Årsredovisning 2023

INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2023 91
PIERRE 
CADENA
ERIK  
EDEEN
FIONA  
EWINS-BROWN
JAN  
T JERNELL
Hired 1 November 2023. 
Interim CEO as of 26 
February 2024.
Hired 22 May 2023.  
Interim Group Chief 
Financial Officer (CFO).
Hired 1 September 2015. 
Chief Human Resource 
Officer (CHRO).
Hired 1 June 2021.  
General Counsel.
Born 1975 1984 1973 1963
Other 
assignments
Board of Advisors – Gaud-Ham-
mer Gaming Group.
– – –
Previous assign-
ments
U.S. Committee Chair and Board 
Member: Raketech; Senior Vice 
President, Revenue & Strategy: 
Fox Entertainment/TMZ; Senior 
Vice President, Strategy & Cor-
porate Development: WarnerMe-
dia/Crunchyroll; Vice President, 
Strategy & Corporate Develop-
ment: Caesars Entertainment.
Experience from interim posi-
tions as CFO and Head of 
Finance/Head of Business Con-
trolling in privately owned and 
publicly traded corporations, 
such as ICA Gruppen AB (publ.) 
and Investor AB (publ.). Served 
as Interim CFO for Catena Media 
during 2019-2020.
HR Director Catena Media, 
Human Resources Director and 
Talent Management Director at 
GFI Software Development Ltd. 
Human Resources Director at 
Morgan Stanley . 
General Counsel Mr Green & Co 
AB (publ.), Interim General 
Counsel Aditro Group, General 
Counsel Digicel Group, Director 
of Legal, Regulatory & Purchas-
ing Tele2 AB (publ.), Chief Legal 
Advisor Tele2 Sverige AB, Legal 
advisor Comviq GSM AB. 
Education MBA from Kenan-Flagler Busi-
ness School at the University of 
North Carolina, Chapel Hill; BS 
Commerice from McIntire 
School of Commerice at the Uni-
versity of Virginia.
Master of Business Economics 
from Uppsala University . Execu-
tive Education at Harvard Busi-
ness School.
Human Resources Manage-
ment, Seaforth College of TAFE 
and Charles Sturt University . 
Master of Law (LL.M), Stock-
holm University .
Own and closely 
associated hold-
ings
120,000 share options/warrants. - 72,417 shares, 170,000 share 
options/warrants.
30,000 shares, 170,000 share 
options/warrants.
Executive 
Management

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INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2023 92
We believe that the audit evidence we have obtained is sufficient and 
appropriate to provide a basis for our opinion.   
Independence
We are independent of the Group and the Parent Company in accordance 
with the International Code of Ethics for Professional Accountants (including 
International Independence Standards) issued by the International Ethics 
Standards Board for Accountants (IESBA Code)  together with the ethical 
requirements of the Accountancy Profession (Code of Ethics for Warrant 
Holders) Directive issued in terms of the Accountancy Profession Act (Cap. 
281) that are relevant to our audit of the financial statements in Malta. We 
have fulfilled our other ethical responsibilities in accordance with these 
Codes. 
To the best of our knowledge and belief, we declare that non-audit 
services that we have provided to the parent company and its subsidiaries 
are in accordance with the applicable law and regulations in Malta and that 
we have not provided non-audit services that are prohibited under Article 
18A of the Accountancy Profession Act (Cap. 281).
The non-audit services that we have provided to the parent company 
and its subsidiaries, in the period from 1 January 2023 to 31 December 
2023, are disclosed in note 10 to the financial statements.
