Årsredovisning 2024

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CATENA MEDIA IS A LEADING 
PROVIDER OF AFFILIATION 
MARKETING SERVICES FOR 
OPERATORS OF ONLINE SPORTS 
BETTING AND CASINO PLATFORMS
Annual Report 2024
Our trusted brands connect players with operators in North 
America and other selected markets, delivering a valued and 
seamless user experience

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INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
Introduction
The year in brief 3
CEO’s comments 5
Strategy
Addressing challenges 8
New strategic pillars 9
Bonus.com interview 14
Market 16
Trends 18
Operations
Business model 20
Revenue model 21
Segments 22
Sustainability
Sustainability governance 
Sustainability strategy
25
27
Financial information
Group key figures 34
The share 35
Directors’ report 36
Risks and risk management 40
Board signatures 44
Financial statements 45
Corporate governance
Governance report 
Remuneration report 
Board of directors
78 
87 
93
Executive management 94
Other information
Auditor’s report 
Definitions
95 
99
Contents
About Catena Media
Catena Media generates high-value leads for operators of online casino 
and sports betting platforms. Focused on the Americas, the group’s  
brand portfolio guides users to customer websites and enriches the 
experience of players worldwide. Headquartered in Malta, the group 
employs over 150 people globally. The share (CTM) is listed on Nasdaq 
Stockholm Small Cap.
CATENA MEDIA ANNUAL REPORT 2024 2

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INTRODUCTION CEO COMMENTS STRATEGY
 OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
The year in brief Highlights from continuing operations *
49,643 5,394 11%
2024 was a year of challenges and 
far-reaching changes for Catena Media. 
We implemented a transition to a new 
product-led organisation that prioritises the 
development of our strongest core brands. 
Organisationally, we appointed a new exec -
utive management team and also revamped 
the board of directors under a new chair -
man. This all-new structure provided a fresh 
approach to the business and essential 
drive. It set the foundations for taking the 
company forward as we pursue a return to 
organic growth in 2025. 
In 2024 we introduced new business and 
strategic pillars: People, Product and Profit. 
We accelerated measures to diversify our 
revenue streams while targeting investment 
more closely on our most important core 
brands. One of our flagship assets, Bonus.
com, made significant strides, extending 
its North American footprint and expanding 
into Mexico and Brazil. 
Another key milestone was the soft launch 
of Mrktplays, a subaffiliation platform that 
marks our first step in creating a mar -
ket-leading ecosystem for affiliates and 
operators and diversifying our revenue 
streams. This platform aims to drive growth 
by providing valuable connections and 
expertise across the industry. 
Earlier in the year we also augmented our 
market presence in North America with the 
launch of online sports betting affiliation in 
North Carolina and Vermont, further broad -
ening our reach and offering. * EBITDA for the year ended 31 December 2024 was impacted by a cost of EUR 2.2m arising from a payment to terminate a content production contract. This one-off  
payment will generate a long-term saving of EUR 1.4m
Key figures from continuing operations* 2024 2023 Change
Revenue (EUR ’000) 49,643 76,748 -35%
Adjusted EBITDA (EUR ’000) 5,394 25,447 -79%
Adjusted EBITDA margin (%) 11 33 -22pp
EBITDA (EUR ’000) (261) 23,590 -101%
EBITDA margin (%) -1 31 -32pp
Operating cash flow (EUR ’000) 2,883 19,656 -85%
Net interest-bearing debt (EUR ’000) 12,874 18,356 -30%
NIBD/adjusted EBITDA multiple 2.41 0.66 -
Earnings per share before dilution (EUR) (0.63) (0.37) -
Earnings per share after dilution (EUR) (0.63) (0.27) -
New depositing customers (NDCs) 128,700 184,257 -30%
REVENUE 
(EUR ‘000) 
ADJUSTED EBITDA 
(EUR ‘000)
ADJUSTED 
EBITDA MARGIN
CATENA MEDIA ANNUAL REPORT 2024 3
REVENUE NORTH AMERICA, EUR M
31.5
67.9
84.5
67.1
43.9
2020 2021 2022 2023 2024

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INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
€16m
 49%
€1.9m
12%
44,077
€12.8m
 14%
€0.7m
5%
31,475
€10.7m
 33%
€1.3m
13%
27 ,342
€10.2m
 30%
€1.5m
15%
25,806  
Revenue
Y ear-on-year 
revenue growth
Adjusted  
EBITDA
Adjusted  
EBITDA margin
New depositing  
customers
• Revenue from continuing operations of EUR 
16.0m (31.5), a decrease of 49 percent.
• Launch of online sports betting affiliation in 
Vermont, with an adult population of 0.5m, 
on 11 January and in North Carolina, with an 
adult population of 8.5m, on 11 March.
• Departure of CEO Michael Daly is announced 
on 26 February. Vice President Corporate 
Strategy Pierre Cadena assumes the role of 
Interim CEO with immediate effect.
• Revenue in North America down 11 percent 
to EUR 11.2m (12.5), equivalent to 88 percent 
(84) of group revenue from continuing oper -
ations.
• Edward Midolo appointed CTO, effective 1 
April, and Michael Gerrow becomes CFO 
from 15 April.
• A far-reaching organic search policy update 
by Google on 5 May impacts the rankings of 
sports betting and casino content produced in 
collaboration with established media organ -
isations. In response, the company decides 
not to renew some strategic media partner -
ships, leading to cost decreases of EUR 1.4m 
per quarter plus EUR 0.2-0.3m in quarterly 
content costs.  
 
• Revenue from continuing operations of EUR 
10.7 million (15.9), down 33 percent, in the 
face of significant organisational changes.
• Manuel Stan joins as Chief Executive Officer 
on 1 July. Pierre Cadena is appointed Chief 
Operating Officer the same day.
• Bonus.com, one of the group’s top-perform -
ing casino products, evolves into a global as -
set as the North American Spanish-language 
version, launched in Q2, begins to rank well 
and also opens in Mexico later in the quarter.
• Non-cash impairment charge of EUR 40.0m 
due to a writedown in the book value of certain 
sports and casino assets following the transi -
tion to a product-led operating model.
• Revenue from continuing operations of EUR 
10.2m (14.5), down 30 percent on the same 
period last year. 
• Revenue in North America of EUR 8.9m 
(12.3), equivalent to 87 percent (85) of group 
revenue from continuing operations.
• Further measures implemented to streamline 
content production and content marketing 
teams as part of the transition to a leaner, 
product-led organisation, generating an esti -
mated annual cost saving of EUR 2.2m from 1 
November 2024.  
Twin sports betting launches in 
North Carolina and Vermont
Media partnership landscape 
redrawn while subaffiliation 
plans take shape
New CEO arrives as Bonus.com 
launches in Mexico
Content and marketing teams 
streamlined, generating annual 
cost saving of EUR 2.2m
Q1 Q2 Q3 Q4
CATENA MEDIA ANNUAL REPORT 2024 4

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INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2024 5
STRATEGIC ACHIEVEMENTS
2024 was a testing year during which we 
reshaped the business to face new opera -
tional realities in an increasingly competitive 
market landscape. Major efforts were made 
to modernise and right-size the organisation 
so we are equipped to deliver the revenue and 
earnings growth that our shareholders demand 
and expect. Revenue from continuing opera -
tions decreased sharply in 2024 due in part to 
operational challenges and fewer state launches 
compared to previous years as we retooled 
the business. At the same time, our focus on 
high-return opportunities, disciplined cost 
management and operational efficiency drove 
a rebound in profitability and positioned us for a 
return to growth in 2025 and beyond. From the 
Q2 low, we achieved a massive improvement 
in our profit margins by year-end, reflecting the 
strength of our strategic initiatives and the resil -
ience of our business model. 
 
PRODUCT-FOCUSED MODEL
One of the most significant milestones of 2024 
was the introduction of a product-focused oper -
ating model that delivered a clearer focus on our 
key brands and priority products. The new setup 
optimises those core products to drive growth 
while also promoting operational alignment. 
In parallel, we deepened investment in SEO, 
For Catena Media, 2024 was a year of operating challenges and comprehensive orga -
nisational changes. An all-new management team was appointed to drive the transition 
to a more focused, performance-based and agile organisation capable of delivering 
sustainable revenue growth over time. As the changes bed in, we look forward to buil -
ding on the foundations that are now in place.
first-party data and CRM systems to diversify 
revenue streams and enhance performance.
PEOPLE, PRODUCT, PROFIT
We introduced three core strategic pillars – 
People, Product and Profit – to guide our focus. 
To drive improved execution and accountability, 
we introduced objectives and key results metrics 
(OKRs) across the organisation. For the first 
time, all personnel in all markets and segments 
are now accountable for and aligned on core pri -
orities. We track performance constantly to make 
sure we at all times are focusing on the high -
est-impact areas. This oversight will be critical to 
our success.
TALENT FRONT AND CENTRE
Our people are mission-critical. In 2024, we com -
pletely revamped the senior leadership team. In 
addition to myself, Michael Gerrow came in as 
Chief Financial Officer, Pierre Cadena as Chief 
Operating Officer, Edward Midolo as Chief Tech -
nology Officer and Liv Biesemans as Chief Legal 
and Compliance Officer. This all-new leadership 
team has brought renewed energy, drive and 
vision to Catena Media – to what we do and how 
we do it. This, and our transition to a product-led 
organisational structure, has already improved 
efficiency. I look forward to further progress in 
2025.
Manuel Stan
CEO
A year of changes and challenges
CATENA MEDIA ANNUAL REPORT 2024 5

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INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
FOCUS 2025 • Diversify revenue streams by building first party-cus -
tomer data, subaffiliation capability and a richer 
product customer experience to deliver additional 
value to users and operator partners.
• Strengthen our market position in North America by 
launching innovative strategies and partnerships in 
regulated regions.
• Develop and drive our key products forward to create 
a solid platform for sustainable revenue growth over 
time.
• Maintain a close focus on financial health and use the 
proceeds from prior divestments to enable continued 
debt reduction and effective risk management.
• Further embed the new operating model to deepen 
the focus on core products and drive growth while 
promoting operational alignment.
CHALLENGING MARKET CONDITIONS
In 2024, competitive pressures in the North 
American market continued to intensify, exem -
plified by a Google policy update in the first half 
of the year that negatively affected the organic 
search fundamentals of some of our strategic 
media partnerships. We moved proactively, 
exiting a number of collaborations. Today, we 
are more selective about media partnerships 
and seek collaborations that drive sustainable 
profitability for both parties.
EXPANDED FOOTPRINT
We successfully expanded our footprint in North 
America with the launch of online sports betting 
affiliation in North Carolina and Vermont. We 
also developed Bonus.com into an international 
casino affiliation brand. The successful launch 
of a Spanish-language version in North America 
and an expansion into Mexico and Brazil demon -
strated our ability to adapt to diverse markets 
and capitalise on emerging opportunities. 
 
SUBAFFILIATION PLATFORM LAUNCH
Another milestone was the launch of Mrktplays, 
our new subaffiliation platform. This innova -
tive ecosystem aims to connect affiliates and 
operators seamlessly and efficiently, enabling 
enhanced collaboration and resource sharing. 
Designed to address opportunities in the affiliate 
marketing space, Mrktplays is a cornerstone of 
our strategy to drive growth and innovation on 
multiple fronts.
FLEXIBLE BALANCE SHEET
We’re pleased with our current financial position, 
which provides us with strategic flexibility in our 
operations. Utilising proceeds from previous 
asset sales to reduce debt has strengthened our 
financial position. We maintain a net cash posi -
tion that will enable us to repay our senior bond 
in June 2025. After this repayment, our total 
interest costs will be lower, and our interest-bear -
ing financing will only include the flexible hybrid 
capital securities that are classified as equity in -
struments rather than debt. This instrument also 
gives us important flexibility, as we can decide to 
defer interest payments, ensuring we face no risk 
of debt default.
AI INITIATIVES 
AI remains a key focus area for Catena Media 
as we explore ways to enhance efficiency and 
innovation. However, during the year, we discon -
tinued an AI joint venture, recouping part of our 
initial investment while refining our approach to 
future AI-driven opportunities.
2025 AND BEYOND
Looking ahead, we will focus on strategic initia -
tives that foster long-term growth and operation -
al efficiency. That includes developing our core 
products in innovative ways while diversifying 
revenue streams by leveraging our first-party 
customer data capabilities. We will also expand 
subaffiliation opportunities and enrich user expe -
riences to provide greater value to users and our 
operator partners.
The all-new leadership team has brought 
renewed energy and vision to Catena Media – 
to what we do and how we do it.
6CATENA MEDIA ANNUAL REPORT 2024

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STRATEGY
Adapting to an era of 
changing market dynamics
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
7CATENA MEDIA ANNUAL REPORT 2024

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Diagnosing our challenges and 
responding proactively
2024 was a turbulent year for Catena Media. Internally, the group made significant changes, inc -
luding the appointment of an entirely new executive management team. For the new leadership, 
right-sizing the business and establishing a solid operating platform were top priorities. Here we 
present some of the issues identified by the new team, along with actions taken to address them.
Challenge Source Identified reasons Response
REVENUE Group reported revenue declines 
in 2023 and 2024. 
EXTERNAL
INTERNAL
A squeeze by operators on marketing budgets and payments to 
affiliates, combined with fewer new state openings. Substandard 
internal processes and sub-optimal organisational structures also 
played a part.   
We developed a new operating strategy and restructured the 
organisation in 2024, reducing costs to protect margins (see next 
pages for details).
COST-PER-ACQUISITION 
(CPA) R ATES
Operators have significantly 
scaled back their market spending 
and CPA rates.
EXTERNAL A lack of new state openings and stiffer competition between oper -
ators and among affiliates.
We are developing new revenue streams and diversifying the busi -
ness. Focus is on the delivery of high-value players to operators, 
and forging closer player relationships. 
DIRECT COSTS AND 
PROFITABILITY
A history of high direct costs and 
operating expenses leading to 
unsatisfactory profitability.  
INTERNAL A combination of underperforming media partnerships and an 
excessively large organisation, especially in content marketing and 
content production, inflated the group’s direct costs, other operat -
ing expenses and personnel expenses.
In 2024 we terminated several media partnerships on unfavour -
able terms. A comprehensive cost overview resulted in significant 
personnel streamlining in the second half of the year and the 
creation of an organisational structure geared to deliver on the 
new corporate strategy.
ORGANIC  
SEARCH RANKINGS
Harder to achieve and maintain 
high search rankings.
EXTERNAL A Google policy update in 2024 significantly impacted affiliates, 
including many of Catena Media’s media partnerships. Changes to 
Google algorithms further fuelled volatility in organic search. Stiff 
competition in North America since 2023 has also made it harder 
to reach and keep the top Google rankings.
During the year we terminated sub-optimal media partnerships 
and focused on developing our high-ranking, top-quality brands. 
We established one dedicated team per brand and embedded a 
much faster response to external changes than previously. We 
also pursued diversification by expanding in sub-affiliatiation, 
CRM and paid media, strengthening our ability to drive sustain -
able growth across multiple channels.
FINANCIAL POSITION High debt levels and expensive 
hybrid capital securities impacted 
financial flexibility and increased 
interest costs.
INTERNAL A history of significant debt accumulated from a mixed-results 
mergers and acquisition programme, coupled with weaker perfor -
mance, led to unsustainable leverage ratios.
We used asset sale proceeds to make significant debt repayments 
in 2024. Following the strategic review, remaining assets values 
were evaluated at a product level and impairments were made in 
line with their expected returns.
DATA MANAGEMENT Under previous management, 
little product data was collected 
and stored, and key performance 
indicators were not measured.
INTERNAL The absence of internal policies and data governance, along with 
a lack of initiative follow-up, impeded asset efficiency. Business 
intelligence capabilities was also lacking. 
In 2024 we incentivised internal knowledge sharing by imple -
menting new processes and a comprehensive data collection and 
management toolkit.
TECHNOLOGY 
INFRASTRUCTURE
Outdated technical infrastructure 
in some parts of the organisation 
lowered efficiency.
INTERNAL No cohesive method for asset development and maintainence. During the year we developed and launched a new technical plat -
form geared to supporting technology excellence and agile brand 
and data management.
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2024 8

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Catena Media’s triple P formula 
Three new pillars
At Catena Media, we build our 
strategy on three foundational 
pillars that the new management 
team introduced in 2024: People, 
Product and Profit. 
These interconnected areas 
provide the framework for 
our ability to grow, adapt and 
succeed in online affiliate 
marketing for sports betting and 
casino gaming in the Americas 
and selected niche markets. 
Together, the pillars empower us 
to innovate, enhance operational 
excellence and deliver value to 
shareholders.
PEOPLE
PRODUCT
PROFIT
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
9

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INTEGRITY
We do the right things in the right way.
DIVERSITY
We act as one united company while 
embracing our global ethos.
ACCOUNTABILITY
We take ownership and we are 
responsible and accountable.
EXPERTISE
We have the skills, knowledge and 
commitment to achieve all our goals.
INNOVATION
We turn creative ideas into valuable 
realities.
As a marketing affiliate in online sports betting and casino 
gaming, we rely on people and their talent for our business 
success. Our employees are the creative source for delivering 
high-quality user and customer experiences. In 2024, we took 
bold steps to strengthen talent management. 
We appointed a brand new executive team and mostly new 
senior leadership team. We also optimised the organisation to 
ensure we have the agility and innovative capacity to maxi -
mise our brands’ potential. Aligning the right talent with the 
right roles is the key to operational efficiency and maximum 
impact at all levels. We worked hard in 2024 to establish a 
high-energy, performance-based culture that is geared to 
excellence along every link in the chain. Today, the whole 
organisation is attuned to delivering the performance needed 
to achieve our strategic goals.
Our branded products are our main differentiator and unique 
selling point. In 2024 we initiated a product improvement 
programme to generate first-party data that will enable us 
to deliver even more personalised and impactful customer 
experiences.  
In tandem, we transitioned to a product-led organisational 
structure that focuses the business on our key products at all 
times. We optimised our core offerings, especially in North 
American casino, and plan to take further steps in this domain 
to unlock growth potential. We launched a Spanish-language 
version of Bonus.com in North America and introduced the 
brand in Mexico and Brazil. Investments in SEO, subaffiliation 
and CRM technology further strengthened our competitive 
edge and partner offer.
Profitability is our oxygen, feeding our ability to differentiate 
and scale. In 2024 we implemented a more disciplined ap -
proach to resource allocation, reducing debt while achieving 
cost efficiencies by terminating underperforming partnerships 
and embedding a leaner organisation. 
By year-end, these efforts delivered an improvement in the 
profit margin. In 2025, we will continue these efforts and priori -
tise high-return opportunities. We will also proactively address 
any brand underperformance as part of our mission to deliver 
a return to sustainable revenue growth in 2025. 
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2024 10

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People
product
PROFIT
People – a year of fast-paced change 
ELEVATING PERFORMANCE
During 2024, we made substantial efforts to 
create an appropriate organisational structure 
for the new, more focused Catena Media. We 
strategically matched the right talent to the right 
roles, a move geared to maximising our capacity 
to deliver impactful results with strong cost 
efficiency. 
Some of the changes were painful but necessary. 
These included non-renewal of certain media 
partnerships announced in June 2024, saving 
EUR 5.6m in direct costs plus EUR 0.7-1.0m 
in annual content costs, and the October 2024 
streamlining of our content and marketing teams 
that delivered EUR 2.2m in additional annual 
savings. These changes were necessary to 
foster the dynamic and high-performance culture 
we need – an environment where excellence is 
not merely a goal but a shared mindset across 
every level of the organisation. An environment 
with a strong performance culture that demands 
accountability from each individual.  
 
