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===== SIDA 1 =====

CATENA MEDIA IS A LEADING 
PROVIDER OF AFFILIATION 
MARKETING SERVICES FOR 
OPERATORS OF ONLINE SPORTS 
BETTING AND CASINO PLATFORMS.
Annual Report 2025
Our trusted brands connect players with operators in North 
America and other selected markets, delivering a valued and 
seamless user experience.

===== SIDA 2 =====

INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
Introduction
The year in brief 3
CEO’s comments 5
Strategy
Our strategic pillars 8
Interview – People
Interview – Product
11
14
Interview – Profit 17
Market 19
Trends 21
Operations
Business model 23
Revenue model 24
Segments 25
Sustainability
Sustainability governance 
Sustainability strategy
28
29
Financial information
Group key figures 35
The share 36
Directors’ report 37
Risks and risk management 41
Board signatures 45
Financial statements 46
Corporate governance
Governance report 
Board of directors 
Executive management
80 
88 
89
Remuneration report 90
Other information
Auditor’s report 
Definitions
96 
99
Contents
About Catena Media
Catena Media generates high-value leads for operators of online 
casino and sports betting platforms. The group’s North American 
brand portfolio enriches players’ experience and guides users to 
partner websites. Headquartered in Malta and with a hub in Miami, the 
group employs over 150 people. The share (CTM) is listed on Nasdaq 
Stockholm Small Cap.
CATENA MEDIA ANNUAL REPORT 2025 2

===== SIDA 3 =====

INTRODUCTION CEO COMMENTS STRATEGY
 OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
The year in brief Highlights from continuing operations 
46,598 9,938 21%
For Catena Media, 2025 was a year of 
organisational transition that drove steady 
operational improvement in the second 
half. Building on the strategic framework 
established in 2024, the group focused on 
strengthening performance across its three 
strategic pillars – People, Product and Profi  t 
– while addressing structural issues that had 
constrained execution.
Diffi   cult decisions taken early in the year 
reshaped the organisation and created a 
more agile platform for sustainable growth. 
A leaner operating model optimised head-
count and teams, fl  attened the organisation-
al structure and streamlined the technology 
platform. The benefi  ts became visible after 
the summer in the shape of more consistent 
delivery, stronger internal collaboration and 
improved revenue and margins. 
Steps were also taken to strengthen en-
gagement and alignment. Group-wide 
objectives and key results sharpened priori-
ties and outcomes, while increased in-offi   ce 
working supported closer teamwork. The 
establishment of a North American hub in 
Miami formed part of this eff  ort.
From a product perspective, the emphasis 
was on focus and scalability. Investment 
was concentrated on a smaller number of 
top-tier products, enabling teams to target 
their eff  orts on a narrower suite of high-per-
forming brands. The offi   cial launch in Sep-
tember of MRKTPLAYS, our subaffi   liation 
platform for partner publishers, marked an 
important step towards a more diversifi  ed 
revenue base.
* 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.
2025 2024 Change
Revenue (EUR ’000) 46,598 49,643 -6%
Adjusted EBITDA (EUR ’000) 9,938 5,394 84%
Adjusted EBITDA margin (%) 21 11 10pp
EBITDA (EUR ’000)* 10,604 (261) -
EBITDA margin (%) 23 -1 24pp
Operating cash fl  ow (EUR ’000) 7 ,741 2,883 169%
Earnings per share before dilution (EUR) (0.10) (0.58) -
Earnings per share after dilution (EUR) (0.10) (0.58) -
New depositing customers (NDCs) 106,510 128,700 -17%
REVENUE 
(EUR ‘000) 
ADJUSTED EBITDA 
(EUR ‘000)
ADJUSTED 
EBITDA MARGIN
CATENA MEDIA ANNUAL REPORT 2025 3
REVENUE, EUR MKEY FIGURES FROM CONTINUING OPERATIONS
9.8 9.6
11.6
15.6
Q1 Q2 Q3 Q4

===== SIDA 4 =====

INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
€9.8m
 39%
€0.9m
-51%
9%
21,918
€9.6m
 25%
€1.4m
104%
14%
20,229
€11.6m
 9%
€2.9m
119%
25%
23,999
€15.6m
 53%
€4.7m
211%
30%
40,364 
Revenue
Y ear-on-year 
revenue growth
Adjusted  
EBITDA
Adjusted  
EBITDA margin
Y ear-on-year 
Adjusted EBITDA growth
New depositing  
customers
• Revenue from continuing operations of EUR 
9.8m (16.0), a decrease of 39 percent. 
• Adjusted EBITDA from continuing operations 
of EUR 0.9m (1.9), equal to a margin of 9 
percent (12).
• Continued ranking volatility in core search 
business especially in North America, where 
search-engine algorithm updates posed a 
challenge. 
• All-time revenue high in subaffiliation, indicat -
ing progress in the long-term effort to diversify 
and reduce reliance on organic search. 
• Revenue from continuing operations of EUR 
9.6m (12.8), a decrease of 25 percent.
• Adjusted EBITDA from continuing operations 
of EUR 1.4m (0.7), equal to a margin of 14 
percent (5). 
• Rightsizing measures including elimination 
of more than 50 roles and removal of a senior 
management layer, generating annual cost 
reductions of EUR 4.5-5.0m.
• Initiated shift to unified Microsoft-based tech 
stack and terminated several legacy software 
subscriptions, generating annual savings of 
EUR 0.8m. 
• Revenue from continuing operations of EUR 
11.6m (10.7), an increase of 9 percent. 
• Adjusted EBITDA from continuing operations 
of EUR 2.9m (1.3), equal to a margin of 25 
percent (13).
• Official launch of the group’s MRKTPLAYS 
subaffiliation platform.
• Improved organic search performance follow -
ing a major search-engine algorithm update 
that boosted keyword rankings.
• Year-on-year costs down 6 percent, partly 
reflecting group-wide efficiency measures 
implemented in Q2.
• EUR 16.5m impairment charge arising from a 
writedown in the book value of North Ameri -
can sports and Asia-Pacific casino assets.
• Revenue from continuing operations of EUR 
15.6m (10.2), an increase of 53 percent. 
• Adjusted EBITDA from continuing operations 
of EUR 4.7m (1.5), equal to a margin of 30 
percent (15).
• Strong revenue growth of 81 percent in regu -
lated and social sweepstakes casino.
• Further improvement in organic search per -
formance following a search-engine algorithm 
update in December that enhanced keyword 
rankings.
• Provision made to pay employees a group-
wide annual bonus for the first time in several 
years.
Disappointing operating 
performance despite progress 
in subaffiliation 
Efficiency measures 
implemented to address 
operational pressures
Revenue and earnings up as 
diversification gathers pace
A solid quarter of revenue 
growth and improved 
profitability
Q1 Q2 Q3 Q4
CATENA MEDIA ANNUAL REPORT 2025 4

===== SIDA 5 =====

INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2025 5
A MORE AGILE OPERATING MODEL
Early in 2025 it became clear that we needed to 
go further to create the leaner structure required 
to drive a more flexible, product-led way of 
working. We therefore rightsized headcount, 
flattened the organisation and consolidated 
our technology stack into a more scalable and 
cost-effective platform.
Headcount reductions are painful and were the 
most challenging part of this process. At the 
same time, it was essential to adapt the operat -
ing model to better support a consolidated prod -
uct portfolio and to drive clearer accountability 
and a shared direction.
To achieve the best possible result, we created 
a broader senior leadership group that helped 
shape the future organisation. Rather than treat -
ing restructuring as an executive-only exercise, 
responsibility was shared more widely. This 
helped create ownership of the outcome and 
underlined that the changes were about building 
for the future, not merely reducing costs. 
In 2025, Catena Media worked to improve performance across our three strategic 
pillars of People, Product and Profit. We took tough decisions in the first half of the year 
to position the business better to deliver long-term sustainable growth. These actions 
included rightsizing the organisation and embedding a simpler, flatter, more agile 
operating model. By year-end, the changes were delivering more consistent execution, 
greater organisational clarity and stronger margins. While additional work remains to 
be done, the second half of the year offered signs that the business is moving in the 
right direction.
STRENGTHENING ALIGNMENT AND 
ENGAGEMENT 
To support internal coherence and delivery, we 
introduced objectives and key results (OKRs) as 
a practical tool to ensure that priorities are clear 
and shared across the organisation. We also 
placed higher emphasis on teamwork, bringing 
people back into the office to strengthen collab -
oration. 
These steps reflect our intention to nurture a cul -
ture that encourages people to contribute ideas 
and challenge existing approaches while being 
disciplined in moving on quickly from initiatives 
that do not bring results. 
Towards year-end we began to see concrete 
impacts from the steps taken. Our employee net 
promoter score, which measures staff engage -
ment and satisfaction, rose by nearly 50 points in 
the last two quarters. This gave a welcome signal 
that confidence and momentum are returning.
Manuel Stan
CEO
Building momentum and discipline 
after a time of challenge and change
CATENA MEDIA ANNUAL REPORT 2025 5

===== SIDA 6 =====

INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
FOCUS 2025 • Diversify revenue streams by expanding offerings across 
subaffiliation, CRM, paid media and emerging verticals – 
reducing reliance on any single channel.
• Maintain operational discipline by scaling initiatives that 
deliver measurable results and transitioning away from those 
that underperform.
• Onboard new subaffiliation partners and deepen the  
proposition, including through the expanded MRKTPLAYS+ 
platform.
• Embed the new PlayPerks loyalty programme at PlayUSA.
com and extend the concept to other top-tier products.
• Strengthen our position in North America by deepening  
penetration in existing markets and ensuring readiness as 
new states and provinces move towards regulation.
• Drive performance across our three strategic pillars –  
People, Product and Profit.
PRODUCT STREAMLINING AND 
SCALABLE  GROWTH
From a product perspective, 2025 was about 
focus and simplification. We streamlined the 
number of products we invest in and concentrat -
ed resources on a clearly defined set of top-tier 
products. This clarity has allowed teams to work 
with greater purpose and efficiency.
We continued to diversify revenue streams 
across multiple channels. A major milestone 
was the launch of our subaffiliation platform 
MRKTPLAYS. Market interest and take-up by 
partner publishers exceeded expectations and 
demonstrated the value of investing in scalable, 
product-led solutions. 
MRKTPLAYS’ success also reinforced our 
strategy of doubling down on initiatives that 
show clear traction. Early in 2026 we added a 
modular partnership framework, MRKTPLAYS+, 
to accelerate growth for selected partners. This  
expanded offering combines access to cam -
paigns with operational support and opens the 
way for potential investment capital collabora -
tion. We see MRKTPLAYS+ as a growth lever 
and expect subaffiliation to contribute signifi -
cantly to revenue going forward.
GROWTH IN CRM, HIGHER SEO RANKINGS
Progress in subaffiliation and other verticals, 
including customer relationship management 
(CRM), helped create a more balanced portfolio 
during the year. In January 2026, we launched 
PlayPerks, our first loyalty programme, to 
strengthen direct relationships with users and 
encourage repeat engagement across our 
brands. The launch, built directly on the product 
development undertaken in 2025, reflects our 
focus on scaling initiatives that demonstrate 
clear value.
Organic search remains the backbone of the 
business, and we continue to invest heavily in 
this area. Our search, content and tech teams 
put in an outstanding effort during the year. Their 
work was validated by a sustained improvement 
in positioning in the second half of the year as we 
saw positive impacts from search engines’ key 
algorithm changes. During the year, our average 
keyword ranking advanced from 5.8 to 3.8.
DISCIPLINE, LEARNING AND EXECUTION
Discipline in resource allocation and project eval -
uation was a recurring theme in 2025. We have 
become more deliberate about documenting 
what does not work, learning from it and moving 
on without delay. This approach supports a nim -
bler, more entrepreneurial culture and helps keep 
attention on the areas with the greatest potential 
impact.
The benefits of the changes made became in -
creasingly visible as the year unfolded. Together, 
the actions taken materially reduced our cost 
base and contributed to the margin recovery as 
the year progressed. 
We continued to diversify revenue streams 
across multiple channels. A major milestone 
was the launch of our subaffiliation platform 
MRK TPL AYS. 
6
In May 2025, we announced that we would defer 
interest payments on the H01 hybrid capital 
securities and not redeem them in the near term 
to ease our debt burden and create headroom 
for tech-focused investments.
As discipline and consistency improved, our 
financial performance gradually strengthened. 
The year ended with our best quarterly results 
since the transformation plan began in mid-
2024. Q4 revenue increased 53 percent to EUR 
15.6m and adjusted EBITDA more than tripled to 
EUR 4.7m. These figures, which reflected strong 
contributions from casino and our diversification 
strategy, provide a platform to build on in 2026.
THE YEAR AHEAD
Our strategy remains centred on the three pillars 
of People, Product and Profit. The priority for 
2026 is to remain disciplined and selective, 
building on what has worked and moving quickly 
away from what has not.
We will continue to invest where we see clear  
returns, while maintaining tight control over 
costs and complexity. The second half of 2025 
sets a baseline on which we can build to achieve 
the high performance we are striving for.
Finally, I would like to thank our teams and the 
board for their resilience and support during a 
demanding year. After a difficult start, the or -
ganisation delivered strongly in the second half. 
That effort deserves recognition and inspires 
confidence as we continue to work towards 
building future success.
Manuel Stan, CEO

===== SIDA 7 =====

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 2025

===== SIDA 8 =====

The “triple P” formula that drives 
performance 
Our three pillars 
Catena Media’s strategy is built 
on the three foundational pillars 
we introduced in 2024: People, 
Product and Profi  t. 
These interconnected areas 
provide the framework for 
our ability to grow, adapt and 
succeed in online affi   liate 
marketing for casino gaming and 
sports betting in North America. 
The triple P empowers 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
8