Our audit approach
Overview
As part of designing our audit, we determined materiality and assessed the 
risks of material misstatement in the consolidated financial statements. In 
particular , we considered where the directors made subjective judgements; 
for example, in respect of significant accounting estimates that involved 
making assumptions and considering future events that are inherently 
uncertain. As in all of our audits, we also addressed the risk of management 
override of internal controls, including among other matters consideration 
of whether there was evidence of bias that represented a risk of material 
misstatement due to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An 
audit is designed to obtain reasonable assurance whether the financial 
Report on the audit of the financial 
statements 
Our opinion 
In our opinion:
• The Group financial statements and the Parent Company financial 
statements (the “financial statements”) of Catena Media plc give a true 
and fair view of the Group and the Parent Company’s financial position 
as at 31 December 2023, and of their financial performance and cash 
flows for the year then ended in accordance with International Financial 
Reporting Standards (‘IFRSs’) as adopted by the EU; and
• The financial statements have been prepared in accordance with the 
requirements of the Maltese Companies Act (Cap. 386).
Our opinion is consistent with our additional report to the Audit Committee.
What we have audited
Catena Media plc’s financial statements comprise:
•  the Consolidated and Parent Company statements of comprehensive 
income for the year ended 31 December 2023;
• the Consolidated and Parent Company statements of financial position 
as at 31 December 2023;
• the Consolidated and Parent Company statements of changes in equity 
for the year then ended;
•  the Consolidated and Parent Company statements of cash flows for the 
year then ended; and
•  the notes to the financial statements, comprising material accounting 
policy information and other explanatory information. 
Basis for opinion 
We conducted our audit in accordance with International Standards on 
Auditing (ISAs). Our responsibilities under those standards are further 
described in the Auditor’s Responsibilities for the Audit of the Financial 
Statements section of our report. 
To the Shareholders of Catena Media plc
Independent  
auditor’s report
statements are free from material misstatement. Misstatements may 
arise due to fraud or error. They are considered material if individually 
or in aggregate, they could reasonably be expected to influence the 
economic decisions of users taken on the basis of the consolidated 
financial statements.
Based on our professional judgement, we determined certain 
quantitative thresholds for materiality, including the overall group 
materiality for the consolidated financial statements as a whole as set out 
in the table below. These, together with qualitative considerations, helped 
us to determine the scope of our audit and the nature, timing and extent 
of our audit procedures and to evaluate the effect of misstatements, both 
individually and in aggregate on the financial statements as a whole.
Overall group materiality €608,000
How we determined it Approximately 2.5% of EBITDA from 
continuing operations.
Rationale for the 
materiality benchmark 
applied
We chose EBITDA from continuing 
operations because, in our view, it is a 
benchmark against which the perfor -
mance of the Group is most commonly 
measured by users and is a generally 
accepted benchmark. We chose 2.5%, 
which is within a range of quantitative 
materiality thresholds that is considered 
to be acceptable.
We agreed with the Audit Committee that we would report to them 
misstatements identified during our audit above €60,000 as well as 
misstatements below that amount that, in our view , warranted reporting for 
qualitative reasons.
Key audit matters
Key audit matters are those matters that, in our professional judgement, 
were of most significance in our audit of the financial statements of the 
current period. These matters were addressed in the context of our audit 
of the financial statements as a whole, and in forming our opinion thereon, 
and we do not provide a separate opinion on these matters.
• Overall group materiality: €608,000, which repre -
sents approximately 2.5% of EBITDA from con -
tinuing operations.
• All audit work was conducted by the same audit 
team in Malta, given that the Group’s accounting 
processes are primarily centralised at its head of -
fice in Malta.
• Impairment Assessment - Goodwill & Other In -
tangible Assets
Materiality
Group 
scoping
Key audit 
matters

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INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2023 93
Key audit matter How our audit addressed the Key audit matter
IMPAIRMENT ASSESSMENT -  
GOODWILL & OTHER INTANGIBLE ASSETS
Goodwill and other intangible assets, having a carrying amount of 
€155.5 million as at 31 December 2023, have primarily arisen from a 
number of acquisitions made during the preceding financial years.  
An assessment is required annually to establish whether goodwill 
and intangible assets that have an indefinite useful life should 
continue to be recognised, or if any impairment is required. The 
assessment was performed at the lowest level at which Catena 
Media plc could allocate and assess impairment, which is referred 
to as a cash generating unit (“CGU”). Management considers that 
the Group operates two CGUs, being sports and casino, in line with 
the basis for the Group’s segment reporting, as further described in 
note 7 .
