details), and "Income tax provision", which are the same as the amounts in the accompanying consolidated statement of operations as the Company operates as a single operating segment.

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### CONSOLIDATED BALANCE SHEET (Unaudited)

---

| | | |
|:---|:---|:---|
| | **September 30, <br> 2025**  | **December 31, <br> 2024**  |
|  | **(In thousands, except par value <br> amounts)**  | **(In thousands, except par value <br> amounts)**  |
| **ASSETS**  |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | $320648 | $325276 |
| &nbsp;&nbsp;&nbsp; Accounts receivable, net  | 21576 | 24648 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets  | 23441 | 24732 |
| Total current assets  | 365665 | 374656 |
| &nbsp;&nbsp;&nbsp; Leasehold improvements and equipment, net  | 452 | 456 |
| &nbsp;&nbsp;&nbsp; Goodwill  | 245406 | 245406 |
| &nbsp;&nbsp;&nbsp; Intangible assets with definite lives, net  | 5576 | 1239 |
| &nbsp;&nbsp;&nbsp; Other non-current assets  | 17211 | 21064 |
| **TOTAL ASSETS**  | $634310 | $642821 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY**  |  |  |
| **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable, trade  | $3855 | $4473 |
| &nbsp;&nbsp;&nbsp; Deferred revenue  | 167712 | 161923 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities  | 60915 | 56027 |
| Total current liabilities  | 232482 | 222423 |
| &nbsp;&nbsp;&nbsp; Other long-term liabilities  | 8533 | 11601 |
| Commitments and contingencies |  |  |
| **SHAREHOLDERS' EQUITY:** |  |  |
|  Common stock, $0.01 par value; 1,600,000 shares authorized; 167,480 and 161,993 shares issued and 157,684 and 156,047 shares outstanding, respectively  | 1675 | 1620 |
|  Class B common stock, $0.01 par value; 400,000 shares authorized; 9,399 shares issued and outstanding, respectively  | 94 | 94 |
|  Preferred stock, $0.01 par value; 100,000 shares authorized; no shares issued and outstanding  |  |  |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 808654 | 801367 |
| &nbsp;&nbsp;&nbsp; Accumulated deficit  | (366290) | (366323) |
| &nbsp;&nbsp;&nbsp; Accumulated other comprehensive loss  | (565) | (1180) |
| Treasury stock, at cost, 9,796 and 5,946 shares, respectively  | (50273) | (26781) |
| Total shareholders' equity  | 393295 | 408797 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY**  | $634310 | $642821 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
|  | **(In thousands, except per share data)**  | **(In thousands, except per share data)**  | **(In thousands, except per share data)**  | **(In thousands, except per share data)**  |
| Revenue  | $105756 | $104564 | $313440 | $313850 |
| &nbsp;&nbsp;&nbsp; Cost of revenue (exclusive of depreciation shown separately below)  | 23414 | 21708 | 70615 | 67829 |
| Gross profit  | 82342 | 82856 | 242825 | 246021 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Research and development expense  | 31208 | 26588 | 92183 | 81695 |
| &nbsp;&nbsp;&nbsp; Sales and marketing expense  | 30440 | 28799 | 94058 | 88780 |
| &nbsp;&nbsp;&nbsp; General and administrative expense  | 24832 | 19655 | 62163 | 56776 |
| &nbsp;&nbsp;&nbsp; Depreciation  | 62 | 102 | 153 | 313 |
| &nbsp;&nbsp;&nbsp; Amortization of intangibles  | 391 | 347 | 1227 | 1042 |
| Total operating expenses  | 86933 | 75491 | 249784 | 228606 |
| Operating (loss) income  | (4591) | 7365 | (6959) | 17415 |
| &nbsp;&nbsp;&nbsp; Other income, net  | 3155 | 3615 | 8249 | 11312 |
| Loss (earnings) before income taxes  | (1436) | 10980 | 1290 | 28727 |
| &nbsp;&nbsp;&nbsp; Income tax provision  | (900) | (1698) | (1257) | (3251) |
| **Net (loss) earnings**  | $(2336) | $9282 | $33 | $25476 |
| **Per share information:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic (loss) earnings per share  | $(0.01) | $0.06 | $— | $0.15 |
| &nbsp;&nbsp;&nbsp; Diluted (loss) earnings per share  | $(0.01) | $0.05 | $— | $0.15 |
| **Stock-based compensation expense by function:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cost of revenue  | $112 | $220 | $466 | $565 |
| &nbsp;&nbsp;&nbsp; Research and development expense  | 2252 | 2791 | 7865 | 10509 |
| &nbsp;&nbsp;&nbsp; Sales and marketing expense  | 1495 | 1521 | 5309 | 4166 |
| &nbsp;&nbsp;&nbsp; General and administrative expense  | 2305 | 3736 | 6658 | 8380 |
| Total stock-based compensation expense  | $6164 | $8268 | $20298 | $23620 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### CONSOLIDATED STATEMENT OF COMPREHENSIVE OPERATIONS (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  |
| **Net (loss) earnings**  | $(2336) | $9282 | $33 | $25476 |
| Other comprehensive (loss) income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Change in foreign currency translation adjustment  | (441) | 294 | 615 | 56 |
| Total other comprehensive (loss) income  | (441) | 294 | 615 | 56 |
| Comprehensive (loss) income  | $(2777) | $9576 | $648 | $25532 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common <br> stock, <br> $0.01 par <br> value**  | **Common <br> stock, <br> $0.01 par <br> value**  | **Common <br> stock, <br> $0.01 par <br> value**  | **Class B <br> common <br> stock, <br> $0.01 par <br> value**  | **Class B <br> common <br> stock, <br> $0.01 par <br> value**  | **Class B <br> common <br> stock, <br> $0.01 par <br> value**  | **Treasury <br> Stock**  | **Treasury <br> Stock**  | **Treasury <br> Stock**  | **Additional <br> Paid-in <br> Capital**  | **Accumulated <br> Deficit**  | **Accumulated <br> Other <br> Comprehensive <br> Loss**  | **Total <br> Shareholders' <br> Equity**  |
| | **$**  | $**Shares**  | **Shares**  | **$**  | $**Shares**  | **Shares**  | **$**  | $**Shares**  | **Shares**  | **Additional <br> Paid-in <br> Capital**  | **Accumulated <br> Deficit**  | **Accumulated <br> Other <br> Comprehensive <br> Loss**  | **Total <br> Shareholders' <br> Equity**  |
|  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  |
| **Balance at June 30, 2025**  |  |  | 165780 |  |  | 9399 |  |  | 9796 | $803691 | $(363954) | $(124) | $391092 |
| Net loss  |  |  |  |  |  |  |  |  |  |  | (2336) |  | (2336) |
| Other comprehensive loss  |  |  |  |  |  |  |  |  |  |  |  | (441) | (441) |
|  Stock-based compensation expense <br> (inclusive of capitalized internal-use <br> software development costs)  |  |  |  |  |  |  |  |  |  | 6234 |  |  | 6234 |
|  Amounts related to settlement of equity awards  |  |  | 1700 |  |  |  |  |  |  | (1271) |  |  | (1254) |
| **Balance at September 30, 2025**  |  |  | 167480 |  |  | 9399 |  |  | 9796 | $808654 | $(366290) | $(565) | $393295 |
| **Balance at December 31, 2024**  |  |  | 161993 |  |  | 9399 |  |  | 5946 | $801367 | $(366323) | $(1180) | $408797 |
| Net earnings  |  |  |  |  |  |  |  |  |  |  | 33 |  | 33 |
| Other comprehensive income  |  |  |  |  |  |  |  |  |  |  |  | 615 | 615 |
|  Stock-based compensation expense <br> (inclusive of capitalized internal-use <br> software development costs)  |  |  |  |  |  |  |  |  |  | 20593 |  |  | 20593 |
|  Amounts related to settlement of equity awards  |  |  | 5487 |  |  |  |  |  |  | (13306) |  |  | (13251) |
| Purchase of treasury stock  |  |  |  |  |  |  |  |  | 3850 |  |  |  | (23492) |
| **Balance at September 30, 2025**  |  |  | 167480 |  |  | 9399 |  |  | 9796 | $808654 | $(366290) | $(565) | $393295 |
| **Balance at June 30, 2024**  |  |  | 160265 |  |  | 9399 |  |  | 3037 | $786044 | $(377141) | $(937) | $397892 |
| Net earnings  |  |  |  |  |  |  |  |  |  |  | 9282 |  | 9282 |
| Other comprehensive income  |  |  |  |  |  |  |  |  |  |  |  | 294 | 294 |
|  Stock-based compensation <br> expense  |  |  |  |  |  |  |  |  |  | 8268 |  |  | 8268 |
|  Amounts related to settlement of equity awards  |  |  | 629 |  |  |  |  |  |  | (1290) |  |  | (1284) |
| Purchase of treasury stock  |  |  |  |  |  |  |  |  | 1315 |  |  |  | (5041) |
| **Balance at September 30, 2024**  |  |  | 160894 |  |  | 9399 |  |  | 4352 | $793022 | $(367859) | $(643) | $409411 |
| **Balance at December 31, 2023**  |  |  | 158511 |  |  | 9399 |  |  |  | $774587 | $(393335) | $(699) | $382232 |
| Net earnings  |  |  |  |  |  |  |  |  |  |  | 25476 |  | 25476 |
| Other comprehensive income  |  |  |  |  |  |  |  |  |  |  |  | 56 | 56 |
|  Stock-based compensation <br> expense  |  |  |  |  |  |  |  |  |  | 23620 |  |  | 23620 |
|  Amounts related to settlement of equity awards  |  |  | 2383 |  |  |  |  |  |  | (5185) |  |  | (5161) |
| Purchase of treasury stock  |  |  |  |  |  |  |  |  | 4352 |  |  |  | (16812) |
| **Balance at September 30, 2024**  |  |  | 160894 |  |  | 9399 |  |  | 4352 | $793022 | $(367859) | $(643) | $409411 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| | **2025**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  |
| **Cash flows from operating activities:** |  |  |
| **Net earnings**  | $33 | $25476 |
|  Adjustments to reconcile net earnings to net cash provided by operating activities:  |  |  |
| &nbsp;&nbsp;&nbsp; Stock-based compensation expense  | 20298 | 23620 |
| &nbsp;&nbsp;&nbsp; Amortization of intangibles  | 1227 | 1042 |
| &nbsp;&nbsp;&nbsp; Depreciation  | 153 | 313 |
| &nbsp;&nbsp;&nbsp; Provision for credit losses  | 373 | 344 |
| &nbsp;&nbsp;&nbsp; Non-cash lease expense  | 3119 | 3310 |
| &nbsp;&nbsp;&nbsp; Other adjustments, net  | (82) | 64 |
| Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts receivable  | 1175 | (795) |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 5774 | 4231 |
| &nbsp;&nbsp;&nbsp; Accounts payable and other liabilities  | (2174) | (7371) |
| &nbsp;&nbsp;&nbsp; Deferred revenue  | 6860 | (4177) |
| **Net cash provided by operating activities**  | 36756 | 46057 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp; Capital expenditures  | (142) | (173) |
| &nbsp;&nbsp;&nbsp; Capitalized internal-use software development costs  | (5269) |  |
| **Net cash used in investing activities**  | (5411) | (173) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp; Amounts related to settlement of equity awards  | (14144) | (5243) |
| &nbsp;&nbsp;&nbsp; Proceeds from exercise of stock options  | 1125 | 47 |
| &nbsp;&nbsp;&nbsp; Purchases of treasury stock  | (23791) | (16797) |
| **Net cash used in financing activities**  | (36810) | (21993) |
| **Total cash (used) provided**  | (5465) | 23891 |
| &nbsp;&nbsp;&nbsp; Effect of exchange rate changes on cash and cash equivalents and restricted cash  | 854 | (306) |
|  **Net (decrease) increase in cash and cash equivalents and restricted <br> cash**  | (4611) | 23585 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents and restricted cash at beginning of period  | 325493 | 301436 |
| **Cash and cash equivalents and restricted cash at end of period**  | $320882 | $325021 |