===== SIDA 9 =====

INTEGRITY
We do the right things in the right way.
DIVERSITY
We act as one united company while 
embracing our international ethos.
ACCOUNTABILITY
We take ownership and 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.
We rely on people and their talent to drive the business for -
ward by delivering high-quality user and customer experi -
ences. In 2025, we identified a need for further organisational 
changes in addition to the bold steps taken in 2024. In Q2, a 
rightsizing initiative reduced headcount by around 25 percent. 
We also introduced a slimmer structure by removing one man -
agement layer. During the second half of the year, it became 
clear that the measures had improved internal agility and en -
abled faster decision-making. The introduction of objectives 
and key results further helped to target teams’ efforts at the 
highest-value areas and products. 
Our branded products are our main differentiator and unique 
selling point. In 2025, we shifted the teams’ focus to our 
best-performing, top-tier products in casino and sports. We 
also adopted a more rigorous approach to project evaluation, 
becoming more deliberate about documenting what does not 
work, learning from it, and quickly moving on. This mindset 
ensures we prioritise areas with the greatest potential impact. 
It also facilitates a nimbler, more entrepreneurial culture. In 
parallel, we diversified the product portfolio by launching our 
new MRKTPLAYS subaffiliation platform and by expanding 
our customer relationship management (CRM) activities.
Profitability is our oxygen, feeding our ability to differentiate 
and scale. After almost two years of declining earnings, in 
2025 we took further measures to grow revenue and reduce 
cost. The organisational rightsizing (see “People”, left) 
reduced annual costs by EUR 4.5-5.0m. At the same time, we 
introduced business improvement measures (see “Product”, 
left) to drive revenue growth. These initiatives bore fruit in the 
final two quarters by way of sharp improvements in revenue 
and an increase in the adjusted EBITDA margin, which in Q4 
reached 30 percent – double the level of Q4 2024.
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2025 9

===== SIDA 10 =====

People
product
PROFIT
Creating a leaner organisation to support our 
product-led strategy
Decisive steps to become more agile and flexible
In May, the group implemented a comprehensive 
rightsizing programme that involved a 25 percent 
reduction in headcount and the removal of one 
management layer. This was not just a cost-  
reduction exercise, but a strategic recalibration 
aligned with the transition to a product-led op -
erating model. We eliminated overlapping roles 
and reorganised teams around fewer, higher-  
priority products. The result was a flatter struc -
ture with clearer ownership, faster decision-  
making and stronger accountability.
A TRANSPARENT CULTURE
At the same time, we moved to strengthen exe -
cution discipline across the organisation.  
Objectives and key results (OKRs) were intro -
duced to provide teams with sharper priorities 
and clearer success metrics. This helped align 
individual contributions with company-wide 
goals, while reinforcing a performance-oriented 
culture grounded in transparency and responsi -
bility.
The headcount reduction, though necessary, 
was a painful step and the most challenging 
part of the process for all concerned. Naturally, 
it caused internal uncertainty and inevitably 
placed demands on the employees who re -
mained. 
INCREASED EMPLOYEE ENGAGEMENT
To their credit, the teams adapted quickly to 
the new structure and demonstrated strong 
commitment during a period of intense pressure. 
Towards year-end, concrete impacts were visible 
from the steps taken. Our employee net promot -
er score, which measures staff engagement and 
satisfaction, rose by nearly 50 points in the last 
Outcomes 2025
• Implemented strategic rightsizing pro-
gramme aligned with a product-led model
• Flatter organisational structure with clearer 
ownership and accountability
• Improved execution discipline through 
consistent use of OKRs
• Strong employee engagement during a 
period of significant change
• Company-wide staff bonus in recognition of 
improved operating performance
2026 and beyond
• Continued focus on performance, account-
ability and talent in core product teams
• Flexible organisational approach to support 
scalable growth
The year was a defining one for our 
people agenda. The organisational 
reset initiated in mid-2024 continued 
in the first half as we took further steps 
to create a lean, agile organisation ca -
pable of delivering sustainable growth 
in a dynamic and highly competitive 
market. By year-end, the streamlined 
teams had delivered two quarters of 
revenue growth and higher profitability.
two quarters. This gave a welcome signal that 
confidence and momentum are returning.
The teams’ resilience and work ethic also helped 
drive a rebound in revenue and profitability as 
the organisation’s focus shifted decisively from 
structural change to execution, accountability 
and performance. Their strong efforts resulted in 
the award of a company-wide bonus for the first 
time in several years.
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2025 10

===== SIDA 11 =====

A leaner, flatter organisation 
to drive our product-first 
strategy forward
2025 was an intensive year for the 
organisation. What were the key 
milestones from your perspective?
“In 2025 we built on the process that began 
in 2024 when our new executive manage -
ment team began reshaping the business. 
The main changes came in Q1 and Q2, when 
we rightsized the organisation, flattened the 
structure and centralised the teams. These 
were the final stages of the process that has 
brought us to where we are today.” 
Why were these steps important for how 
we operate going forward?
“They simplify how teams are set up, clarify 
ownership and accountability, and move 
away from a fragmented structure that had 
built up over time. Rightsizing was not only 
about reducing headcount. We needed to 
step back and look at the whole organisation 
rather than fixing individual parts in isola -
tion, and to reduce costs to better match our 
current financial performance. 
“Flattening the structure has made account -
ability clearer and collaboration simpler, 
enhancing alignment across the European 
and North American teams, enabling us to 
work together as one unified organisation. 
People now have a clearer understanding of 
roles, responsibilities and decision-making 
processes. Creating a new senior leader -
ship team was another step forward. This 
helped increase communication, synergies 
and connection across departments. We 
now have a more entrepreneurial culture 
that gives us more speed to decision-mak -
ing and action. The impact is clear: our 
cost base decreased significantly, revenue 
continued to improve and our employee net 
promoter and engagement scores moved 
significantly in the right direction in the sec -
ond half of the year.”
Naturally, the changes brought short-
term challenges. How did we support 
our people through the transition while 
maintaining focus?
“The changes were challenging, particularly 
for teams that had already experienced head-
count reductions. But they were necessary to 
create a more focused and efficient operating 
model. We emphasised clear communication 
over an extended period, being transparent 
even when everything could not be shared 
and honest that further change might still 
come. The uncertainty inevitably created 
stress, so we worked to remain visible and 
approachable. Consistent and aligned com-
munication across the executive team also 
helped teams navigate the transition.”
Towards year-end, we saw our highest 
employee engagement scores of the 
year. How do those outcomes reflect the 
changes made?
“We saw a clear improvement in the second 
half of the year. Being based in Malta, 
I could feel that shift directly, but it was 
also replicated in our remote teams. Our 
engagement data improved in the final two 
quarters, which was very validating because 
engagement is vital in a highly distributed 
organisation like ours. 
It was a year of challenge and transformation for our teams as the company 
accelerated its pivot to a product-led organisation. Chief Human Resources 
Officer Jamie-Grace Farrugia explains the changes and how they will help 
drive success in 2026.
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2025 11

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

“We were especially pleased to see im -
provement in areas such as alignment and 
ambassadorship, which have historically 
been lower for us. This indicates that the 
teams feel more connected to the group’s 
business strategy and appreciate the in -
crease in internal cohesion more.
“We knew the decisions taken earlier in the 
year would be difficult, but the communi -
cation efforts of the executive and senior 
leadership team helped people understand 
why decisions were made and how their role 
contributes to the business.”
In 2025, we reintroduced objectives and 
key results (OKRs) to set and track goals 
across the business. How have these 
helped at operating level?
“Alignment across departments was a major 
focus during the year. The OKRs help con -
nect high-level priorities with what teams are 
working on day to day, while still giving them 
autonomy in how they deliver. They also give 
us a shared language around focus and pri -
orities. The framework played an important 
role in improving alignment and cross-team 
collaboration, contributing to the stronger 
performance we saw later in the year.
“We also refined how our global teams 
collaborate, providing clear guidelines for 
hub-based and hybrid working to support 
effective collaboration across time zones 
while giving teams flexibility in how they 
organise their work. The result is a bal -
anced model that combines the benefits of 
in-person interaction with effective remote 
working.”
We encouraged a return to the office to 
strengthen collaboration. How has this 
worked out?
“In Malta, we introduced three days a week 
in the office. This has fuelled effective col -
laboration, faster problem-solving and less 
reliance on screen-based meetings. It has 
also helped reinforce team connections, 
improved onboarding for new joiners and 
strengthened our local culture.”
We also simplified our geographic 
footprint around two hubs in Malta and 
Miami. What are the advantages of this 
more centralised model?
“Centralising around two hubs reduces 
organisational complexity and operational 
risk while also improving collaboration and 
efficiency. Malta already plays that role, and 
the Miami hub, which opened in early 2026, 
will give our North American teams a physi -
cal space to work together for the first time. 
“Face-to-face interaction will be an import -
ant part of building the organisation going 
forward. Strong leadership presence in 
both locations creates clarity for teams and 
maintains alignment across locations. The 
result will be an optimal balance between 
focus and flexibility.”
From a people and culture perspective, 
what are the top priorities for 2026?
“Retention, capability building and connec -
tion will be key priorities in the year ahead. 
A foundation for this will be to continue with 
regular, clear communication, ensuring our 
teams understand our direction, priorities 
and how their work contributes to the bigger 
picture. We will continue to strengthen our 
OKR process. Goals will remain focused, 
measurable and well aligned across teams, 
helping people prioritise the work that mat -
ters most.” 
Centralising footprint around two hubs 
reduces complexity and improves 
collaboration. Malta already plays that role, 
and our new Miami hub gives our North 
American teams a shared physical work 
space for the first time.
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2025 12

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

People
product
PROFIT
First results from the product-led operating model
Sharpened focus on strongest products
Conscious steps were taken to deprioritise 
products with limited strategic relevance or sub -
standard performance. Instead, we channelled 
investment more tightly into core brands with 
strong positions in North America. We reor -
ganised product teams around clear ownership 
and accountability, supported by a more unified 
technology foundation. This reduced fragmen -
tation, improved speed of execution and allowed 
teams to focus on measurable outcomes rather 
than activity.
REFINED PRODUCT ROADMAPS
Product development in 2025 was partly shaped 
by external constraints. Constrained opera -
tor marketing spending, stiff competition for 
traffic and evolving search dynamics required 
sharper differentiation and stronger monetisa -
tion efficiency. In response, we refined product 
roadmaps to prioritise user intent, conversion 
performance and revenue quality over raw traffic 
growth.
The impact of these changes became increas -
ingly visible as the year progressed. Core prod -
ucts delivered more consistent performance 
and made stronger contributions, reflecting 
closer alignment between product, commercial 
and technology functions. At the same time, 
the group continued to build a more diversified 
ecosystem by launching MRKTPLAYS, our 
subaffiliation platform, and building our emerg -
ing customer relationship management (CRM) 
vertical. 
Outcomes 2025
• Pivot from wide to focused product 
portfolio
• Deprioritisation of non-core products 
• Stronger product ownership supported by 
unified technology setup
• Improved performance consistency in 
core brands
• Continued development of MRKTPLAYS 
as strategic growth driver
2026 and beyond
• Further sharpening of core product 
portfolio
• Scaling products and platforms that 
demonstrate sustainable long-term 
potential
The year was defined by decisive ef-
forts to embed the product-first ope -
rating model introduced in 2024. We 
continued the pivot from maximising 
footprint towards concentrating effort 
on fewer brands capable of delivering 
durable value over time.
By year-end, Catena Media had a more coherent 
and disciplined product organisation. While mar -
ket conditions remain demanding, the portfolio 
is better positioned to scale selectively, adapt 
to ongoing change and support the group’s 
longer-term growth ambitions.
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===== SIDA 14 =====