The impairment assessment relied on value-in-use calculations 
based on the estimated future free cash flow to be generated by 
Catena, discounted to present value at an appropriate discount 
rate.  The cash flow projections were based on the Group’s budget 
for 2024, the Group’s longer-term strategy for 2025-2028, and an 
annual growth rate of 2% for all CGUs beyond that period. 
Management’s projections consider the Group’s strategy for 
initiatives in the sports segment, in terms of new markets and 
further expansion in certain existing markets, which led to higher 
growth assumptions for this segment.   
On this basis, the Group concluded that an impairment charge of 
€52 million should be recognised with respect to assets which are 
in the process of being disposed and specific assets which have 
been experiencing deteriorating performances over the past year 
on the basis of their revised expectations for the projected period. 
Further information is provided in notes 4, 13 and 16 to the financial 
statements.
The underlying forecast cash flows, and the supporting 
assumptions, reflect significant judgements as they are affected by 
unexpected future market or economic conditions, changes to laws 
and regulations, as well as Management’s success in executing the 
strategy for growth, particularly for the sports segment. Projected 
cash flow estimates and the level to which they are discounted is 
inherently uncertain and requires judgement.  
The extent of judgement and the size of the goodwill and intangible 
assets resulted in this matter being identified as an area of audit 
focus.
We evaluated the suitability and appropriateness of the impairment 
methodology applied, and the discounted cash flow model prepared by 
management, by involving our independent valuation experts. We also 
considered the basis for the determination of the two CGUs.
The headroom available in the impairment assessment for both the 
sports and casino CGUs allows for a deterioration in performance, or 
variation to the discount factor or long-term growth rate.  The 
calculations underlying the impairment model were re-performed in 
order to check the model’s accuracy . 
We agreed the 2024 cash flow forecasts in the impairment model to the 
latest Board approved budgets. For the remaining periods covered by 
the model we evaluated the assumptions (including revenue growth 
rates, EBITDA margins and discount rates) underlying the forecasts, 
and considered the depth of the analysis available, including 
consideration of market data, to support their basis. As part of this 
process, we engaged in detailed discussions with management, and 
enquired on changes to assumptions over the previous period, placing 
particular focus on the higher growth assumptions for the sports CGU. 
Further , together with our independent valuation experts, we assessed 
the discount rate and growth rate assumptions by benchmarking the 
underlying inputs in the calculation to market data, and by considering 
alternate scenarios. 
We have considered management’s disclosure around sensitivity of 
whether or not a reasonable possible change in key assumptions could 
result in additional impairment, beyond the amounts reflected in the 
financial statements for the year ended 31 December 2023.  
The recoverable amount and impairment assessment for both the 
sports and casino CGU are sensitive to changes in key assumptions, 
primarily revenue growth and discount rate applied. In particular , if the 
forecast growth rates in revenue are not achieved, then an impairment 
charge may arise. We also considered the appropriateness of 
disclosures made in relation to the impairment assessment of goodwill 
and other intangible assets (note 16: Goodwill and other intangible 
assets).
Based on the work performed, we found the value of  goodwill and other 
intangible assets, as well as the related disclosures required by IAS 36, 
to be consistent with the explanations and evidence obtained.
We have no key audit matters to report with respect to our audit of the parent company financial statements.
Independent auditor’s report - continued  
To the Shareholders of Catena Media plc
How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us 
to provide an opinion on the financial statements as a whole, taking into account 
the structure of the Group, the accounting processes and controls, and the 
industry in which the Group operates.
The Group includes a number of subsidiaries, with the main subsidiary being 
Catena Operations Limited. The Group has a centralised accounting function 
based in Malta. We assessed the overall audit approach and determined the type 
of work that needed to be performed on the consolidated financial line items by 
applying overall Group materiality and our assessment of risk. We performed 
additional procedures on the consolidation process.  
