Årsredovisning 2024

INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2024 96
Key audit matter How our audit addressed the Key audit matter
IMPAIRMENT ASSESSMENT – OTHER INTANGIBLE ASSETS
Other intangible assets, having a carrying amount of €108.8 million 
as at 31 December 2024, have primarily arisen from a number of 
acquisitions made during the preceding financial years.  
An assessment is required annually to establish whether intangible 
assets that have an indefinite useful life should continue to be 
recognised, or if any impairment is required.  The assessment was 
performed at the lowest level at which Catena Media plc could 
allocate and assess impairment, which is referred to as a cash 
generating unit (“CGU”). Management considers that the Group 
operates two CGUs, being sports and casino, in line with the basis 
for the Group’s segment reporting, as further described in note 7 .
The impairment assessment relied on value-in-use calculations 
based on the estimated future free cash flow to be generated by 
Catena, discounted to present value at an appropriate discount 
rate.  The cash flow projections were based on the Group’s budget 
for 2025 to 2029 and an annual growth rate of 2% for all CGUs 
beyond that period. Management’s projections consider the 
Group’s strategy for initiatives in the sports segment, in terms of 
new markets and further expansion in certain existing markets, 
which led to higher growth assumptions for this segment.   
On this basis, the Group concluded that an impairment charge of 
€40 million should be recognised with respect to specific assets 
which have been experiencing deteriorating performances over the 
past year on the basis of their revised expectations for the projected 
period. Further information is provided in notes 4, 13 and 16 to the 
financial statements.
The underlying forecast cash flows, and the supporting 
assumptions, reflect significant judgements as they are affected by 
unexpected future market or economic conditions, changes to laws 
and regulations, as well as Management’s success in executing the 
strategy for growth, particularly for the sports segment. Projected 
cash flow estimates and the level to which they are discounted is 
inherently uncertain and requires judgement.  
The extent of judgement and the size of the goodwill and intangible 
assets resulted in this matter being identified as an area of audit 
focus.
We evaluated the suitability and appropriateness of the impairment 
methodology applied, and the discounted cash flow model prepared by 
management, by involving our independent valuation experts. We also 
considered the basis for the determination of the two CGUs.
The headroom available in the impairment assessment for both the 
sports and casino CGUs allows for a deterioration in performance, or 
variation to the discount factor or long-term growth rate.  The 
calculations underlying the impairment model were re-performed in 
order to check the model’s accuracy . 
We agreed the 2025 cash flow forecasts in the impairment model to the 
latest Board approved budgets. For the remaining periods covered by 
the model we evaluated the assumptions (including revenue growth 
rates, EBITDA margins and discount rates) underlying the forecasts, 
and considered the depth of the analysis available, including 
consideration of market data, to support their basis. As part of this 
process, we engaged in detailed discussions with management, and 
enquired on changes to assumptions over the previous period, placing 
particular focus on the higher growth assumptions for the sports CGU. 
Further , together with our independent valuation experts, we assessed 
the discount rate and growth rate assumptions by benchmarking the 
underlying inputs in the calculation to market data, and by considering 
alternate scenarios. 
We have considered management’s disclosure around sensitivity of 
whether or not a reasonable possible change in key assumptions could 
result in additional impairment, beyond the amounts reflected in the 
financial statements for the year ended 31 December 2024.  
The recoverable amount and impairment assessment for both the 
sports and casino CGU are sensitive to changes in key assumptions, 
primarily revenue growth and discount rate applied. In particular , if the 
forecast growth rates in revenue are not achieved, then an impairment 
charge may arise. We also considered the appropriateness of 
disclosures made in relation to the impairment assessment of goodwill 
and other intangible assets (note 16: Other intangible assets).
Based on the work performed, we found the value of other intangible 
assets, as well as the related disclosures required by IAS 36, to be 
consistent with the explanations and evidence obtained.
We have no key audit matters to report with respect to our audit of the parent company financial statements.