---

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

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[**TABLE OF CONTENTS**](#TOC2)

#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### VIMEO, INC. AND SUBSIDIARIES

### NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

#### NOTE 1 — ORGANIZATION AND BASIS OF PRESENTATION

#### Description of Business
Vimeo is the world's most innovative video experience platform, providing a full breadth of video tools through a software-as-a-service ("SaaS") model. Our core focus is transforming how people create and share videos by providing cutting-edge products and a platform that bridges technology with creative innovation. We provide a turnkey cloud-based solution that eliminates barriers to using video and solves essential video needs, including video hosting and management, intuitive video creation and editing, insightful analytics, AI language translations, and enterprise tools.

Unless otherwise stated herein, references to "Vimeo," the "Company," "we," "our" or "us" refers to Vimeo, Inc. and its consolidated subsidiaries.

#### Pending Merger with Bending Spoons
As previously disclosed, on September 10, 2025, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") with Bending Spoons US Inc., a Delaware corporation ("Parent"), Bending Spoons S.p.A., an Italian *societá per azioni* (solely for purposes of the sections specified therein) ("Guarantor"), and Bloomberg Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of Parent ("Merger Sub"), pursuant to which, among other things, Merger Sub will merge with and into the Company, with the Company surviving as a wholly owned subsidiary of Parent (the "Merger"). The board of directors of the Company (the "Board") unanimously approved the Merger and the Merger Agreement. The Merger Agreement is an all-cash transaction valued at approximately $1.38 billion. Under the terms of the Merger Agreement, Vimeo shareholders will receive $7.85 per share in cash for each share of Vimeo capital stock that they own. The stockholders of the Company, who are of record as of October 21, 2025, will vote on the Merger and the Merger Agreement at the stockholder meeting on November 19, 2025. If the Merger is not completed, then under certain circumstances Vimeo may be required to pay Bending Spoons US Inc. a termination fee of $40.1 million.

The Company recorded transaction costs of $5.9 million in connection with the pending Merger during the three months ended September 30, 2025. Such costs are included within General and administrative expenses in the Consolidated Statement of Operations. The Company expects additional transaction costs to be incurred including upon successful completion of the Merger.

If the Merger is consummated, our common stock will no longer be publicly listed and traded on The Nasdaq Stock Market LLC, the common stock will be deregistered under the Securities Exchange Act of 1934, we will no longer file periodic reports with the Securities and Exchange Commission ("SEC") and existing stockholders will cease to have any ownership interest in Vimeo.

#### Basis of Presentation and Consolidation
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and with the rules and regulations of the SEC. Accordingly, they do not include all of the information and notes required by GAAP for complete annual financial statements. In the opinion of management, the accompanying unaudited interim consolidated financial statements include all adjustments considered necessary for a fair presentation. Interim results are not necessarily indicative of the results that may be expected for the full year. The information included in this document should be read in conjunction with the audited annual consolidated financial statements and accompanying notes included in our Annual Report for the fiscal year ended December 31, 2024.

All intercompany balances and transactions between and among Vimeo and its subsidiaries have been eliminated.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

#### Accounting Estimates
Management of Vimeo is required to make certain estimates, judgments and assumptions during the preparation of its consolidated financial statements in accordance with GAAP that affect the amounts reported in the accompanying consolidated financial statements and footnotes thereto. Actual results could differ from these estimates.