This gave us sufficient appropriate audit evidence for our opinion on the 
Group financial statements as a whole.
Other information
The directors are responsible for the other information. The other information 
comprises all of the information in the annual financial report (but does not 
include the financial statements and our auditor’s report thereon).
Our opinion on the financial statements does not cover the other 
information and we do not express any form of assurance conclusion 
thereon except as explicitly stated within the Report on other legal and 
regulatory requirements.  
In connection with our audit of the financial statements, our responsibility 
is to read the other information identified above and, in doing so, consider 
whether the other information is materially inconsistent with the financial 
statements or our knowledge obtained in the audit, or otherwise appears to 
be materially misstated.
If, based on the work we have performed, we conclude that there is a 
material misstatement of this other information, we are required to report 
that fact. We have nothing to report in this regard.
Responsibilities of the directors and those charged with 
governance for the financial statements
The directors are responsible for the preparation of financial statements 
that give a true and fair view in accordance with IFRSs as adopted by the 
EU and the requirements of the Maltese Companies Act (Cap. 386), and for 
such internal control as the directors determine is necessary to enable the 
preparation of financial statements that are free from material misstatement, 
whether due to fraud or error . 
In preparing the financial statements, the directors are responsible for 
assessing the Group’s and the Parent Company’s ability to continue as a 
going concern, disclosing, as applicable, matters related to going concern 
and using the going concern basis of accounting unless the directors either 
intend to liquidate the Group or the Parent Company or to cease operations, 
or have no realistic alternative but to do so. 
Those charged with governance are responsible for overseeing the 
Group’s financial reporting process.

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INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2023 94
Auditor’s responsibilities for the audit of the financial 
statements
Our objectives are to obtain reasonable assurance about whether the 
financial statements as a whole are free from material misstatement, 
whether due to fraud or error , and to issue an auditor’s report that includes 
our opinion. Reasonable assurance is a high level of assurance, but is not 
a guarantee that an audit conducted in accordance with ISAs will always 
detect a material misstatement when it exists. Misstatements can arise 
from fraud or error and are considered material if, individually or in the 
aggregate, they could reasonably be expected to influence the economic 
decisions of users taken on the basis of these financial statements. 
As part of an audit in accordance with ISAs, we exercise professional 
judgement and maintain professional scepticism throughout the audit. We 
also:
• Identify and assess the risks of material misstatement of the financial 
statements, whether due to fraud or error , design and perform audit 
procedures responsive to those risks, and obtain audit evidence that is 
sufficient and appropriate to provide a basis for our opinion. The risk of not 
detecting a material misstatement resulting from fraud is higher than for 
one resulting from error , as fraud may involve collusion, forgery , intentional 
omissions, misrepresentations, or the override of internal control. 
• Obtain an understanding of internal control relevant to the audit in order to 
design audit procedures that are appropriate in the circumstances, but not 
for the purpose of expressing an opinion on the effectiveness of the Group’s 
and the Parent Company’s internal control. 
• Evaluate the appropriateness of accounting policies used and the 
reasonableness of accounting estimates and related disclosures made by 
the directors. 
• Conclude on the appropriateness of the directors’ use of the going concern 
basis of accounting and, based on the audit evidence obtained, whether a 
material uncertainty exists related to events or conditions that may cast 
significant doubt on the Group’s or the Parent Company’s  ability to continue 
as a going concern. If we conclude that a material uncertainty exists, we are 
required to draw attention in our auditor’s report to the related disclosures in 
the financial statements or , if such disclosures are inadequate, to modify our 
opinion. Our conclusions are based on the audit evidence obtained up to the 
date of our auditor’s report. However , future events or conditions may cause 
the Group or the Parent Company to cease to continue as a going concern. 
• Evaluate the overall presentation, structure and content of the financial 
statements, including the disclosures, and whether the financial statements 
represent the underlying transactions and events in a manner that achieves 
fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial 
information of the entities or business activities within the Group to express 
an opinion on the consolidated financial statements. We are responsible for 
the direction, supervision and performance of the group audit. We remain 
solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among 
other matters, the planned scope and timing of the audit and significant audit 
findings, including any significant deficiencies in internal control that we 
identify during our audit. 