Throughout the year, we worked diligently to 
embed this performance-priority culture. The 
result is a stronger emphasis on collaboration, 
accountability and innovation. Our employees 
are empowered to take ownership of their roles 
and to play an active part in achieving our strate -
gic objectives.
Outcomes 2024
• Implemented new management team 
• Introduced agile squads
• Streamlined the organisation for higher 
agility and cost-effectiveness
• Expanded individual accountability 
• Embedded a performance-based culture
2025 and beyond
• Leverage the new resilient, creative and 
forward-thinking organisation to drive 
revenue growth
Our people are the group’s creative 
life force. They drive the creativity, 
innovation and vision that enable us to 
deliver outstanding user and customer 
experiences. In 2024, we took signi-
ficant steps to tune the organisation 
for future success. These included 
a raft of internal changes such as 
establishing product squads with the 
agility and adaptability to respond to 
fast-changing market conditions.
TALENT DEVELOPMENT AND 
ENGAGEMENT
The new management team introduced a 
network of product squads deploying agile meth -
odologies and working flexibly across brands 
and segments. We also prioritised profession -
al growth and well-being, recognising that a 
motivated and engaged workforce is essential to 
long-term success. Together, we are building a 
resilient, creative and forward-thinking organi -
sation.
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2024 11

===== SIDA 12 =====

People
product
PROFIT
Products – a new model is born
 PRODUCT-FIRST MINDSET
A key milestone during the year was the im -
plementation of a product-led organisational 
structure. Going forward, our business will be 
set up to resource, develop and prioritise our 
key products at all times. This shift allowed us 
to refine our core offerings, with a particular em -
phasis on the high-performing North American 
casino segment, setting the stage for further 
growth and expansion.
The new structure fosters accountability and per -
formance-driven incentives across teams. Indi -
vidual performance is monitored and traceable. 
Each product has a clear ownership model, with 
dedicated cross-functional squads responsible 
for its success. This setup promotes visibility, 
agility and faster decision-making. It makes sure 
that teams are empowered to iterate and improve 
based on performance data and user feedback.
We also implemented enhanced tracking and 
performance measurement frameworks to 
ensure that every initiative is directly tied to 
tangible business outcomes. These frameworks 
provide clear insights into key performance 
indicators (KPIs), allowing us to make data-driv -
en adjustments in real-time. Combined with a 
refined incentive model that aligns team goals 
with business objectives, this approach will 
promote a positive culture of accountability and 
continuous improvement.
Outcomes 2024
• Applied first-party data to improve 
products and deliver a more personalised 
customer experience
• Transitioned to a product-led 
organisational structure
• Developed flagship brands like Bonus.
com.
2025 and beyond
• Further optimise the product portfolio
• Continue expanding into new and 
growing segments
• Improve users’ brand experience and 
deliver high-intent players to our partners
Among the key internal changes 
implemented in 2024 was the shift to a 
product-first organisation and mindset. 
This means dispassionately targeting 
our resources on those products that 
offer the highest revenue and growth 
opportunities, moving away from the 
approach favoured by previous mana -
gement.
EXPANDING OUR REACH
We made targeted advancements in expanding 
our products’ reach. The introduction of a Span -
ish-language version of Bonus.com for North 
America marked the start of a broader effort to 
cater to diverse linguistic and cultural markets. 
Bonus.com also launched successfully in 
Mexico and Brazil, opening the door to untapped 
opportunities in Latin America.
To further cement our competitive edge, we 
invested significantly in SEO capabilities, sub -
affiliation tools and resource planning systems. 
This investment will enhance our product per -
formance and enable us to serve our partners 
better. 
Looking ahead, our focus will be on further 
optimising the product portfolio and expanding 
into new segments. We will also work hard to 
raise the bar in user experience with the help of 
data-driven insights.
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2024 12

===== SIDA 13 =====

People
product
PROFIT
Profit – growth built on financial discipline
ADDRESSING THE MOST PROFITABLE 
VERTICALS
In 2024, we focused on implementing cost 
efficiencies to create a solid platform for future 
growth. After critically evaluating our media 
partnership portfolio, we terminated several un -
derperforming agreements. Instead, resources 
were redirected to higher-value opportunities. 
We also right-sized the organisation to reflect 
current operating realities. The streamlining 
of content production and content marketing 
teams, announced in October 2024, will save 
EUR 2.2m. This disciplined approach to cost 
management began to show in improved profit -
ability towards year-end. For 2025, the goal is to 
maintain strict cost control as a route to creating 
the long-term resilience that will allow the busi -
ness to thrive.
Efforts to prioritise high return-on-investment 
opportunities were particularly evident in North 
American casino, which continues to deliver 
strong results. By channelling resources into 
this high-growth area, we are unlocking new 
revenue streams and solidifying our position as 
a market leader, as well as positioning Catena 
Media for future casino regulation.
TARGETED INVESTMENTS
Maintaining a disciplined approach to resource 
allocation enabled us to balance immediate finan -
cial goals with long-term opportunities for inno -
vation and expansion. Investments made during 
the year in technology, data and market-specific 
growth initiatives aim to ensure we remain agile 
and well-prepared for future opportunities and 
Outcomes 2024
• Strengthened cash flow and reduced 
debt burden
• Exited low-performing media 
partnerships
• Invested in the highest-value products 
and markets
2025 and beyond
• Maintain discipline in resource 
allocation to underpin resilience
• Invest on targeted basis to promote 
sustainable revenue growth
Profitability is the engine of innovation 
and growth. In 2024, we focused on 
strengthening cash flow, reducing debt 
and prioritising high-yielding initiatives 
to support the group’s return to susta -
inable revenue growth and assure its 
long-term success.
challenges.
As we look forward, profitability will remain foun -
dational. It is the platform that will enable us to 
differentiate, scale and achieve the sustainable 
revenue growth that our shareholders demand. 
Following the changes made in 2024, we are 
confident the organisation is primed to deliver 
revenue growth and continued cost efficiency in 
2025 and beyond.
TOTAL COSTS
Decrease
39%
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2024 13
Direct costs
Other operating expenses
Personnel expenses
Q1 24 Q2 24 Q3 24 Q4 24
4.6
6.4
3.2
3.5
5.7
2.8
1.5
5.5
2.3
1.4
4.6
2.6

===== SIDA 14 =====

Innovating to deliver value 
in casino gaming
Interview with Joe Hiscock,  
General Manager of Bonus.com
Joe, could you talk about your 
background in online casino gaming 
and how long you’ve been with Catena 
Media? 
“I’ve worked in iGaming since July 2015. 
I started out working for operators in search 
engine optimisation (SEO) and affiliate 
account management, which gave me 
close-up experience of two areas that are 
crucially important at Catena Media. I joined 
the group in early 2023 as a product manag -
er. After the new product-first organisation 
launched in July 2024 I became general 
manager of one of our product squads, for 
which Bonus.com is the dominant brand. I 
work at our head office in Malta.”
Bonus.com is a crucial asset in the port -
folio. In your view, what makes it special?
“Bonus.com is a trusted, premium domain 
for users seeking online casino bonuses, 
making it unique. It’s our flagship casino 
product and one of our main operational pri -
orities. We strive to be the first to introduce 
new brands to our users and to share the 
best and newest offers from our operator 
customers. For users, we’re the ultimate 
source for the latest bonuses and for smart, 
safe ways to enjoy online casinos.”
How would you describe Bonus.com’s 
unique selling points as an affiliate? 
Why should online casino operators 
choose the brand?
“Catena Media has been one of the leading 
casino gaming and gambling affiliates 
for well over a decade. We’ve delivered 
thousands of new depositing customers 
to our partners each month. Our biggest 
assets, and in particular Bonus.com, deliver 
high-quality sports betting and online casino 
players to our operator partners. The nature 
of Bonus.com’s audience allows us to deliv -
er high-intent players, meaning individuals 
who are more likely to become active users. 
This creates long-term value for our custom -
ers and users.”
In 2024 the group transitioned to a 
product-first organisation that will 
prioritise core products. What has been 
the impact at Bonus.com? 
“The second half of 2024 was extremely 
busy as we invested in the brand to build fur -
ther on our already strong market position. 
The first big step was launching a Span -
ish-language version dedicated to serving 
Spanish speakers in the US, our primary 
market. We launched a Portuguese version 
in Brazil, which transitioned to a regulated 
market in January 2025, and we introduced 
the brand in Mexico. We also expanded our 
footprint in Canada, where our prime focus 
is Ontario.”
What was the rationale behind the US 
Spanish-language and Brazil launches?
“There are 35 million Spanish speakers in 
the US, which shows there’s an opportunity 
to help this population discover online casi -
nos in their states. We only saw a couple of 
Our flagship online casino brand, Bonus.com, made solid headway in 2024. 
It launched a Spanish-language version in the US and debuted in Brazil and 
Mexico. Bonus.com also advanced its position in Canada and developed new 
player products and user experiences in North America. General Manager Joe 
Hiscock reflects on these efforts and what’s in store for 2025.
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===== SIDA 15 =====

direct competitors that were offering content 
in Spanish to US residents. After taking that 
step, we had the resources to explore the 
launch into Mexico. While there are a few gi -
ant operators in that market, there are many 
challenger brands that want to take market 
share, which makes it a good opportunity for 
affiliates. Latin American markets have been 
growing in popularity in the last five years, 
and the recent regulation in Brazil highlights 
that market as an interesting one to explore, 
especially as we’ve seen our existing US 
partners expanding there.”
How pleased are you with the initial 
traction these ventures have gained?
“It’s still early days, which is why 2025 will 
be critical for expanding further to see a 
return on our investments. I’m very pleased 
with the Spanish language launch in the 
US, which was the first venture of the four 
we introduced in the second half of 2024. In 
Latin America, our initiatives are a long-term 
play, positioning ourselves in markets with 
strong growth prospects as they develop. 
All successful new brand launches take 
time, and I don’t expect Bonus.com to be 
different. That said, I’m optimistic we have 
the right structure and positioning in place to 
be successful over the longer term.”
How do you see the online casino gaming 
affiliation market as we enter 2025? What 
are the opportunities and challenges?
“Last year was certainly challenging for 
online casino affiliates, but opportunities 
remain. In Canada, we are working with a 
dozen partners and there are more we may 
be able to collaborate with. Alberta may 
regulate online casino and sports betting in 
2025, which would be a welcome boost. In 
the US, the only market launch we expect 
will be Missouri, which will be online sports 
betting only, so affiliates there will continue 
to focus on new and existing niches within 
the space. I see opportunities in our ability to 
build loyal communities, which is why we’re 
planning to launch social tournaments with 
game providers and partners. The same 
goes for our lifecycle marketing strategy, 
creating first party data, which will stand us 
in good stead once new states legalise.”
2025 promises to be an important year 
for the group. What’s your assessment 
of Bonus.com’s growth prospects for the 
coming 12 months or so. 
“I see Bonus.com building on our unique 
selling points by delivering higher player 
value to our partners. We will achieve this in 
various ways. One is to continue to deliver 
the best exclusive bonuses and gaming 
opportunities. Another way is by refining the 
user experience with better site navigation, 
more interactive features, a clearer overview 
of offers, and user-generated engagement 
opportunities. We will also add on-site tour -
naments, increasing our focus on lifecycle 
marketing efforts, and working more closely 
with partners to push their promotional cal -
endars. This will allow us to not only gather 
new players, but also help our partners ex -
pand the value from their existing customer 
base too. In 2024 we expanded our reach 
to new languages and markets, and this will 
also be the case in 2025.”
2025 will be critical for expanding 
further to see a return on our investments.
All successful new brand launches take
time, but I’m optimistic we have the right
structure and positioning in place.
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Catena Media has been a leader in online casino and sports affiliation in the United States for 
almost a decade, dating back to when the first states began legalising online betting and gaming. 
We have expanded fast as new states have come on stream, while also diversifying our offering to 
end-users and our operator clients. The group also operates in Latin America and niche markets.
Markets – US front and centre
The charts above display the current 
percentages of the adult population 1 in 
the US with access to regulated online 
sports betting or casino. These figures 
highlight the substantial untapped 
potential in the market, as many states 
have yet to regulate these activities, 
indicating significant long-term growth 
opportunities. 
Yet to regulate
Yet to regulate
Casino
Sports
OUR US STATE FOOTPRINT
MARKET PENETRATION 1
16%
84%
50%
  Online sports betting
  Online casino and sports betting
  Regulated, not yet operational
  Regulated, single provider monopoly, no affiliation
CT
NH
NJ
MD
AZ
NV
OH
TN
VAWV
PAMI
WY
CO
IA IL
IN
NY
LA
OR
RH
MA
KS
ME
NE
MO
NC2
KY
VT
1   Total adult population based on management’s assessment.
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CATENA MEDIA ANNUAL REPORT 2024 16
50%

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LAUNCHES 2024
Market Adult population Launch date
Vermont 0.5m Q1 2024
North Carolina 8.5m Q1 2024 
9%
10%
Market Adult population Launch date
Missouri 4.9m H2 2025
Alberta 3.8m 2025
EXPECTED LAUNCHES 2025 
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2024 17
NORTH AMERICA 
North America is Catena Media’s primary market, 
accounting for 88 percent of group revenue in 
2024. The year was a difficult one at an operation-
al level, with group revenue in the region decreas-
ing 35 percent to EUR 43.9m (67.1).
 
Multiple factors lay behind this unsatisfactory 
performance. In sports, a lack of new state 
launches during the year made for challenging 
comparables versus 2023. A pattern of lower 
spending and cost-per-acquisition rates paid 
by online sportsbook and casino operators also 
persisted during the year
 
Furthermore, an important policy update by 
Google in May reduced the effectiveness of some 
strategic media partnerships. In the wake of this, 
the group terminated a number of underperform-
ing media collaborations and introduced new 
parameters for future deals in this space. 
The signing of an exclusive collaboration with 
Daily Racing Form (DRF), the premier US source 
for horse racing insights, in Q4 was built on clear 
mutual value and aligned incentives. The DRF 
relationship will be a blueprint for the type of stra-
tegic relationships the group seeks – those that 
drive sustainable profitability for both parties. 
Our two largest brands are the casino-oriented 
Bonus.com and the sports-focused LegalSports -
Report.com. Supporting them are a cluster of 
top-tier brands that include PlayUSA.com, Line-
ups.com, GamingToday.com and TheLines.com.
 
In the US, the largest state markets by revenue 
are Michigan, Pennsylvania and New Jersey. In 
Canada, we also have a significant footprint in 
Ontario. We provide content for sports bettors 
and casino and poker players across these four 
markets. The three most populous US states – 
California, Texas and Florida – have yet to 
approve online sports betting or casino gaming 
legislation. Industry insiders expect the Canadi-
an province of Alberta to regulate online sports 
betting and casino gaming in 2025. 
New state launches always provide a welcome 
initial boost, followed by a longer-term revenue 
opportunity. We strongly emphasise organic rev-
enue growth in established states and provinces. 
To achieve this, we are diversifying our activities 
beyond the search engine optimisation activities 
that traditionally constitute our staple market. In 
2025, measures to be taken include ramping up 
our newly launched subaffiliation platform. Initia-
tives are also under way to expand the offering, 
including by adding to and improving the services 
we provide to our brand users. 
1  Source: Eilers & Krejcik Gaming estimates and internal 
estimates. Projections in USD.
PROJECTED US ONLINE GROSS 
GAMING REVENUE 2024-2028 1
US online casino and poker US online sports
5-YEAR GROWTH RATE
CASINO
SPORTS
2024 2025 2026 2027 2028
REST OF THE WORLD 
We are present in Japan through two 
main local brands – CasinoOnline.jp and 
Slotsia. We also have a limited but growing 
presence in selected countries in Latin 
America. In 2024 we launched Bonus.com 
in Mexico and Brazil. 
Esports has become a revenue driver for 
the group in the last two years or so. Here 
we have two premium brands, Esports.net 
and Esportsbets.com, which both operate 
internationally.

===== SIDA 18 =====

The battle to attract users’ atten -
tion and convert them into revenue 
sources is hardening. Differentiated 
content that stands out from the 
crowd is paramount as competition 
intensifies.
Catena Media is investing 
significantly in technology 
advancements beyond our 
core speciality of search engine 
optimisation. Examples include 
refining our content offerings and 
functionalities with the help of new 
technology and industry-leading 
talent, and sharpening the brand 
profiles of our key products.
Government regulation of online 
casino and sports betting is a 
worldwide and increasing trend. 
Tighter regulation increases market 
certainty and raises barriers to entry 
for potential competitors, to the 
benefit of established providers like 
Catena Media.
Catena Media strongly believes that 
regulated markets offer the best 
potential for sustainable long-term 
growth, and we welcome ongoing 
regulation processes, especially in 
the Americas. 
The emergence of artificial intel -
ligence (AI) is poised to reshape 
the media industry. For the online 
sports betting and casino gaming 
sector, the changes will be huge, 
as will the opportunities to expand, 
enhance and personalise content, 
thereby improving the user experi -
ence. 
Catena Media already uses AI to 
enhance product performance and 
delivery to users. We are actively 
evaluating the optimal long-term 
path that will allow us to maximise 
AI’s full potential and incorporate 
its strengths into our products and 
internal team production.
One of the strongest market drivers 
is the rapid growth of online casino 
and sports betting in the US and 
Canada. This growth has been 
propelled since 2020 by states and 
provinces opening their markets to 
licensed online operators.
In 2024, we launched online 
sports betting in North Carolina 
and Vermont. We are preparing 
for further state launches, led by 
Missouri during 2025, along with the 
Canadian province of Alberta, which 
may legalise online sports betting 
and casino gaming this year. 
Soaring interest in online casino 
and sports betting has come partly 
at the expense of land-based 
casinos. Online casinos offer more 
convenience and privacy than 
bricks-and-mortar alternatives 
and can also host a wider variety of 
games.
As an online affiliate, Catena Media 
is insulated from the shift from 
physical casino and sports betting 
to online environments and remains 
well placed to benefit from the 
growth in web-based sports betting 
and casino.
Trends and how we respond 
GROWING IMPORTANCE 
OF DIFFERENTIATED 
CONTENT
FAST DEVELOPMENT OF 
THE NORTH AMERICAN 
MARKET
STRICTER LICENSING 
AND REGULATORY 
REQUIREMENTS
FASTER SHIFT FROM 
PHYSICAL TO ONLINE
HARNESSING THE 
POTENTIAL OF AI
IMPLICATIONS FOR CATENA MEDIA
HOW WE ACT
CATENA MEDIA ANNUAL REPORT 2024 18
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CATENA MEDIA ANNUAL REPORT 2024 19
OPERATIONS
Guiding high-value players 
to operators via our  
engaging brand portfolio
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CATENA MEDIA ANNUAL REPORT 2024 20
MULTICHANNEL BUSINESS MODEL
We attract individuals to visit our branded web -
sites primarily by leveraging the visibility we gain 
from these products’ high rankings on popular 
search engines. Our ability to achieve these 
rankings hinges on our advanced knowledge of 
search engine optimisation.  
 