Independent auditor’s report - continued  
To the Shareholders of Catena Media plc
How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us 
to provide an opinion on the financial statements as a whole, taking into account 
the structure of the Group, the accounting processes and controls, and the 
industry in which the Group operates.
The Group includes a number of subsidiaries, with the main subsidiary being 
Catena Operations Limited. The Group has a centralised accounting function 
based in Malta. We assessed the overall audit approach and determined the type 
of work that needed to be performed on the consolidated financial line items by 
applying overall Group materiality and our assessment of risk. We performed 
additional procedures on the consolidation process.  
This gave us sufficient appropriate audit evidence for our opinion on the 
Group financial statements as a whole.
Other information
The directors are responsible for the other information. The other information 
comprises all of the information in the Annual Report (but does not include 
the financial statements and our auditor’s report thereon).
Our opinion on the financial statements does not cover the other 
information and we do not express any form of assurance conclusion 
thereon except as explicitly stated within the Report on other legal and 
regulatory requirements.  
In connection with our audit of the financial statements, our responsibility 
is to read the other information identified above and, in doing so, consider 
whether the other information is materially inconsistent with the financial 
statements or our knowledge obtained in the audit, or otherwise appears to 
be materially misstated.
If, based on the work we have performed, we conclude that there is a 
material misstatement of this other information, we are required to report 
that fact. We have nothing to report in this regard.
Responsibilities of the directors and those charged with 
governance for the financial statements
The directors are responsible for the preparation of financial statements 
that give a true and fair view in accordance with IFRSs as adopted by the 
EU and the requirements of the Maltese Companies Act (Cap. 386), and for 
such internal control as the directors determine is necessary to enable the 
preparation of financial statements that are free from material misstatement, 
whether due to fraud or error .  
In preparing the financial statements, the directors are responsible for 
assessing the Group’s and the Parent Company’s ability to continue as a 
going concern, disclosing, as applicable, matters related to going concern 
and using the going concern basis of accounting unless the directors either 
intend to liquidate the Group or the Parent Company or to cease operations, 
or have no realistic alternative but to do so. 
Those charged with governance are responsible for overseeing the 
Group’s financial reporting process.

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INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2024 97
Auditor’s responsibilities for the audit of the financial 
statements
Our objectives are to obtain reasonable assurance about whether the 
financial statements as a whole are free from material misstatement, 
whether due to fraud or error , and to issue an auditor’s report that includes 
our opinion. Reasonable assurance is a high level of assurance, but is not 
a guarantee that an audit conducted in accordance with ISAs will always 
detect a material misstatement when it exists. Misstatements can arise 
from fraud or error and are considered material if, individually or in the 
aggregate, they could reasonably be expected to influence the economic 
decisions of users taken on the basis of these financial statements. 
As part of an audit in accordance with ISAs, we exercise professional 
judgement and maintain professional scepticism throughout the audit. We 
also:
• Identify and assess the risks of material misstatement of the financial 
statements, whether due to fraud or error , design and perform audit 
procedures responsive to those risks, and obtain audit evidence that is 
sufficient and appropriate to provide a basis for our opinion. The risk of not 
detecting a material misstatement resulting from fraud is higher than for 
one resulting from error , as fraud may involve collusion, forgery , intentional 
omissions, misrepresentations, or the override of internal control. 
• Obtain an understanding of internal control relevant to the audit in order to 
design audit procedures that are appropriate in the circumstances, but not 
for the purpose of expressing an opinion on the effectiveness of the Group’s 
and the Parent Company’s internal control. 
• Evaluate the appropriateness of accounting policies used and the 
reasonableness of accounting estimates and related disclosures made by 
the directors. 