We also provide those charged with governance with a statement that we 
have complied with relevant ethical requirements regarding independence, 
and to communicate with them all relationships and other matters that may 
reasonably be thought to bear on our independence, and where applicable, 
actions taken to eliminate threats or safeguards applied.
From the matters communicated with those charged with governance, 
we determine those matters that were of most significance in the audit of 
the financial statements of the current period and are therefore the key audit 
matters. We describe these matters in our auditor’s report unless law or 
regulation precludes public disclosure about the matter or when, in extremely 
rare circumstances, we determine that a matter should not be communicated 
in our report because the adverse consequences of doing so would reasonably 
be expected to outweigh the public interest benefits of such communication. 
Report on other legal and regulatory 
requirements 
Report on compliance with the requirements of 
the European Single Electronic Format Regulatory 
Technical Standard (the “ESEF RTS”)
We have undertaken a reasonable assurance engagement in accordance 
with the requirements of Directive 6 issued by the Accountancy Board in 
terms of the Accountancy Profession Act (Cap. 281) - the Accountancy 
Profession (European Single Electronic Format) Assurance Directive (the 
“ESEF Directive 6”) on the Annual Financial Report of Catena Media plc for 
the year ended 31 December 2023, entirely prepared in a single electronic 
reporting format.
Responsibilities of the directors
The directors are responsible for the preparation of the Annual Financial 
Report, including the consolidated financial statements and the relevant 
mark-up requirements therein accordance with the requirements of the 
ESEF RTS. 
Our responsibilities
Our responsibility is to obtain reasonable assurance about whether the 
Annual Financial Report, including the consolidated financial statements 
and the relevant electronic tagging therein, complies in all material 
respects with the ESEF RTS based on the evidence we have obtained. We 
conducted our reasonable assurance engagement in accordance with the 
requirements of ESEF Directive 6.
Our procedures included:
• Obtaining an understanding of the entity's financial reporting process, 
including the preparation of the Annual Financial Report, in accordance with 
the requirements of the ESEF RTS.
• Obtaining the Annual Financial Report and performing validations to 
determine whether the Annual Financial Report has been prepared in 
accordance with the requirements of the technical specifications of the ESEF 
RTS.
• Examining the information in the Annual Financial Report to determine 
whether all the required taggings therein have been applied and whether , 
in all material respects, they are in accordance with the requirements of the 
ESEF RTS.
We believe that the evidence we have obtained is sufficient and appropriate 
to provide a basis for our opinion. 
Opinion
In our opinion, the Annual Financial Report for the year ended 31 December 
2023 has been prepared, in all material respects, in accordance with the 
requirements of the ESEF RTS.
Other reporting requirements
The Annual Report 2023 contains other areas required by legislation or 
regulation on which we are required to report.  The Directors are responsible 
for these other areas.
The table below sets out these areas presented within the Annual Financial 
Report, our related responsibilities and reporting, in addition to our 
responsibilities and reporting reflected in the Other information section of 
our report. Except as outlined in the table, we have not provided an audit 
opinion or any form of assurance.
Independent auditor’s report - continued  
To the Shareholders of Catena Media plc

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INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2023 95
Area of the Annual Report 2023 and 
the related Directors’ responsibilities
 
Our responsibilities
 
Our reporting
Director's report 
The Maltese Companies Act (Cap. 386) 
requires the directors to prepare a 
Directors’ report, which includes the 
contents required by Article 177 of the 
Act and the Sixth Schedule to the Act.
We are required to consider whether the information 
given in the Directors’ report for the financial year for 
which the financial statements are prepared is 
consistent with the financial statements.     
We are also required to express an opinion as to 
whether the Directors’ report has been prepared in 
accordance with the applicable legal requirements. 