Significant estimates and judgments inherent in the preparation of the accompanying consolidated financial statements include those related to: the recoverability of goodwill; contingencies; unrecognized tax benefits; and the valuation allowance for deferred income tax assets, among others. Vimeo bases its estimates, judgments and assumptions on historical experience, its forecasts and budgets and other factors that Vimeo considers relevant.

#### Significant Accounting Policies
There have been no material changes from the significant accounting policies previously disclosed in Part II, Item 8, of the Company's Annual Report for the fiscal year ended December 31, 2024 as filed with the SEC on February 19, 2025, except for the addition of the following significant accounting policy.

#### Internal-use software development costs
The Company capitalizes certain internal and external costs related to the development of internal-use software during the application development stage. Costs incurred during the preliminary project and post-implementation stages are expensed as incurred. Capitalized internal-use software development costs are included within "Intangible assets with definite lives, net" on the consolidated balance sheet. Amortization of capitalized internal-use software development costs begins when the internal-use software is ready for its intended use and is recognized over the estimated useful life of the software, which is generally three years, and is included in "Amortization of intangibles" in the consolidated statement of operations.

#### Recent Accounting Pronouncements
In December 2023, Accounting Standards Update ("ASU") 2023-09*, Income Taxes (Topic 740): Improvements to Income Tax Disclosures* was issued, and requires disclosure of disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. This guidance will impact the Company's income tax disclosures beginning with the Annual Report for the year ended December 31, 2025 on a prospective basis.

In November 2024, ASU 2024-03*, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)* was issued, which requires public business entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items. This guidance will become effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, on a prospective basis. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.

In July 2025, ASU 2025-05*, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets* was issued, which allows companies to apply a practical expedient when estimating credit losses on current accounts receivable and contract assets. The practical expedient allows the entity to assume that the current conditions as of the balance sheet date will remain unchanged for the remaining life of the asset when developing a reasonable and supportable forecast as part of estimating expected credit losses on these assets. This guidance will become effective for fiscal years and interim periods beginning after December 15, 2025 on a prospective basis. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.

In September 2025, ASU 2025-06*, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software* was issued and amended existing guidance to remove all references to project stages in software development and

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
requires capitalization of internal-use software costs to begin when management has authorized and committed to funding the project and it is probable the project will be completed and used to perform the intended function. This guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.

#### Reclassifications
Certain prior year amounts have been reclassified to conform to the current year presentation.

#### NOTE 2 — REVENUE

#### Revenue Recognition
Vimeo's revenue is derived primarily from fixed SaaS subscription fees paid by customers. Subscription periods generally range from one month to three years, with the most common being an annual subscription, and are generally non-cancellable.

Vimeo accounts for a contract with a customer when it has approval and commitment from all parties, the rights of the parties and payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The transaction price, which generally reflects the fixed SaaS subscription fees listed in the terms of the contract, is the amount of consideration Vimeo expects to be entitled to in exchange for access to the Vimeo platform. The transaction price is recognized as revenue on a straight-line basis over the contractual term of the arrangement beginning on the date access is provided to the Vimeo platform, which is considered to be a series of distinct services that comprise a single performance obligation and have the same pattern of transfer over the contractual term. Estimates of variable consideration are not significant.

Disaggregated revenue is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  |
| **Revenue:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Self-Serve  | $58743 | $58356 | $172410 | $175837 |
| &nbsp;&nbsp;&nbsp; Vimeo Enterprise  | 25503 | 21675 | 74924 | 60193 |
| &nbsp;&nbsp;&nbsp; OTT  | 11881 | 12358 | 36392 | 38058 |
| &nbsp;&nbsp;&nbsp; Add-Ons  | 8025 | 9508 | 24804 | 30502 |
| &nbsp;&nbsp;&nbsp; Other  | 1604 | 2667 | 4910 | 9260 |
| Total  | $105756 | $104564 | $313440 | $313850 |

---

Revenue by geography is based on where the customer is located. The United States was the only country from which revenue constituted greater than 10% of total revenue of the Company for the three and nine months ended September 30, 2025 and 2024. Revenue by geography is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  |
| **Revenue:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; United States  | $57282 | $56705 | $170084 | $170930 |
| &nbsp;&nbsp;&nbsp; All other countries  | 48474 | 47859 | 143356 | 142920 |
| Total  | $105756 | $104564 | $313440 | $313850 |

---

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

#### Deferred Revenue
Deferred revenue consists of payments that are received or are contractually due in advance of Vimeo's performance. Vimeo's deferred revenue is reported on a contract-by-contract basis at the end of each reporting period. Vimeo classifies deferred revenue as current when the term of the applicable subscription period or expected completion of its performance obligation is one year or less. The current and non-current deferred revenue balances are included in the accompanying consolidated balance sheet as follows:

---

| | | |
|:---|:---|:---|
| | **September 30, <br> 2025**  | **December 31, <br> 2024**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Deferred revenue  | $167712 | $161923 |
| Other long-term liabilities  | 59 | 512 |

---

During the nine months ended September 30, 2025, Vimeo recognized $156.2 million of revenue that was included in the deferred revenue balance at December 31, 2024. During the nine months ended September 30, 2024, Vimeo recognized $155.9 million of revenue that was included in the deferred revenue balance at December 31, 2023.

#### Costs to Obtain a Contract with a Customer
Vimeo has determined that commissions paid to employees pursuant to certain sales incentive programs meet the requirements to be capitalized as a cost of obtaining a contract with a customer and are amortized over the estimated customer relationship period. Vimeo calculates the estimated customer relationship period as the average customer life, which is based on historical data. When customer renewals are expected and the renewal commission is not commensurate with the initial commission, the average customer life includes renewal periods. Vimeo has elected the practical expedient to expense costs to obtain a contract with a customer as incurred when the amortization period would be one year or less.

The current and non-current balances of capitalized costs to obtain a contract with a customer are included in the accompanying consolidated balance sheet as follows:

---

| | | |
|:---|:---|:---|
| | **September 30, <br> 2025**  | **December 31, <br> 2024**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Prepaid expenses and other current assets  | $5503 | $5451 |
| Other non-current assets  | 7430 | 8475 |

---

#### NOTE 3 — INCOME TAXES
At the end of each interim period, Vimeo estimates the annual expected effective income tax rate and applies that rate to its ordinary year-to-date earnings or loss with discrete items recorded in the period. The estimates used to compute the provision or benefit for income taxes may change as new events occur, additional information is obtained, or Vimeo's tax environment changes.

For the three months ended September 30, 2025 and 2024, Vimeo recorded an income tax provision of $0.9 million and $1.7 million, respectively. For the nine months ended September 30, 2025 and 2024, Vimeo recorded an income tax provision of $1.3 million and $3.3 million, respectively. The effective income tax rate was higher than the federal statutory rate of 21% primarily due to the effects of international tax provisions as required under the 2017 Tax Cuts and Jobs Act and the impact of executive compensation limits under Internal Revenue Code 162(m), partially offset by the movement in the valuation allowance. Vimeo's largest deferred tax assets are capitalized research and development expenses and tax attribute carryforwards. Vimeo has recorded a valuation allowance for the majority of its net deferred tax assets because it has concluded that it is more likely than not that the tax benefit will not be realized.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
At September 30, 2025 and December 31, 2024, unrecognized tax benefits, including interest and penalties, were $6.8 million and $6.0 million, respectively. The Company estimates that it would recognize an income tax benefit of $1.0 million if unrecognized tax benefits at September 30, 2025 are subsequently recognized. Vimeo believes no unrecognized tax benefits would decrease by September 30, 2026. Vimeo recognizes interest and penalties related to unrecognized tax benefits, if applicable, in the income tax provision.