• Conclude on the appropriateness of the directors’ use of the going concern 
basis of accounting and, based on the audit evidence obtained, whether a 
material uncertainty exists related to events or conditions that may cast 
significant doubt on the Group’s or the Parent Company’s ability to continue 
as a going concern. If we conclude that a material uncertainty exists, we are 
required to draw attention in our auditor’s report to the related disclosures in 
the financial statements or , if such disclosures are inadequate, to modify our 
opinion. Our conclusions are based on the audit evidence obtained up to the 
date of our auditor’s report. However , future events or conditions may cause 
the Group or the Parent Company to cease to continue as a going concern
• Evaluate the overall presentation, structure and content of the financial 
statements, including the disclosures, and whether the financial statements 
represent the underlying transactions and events in a manner that achieves 
fair presentation.
• Plan and perform the group audit to obtain sufficient appropriate audit 
evidence regarding the financial information of the entities or business 
units within the Group as a basis for forming an opinion on the consolidated 
financial statements. We are responsible for the direction, supervision and 
review of the audit work performed for purposes of the group audit. We 
remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among 
other matters, the planned scope and timing of the audit and significant audit 
findings, including any significant deficiencies in internal control that we 
identify during our audit. 
We also provide those charged with governance with a statement that we 
have complied with relevant ethical requirements regarding independence, 
and communicate with them all relationships and other matters that may 
reasonably be thought to bear on our independence, and where applicable, 
actions taken to eliminate threats or safeguards applied.
From the matters communicated with those charged with governance, 
we determine those matters that were of most significance in the audit of 
the financial statements of the current period and are therefore the key audit 
matters. We describe these matters in our auditor’s report unless law or 
regulation precludes public disclosure about the matter or when, in extremely 
rare circumstances, we determine that a matter should not be communicated 
in our report because the adverse consequences of doing so would reasonably 
be expected to outweigh the public interest benefits of such communication. 
Report on other legal and regulatory 
requirements 
Report on compliance with the requirements of the 
European Single Electronic Format Regulatory 
Technical Standard (the “ESEF RTS”)
We have undertaken a reasonable assurance engagement in accordance 
with the requirements of Directive 6 issued by the Accountancy Board in 
terms of the Accountancy Profession Act (Cap. 281) – the Accountancy 
Profession (European Single Electronic Format) Assurance Directive (the 
“ESEF Directive 6”) on the Annual Financial Report of Catena Media plc for 
the year ended 31 December 2024, entirely prepared in a single electronic 
reporting format.
Responsibilities of the directors
The directors are responsible for the preparation of the Annual Financial 
Report, including the consolidated financial statements and the relevant 
mark-up requirements therein in accordance with the requirements of the 
ESEF RTS. 
Our responsibilities
Our responsibility is to obtain reasonable assurance about whether the 
Annual Financial Report, including the consolidated financial statements 
and the relevant electronic tagging therein, complies in all material 
respects with the ESEF RTS based on the evidence we have obtained. We 
conducted our reasonable assurance engagement in accordance with the 
requirements of ESEF Directive 6.
Our procedures included:
• Obtaining an understanding of the entity's financial reporting process, 
including the preparation of the Annual Financial Report, in accordance with 
the requirements of the ESEF RTS.
• Obtaining the Annual Financial Report and performing validations to 
determine whether the Annual Financial Report has been prepared in 
accordance with the requirements of the technical specifications of the ESEF 
RTS.
• Examining the information in the Annual Financial Report to determine 
whether all the required taggings therein have been applied and whether , 
in all material respects, they are in accordance with the requirements of the 
ESEF RTS.
We believe that the evidence we have obtained is sufficient and appropriate 
to provide a basis for our opinion. 
Opinion
In our opinion, the Annual Financial Report for the year ended 31 December 
2024 has been prepared, in all material respects, in accordance with the 
requirements of the ESEF RTS.
Other reporting requirements
The Annual Report 2024 contains other areas required by legislation or 
regulation on which we are required to report. The Directors are responsible 
for these other areas.
The table below sets out these areas presented within the Annual 
Financial Report, our related responsibilities and reporting, in addition to 
our responsibilities and reporting reflected in the Other information section 
of our report. Except as outlined in the table, we have not provided an audit 
opinion or any form of assurance. .