Product-led and tech-enabled: 
Inside our 2025 pivot
In 2025 Catena Media transitioned into 
a product-focused tech company. What 
does this shift mean in practice?
Ed: Previously we ran websites and pub -
lished content within a traditional affiliation 
model. Today we focus on building brands, 
creating loyalty and offering much richer 
user journeys. That requires technology to 
sit at the centre of everything we do and to 
be closely aligned with every product. Being 
product-led means we design around user 
needs, test ideas early and work from data 
rather than assumptions. It’s a more com -
plex and intricate way of working, but it leads 
to better outcomes for users, for partners 
and for us.
Alex: Because our product function sits 
across departments, teams can under -
stand and prioritise the right issues from a 
product-first perspective. Being product-led 
means translating business goals into 
concrete roadmaps and validating them in 
small, measurable steps. It also ensures 
teams understand not only what we’re 
building, but why it matters for users and for 
the business.
Kurt: The new setup gives more oversight 
across the organisation. It better allows 
us to support other functions and ensure 
technical projects enable each other across 
the business. Greater alignment makes 
decisions visible so the right people can be 
involved and talk them through. Ultimately, 
this means taking tech decisions across the 
organisation with one end-goal in sight. 
We centralised the tech function 
and have adopted a squad-based 
organisational model. How has this 
improved delivery?
Ed: The biggest changes are ownership and 
collaboration. Our teams used to be rather 
siloed. Now squads sit together, share 
context and solve problems in real time. 
In the past, coordinating across locations 
and time zones meant relying on meetings 
and handovers, which slowed us down. 
Consolidating most tech operations to Malta 
means people can now simply cross the 
room. That’s improved speed and quality. 
We’ve also embedded product managers 
within engineering teams, which has been 
a game-changer. Decisions happen faster 
and everyone’s understanding is deeper. 
The key is to demonstrate progress through 
delivery. Our standardised website platform 
is already live on many of our most import -
ant sites, allowing features to be developed 
once and scaled group-wide. We’ve also 
built systems that centralise advertising 
operations and integrate deeply with our 
MRKTPLAYS subaffiliation platform. In 
addition, we’ve developed AI-powered plat -
forms that aggregate partner offers in real 
time, supporting both user-facing content 
and internal teams. Together, these tools 
improve scalability, speed and consistency 
while helping engineers focus on user value 
and performance.
Kurt: Historically, Catena relied heavily on 
outsourced development, often working 
through ticket-based delivery. By bringing 
more development in-house, we retain 
knowledge, deepen expertise and build 
stronger ownership of our platforms. We’ve 
already internalised around 30 percent of 
our developers. As this continues, our ability 
to build faster and go deeper technically will 
increase.
A tech pivot is also about people and 
skills. What cultural and capability shifts 
have been most important?
Ed: We’ve built a mindset of excellence and 
shared ownership across tech and product. 
Squads review key metrics together every 
week – traffic, conversions and other leading 
indicators – and talk openly about what’s 
working and what needs improvement. This 
new, high level of transparency is a core 
asset.
Alex: We’ve also shifted to smaller, iterative 
releases – introducing changes early, track -
ing the results and adjusting quickly rather 
than relying on a single big launch. It gives 
us clearer visibility into what resonates with 
users, and it allows teams to make informed 
decisions without losing momentum. This 
Major organisational changes in 2025 helped drive Catena Media’s evolution 
into a product-led tech company. The transition has reshaped how we colla -
borate, how we create value for users and how fast we bring new features to 
market. Chief Technology Officer Ed Midolo , Director of Product Alex Ellul  
and Director of Engineering Kurt Paris  explain the changes and what they 
mean for the business.
Ed Midolo Alex Ellul Kurt Paris
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===== SIDA 15 =====

approach encourages experimentation: 
teams can test ideas on a small scale, learn 
from real user behaviour and then decide 
whether to scale up or pivot. 
Kurt: As we move towards an engineer -
ing culture and more in-house resources, 
we see a big increase in the “why” behind 
the features we build. Combined with the 
increased ownership engineers have over 
their platforms, this allows us to take a lon -
ger-term view.
How does tech support our three pillars, 
People, Product and Profit?
Ed: For People, our internal automation 
tools remove repetitive work and help teams 
focus on higher-value tasks. For Product, 
we’re building more data-rich, personalised 
journeys that meet modern user expec -
tations. And for Profit, we’ve broadened 
the metrics we track to include leading 
indicators like engagement, click-through, 
conversion rates and more. If we perform 
well in these, revenue growth will follow.
Alex: At Product, we’re the glue between 
departments. We understand the challeng -
es each team faces and what the company 
needs – and we help drive that through the 
organisation. We work to embed a prod -
uct mindset at all levels so that everyone, 
whatever their role, operates with brand 
awareness.
Personalisation is now a core driver. 
How are we personalising the user 
experience?
Ed: User behaviour has changed. Visi -
tors expect relevance instantly, not after 
navigating through multiple filters. From the 
moment a user lands on our sites, we use 
available signals to understand what they 
care about and then present the right infor -
mation straight away. Personalisation is also 
the first step in building loyalty and retention.
Alex: We use users’ preferences to make 
their journey smoother. If someone prefers 
certain slot themes, we prioritise those im -
mediately. It keeps the experience intuitive 
and helps users find what they’re looking for 
faster. When this works well, it builds trust 
and encourages deeper exploration.
Logged-in experiences, gamification and 
customer relationship management are 
also part of the roadmap. How do they 
support user engagement?
Ed: Logged-in experiences allow us to 
deliver deeper, more relevant value because 
we understand more about the individual 
user. We can tailor journeys, highlight what 
matters most and support users more effec -
tively over time.
Alex: Gamification and customer relation -
ship management (CRM) build on that foun -
dation. Gamification gives users reasons to 
return and interact more often, while CRM 
lets us reconnect with users with content or 
offers aligned with their interests. Together, 
they help strengthen long-term relationships 
and guide users through a more complete 
lifecycle.
We’re working to reduce reliance on 
SEO by growing direct, intentional 
engagement. How do our tech initiatives 
enable this?
Ed: In the last 18 months we’ve added 
multiple solutions and platforms, including 
various AI tools, that support our product 
teams by handling the heavy lifting so our 
experts can focus on refinement and quality. 
This is strengthening our products and ulti -
mately leads to users having more reasons 
to come directly to our sites rather than 
solely through search engines.
Alex: Our product users return because 
the experience is strong. Technology helps 
us make that experience more relevant, con -
sistent and rewarding. That all fuels direct 
engagement.
Kurt: As our systems become more da -
ta-rich, we can build experiences that go 
beyond the traditional affiliate model. A good 
example is PlayPerks on PlayUSA, where 
we’ve introduced gamification, rewards and 
other features that increase engagement 
and loyalty.
Looking ahead, what role could AI and 
automation play in our development over 
the next few years?
Ed: AI is a true enabler that’s already helping 
us scale by automating the most labour-in -
tensive parts of content and optimisation 
work while humans stay firmly in charge of 
quality. We see AI as an enhancer, not a peo -
ple replacement. In 2026, as our platforms 
become more automated and data-rich, we 
will improve personalisation and generate 
higher levels of returning users. In turn, that 
will further strengthen brand loyalty.
Alex: Across the organisation, we want 
teams not just to use AI, but to understand 
how to work effectively within it. That mind -
set will be important as we expand what our 
products can achieve and deliver even more 
value to users.
Kurt: I want AI to become a practical 
sidekick for every engineer, accelerating 
research, experimentation and prob -
lem-solving – and enabling work that would 
otherwise be too time-consuming. Simulta -
neously, we want to embed AI into our plat -
forms in ways that meaningfully enhance the 
user experience.
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===== SIDA 16 =====

People
product
PROFIT
Earnings up as profitability measures take effect
Executing with greater financial discipline
In Q2, we implemented major changes to our 
teams and processes to improve the cost struc -
ture and operational efficiency. Around 50 roles 
were eliminated, reducing group headcount by 
25 percent. Though painful, these actions were 
essential to bring the cost structure into closer 
alignment with our product-first strategy and the 
operational objective of focusing resources and 
team efforts on first-tier products. They were 
also a necessary step to move on from initiatives 
that do not fit our long-term growth ambitions.
IMPROVED AGILITY AND RETAINED 
CAPABILITIES
The measures reduced fixed costs, generating 
annual savings of EUR 4.5-5.0m. The removal of 
one management layer as part of the stream -
lining further simplified the organisation and 
improved agility while preserving the capabili -
ties required to support core products. Along -
side this organisational reset, we strengthened 
financial discipline across the business. Clearer 
performance expectations were implemented to 
guide resource allocation. Closer coordination 
between teams ensured that profitability was 
considered earlier in planning cycles.
GAINS FROM REVENUE DIVERSIFICATION
Revenue quality also improved, in the second 
half of the year especially. Our first-tier brands 
generated a higher proportion of earnings 
thanks to stronger monetisation and more 
coherent performance. Revenue diversification 
in the form of the evolution of our subaffiliation 
business and customer relationship manage -
ment (CRM) vertical provided further momen -
tum in this direction.
Outcomes 2025
• Total cost base of EUR 36.7m, down 
from EUR 44.3m in 2024
• Direct costs increased in the last two 
quarters of the year due to expansion in 
subaffiliation and customer relationship 
management (CRM)
• Personnel expenses excluding bonuses 
down 49 percent compared to 2024
2026 and beyond
• Continued focus on disciplined cost 
management and operational efficiency
• Ongoing alignment of cost structure 
with revenue mix and performance 
priorities
During the year we took firm action 
to address the decline in profitability 
seen in 2024 and the early part of 2025. 
The most significant step taken was 
an organisational streamlining that 
established a firm platform for more 
agile execution and enhanced team 
cohesion.
Together, these factors helped drive profitabil -
ity improvements in Q3 and Q4 that saw the 
adjusted EBITDA margin reach 30 percent at 
year-end – double the level from the prior year.
By year end, Catena Media operated with a lean -
er cost base and a clearer line of sight between 
operational decisions and financial outcomes, 
strengthening earnings sustainability and rein -
forcing the group’s ability to fund growth-orient -
ed investments.
HYBRID SECURITIES INTEREST DEFERRAL
The group decided in 2025 to defer interest pay -
ments on our H01 hybrid capital securities and 
will not redeem these instruments, which are 
classed as equity, in the near term. This decision 
was taken to create the financial headroom to 
support strategic investment – a key necessity 
as we continue the drive to diversify the busi -
ness. The deferral will be regularly reviewed. 
At the time of writing, we do not foresee any 
immediate change in our assessment.
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===== SIDA 17 =====

MRKTPLAYS – our scalable 
new growth platform in 
subaffiliate marketing
Until recently, subaffiliation was relatively 
undeveloped in North American online 
casino and sports betting. Many content 
publishers with engaged audiences had no 
straightforward way to work with operators. 
Much of the activity that did exist relied on 
manual processes. 
The launch of MRKTPLAYS helped change 
that. As a unified, technology-driven mar -
ketplace, this new platform is helping shape 
an emerging segment and unlocking new 
opportunities for partners across the region.
DEVELOPING A NEW MARKET NICHE
“Many iGaming publishers – from creators 
and influencers to media brands and tools 
providers – generate highly engaged traffic 
but lack a structured route into the regulated 
online gaming ecosystem,” Pierre says. “At 
the same time, operators want new audi -
ence sources beyond organic search.” 
The launch of MRKTPLAYS in 2025 marked one of Catena Media’s most si -
gnificant strategic advances in recent years: establishing a scalable new gro -
wth engine. What began as an opportunistic effort to enter the subaffiliation 
business quickly grew into a dynamic marketplace serving publishers and 
operators across North America. Chief Operating Officer Pierre Cadena 
describes how the product took shape, why it has surpassed expectations 
and what to expect in 2026.
This creates space for a scalable market 
maker – especially one with Catena Me -
dia’s track record of introducing high-  
quality new users to operators. The group’s 
existing operator relationships, regulatory 
expertise, and performance data provide a 
natural advantage in building this interme -
diary layer. 
RAPID TRAJECTORY
Catena Media’s traditionally strong 
cost-per-acquisition (CPA) rates helped 
attract meaningful publisher partners to 
MRKTPLAYS from day one, delivering 
audiences that operators might not other -
wise reach. Even so, the pace of adoption 
exceeded expectations. 
“Am I surprised? Absolutely,” Pierre says. 
“When we wrote the business plan, we didn’t 
imagine we would reach this level of scale 
and partner adoption so quickly.”
Several factors fuelled the acceleration. 
MRKTPLAYS brought structure to a previ -
ously informal, fragmented activity. It also 
opened the door to publishers that had not 
historically participated in online casino 
gaming and sports betting. Many discovered 
new value in partnering with Catena Media. 
MRKTPLAYS also delivered the transpar -
ency operators increasingly expect from 
performance-driven campaigns. “Operators 
want to understand the publisher, their au -
dience and their tactics, so they appreciate 
the full visibility we provide,” Pierre says.
SCALABILITY IN ACTION
The acceleration was also aided 
by MRKTPLAYS’ built-in scalability. Au -
tomation handles onboarding, reporting 
and payouts, eliminating the friction that 
previously defined subaffiliation workflows. 
This digital orchestration reduces errors, 
increases efficiency and frees teams to 
focus on value creation rather than manual 
administration.
“Our goal was to take the manual work out of 
workflows so our teams can focus on value, 
not spreadsheets,” Pierre says. This means 
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===== SIDA 18 =====

MRKTPLAYS can support larger numbers of 
publishers and campaigns without a propor -
tional increase in operational overhead.
WHY PUBLISHERS AND OPERATORS 
CHOOSE MRKTPLAYS
For publishers, the value proposition is 
straightforward: a simple, efficient way 
to monetise their audiences. Many bring 
traffic sources that differ from tradition -
al search-engine-optimisation (SEO) 
acquisition. 
“We work with very few ‘SEO-only’ pub -
lishers, as the vast majority of our partners 
use SEO as only one of several successful 
tactics for reach and engagement. But they 
have captive and engaged pockets of traffic 
that represent someone’s highest intent. 
That’s attractive to operators and gives 
them high-quality and high-value leads,” 
Pierre says.
For their part, operators get to reach and 
engage with audiences they might not 
otherwise encounter – delivered through a 
platform that simplifies campaign manage -
ment. “For operators, it’s a great opportunity 
to grow their market and reach new users,” 
Pierre says.
SUPPORTING OUR WIDER STRATEGY
MRKTPLAYS aligns directly with Catena 
Media’s strategic ambition to be a diversified 
product-led tech company with multiple 
scalable growth engines. By adding new 
traffic sources, it broadens our reach 
beyond SEO and introduces scalable, 
tech-driven economics to a new part of the 
affiliate landscape. 
It also deepens the group’s business 
relationships, both with operators seeking 
new customer groups and with publishers 
seeking reliable, structured partners.
MORE OPPORTUNITIES AHEAD
The next stage focuses on tighter integra -
tion and making the platform more useful 
for partners. Planned improvements include 
easier connections to publishers’ websites, 
simpler workflows, and tools that reduce 
manual work and help partners improve 
performance. 
“The more we integrate into the publisher 
workflow, the stickier the product becomes,” 
Pierre explains.
Early in 2026, we launched an expanded of -
fering, MRKTPLAYS+, that selectively sup -
ports promising publishers with operational 
services such as conversion optimisation 
and lifecycle marketing. In selected cases, 
partnerships with promising partners may 
also see Catena Media provide investment 
or equity capital. 
Subaffiliation in a nutshell
Subaffiliation enables digital content providers – such 
as online casino sites, influencers and other publishers 
– to earn revenue by referring potential users to licensed 
operators. Referrals are handled through an intermedi -
ary platform operated by an affiliate marketing company 
– in our case MRKTPLAYS and Catena Media. When a 
publisher successfully refers a new user, the operator 
pays revenue to the platform owner, which then shares it 
with the publisher.
MRKTPLAYS gives operators a great 
opportunity to grow their market and reach 
new users. The platform aligns directly with 
our strategic ambition to be a diversified 
product-led tech company with multiple 
scalable growth engines.
Also included in MRKTPLAYS+ are man -
aged services to help publishers develop 
their affiliation skills in areas such as SEO. 
“We want to enable publishers to scale their 
businesses by sharing our knowledge. If 
they win, we win.”
What does the future hold – and what about 
the risk that assisting smaller publishers 
could create new competitors? 
“Right now, we are just seeing that our 
publishers want to stay with us and build. Of 
course, some day there may be those that no 
longer need our services. But we’re fine with 
that. We’re creating more value for all parties, 
and in the long term that benefits everyone.” 
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===== SIDA 19 =====