On July 4, 2025, the U.S. government enacted The One Big Beautiful Bill Act of 2025 ("OBBB"), which includes, among other provisions, changes to the U.S. corporate income tax system. We applied the relevant provisions of the OBBB that became effective in the third quarter of 2025, including the immediate deduction of domestic research and development expenses, which did not have a material impact on our consolidated financial statements. Other changes include the permanent extensions of specific provisions within the 2017 Tax Cuts and Jobs Act, which will become effective in 2026.

#### NOTE 4 — FAIR VALUE MEASUREMENTS
Vimeo's financial instruments that are measured at fair value on a recurring basis are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025**  | **September 30, 2025**  | **September 30, 2025**  | **September 30, 2025**  |
| | **Quoted Market <br> Prices for <br> Identical Assets in <br> Active Markets <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Total <br> Fair Value <br> Measurements**  |
|  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  |
| &nbsp;&nbsp;&nbsp; Money market funds  | $284105 | $— | $— | $284105 |
| &nbsp;&nbsp;&nbsp; Time deposits  |  | 11840 |  | 11840 |
| Total  | $284105 | $11840 | $— | $295945 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2024**  |
| | **Quoted Market <br> Prices for <br> Identical Assets in <br> Active Markets <br> (Level 1)**  | **Significant <br> Other <br> Observable <br> Inputs <br> (Level 2)**  | **Significant <br> Unobservable <br> Inputs <br> (Level 3)**  | **Total <br> Fair Value <br> Measurements**  |
|  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  |
| &nbsp;&nbsp;&nbsp; Money market funds  | $287617 | $— | $— | $287617 |
| &nbsp;&nbsp;&nbsp; Time deposits  |  | 11828 |  | 11828 |
| Total  | $287617 | $11828 | $— | $299445 |

---

Money market funds and time deposits are included in "Cash and cash equivalents" in the accompanying consolidated balance sheet.

Vimeo's non-financial assets (which consist primarily of goodwill, ROU assets, and intangible assets) are adjusted to fair value only if an impairment is recognized. Such fair value measurements are based predominantly on Level 3 inputs.

#### NOTE 5 — SHAREHOLDERS' EQUITY

#### Description of Vimeo Common Stock and Vimeo Class B Common Stock
Except as described herein, shares of Vimeo common stock and Vimeo Class B common stock are identical.

In general, the holders of shares of Vimeo common stock vote together as a single class with the holders of shares of Vimeo Class B common stock on all matters, including the election of directors; provided, however, that the holders of shares of Vimeo common stock, acting as a single class, are

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
entitled to elect twenty-five percent (25%) of the total number of Vimeo directors, rounded up to the next whole number in the event of a fraction. Each outstanding share of Vimeo common stock and Vimeo Class B common stock entitles the holder to one vote per share and ten votes per share, respectively.

The holders of shares of Vimeo common stock and the holders of shares of Vimeo Class B common stock are entitled to receive, share for share, such dividends as may be declared by the Board out of funds legally available for the payment of dividends. In the event of a liquidation, dissolution, distribution of assets or winding-up of Vimeo, the holders of shares of Vimeo common stock and the holders of shares of Vimeo Class B common stock are entitled to receive, share for share, all the assets available for distribution after payment of a proper amount to the holders of any series of Vimeo preferred stock, including any series that may be issued in the future.

Vimeo is authorized to issue 1,600,000,000 shares of Vimeo common stock and 400,000,000 shares of Vimeo Class B common stock.

#### Vimeo Restricted Shares
Vimeo Restricted Shares (held by Joseph Levin, Special Advisor to the Board and former Chairman and member of the Board) totaling 3,247,000 shares were reflected in the accompanying consolidated balance sheet within "Common Stock" at September 30, 2025 and December 31, 2024. Vesting of the Vimeo Restricted Shares is subject to Mr. Levin's continued service as Special Advisor to the Board through November 5, 2030, as well as the achievement of certain stock price targets. Vimeo Restricted Shares have a non-forfeitable dividend right in the event the Company declares a cash dividend to common shareholders and participates in all other distributions of the Company in the same manner as all other Vimeo common shareholders.

#### Description of Preferred Stock
The Board is authorized to provide for the issuance of shares of preferred stock, and any class or series thereof, and to assign the designations, powers, preferences and rights to each such class or series and any qualifications, limitations or restrictions. There have been no preferred stock issuances to date.

#### Stock Repurchase Programs
On February 25, 2022, the Board authorized a stock repurchase program of up to $50 million of the Company's common stock through open market or private transactions (the "Stock Repurchase Program"). During the three months ended March 31, 2025, the Company repurchased 3.9 million shares of its common stock, on a trade date basis, at a weighted average cost of $6.10 per share, for an aggregate purchase price of $23.5 million, and completed its authorized purchases pursuant to the Stock Repurchase Program. During the nine months ended September 30, 2024, the Company repurchased 4.4 million shares of its common stock, on a trade date basis, at an average cost of $3.86 per share, or in aggregate $16.8 million. The Company accounts for treasury stock under the cost method.

On April 29, 2025, the Board authorized a new stock repurchase program of up to $50 million of the Company's common stock (the "2025 Repurchase Program"). Under the 2025 Repurchase Program, the Company's shares of common stock may be repurchased at any time or from time to time, without prior notice, subject to market conditions and other considerations. Such repurchases may be made through 10b5-1 plans, open market purchases, privately negotiated transactions, block purchases or other transactions. The Company has no obligation to repurchase any shares under the 2025 Repurchase Program. The 2025 Repurchase Program does not have an expiration date and may be commenced, suspended, revoked or modified at any time.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

#### NOTE 6 — ACCUMULATED OTHER COMPREHENSIVE LOSS
Accumulated other comprehensive loss consisting of foreign currency translation adjustments is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  |
| Balance at beginning of period  | $(124) | $(937) | $(1180) | $(699) |
| &nbsp;&nbsp;&nbsp; Other comprehensive (loss) income  | (441) | 294 | 615 | 56 |
| Balance at end of period  | $(565) | $(643) | $(565) | $(643) |

---

At both September 30, 2025 and 2024, there was no tax benefit or provision on accumulated other comprehensive loss.

#### NOTE 7 — (LOSS) EARNINGS PER SHARE
Vimeo common stock and Class B common stock are treated as one class of common stock for earnings per share ("EPS") purposes as both classes of common stock participate in earnings, dividends and other distributions on the same basis. Basic EPS is calculated using the two-class method since the Vimeo Restricted Shares are participating securities as they are unvested and have a non-forfeitable dividend right in the event the Company declares a cash dividend to common shareholders and participates in all other distributions of the Company in the same manner as all other Vimeo common shareholders. For the third quarter of 2025, no allocation of undistributed losses has been made as the Vimeo Restricted Shares do not participate in losses of the Company. Diluted EPS is calculated on the most dilutive basis under either the two-class method or treasury stock method, both of which exclude equity awards that are antidilutive.