We engage visitors with our brands in multiple 
ways that build and deepen their interest, for 
instance by providing relevant content that 
addresses their needs and by presenting special 
offers from our operator partners, hosting com -
petitions and events, and similar initiatives.
HOW WE GENERATE LEADS
Our brands are high-quality, trusted informa -
tion sources on which users can rely if they are 
interested in betting on sports events or playing 
casino games. The next step is to refer users as 
leads or prospects to our casino and sports bet -
ting operator partners. When the user deposits 
funds with the operator, we receive payment.
Catena Media is an affiliate marketing specialist. We attract and deliver players 
to operators of online casino gaming and sports betting platforms. Our content, 
distributed via the group’s branded portfolio of specialist websites, engages existing 
and potential users with offers and participation opportunities that generate qualified 
leads for our partners.
CONTENT IS KING
To attract visitors, our content teams are con -
stantly engaged in developing unique eye-catch -
ing content that adds true value to the user. The 
objective is to attract the attention of visitors and 
future users. Our mission is to guide them with 
insightful content so they can make smart and 
informed decisions before moving on to one of 
our partners.
Content creation is based on a deep under -
standing of what the player is looking for. What 
constitutes relevant content ranges widely – 
from offering sports fans informed background 
and commentary on team line-ups to comparing 
online casino products and services. 
WHERE WE ARE
Our content teams are located primarily in Malta 
and North America, where in 2025 we will create 
a regional hub. We also have smaller, special -
ised teams in other locations. Our branded 
websites that host the content are differentiated 
at market, regional and local level to ensure we 
cover the widest possible span of potential users 
and operators in our key markets.
Delivering high value to users and 
customers
Business model
How we create value
CONSUMERS/
USERS
OPERATORSCATENA MEDIA 
BRANDS
Our brand portfolio leaders
Casino Industry
Sports
US regional
Esports
Rest of the world
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CATENA MEDIA ANNUAL REPORT 2024 21
HOW WE EARN MONEY – A DIVERSIFIED 
REVENUE MODEL
We earn money from our operator partners pri -
marily in two ways. First, via the cost-per-acqui -
sition (CPA) revenue model. Second, by sharing 
revenue with the operator over the player’s active 
life. 
The CPA model is our primary revenue driver in 
North America. It involves an upfront payment 
for each successful player referral. We receive 
a fixed sum when a user completes a specific 
action, such as accepting an introductory offer, 
placing a bet or depositing funds.
This approach provides a highly specialised and 
results-driven alternative to traditional media and 
advertising channels. It uses targeted, multi -
channel content to address the user in a very 
direct way and focuses closely on delivering a 
return on investment. It provides the user with a 
more personalised experience while providing 
a more agile, smarter branding strategy to our 
partners.
We pride ourselves on our ability to deliver top-quality leads to our operator 
partners. This involves attracting users who have a strong interest in online casino 
gaming and sports betting and converting them into potential customers for 
operators. Operators, whether they are local, regional or global, prize engaged 
users who can generate value over time. Partnering with us gives them access to 
this audience.
SHARING REVENUE WITH OPERATOR 
PARTNERS 
The revenue-share model gives us a pre-agreed 
share of the net gaming revenue generated by 
users we refer to an operator’s platform. Unlike 
CPA, revenue sharing provides a sustained in -
come stream that is linked to the player’s activity 
and spending over the time they spend with the 
operator.
In some cases, we use a third model that is effec -
tively a hybrid format combining elements both 
of CPA and revenue sharing. Additionally, we 
engage in fixed-fee and subscription-based ar -
rangements, often structured around event-driv -
en campaigns where we act as an external 
marketing partner.
TOWARDS A SUSTAINABLE REVENUE MIX
In the last two years, we have developed a more 
balanced mix between CPA, revenue sharing 
and other income models. Prior to 2022, the 
overwhelming majority of our contracts were 
on CPA terms. In 2024, 83 percent of contracts 
were CPA, 15 percent were revenue share and 2 
percent were under alternative models.
High intent equals high value
FIXED FEES
Fixed upfront fee for specific 
marketing exposure on one of 
Catena Media’s websites.
COST PER 
ACQUISITION (CPA)
Upfront fee from the 
operator for each new user 
forwarded from Catena 
Media.
REVENUE SHARE
Portion of the revenue the user 
generates for the operator over time.
15%
83%
2%
REVENUE 
TYPES
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CATENA MEDIA ANNUAL REPORT 2024 22
Catena Media conducts business activities in two operating segments: 
Casino and Sports. Our role as an affiliate involves connecting and recruiting 
potential users as leads or prospects for the operators of online sports bet -
ting and casino gaming platforms.
Our segments
CASINO
Provides attractive and informed 
content, insights and offers that 
connect people interested in slots, 
poker, blackjack and other casino 
games with our partner online casino 
operators.
SPORTS
Publishes targeted content on sports 
players, teams and fixtures to inform 
sports, fantasy sports and esports 
betting fans and help them compare the 
right offers from online sports betting 
operators.
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CATENA MEDIA ANNUAL REPORT 2024 23
LOWER REVENUE IN A VOLATILE MARKET  
Revenue in the Casino segment decreased 13 
percent in 2024 to EUR 35.8m (41.2).  
 
In North America, casino revenue was 7 percent 
lower at EUR 32.4m (34.9). This reflected pres -
sure across the majority of states that began in 
May when Google changed its organic search 
ranking policies relating to digital sports and 
casino betting content published by traditional 
media organisations. Overnight, this shift nega -
tively impacted the visibility of content produced 
in collaboration with several leading North Ameri -
can media groups.
MEDIA PARTNERSHIP TERMINATIONS
Catena Media moved quickly to terminate several 
underperforming partnerships with large media 
groups and refocused the business on internally 
produced and published content.  
 
A revenue rebound noted in Q2 and Q3 was inter -
rupted in the final quarter of the year by instability 
caused by several Google algorithm updates. 
These affected the search engine optimisation 
HEADWINDS IN A TOUGH YEAR 
Revenue in the Sports segment decreased 61 
percent in 2024 to EUR 13.9m (35.5). North 
American sports revenue was 64 percent lower 
at EUR 11.5m (32.1).  
 
The year got off to a positive start with the legal -
isation of online sports betting in North Carolina 
and Vermont, with a combined adult population 
of 9m people. 
RESPONDING TO LEGACY ISSUES
Despite these twin launches, sports revenue 
continued on a downward trajectory during the 
year. The segment has been operating at a loss 
for a prolonged period, primarily due to deficient 
product development and stewardship under 
past management.  
 
Additionally, the organisation was scaled for a 
faster pace of new state launches than we have 
experienced in recent periods. Aside from North 
Carolina and Vermont, no new states introduced 
licensed sports betting during the year. We 
therefore adjusted the size of the organisation to 
align with current reality. In Q3 we implemented 
operations of online affiliates including Catena 
Media.
Revenue from non-core assets in Japan, Europe 
and Latin America was again lower due to lower 
player engagement and legacy-customer churn.
INNOVATION AT BONUS.COM
In North America, Bonus.com launched a 
Spanish-speaking version of its market-leading 
website in the second half of the year. The expe -
riences gained from this project helped facilitate 
the brand’s launch in Mexico in Q4.  
 
Also towards year-end, Bonus.com made its 
market debut in Brazil in advance of the country’s 
transition to a regulated online casino market in 
January 2025.
a variety of measures, including a headcount 
reduction in our content production and content 
marketing teams, which have now been right-
sized to align with market conditions.
ADDRESSING CHALLENGES IN SPORTS 
Operationally, we were disappointed not to see 
the usual surge in player activity following the 
start of the NFL season in September. This un -
derperformance highlighted both our challenges 
and previous missteps in managing the sports 
portfolio. We are diligently working to address 
these issues, while recognising that it will take 
time to regain momentum.  
 
During the year, the esports portfolio continued 
to make headway. The flagship Esports.net 
brand expanded its organic reach and continued 
to cement its authority as one of the top media 
sources for esports players.
Casino Sports
* All numbers and growth percentages shown refer to continuing operations, see page 3 for more information.
Casino Jan-Dec 2024 Jan-Dec 2023 Change
Revenue (EUR ’000) 35,777 41,234 -13%
Adjusted EBITDA (EUR ’000) 12,971 20,514 -37%
Adjusted EBITDA margin (%) 36 50 -14pp
New depositing customers 76,730 76,893 -0.2%
Sports Jan-Dec 2024 Jan-Dec 2023 Change
Revenue (EUR ’000) 13,866 35,514 -61%
Adjusted EBITDA (EUR ’000) (7 ,577) 4,933 -254%
Adjusted EBITDA margin (%) -55 14 -69pp
New depositing customers 51,970 107 ,364 -52%
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CATENA MEDIA ANNUAL REPORT 2024 24
SUSTAINABILITY
Committed to sustainable 
operations at every level of 
the business 
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CATENA MEDIA ANNUAL REPORT 2024 25
A good corporate citizen
We believe all companies share an obligation to conduct themselves as good corporate citizens. For Catena Media, this 
involves going beyond ensuring the sustainability of our own business model. It also means addressing the wider operating 
environment – the sector we operate in, our key stakeholders such as our employees, and the natural environment and its reso -
urces.
FOCUS ON SOCIAL RESPONSIBILITY AND 
 GOVERNANCE 
As a purely online business, Catena Media has 
a relatively small, albeit not negligible, impact on 
the natural environment. We believe we can best 
contribute to a sustainable future by focusing 
on good corporate citizenship in the fields of 
governance and social responsibility. These 
areas have therefore commanded our attention 
in recent years, and we have connected them to 
the UN Global Compact 10 principles and the UN 
Sustainable Development Goals (SDGs). This 
approach forms the basis for our sustainability 
reporting, as shown in this report.
UN GLOBAL COMPACT AND THE SDGS
The UN Global Compact forms the core of our 
sustainability framework alongside selected UN 
Sustainable Development Goals. Catena Media 
officially joined the Global Compact in 2022. 
Our code of conduct, which all employees are 
required to uphold, applies the Global Compact’s 
10 principles in the areas of human rights, labour, 
environment, and anti-corruption. 
We believe these universal principles represent 
fundamental values on which every business 
should base its strategies and operations. 
Membership of the Global Compact underlines 
our commitment to those principles and values, 
and underscores our ambition to show and report 
on progress across our sustainability-related 
engagements.
Further elements in our sustainability gover -
nance framework are the Nasdaq ESG Guide 
and the Maltese Companies Act’s provisions 
relating to the EU Directive 2014/95/EU on 
Non-Financial Reporting (NFRD). 
SUSTAINABILITY GOVERNANCE
The CFO and the audit committee oversee 
Catena Media’s sustainability efforts. They serve 
as the central governing bodies for sustainability, 
linking the board of directors – which approves all 
company policies, the group’s code of conduct, 
and the overall corporate strategy, including sus -
tainability – with executive management, which 
implements all strategies.
The CFO and the audit committee develop and 
follow up on the sustainability strategy and its 
focus areas and targets. They also update the 
board every quarter on progress and strategy 
implementation relating to environment, social 
responsibility, and corporate governance. The 
CFO is responsible for group sustainability 
reporting.
ABOUT THIS REPORT
In the 2024 report we continue to report on a 
range of sustainability metrics. We are not yet 
legally obliged to do so under the terms of EU’s 
Corporate Sustainability Reporting Directive 
(CSRD), but preparations are currently under 
way to meet the requirements of the upcoming 
directive. Our disclosures should be seen as a 
starting point towards beginning to measure our 
impacts. We still have much work to do, especial -
ly with regard to environmental impact reporting.
The report starts with an update on the gov -
ernance and overall reporting framework that 
underpins our sustainability efforts. It also de -
scribes the group’s strategy, based on our three 
focus areas – responsible business, responsible 
employer, and environmental responsibility – and 
how these relate to our reporting framework, the 
UN Global Compact and the UN Sustainable 
Development Goals. The report summarises 
each focus area, describing key developments 
and achievements in 2024.
Board of directors  
approves code of conduct, 
policies, sustainability strategy
Quarterly updates on ESG matters, 
our sustainability work and progress 
according to the strategy
Regular updates on sustainability 
work and progress during bi-weekly 
management meetings
Audit committee
tracks and develops the 
sustainability strategy and its 
focus areas and targets
Executive management
inputs to and implements the 
sustainability strategy
SUSTAINABILITY GOVERNANCE
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CATENA MEDIA ANNUAL REPORT 2024 26
Materiality assessment
In 2024, we continued the process of conducting a double materiality assessment, 
which is a requirement of the Corporate Sustainability Reporting Directive (CSRD). 
The assessment will cover a range of stakeholders, including employees, NGOs, 
senior management, investors and non-executive directors, and prepare Catena 
Media for the future of sustainability reporting.
IDENTIFYING KEY MATERIAL TOPICS
The starting point for the existing assessment 
was to identify potential material topics for 
Catena Media. To understand the organisation’s 
context, we considered our activities, busi -
ness relationships, sustainability context, and 
stakeholders. We also reached out to selected 
stakeholders to hear their views on our mate -
rial topics and potential impacts. An employee 
survey was sent out to all employees. Feedback 
from investors allowed us to understand their 
requirements and expectations in the coming 
years. Interviews with non-executive directors 
and top management delivered valuable input on 
their perspectives. 
OUR KEY MATERIAL TOPICS
After the assessment, internal discussions were 
conducted to determine what material topics would 
lay the foundation for our sustainability work and 
reporting. Based on the existing materiality assess-
ment, we identified several material areas valuable 
to our stakeholders. The material areas are:
• Anti-corruption and anti-money laundering
• Diversity, equality and inclusion in the workplace
• Attracting, developing, rewarding and  
retaining employees
• Customer responsibility, especially  
ethical marketing
• Safe storage and transparent management of 
customer data
PREPARATIONS FOR CSRD AND DOUBLE 
MATERIALITY
Building on the 2022 materiality assessment, we 
continued the process of conducting a dou -
ble materiality analysis in 2024. This process 
involved more stakeholders, including operators, 
end-customers and non-governmental organi -
sations. The difference compared to the single 
materiality analysis approach was that the former 
included only one perspective, which is the im -
pact. A double materiality analysis takes account 
of both the organisation’s impact on the planet 
and society (inside-out perspective), and the 
planet’s and society’s potential financial impact 
on the organisation (outside-in perspective). 
This more nuanced method aims to provide a 
comprehensive understanding of the impacts, 
risks and opportunities associated with Catena 
Media’s sustainability profile and engagement. 
• Impact materiality: covers how Catena Me -
dia’s activities factually and theoretically af -
fect the environment and society. It is an “in -
side-out” perspective in which our actions and 
decisions are scrutinised for their impact on 
the environment and society.
• Financial materiality: here the analysis focus -
es on how external sustainability factors can 
affect the company’s financial performance. It 
is, in contrast to the material impact, an “out -
side-in” perspective in which external chang -
es and trends are analysed to understand their 
potential impact on Catena Media.
CATENA MEDIA ANNUAL REPORT 2024 26
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CATENA MEDIA ANNUAL REPORT 2024 27
Our sustainability 
strategy
RESPONSIBLE BUSINESS  
– A POSITIVE ROLE IN SOCIETY
Acting responsibly is at the core of who we are 
as a company. We are committed to playing a 
positive role in society by delivering value to our 
customers and employees through our services 
and job opportunities. Our aim is to establish 
industry-leading standards through the imple -
mentation of robust policies against bribery 
and corruption, and through other applicable 
policies. We strive to maintain strong corporate 
governance through a diverse and active board of 
directors.
RESPONSIBLE EMPLOYER  
– AN ATTRACTIVE PLACE TO WORK
Creating a supportive, healthy and diverse work 
environment that enhances employee perfor -
mance is crucial to our success. Our people are 
integral, and we strive to attract and retain talent 
through a company culture built on trust, trans -
parency and a commitment to respect, diversity 
and equal opportunity. This culture fosters inno -
vation, strong customer relationships, and the de -
velopment of innovative products and services. 
Our organisation is people-focused and actively 
promotes work-life balance for all employees.
ENVIRONMENTAL RESPONSIBILITY  
– MINIMISING OUR IMPACTS
Our hybrid working model results in a relatively 
small environmental footprint. Even so, we are 
committed to reducing our environmental impact 
on an ongoing basis. We aim to achieve this by 
offsetting our greenhouse gas emissions and 
considering environmental footprint in our deci -
sion-making processes. 
Labour standards:
#3. Uphold the freedom of association and the 
effective recognition of the right to collective 
bargaining
#4. Elimination of all forms of forced and 
compulsory labour
#5. Abolition of child labour
#6. Elimination of discrimination in respect of 
employment and occupation
Human rights:
#1. Support and respect internationally 
proclaimed human rights
#2. No complicity in human rights abuses
Anti-corruption:
#10. Work against corruption in all its forms, 
including extortion and bribery
Environment:
#7. Support a precautionary approach to 
environmental challenges
#8. Undertake initiatives to promote greater 
environmental responsibility
#9. Encourage the development and diffusion 
of environmentally friendly technologies
#3 Good health and well-being: 3.4
#4 Quality education: 4.4
#5 Gender equality: 5.5
#8 Decent work and economic growth: 8.5, 8.8
#5 Gender equality: 5.5
#12 Responsible consumption and production: 12.6
#16 Peace and justice, strong institutions: 16:5
#13 Climate action 13.2
Number of full-time employees (FTEs)
Gender diversity
Gender pay ratio
Employee turnover
Sickness absence
Gender diversity
Board meeting attendance
Board independence
CEO pay ratio
Greenhouse gas emissions
Offset emissions
Development and growth
Diversity and equal opportunities
Health and well-being
Social engagement
Business ethics and anti-corruption
Data protection and privacy 
Customer responsibility
Board diversity and attendance
Responsible travel
Emissions
UN GLOBAL COMPACT
SUSTAINABLE DEVELOPMENT GOALS
KEY METRICS
KEY ISSUES
RESPONSIBLE BUSINESS RESPONSIBLE EMPLOYER ENVIRONMENTAL RESPONSIBILITY
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CATENA MEDIA ANNUAL REPORT 2024 28
A responsible business
We strive to embody the change we want to see in the world. To achieve this goal, we are dedicated to being a caring employer, a 
trusted partner and a responsible company. We aim to set the benchmark standard in our industry via strong anti-bribery,  
anti-corruption and similar policies while maintaining robust governance through an active and diverse board of directors.
WE STAND FOR BUSINESS ETHICS AND 
ZERO CORRUPTION
At Catena Media we understand the significance 
of maintaining strong corporate ethics and 
anti-corruption practices. These measures not 
only benefit the business but also promote a sus -
tainable and equitable business environment. 
We implement an all-inclusive code of conduct 
that defines our values and establishes ex -
pectations for all employees, associates and 
stakeholders. The code is reviewed annually and 
adjusted as necessary to ensure its relevance 
and efficacy. The code of conduct is publicly 
available on our website.
We also have an anti-corruption policy that aims 
to combat any non-compliant practices within 
the company or among our partners. The policy 
includes steps such as vetting associates, mon -
itoring transactions, and reporting and investi -
gating any alleged violations. The anti-corruption 
policy follows global standards and regulations 
such as the Foreign Corrupt Practices Act and 
the UK Bribery Act.
Furthermore, we operate a reporting mecha -
nism for whistleblowers. This platform allows 
employees, partners and other stakeholders to 
report anonymously, and without fear of reprisal, 
any suspected violations of the code of conduct 
or anti-corruption policy. The compliance team 
promptly and thoroughly investigates the reports, 
and appropriate action is taken as necessary.
DATA PROTECTION AND PRIVACY
Catena Media recognises the importance of 
handling personal data securely and with care in 
accordance with data protection laws. We pro -
mote a culture of privacy and integrity to ensure 
that all employees, from senior managers to new 
colleagues, understand how to treat personal 
data responsibly and keep it safe.
To support this, we have implemented a range of 
policies and procedures, such as our data protec -
tion policy, information security policy, and privacy 
by design and default procedure. We regularly re -
view these policies to ensure they are up-to-date 
and aligned with best practices. Our employees 
are required to read, understand and adhere to 
these policies as part of their job responsibilities.
New employees receive instruction in our privacy 
policies, procedures and guidelines during 
their induction week, and all employees receive 
regular mandatory training on privacy and their 
responsibilities when handling personal data. We 
also undertake routine security awareness train -
ing with an emphasis on social engineering.
To supplement our policies and training, we 
implement technical measures designed to 
maximise data protection. For example, we have 
an internal information security team, a robust 
incident management process and vulnerability 
remediation processes. We also apply security 
controls to identify, capture and block unwanted 
or malicious requests and emails.
 