Catena Media has been a leader in online casino and 
sports affi   liation in the US and Canada for almost a 
decade, dating back to when the fi  rst states began 
legalising online betting and gaming. Over the years 
we have expanded steadily as new states have come 
on stream, while also diversifying our off  ering to en-
d-users and our operator clients. By year-end, North 
America accounted for virtually all group revenue.
A market leader in North American affi   liation 
The charts above display the current 
percentages of the adult population 1 in 
the US with access to regulated online 
casino gaming or sports betting. The 
fi  gures highlight the market’s sub-
stantial untapped potential, given that 
many states have yet to regulate these 
activities. 
Yet to regulate
Yet to regulate
Casino
Sports
OUR NORTH AMERICAN FOOTPRINT
MARKET PENETRATION 1
17%
83%
47%
  Online sports betting
  Online casino and sports betting
  Regulated, not yet operational
  Regulated, single provider monopoly, no affi   liation
CT
NH
NJ
MD
AZ
NV
OH
TN
VAWV
PAMI
CA-OT
WY
CO
IA IL
IN
NY
LA
OR
RI
MA
KS
ME
NE
MO
NC2
KY
VT
1   Total adult population based on management’s assessment.
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53%

===== SIDA 20 =====

RECENT LAUNCHES
Market Adult population Launch date
Missouri 4.9m Q4 2025
9%
10%
Market Adult population Launch date
Alberta 3.8m Q1 2026
Virginia 6.8m H2 2026
EXPECTED LAUNCHES 
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CATENA MEDIA ANNUAL REPORT 2025 20
NORTH AMERICA 
North America is Catena Media’s primary market, 
accounting for 98 percent of group revenue in Q4 
2025. The fi  rst half of the year was operationally 
challenging due to ongoing market constraints, 
continued volatility in search rankings and subop-
timal product performance. In the second half of 
the year, a combination of the management-led 
changes introduced in 2024 and an organisa-
tional streamlining implemented in May drove a 
strong upturn in performance. 
For the full year, revenue in North America was 
virtually fl  at at EUR 43.8m (43.9). The rebound 
in the second half of the year led to Q4 being the 
strongest quarter since the transformation plan 
began under new management in mid-2024. Rev-
enue grew 71 percent compared to Q4 2024. In the 
same period, the adjusted operating EBITDA mar-
gin doubled to 30 percent. These improvements 
provide a solid platform on which to build in 2026.
A pattern of lower spending and cost-per-
acquisition rates paid by online sportsbook and 
casino operators persisted during the year. That 
said, product diversifi  cation eff  orts and improved 
performance in both regulated and social sweep-
stakes casino helped drive an increase in new 
depositing customers in the second six months.
Our largest casino brands are the casino-oriented 
Bonus.com, PlayUSA.com and GamingToday.
com. The largest states by revenue are Michigan, 
Pennsylvania and New Jersey. In Canada, we 
also have a signifi  cant 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 give broad ap-
proval to online casino gaming or sports betting.
The Canadian province of Alberta is due to 
regulate online sports betting and casino gaming 
in 2026. 
Our North American subaffi   liation business 
scaled rapidly in 2025, exceeding initial expecta-
tions. The plan for 2026 is to continue to broaden 
this off  ering and deepen relationships with 
partner publishers. The development of the cus-
tomer relationship management (CRM) vertical 
provided another positive.  
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
In sports, the sole state launch took place in 
Missouri in December. As expected, the eff  ect on 
overall results was marginal given that Missou-
ri is a relatively small market bordered by six 
already-regulated states. We are investing to 
improve our two fi  rst-tier North American sports 
products – LegalSportsReport.com and Lineups.
com. These investments are long-term in nature, 
and we do not expect them to deliver a material 
upturn in the short term.
Overall in the region, we continue to invest in 
high-potential verticals, including established 
products like social sweepstakes casinos and 
emerging ones such as prediction markets.

===== SIDA 21 =====

The battle to attract users’ at -
tention and convert them into 
revenue sources is never- 
ending. Differentiated content 
that stands out from the crowd 
is paramount as competition 
intensifies.
Catena Media invests 
significantly and continuously 
in technology advancements 
across our products and in 
new verticals like subaffiliation 
and customer relationship 
management. 
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 affiliates like 
Catena Media.
Catena Media strongly be -
lieves that regulated markets 
offer the best potential for 
sustainable long-term growth, 
and we welcome ongoing 
regulation processes in North 
America.
The emergence of artificial 
intelligence (AI) is having a 
profound impact on the media 
industry. For the online casino 
gaming and sports betting 
sector, the changes will be 
far-reaching, as will the oppor -
tunities to expand, enhance 
and personalise content, 
thereby improving the user 
experience. 
Catena Media uses AI to 
improve workflows and 
product performance and 
to support content creators 
in delivering the best user 
experience. We see AI as a 
value driver that allows our 
people to automate certain 
processes, freeing up their 
time to focus on value-added 
tasks. 
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 2025, we launched legal 
online sports betting in 
Missouri. In 2026, we will 
prepare for the legalisation 
of online casino gaming and 
sports betting in Alberta, 
Canada. 
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.
Interest in performance 
marketing and affiliation 
among small publishers 
and providers is rising 
fast. Actors in this space 
include independent website 
publishers, SEO specialists 
and media buyers, and 
influencers and streamers. 
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.
As an established online 
affiliate, we support smaller 
publishers in accessing the 
market via our MRKTPLAYS 
subaffiliation platform, which 
connects them with operators. 
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
GROWTH OF 
SUBAFFILIATE 
PUBLISHERS 
HARNESSING THE 
POTENTIAL OF AI
IMPLICATIONS FOR CATENA MEDIA
HOW WE ACT
CATENA MEDIA ANNUAL REPORT 2025 21
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===== SIDA 22 =====

CATENA MEDIA ANNUAL REPORT 2025 22
OPERATIONS
Guiding high-value players 
to operators via our  
engaging brand portfolio
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===== SIDA 23 =====