Independent auditor’s report - continued  
To the Shareholders of Catena Media plc

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INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2024 98
Area of the Annual Report 2024 and the 
related Directors’ responsibilities Our responsibilities Our reporting
Director's report 
The Maltese Companies Act (Cap. 386) 
requires the directors to prepare a 
Directors’ report, which includes the 
contents required by Article 177 of the 
Act and the Sixth Schedule to the Act.
We are required to consider whether the information 
given in the Directors’ report for the financial year for 
which the financial statements are prepared is 
consistent with the financial statements.     
We are also required to express an opinion as to 
whether the Directors’ report has been prepared in 
accordance with the applicable legal requirements. 
In addition, we are required to state whether, in the 
light of the knowledge and understanding of the 
Company and its environment obtained in the course 
of our audit, we have identified any material 
misstatements in the Directors’ report, and if so to 
give an indication of the nature of any such 
misstatements.
In our opinion: 
• the information given in the Directors’ 
report for the financial year for which 
the financial statements are prepared 
is consistent with the financial 
statements; and
• the Directors’ report has been 
prepared in accordance with the 
Maltese Companies Act (Cap. 386).
We have nothing to report to you in 
respect of the other responsibilities, as 
explicitly stated within the Other 
information  section.
Other matters on which we are required to report 
by exception
We also have responsibilities under the Maltese 
Companies Act (Cap. 386) to report to you if, in our 
opinion:
• adequate accounting records have not been kept, 
or returns adequate for our audit have not been 
received from branches not visited by us.
• the financial statements are not in agreement with 
the accounting records and returns.
• we have not received all the information and 
explanations  which, to the best of our knowledge 
and belief, we require for our audit. 
We have nothing to report to you in 
respect of these re-sponsibilities.
Other matter – use of this report
Our report, including the opinions, has been prepared for and only for the 
Parent Company’s shareholders as a body in accordance with Article 179 
of the Maltese Companies Act (Cap. 386) and for no other purpose. We 
do not, in giving these opinions, accept or assume responsibility for any 
other purpose or to any other person to whom this report is shown or into 
whose hands it may come save where expressly agreed by our prior writ-
ten consent.
Appointment
We were first appointed as auditors of the Company on 17 August 2015.  
Our appointment has been renewed annually by shareholder resolution 
representing a total period of uninterrupted engagement appointment of 
ten years. The company became listed on a regulated market on 11 Feb-
ruary 2016.
Lucienne Pace Ross
Principal
For and on behalf of
PricewaterhouseCoopers
78, Mill Street
Zone 5, Central Business District
Qormi
Malta
26 March 2025
Independent auditor’s report - continued  
To the Shareholders of Catena Media plc

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INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2024 99
Definitions of alternative performance measures
AL TERNATIVE KEY METRIC DESCRIPTION SCOPE
EBITDA Total operating profit before depreciation and amortisation and 
impairment on intangible assets.
Helps report users evaluate operating profit and cash flow and evaluate operational profitability.
EBITDA FROM CONTINUING 
OPERATIONS
Operating profit from continuing operations before depreciation 
and amortisation and impairment on intangible assets from con -
tinuing operations.
Helps report users to evaluate operating profit and cash flow and evaluate operational profitability.
EBITDA MARGIN EBITDA as a percentage of total revenue. Helps report users to evaluate operational profitability and the value created by operations.
EBITDA MARGIN FROM CONTINUING 
OPERATIONS
EBITDA from continuing operations as a percentage of revenue 
from continuing operations.
Helps report users to evaluate operational profitability and the value created by operations.
ADJUSTED EBITDA EBITDA adjusted for items affecting comparability. The group reports underlying EBITDA, excluding items affecting comparability, to provide a more comparable 
measure over time than non-adjusted EBITDA and thus enhance users' understanding of the report.
ADJUSTED EBITDA FROM 
CONTINUING OPERATIONS
EBITDA from continuing operations adjusted for items affecting 
comparability from continuing operations.