At all times we aspire to be transparent with cus -
tomers about what information we collect, how we 
use it, who we share it with and how we safeguard 
it. We also inform customers about their personal 
data rights. Our data protection officer acts as the 
main contact point for data subjects with regard 
to all issues related to personal data rights and 
processing.
Key issues
• Business ethics and anti-corruption
• Data protection and privacy
• Customer responsibility
• Board diversity 
We are committed to promoting re -
sponsibility and compliance across 
our operations. To support this goal, 
we apply a code of conduct that out -
lines our values and expectations for 
all employees.
The code focuses on promoting 
business ethics and integrity, while 
also addressing the working condi -
tions of its employees. It covers a 
wide range of areas, including:
• Fair competition
• Conflict of interest and 
competition
• Human rights
• Anti-discrimination 
Our code 
of conduct
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CATENA MEDIA ANNUAL REPORT 2024 29
CUSTOMER RESPONSIBILITY
We are continually focused on responsible 
gaming, responsible advertising and compliance 
with the many jurisdictional guidelines and licence 
requirements that apply in the markets where we 
operate. 
As an affiliate that helps operators to acquire new 
players, we have no access to data on player 
behaviour or any potential gaming addiction 
patterns as this information is held by our operator 
customers. We therefore focus on informing and 
educating players about online casino and sports 
betting before they start playing. 
Catena Media commits to carry out compliant 
marketing activities and to promote player pro -
tection. Ultimately, this ensures that our brands 
are trustworthy and grow sustainably. We apply 
internal advertising guidelines to reflect the 
requirements in the different jurisdictions in which 
we operate. These are regularly updated. The 
Catena Media compliance team conducts regular 
website reviews to ensure all our websites provide 
responsible gaming information and the correct 
help sites and contact information. This work and 
our internal guidelines help our global teams nav -
igate compliance-related issues on a daily basis. 
Through our responsible gaming and advertising 
guidelines and frequent training and communica -
tions updates to all employees, we do our utmost 
to ensure that responsible gaming is top-of-mind 
for everyone at Catena Media.
BOARD ATTENDANCE
Board meeting attendance, which measures the 
percentage of board meetings and audit, remu -
neration and technology committee meetings 
attended per director, was 95 percent during the 
year. All directors were independent of the compa -
ny and management and of major shareholders.
Key metric Unit 2024 2023 Comments
Gender diversity , board % 0% 29% Percentage of female members of the board of directors (elected 
at the AGM during the reporting period).
Board meeting attendance % 95% 93% Percentage of board meetings attended per director , including 
audit, remuneration and technology committee meetings.
Board independence % 100% 88% Percentage of directors that are independent of the company 
and management and of major shareholders.
CEO pay ratio Times 5.9 9.8
CEO’s salary divided by the median salary of employees 
(FTE excl CEO). Other compensation such as bonuses is not 
included.
CATENA MEDIA ANNUAL REPORT 2024 29
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CATENA MEDIA ANNUAL REPORT 2024 30
A responsible employer
We are committed to being a responsible employer with a clearly defined company culture founded on trust and transparency. 
We attach high value to respect, support, diversity and equal opportunities, and we take a people-first approach to our work. 
Additionally, we believe in promoting a healthy work-life balance for all our employees.
DEVELOPMENT AND GROWTH
We believe that cultivating trust and transparency 
is crucial and an integral part of our company 
culture. We ensure that all employees are kept 
informed through fortnightly company meetings 
and maintain open communication channels 
through feedback and engagement tools. Ad -
ditionally, we encourage employees to express 
their thoughts freely by enabling an anonymity 
filter so they can speak their minds. 
DIVERSITY AND EQUAL OPPORTUNITIES
At year-end, 36 percent of employees and 38 
percent of executive and senior management 
were female. The gender pay ratio, calculated 
as the median salary of males divided by the 
median salary of females (excluding the CEO), 
was 1.3. The CEO pay ratio, calculated as the 
CEO’s salary divided by the median salary of all 
employees, was 5.9. 
HEALTH AND WELLBEING
At Catena Media, the health and wellbeing of 
our employees remains our top priority. Our 
hybrid workplace setup empowers colleagues 
to make their own decisions on where they can 
perform their duties best. Moreover, we provide a 
comprehensive wellness package with generous 
wellness benefits and health insurance to all em -
ployees. We operate an extended global mental 
health programme that provides employees with 
professional support across a broad spectrum 
of personal, work-related and family issues. 
Additionally, we offer mental health awareness 
training to managers. 
In both 2024 and 2023, employees’ average sick -
ness absence rate was 4.7 days per person. We 
continue to closely monitor this metric to identify 
areas where we can further support employees to 
achieve optimal wellbeing.
Key issues
• Development and growth
• Diversity and equal opportunities
• Health and wellbeing
• Social engagement
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CATENA MEDIA ANNUAL REPORT 2024 31
SOCIAL ENGAGEMENT
Catena Media’s Volunteer Day initiative allows all 
employees to devote time to helping others and 
to get involved with, and support, their local com -
munities. The programme entitles every Catena 
Media employee to take two paid days of leave 
per year for local community or charity work. The 
activities performed during Volunteer Days are 
as multifaceted as one would expect for a diverse 
company with an international workforce.
In 2024, 78.5 volunteer days were used, with 57 
percent taken by men and 43 percent by women. 
Employees used these days for community work 
that included beach cleaning, animal welfare, 
assisting the elderly, helping at youth centres, 
organising and distributing food to people in need, 
and supporting local organisations. 
Key metric Unit 2024 2023 Comments
Employees (workforce) Full-time 
employees (FTEs) 158 231
FTEs as of 31 Dec, as stated in the annual report. 
Excludes contractors in both 2023 and 2024 and one 
part-time employee in 2023.
Gender pay ratio Times 1.3 1.2
Median salary of males divided by median salary 
of females (FTEs, excl. CEO). Excludes other 
compensation such as bonuses.
Gender diversity, all group % 36% 32% Percentage of women in workforce (total FTEs).
Gender diversity, management % 38% 13% Percentage of women in workforce (executive and 
senior management team only).
Employee turnover % 54% 71% Percentage of all leavers, voluntarily and involuntarily 
from total workforce (total FTEs).
Sickness absence Days per FTE 4.7 4.7 Sick days for all FTEs divided by total FTEs.
CATENA MEDIA ANNUAL REPORT 2024 31
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CATENA MEDIA ANNUAL REPORT 2024 32
Environmental responsibility
Our hybrid working setup contributes to an organisation with a relatively small environmental footprint. We are nevertheless 
determined to reduce environmental impacts by better measuring our greenhouse gas emissions and taking account of 
environmental factors in our decision-making processes. 
HYBRID WORKING
The fact that we operate a blend of online work -
ing and physical office presence limits the size of 
our office network and hence our eco-footprint. 
Environmental impact arises primarily from office 
space and from data storage, server operations 
and business travel. Notwithstanding this limited 
footprint, we are firmly committed to finding op -
portunities to mitigate any negative effects from 
our infrastructure and operations. 
The group has implemented various energy 
efficiency measures over the years, including 
low-energy office lighting. Our Malta headquar -
ters has recycling stations to support the sorting 
of recyclable materials, including metal, paper 
and cardboard, plastic and glass. Today we con -
sider such measures to be normal hygiene and 
we look constantly for additional ways to improve 
and lower our environmental impacts.
GLOBAL TRAVEL PLATFORM
We operate a global travel platform that provides 
a one-stop-shop for travel bookings and travel 
management. The platform also offers extensive 
reporting and analysis functionality so we can 
analyse travel patterns and optimise accordingly.
Gaining a full perspective on our travel-related 
emissions forms a significant part of our carbon 
footprint management, and to better understand 
our business travel emissions is a significant 
step in minimising our negative impacts in the 
future. Furthermore, the platform provides a vital 
foundation to start reporting on our greenhouse 
gas emissions at group level.
EMISSIONS
In 2024, we continued to lay the groundwork for 
reporting on greenhouse gas emissions across 
the group. We prepared for future comprehensive 
emissions reporting. Our emissions originate 
from various sources, including office environ -
ments (both on-site and remote), business travel 
and facilities supporting data storage and server 
operations.
For business travel emissions, we operate a 
robust framework through our dedicated travel 
platform, which streamlines the way we track and 
manage these emissions. The methodology for 
reporting emissions from our office operations is 
clearly defined, while acknowledging the unique 
challenges posed by remote work settings. The 
emissions attributed to data storage and server 
operations represent a more intricate challenge, 
which we are committed to addressing further in 
2025.
As we move forward with implementing the 
Corporate Sustainability Reporting Directive 
(CSRD), our goal is to report on scope 1, 2, and 
3 emissions, embracing a holistic approach to 
our environmental impact. This commitment 
underscores our dedication to not only adhere to 
regulatory expectations but also to lead by exam -
ple in our industry by fostering transparency and 
sustainability.
Key issues
• Business travel
• Emissions
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Financial information
KEY FINANCIAL DATA FOR THE GROUP
THE SHARE
DIRECTORS' REPORT
RISKS AND RISK MANAGEMENT
BOARD SIGNATURES
FINANCIAL STATEMENTS
GROUP FINANCIAL INFORMATION
STATEMENTS OF COMPREHENSIVE INCOME
STATEMENTS OF FINANCIAL POSITION
STATEMENTS OF CHANGES IN EQUITY
STATEMENTS OF CASH FLOWS
PARENT COMPANY FINANCIAL INFORMATION
STATEMENTS OF COMPREHENSIVE INCOME
STATEMENTS OF FINANCIAL POSITION
STATEMENTS OF CHANGES IN EQUITY
STATEMENTS OF CASH FLOWS
NOTES TO THE FINANCIAL STATEMENTS
CORPORATE GOVERNANCE
REMUNERATION REPORT
BOARD OF DIRECTORS
EXECUTIVE MANAGEMENT
AUDITOR'S REPORT
DEFINITIONS
OTHER INFORMATION
34
35
36
40
44
45
46
47
48
49
50
51
52
53
78
87
93
94
95
99
100
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Key financial data for the group
EUR 2024 2023 2022 2021 2020
Income statement 
Revenue (EUR 000s) 49,652 88,240 1 37,92 7 136,112 105,991
Revenue growth (%) -44 -36 1 28 3
Adjusted EBITDA (EUR 000s) 5,345 2 7,6 9 3 59,050 69,734 52,503
EBITDA (EUR 000s) (524) 33,874 44,125 63,530 50,055
(Loss)/profit before tax (EUR 000s) (48,907) (37,370) 9,517 (5,773) 14,770
(Loss)/profit after tax (EUR 000s) (48,209) (38,236) 7,52 8 (7,16 9) 12,517
Earnings per share before dilution (EUR) (0.64) (0.51) 0.10 (0.10) 0.20
Earnings per share after dilution (EUR) (0.63) (0.37) 0.07 (0.06) 0.12
Balance sheet
Balance sheet total 146,813 242,026 322,625 366,173 340,855
Equity 122,830 175,182 222,520 228,524 240,116
Current assets 36,138 66,978 75,216 47, 816 48,332
Current liabilities 23,613 32,566 23,546 41,411 17,4 0 9
Net interest-bearing debt (NIBD) (EUR 000s) 12,874 18,356 52,950 58,142 57,0 2 6
Cash flow
Cash flow generated from operating activities 2,660 20,036 56,385 65,803 48,981
Cash flow generated from/(used in) investing activities 11,615 34,345 (30,915) (43,358) (10,453)
Cash flow used in financing activities (44,740) (34,881) (2 7,6 6 3) (24,176) (19,578)
Financial ratios 
Adjusted EBITDA margin (%) 11 31 43 51 49
EBITDA margin (%) -1 38 32 47 47
NIBD/adjusted EBITDA multiple 2.41 0.66 0.90 0.83 1.09
Employees at year end 173 256 447 425 402
EUR 2024 2023
Income statement
Revenue (EUR 000s) 49,643 76,748
Revenue growth (%) -35 -
Adjusted EBITDA (EUR 000s) 5,394 25,447
EBITDA (EUR 000s) (261) 23,590
Loss before tax (EUR 000s) (48,644) (27,996)
Loss after tax (EUR 000s) (47,9 4 6) (28,182)
Earnings per share before dilution (EUR) (0.63) (0.37)
Earnings per share after dilution (EUR) (0.63) (0.27)
Cash flow
Cash flow generated from operating activities 2,883 19,656
Cash flow generated from investment activities 11,615 34,619
Cash flow generated used in financing activities (44,740) (34,861)
Financial ratios
Adjusted EBITDA margin (%) 11 33
EBITDA margin (%) -1 31
Employees at year end 173 255
New depositing customers (NDCs) 128,700 184,257
CONTINUING OPERATIONS* ALL OPERATIONS INCLUDING DISCONTINUED OPERATIONS
* Continuing operations exclude all assets divested between Q3 2022 and Q4 2023. 
These are classified as “discontinued operations” and comprise European grey-
market performance marketing assets, AskGamblers and related brands, the 
Financial Trading segment, UK and Australian sports betting brands and Italian sports 
and casino assets. 
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The Catena Media plc share has been traded on Nasdaq Stockholm since 4 September 2017 . The shares were 
previously traded on Nasdaq Stockholm’s First North Premier list, where Catena Media was listed on 11 February 
2016 under the trading symbol CTM.
The share
SHARE PERFORMANCE
Nasdaq OMX Stockholm PI recorded a 5.7 increase in value in 2024. 
During the period Catena Media’s share price fell 68.9 percent, from 
SEK 11.99 on 1 January to SEK 3.73 on 31 December . The lowest 
closing price, SEK 3.73, was noted on 30 December 2024 and the 
highest, SEK 11.99, was observed on 2 January 2024. The group's 
market value at the end of 2024 was SEK 292.8m.
TRADING VOLUME
In 2024, a total of 69 million Catena Media shares were traded and 
the average number of traded CTM shares on the Nasdaq Stockholm 
Small Cap list was 0.2m shares per day over 251 trading days.
The turnover rate, calculated as the number of shares traded in 
relation to the total number of shares in the company , was 87 .48 per-
cent.
SHAREHOLDERS
At year-end 2024, Catena Media had 8,773 shareholders. The pro-
portion of registered shares abroad was estimated at 43.5 percent, of 
which shareholders in Malta, Denmark and Spain accounted for 5.8 
percent, 5.0 percent and 4.8 percent respectively .
The 10 largest shareholders on 31 December 2024 held a total of 
41.3 percent of the capital and votes. Catena Media was the fifth larg-
est shareholder and owned 4 percent at year-end. 
DIVIDEND 
Catena Media's strategy commits the group to growth, meaning that 
dividends may be low or not occur at all in the medium term. For the 
financial year ended 31 December 2024, the board proposes to the 
AGM that no dividend will be paid. The board has a long-term ambi-
tion to pay a maximum of 50 percent of profit after tax in dividends. 
Dividend payments will be at the board's discretion, and no date has 
been set for any future payment.
SHARE CAPITAL 
At the end of 2024, Catena Media’s share capital was EUR 118,161.66, 
distributed among 78,774,442 shares and an equal number of votes, 
an increase of 1,068 shares during the year . All shares carry equal en-
titlement to the company's profit and equity . 
OPTIONS AND WARRANTS
During 2024, 1,485,000 (2,772,500) share options were issued un-
der one long-term incentive programme. No warrants (167 ,500) were 
granted during the year .
As of 31 December 2023, the outstanding warrants (TO1) relating 
to the rights issue in the summer of 2020 totalled 27 ,022,988. These 
could be exercised during subsequent warrant subscription peri-
ods, which commenced on the day following the publication of each 
quarterly report, up to and including the Q2 2024 report. There were 
no outstanding warrants relating to the rigths issue at 31 December 
2024. 
SHAREHOLDER STRUCTURE
Ten largest shareholders as per 31 December 2024 %
Investment AB Öresund 7. 2
Avanza Pension 5.5
Jesper Ribacka 5.0
Andre Lavold 4.8
Nordic Compound Invest A/S 4.3
Catena Media plc 4.0
Nordnet Pension Insurance 3.1
Second Swedish National Pension Fund 2.9
Niklas Karlsson 2.9
eQ Asset Management Oy 1.6
Total, 10 largest shareholders 41.3
Other shareholders 58.7
TOTAL 100.0
KEY SHARE DATA
2024
Earnings per share (EUR) after dilution -0.63
Outstanding shares at year end 78,774,442 
Last price paid 2024, SEK 3.73
Highest price paid 2024, SEK 11.99
Lowest price paid 2024, SEK 3.73
Number of shareholders, 31 Dec 2024 8,773
Number of shares traded in 2024 68,912,198
Marketplace Nasdaq Stockholm
Listed 4 September 2017
Segment Small Cap
Sector Discretionaries
Trading name CTM
ISIN code MT0001000109
Currency SEK
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DIRECTORS’ REPORT
For the year ended 31 December 2024
The board of directors presents its annual report together with the 
consolidated and separate financial statements of Catena Media plc ("the 
group” and "the company”), registration number C70858, for the financial 
year ended 31 December 2024. The company has its head office and reg-
istered address at Quantum Place, Triq ix-Xatt, Ta’ Xbiex, Gzira in Malta. 
The group has subsidiaries in Malta, UK, US, Canada, Japan and Swe-
den. “Catena Media” or “the group” is used throughout this annual report 
when describing the group’s operations. 
PRINCIPAL ACTIVITY
Catena Media’s principal activity is to attract consumers through online 
marketing techniques, and subsequently channel these same consum-
ers to clients, namely companies with an online business in online sports 
betting and casino. Catena Media has several strong brands including 
Bonus.com, PlayUSA and Legal Sports Report. These are websites that 
provide consumers with valuable information about casino and sports. 
Catena Media is dependent on selling online traffic to clients and in re-
turn obtaining revenues from platform operators via advertising, shared 
revenues or revenue for each consumer who signs up as a customer with 
the operator .
BUSINESS OVERVIEW
Catena Media holds a strong market position in the online casino and 
sports betting sector . The group achieves economies of scale by oper-
ating the same online brands in several geographical markets. A shared 
technical platform enables efficiency in production perspective and in 
data collection. Analysing consumer quality and conversion is crucial to 
developing and improving website content. The group has acquired sev-
eral assets in prior years and, as part of the strategic review in Decem-
ber 2022, the group set its focus on the stable regulatory environment of 
North America and the high-margin opportunities offered as the legalisa-
tion of states and provinces in the online sports betting and casino rolls 
out. The group possesses extensive experience of integrating assets to 
create synergies while focusing on accelerating investment into long-
term growth plans. Catena Media is positioned for future organic growth, 
with a focus on scaling the current brand portfolio and preparing for future 
market launches in North America.
Directors’ report
FINANCIAL YEAR 2024
Following the strategic review that concluded in November 2023, the 
group entered the 2024 financial year with the aim of reinventing its core 
technology focus and strengthening the organisation with new product 
offerings that prioritise technology , innovation and superior user expe-
riences. Proceeds from asset sales were used for debt reduction, tech-
nology investments and the implementation of a more balanced revenue 
model. At the start of the year , a partial prepayment of half of the nominal 
amount of the bond was made, while the revolving credit facility was set-
tled in full in Q4. 
Q2 saw the replacement of the former geographical organisational 
structure with a product-based operating model. A streamlining and right-
sizing of the content production and marketing teams was completed in 
October . Measures taken reduced the group’s headcount by more than 
10 percent and created closer alignment with the group’s product goals. 
Also an impairment charge of EUR 40.0m was recognised in line with IAS 
36. The charge related to a writedown in the book value of specific sports 
and casino assets following the transition to a product-focused operating 
model. This shift provided a clearer focus on key brands and priority prod-
ucts, optimising core offerings to drive growth while enhancing operation-
al alignment. As a result of this strategy , less focus and investment will be 
allocated to non-core products. 
      After careful evaluation, the group decided to discontinue its AI-based 
content generation platform, a decision that resulted in a non-cash im-
pairment charge of EUR 1.2m in Q4. An agreement reached in January 
2025 to acquire 100 percent of the platform will recoup EUR 0.7m of the 
original investment.
Management addressed the discrepancy between the company’s 
book value and its market capitalisation by executing streamlining meas-
ures to reduce the cost base significantly and stabilise revenue. After 
year-end, the group received payments totaling EUR 15.0m from divest-
ed assets. At this time, management is confident in the company’s liquid-
ity , its ability to repay the senior bond due in June 2025 and its ability to 
continue operating and meet future interest payments on the hybrid cap-
ital securities without recourse to dilutive actions. It is important to note 
that the hybrid capital security is an equity instrument that allows for inter-
est payments to be deferred if required. While management do not have 
an intention to exercise this provision at this time, the provision provides 
significant flexibility and further de-risks the company's financial position. 
Furthermore, the group maintains a proactive approach to financial risk 
management, regularly assessing exposure to market fluctuations and 
taking appropriate steps to mitigate potential risks, including significantly 
reducing the cost base over the last two quarters. Based on these factors, 
the financial statements have been prepared on a going-concern basis, 
as management believes that the group has adequate resources to con-
tinue operations for the foreseeable future. This ongoing assessment 
may lead to revisions in the carrying value or useful life of certain assets 
as management adapts to evolving market conditions.
MARKET DEVELOPMENT
Market data shows that the overall market for online casino and sports 
betting is growing. Some markets in which Catena Media operates have 
shown strong growth in recent years and have a positive outlook. Catena 
Media’s view is that demand for lead generation and gambling affiliation 
will continue to grow as a result. Only a handful of businesses in the frag-
mented affiliate market have the capacity to generate a substantial num-
ber of new depositing customers (NDCs) for operators. Catena Media 
has become one of the largest lead generators, delivering high-value on-
line sports betting and casino users to platform operators. The group has 
adapted to market developments and user needs and has built a scalable 
business model and advanced technology platform. Catena Media has 
adapted the organisation for organic growth through both expertise and 
resource scaling.
REVENUE
Group revenue from continuing operations totalled EUR 49.6 (76.7) for 
the year , a decrease of 35 percent from the previous financial year . Reve-
nue in North America decreased by 35 percent to EUR 43.9m (67 .1) and 
accounted for 88 percent (87) of group revenue from continuing opera-
tions. NDCs were 128,700 (184,257), a decrease of 30 percent from the 
prior year .
EXPENSES
Total operating expenses, including items affecting comparability , totalled 
EUR 96.1m (98.4). Direct costs decreased to EUR 11.0m (13.4), follow-
ing the non-renewal of certain media partnerships and the optimisation of 
other agreements. Personnel expenses increased to EUR 25.1m (24.8), 
and excluding items affecting comparability decreased by 5 percent to 
EUR 22.4m (23.5). The decrease in personnel costs resulted from meas-
ures taken to streamline the company’s content production and market-
ing teams as part of a shift to a product-led organisation. Other operating 
expenses totalled EUR 13.8m (15.0), and excluding items affecting com-
parability decreased by 24 percent to EUR 10.9m (14.4). The decrease in 
other operating expenses was mainly due the transfer of full-time-equiv-
alent contractors from other operating expenses to personnel, and a re-
duction in outsourced content and search engine optimisation support 
costs, professional fees, and travel and entertainment expenditure. 
IACs from continuing operations totalled EUR 5.7m (1.9). Costs as-
sociated with share-based payments of EUR 0.2m (-0.1), reorganisation 
costs of EUR 2.4m (0.6) and one-time retention incentives of EUR 0.2m 
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(0.8) were included in “personnel expenses”. IACs in ‘‘other operating 
expenses’’ of EUR 2.2m related to the termination of the contractual ar-
rangement previously measured in accordance with the requirements of 
IAS 38 using the financial liability model. EUR 0.6m related to restructur-
ing costs (0.3) and EUR 0.1 (0.3) related to professional and legal fees. 
Earnings
Adjusted EBITDA decreased by 79 percent and totalled EUR 5.4m 
(25.4), equal to an adjusted EBITDA margin of 11 percent (33). EBITDA, 
including items affecting comparability of EUR 5.7m (1.9), decreased by 
101 percent and totalled EUR -0.3m (23.6). This corresponds to an EBIT-
DA margin of -1 percent (31). Earnings per share (EPS) before dilution 
were EUR -0.63 (-0.37). EPS after dilution were EUR -0.63 (-0.27).
CASH AND CASH FLOW
Operating activities
Cash flows from operating activities before changes in working capital 
and tax totalled EUR 1.6m (23.6) for the year .  Tax payments amounted to 
EUR 1.1m (2.4).  Net cash generated from continuing operating activities 
decreased by 85 percent compared to 2023 and amounted to EUR 2.9m 
(20.0). 
Investing activities
Cash flows generated from continuing investing activities totalled 
EUR11.6m (34.6) during the current year . Proceeds from divested sub-
sidiaries of EUR 15.1m (29.1) related to the AskGamblers business and 
associated global casino brands and the Italian online sports betting as-
sets. In 2024, payments from the acquisition of intangible assets of EUR 
2.5m related to terminated contractual commitments netted off against 
proceeds from the sale of the UK betting brand. Prior year's proceeds 
from the sale of intangible assets of EUR 6.5m related to the European 
grey-market performance marketing assets, the Financial Trading assets, 
the UK and Australian sports betting brands and the Italian online casi-
no assets netted off against payment for the affiliation assets of Lineups.
com and other contractual commitment. Acquisition of property , plant 
and equipment totalled EUR 0.1m (0.1), while the investment in associate 
during the current year was EUR 0.9m (0.9). 
Financing activities
Cash flows used in continuing financing activities for the year totalled 
EUR 44.7m (34.9) and mainly comprised interest paid on borrowings of 
EUR 8.1m (10.2), net repayment of borrowings of EUR 36.1m (20.9) and 
lease payments of EUR 0.5m (0.6). In the comparative year , cash flows 
used in continuing financing activities also comprised of payments for 
share buybacks of EUR 6.1m and proceeds from the exercise of share 
options of EUR 3.0m.
Cash and cash equivalents at year-end were EUR 8.5m (38.5). 
INVESTMENT AND FINANCING 
During the year ended 31 December 2024, the contractual arrange-
ment previously measured in accordance with the requirements of IAS 
38 was terminated. The asset disposal net of amortisation amounted to 
EUR 3.6m. Also an impairment charge of EUR 40.0m was recognised in 
line with IAS 36. The charge relates to a writedown in the book value of 
specific sports and casino assets, following the transition to a product-led 
operating model. During prior year , asset disposals of EUR 26.5m net 
of amortisation and impairment, related to the agreement to sell UK and 
Australian online sports betting brands for EUR 6.0m and the divestment 
of Italian sports and casino assets for EUR 19.8m. 
Costs for the development of websites and other applications were 
EUR 1.5m (1.6). Acquisitions of property plant and equipment totalled 
EUR 0.1m (0.2).
INTEREST-BEARING DEBT AND LEVERAGE 
As at 31 December 2024, Catena Media had outstanding senior unse-
cured floating rate bonds of EUR 27 .5m (55.0), under a framework of EUR 
100m with a maturity date that was extended to June 2025 after the partial 
prepayment of half the nominal amount in Q1 2024. Catena Media’s hold-
ing of outstanding bonds had a nominal value of EUR 6.2m as at the end 
of the period. The balance in the corresponding year also included a bank 
term loan which had a remaining nominal amount of EUR 4.2m and ma-
tured in April 2024 and a revolving credit facility of EUR 10.0m. The credit 
facility was repaid in full during Q4 2024. The ratio of net interest-bearing 
liability to adjusted EBITDA was 2.41 (0.66) as of 31 December 2024. The 
long-term financial leverage target set by the board of directors is to oper-
ate within the ratio of 0-1.75. 
SHAREHOLDERS’ EQUITY
As at 31 December 2024, equity including hybrid capital securities to-
talled EUR 122.8m (175.2), equivalent to an equity-to-assets ratio of 0.84 
(0.72). Excluding hybrid capital securities, equity totalled EUR 87 .7m 
(140.1).
SIGNIFICANT EVENTS IN 2024
First quarter
• On 10 January the group received consent from bondholders regard-
ing the written procedure for its outstanding bond loan 2021/2024 
and a partial prepayment of half of the nominal amount of the bond 
was made. As a result, the total outstanding nominal amount of the 
bond is EUR 27 .5m (55.0m), of which Catena Media holds EUR 
6.15m (12.3). The maturity date was extended to 9 June 2025. 
• The group launched online sports betting affiliation in Vermont, with 
an adult population of 0.5m, on 11 January . 
• On 26 February the group announced the departure of CEO Michael 
Daly . VP Corporate Strategy Pierre Cadena assumed the role of 
Interim CEO with immediate effect. 
• On 5 March the group appointed Manuel Stan as new CEO, effective 
1 July 2024. 
• The group launched online sports betting affiliation in North Carolina, 
with an adult population of 8.5m, on 11 March. 
Second quarter
• Edward Midolo appointed CTO, effective 1 April. 
• Michael Gerrow appointed CFO, effective 15 April. 
• On 20 June, the group issued a Q2 earnings update after assessing 
preliminary financial results for May and evaluating the reduced effec-
tiveness of some strategic media partnerships caused by changes in 
organic search policies. 
Third quarter
• Manuel Stan assumed his position as CEO on 1 July . Pierre Cadena 
was appointed COO. 
• A total of 1,020 warrants were used to subscribe for the same number 
of new ordinary shares in Catena Media during the 18th and final 
warrant exercise period. As of 30 September , the number of shares 
and voting rights in Catena Media had increased from 78,773,422 to 
78,774,442 and share capital had risen to EUR 118,161.66.
• On 18 September , Theodore Bergqvist announced his intention to 
step down from his role as non-executive director with immediate 
effect.
Fourth quarter
• On 22 October , Catena Media announced further measures to 
streamline the company’s content production and content marketing 
teams, as part of the transition to a leaner , product-led organisation. 
The programme will generate an estimated annual cost saving of 
EUR 2.2m, effective from 1 November 2024. 
• On 22 October , Catena Media announced a non-cash impairment 
charge of EUR 40.0m in line with IAS 36. The charge relates to a 
writedown in the book value of specific sports and casino assets, 
following the transition to a product-led operating model.
• On 20 November , Catena media’s board of directors announced the 
appointment of Stephen Taylor-Matthews as non-executive director 
and the departure of Øystein Engebretsen. 
• On 4 December , Catena Media’s board of directors appointed Martin 
Zetterlund as non-executive director . 
• On 19 December , Catena Media plc announced the initiation of a 
public tender process for the appointment of independent external 
auditors for the financial year ending 31 December 2025.
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EMPLOYEES
As of 31 December 2024, the group had 173 (256) employees, of whom 
61 (82) were female, corresponding to 35 percent (32) of the total. All em-
ployees were employed full-time.
FINANCIAL TARGETS
#1 Double-digit organic growth in both revenue and adjusted EBITDA 
for 2025 and 2026 at group level.
#2 Net interest-bearing debt to adjusted EBITDA ratio of 0-1.75.
PARENT COMPANY
Catena Media plc, registration number C70858, is a public company with 
its head office in Malta. Catena Media plc is the ultimate holding compa-
ny , with the purpose of receiving dividend income from the main operat-
ing company , Catena Operations Limited. Catena Media plc is listed on 
Nasdaq Stockholm’s main market in its "small cap" segment. The shares 
are traded under the ticker CTM and with the ISIN code MT0001000109. 
The warrants are traded under the ticker CTM TO1 with the ISIN code 
MT5000000158. 
There was no dividend income during the year ended 31 December 
2024, while dividend income for the comparative year was 15.0m. During 
2024, an impairment of EUR 53.2m was recognised in the parent compa-
ny’s standalone financial statements in relation to investments in subsidi-
aries, based on an updated assessment of the recoverable value of these 
investments. Operating loss for 2024 was EUR 53.7m and loss after tax 
was EUR 55.6. The comparative period resulted in an operating profit of 
14.6m and a profit after tax of EUR 12.3m. 
Bond fair value movement classified in “other losses on financial liabil-
ity at fair value through profit or loss” resulted in a loss of EUR 0.1m (1.5). 
Interest payable on borrowings was EUR 3.7m (5.7). The parent compa-
ny’s cash and cash equivalents were EUR 1.8m (6.0). Liabilities totalled 
EUR 87 .6m (84.7). Equity was EUR 122.8m (183.2). 
As at 31 December , the parent company’s current liabilities exceeded 
current assets by EUR 58.8m. Liabilities of EUR 38.9m exist in respect 
of the parent company’s related undertakings, mainly to its subsidiary 
Catena Operations Limited. The directors confirm that no amounts will be 
requested and believe that it remains appropriate to prepare the financial 
statements on a going concern basis.
OTHER GROUP COMPANIES
Catena Operations Limited
The company reported a loss before tax of EUR 13.9m and a loss after tax 
of EUR 8.9m for all operations including discontinued. By comparison, 
the prior year resulted in profit before tax of EUR 28.6m and profit after 
tax of EUR 15.3m. Net equity at year-end totalled EUR 241.6m (246.7). 
Catena Media UK Limited
Profit before tax was EUR 0.1m (0.4), while profit after tax was EUR 0.2m 
(0.3) for all operations including discontinued. Net equity at year-end was 
EUR 8.0m (7 .5).
Catena Media Doo Beograd
Net profit for January 2023 was EUR 0.07m. The Serbian subsidiary was 
sold on 31 January 2023 as part of the strategic review .
Catena Media US Inc
The company reported a loss before tax of EUR 33.8m (1.0) and a loss af-
ter tax of EUR 33.7m (1.6). Deficit equity at year-end totalled EUR 42.0m 
(4.9).
Catena Australia Pty Limited
On 3 August 2023 the group announced its agreement to sell its whol-
ly owned Australian entity . Net profit for the period ended 30 September 
2023 was EUR 0.01m. 
Catena Media K.K.
Profit before tax was EUR 0.01m (0.1). Profit after tax for the year was 
EUR 0.002m (0.04). Net equity at year-end totalled EUR 0.4m (0.4).
Catena Media Sverige AB
Loss before tax was EUR 0.1m (0.03). Loss after tax was EUR 0.1m 
(0.02). Net equity at year-end totalled EUR 0.7m (0.5).
Catena Media Italia S.r .l
On 21 November 2023 the group announced the divestment of its Italian 
subsidiary including online sports betting assets. Profit before tax for the 
period ended 30 November 2023 was EUR 2.2m, while profit after tax 
was EUR 1.5. Interim dividends distributed to Catena Operations Limited 
were EUR 1.6m. 
Catena Media Canada Ltd
Profit before tax was EUR 0.3m (0.3) and profit after tax was EUR 0.3m 
(0.2). Net equity at year-end totalled EUR 0.8m (0.5).
Catena Media Germany Gmbh
The company was liquidated in June 2024. Profit for the six months end-
ing 30 June 2024 was EUR 0.04m. During the comparative year loss be-
fore tax was EUR 0.02m and loss after tax was EUR 0.02m. Deficit equity 
at year-end totalled EUR 0.02m.
Lineups.com Inc.
Profit before tax was EUR 0.6m (0.6) and profit after tax was EUR 0.3m 
(0.8). Net equity at year-end totalled EUR 2.2m (1.8).
Catena Publishing Limited
Net profit for January 2023 was EUR 0.03m. The subsidiary was sold on 
31 January 2023 as part of the strategic review .
Catena Europe Limited
Loss for the year was EUR 0.01m. Deficit equity at year-end totalled EUR 
0.02m. Loss for the year ended 31 December 2023 was EUR 0.01m, 
while the net equity at year end was EUR 0.01m.
SIGNIFICANT RISKS AND UNCERTAINTIES 
Catena Media’s risk management aims to execute the business strategy 
while maintaining a high level of risk awareness and control. The group is, 
in particular , exposed to compliance risks related to the online gambling 
industry . Risks are managed on a strategic, operational and financial lev-
el. Comprehensive risk disclosures are shown on pages 37-41 and 60-62. 
SEASONALITY
A significant portion of Catena Media’s sports betting business is subject 
to the seasonal openings and closures of the major sports leagues in 
North America and Europe. These calendar-related shifts are associated 
with changeability in the group’s quarterly performance, with revenues 
typically being higher in the first and fourth quarters. Fluctuations in quar-
terly results are also reflective of market launches in North America, such 
as those seen during the last two years.
SUSTAINABILITY
Sustainability is a strategic imperative for Catena Media. The group is a 
digital platform with a relatively small environmental footprint and there-
fore focuses its efforts on social responsibility and governance. The com-
pany works constantly to improve governance and to make its operations 
more sustainable, emphasising business ethics, corporate governance 
and transparency . Socially , the group stands for equality , ethical conduct 
and diversity at all levels. Catena Media's sector leadership in corporate 
social responsibility is reflected in a commitment to fair and equitable 
gaming. More details on sustainability can be found on pages 24-32.
LEGAL DISPUTES AND PROCEEDINGS
This type of risk refers to the costs that may be incurred by Catena Media 
for pursuing legal proceedings, as well as costs of third parties. During the 
year Catena Media was not involved in any disputes that affected or will 
affect the group’s position in a material manner .
REMUNERATION TO SENIOR EXECUTIVES
The board’s proposed guidelines for remuneration of senior executives 
for 2025 envisage salaries and other terms of employment for manage-
ment being at market levels. In addition to a fixed basic salary , senior man-
agers may also receive variable remuneration and bonuses, which are to 
have a predetermined ceiling and based on results achieved relative to 
established targets or other key performance indicators. 
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An amount is to be set annually for the total cost for fixed and varia-
ble remuneration. This amount must include all the group’s remuneration 
costs. In cases where the group terminates the employment of a senior 
executive, the individual may be entitled to severance pay , in which case 
this shall have a predetermined ceiling. No severance pay is payable if the 
employee terminates his or her employment. The board has the right to 
deviate from the guidelines if particular reasons apply in individual cases. 
Further details are available in the corporate governance report on page 
78. 
SHARES AND OWNERSHIP STRUCTURE
The ownership structure of Catena Media plc on 31 December 2024 in-
cluded the following major shareholders: Investment AB Öresund owning 
7 .2% of issued shares; Avanza Pension owning 5.5%; Jesper Ribacka 
owning 5.0% of issued shares; Andre Lavoid owning 4.8% of issued 
shares; Nordic Compound Invest A/S owning 4.3% of issued shares; 
Catena Media plc owning 4.0% of issued shares; Nordnet Pension In-
surance owning 3.1%; Second Swedish National Pension Fund owning 
2.9% of issued shares; Niklas Karlsson owning 2.9% of issued shares; 
and eQ Asset Management Oy owning 1.6%.
FUNDING
At the end of the year Catena Media had outstanding senior unsecured 
floating rate bonds of EUR 27 .5m, of which EUR 6.2m were owned by the 
company . During Q4 2024, the revolving credit facility of EUR 10.0m was 
repaid in full. In addition, Catena Media’s funds included the hybrid capital 
securities issued on 10 July 2020 and which can be redeemed in full by 
the company on 10 July 2025 at the earliest. At year-end, hybrid capital 
securities with a nominal value of EUR 43.7m, net of EUR 8.6m issuance 
costs, were reported in the company’s statement of financial position. For 
more information, see Note 24 (Borrowings) and Note 29 (Hybrid capital 
securities) to the financial statements in this report, and the company’s 
website www .catenamedia.com/investors. 
SALE OF ASKGAMBLERS AND RELATED BRANDS
On 15 December 2022, the company announced an agreement to sell 
two wholly owned subsidiaries in Malta and Serbia that operate the Ask-
Gamblers brand and two online casino brands, JohnSlots and NewCasi-
nos. On 31 January 2023, the company announced the successful com-
pletion of its sale of the AskGamblers business and associated global 
casino brands to the buyer , Gaming Innovation Group Inc. 
DIVESTMENT OF FINANCIAL TRADING SEGMENT
The Financial Trading segment was divested via a management buyout 
on 31 January 2023. 
SALE OF UK ASSETS
On 3 August 2023, the company announced an agreement to sell all 
assets in Catena Media UK’s business, including sports betting brands 
Squawka and GG.co.uk, and all shares in the group’s wholly owned Aus-
tralian subsidiary .
SALE OF ITALIAN ASSETS
On 21 November 2023, the group announced agreements to sell its  
Italy-focused online sports betting and casino assets.
ANNUAL GENERAL MEETING
The annual general meeting of Catena Media plc for the financial year 1 
January – 31 December 2024 will be held on Wednesday , 21 May 2025, at 
9:00 am (CEST) at AX The Palace Malta, Triq Il - Kbira, Tas-Sliema, Malta.
DIVIDEND
No dividend was paid from 1 January to 31 December 2024.
BOARD OF DIRECTORS
The board of directors consists of:
• Erik Flinck (Chairman)
• Dan Castillo
• Adam Krejcik
• Sean Hurley
• Martin Zetterlund
• Stephen Taylor-Matthews 
The group’s Chief Legal and Compliance Officer , Liv Biesemans, is the 
company secretary and also serves as board secretary . 
STATEMENT OF DIRECTORS’ RESPONSIBILITIES FOR THE 
FINANCIAL STATEMENTS
The directors are required by the Companies Act (Cap. 386) to prepare fi-
nancial statements that give a true and fair view of the state of affairs of the 
group and the parent company per the end of each reporting period and of 
the profit or loss of that period. In preparing the financial statements, the 
directors are responsible for:
• Ensuring that the financial statements are drawn up in accordance 
with the International Financial Reporting Standards (IFRS) as 
adopted by the EU.
• Selecting and applying appropriate accounting policies.
• Making accounting estimates that are reasonable in the circumstanc-
es.
• Ensuring that the financial statements are prepared on the going con-
cern basis, unless it is inappropriate to presume that the group and 
the parent company will continue in business as a going concern.
The directors are also responsible for designing, implementing and 
maintaining internal controls as the directors determine is necessary to 
enable the preparation of financial statements that are free from materi-
al misstatement, whether due to fraud or error , and that comply with the 
Companies Act (Cap. 386). They are also responsible for safeguarding 
the assets of the group and the parent company , and hence for taking 
reasonable steps for the prevention and detection of fraud and other ir-
regularities.
The financial statements of Catena Media plc for the year ended 31 
December 2024 are included in the Annual Report 2024, which is pub-
lished digitally and made available on the company’s website. The direc-
tors are responsible for the maintenance and integrity of the annual report 
on the website in view of their responsibility for the control over , and the 
security of, the website. Access to the company’s website is available in 
other countries and jurisdictions, where legislation governing the prepara-
tion and dissemination of financial statements may differ from the require-
ments or practice in Malta.
AUDITORS
The audit committee has organised a public tendering process for the 
selection of the company’s auditor and has prepared its recommenda-
tions for the election of the auditor in accordance with the EU Audit Reg-
ulation (EU) No. 537/2014 (the “ Audit Regulation”). In accordance with 
article 16(2) of the Audit Regulation, the audit committee submitted its 
recommendation to the board of directors regarding the appointment of 
the audit firm. The board of directors proposes that KPMG Malta (regis-
tration number AB/26/84/12) be appointed as the company’s statutory 
auditor for the financial year 2025. This proposal will be taken to approv-
al at the annual general meeting. 
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Catena Media’s risk management is geared to enabling 
the company to execute the business strategy while 
maintaining a high level of risk awareness and control. 
The process is based on a risk management framework 
approved by the board of directors. The framework ad-
dresses the most significant risks facing the company . 
These are strategic, operational, financial, legal and 
compliance risks. Under the framework, Catena Media 
carries out internal risk control assessments on a month-
ly , quarterly or annual basis, depending on the risk level 
and where in the business it arises. These assessments 
are then communicated to the CEO and the board.
The overall level of risk appetite is determined by 
the board and controlled through risk management and 
reporting. By weighing potential returns against po-
tential risks in the business plan, the board decides an 
appropriate level of risk and return. The board and the 
sub-committees to which it has delegated responsibil-
ity review and discuss specific risk topics on an ongo-
ing basis, weighing up the nature of the risks and their 
potential impact on the group. The board also considers 
how identified risks should be monitored and controlled.
Like any business, Catena Media is exposed to a range of external and internal factors that have the 
potential to cause fluctuations in the group’s financial position, results of operations and share price. 
The group applies a risk control process that monitors, and seeks to minimise risk with the aim of 
establishing a stable environment conducive to achieving sustainable value over time. 
Risks and risk management
FINANCIAL RISKS
A. Currency risk
B. Credit risk
C. Banking and financing risk
D. Interest rate risk
MARKET RISKS
E. Dynamic changes in the environment
F. Business cycle risk
G. Search algorithm risk
H. Competition risk
BUSINESS ACTIVITIES AND INDUSTRY RISKS
I. Revenue share model risk
K. Customer agreement risk
L. Cyber and IT system risk
M. Privacy risk
N. Theft risk
O. Recruitment and retention risk
LEGAL AND REGULATORY RISKS
P. Legal and regulatory risk
Q. Political risk
R. Brand abuse and Intellectual property rights (IPR) risk
S. Tax risk
SOCIAL RISKS
T. Reputational risk
U. Financial crimes risk
A
M
E
Q
S
C
O
G
I
K
B
N
F
R
T
D
P
H
J
L
PROBABILITY
IMPACT
A
B
F
J
O
Q
R
S
T
LP
N
M
E
C
D
H
K
I
G
Very likely
Likely
Possible
Unlikely
Very unlikely
Negligible                 Low                Moderate        High Very high
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===== SIDA 41 =====