CATENA MEDIA ANNUAL REPORT 2025 23
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 specialist knowledge of 
search engine optimisation. 
We engage visitors with our products in multiple 
ways that build and deepen their interest, for 
instance by providing relevant content that 
addresses their needs and by presenting special 
off  ers from our operator partners, hosting com-
petitions and events, and similar initiatives.
HOW WE GENERATE LEADS
Our products 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 affi   liate marketing specialist. We attract and deliver players 
to operators of online casino gaming and sports betting platforms. Our content, 
distributed via a branded portfolio of specialist websites, engages existing and 
potential users with off  ers and participation opportunities that generate qualifi  ed 
leads for our partners.
CONTENT IS KING
To attract visitors, our content teams work con-
stantly to develop unique eye-catching content 
that adds true value to the user. The objective is 
to gain the attention of visitors and future users 
and then 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 comparing online casino products and 
services to off  ering sports fans informed back-
ground and commentary on team line-ups. 
WHERE WE ARE
Our content teams are located primarily in Malta 
and North America, where in early 2026 we cre-
ated a regional hub in Miami. Our branded web-
site products that host the content are diff  erenti-
ated 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 Casino and sports
Sports
US regional
Subaffi   liation
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CATENA MEDIA ANNUAL REPORT 2025 24
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. Revenue arising from our MRKTPLAYS 
subaffi   liation platform is classed as CPA and is 
shared with partner publishers.
The CPA model is our primary revenue driver. 
It involves an upfront payment from operators 
for each successful player referral. We receive 
a fi  xed sum when a user completes a specifi  c 
action, such as accepting an introductory off  er, 
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, 
multichannel content to address the user directly 
and focuses closely on delivering a return on 
investment. It gives the user 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 
income stream that is linked to players’ activity 
and spending over the time they spend with the 
operator. 
In some cases, we use a third model that is ef-
fectively a hybrid format combining elements of 
both CPA and revenue sharing. Additionally, we 
engage in fi  xed-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
Our intention is to develop a more balanced mix 
between CPA, revenue sharing and other income 
models. Prior to 2022, the overwhelming major-
ity of our contracts were on CPA terms. In 2025, 
89 percent of contracts were CPA, 9 percent 
were revenue share and 2 percent were under 
alternative models.
High intent equals high value
FIXED FEES
Fixed upfront fee for specifi  c 
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.
9%
89%
2%
REVENUE 
TYPES
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CATENA MEDIA ANNUAL REPORT 2025 25
Catena Media conducts business activities in two operating segments: 
Casino and Sports. Our role as an affi   liate 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 off  ers 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 fi  xtures to inform 
sports and fantasy sports betting fans 
and help them compare the right off  ers 
from online sports betting operators.
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CATENA MEDIA ANNUAL REPORT 2025 26
A YEAR OF TWO HALVES
For the Casino segment, 2025 was a year of two 
distinct halves. Continued pressure in regu -
lated casino and ongoing declines in non-core 
markets characterised the first six months. 
Thereafter, a significant momentum shift oc -
curred, driven by stronger product performance 
and a more diverse revenue mix with increasing 
contributions from newer growth verticals.
FIRST-HALF PRESSURES
In North America, achieving sustained operating 
gains in regulated casino remained difficult early 
in the year. Revenue from non-core assets in 
Asia-Pacific and Latin America continued to de -
cline due to regulatory headwinds and substan -
dard product performance. During this period, 
subaffiliation emerged as a revenue contributor, 
signalling its potential to become a scalable 
income stream.
Performance stabilised in Q2. Despite typically 
being the weakest period of the year, we saw 
quarter-on-quarter growth supported by strong 
subaffiliation performance and the absence 
of net-lossmaking legacy media partnerships. 
These changes improved earnings quality and 
helped establish a more stable operating base.
CONTINUED UNDERPERFORMANCE IN A 
CHALLENGING MARKET
For the Sports segment, 2025 was another 
difficult year, marked by continued underper -
formance and structural headwinds across the 
sports betting affiliation market. While manage -
ment actions during the year helped stabilise the 
segment and reduce losses, overall performance 
remained below expectations and recovery will 
require time.
SUSTAINED PRESSURE AND LIMITED 
GROW TH CATALYSTS
In North America, competitive intensity, operator 
consolidation and higher state taxes in some 
jurisdictions continued to suppress affiliate de -
mand and marketing spend. Seasonal sporting 
events such as the Super Bowl, March Madness 
and the start of the NFL season provided tem -
porary activity boosts but did not translate into 
a sustained performance uplift. Overall results 
across owned and operated sports products 
remained weak.
PORTFOLIO CONSOLIDATION AND COST 
CONTAINMENT
Efforts continued to focus on cost containment 
and portfolio rationalisation. Inefficient brands 
were shut down, and work progressed to consol -
MOMENTUM SHIFT IN Q3 AND Q4
A clear inflection point came in the second half 
of the year. In Q3, revenue growth accelerated 
as subaffiliation expanded and key products de -
livered solid performance. Social sweepstakes 
casino also performed strongly. An impairment 
charge recognised on Asia-Pacific assets 
reflected the prolonged deterioration in operating 
conditions there.
The year concluded with a strong fourth quarter 
amid sharp growth in new depositing custom -
ers. This reflected improved product execution 
and the continued scaling of subaffiliation and 
customer relationship management (CRM), the 
latter more than doubling quarter on quarter. 
Regulated casino delivered strong growth, while 
social sweepstakes casino and MRKTPLAYS 
also made significant revenue contributions. 
idate remaining products around two first-tier 
national products, LegalSportsReport.com and 
Lineups.com. The former 3DownNation and The 
Lines brands and the esports business were 
sold.
Cost control measures reduced losses and 
improved margins, but the Sports segment 
remained under pressure. An investment 
programme for the two core products prioritised 
improved functionality and competitiveness. 
This is a large-scale project that will take time 
to deliver. A significant commercial upturn is 
unlikely in the near term.
ASSET IMPAIRMENTS AND STRATEGIC 
DISCIPLINE
During the year, long-standing underperfor -
mance in certain US sports assets acquired pri -
or to 2018 led to the recognition of a EUR 10.5m 
impairment loss. This reflected a reassessment 
of the long-term earnings potential of these as -
sets and the group’s focus on capital discipline.
Q4 brought the sole market launch of the year 
when Missouri regulated online sports betting. 
As expected for a small state bordered by six 
already-regulated states, this proved to be a 
low-key event. The Missouri launch contributed 
only marginally to revenue during the period.
Casino Sports
* All numbers and growth percentages shown refer to continuing operations, see page 3 for more information.
Casino Jan-Dec 2025 Jan-Dec 2024 Change
Revenue (EUR ’000) 39,191 35,777 10%
Adjusted EBITDA (EUR ’000) 8,944 11,127 -20%
Adjusted EBITDA margin (%) 23 31 -8pp
New depositing customers 82,909 76,730 8%
Sports Jan-Dec 2025 Jan-Dec 2024 Change
Revenue (EUR ’000) 7 ,407 13,866 -47%
Adjusted EBITDA (EUR ’000) 994 (5,733) 117%
Adjusted EBITDA margin (%) 13 -41 54pp
New depositing customers 23,601 51,970 -55%
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CATENA MEDIA ANNUAL REPORT 2025 27
SUSTAINABILITY
Committed to sustainable 
business operations
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CATENA MEDIA ANNUAL REPORT 2025 28
A good corporate citizen
We believe all companies share an obligation to operate as good corporate citizens. For Catena Media, this involves ensuring 
the sustainability of our business model while also addressing the wider operating environment. This includes the sector we 
operate in and key stakeholders such as our employees. To achieve this, we work to follow environmental, social and governan -
ce (ESG) best practices.
FOCUS ON SOCIAL RESPONSIBILITY AND 
GOVERNANCE 
As a digital-only business, Catena Media has a 
relatively small, though 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 social 
responsibility and governance. In these areas we 
have connected our ambitions to the United Na -
tions Sustainable Development Goals (SDGs). 
This approach forms the basis for our sustain -
ability reporting, as shown in this report. 
SOCIAL RESPONSIBILITY 
The UN SDGs lie at the core of our social respon -
sibility framework and our view of how we should 
operate as a responsible business. Our code 
of conduct, which all employees are required to 
uphold, also applies the UN Global Compact’s 
10 principles in the areas of human rights, labour, 
environment and anti-corruption. These univer -
sal principles represent fundamental values on 
which we base our strategies and operations. 
GOVERNANCE 
Operationally, the CFO and the audit commit -
tee oversee the group’s sustainability efforts. 
Together they serve as our governing body for 
sustainability, linking the board of directors – 
which approves all company policies, the code 
of conduct and the business strategy – with 
executive management, which implements all 
strategies. 
The CFO and the audit committee develop and 
monitor the sustainability strategy and its focus 
areas and targets. They update the board every 
quarter on progress and strategy implementation 
in environmental and social responsibility and 
corporate governance. The CFO is responsible 
for group sustainability reporting. 
Guiding our sustainability governance frame -
work are documents that include the Nasdaq 
ESG Guide and the Maltese Companies Act’s 
provisions relating to the EU Directive 2014/95/
EU on Non-Financial Reporting (NFRD).
ABOUT THIS REPORT 
In 2025 we learned that Catena Media will not 
be legally obliged to report a broader range of 
sustainability metrics under the EU’s Corporate 
Sustainability Reporting Directive (CSRD). We 
still consider it important to continue to report our 
activities in key areas relevant to sustainability. 
This sustainability report starts with an update on 
the governance and overall reporting framework 
that underpins our sustainability efforts. It also 
describes the group’s strategy, based on our 
three focus areas – environmental responsibility, 
responsible business and responsible employer 
– and how these relate to our reporting frame -
work and the SDGs. The report summarises 
each focus area, describing key developments 
and achievements in 2025.
IDENTIFYING KEY ESG AREAS
Catena Media has identified key ESG areas that 
are the most valuable to our stakeholders in a 
sustainability context. We have done so by ana -
lysing the group’s operating activities, business 
relationships, sustainability work and stakehold -
er feedback. 
As part of this process, we have consulted se -
lected stakeholders to hear their views on the key 
ESG areas and our potential impacts. Initiatives 
included canvassing employees in a written sur -
vey. Feedback from investors has allowed us to 
develop our understanding of their requirements 
and expectations. 
OUR KEY ESG AREAS
Catena Media’s key identified ESG areas are the 
focal point for ESG engagement. They are: 
• Anti-corruption and anti-money laundering 
• Workplace diversity, equality and inclusion 
• Attracting, developing, rewarding and retain -
ing employees 
• Customer responsibility and ethical marketing 
• Safe storage and transparent management of 
customer data
Board of directors  
Approves code of conduct, 
policies, sustainability strategy
Quarterly updates on environment, 
social and governance issues, our 
sustainability work, and progress 
according to the strategy
Regular updates on sustainability 
work and progress during 
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
GOVERNANCE STRUCTURE
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CATENA MEDIA ANNUAL REPORT 2025 29
Our sustainability 
strategy
ENVIRONMENTAL RESPONSIBILITY 
– MINIMISING OUR IMPACTS
As a digital business, our environmental footprint 
is relatively small. Even so, we are committed 
to reducing our environmental impact on an 
ongoing basis. We aim to achieve this by carefully 
considering environmental footprint in our deci -
sion-making processes. 
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 cus -
tomers and employees through our services and 
job opportunities. We implement robust policies 
in anti-bribery, anti-corruption and related areas. 
An active board of directors plays a central role in 
maintaining strong governance. 
RESPONSIBLE EMPLOYER 
– AN ATTRACTIVE PLACE TO WORK  
We aim to provide a supportive, healthy and 
diverse work environment that enhances em -
ployee performance. Our people are integral, 
and we strive to attract and retain talent through 
a company culture built on trust, transparency 
and a commitment to respect, diversity and equal 
opportunity. This culture fosters creativity, strong 
customer relationships and the development of 
innovative products and services. Our organi -
sation is people-focused and actively promotes 
work-life balance for all employees.
#3 Good health and wellbeing: 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 wellbeing
Social engagement
Business ethics and anti-corruption
Data protection and privacy 
Customer responsibility
Board diversity and attendance
Responsible travel
Emissions
SUSTAINABLE DEVELOPMENT GOALS
KEY METRICS
KEY ISSUES
RESPONSIBLE BUSINESS RESPONSIBLE EMPLOYER ENVIRONMENTAL RESPONSIBILITY
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CATENA MEDIA ANNUAL REPORT 2025 30
A responsibly governed business 
We are dedicated to being a caring employer, a trusted partner and a responsible company. We aim to set the benchmark stan -
dard in our industry via strong anti-bribery, anti-corruption and similar policies while maintaining robust governance through an 
active and diverse board of directors. 
BUSINESS ETHICS AND ANTI-CORRUPTION 
Catena Media understands the significance of 
maintaining strong ethical standards and an -
ti-corruption practices. We stand for high ethical 
standards and zero tolerance of corruption, and 
have robust protections in these areas. 
We implement a code of conduct that defines our 
values and establishes expectations for all em -
ployees, associates and stakeholders. The code 
is reviewed annually and adjusted as necessary. It 
is publicly available on our website. 
An anti-corruption policy seeks to prevent and 
combat any non-compliant practices within the 
company or among our partners. The policy in -
cludes steps such as vetting associates, monitor -
ing transactions and reporting, and investigating 
any alleged violations. The policy follows global 
standards and regulations. 
Furthermore, we operate a whistleblower report -
ing mechanism that allows employees, partners 
and other stakeholders to report anonymously, 
and without fear of reprisal, any suspected vio -
lations of the code of conduct or anti-corruption 
policy. The compliance team promptly and thor -
oughly investigates all reports. Appropriate action 
is taken as necessary. 
DATA PROTECTION AND PRIVACY
 
We recognise the importance of handling per -
sonal data securely and with care in accordance 
with data protection laws. We promote a culture 
of privacy and integrity to ensure all employees 
understand how to treat personal data responsi -
bly and keep it safe. 
Policies and procedures include a data protection 
policy, information security policy and privacy by 
design and default procedure. These are regularly 
reviewed and updated  to align with best practices. 
Employees are required to read, understand and 
follow the policies. 
New employees receive instruction in our privacy 
policies, procedures and guidelines during their 
induction week. All employees receive regular 
mandatory training on privacy and their respon -
sibilities when handling personal data. We also 
provide routine security awareness training to 
help employees recognise and respond to manip -
ulation, phishing and other forms of cyber fraud.
Priority areas
• Business ethics and anti-corruption  
• Data protection and privacy 
• Board governance and diversity
Key metric Unit 2025 2024 Comments
Gender diversity , board % 0% 0%
Percentage of female members of the 
board of directors (elected at the AGM 
during the reporting period).
Board meeting attendance % 95% 95%
Percentage of board meetings attended 
per director , including audit, remuneration 
and technology committee meetings.
Board independence % 100% 100%
Percentage of directors that are 
independent of the company and 
management and of major shareholders.
CEO pay ratio Times 5.7 5.9
CEO’s salary divided by the median salary 
of employees (FTE excl CEO). Other 
compensation such as bonuses is not 
included.
The group implements technical measures to 
maximise data protection. We have an internal 
information security team, a robust incident 
management process and vulnerability remedia -
tion 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 
customers 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 chief legal and 
compliance officer is the main contact point for 
data subjects regarding all personal data rights 
and processing matters.
BOARD GOVERNANCE AND DIVERSITY
At year-end, the board had five non-executive 
directors, together representing a broad span of 
industrial and iGaming expertise. The board aims 
to increase gender diversity over time. Gender 
is a parameter that is considered in all board 
recruitments. The board has three committees: 
the audit, remuneration and technology commit -
tees. Each committee has three members. The 
committees advise the board on matters relating 
to their remit. All directors were independent 
of the company and management and of major 
shareholders. 
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CATENA MEDIA ANNUAL REPORT 2025 31
A socially 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. Additionally, 
we promote a healthy work-life balance for all employees. 
DEVELOPMENT AND GROWTH 
We believe that cultivating trust and transparency 
is crucial and see this as an integral part of our 
company culture. We ensure all employees are 
kept informed through fortnightly company meet -
ings and maintain open communication channels 
through feedback and engagement tools. Addi -
tionally, we encourage our people to express their 
thoughts freely by enabling an anonymity filter so 
they can speak their minds. 
DIVERSITY AND EQUAL OPPORTUNITIES 
At year-end, 33 percent of employees and 43 
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 1.2. 
The CEO pay ratio, calculated as the CEO’s sala -
ry divided by the median salary of all employees, 
was 5.7. 
HEALTH AND WELLBEING 
The health and wellbeing of our people is always 
a top priority. Our hybrid work model gives col -
leagues flexibility around where and when they 
can perform their duties best. This model requires 
staff at our Malta and Miami locations to attend 
the office three days a week. Colleagues are free 
to choose the days that suit them best. 
Catena Media provides a comprehensive 
wellness package with generous health benefits 
and insurance to all employees. We operate an 
extended global mental health programme that 
provides employees with professional support 
across a broad spectrum of personal, work-relat -
ed and family issues. Additionally, we offer mental 
health awareness training to managers. 
In 2025, the average employee sickness absence 
rate was 4.1 days. This compares to 4.7 days in 
2024. We continue to closely monitor this metric 
to identify areas where we can further support 
employees to achieve optimal wellbeing.
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 -
Priority areas
• Development and growth 
• Diversity and equal opportunities 
• Health and wellbeing 
• Social engagement
• Customer responsibility
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 2025, 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, or -
ganising and distributing food to people in need, 
and supporting local organisations. 
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CATENA MEDIA ANNUAL REPORT 2025 32
CUSTOMER RESPONSIBILITY
 
Catena Media is firmly committed to responsible 
gaming, responsible advertising and compli -
ance with the many jurisdictional guidelines and 
licence requirements that apply in the markets 
where we operate. This commitment forms an 
integral part of our culture and is embedded in 
the organisation.
As an affiliate that helps operators acquire new 
players, the group has no access to data on play -
er behaviour or any potential gaming addiction 
patterns because this information is held by our 
operator customers. We therefore focus on in -
forming and educating players about responsible 
approaches to online casino and sports betting 
before they start playing. 
Catena Media commits to carrying out compli -
ant marketing activities and to promoting player 
protection. The ambition is always to ensure our 
brands act ethically and are trustworthy so they 
can grow sustainably. We apply internal advertis -
ing 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 web -
sites provide responsible gaming information 
and the correct help sites and contact informa -
tion. This work and our internal guidelines help 
our global teams navigate compliance-related is -
sues daily. Through our responsible gaming and 
advertising guidelines and frequent training and 
communications updates to all employees, we 
do our utmost to ensure that responsible gaming 
is top-of-mind for everyone at Catena Media.
Key metric Unit 2025 2024 Comments
Employees (workforce) Full-time 
employees (FTEs) 120 158 FTEs as of 31 Dec, as stated in the annual report. 
Excludes contractors in both 2025 and 2024.
Gender pay ratio Times 1.2 1.3
Median salary of males divided by median salary 
of females (FTEs, excl. CEO). Excludes other 
compensation such as bonuses.
Gender diversity, all group % 33% 36% Percentage of women in workforce (total FTEs).
Gender diversity, management % 43% 38% Percentage of women in workforce (executive and 
senior management team only).
Employee turnover % 53% 54% Percentage of all leavers, voluntarily and involuntarily 
from total workforce (total FTEs).
Sickness absence Days per FTE 4.1 4.7 Sick days for all FTEs divided by total FTEs.
CATENA MEDIA ANNUAL REPORT 2025 32
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CATENA MEDIA ANNUAL REPORT 2025 33
An environmentally responsible business
Our digital-only business operations and hybrid working setup contribute to an organisation with a 
relatively small environmental footprint. We are nevertheless determined to minimise impacts by taking 
due account of environmental factors in decision-making processes. 
OFFICE SPACE
We have two physical office hubs – in Malta and 
Miami. In these locations, we apply a hybrid 
model that requires office presence on certain 
days each week. 
Outside Malta and Miami, a significant proportion 
of employees work remotely. The blend of remote 
and in-person working somewhat limits the size 
of our office network and hence our eco-footprint, 
given that a hybrid work format leads to fewer 
commutes and thereby lower emissions. 
Nevertheless, environmental impacts do arise 
from office space and also from data storage, 
server operations and business travel. We seek 
at all times to mitigate any negative effects from 
our infrastructure and operations, where practi -
cable. 
EMISSIONS AND BUSINESS TRAVEL
Our emissions originate from various sources, 
including office environments (both on-site and 
remote), business travel and facilities supporting 
data storage and server operations. 
The methodology for reporting emissions from 
our office operations is clearly defined. The 
emissions attributed to data storage and server 
operations represent a more intricate challenge 
that we continue to work to resolve.
Key issues
• Office space
• Emissions and business travel 
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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
BOARD OF DIRECTORS
EXECUTIVE MANAGEMENT
REMUNERATION REPORT
AUDITOR'S REPORT
DEFINITIONS
OTHER INFORMATION
35
36
37
41
45
46
47
48
49
50
51
52
53
54
80
88
89
90
96
99
100
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CATENA MEDIA ANNUAL REPORT 2025 34