In addition, we are required to state whether, in the 
light of the knowledge and understanding of the 
Company and its environment obtained in the course 
of our audit, we have identified any material 
misstatements in the Directors’ report, and if so to 
give an indication of the nature of any such 
misstatements.
In our opinion: 
• the information given in the Directors’ 
report for the financial year for which 
the financial statements are prepared 
is consistent with the financial 
statements; and
• the Directors’ report has been 
prepared in accordance with the 
Maltese Companies Act (Cap. 386).
We have nothing to report to you in 
respect of the other responsibilities, as 
explicitly stated within the Other 
information section.
Other matters on which we are required to report 
by exception
We also have responsibilities under the Maltese 
Companies Act (Cap. 386) to report to you if, in our 
opinion:
• adequate accounting records have not been kept, 
or returns adequate for our audit have not been 
received from branches not visited by us.
• the financial statements are not in agreement with 
the accounting records and returns.
• we have not received all the information and 
explanations  which, to the best of our knowledge 
and belief, we require for our audit. 
We have nothing to report to you in 
respect of these responsibilities.
Other matter – use of this report
Our report, including the opinions, has been prepared for and only for the 
Parent Company’s shareholders as a body in accordance with Article 179 
of the Maltese Companies Act (Cap. 386) and for no other purpose. We 
do not, in giving these opinions, accept or assume responsibility for any 
other purpose or to any other person to whom this report is shown or into 
whose hands it may come save where expressly agreed by our prior writ-
ten consent.
Appointment
We were first appointed as auditors of the Company on 17 August 2015.  
Our appointment has been renewed annually by shareholder resolution 
representing a total period of uninterrupted engagement appointment of 9 
years. The company became listed on a regulated market on 11 February 
2016.
Lucienne Pace Ross
Principal
For and on behalf of
PricewaterhouseCoopers
78, Mill Street
Zone 5, Central Business District
Qormi
Malta
26 March 2024
Independent auditor’s report - continued  
To the Shareholders of Catena Media plc

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INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2023 96
Definitions of alternative performance measures
AL TERNATIVE KEY METRIC DESCRIPTION SCOPE
EBITDA Total operating profit before depreciation and amortisation and 
impairment on intangible assets.
Helps report users evaluate operating profit and cash flow and evaluate operational profitability.
EBITDA FROM CONTINUING 
OPERATIONS
Operating profit from continuing operations before depreciation 
and amortisation and impairment on intangible assets from con -
tinuing operations.
Helps report users to evaluate operating profit and cash flow and evaluate operational profitability.
EBITDA MARGIN EBITDA as a percentage of total revenue. Helps report users to evaluate operational profitability and the value created by operations.
EBITDA MARGIN FROM CONTINUING 
OPERATIONS
EBITDA from continuing operations as a percentage of revenue 
from continuing operations.
Helps report users to evaluate operational profitability and the value created by operations.
ADJUSTED EBITDA EBITDA adjusted for items affecting comparability. The group reports underlying EBITDA, excluding items affecting comparability, to provide a more comparable 
measure over time than non-adjusted EBITDA and thus enhance users' understanding of the report.
ADJUSTED EBITDA FROM 
CONTINUING OPERATIONS
EBITDA from continuing operations adjusted for items affecting 
comparability from continuing operations.
The group reports underlying EBITDA, excluding items affecting comparability, to provide a more comparable 
measure over time than non-adjusted EBITDA and thus enhance users' understanding of the report.
ADJUSTED EBITDA MARGIN Adjusted EBITDA as a percentage of total revenue. The group reports the underlying EBITDA margin, excluding items affecting comparability, to provide a more compa-
rable measure over time than the non-adjusted EBITDA margin and thus enhance users' understanding of the report.
ADJUSTED EBITDA MARGIN FROM 
CONTINUING OPERATIONS
Adjusted EBITDA from continuing operations as a percentage of 
revenue from continuing operations.
The group reports the underlying EBITDA margin, excluding items affecting comparability, to provide a more compa-
rable measure over time than the non-adjusted EBITDA margin and thus enhance users' understanding of the report.