RISK TYPE DESCRIPTION RISK MANAGEMENT PROBABILITY IMPACT
FINANCIAL RISKS
A CURRENCY 
RISK
The group operates internationally and is exposed to currency risk in revenue, 
expenses and bank balances that are denominated in currencies other than the 
functional currency . The increasing popularity of cryptocurrency also exposes 
Catena Media to price changes and volatility in this instrument as well as to cryp-
to system and wallet security risks.
Most customers are billed in EUR or other larger currencies, nota-
bly GBP and USD, which provides a natural hedge. Smaller billing 
currencies include bitcoin, yen and SEK. Balances in smaller cur-
rencies are kept to a minimum and the remainder is converted into 
EUR to minimise exchange rate impacts. Catena Media has poli-
cies in place to minimise crypto price volatility risk and to facilitate 
prompt payments from operators. The sale of Global Brands has 
reduced Catena Media's exposure to crypto currencies since many 
operators who pays in crypto were related to Global Brands.
POSSIBLE LOW
B CREDIT RISK Credit risk arises principally from outstanding receivables due from Catena Me-
dia’s customers and, to a lesser degree, on funds held on account in payment 
wallets and similar locations. A customer’s inability to pay would have adverse 
effects on the group’s financial position.
Credit risk is regularly monitored by the finance team, which has 
a dedicated accounts receivable and debt collection team. Catena 
Media assesses customers’ credit quality based on their financial 
position and by weighing in their track record and other factors.
UNLIKEL Y LOW
C BANKING AND 
FINANCING 
RISK
Catena Media’s primary finance sources are historically bank loans and corpo-
rate bonds. Adverse developments in the credit and financial markets as well 
as banks' know-your-customer KYC compliance requirements and position to-
wards the iGaming sector might negatively impact the group’s ability to maintain 
its banking setup and refinance operations, potentially leading to higher financial 
costs. An impaired ability to refinance debt may also hinder debt repayments 
that fall due.
The group has liquidity targets in place to ensure that any liabilities 
that fall due are repaid. However , material negative changes in the 
financial markets may be out of scope for the group and have the 
potential to affect the group’s financial position.
VERY LIKEL Y HIGH
D INTEREST 
RATE RISK
The group is partly financed by financial instruments with floating rates of Stibor 
and Euribor plus a margin. Thus, Catena Media is exposed to fluctuations on the 
Euribor and Stibor markets.
Catena Media does not currently take any measures to manage in-
terest rate risk. Even if such measures were to be undertaken in the 
future, they might not fully eliminate or reduce the negative poten-
tial impact on the group of interest rate movements.
UNLIKEL Y MODERATE
MARKET RISKS
E DYNAMIC 
CHANGES IN 
THE ENVIRON-
MENT
Pandemics, wars or climate catastrophes has the potential to impact negatively 
on the global economy and thereby weaken the group’s financial position. It may 
reduce the disposable incomes of online users, leading to reduced demand for 
Catena Media’s services. Cancellations of sports events may reduce sports bet-
ting activity . 
A force majeure factor such as a pandemic, a war , or a climate ca-
tastrophe, is beyond the group’s direct control. Nevertheless, some 
consequences can be mitigated. Catena Media strives to diversify 
its revenue streams to secure a steady inflow of cash.
UNLIKEL Y MODERATE
F BUSINESS  
CYCLE RISK
In recessions, the disposable income of online users may be reduced, leading to 
lower demand for the group’s products and services. Market consolidation may 
also lead to fewer operators, narrowing the group's sales base. In both cases, 
such events could reduce revenue and earnings.
Catena Media operates in multiple markets in different parts of the 
world and maintains a balanced and diversified portfolio. This limits 
the impact of an economic downturn in any one market because 
markets not affected by recession may continue to generate reve-
nue and earnings in line with, or above, expectations. 
LIKEL Y MODERATE
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2024 41