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Key financial data for the group
EUR 2025
2024
Restated* 2023 2022 2021
Income statement 
Revenue (EUR 000s) 46,593 49,652 88,240 1 37,9 2 7 136,112
Revenue growth (%) -6 -44 -36 1 28
Adjusted EBITDA (EUR 000s) 9,930 5,345 2 7,6 9 3 59,050 69,734
EBITDA (EUR 000s) 10,371 (524) 33,874 44,125 63,530
(Loss)/profit before tax (EUR 000s) (9,980) (48,907) (37 ,370) 9,517 (5,773)
(Loss)/profit after tax (EUR 000s)* (7,4 91) (44,188) (38,236) 7,52 8 (7,16 9)
Earnings per share before dilution (EUR)* (0.10) (0.58) (0.51) 0.10 (0.10)
Earnings per share after dilution (EUR)* (0.10) (0.58) (0.37) 0.07 (0.06)
Balance sheet
Balance sheet total* 119,917 149,549 242,026 322,625 366,173
Equity* 114,340 125,572 175,182 222,520 228,524
Current assets 21,240 36,138 66,978 75,216 47, 816
Current liabilities 5,548 23,613 32,566 23,546 41,411
Cash flow
Cash flow generated from operating activities 7,5 0 9 2,660 20,036 56,385 65,803
Cash flow generated from/(used in) investing activities 19,408 11,615 34,345 (30,915) (43,358)
Cash flow used in financing activities (24,900) (44,740) (34,881) (2 7,6 6 3) (24,176)
Financial ratios 
Adjusted EBITDA margin (%) 21 11 31 43 51
EBITDA margin (%) 22 -1 38 32 47
Employees at year end 151 173 256 447 425
EUR 2025
2024
Restated
Income statement
Revenue (EUR 000s) 46,598 49,643
Revenue growth (%) -6 -35
Adjusted EBITDA (EUR 000s) 9,938 5,394
EBITDA (EUR 000s) 10,604 (261)
Loss before tax (EUR 000s) (9,747) (48,644)
Loss after tax (EUR 000s)* (7, 25 8) (43,925)
Earnings per share before dilution (EUR)* (0.10) (0.58)
Earnings per share after dilution (EUR)* (0.10) (0.58)
Cash flow
Cash flow generated from operating activities 7,741 2,883
Cash flow generated from investment activities 19,408 11,615
Cash flow generated used in financing activities (24,900) (44,740)
Financial ratios
Adjusted EBITDA margin (%) 21 11
EBITDA margin (%) 23 -1
Employees at year end 151 173
New depositing customers (NDCs) 106,510 128,700
CONTINUING OPERATIONS* ALL OPERATIONS INCLUDING DISCONTINUED OPERATIONS
*  Continuing operations exclude all divested assets which are classified as 
“discontinued operations”. 
*  The comparative information is restated on account of correction of errors (refer to Note 30 – Correction of errors)
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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 an 8.2 percent increase in value 
in 2025. During the period Catena Media’s share price fell 59.2 per-
cent, from SEK 4.04 on 1 January to SEK 1.65 on 31 December . The 
lowest closing price, SEK 1.58, was noted on 30 May 2025 and the 
highest, SEK 5.00, was observed on 7 February 2025. Market capital-
isation was SEK 130.0m at year-end.
TRADING VOLUME
In 2025, a total of 44.5 million Catena Media shares were traded and 
the average number of traded CTM shares on the Nasdaq Stockholm 
Small Cap list was 0.1m shares per day over 249 trading days.
The turnover rate, calculated as the number of shares traded in 
relation to the total number of shares in the company , was 56.53 per-
cent.
SHAREHOLDERS
At year-end 2025, Catena Media had 7 ,888 shareholders. The pro-
portion of registered shares abroad was estimated at 41.3 percent, of 
which shareholders in Malta, Denmark and Spain accounted for 5.9 
percent, 5.4 percent and 4.8 percent respectively .
The 10 largest shareholders on 31 December 2025 held a total 
of 39.9 percent of the capital and votes. Catena Media was the sixth 
largest 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 2025, 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. In May 2025, the group announced 
the deferral of hybrid-capital-security interest payments until further 
notice. The group cannot distribute a dividend while these interest 
payments are deferred.
SHARE CAPITAL 
At the end of 2025, Catena Media’s share capital was EUR 118,161.66, 
distributed among 78,774,442 shares and an equal number of votes. 
All shares carry equal entitlement to the company's profit and equity . 
OPTIONS AND WARRANTS
During 2025, 1,960,000 (1,485,000) share options were issued under 
one long-term incentive programme. A total of 40,000 warrants (nil) 
were also granted during the year .
SHAREHOLDER STRUCTURE
Ten largest shareholders as per 31 December 2025 %
Avanza Pension 5.7
Jesper Ribacka 5.0
Nordic Compound Invest A/S 5.0
Andre Lavold 4.8
Investment AB Öresund 4.8
Catena Media plc 4.0
Nordnet Pension Insurance 3.8
Second Swedish National Pension Fund 2.9
Martin Zetterlund 2.3
Niklas Karlsson 1.6
Total, 10 largest shareholders 39.9
Other shareholders 60.1
TOTAL 100.0
KEY SHARE DATA
2025
Earnings per share (EUR) after dilution -0.10
Outstanding shares at year end 78,774,442 
Last price paid 2025, SEK 1.65
Highest price paid 2025, SEK 5.00
Lowest price paid 2025, SEK 1.58
Number of shareholders, 31 Dec 2025 7 ,888
Number of shares traded in 2025 44,532,717
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 2025
      The board of directors presents its annual report together with the con-
solidated and separate financial statements of Catena Media plc ("the 
group” and "the company”), registration number C70858, for the financial 
year ended 31 December 2025. The company has its head office and reg-
istered address at Quantum Place, Triq ix-Xatt, Ta’ Xbiex, Gzira in Mal-
ta. The group has subsidiaries in Malta, UK, US, Canada, and Sweden. 
“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 LegalSportsReport. 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 return 
obtaining revenue from platform operators via advertising, shared reve-
nues, 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 . A shared technical platform enables efficiency in 
production and data collection. Analysing consumer quality and conver-
sion is crucial to developing and improving website content. The group 
has acquired several assets in prior years and, as part of the strategic re-
view in December 2022, the group set its focus on the stable regulatory 
environment of North America and the high-margin opportunities offered 
as online casino and sports betting legalisation rolls out across states and 
provinces. The group possesses extensive experience of integrating as-
sets 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 2025
After the close of Q1, the group implemented major changes to teams 
and processes to improve the cost structure and operational efficiency . 
The outcome was to reduce group headcount by around 25 percent to 
result in annualised cost reductions of close to EUR 4.5-5.0m. In parallel, 
a shift to a unified Microsoft-based tech stack was initiated, generating 
further savings estimated at around EUR 0.8m annually . 
By the end of Q2, the group saw signs of measurable impact from the 
stabilisation efforts carried out in previous quarters. This was in the form 
of constant revenue for three consecutive quarters and an increase in 
adjusted EBITDA to EUR 1.4m, corresponding to a 14 percent margin. 
The full impact of the headcount reduction was expected to take full effect 
from Q3 onwards. From a revenue perspective, in Q2 there was a further 
focus on diversification by increasing the contribution from non-SEO 
channels – primarily subaffiliation, customer relationship management 
(CRM) and paid media. Outside North America, the group sold its esports 
vertical, which served as a cash injection and freed up internal resources 
to drive the core business. In May 2025, the group announced it would 
defer interest payments on its H01 hybrid capital securities until further 
notice and not redeem these instruments in the near term. The purpose 
of this decision was to ease Catena Media’s interest payment burden, al-
lowing the group to create headroom for tech-facing investments neces-
sary to drive the business forward. In June 2025, the group redeemed its 
senior bond and as a result it was in a net cash position after excluding the 
hybrid capital securities.      
Q3 was a quarter of steady operating progress, with revenue up 9 
percent year on year – 15 percent adjusted for currency effects – and 22 
percent from Q2. Adjusted EBITDA more than doubled both year on year 
and quarter on quarter . These figures reflected more diversified revenue 
streams and a solid contribution from organic search, supported by the 
first full quarterly impact of the cost optimisation measures implemented 
in Q2. The group continued to streamline its tech setup during the quarter , 
initiating the migration of top-tier products onto the central platform. This 
work further improved consistency across products and provided a more 
scalable base for development. Q3 marked an important milestone in the 
group's diversification efforts, with the launch of the MRKTPLAYS subaf-
filiation platform, which replaced manual processes and provided a scal-
able solution to enhance the group’s service. During Q3 2025, the group 
recognised an impairment charge of EUR 16.5m in line with IAS 36 due 
to a writedown in the book value of specific North American sports assets 
and Asia-Pacific casino assets.
Q4 marked the group’s best operating performance since the organ-
isational reset initiated in mid-2024. Revenue and adjusted EBITDA in-
creased sharply year on year and quarter on quarter . Adjusted EBITDA 
reached its highest level since Q1 2023. Once again, subaffiliation contin-
ued to scale during the quarter as MRKTPLAYS contributed significantly 
to results. The group built on the platform’s momentum by launching an 
expanded version of the programme early in January 2026. The CRM 
vertical also evolved significantly during the quarter , more than doubling 
its size from Q3. In January 2026, the group launched its first loyalty pro-
gramme, PlayPerks, on PlayUSA.com, to further develop this vertical. 
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 46.6m (49.6) for 
the year , a decrease of 6 percent from the previous financial year . Rev-
enue in North America decreased marginally to EUR 43.8m (43.9) and 
accounted for 94 percent (88) of group revenue from continuing opera-
tions. NDCs were 106,510 (128,700), a decrease of 17 percent from the 
prior year .
EXPENSES
Total operating expenses, including items affecting comparability , totalled 
EUR 55.8m (96.1). Direct costs increased to EUR 12.4m (11.0) following 
the strategic shift towards subaffiliation and lifecycle marketing. Person-
nel expenses decreased to EUR 18.0m (26.7), and excluding items af -
fecting comparability decreased by 27 percent to EUR 17 .4m (24.0). The 
reduction resulted from organisational changes implemented across all 
levels with the objective of reducing the cost base and creating a flatter 
internal structure with fewer layers to enhance agility and operational ef-
ficiency . Other operating expenses decreased to EUR 7 .6m (12.4), and 
excluding items affecting comparability , decreased by 22 percent to EUR 
7 .4m (9.5). The decrease in other operating expenses mainly reflected a 
reduction in search engine optimisation support costs, software service 
costs, professional fees, general administration costs and information 
technology costs. 
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IACs from continuing operations consisted of personnel costs and 
other operating expenses of EUR 0.8m (5.7) and gains on disposals of 
intangible assets and investment in subsidiary of EUR 1.4m. Costs as-
sociated with share-based payments resulted in a reversal of EUR 0.2m. 
EUR 0.2m of costs associated with share-based payments were recog-
nised in the prior year . Reorganisation costs of EUR 0.7m (2.4) and one-
time retention incentives of EUR 0.1m (0.2) were included in “personnel 
expenses”. IACs in ‘‘other operating expenses’’ of EUR 0.2m related to a 
one-time adjustment in sports revenue relating to Q1 and Q2 2025. The 
loss was recognised following a reported decrease in player revenue due 
to the identification of invalid activity on some operators’ platforms. Dur-
ing 2024, IACs in "other operating expenses" totalled EUR 2.9m of which 
EUR 2.2m related to the termination of the contractual arrangement pre-
viously measured in accordance with the requirements of IAS 38 using 
the financial liability model, EUR 0.6m related to restructuring costs and 
EUR 0.1m related to professional and legal fees. For the year ended 31 
December 2025, the gain on disposal of esports-related assets and other 
minor assets, mainly in Germany and Canada, was EUR 1.4m. EUR 0.1m 
related to the net reversal of costs associated with the acquisition of Mez 
and Rize Media AB. The sale of the entity during Q4 resulted in a minor 
gain.
Earnings
Adjusted EBITDA increased by 84 percent and totalled EUR 9.9m (5.4), 
equal to an adjusted EBITDA margin of 21 percent (11). EBITDA, includ-
ing items affecting comparability of EUR -0.7m (5.7), totalled EUR 10.6m 
(-0.3). This corresponds to an EBITDA margin of 23 percent (-1). Earn-
ings per share (EPS) before dilution were EUR -0.10 (-0.58). EPS after 
dilution were EUR -0.10 (-0.58).
CASH AND CASH FLOW
Operating activities
Cash flows from operating activities before changes in working capital 
and tax totalled EUR 8.8m (1.6) for the year . Tax payments totalled EUR 
0.8m (1.1). Net cash generated from continuing operating activities was 
EUR 7 .7m (2.9). 
Investing activities
Cash flows generated from continuing investing activities totalled 
EUR19.4m (11.6) during the current year . Proceeds from divested sub-
sidiaries of EUR 18.5m (15.1) related to the AskGamblers business and 
associated global casino brands and the Italian online sports betting as-
sets. Payments for acquisitions of intangible assets totalled EUR 1.2m 
(3.5) and receipts on disposal of intangibles totalled EUR 1.6m (1.0). Ac-
quisition of property , plant and equipment totalled EUR 0.04m (0.1) and 
the acquisition of investment in subsidiary of EUR 0.5m related to Mez 
and Rize Media AB. The investment in associate during the prior year was 
EUR 0.9m. 
Financing activities
Cash flows used in continuing financing activities for the year totalled 
EUR 24.9m (44.7) and mainly comprised interest paid on borrowings of 
EUR 3.0m (8.1), net repayment of borrowings of EUR 21.5m (36.1) and 
lease payments of EUR 0.4m (0.5). Cash and cash equivalents at year-
end were EUR 9.3m (8.5). 
INVESTMENT AND FINANCING 
During the year ended 31 December 2025, an impairment charge of EUR 
16.5m (40.0) was recognised in line with IAS 36. The charge related to 
specific North American Sports and Asia-Pacific Casino assets and fol-
lowed a reassessment of projected performance and market dynamics 
in those regions. Prior-year impairment relates to a writedown in the book 
value of specific sports and casino assets, following the transition to a 
product-led operating model. During the prior year , the contractual ar-
rangement previously measured in accordance with the requirements of 
IAS 38 was terminated, resulting in an asset disposal net of amortisation 
of EUR 3.6m. 
Costs for the development of websites and other applications were 
EUR 1.1m (1.5). Acquisitions of property plant and equipment totalled 
EUR 0.1m (0.1).
INTEREST-BEARING DEBT AND LEVERAGE 
During the year ended 31 December 2025, the senior unsecured float-
ing rate bonds were repaid. On 31 December 2024, Catena Media had 
outstanding senior unsecured floating rate bonds of EUR 27 .5m, 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 holding of outstanding bonds had a nominal value of 
EUR 6.2m at the end of the prior year . 
SHAREHOLDERS’ EQUITY
On 31 December 2025, equity including hybrid capital securities totalled 
EUR 114.3m (125.6), equivalent to an equity-to-assets ratio of 0.95 
(0.84). Excluding hybrid capital securities, equity totalled EUR 76.7m 
(90.5).
SIGNIFICANT EVENTS IN 2025
First quarter
• There were no significant events during the quarter . 
Second quarter
• On 3 April, Dan Castillo stepped down as non-executive director
• On 13 May , the group announced cost optimisation measures that 
included the removal of one management layer and the elimination of 
over 50 roles. These reduced headcount by around 25 percent and 
will cut annual costs by EUR 4.5-5.0m. The group also announced its 
decision to defer interest payments on the hybrid capital security until 
further notice. 
• The annual general meeting on 21 May elected a board of directors 
comprising five members. Erik Flinck, Sean Hurley , Martin Zetterlund 
and Stephen Taylor-Matthews, were re-elected as directors, and 
Søren Vilby was elected as a new director . All were elected to serve 
until the 2026 AGM. 
• The AGM appointed KPMG Malta as the company’s auditor . 
• During the quarter , the group sold its esports-related assets to an 
industry buyer . The transaction resulted in a gain on disposal of EUR 
1.4m. The divestment of these non-core operations will allow the 
group to focus its resources more closely on core products. 
Third quarter
• On 18 September , the group announced the launch of MRKTPLAYS.
com, a new proprietary subaffiliation platform connecting affiliates to 
operators in a streamlined ecosystem. The platform gives affiliates 
the tools to expand their networks while enabling operators to extend 
their footprint in North America. The go-live was a significant mile-
stone in the group’s strategy to deliver scalable, technology-driven 
growth across the North American online casino gaming and sports 
betting industry .
Fourth quarter
• There were no significant events during the quarter .
EMPLOYEES
As of 31 December 2025, the group had 151 (173) employees, of whom 
51 (61) were female, corresponding to 34 percent (35) of the total. 
All employees were employed full-time. The employee total includes 
full-time-equivalent contractors and consultants.
FINANCIAL TARGETS
#1 Double-digit organic growth in group revenue and adjusted EBITDA 
for 2026.
#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 company , 
with the purpose of receiving dividend income from the main operating 
company , Catena Operations Limited. Catena Media plc is listed on Nas-
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daq Stockholm’s main market in its "small cap" segment. The shares are 
traded under the ticker CTM and with the ISIN code MT0001000109. 
There was no dividend income during the years ended 31 December 
2025 and 2024. During 2025, an impairment charge of EUR 15.2m (53.2) 
was recognised in the parent company’s standalone financial statements 
in relation to investments in subsidiaries, based on an updated assess-
ment of the recoverable value of these investments. Operating loss for 
2025 was EUR 14.2m (53.7) and loss after tax was EUR 15.4m (55.6). 
During the comparative year , bond fair value movement classified in 
“other losses on financial liability at fair value through profit or loss” re-
sulted in a loss of EUR 0.1m. Interest payable on borrowings was EUR 
2.0m (3.7). The parent company’s cash and cash equivalents were EUR 
0.5m (1.8). Liabilities totalled EUR 90.0m (87 .6). Equity was EUR 105.1m 
(122.8). 
As at 31 December , the parent company’s current liabilities exceed-
ed current assets by EUR 61.3m (58.8). Liabilities of EUR 61.8m (38.9) 
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 pre-
pare the financial statements on a going concern basis.
OTHER GROUP COMPANIES
Catena Operations Limited
The company reported a loss before tax of EUR 12.8m (13.9) and a loss 
after tax of EUR 8.4m (8.9) for all operations including discontinued. Net 
equity at year-end totalled EUR 225.0m (241.6). 
Catena Media UK Limited
Profit before tax was EUR 0.1m (0.1), while profit after tax was EUR 
0.04m (0.2) for all operations including discontinued. Net equity at year-
end was EUR 7 .6m (8.0).
Catena Media US Inc
The company reported a profit before tax of EUR 4.1m and a profit after 
tax of EUR 2.2m. By comparison, the prior year resulted in a loss before 
tax of EUR 33.8m and a loss after tax of EUR 33.7m. Deficit equity at 
year-end totalled EUR 32.5m (42.0).
Catena Media K.K.
The company was liquidated on 21 January 2025. During the compara-
tive year profit before tax was EUR 0.01 and profit after tax for the year 
was EUR 0.002m. Net equity in comparative year-end totalled EUR 0.4m.
Catena Media Sverige AB
The company reported a profit before tax of EUR 0.04m and a profit after 
tax of EUR 0.04m. By comparison, the prior year resulted in a loss before 
tax of EUR 0.1m and a loss after tax of EUR 0.1m. Net equity at year-end 
totalled EUR 0.7m (0.7).
Catena Media Canada Ltd
Profit before tax was EUR 0.1m and loss after tax was EUR 0.01m. The 
prior year resulted in profit before and after tax of EUR 0.3m. Net equity at 
year-end totalled EUR 0.7m (0.8).
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.
Lineups.com Inc.
Loss before tax was EUR 0.4m and loss after tax was EUR 0.2m. During 
the comparative year , profit before tax was EUR 0.6m and profit after tax 
was EUR 0.3m. Net equity at year-end totalled EUR 1.9m (2.2).
Catena Europe Limited
Loss for the year was EUR 0.01m (0.01). Deficit equity at year-end to-
talled EUR 0.03m (0.02). 
Mez and Rize Media AB
On 3 January , the group acquired Mez and Rize AB in full with the inten-
tion to liquidate it. The loss for the nine months ending 30 September 
2025 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 41-45 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 revenue typ-
ically being higher in the first and fourth quarters. Fluctuations in quarterly 
results are also reflective of market launches in North America.
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 27-33.
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 involved in certain legal claims and proceedings 
arising in the ordinary course of business. Based on information currently 
available and in consultation with legal advisors, management has deter-
mined that no provision is required, as the likelihood and amount of any 
potential loss cannot presently be reliably estimated. Further details are 
available in Note 31 - Contingent liabilities disclosure on page 79.
REMUNERATION TO SENIOR EXECUTIVES
The board’s proposed guidelines for remuneration of senior executives 
for 2026 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. 
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 
80. 
SHARES AND OWNERSHIP STRUCTURE
The ownership structure of Catena Media plc on 31 December 2025 in-
cluded the following major shareholders: Avanza Pension owning 5.7% 
of issued shares; Jesper Ribacka owning 5.0% of issued shares; Nor-
dic Compound Invest A/S owning 5.0% of issued shares; Andre Lavold 
owning 4.8% of issued shares; Investment AB Öresund owning 4.8% of 
issued shares; Catena Media plc owning 4.0% of issued shares; Nord-
net Pension Insurance owning 3.8%; Second Swedish National Pension 
Fund owning 2.9% of issued shares; Martin Zetterlund owning 2.3% of 
issued shares; and Niklas Karlsson owning 1.6%.
FUNDING
At year-end, hybrid capital securities with a nominal value of EUR 43.7m 
(43.7), including deferred interest of EUR 2.5m (nil), net of EUR 8.6m 
(8.6) issuance costs, were reported in the company’s statement of finan-
cial position. At year-end Catena Media had no outstanding borrowings 
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as the senior unsecured floating rate bonds were repaid during Q2 2025. 
At the end of the comparative year , the group had senior unsecured float-
ing 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. For more information, see Note 23 (Borrowings) and Note 
28(Hybrid capital securities) to the financial statements in this report, and 
the company’s website www .catenamedia.com/investors. 
ANNUAL GENERAL MEETING
The annual general meeting of Catena Media plc for the financial year 1 
January – 31 December 2025 will be held on Wednesday , 27 May 2026, 
at 09:00 CEST at The Westin Dragonara Resort, Malta.
DIVIDEND
No dividend was paid from 1 January to 31 December 2025.
BOARD OF DIRECTORS
The board of directors consists of:
• Erik Flinck (Chairman)
• Martin Zetterlund
• Søren Vilby
• Sean Hurley
• Stephen Taylor-Matthews (resigned 31 January 2026)
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 circum- 
stances.
• 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 2025 are included in the Annual Report 2025, 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
KPMG Malta (registration number AB/26/84/12) was appointed as the 
company’s statutory auditor for the financial year 2025 and has indicat-
ed its willingness to continue in office and a resolution for its reappoint-
ment will be proposed at the annual general meeting.
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2025 40