NEW DEPOSITING CUSTOMERS 
(NDCs)
New customers placing a first deposit with an operator (client). A key to measuring revenue and long-term organic growth.
ITEMS AFFECTING COMPARABILITY Significant items that affect EBITDA when comparing to previ -
ous periods.
Items affecting comparability comprise gains or losses on disposals of investments in subsidiaries, reversals of 
costs relating to share-based payments, certain increases in loss allowances on trade receivables, credit facility 
and refinancing costs, reorganisation costs, costs in relation to acquisitions, and loss on cryptocurrency.
ORGANIC GROWTH Revenue growth rate excluding portfolios and products that have 
been acquired in the past 12 months. Paid and subscription rev -
enue is excluded in the organic growth calculation. Organic 
growth includes the growth in existing portfolios and products.
A key to measuring revenue and long-term organic growth.
REVENUE GROWTH Increase in revenue compared to the previous accounting period 
as a percentage of revenue in the previous accounting period.
Helps report users to evaluate business growth.
CASH CONVERSION RATE Net cash from continuing operating activities divided by adjusted 
EBITDA from continuing operations.
Shows the group’s ability to convert its profits into available cash.
NET INTEREST-BEARING DEBT 
(NIBD)
Interest-bearing liabilities less cash and cash equivalents Shows the outstanding balance of interest-bearing liabilities (excluding lease liabilities and other contractual 
obligations which give rise to notional interest) after deducting the group's most liquid assets, cash and cash 
equivalents
NIBD/ADJUSTED EBITDA MULTIPLE Interest-bearing liabilities (notional amount including redemption pre-
mium) less cash and cash equivalents divided by adjusted EBITDA.
Shows how many years it would take to repay the group's debts, excluding exceptional costs, if NIBD and 
adjusted EBITDA remained constant.

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INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2023 97
ANNUAL GENERAL MEETING
The annual general meeting of Catena Media plc for the finan -
cial year 1 January – 31 December 2023 will be held on 
Wednesday, 15 May 2024, at 9:00 am (CEST) at Hilton Malta, 
Portomaso, St. Julian's, STJ4012. 
Notice of the annual general meeting is published on Catena 
Media's website, www.catenamedia.com
Pierre Cadena / Interim CEO
pierre.cadena@catenamedia.com
Erik Edeen / Interim Group CFO
erik.edeen@catenamedia.com
Investor Relations
ir@catenamedia.com
REGISTERED OFFICE
Quantum Place, Triq ix-Xatt
Ta’ Xbiex, Gzira, GZR 1052, Malta
Phone +356 21 310 325
Email info@catenamedia.com
Web catenamedia.com
ANNUAL GENERAL MEETING AND OTHER INFORMATION
FOR FURTHER INFORMATION 
OTHER  INFORMATION
Catena Media intends to release financial reports on the dates 
below: 
Interim Report January – March 2024  7 May 2024 
Interim Report January – June 2024  14 August 2024 
Interim Report January – September 2024  7 November 2024 
 
INVESTOR RELATIONS
Catena Media’s Investor Relations department provides relevant 
information to shareholders, investors, analysts and media. During 
the year , Catena Media conducted several international road shows 
and participated in numerous capital market activities. The company 
also held regular analyst meetings. Financial reports, press releases 
and other information are available as of the publication date on the 
company's website, www .catenamedia.com/media/press-releases/.

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INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2023 1
The group’s large portfolio of brands guides users to customer websites and enriches 
the experience of players worldwide. Headquartered in Malta, the group employs over 
250 people globally. The share (CTM) is listed on Nasdaq Stockholm Mid Cap.
CATENA MEDIA IS A LEADER IN GENERATING 
HIGH-VALUE LEADS FOR OPERATORS OF ONLINE 
CASINO AND SPORTS BETTING PLATFORMS.
FOR FURTHER INFORMATION SEE
CATENAMEDIA.COM