===== SIDA 42 =====

RISK TYPE DESCRIPTION RISK MANAGEMENT PROBABILITY IMPACT
G SEARCH 
ALGORITHM 
RISK
Catena Media's brands rely for visibility on specific algorithms used by search en-
gines. Any material updates to algorithms may significantly affect the group's ability 
to attract quality traffic to its websites and require it to adjust its SEO.
Catena Media monitors algorithm changes on an ongoing basis 
and controls content quality . The group ensures its websites are 
well-built, fast and up-to-date with the latest software. 
LIKEL Y HIGH
H COMPETITION 
RISK
Online affiliate marketing is characterised by rapid technical changes and im-
provements. Catena Media must constantly develop and offer new features to 
attract sufficient visitors to its websites to generate revenue and maintain fees 
from operators. Demand for affiliate marketing services might decrease if opera-
tors were to shift to more in-house SEO efforts or shift away from bonus offerings 
which would require alternatives to attract players.
Research and development is a core activity to maintain market 
edge. The group monitors markets and competitors closely to en-
sure detection of any changes that could potentially challenge Cat-
ena Media’s position. 
POSSIBLE MODERATE
OPERATING RISKS
I REVENUE 
SHARE MODEL 
RISK
A portion of the group’s revenue derives from a share of the net revenue that a 
user generates on an operator’s platform. Hence, an increase in the operator’s 
cost base might reduce the net revenue ultimately paid to Catena Media. Any 
undetected miscalculations on the operator’s side might result in incorrect fees, 
also resulting in lower revenue.
The group regularly conducts operator audits to ensure that finan-
cial calculations are accurate. Catena Media also monitors the de-
velopment of operator costs.
UNLIKEL Y LOW
J CUSTOMER 
AGREEMENT 
RISK
Catena Media’s revenue and earnings might be adversely affected if a custom-
er terminates its agreement with the group or does not comply with the agree-
ment or its licensing requirements including know-your-customer and anti-mon-
ey-laundering policies. The group assumes unlimited liability for its services to 
operators, meaning that were an operator to receive a sanction or penalty due to 
services provided by Catena Media, the group might be held responsible.
Catena Media monitors customer satisfaction closely and works 
actively to detect any activity that might fall outside the scope of 
prevailing regulations. 
UNLIKEL Y LOW
K CYBER AND IT 
SYSTEM RISK
IT systems are an integral part of Catena Media’s operations, and any inter-
ruptions or errors may significantly decrease the ability of the group and/or its 
customers to supply services. Moreover , a risk of information security weakness 
exists in respect of vulnerabilities such as cyberattacks or fraud. A data breach 
could give rise to financial costs, legal penalties and/or reputational impairment.
Catena Media conducts regular IT system scanning and constant 
monitoring to detect any security issues. The group has a dedicated IT 
security team tasked with protecting against data breaches and simi-
lar weaknesses, based on defined security management processes. 
Procedures and routines are in place for technical operations, disaster 
recovery , business continuity planning and incident management.
LIKEL Y MODERATE
L PRIVACY  
RISK 
Non-compliance with data privacy rules (e.g. the EU’s General Data Protection 
Regulation (GDPR) or similar regulations in the US) might expose Catena Media 
to financial penalties, damages payments to data subjects and indemnities to 
third parties such as operators or service providers. A risk arises of the group 
entering into a data processing agreement with unlimited liability and/or indem-
nities or that creates exposure by identifying Catena Media as a data processor .
Catena Media provides annual privacy training for staff in all depart-
ments and operates a privacy hub hosting extensive information. 
Employees are required to sign documents and policies on data 
protection and privacy . Data mapping is performed to oversee in-
formation flow , ownership and governance. 
POSSIBLE MODERATE
M THEFT  
RISK
Any theft or corruption of databases or intellectual property by an external or in-
ternal party would potentially expose the group to financial and/or reputational 
losses as well as operational disruption. This also includes the risks related to 
Phishing, where sensitive data or money could end up in the wrong hands.
Catena Media operates an internal security protocol, provides rele-
vant training and restricts staff access to sensitive data.
POSSIBLE MODERATE
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2024 42

===== SIDA 43 =====

RISK TYPE DESCRIPTION RISK MANAGEMENT PROBABILITY IMPACT
N RECRUITMENT 
AND RETEN-
TION RISK
A failure to recruit or retain qualified employees, especially in areas requiring 
specialist competency such as search engine optimisation, may impair the 
group’s ability to achieve its growth targets and achieve maximum results from 
business operations.
Catena Media has tools and processes in place to meet its global 
hiring needs. The group has a retention strategy based on learning, 
development and succession planning and the payment of com-
petitive remuneration and benefits
LIKEL Y HIGH
LEGAL AND REGULATORY RISKS
O LEGAL AND 
REGULATORY 
RISK
The laws and regulations that govern the online gambling industry are complex, 
constantly evolving and, in some cases, also uncertain. Since the group oper-
ates in multiple countries, it is exposed to a potentially wide range of regulations. 
Markets are regulated by both central or local governments. In the US, where our 
presence is growing, the respective states have a lot of influence over the reg-
ulatory aspect. Revenue might also be reduced in the event that Catena Media 
or an operator were to breach regulations and be penalised by the authorities. 
Regulatory authorities may also take decisions that directly affect Catena Me-
dia, for example by changing regulations for affiliates, such as some states have 
done related to revenue-share models, which impacts our ability to differentiate 
revenue streams. Such changes might also result in increased administrative 
costs for the group, or require the group to change, limit or cease its business in 
specific jurisdictions/states.
Catena Media's Compliance department closely tracks regulatory 
developments in its markets, actively monitores proposed chang-
es to legislation and advertising rules and evaluates existing and 
potential operator customers. The group diversifies its customer 
base across multiple segments and territories and engages active-
ly in dialogue with relevant authorities to ensure full compliance by 
all parties in all aspects. The sale of grey market operations have 
 mitigated the legal and regulatory risk in the group in so far that 
 regulated markets have predicatbility to a higher degree and and 
spill over effects from grey markets to regulatory markets is mitigat-
ed. In addition the risk of draconian changes in a regulated market 
is less than in a grey market.
LIKEL Y MODERATE
P POLITICAL 
RISK
Political shifts, sanctions and similar changes may affect the ability of the group 
to operate. Catena Media's increased focus on US also makes us more vuner-
able for potential material changes to the regulations applicable to the group’s 
operations, but also in the rest of Americas.
Catena Media has no direct operations in Russia or Ukraine, where 
war broke out in Q1 2022. The group does have outsourced IT devel-
opment staff in Ukraine, where a risk of service interruption exists. 
Mitigation measures have been taken to address this.
POSSIBLE MODERATE
Q BRAND 
ABUSE AND 
INTELLECTUAL 
PROPERTY 
RIGHTS (IPR) 
RISK
Rogue websites and social media channels pose a risk of brand abuse and 
trademark infringements. Catena Media uses its intellectual property rights, 
such as trademarks, domain names and website content copyright when provid-
ing marketing services. A risk exists that the group might be prevented from fully 
exercising its IPR in all jurisdictions where it operates if, for instance, a domain 
name owned by the group were to be challenged by a third party . Any inability 
to fully use IPR may impair the group’s competitiveness and negatively affect 
revenue and earnings.
Catena Media has monitoring and takedown processes in respect 
of brand and trademark abuses. The group mitigates IPR risk by 
working actively to ensure that its intellectual property rights are 
valid in multiple jurisdictions to mitigate the risk. Catena Media also 
seeks to diversify the asset portfolio on a continuous basis to re-
duce the risk of infringement of third parties’ IPR registrations. 
VERY LIKEL Y LOW
R TAX RISK Online gaming operators are subject to direct and indirect taxes, including gam-
bling taxes. It is increasingly common for licensing regimes to impose taxes on 
operators. An increased tax burden on operators may indirectly reduce Catena 
Media’s revenues. Also, the group may be required to participate in tax audits 
and investigations, for instance into its current transfer-pricing setup, that may 
result in higher tax expenses.
Catena Media continuously reviews its tax frameworks to ensure 
the group applies the correct tax rates and complies with applicable 
regulations. 
LIKEL Y MODERATE
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2024 43