===== SIDA 41 =====

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
CA F L
OR
P
TS J
Q
N
I
G
D B
H
M
KE
Likely
Possible
Unlikely
Low                Moderate                   High
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2025 41

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

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 
EUR reporting currency . The majority of revenue is invoiced in USD while the 
reporting currency is EUR, exposing the group to translational currency risk, as 
identified in the auditor's report (see page 96). While a larger translational report-
ing risk exists, the natural hedge insulates the actual cash risk, which is why the 
financial impact is assessed as low .
Most customers are billed in USD, which provides a natural hedge 
against the group's primarily USD-denominated cost base. Other 
currencies may also be used, such as GBP, EUR and yen. Balanc-
es in smaller currencies are kept to a minimum and the remainder 
is converted into EUR to minimise exchange rate impacts. Catena 
Media has policies in place to minimise currency volatility risk and 
to facilitate prompt payments from operators.
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.
POSSIBLE LOW
D INTEREST 
RATE RISK
The group is partly financed by financial instruments with floating rates of Sti-
bor plus a margin. Thus, Catena Media is exposed to fluctuations on the Stibor 
market.
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 LOW
MARKET RISKS
E DYNAMIC 
CHANGES IN 
THE ENVIRON-
MENT
Pandemics, wars or climate catastrophes have the potential to impact negative-
ly 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 
betting 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.
LIKEL Y LOW
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. 
POSSIBLE MODERATE
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2025 42

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

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
BUSINESS ACTIVITIES AND INDUSTRY 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 2025 43

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

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.
POSSIBLE MODERATE
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 monitors proposed changes 
to legislation and advertising rules and evaluates existing and po-
tential operator customers. The group diversifies its customer base 
across multiple segments and territories and engages actively in di-
alogue with relevant authorities to ensure full compliance by all par-
ties in all aspects. The sale of grey market operations has  mitigated 
the legal and regulatory risk in the group insofar as  regulated mar-
kets have higher predictability , which mitigates spillover effects 
from grey markets to regulatory markets. In addition the risk of dra-
conian 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 the group more 
vulnerable to potential material changes to the regulations applicable to the 
group’s operations, but also in the rest of the Americas.
Catena Media has no direct operations in Russia or Ukraine, where 
war broke out in 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. 
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 revenue. 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 2025 44

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

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 af-
fecting Catena Media’s reputation and inviting stricter legislation. Such publicity 
might also result in banks being unwilling to service Catena Media or demanding 
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 op-
erate and impact on its revenue and earnings.
Catena Media engages in dialogue with stakeholders to discuss, 
build and improve regulatory compliance among industry actors. 
Moreover , Catena Media has a supportive relationship with Raiffei-
sen 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. 
UNLIKEL Y MODERATE
Signed on behalf of the company’s board of directors on 24 March 2026 as per Directors’ Declaration on ESEF Annual Financial Report submitted in 
conjunction with the Annual Report Financial Statements 2025.
Erik Flinck
Chairman of the Board
Søren Vilby
Director
INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2025 45