The computation of basic and diluted (loss) earnings per share attributable to common shareholders is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
|  | **(In thousands, except per share data)**  | **(In thousands, except per share data)**  | **(In thousands, except per share data)**  | **(In thousands, except per share data)**  |
| **Basic EPS:** |  |  |  |  |
| **Numerator:** |  |  |  |  |
| **Net (loss) earnings**  | $(2336) | $9282 | $33 | $25476 |
| Less: Net earnings attributed to participating securities  |  | (182) | (1) | (494) |
|  Net (loss) earnings attributable to common stock shareholders  | $(2336) | $9100 | $32 | $24982 |
| **Denominator:<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Weighted average basic common shares outstanding  | 162857 | 162686 | 161959 | 164332 |
| Basic (loss) earnings per share  | $(0.01) | $0.06 | $— | $0.15 |
| **Diluted EPS:** |  |  |  |  |
| **Numerator:** |  |  |  |  |
| Net (loss) earnings  | $(2336) | $9282 | $33 | $25476 |
| Less: Net earnings attributed to participating securities  |  | (176) | (1) | (481) |
|  Net (loss) earnings attributable to common stock shareholders  | $(2336) | $9106 | $32 | $24995 |

---

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
|  | **(In thousands, except per share data)**  | **(In thousands, except per share data)**  | **(In thousands, except per share data)**  | **(In thousands, except per share data)**  |
| **Denominator:<sup>(a)</sup>** |  |  |  |  |
| Weighted average basic common shares outstanding  | $162857 | $162686 | $161959 | $164332 |
| Dilutive securities  |  | 5664 | 5018 | 4327 |
| &nbsp;&nbsp;&nbsp; Weighted average diluted common shares outstanding  | 162857 | 168350 | 166977 | 168659 |
| Antidilutive securities  | 15078 | 11589 | 6225 | 12790 |
| Diluted (loss) earnings per share  | $(0.01) | $0.05 | $— | $0.15 |

---

(a) Vimeo Restricted Shares were excluded from the computation of average basic common shares outstanding for EPS purposes because the number of shares that ultimately vest is subject to the satisfaction of certain market conditions.

#### NOTE 8 — FINANCIAL STATEMENT DETAILS

#### Cash and Cash Equivalents and Restricted Cash
The reconciliation of cash and cash equivalents and restricted cash reported within the accompanying consolidated balance sheet to the total amounts shown in the accompanying consolidated statement of cash flows is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, <br> 2025<sup>(a)</sup>**  | **December 31, <br> 2024<sup>(a)</sup>**  | **September 30, <br> 2024<sup>(a),(b)</sup>**  | **December 31, <br> 2023<sup>(b)</sup>**  |
|  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  |
| Cash and cash equivalents  | $320648 | $325276 | $324781 | $301372 |
|  Restricted cash included in Prepaid expenses and other current assets  | 234 | 217 | 240 | 64 |
|  Total cash and cash equivalents and <br> restricted cash as shown in the <br> accompanying consolidated statement of <br> cash flows  | $320882 | $325493 | $325021 | $301436 |

---

(a) Restricted cash included a deposit related to a lease.

(b) Restricted cash included a deposit related to corporate credit cards.

#### Credit Losses
The changes in the allowance for credit losses are as follows:

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| | **2025**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  |
| Balance at beginning of period  | $2404 | $2728 |
| Provision for credit losses  | 373 | 344 |
| Write-offs charged against the allowance  | (1192) | (1519) |
| Recoveries collected  | 178 | 570 |
| Currency translation adjustment  |  | (1) |
| Balance at end of period  | $1763 | $2122 |

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

#### Accumulated Amortization and Depreciation
Accumulated amortization and depreciation within the accompanying consolidated balance sheet are as follows:

---

| | | |
|:---|:---|:---|
| **Asset Category**  | **September 30, <br> 2025**  | **December 31, <br> 2024**  |
|  | **(In thousands)**  | **(In thousands)**  |
| ROU assets, included in Other non-current assets  | $22007 | $18888 |
| Cloud computing costs, included in Other non-current assets  | $663 | $304 |
| Leasehold improvements and equipment  | $726 | $564 |
| Intangible assets with definite lives  | $50143 | $49021 |

---

#### Other income, net
The components of "Other income, net" are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  |
| &nbsp;&nbsp;&nbsp; Interest income  | $3108 | $3827 | $9009 | $11258 |
| &nbsp;&nbsp;&nbsp; Foreign exchange gains (losses), net  | 47 | (212) | (760) | 54 |
| Other income, net  | $3155 | $3615 | $8249 | $11312 |

---

#### Geographic Concentrations
Tangible long-lived assets at September 30, 2025 and December 31, 2024 relate to "Leasehold improvements and equipment, net."

---

| | | |
|:---|:---|:---|
| | **September 30, <br> 2025**  | **December 31, <br> 2024**  |
|  | **(In thousands)**  | **(In thousands)**  |
| **Leasehold improvements and equipment, net:** |  |  |
| &nbsp;&nbsp;&nbsp; United States  | $386 | $346 |
| &nbsp;&nbsp;&nbsp; All other countries  | 66 | 110 |
| Total  | $452 | $456 |

---

#### NOTE 9 — CONTINGENCIES
In the ordinary course of business, Vimeo is, and from time to time may become, a party to various legal proceedings. Vimeo establishes reserves for specific legal matters when it determines that the likelihood of an unfavorable outcome is probable and the loss is reasonably estimable. Management has also identified certain other legal matters where it believes an unfavorable outcome is not probable and, therefore, no reserve is established. Although management currently believes that resolving claims against Vimeo, including claims where an unfavorable outcome is reasonably possible, will not have a material impact on the liquidity, results of operations or financial condition of Vimeo, these matters are subject to inherent uncertainties and management's view of these matters may change in the future. Vimeo also evaluates other contingent matters, including income and non-income tax contingencies, to assess the likelihood of an unfavorable outcome and estimated extent of potential loss. It is possible that an unfavorable outcome of one or more of these lawsuits or other contingencies could have a material impact on the liquidity, results of operations or financial condition of Vimeo. See "Note 3 — Income Taxes" for additional information related to income tax contingencies.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

#### EMI/Capitol Records Copyright Infringement Litigation
In December 2009, a group of music publishers owned by EMI Music Publishing (now owned by Sony/ATV Music Publishing, a subsidiary of Sony Entertainment) and a group of then EMI-affiliated record companies, including Capitol Records (now owned by Universal Music Group), filed two lawsuits against Vimeo and its former owner, Connected Ventures, in the U.S. District Court for the Southern District of New York. See *Capitol Records, LLC v. Vimeo, LLC*, No. 09 Civ. 10101 (S.D.N.Y.) and *EMI Blackwood Music, Inc. v. Vimeo, LLC*, No. 09 Civ. 10105 (S.D.N.Y.). In both cases, plaintiffs allege that Vimeo infringed their music copyrights (in the publishers' musical compositions and the record companies' sound recordings) by hosting and streaming videos uploaded by users (and in certain cases, former employees) featuring their musical works. Plaintiffs seek, among other things, injunctive relief and monetary damages. The initial complaints identified 199 videos as infringing (which Vimeo removed post-suit).

Prior to suit, plaintiffs did not avail themselves of their right to submit a takedown notice to Vimeo pursuant to the online safe harbor provisions of the Digital Millennium Copyright Act of 1998 ("DMCA"), which limits the liability of online service providers for copyright infringement of their users when the provider takes certain measures. Vimeo asserts that the DMCA limits its liability because it complies with the DMCA and plaintiffs failed to submit takedown notices. Plaintiffs disagree, asserting various theories as to why the DMCA may not apply to some or all of the videos-in-suit.

The district court bifurcated proceedings and required the parties to first litigate the issue of whether Vimeo satisfied the DMCA's safe harbor provisions. On September 18, 2013, the district court granted partial summary judgment to Vimeo on 144 of the 199 original videos-in-suit on the ground that Vimeo complied with the threshold requirements of the DMCA and that there was no evidence that a Vimeo employee had watched the videos in question such that Vimeo had actual or "red flag" knowledge of infringement, which would disqualify the DMCA's application. The court denied summary judgment as to 35 videos-in-suit on the ground that there was a material question of fact as to whether Vimeo had "red flag" knowledge of infringement based upon employees having watched all or part of these videos. The court further held that the DMCA did not apply to the record companies' state-law claims regarding sound recordings fixed before February 1972; a trial was necessary to determine whether Vimeo was liable for employees who uploaded approximately 20 videos; and that plaintiffs should be permitted to amend their complaints to add over 1,500 videos allegedly infringing their copyrights (which Vimeo removed after receiving plaintiffs' proposed amended complaint).