===== SIDA 44 =====

RISK TYPE DESCRIPTION RISK MANAGEMENT PROBABILITY IMPACT
SOCIAL RISKS
S REPUTATIONAL 
RISK
Online gaming is a high-profile industry that at times receives negative publicity 
in contexts such as underage gambling and user addiction. Such negative pub-
licity might lead to declining social acceptance of online gambling, potentially 
affecting Catena Media’s reputation and inviting stricter legislation. Such pub-
licitity might also result in banks being unwilling to service Catena Media or de-
manding higher social and governance standards. Reputational damage might 
also occur if the group were to conduct business with unlicensed operators or 
operators with criminal links. Reputational damage could reduce the group’s 
ability to operate and impact on its revenue and earnings.
Catena Media engages in dialogue with stakeholders to discuss, 
build and improve regulatory compliance among industry actors. 
The group is also part of an industry network that seeks to promote 
understanding and destigmatisation of online gaming, where a 
trade assosciation is being set up in which we together with author-
ities and competitors will agree on rules for affiliates going forward. 
This will lead to a "gambling-certification" and will assure we are op-
erating in non-grey (or black) markets and fulfill other obligations as 
well as support sustainable gambling. Moreover , Catena Media has 
a supportive relationship with Raiffeisen Bank International (RBI) 
in Austria.
UNLIKEL Y LOW
T FINANCIAL 
CRIMES RISK
Catena Media’s operations entail deposits and withdrawals of money with the po-
tential to originate from fraudulent operator activity , such as money-laundering. 
Any involvement by Catena Media in such activity might result in civil or criminal 
action and penalties. This, and the attendant reputational damage, could adverse-
ly affect the group’s financial position and earnings.
The group operates a strict anti-money laundering policy and con-
ducts randomised player controls. Catena Media also strives to 
implement an extensive know-your-customer process and an au-
tomated detection process to deter financial crime. 
POSSIBLE LOW
Signed on behalf of the Company’s Board of Directors on 26 March 2025 as per Directors’ Declaration on ESEF Annual Financial Report submitted 
in conjunction with the Annual Report Financial Statements 2024.
Erik Flinck
Chairman of the Board
Sean Hurley 
Director
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2024 44

===== SIDA 45 =====

INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2024 45
Statements of comprehensive income – group
EUR ’000 Note
Jan – Dec 
2024
Jan – Dec 
2023
Revenue 5 49,643 76,748
Total revenue 49,643 76,748
Direct costs 6 (10,990) (13,434)
Personnel expenses 8 (25,149) (24,767)
Depreciation and amortisation 13, 16, 17, 18 (4,998) (11,219)
Impairment on intangibles and investment in associate 13,16,19 (41,203) (34,049)
Other operating expenses 10 (13,765) (14,957)
Total operating expenses (96,105) (98,426)
Operating loss (46,462) (21,678)
Interest payable on borrowings (3,056) (5,566)
Other losses on financial liability at fair value  
through profit or loss (104) (1,498)
Other finance income 11 1,108 747
Share of net losses from associate accounted for using the equity 
method 19 (130) (1)
Loss before tax (48,644) (27,9 9 6)
Tax income/(expense) 12 698 (186)
Loss for the year attributable  
to the equity holders of the parent company (47,9 4 6) (28,182)
Loss for the year from discontinued operations 13 (263) (10,054)
Loss for the year (48,209) (38,236)
EUR ’000 Note
Jan – Dec 
2024
Jan – Dec 
2023
Other comprehensive loss
Items that may be reclassified to loss for the year
Currency translation differences 594 (667)
Items that will not be reclassified to loss for the year
Interest payable on hybrid capital securities (4,874) (4,597)
Total other comprehensive loss for the year (4,280) (5,264)
Total comprehensive loss attributable to the equity holders 
of the parent company (52,489) (43,500)
Earnings per share attributable to the equity holders of the   
parent company during the year (expressed in euros per share)
Basic earnings per share
From loss for the year 14 (0.63) (0.37)
Diluted earnings per share
From loss for the year 14 (0.63) (0.27)
The notes on pages  53 to 77 are an integral part of these financial statements.

===== SIDA 46 =====

INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2024 46
Statements of financial position – group
EUR ’000 Note
31 Dec 
2024
31 Dec 
2023
ASSETS
Non-current assets
Investment in associate 19 511 940
Right-of-use asset 18 761 550
Other intangible assets 16 108,768 155,482
Property, plant and equipment 17 635 869
Other receivables 21 - 17, 2 07
Total non-current assets 110,675 175,048
Current assets
Trade and other receivables 21 26,692 28,468
Current tax assets 970 -
Cash and cash equivalents 22 8,476 38,510
Total current assets 36,138 66,978
Total assets 146,813 242,026
EQUITY AND LIABILITIES
Capital and reserves
Share capital 23 118 118
Share premium  23 134,041 134,039
Treasury reserve 28 (6,154) (6,154)
Hybrid capital securities 29 35,103 35,117
Other reserves 23 11,187 10,444
Retained earnings (51,465) 1,618
Total equity 122,830 175,182
Liabilities
EUR ’000 Note
31 Dec 
2024
31 Dec 
2023
Non-current liabilities
Borrowings 24 - 31,430
Deferred tax liabilities 25 6 790
Lease liability 18 364 -
Trade and other payables 26 - 2,058
Total non-current liabilities 370 34,278
Current liabilities
Borrowings 24 21,486 25,597
Trade and other payables 26 2,127 6,573
Current tax liabilities - 396
Total current liabilities 23,613 32,566
Total liabilities 23,983 66,844
TOTAL EQUITY AND LIABILITIES 146,813 242,026
The notes on pages 53 to 77 are an integral part of these financial statements.
The financial statements on pages 45 to 77 were approved and authorised for issue by the board of directors on 
26 March 2025 and signed on its behalf by:
Signed on behalf of the Company’s Board of Directors on 26 March 2025 as per Directors’ Declaration 
on ESEF Annual Financial Report submitted in conjunction with the Annual Report Financial Statements 
2024.
Erik Flinck     Sean Hurley 
Chairman of the Board    Director

===== SIDA 47 =====

INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2024 47
Statements of changes in equity – group
Attributable to owners of the parent
EUR ’000 Note
Share
capital
Share
premium
Treasur y 
shares
Hybrid capital
securities
Other
reserves
Retained 
earnings
 Total
 equity
Balance at 1 January 2023 114 122,625 (21,713) 44,173 11,185 66,136 222,520
Comprehensive loss
Loss for the year - - - - - (38,236) (38,236)
Interest payable on hybrid capital securities - - - - - (4,597) (4,597)
Currency translation differences - - - - (667) - (667)
Total comprehensive loss for the year - - - - (667) (42,833) (43,500)
Transactions with owners
Issue of share capital 23 10 11,414 - - - - 11,424
Subscription set-offs, including transaction costs 29 - - - (9,056) - - (9,056)
Repurchase of common stock, including transaction costs 28 - - (6,132) - - - (6,132)
Equity-settled share-based payments - - - - (74) - (74)
Cancellation of shares 23 (6) - 21,691 - - (21,685) -
Total transactions with owners 4 11,414 15,559 (9,056) (74) (21,685) (3,838)
Balance at 31 December 2023 118 134,039 (6,154) 35,117 10,444 1,618 175,182
Comprehensive loss
Loss for the year - - - - - (48,209) (48,209)
Interest payable on hybrid capital securities - - - - - (4,874) (4,874)
Currency translation differences - - - - 594 - 594
Total comprehensive income/(loss) for the year - - - - 594 (53,083) (52,489)
Transactions with owners
Issue of share capital 23 - 2 - - - - 2
Subscription set-offs, including transaction costs 29 - - - (14) - - (14)
Equity-settled share-based payments - - - - 149 - 149
Total transactions with owners - 2 - (14) 149 - 137
Balance at 31 December 2024 118 134,041 (6,154) 35,103 11,187 (51,465) 122,830
The notes on pages 53 to 77 are an integral part of these financial statements.

===== SIDA 48 =====

INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2024 48
Statements of cash flows – group
EUR ’000  Note
Jan – Dec 
2024
Jan – Dec 
2023 
Cash flows from operating activities
Loss before tax - including both continued & discontinued  
operations (48,907) (37 ,370)
Loss before tax from discontinued operations 263 9,374
Adjustments for:
Depreciation and amortisation 4,998 11,219
Loss/(gain) on disposal of property, plant and equipment (4) 121
Loss allowance on trade receivables (475) (205)
Bad debts 283 70
Impairment on intangible assets 41,203 34,049
Loss on contract termination 2,211 -
Unrealised exchange differences (202) 429
Interest expense 1,930 4,490
Net losses on financial liability at fair value through profit or loss 104 1,498
Share-based payments 149 (93)
1,553 23,582
Taxation paid (1,073) (2,366)
Changes in:
Trade and other receivables 4,216 1,814
Trade and other payables (1,813) (3,374)
Net cash generated from continued operating activities 2,883 19,656
Net cash (used in)/generated from operating activities – discontinued 
operations 13 (223) 380
Net cash generated from operating activities 2,660 20,036
Cash flows generated from investing activities
Investment in associate (918) (941)
Proceeds from sale of investment in subsidiary 15,056 29,145
Acquisition of property, plant and equipment (51) (127)
EUR ’000  Note
Jan – Dec 
2024
Jan – Dec 
2023 
Net (payments)/receipts on acquisition/disposal of intangible assets (2,472) 6,542
Net cash generated from continued investing activities 11,615 34,619
Net cash used in investing activities - discontinued operations 13 - (274)
Net cash generated from investing activities 11,615 34,345
Cash flows used in financing activities
Net payments on hybrid capital securities (13) (24)
Net payment on borrowings (36,072) (20,901)
Proceeds on exercise of share options and warrants 15 - 2,992
Share buybacks 1 (6,133)
Interest paid (8,147) (10,238)
Lease payments (509) (557)
Net cash used in continued financing activities (44,740) (34,861)
Net cash used in financing activities - discontinued operations 13 - (20)
Net cash used in financing activities (44,740) (34,881)
Net movement in cash and cash equivalents (30,465) 19,500
Cash and cash equivalents at beginning of year 38,510 24,550
Cash surrendered upon disposal - (4,293)
Currency translation differences 431 (1,247)
Cash and cash equivalents at end of year 22 8,476 38,510
The notes on pages 53 to 77 are an integral part of these financial statements.

===== SIDA 49 =====

INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2024 49
Statements of comprehensive income – parent company
EUR ’000 Note
Jan – Dec 
2024
Jan – Dec 
2023
Investment and related income 5 - 15,000
Personnel expenses 8 (492) (282)
Impairment of investment in subsidiaries 20 (53,184) -
Other operating expenses 10 (148) (160)
Other operating income 78 78
Total operating expenses (53,746) (364)
Operating (loss)/profit (53,746) 14,636
Interest payable on borrowings (3,662) (5,676)
Recharge of interest to subsidiary 2,473 4,488
Other losses on financial liability at fair value through profit or loss (103) (1,498)
Other finance (costs)/income 11 (547) 488
(Loss)/profit before tax (55,585) 12,438
Tax expense 12 - (99)
(Loss)/profit for the year (55,585) 12,339
EUR ’000 Note
Jan – Dec 
2024
Jan – Dec 
2023
Other comprehensive loss
Items that will not be reclassified to (loss)/profit for the year
Interest payable on hybrid capital securities (4,874) (4,597)
Total other comprehensive (loss)/income for the year (60,459) 7,742
The notes on pages 53 to 77 are an integral part of these financial statements.

===== SIDA 50 =====

INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2024 50
Statements of financial position – parent company
EUR ’000 Note
31 Dec 
2024
31 Dec 
2023
ASSETS
Non-current assets
Investment in subsidiaries 20 208,674 261,858
Current assets
Trade and other receivables 21 16 16
Cash and cash equivalents 22 1,782 6,026
Total current assets 1,798 6,042
TOTAL ASSETS 210,472 267,900
EQUITY AND LIABILITIES
Capital and reserves
Share capital 23 118 118
Share premium 134,572 134,570
Treasury reserve 28 (6,154) (6,154)
Hybrid capital securities 29 35,103 35,117
Other reserves 8,417 8,268
Retained earnings (49,226) 11,233
TOTAL EQUITY 122,830 183,152
EUR ’000 Note
31 Dec 
2024
31 Dec 
2023
LIABILITIES
Non-current liabilities
Borrowings 24 25,000 46,430
Trade and other payables 26 2,078 891
Total non-current liabilities 27,078 47, 321
Current liabilities
Borrowings 24 21,486 21,430
Trade and other payables 26 39,012 15,898
Current tax liabilities 66 99
Total current liabilities 60,564 37,427
TOTAL LIABILITIES 87,6 42 84,748
TOTAL EQUITY AND LIABILITIES 210,472 267,900
The notes on pages 53 to 77 are an integral part of these financial statements. 
The financial statements on pages 45 to 77 were approved and authorised for issue by the board of directors on 
26 March 2025 and signed on its behalf by:
Signed on behalf of the Company’s Board of Directors on 26 March 2025 as per Directors’ Declaration 
on ESEF Annual Financial Report submitted in conjunction with the Annual Report Financial Statements 
2024.
Erik Flinck     Sean Hurley 
Chairman of the Board    Director

===== SIDA 51 =====

INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2024 51
Statements of changes in equity – parent company
Attributable to owners of the parent
EUR ’000 Note
Share
capital
Share
premium
Treasur y
 shares 
Hybrid capital
securities
Other
reserves
Retained 
earnings
Total
equity
Balance at 1 January 2023 114 123,156 (21,713) 44,173 8,342 25,176 179,248
Comprehensive income
Profit for the year - - - - - 12,339 12,339
Interest payable on hybrid capital securities - - - - - (4,597) (4,597)
Total comprehensive income for the year - - - - - 7,742 7,742
Transactions with owners
Issue of share capital 23 10 11,414 - - - - 11,424
Subscription set-offs, including transaction costs 29 - - - (9,056) - - (9,056)
Repurchase of shares, including transaction costs 28 - - (6,132) -   - (6,132)
Equity-settled share-based payments - - - - (74) - (74)
Cancellation of shares 23 (6) - 21,691 - - (21,685) -
Total transactions with owners 4 11,414 15,559 (9,056) (74) (21,685) (3,838)
Balance at 31 December 2023 118 134,570 (6,154) 35,117 8,268 11,233 183,152
Comprehensive loss
Loss for the year - - - - - (55,585) (55,585)
Interest payable on hybrid capital securities - - - - - (4,874) (4,874)
Total comprehensive loss for the year - - - - - (60,459) (60,459)
Transactions with owners
Issue of share capital 23 - 2 - - - - 2
Subscription set-offs, including transaction costs 29 - - - (14) - - (14)
Equity–settled share-based payments - - - - 149 - 149
Total transactions with owners - 2 - (14) 149 - 137
Balance at 31 December 2024 118 134,572 (6,154) 35,103 8,417 (49,226) 122,830
The notes on pages 53 to 77 are an integral part of these financial statements.

===== SIDA 52 =====

INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2024 52
Statements of cash flows – parent company
EUR ’000 Note
Jan – Dec 
2024
Jan – Dec 
2023
Cash flows from operating activities
(Loss)/profit before tax (55,585) 12,438
Adjustments for:
Impairment on investment in subsidiaries 53,184 -
Unrealised exchange differences 118 (156)
Interest expense 3,455 5,944
Net losses on financial liability at fair value through profit or loss 103 1,498
Share-based payments 149 (93)
1,424 19,631
Changes in:
Trade and other receivables - (6)
Trade and other payables 434 (2,419)
Net cash generated from operating activities 1,858 17, 2 0 6
Cash flows generated from investing activities
Dividend received - 9,632
Net proceeds from subsidiary and related parties 23,212 2,119
Net cash generated from investing activities 23,212 11,751
EUR ’000 Note
Jan – Dec 
2024
Jan – Dec 
2023
Cash flows used in financing activities
Net payments on hybrid capital securities (6) (11)
Net payment on borrowings (21,905) (12,569)
Proceeds on exercise of share options and warrants 1 2,992
Share buy-backs - (6,133)
Interest paid (7, 2 8 6) (9,069)
Net cash used in financing activities (29,196) (24,790)
Net movement in cash and cash equivalents (4,126) 4,167
Cash and cash equivalents at beginning of year 6,026 2,282
Currency translation differences (118) (423)
Cash and cash equivalents at end of year 22 1,782 6,026
The notes on pages 53 to 77 are an integral part of these financial statements.