The group reports underlying EBITDA, excluding items affecting comparability, to provide a more comparable 
measure over time than non-adjusted EBITDA and thus enhance users' understanding of the report.
ADJUSTED EBITDA MARGIN Adjusted EBITDA as a percentage of total revenue. The group reports the underlying EBITDA margin, excluding items affecting comparability, to provide a more compa-
rable measure over time than the non-adjusted EBITDA margin and thus enhance users' understanding of the report.
ADJUSTED EBITDA MARGIN FROM 
CONTINUING OPERATIONS
Adjusted EBITDA from continuing operations as a percentage of 
revenue from continuing operations.
The group reports the underlying EBITDA margin, excluding items affecting comparability, to provide a more compa-
rable measure over time than the non-adjusted EBITDA margin and thus enhance users' understanding of the report.
NEW DEPOSITING CUSTOMERS 
(NDCs)
New customers placing a first deposit with an operator (client). A key to measuring revenue and long-term organic growth.
ITEMS AFFECTING COMPARABILITY Significant items that affect EBITDA when comparing to previ -
ous periods.
Items affecting comparability comprise gains or losses on disposals of investments in subsidiaries, reversals of 
costs relating to share-based payments, certain increases in loss allowances on trade receivables, credit facility 
and refinancing costs, reorganisation costs, costs in relation to acquisitions, and loss on cryptocurrency.
ORGANIC GROWTH Revenue growth rate excluding portfolios and products that have 
been acquired in the past 12 months. Paid and subscription rev -
enue is excluded in the organic growth calculation. Organic 
growth includes the growth in existing portfolios and products.
A key to measuring revenue and long-term organic growth.
REVENUE GROWTH Increase in revenue compared to the previous accounting period 
as a percentage of revenue in the previous accounting period.
Helps report users to evaluate business growth.
NET INTEREST-BEARING DEBT 
(NIBD)
Interest-bearing liabilities less cash and cash equivalents Shows the outstanding balance of interest-bearing liabilities (excluding lease liabilities and other contractual 
obligations which give rise to notional interest) after deducting the group's most liquid assets, cash and cash 
equivalents
NIBD/ADJUSTED EBITDA MULTIPLE Interest-bearing liabilities (notional amount including redemption pre-
mium) less cash and cash equivalents divided by adjusted EBITDA.
Shows how many years it would take to repay the group's debts, excluding exceptional costs, if NIBD and 
adjusted EBITDA remained constant.

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INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2024 100
ANNUAL GENERAL MEETING
The annual general meeting of Catena Media plc for the finan -
cial year 1 January – 31 December 2024 will be held on 
Wednesday, 21 May 2025, at 9:00 am (CEST) at AX The Pal -
ace Malta, Triq Il - Kbira, Tas-Sliema, Malta.
Notice of the annual general meeting is published on Catena 
Media's website, www.catenamedia.com
Manuel Stan / CEO
manuel.stan@catenamedia.com
Michael Gerrow / CFO
michael.gerrow@catenamedia.com
Investor Relations
ir@catenamedia.com
REGISTERED OFFICE
Quantum Place, Triq ix-Xatt
Ta’ Xbiex, Gzira, GZR 1052, Malta
Phone +356 21 310 325
Email info@catenamedia.com
Web catenamedia.com
ANNUAL GENERAL MEETING AND OTHER INFORMATION
FOR FURTHER INFORMATION 
OTHER  INFORMATION
Catena Media intends to release financial reports on the dates 
below: 
Interim Report January – March 2025  13 May 2025 
Interim Report January – June 2025  12 August 2025 
Interim Report January – September 2025  4 November 2025 
 
INVESTOR RELATIONS
Catena Media’s Investor Relations department provides relevant 
information to shareholders, investors, analysts and media. During 
the year , Catena Media conducted several international road shows 
and participated in numerous capital market activities. The company 
also held regular analyst meetings. Financial reports, press releases 
and other information are available as of the publication date on the 
company's website, www .catenamedia.com/media/press-releases/.

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