Vimeo sought and obtained the right to appeal certain issues on an interlocutory basis to the U.S. Court of Appeals for the Second Circuit. On June 16, 2016, the Second Circuit held that (1) the district court had applied the incorrect summary-judgment standard for "red flag" infringement and that evidence that an employee watched all or part of a video containing plaintiffs' music did not raise a genuine issue of fact as to whether Vimeo had "red flag" knowledge in such video; (2) the DMCA applies to state-law copyright infringement claims predicated on pre-1972 sound recordings; and (3) on an issue raised by plaintiffs in their cross-appeal, the record did not show that Vimeo was willfully blind towards infringing activity taking place on its platform. As a result of these rulings, the Second Circuit partially vacated the district court's ruling and remanded the case for further proceedings consistent with its judgment.

On March 31, 2018, the district court granted Vimeo's motion to dismiss plaintiffs' state-law unfair competition claims on the grounds that they were state-law copyright claims covered by the DMCA per the Second Circuit's judgment. On May 28, 2021, the district court granted Vimeo summary judgment as to videos for which the sole remaining basis of liability was the assertion that Vimeo had "red flag" knowledge of infringement. On August 26, 2021, the district court approved a stipulation whereby plaintiffs agreed to conditionally dismiss all remaining claims to allow a final judgment to issue. Under the stipulation, plaintiffs may refile their claims regarding the alleged employee-uploaded videos if the Second Circuit reverses the district court's other rulings in whole or in part. On November 1, 2021, the district court entered a final judgment adopting the terms of the parties' stipulation. On November 29, 2021, plaintiffs filed an appeal to the U.S. Court of Appeals for the Second Circuit. On January 13, 2025, the Second Circuit issued an opinion affirming the judgment. Plaintiffs filed a Petition for Panel Rehearing in the Second Circuit on February 26, 2025. On September 9, 2025, the Second Circuit ruled

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
on EMI's Petition for Panel Rehearing, granting EMI's request to remove a footnote but allowing the rest of the January 13 opinion to remain. The mandate was issued on October 1, 2025.

#### Sony/Universal/Warner Copyright Litigation
In March 2021, Sony Music Entertainment Italy (a subsidiary of Sony Music Entertainment Group), Warner Music Italia (a subsidiary of Warner Music Group), Universal Music Italia (a subsidiary of Universal Music Group), and Warner Music International Services (a subsidiary of Warner Music Group) filed a lawsuit against Vimeo in the Court of Milan alleging violations of Italian copyright and unfair competition laws. See *Sony Music Entertainment Italy s.p.a. et al. v. Vimeo, Inc.*, Case No. 10977/2021 (Court of Milan, Business Division). The complaint alleges that Vimeo infringed plaintiffs' copyrights by hosting and streaming user-uploaded videos that contain plaintiffs' copyrighted works and that, upon notification of the alleged infringement, Vimeo employed a takedown process that did not comply with Italian law. The complaint seeks, among other things, injunctive relief and damages to be quantified in a separate proceeding. Additionally, the complaint seeks potential penalties of €10,000 per day of delay in removing unauthorized works after receipt of a court order to do so, if applicable. On November 3, 2021, Vimeo filed its initial brief. On November 23, 2021, the parties attended the initial hearing with the Court of Milan where the court set forth a briefing schedule. In September 2025, the case was assigned to a new judge and the claims hearing scheduled for October 8, 2025 was rescheduled for February 24, 2026.

#### NOTE 10 — RELATED PARTY TRANSACTIONS
In May 2021, Vimeo became an independent, separately traded public company through a spin-off from IAC/InterActiveCorp ("IAC") (the "Spin-off"). Following the Spin-off, IAC continues to be a related party to Vimeo due to the relationship between our directors and substantial stockholders, and IAC and its subsidiaries. Angi Inc. is also a related party to Vimeo due to the relationship between our directors and Angi, Inc. and its subsidiaries. All related party transactions between Vimeo and its related parties, other than amounts related to the settlement of equity awards, are reflected in the accompanying consolidated statement of cash flows as operating activities.

Vimeo has entered into various sublease agreements with a subsidiary of Angi Inc. whereby Vimeo agreed to sublease a portion of the 5th floor and the entire 10th floor at 330 West 34th Street ("West 34th Street Sublease") in New York City, both through April 2028. At September 30, 2025 and December 31, 2024, Vimeo had a current lease liability of $3.0 million and $2.7 million included in "Accrued expenses and other current liabilities," respectively, and a non-current lease liability of $5.7 million and $8.0 million included in "Other long-term liabilities," respectively, related to the West 34th Street Sublease in the accompanying consolidated balance sheet. Rent expense for the three and nine months ended September 30, 2025 and 2024 were both $0.9 million and $2.6 million, respectively. At September 30, 2025 and December 31, 2024, Vimeo had a current payable due to IAC of $0.4 million and $0.1 million included in "Accrued expenses and other current liabilities" in the accompanying consolidated balance sheet, respectively, and was subsequently paid in October 2025 and January 2025, respectively.

#### NOTE 11 — RESTRUCTURING
During the three and nine months ended September 30, 2025, the Company recognized restructuring costs related to a reduction-in-force and certain departmental reorganizations totaling $4.4 million and $7.5 million, respectively. During the three months ended March 31, 2024, the Company recognized restructuring costs relating to a reduction-in-force totaling $2.2 million. There were no restructuring costs recognized during the three months ended September 30, 2024. One-time termination benefits provided in all cases included severance, continuation of health insurance coverage and other benefits for a specified period of time.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
Restructuring costs have been recognized in the accompanying consolidated statement of operations as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  |
| **Restructuring costs:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cost of revenue  | $270 | $— | $360 | $88 |
| &nbsp;&nbsp;&nbsp; Research and development expense  | 2078 |  | 2783 | 116 |
| &nbsp;&nbsp;&nbsp; Sales and marketing expense  | 1796 |  | 2822 | 1104 |
| &nbsp;&nbsp;&nbsp; General and administrative expense  | 291 |  | 1515 | 897 |
| Total  | $4435 | $— | $7480 | $2205 |

---

At September 30, 2025, a payable of $2.9 million related to restructuring costs was included in "Accrued expenses and other current liabilities" in the accompanying consolidated balance sheet.

#### NOTE 12 — SEGMENT INFORMATION
Vimeo's Chief Executive Officer ("CEO") is the chief operating decision maker and allocates resources and assesses performance based upon consolidated "Net (loss) earnings" that is included in the accompanying consolidated statement of operations, primarily by monitoring actual results versus the Company's internal budget. Accordingly, the Company operates as a single operating segment. The measure of segment assets is reflected as "Total assets" in the accompanying consolidated balance sheet. Vimeo's revenue is derived primarily from fixed SaaS subscription fees paid by customers as discussed further in "Note 2 — Revenue."

Revenue and significant expenses regularly provided to the CEO to arrive at Segment net (loss) earnings are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended <br> September 30,**  | **Three Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  | **Nine Months Ended <br> September 30,**  |
| | **2025**  | **2024**  | **2025**  | **2024**  |
|  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  | **(In thousands)**  |
| Revenue  | $105756 | $104564 | $313440 | $313850 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Hosting  | 13247 | 12521 | 40127 | 38067 |
| &nbsp;&nbsp;&nbsp; Compensation and other employee-related  | 49306 | 47665 | 153344 | 144833 |
| &nbsp;&nbsp;&nbsp; Advertising  | 7322 | 7785 | 23036 | 23812 |
| Other segment items<sup>(a),(b)</sup>  | 38217 | 27311 | 96900 | 81662 |
| Segment net (loss) earnings  | (2336) | 9282 | 33 | 25476 |
| Adjusting items  |  |  |  |  |
| Net (loss) earnings  | $(2336) | $9282 | $33 | $25476 |

---

(a) Other segment items primarily include stock-based compensation expense, credit card processing fees, software license and maintenance costs, and fees for professional services, including transaction costs.