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INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2024 53
Notes to the financial statements
Note 1 
Reporting entity
Catena Media plc (“the company”) is a limited liability company and is 
incorporated in Malta.
The consolidated financial statements include the financial 
statements of Catena Media plc and its subsidiaries (“the group” or 
“Catena Media”).
Note 2 
Summary of material accounting policies
The principal accounting policies applied in the preparation of these 
financial statements are set out below . These policies have been con-
sistently applied to all periods presented, unless otherwise stated. 
The parent company applies the same accounting principles as the 
group.
BASIS OF PREPARATION 
The company was incorporated on 29 May 2015 under the terms of 
the Maltese Companies Act (Cap. 386). The consolidated financial 
statements have been prepared in accordance with International 
Financial Reporting Standards (IFRS) as adopted by the EU and the 
requirements of the Maltese Companies Act (Cap. 386). They have 
been prepared under the historical cost convention, apart from finan-
cial liabilities which are recognised at fair value through profit or loss.
The preparation of financial statements in conformity with IFRS as 
adopted by the EU requires the use of certain accounting estimates. 
It also requires the directors to exercise their judgement in the pro-
cess of applying the group’s accounting policies (see Note 4 – Critical 
accounting estimates and judgements). 
The financial statements incorporate the results of Catena Media 
plc and its subsidiaries Catena Operations Limited, Catena Media UK 
Limited, Catena Media doo Beograd, Catena Media US Inc, Catena 
Media Australia PTY Limited, Catena Media K.K., Catena Media Sver-
ige AB, Catena Media Italia Srl, Catena Media Canada Ltd, Lineups.
com, Inc., Catena Media Germany GmbH, Catena Publishing Limited 
and Catena Europe Limited. 
Catena Media Germany GmbH was liquidated on 30 June 2024. 
Catena Publishing Limited and Catena Media doo Beograd were 
divested on 31 January 2023. Catena Media Australia PTY Limited 
and Catena Media Italia Srl were divested on 30 September 2023 and 
30 November 2023 respectively .
Results from divested assets are being classified as “discontinued 
operations”.
Standards, interpretations and amendments to published 
standards effective in 2024
The group has applied "Classification of Liabilities as Current or 
Non-current and Non-current liabilities with covenants – Amendments 
to IAS 1" for the first time for its annual reporting period commencing 1 
January 2024. This new standard had no impact on the group’s finan-
cial position, profit or disclosures since the group's borrowings with 
covenants are due within a year .
Standards, interpretations and amendments to published 
standards not yet effective
Certain new standards, amendments and interpretations to exist-
ing standards have been published by the date of authorisation for 
issue of these financial statements but are mandatory for the group's 
accounting periods beginning after 1 January 2024. In particular , 
IFRS 18 "Presentation and Disclosure in Financial Statements" is 
effective for annual periods beginning on or after 1 January 2026 with 
earlier application permitted, subject to endorsement by the EU. This 
is the new standard on presentation and disclosure in the financial 
statements, with a focus on updates to the statement of profit or loss. 
The group has not early adopted these revisions to the requirements 
and management is of the opinion that there are no requirements that 
will have a possible significant impact on the group’s financial results 
and financial position in the period of initial application.
PRINCIPLES OF CONSOLIDATION
Subsidiaries
Subsidiaries are all entities over which the group has control. The 
group controls an entity when the group is exposed to, or has rights to, 
variable returns from its involvement with the entity and has the ability 
to affect those returns through its power to direct the activities of the 
entity . Subsidiaries are fully consolidated from the date on which the 
control is transferred to the group. They are deconsolidated from the 
date that control ceases.
The acquisition method of accounting is used to account for busi-
ness combinations by the group (refer to page 55). Intercompany 
transactions, balances and unrealised gains on transactions between 
group companies are eliminated. Unrealised losses are also elimi-

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CATENA MEDIA ANNUAL REPORT 2024 54
nated unless the transaction provides evidence of an impairment of 
the transferred asset.
Investment in associate
An associate is an entity over which the group has significant influ-
ence and that is neither a subsidiary nor an interest in a joint venture. 
Significant influence is the power to participate in the financial and 
operating policy decisions of the investee but is not control or joint 
control over those policies.
The results and assets and liabilities of the associate are incor-
porated in these financial statements using the equity method of 
accounting.
Under the equity method, an investment in an associate is rec-
ognised initially in the consolidated statement of financial position 
at cost and adjusted thereafter to recognise the group’s share of the 
profit or loss and other comprehensive income of the associate. When 
the group’s share of losses of an associate exceeds the group’s inter-
est in that associate, the group discontinues recognising its share of 
further losses. Additional losses are recognised only to the extent that 
the group has incurred legal or constructive obligations or made pay-
ments on behalf of the associate. 
An investment in an associate is accounted for using the equity 
method from the date on which the investee becomes an associate. 
FOREIGN CURRENCY TRANSLATION
Functional and presentation currency
Items included in these financial statements are measured using the 
currency of the primary economic environment in which each of the 
group’s entities operate (“the functional currency”). The consolidated 
and separate financial statements are presented in euro (EUR), which 
is the company’s functional and presentation currency .
Change in functional currency
During the comparative year and prior to Q4 2023, EUR was regarded 
as the functional and presentation currency of the main operating 
entity of the group, Catena Operations Limited. After reviewing the 
group’s interim financial performance, following the divestment of 
the main European assets and in line with the group’s strategic direc-
tion, the primary economic environment in which the group operates  
changed. As a result of this assessment, management determined 
the use of the US dollar (USD) as the functional currency of Catena 
Operations Limited to be more appropriate. The presentation cur-
rency of the group remained unchanged, in line with the currency in 
which the parent company’s share capital is denominated in accord-
ance with Article 187(1) of the Maltese Companies Act. The change in 
functional currency was accounted for on 1 October 2023 in accord-
ance with IAS 21 “The effects of changes in foreign exchange rates”. 
Transactions and balances
Foreign currency transactions are translated into the functional 
currency using the exchange rates prevailing on the dates of the 
transactions. Foreign exchange gains and losses resulting from the 
settlement of such transactions and from the translation of monetary 
assets and liabilities denominated in foreign currencies at year-end 
exchange rates are generally recognised in profit or loss. Non-mone-
tary assets and liabilities that are measured in terms of historical cost 
in a foreign currency are translated at the exchange rate on the date of 
the transaction. Foreign exchange gains and losses are presented in 
the statement of comprehensive income on a net basis.
Group companies
Group companies have different functional and presentation cur-
rencies. Catena Media UK Limited uses UK sterling (GBP) as its 
functional and presentation currency while Catena Media US Inc. 
and Lineups.com, Inc. use USD as their functional and presentation 
currency . Catena Media K.K. uses the Japanese yen (JPY) as its 
functional and presentation currency while Catena Media Canada 
Ltd uses the Canadian dollar (CAD) as its functional and presentation 
currency . Catena Media Sverige AB uses the Swedish krona (SEK) as 
its functional and presentation currency . Catena Media doo Beograd, 
which uses the Serbian dinar (RSD) as its functional and presentation 
currency , and Catena Media Australia PTY Limited, which uses the 
Australian dollar (AUD) as its functional and presentation currency , 
were both divested in the comparative period. As also referred to in 
"Change in functional currency", Catena Operations Limited uses the 
USD as its functional currency and the EUR as its presentation cur-
rency . 
The results and financial position of the subsidiaries are translated 
as follows:
• Assets and liabilities for each statement of financial position 
presented are translated at the closing rate on the date of that 
statement of financial position.
• Income and expenses for each statement of comprehensive in-
come are translated at average exchange rates (unless this is not 
a reasonable approximation of the cumulative effect of the rates 
prevailing on the transaction dates, in which case income and 
expenses are translated on the dates of the transactions).
• All resulting translation differences are recognised in other com-
prehensive income.
On consolidation, translation differences arising from the translation 
of any net investment in foreign entities and of borrowings, are rec-
ognised in other comprehensive income. When a foreign operation is 
sold or any borrowings forming part of the net investment are repaid, 
the associated exchange differences are reclassified to profit or loss, 
as part of the gain or loss on the sale.
REVENUE
The revenue of the company mainly arises from the dividends earned 
from its subsidiaries. The group’s revenue is derived from online and 
affiliate marketing. The group recognises revenue as set out below .
Dividend income
Dividends are recognised in the statement of comprehensive income 
when the company’s right to receive payment is established. 
Commission income
The group’s revenue consists of revenue generated in the form of 
commission on players/investors directed to operators as well as 
advertising fees charged to operators who want additional exposure 
on the group’s websites. This is applicable to operators of online 
casino and sports betting platforms. The commission takes the form 
of:
Revenue share
Under a revenue share agreement, the group earns a percentage of 
the revenue generated by the operator from a player's losses whilst 
betting on their site. Revenue is recognised in the month that it is 
earned by the respective operator .
Cost per acquisition
Under a cost-per-acquisition deal, a client pays a one time fee for 
each player introduced by Catena during  a particular month. This 
payment is usually dependent on the player completing a specific 
action, such as depositing funds on the client's site or placing their 
first bet. Cost-per-acquisition contracts consist of a pre-agreed rate 
with the client. Revenue from such contracts is recognised in the 
month in which this performance obligation as stipulated in the con-
tract, has been fulfilled.

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CATENA MEDIA ANNUAL REPORT 2024 55
Fixed fees
The group  also generates revenue by charging a fixed fee to opera-
tors who wish to be listed and critically reviewed on the group’s sites, 
as well as through advertising revenue, where advertising space is 
sold to operators seeking to promote their brands more prominently 
on the group’s various websites. Revenue from fixed fees and adver-
tising sales is recognized on an accrual basis over the term of the 
contract, in accordance with the performance obligations outlined in 
IFRS 15.
Interest income
Interest income is recognised as it accrues in profit or loss, using the 
effective interest method.
INCOME TAX
The income tax expense or credit for the period is the tax paya-
ble on the current period’s taxable income based on the applicable 
income tax rate for each jurisdiction adjusted by changes in deferred 
tax assets and liabilities attributable to temporary differences and to 
unused tax losses.
The current tax charge is calculated on the basis of the tax laws 
enacted or substantively enacted at the end of the reporting period 
in the countries where the company’s subsidiaries operate and gen-
erate taxable income. Management periodically evaluates positions 
taken in tax returns with respect to situations in which applicable tax 
regulation is subject to interpretation. It establishes provisions, where 
appropriate, on the basis of amounts expected to be paid to the tax 
authorities. 
Deferred tax is provided in full, using the liability method, on tem-
porary differences arising between the tax bases of assets and liabil-
ities and their carrying amounts in the consolidated financial state-
ments. However , deferred tax liabilities are not recognised if they 
arise from the initial recognition of goodwill. Deferred tax is also not 
accounted for if it arises from initial recognition of an asset or liability 
in a transaction other than a business combination that at the time of 
the transaction affects neither accounting nor taxable profit or loss. 
Deferred tax is determined using tax rates (and laws) that have been 
enacted or substantively enacted by the end of the reporting period 
and are expected to apply when the related deferred tax asset is real-
ised or the deferred tax liability is settled. 
Deferred tax assets are recognised only if it is probable that future 
taxable amounts will be available to utilise those temporary differ-
ences and losses. Deferred tax assets and liabilities are offset when 
there is a legally enforceable right to offset current tax assets and lia-
bilities and when the deferred tax balances relate to the same taxa-
tion authority . Current tax assets and tax liabilities are offset where 
the entity has a legally enforceable right to offset and intends either 
to settle on a net basis, or to realise the asset and settle the liability 
simultaneously . 
Current and deferred tax is recognised in profit or loss, except to 
the extent that it relates to items recognised in other comprehensive 
income or directly in equity . In this case, the tax is also recognised in 
other comprehensive income or directly in equity , respectively .
BUSINESS COMBINATIONS
The acquisition method of accounting is used to account for all busi-
ness combinations, regardless of whether equity instruments or other 
assets are acquired. The consideration transferred for the acquisition 
of a business comprises the:
• fair values of the assets transferred;
• liabilities incurred to the former owners of the acquired business; 
• equity interests issued by the group;
• fair value of any asset or liability resulting from a contingent con-
sideration arrangement; and
• fair value of any pre-existing equity interest in the business.
Identifiable assets acquired and liabilities and contingent liabilities 
assumed in a business combination are, with limited exceptions, 
measured initially at their fair values on the acquisition date. The 
group recognises any non-controlling interest in the acquired entity 
on an acquisition-by-acquisition basis either at fair value or at the 
non-controlling interest’s proportionate share of the acquired entity’s 
net identifiable assets. Acquisition-related costs are expensed as 
incurred. 
The excess of the consideration transferred, amount of any 
non-controlling interest in the acquired entity and acquisition-date fair 
value of any previous equity interest in the acquired entity over the fair 
value of the net identifiable assets acquired is recorded as goodwill.
If those amounts are less than the fair value of the net identifiable 
assets of the business acquired, the difference is recognised directly 
in profit or loss as a bargain purchase. 
The company and the group account for business combinations 
using the acquisition method when control is transferred to the group. 
The consideration transferred in the acquisition is generally meas-
ured at fair value, as are the identifiable net assets acquired. Any 
goodwill that arises is tested annually for impairment. Any gain or bar-
gain purchase is recognised in profit or loss immediately . Transaction 
costs are expensed as incurred, except if related to the issue of debt 
or equity securities. 
The contingent consideration is measured at fair value on the date 
of acquisition. The amounts payable in the future are discounted to 
their present value as of the date of the exchange. The discount rate 
used is the entity’s incremental borrowing rate, which is the rate at 
which similar borrowing could be obtained from an independent finan-
cier under comparable terms and conditions. If an obligation to pay 
contingent consideration that meets the definition of a financial instru-
ment is classified as equity , then it is not re-measured and settlement 
is accounted for within equity . Otherwise subsequent changes in fair 
value of the contingent consideration are recognised in profit or loss 
and are reflected in the statement of financial position against the 
contingent liability recognised.
REORGANISATIONS BETWEEN GROUP ENTITIES
Reorganisations between group entities under common control are 
accounted for using the reorganisation method of accounting. Under 
this method, assets and liabilities are incorporated at the predeces-
sor carrying values, which are the carrying amounts of assets and 
liabilities of the acquired entity as recognised and measured in that 
entity’s financial statements before reorganisation. No goodwill arises 
in reorganisation accounting, and any difference between the consid-
eration given and the aggregate book value of the assets and liabilities 
of the acquired entity , is included in equity . The financial statements 
incorporate the acquired entity’s full-year results, including compar-
atives, as if the post-reorganisation structure was already in place at 
the commencement of the comparative period.

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CATENA MEDIA ANNUAL REPORT 2024 56
INTANGIBLE ASSETS
Recognition and measurement
An intangible asset is recognised if it is probable that the expected 
future economic benefits that are attributable to the asset will flow to 
the group and the cost of the asset can be measured reliably . Intan-
gible assets are initially measured at cost. The cost of a separately 
acquired intangible asset comprises its purchase price and any 
directly attributable cost of preparing the asset for its intended use.
Where the cost of acquisition includes contingent consideration, 
cost is determined to be the current fair value of the contingent con-
sideration as determined on the date of acquisition. Any subsequent 
changes in estimates of the likely outcome of the contingent event are 
reflected in the intangible asset’s carrying amount of a business. The 
cost of acquisition of intangible assets for which the consideration 
comprises an issue of equity shares is calculated as the fair value of 
the equity instruments issued in the transaction. 
The estimated useful lives are as follows for other intangible 
assets:
• Domains and websites  8 years - indefinite 
• Player databases  0.5 - 3 years
• Other intellectual property  1.5 - 5 years
Other intangible assets are derecognised on disposal or when no 
future economic benefits are expected from their use or disposal. 
Gains or losses arising from derecognition represent the difference 
between the net disposal proceeds, if any , and the carrying amount, 
and are included in profit or loss in the period of derecognition. 
Subsequent expenditure is capitalised only when it increases the 
future economic benefits embodied in the specific asset to which it 
relates. All other expenditure is recognised in profit or loss as incurred.
Amortisation
Intangible assets with a finite useful life are amortised over their useful 
life and reviewed for impairment whenever there is an indication that 
the asset may be impaired. The amortisation period and the amorti-
sation method for an intangible asset are reviewed at least at each 
year end. 
Intangible assets with indefinite useful lives are not systematically 
amortised and are tested for impairment annually or whenever there is 
an indication that the intangible asset may be impaired. The useful life 
of these assets is reviewed annually to determine whether their indefi-
nite life assessment continues to be supportable. If the events and cir-
cumstances do not continue to support the assessment, the change 
in the useful life assessment from indefinite to finite is accounted for 
prospectively as a change in accounting estimate and on that date the 
asset is tested for impairment.
Commencing from that date, the asset is amortised systematically 
over its useful life. Goodwill however , is not amortised but assessed 
for impairment on an annual basis.
PROPERTY , PLANT AND EQUIPMENT
Recognition and measurement
Items of property , plant and equipment are measured at cost less 
accumulated depreciation and any accumulated impairment losses. 
Cost includes expenditure that is directly attributable to the acquisi-
tion of the asset. 
Gains or losses on disposal of an item of property , plant and equip-
ment are determined by comparing the proceeds from disposal with 
the carrying amount of property , plant and equipment, and are recog-
nised in profit or loss.
Subsequent costs
The cost of replacing part of an item of property , plant and equipment 
is recognised in the carrying amount of the item if it is probable that 
the future economic benefits embodied within the part will flow to the 
group and its cost can be measured reliably . The carrying amount of 
the replaced part is derecognised. The costs of the day-to-day servic-
ing of property , plant and equipment are recognised in profit or loss 
as incurred.
Depreciation
Depreciation is calculated over the depreciable amount, which is the 
cost of an asset, or other amount substituted for cost, less its residual 
value. 
Depreciation is recognised in profit or loss on a straight-line basis 
over the estimated useful lives of each part of an item of plant and 
equipment, since this most closely reflects the expected pattern of 
consumption of the future economic benefits embodied in the asset. 
The estimated useful lives for the current and comparative periods are 
as follows:
• Computer equipment  4 years
• Furniture and fixtures  10 years
• Property improvements  5 years
Depreciation methods, useful lives and residual values are reviewed 
at the end of each financial year and adjusted if appropriate.
Impairment of non-financial assets
Non-financial assets with indefinite useful lives are reviewed at each 
reporting date to determine whether there is any impairment. The 
carrying amounts of the group’s non-financial assets with finite use-
ful lives, as well as those with indefinite useful lives, are reviewed for 
impairment on an annual basis. The asset’s recoverable amount is 
estimated annually for intangible assets with indefinite useful lives 
and is also estimated for all non-financial assets if an indication of 
impairment exists. 
For impairment testing, assets are grouped into the smallest group 
of assets which generates cash inflows from continuing use that are 
largely independent of the cash inflows of other assets or cash-gen-
erating units (CGUs). 
The recoverable amount of an asset or CGU is the greater of its 
value-in-use and its fair value, less costs to sell. Value-in-use is based 
on the estimated future cash flows, discounted to their present value 
using a pre-tax discount rate that reflects current market assessments 
of the time value of money and the risks specific to the asset or CGU. 
An impairment loss is recognised if the carrying amount of an 
asset or its CGU exceeds its estimated recoverable amount. Impair-
ment losses are recognised in profit or loss.
An impairment loss is reversed only to the extent that the asset’s 
carrying amount does not exceed the carrying amount that would 
have been determined, net of depreciation or amortisation, if no 
impairment loss had been recognised.
FINANCIAL ASSETS AND FINANCIAL LIABILITIES 
Recognition, derecognition and offsetting
The group recognises a financial asset when it becomes a party to the 
contractual provisions of the instrument. 
The group derecognises a financial asset when the contractual 
right to the cash flows from the asset expire, or it transfers the rights to 
receive the contractual cash flows on the financial asset in a transac-
tion in which substantially all the risks and rewards of ownership of the 
financial asset are transferred, or it neither transfers nor retains sub-
stantially all the risks and rewards of ownership and does not retain 
control over the transferred asset. 
The group recognises a financial liability in its statement of finan-
cial position when it becomes a party to the contractual provisions of 
the instrument. 
Debt securities issued by the company have been designated by 
management as a financial liability at fair value through profit or loss 
since this financial instrument contains an embedded derivative that

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