(b) Other segment items also include "Depreciation ", "Amortization of intangibles", "Interest expense", "Other income, net" (as detailed in Note 8 — Financial Statement Details), and "Income tax provision", which are the same as the amounts in the accompanying consolidated statement of operations as the Company operates as a single operating segment.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

### Ordinary Shares

### Bending Spoons S.p.A.
![[MISSING IMAGE: lg_bendingspoons-bwlr.jpg]](lg_bendingspoons-bwlr.jpg)

---

| | |
|:---|:---|
| **Goldman Sachs International\***  | **J.P. Morgan\***  |

---

*\*listed in alphabetical order* 

Through and including , 2026 (25 days after the commencement of this offering), all dealers that buy, sell or trade our ordinary shares, whether or not participating in this offering, may be required to deliver a prospectus. This delivery requirement is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

## PART II

## INFORMATION NOT REQUIRED IN PROSPECTUS

#### Item 6. Indemnification of board of directors and executive officers
On or before the time of effectiveness of this registration statement, we will enter into indemnification agreements with our directors and executive officers. These indemnification agreements will require us to indemnify our directors and executive officers to the fullest extent permitted by law. Under Italian law, indemnification is not permitted, among other cases, for acts or omissions involving willful misconduct or gross negligence, or for liability of a director or executive officer toward the company. Insofar as indemnification of liabilities arising under the Securities Act may be permitted to executive officers and directors or persons controlling us pursuant to the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

We maintain insurance policies relating to certain liabilities that our directors and officers may incur in such capacity.

In any underwriting agreement we enter into in connection with the sale of the ordinary shares being registered hereby, the underwriters will agree to indemnify, under certain conditions, us, our directors, our officers and persons who control us within the meaning of the Securities Act of 1933, as amended against certain liabilities.

#### Item 7. Recent sales of unregistered securities
During the past three years, we have issued the following securities without registration under the Securities Act:

• On January 16, 2023, we issued 123 Class E shares, later converted into Class X-1 shares, to an existing investor and strategic advisor, as part of its compensation, at an issue price of €75.09 per share for an aggregate consideration of €9,236.07

• On January 17, 2023, we issued 490 Class E shares, later converted into Class X-1 shares, to an existing investor and strategic advisor, as part of its compensation, at an issue price of €75.09 per share for an aggregate consideration of €36,794.10

• On February 13, 2023, we issued 40,000 Class E shares, later converted into Class X-1 shares, to a strategic advisor and its employees at an issue price of €75.09 per share for an aggregate consideration of €3,003,600

• On February 15, 2023, we issued 368 Class E shares, later converted into Class X-1 shares, to a new investor and strategic advisor, as part of its compensation, at an issue price of €75.09 per share for an aggregate consideration of €27,633.12

• On March 7, 2023, we issued 123 Class E shares, later converted into Class X-1 shares, to a new investor and strategic advisor, as part of its compensation, at an issue price of €75.09 per share for an aggregate consideration of €9,236.07

• On August 3, 2023, we issued 351,973 Class C shares to new investors at an issue price of €162.69 per share for an aggregate consideration of €57,262,487.37

• On October 2, 2023, we issued 24 Class C shares to an existing investor at an issue price of €162.69 per share for an aggregate consideration of €3,904.56

• On November 7, 2023, we issued 55,784 Class X-2 shares to a group of existing and new investors, at an issue price of €162.69 per share for an aggregate consideration of €9,075,498.96

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• On November 16, 2023, we issued 576 Class X-2 shares to a new investor at an issue price of €162.69 per share for an aggregate consideration of €93,709.44

• On January 26, 2024 and on February 5, 2024, we issued 23,886 Class B shares to existing investors at an issue price of €392 per share for an aggregate consideration of €9,363,312

• From January 30, 2024 to February 5, 2024, we issued 45,279 Class C shares to existing investors at an issue price of €392 per share for an aggregate consideration of €17,749,368

• On February 4, 2024, we issued 834 Class X-2 shares to an existing investor at an issue price of €392 per share for an aggregate consideration of €326,928

• On February 8, 2024, and on February 9, 2024, we issued 172,692 Class C shares to existing investors at an issue price of €392 per share for an aggregate consideration of €67,695,264

• On February 12, 2024, we issued 2,682 Class X-2 shares to an existing investor at an issue price of €392 per share for an aggregate consideration of €1,051,344

• On February 15, 2024, we issued 117,188 Class X-2 shares, which were converted into Class C shares upon the resolution of a shareholder meeting, to a new investor at an issue price of €392 per share for an aggregate consideration of €45,937,696

• On March 28, 2024, following the March 2024 stock split, we transferred 27,200 Class X-3 shares to a strategic advisor and its employees, as part of its compensation, accounting for €533,120, all of which were converted into Class X-2 shares as a result of such transfer

• On December 10, 2024, following the March 2024 stock split, we issued 1,788,109 Class X-2 shares , which were converted into Class C shares upon the resolution of a shareholder meeting, to a new investor at an issue price of €22.37 per share (€447.40 on a pre-stock-split basis) for an aggregate consideration of €39,999,998.33

• On December 17, 2024, following the March 2024 stock split, we sold 4,293 Class X-1 shares to a new investor at a price of €22.37 per share (€447.40 on a pre-stock-split basis), for an aggregate consideration of €96,034.41, all of which were converted into Class X-2 shares as a result of such transfer

• On May 13, 2025, following the March 2024 stock split, we sold 6,163 Class X-1 shares to a new investor at a price of €25.96 per share (€519.20 on a pre-stock-split basis) for an aggregate consideration of €159,991.48, all of which were converted into Class X-2 shares as a result of such transfer

• On July 17, 2025, following the March 2024 stock split, we sold 7,705 Class X-1 shares to a new investor at a price of €25.96 per share (€519.20 on a pre-stock-split basis) for an aggregate consideration of €200,021.80, all of which were converted into Class X-2 shares as a result of such transfer

• On October 29, 2025, following the March 2024 stock split, we issued (i) 2,627,242 Class C shares and (ii) 424,131 Class X-2 shares to a group of existing and new investors at an issue price of €76.32 per share (€1,526.40 on a pre-stock-split basis) for an aggregate consideration of €232,880,787.36

• On November 20, 2025, following the March 2024 stock split, we sold 10,627 Class X-1 shares to a strategic partner and two directors, at a discounted price of €53.424 per share (€1,068.48 on a pre-stock-split basis) for an aggregate consideration of €567,736.85, all of which were converted into Class X-2 shares as a result of such transfer

• On December 23, 2025, following the March 2024 stock split, we sold 1,132 Class X-1 shares to a new investor at a price of €76.32 per share (€1,526.40 on a pre-stock-split basis) for an aggregate consideration of €86,394.24

• On December 23, 2025, following the March 2024 stock split, we transferred 16,028 Class X-1 shares to some of our directors, as part of their compensation for their services, accounting for an aggregate amount of €339,385.72, all of which were converted into Class X-2 shares as a result of such transfer

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• On December 23, 2025, following the March 2024 stock split, we issued 11,470 Class X-2 shares upon the exercise of the warrants granted to some of our directors at an issue price of €1.57 per share for an aggregate consideration of €18,007.90

• From time to time from January 1, 2023 to December 31, 2025, we issued an aggregate of 707,140 Class X-1 shares and granted an aggregate of 9,560 Class X-1 treasury shares (in each case, on a post-stock-split basis for issuances and grants that occurred prior to the stock split) to employees and contractors upon the vesting of their share units

• From time to time from January 1, 2023 to December 31, 2025, we granted an aggregate of 1,642,604 Class X-3 treasury shares (on a post-stock-split basis for grants that occurred prior to the stock split) to employees, contractors, and one of our directors upon the exercise of their share options with exercise prices ranging from €0.263 to €3.390 per share, all of which were converted into Class X-2 shares as a result of such transfers

Such shares were issued in reliance on the exemption contained in Regulation S or Rule 501 of Regulation D of the Securities Act on the basis that the transactions either did not involve a U.S. person, as defined in Regulation S, or were only made to accredited investors, as defined under Rule 501 of Regulation D. No underwriters were involved in these transactions.

No underwriter or underwriting discount or commission was involved in any of the transactions set forth in Item 7.

#### Item 8. Exhibits
(a) The Exhibit Index is hereby incorporated herein by reference.

(b) Financial Statement Schedules.

All schedules have been omitted because they are not required, are not applicable or the information is otherwise set forth in the Consolidated Financial Statements and related notes thereto.

#### Item 9. Undertakings
(a) The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

(b) Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "Securities Act") may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction, the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

(c) The undersigned registrant hereby further undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

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## Exhibit Index

---

| | |
|:---|:---|
| **Exhibit <br> No.**  | **Description**  |
| &nbsp;&nbsp; 1.1\* | Form of Underwriting Agreement |
| &nbsp;&nbsp; 3.1\* | Form of Bylaws of the Registrant, to be in effect upon completion of this offering |
| &nbsp;&nbsp; 4.1\* | Specimen Ordinary Share Certificate of the Registrant |
| &nbsp;&nbsp; 4.2\* | Form of Registration Rights Agreement by and among the Registrant and certain shareholders of the Registrant |
| &nbsp;&nbsp; 5.1\* | Opinion of Latham & Watkins LLP, counsel to the Registrant, as to the validity of the ordinary shares (including consent) |
| 10.1+\* | Form of Indemnification Agreement |
| 10.2+\* | Form of Share Option Plans, to be in effect upon completion of this offering |
| 10.3+\* | Form of 2026 Incentive Award Plan |
| 10.4\* | Senior Facilities Agreement originally dated July 30, 2024, between, among others, Bending Spoons Operations S.p.A., Banco BPM S.p.A., BNP Paribas Italian Branch, Intesa Sanpaolo S.p.A., Banca Nazionale del Lavoro S.p.A., Crédit Agricole Corporate and Investment Bank, Milan Branch, HSBC Continental Europe, Société Générale, UniCredit S.p.A., SMBC Bank EU AG, Milan Branch, and Banca IFIS S.p.A., and the other parties thereto, as subsequently supplemented, integrated, and amended by (i) the amendment agreement dated December 10, 2024 between, among others, Bending Spoons Operations S.p.A. and Intesa Sanpaolo S.p.A., (ii) the additional facility notice dated December 12, 2024 between, among others, Bending Spoons Operations S.p.A. and Intesa Sanpaolo S.p.A., (iii) the amendment agreement dated March 3, 2025 between, among others, Bending Spoons Operations S.p.A. and Intesa Sanpaolo S.p.A., (iv) the additional facility notice dated March 11, 2025 between, among others, Bending Spoons Operations S.p.A. and Intesa Sanpaolo S.p.A., (v) the consent request letter signed by Bending Spoons Operations S.p.A. on April 4, 2025 and countersigned by Intesa Sanpaolo S.p.A. on May 16, 2025, (vi) the additional facility notice dated June 18, 2025 between, among others, Bending Spoons Operations S.p.A. and Intesa Sanpaolo S.p.A., (vii) the additional facility notice dated June 23, 2025 between, among others, Bending Spoons Operations S.p.A. and Intesa Sanpaolo S.p.A., (viii) the consent request letter signed by Bending Spoons Operations S.p.A. on July 1, 2025 and countersigned by Intesa Sanpaolo S.p.A. on July 16, 2025, (ix) the additional facility notice dated October 3, 2025 between, among others, Bending Spoons Operations S.p.A. and Intesa Sanpaolo S.p.A., (x) two additional facility notices each dated October 27, 2025 between, among others, Bending Spoons Operations S.p.A. and Intesa Sanpaolo S.p.A. (each as amended and restated on November 12, 2025 and on November 14, 2025), (xi) the consent request letter signed by Bending Spoons Operations S.p.A. on 31 October 2025 and countersigned by Intesa Sanpaolo S.p.A. on November 18, 2025, and (xii) the consent request letter signed by Bending Spoons Operations S.p.A. on November 24, 2025 and countersigned by Intesa Sanpaolo S.p.A. on January 20, 2026 |
| 10.5\* | TLB Credit Agreement dated March 7, 2025, as amended on April 4, 2025, July 21, 2025, July 29, 2025, and January 2, 2026, between Bending Spoons US Inc., JPMorgan Chase Bank, N.A. and Intesa Sanpaolo S.p.A. |
| 10.6\* | US TLA/RCF Credit Agreement dated January 2, 2026, between Bending Spoons US Inc., the lenders party thereto, JPMorgan Chase Bank, N.A. and Intesa Sanpaolo S.p.A. |
| 21.1\* | List of subsidiaries of the Registrant |
| 23.1\* | Consent of Deloitte & Touche S.p.A., an independent registered public accounting firm, Independent Auditor of the Registrant |
| 23.2\* | Consent of Ernst & Young LLP, Independent Auditor of Vimeo |

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83

---

| | |
|:---|:---|
| **Exhibit <br> No.**  | **Description**  |
| 23.3\* | Consent of Latham & Watkins LLP (included in Exhibit 5.1) |
| 24.1\* | Power of Attorney (included in signature page to Registration Statement) |
| 107\* | Calculation of Filing Fee Table |

---

\*

To be filed by amendment.

+

Indicates management contract or compensatory plan.

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## Signatures
Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Milan, Italy on , 2026.

#### Bending Spoons S.p.A.
By:

Name:

Luca Ferrari

Title:

Chair of the board of directors, co-founder, and chief executive officer

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#### CONFIDENTIAL TREATMENT REQUESTED BY BENDING SPOONS S.P.A. PURSUANT TO 17 C.F.R. SECTION 200.83
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Luca Ferrari and Davide Giorgio Andrea Scarpazza as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead in any and all capacities, in connection with this registration statement, including to sign in the name and on behalf of the undersigned, this registration statement and any and all amendments thereto, including post-effective amendments and registrations filed pursuant to Rule 462 under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the U.S. Securities and Exchange Commission, granting unto such attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or his substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons on , 2026 in the capacities indicated:

---

| | |
|:---|:---|
| **Name**  | **Title**  |
| <br>Luca Ferrari  | Chair of the board of directors, co-founder, and chief executive officer |
| <br>Francesco Patarnello  | Executive director, co-founder, and head of business acquisitions |
| <br>Davide Giorgio Andrea Scarpazza  | Co-chief financial officer |
| <br>Donald D. O'Neal  | Director |
| <br>Joshua James Motta  | Director |
| <br>Leah Schwartz  | Director |
| <br>Robert J. Mylod Jr.  | Director |
| <br>Stephen Sinwell  | Director |

---

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## Signature of authorized U.S. representative of registrant
Pursuant to the requirements of the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Bending Spoons S.p.A. has signed this registration statement on , 2026.

#### Bending Spoons US Inc.
By:

Name:

Title:

------