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

INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2025 46
Statements of comprehensive income – group
EUR ’000 Note
Jan – Dec 
2025
Jan – Dec
2024 (restated)*
Revenue 5 46,598 49,643
Total revenue 46,598 49,643
Direct costs 6 (12,395) (10,990)
Personnel expenses 8 (17,9 87 ) (26,746)
Depreciation and amortisation 16, 17, 18 (3,279) (4,998)
Impairment on other intangibles and investment in associate 16, 19 (16,500) (41,203)
Gain on disposal of other intangible assets 1,410 –
Gain on disposal of investment in subsidiary 45 –
Other operating income 491 189
Other operating expenses 10 (7,5 5 8) (12,357)
Total operating expenses (55,773) (96,105)
Operating loss (9,175) (46,462)
Interest on borrowings (823) (3,056)
Other gains/(losses) on financial liability at fair value  
through profit or loss 8 (104)
Other finance income 11 243 1,108
Share of net losses from associate accounted for using the 
equity method – (130)
Loss before tax (9,747) (48,644)
Ta x income 12 2,489 4,719
Loss for the year attributable  
to the equity holders of the parent company (7, 2 5 8) (43,925)
EUR ’000 Note
Jan – Dec 
2025
Jan – Dec
2024 (restated)*
Loss for the year from discontinued operations 13 (233) (263)
Loss for the year (7,4 91) (44,188)
Other comprehensive loss
Items that may be reclassified to loss for the year
Currency translation differences (1,350) 594
Total other comprehensive (loss)/income for the year (1,350) 594
Total comprehensive loss attributable to the equity 
holders of the parent company (8,841) (43,594)
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 from continuing operations 14 (0.10) (0.58)
Diluted earnings per share*
From loss for the year from continuing operations 14 (0.10) (0.58)
*The comparative information is restated on account of correction of errors (refer to Note 30 – Correction of errors)
The notes on pages 54 to 79 are an integral part of these financial statements.

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

INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2025 47
Statements of financial position – group
EUR ’000 Note 31 Dec 2025 31 Dec 2024
(restated)*
1 Jan 2024 
(restated)*
ASSETS
Non-current assets
Investment in associate – 511 940
Right-of-use asset 18 377 761 550
Other intangible assets 16 90,523 108,768 155,482
Property, plant and equipment 17 412 635 869
Other receivables – – 17, 2 07
Deferred tax assets 24 7, 3 6 5 2,736 –
Total non-current assets 98,677 113,411 175,048
Current assets
Trade and other receivables 20 11,923 26,692 28,468
Current tax assets – 970 –
Cash and cash equivalents 21 9,317 8,476 38,510
Total current assets 21,240 36,138 66,978
TOTAL ASSETS 119,917 149,549 242,026
EQUITY AND LIABILITIES
Capital and reserves
Share capital 22 118 118 118
Share premium  22 134,041 134,041 134,039
Treasury reserve 27 (6,154) (6,154) (6,154)
Hybrid capital securities 28 37,5 9 2 35,103 35,117
Other reserves 22 1,544 11,187 10,444
(Accumulated losses)/retained earnings (52,801) (48,723) 339
Total equity 114,340 125,572 173,903
EUR ’000 Note 31 Dec 2025 31 Dec 2024
(restated)*
1 Jan 2024 
(restated)*
Liabilities
Non-current liabilities
Borrowings 23 – – 31,430
Deferred tax liabilities 24 – – 2,069
Lease liability 18 29 364 –
Trade and other payables – – 2,058
Total non-current liabilities 29 364 35,557
Current liabilities
Borrowings 23 – 21,486 25,597
Trade and other payables 25 5,027 2,127 6,573
Current tax liabilities 521 – 396
Total current liabilities 5,548 23,613 32,566
Total liabilities 5,577 23,977 68,123
TOTAL EQUITY AND LIABILITIES 119,917 149,549 242,026
*The comparative information is restated on account of correction of errors (refer to Note 30 – Correction of errors)
The notes on pages 54 to 79 are an integral part of these financial statements.
The financial statements on pages 46 to 79 were approved and authorised for issue by the board of directors on 
24 March 2026 and signed on its behalf by:
Signed on behalf of the company’s board of directors on 24 March 2026 as per Directors’ Declaration on 
ESEF Annual Financial Report submitted in conjunction with the Annual Report Financial Statements 
2025.
Erik Flinck     Søren Vilby 
Chairman of the Board    Director

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

INTRODUCTION CEO COMMENTS STRATEGY OPERATIONS SUSTAINABILITY FINANCIAL INFORMATION CORPORATE GOVERNANCE OTHER INFORMATION
CATENA MEDIA ANNUAL REPORT 2025 48
Statements of changes in equity – group
Attributable to owners of the parent
EUR ’000 Note
Share
capital
Share
premium
Treasur y 
reserve
Hybrid capital
securities
Other
reserves
Retained  
earnings /  
(Accumulated 
losses)
 Total
 equity
Balance at 1 January 2024, as previously reported 118 134,039 (6,154) 35,117 10,444 1,618 175,182
Impact of correction of errors – – – – – (1,279) (1,279)
Restated balance at 1 January 2024* 118 134,039 (6,154) 35,117 10,444 339 173,903
Comprehensive income/(loss) for the year
Loss for the year – – – – – (44,188) (44,188)
Currency translation differences – – – – 594 – 594
Total comprehensive income/(loss) for the year – – – – 594 (44,188) (43,594)
Transactions with owners and equity holders
Issue of share capital 22 – 2 – – – – 2
Subscription set-offs, including transaction costs 28 – – – (14) – – (14)
Interest on hybrid capital securities – – – – – (4,874) (4,874)
Equity-settled share-based payments – – – – 149 – 149
Total transactions with owners and equity holders – 2 – (14) 149 (4,874) (4,737)
Balance at 31 December 2024 118 134,041 (6,154) 35,103 11,187 (48,723) 125,572
Comprehensive loss for the year
Loss for the year – – – – – (7,4 91) (7,4 91)
Currency translation differences – – – – (1,350) – (1,350)
Total comprehensive loss for the year – – – – (1,350) (7,4 91) (8,841)
Transactions with owners and equity holders
Issue of capital securities, net of transaction costs 28 – – – (1) – – (1)
Interest on hybrid capital securities – – – – – (4,694) (4,694)
Equity-settled share-based payments – – – – (186) – (186)
Deferred interest on hybrid capital securities 28 – – – 2,490 – – 2,490
Transfer between reserves – – – – (8,107) 8,107 –
Total transactions with owners and equity holders – – – 2,489 (8,293) 3,413 (2,391)
Balance at 31 December 2025 118 134,041 (6,154) 37,5 92 1,544 (52,801) 114,340
*The comparative information is restated on account of correction of errors (refer to Note 30 – Correction of errors)
The notes on pages 54 to 79 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 2025 49
Statements of cash flows – group
EUR ’000  Note
Jan – Dec 
2025
Jan – Dec 
2024
Cash flows from operating activities
Loss before tax – including continued and discontinued  
operations (9,980) (48,907)
Loss before tax from discontinued operations 233 263
Adjustments for:
Depreciation and amortisation 3,279 4,998
Gain on disposal of assets (1,398) (4)
Gain on disposal of investment in subsidiary (45) –
Loss allowance on trade receivables (6) (475)
Bad debts 17 283
Impairment on intangible assets 16,500 41,203
Loss on contract termination 10 – 2,211
Unrealised exchange differences (71) (202)
Interest expense 585 1,930
Net losses on financial liability at fair value through profit or loss (136) 104
Equity-settled share-based payments (186) 149
8,792 1,553
Taxation paid (793) (1,073)
Changes in:
Trade and other receivables (3,420) 4,216
Trade and other payables 3,162 (1,813)
Net cash generated from continued operating activities 7,741 2,883
Net cash used in discontinued operating activities 13 (232) (223)
Net cash generated from operating activities 7,5 0 9 2,660
EUR ’000  Note
Jan – Dec 
2025
Jan – Dec 
2024
Cash flows generated from investing activities
Investment in associate – (918)
Additional investment in subsidiary 517 –
Proceeds from sale of investment in subsidiary 18,516 15,056
Acquisition of property, plant and equipment (44) (51)
Acquisition of other intangible assets (1,211) (3,489)
Proceeds from sale of other intangible assets 1,630 1,017
Net cash generated from investing activities 19,408 11,615
Cash flows from financing activities
Payment of interest on hybrid capital securities – (13)
Payment of borrowings (21,478) (36,072)
Repurchase of treasury shares – 1
Interest paid (3,020) (8,147)
Payment of lease liabilities (402) (509)
Net cash used in financing activities (24,900) (44,740)
Net movement in cash and cash equivalents 2,017 (30,465)
Cash and cash equivalents at beginning of year 8,476 38,510
Currency translation differences (1,176) 431
Cash and cash equivalents at end of year 21 9,317 8,476
The notes on pages 54 to 79 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 2025 50
Statements of comprehensive income – parent company
EUR ’000 Note
Jan – Dec 
2025
Jan – Dec 
2024
Personnel expenses 8 1,050 (492)
Impairment of investment in subsidiaries 19 (15,216) (53,184)
Other operating expenses 10 (89) (148)
Other operating income 78 78
Total operating expenses (14,177) (53,746)
Operating loss (14,177) (53,746)
Interest payable on borrowings (2,011) (3,662)
Interest on borrowings recharged to subsidiary 823 2,473
Other gains/(losses) on financial liability at fair value through profit or 
loss 8 (103)
Other finance costs 11 (13) (547)
Loss before tax (15,370) (55,585)
Tax expense 12 – –
Total comprehensive loss for the year (15,370) (55,585)
The notes on pages 54  to 79 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 2025 51
Statements of financial position – parent company
EUR ’000 Note
31 Dec 
2025
31 Dec 
2024
ASSETS
Non-current assets
Investment in subsidiaries 19 194,628 208,674
Total non-current assets 194,628 208,674
Current assets
Trade and other receivables 20 17 16
Cash and cash equivalents 21 454 1,782
Total current assets 471 1,798
TOTAL ASSETS 195,099 210,472
EQUITY AND LIABILITIES
Capital and reserves
Share capital 22 118 118
Share premium 22 134,572 134,572
Treasury reserve 27 (6,154) (6,154)
Hybrid capital securities 28 37,5 9 2 35,103
Other reserves 124 8,417
Accumulated losses (61,183) (49,226)
TOTAL EQUITY 105,069 122,830
EUR ’000 Note
31 Dec 
2025
31 Dec 
2024
LIABILITIES
Non-current liabilities
Borrowings 23 25,000 25,000
Trade and other payables 25 3,266 2,078
Total non-current liabilities 28,266 27,078
Current liabilities
Borrowings 23 – 21,486
Trade and other payables 25 61,764 39,012
Current tax liabilities – 66
Total current liabilities 61,764 60,564
TOTAL LIABILITIES 90,030 87,6 42
TOTAL EQUITY AND LIABILITIES 195,099 210,472
The notes on pages 54 to 79 are an integral part of these financial statements. 
The financial statements on pages 46 to 79 were approved and authorised for issue by the board of directors on 
24 March 2026 and signed on its behalf by:
Signed on behalf of the company’s board of directors on 24 March 2026 as per Directors’ Declaration on 
ESEF Annual Financial Report submitted in conjunction with the Annual Report Financial Statements 
2026.
Erik Flinck     Søren Vilby 
Chairman of the Board    Director

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CATENA MEDIA ANNUAL REPORT 2025 52
Statements of changes in equity – parent company
Attributable to owners of the parent
EUR ’000 Note
Share
capital
Share
premium
Treasur y
 reserve 
Hybrid capital
securities
Other
reserves
Accumulated 
losses 
Total
equity
Balance at 1 January 2024 118 134,570 (6,154) 35,117 8,268 11,233 183,152
Comprehensive loss for the year
Loss for the year – – – – – (55,585) (55,585)
Total comprehensive loss for the year – – – – – (55,585) (55,585)
Transactions with owners
Issue of share capital 22 – 2 – – – – 2
Subscription set-offs, including transaction costs 28 – – – (14) – – (14)
Interest on hybrid capital securities – – – – – (4,874) (4,874)
Equity–settled share-based payments – – – – 149 – 149
Total transactions with owners – 2 – (14) 149 (4,874) (4,737)
Balance at 31 December 2024 118 134,572 (6,154) 35,103 8,417 (49,226) 122,830
Comprehensive loss for the year
Loss for the year – – – – – (15,370) (15,370)
Total comprehensive loss for the year – – – – – (15,370) (15,370)
Transactions with owners
Issue of capital securities, net of transaction costs 28 – – – (1) – – (1)
Deferred interest on capital securities 28 – – – 2,490 – – 2,490
Interest on hybrid capital securities – – – – – (4,694) (4,694)
Equity–settled share-based payments – – – – (186) – (186)
Transfer between reserves – – – – (8,107) 8,107 –
Total transactions with owners – – – 2,489 (8,293) 3,413 (2,391)
Balance at 31 December 2025 118 134,572 (6,154) 37,5 92 124 (61,183) 105,069
The notes on pages 54 to 79 are an integral part of these financial statements.

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CATENA MEDIA ANNUAL REPORT 2025 53
Statements of cash flows – parent company
EUR ’000 Note
Jan – Dec 
2025
Jan – Dec 
2024
Cash flows from operating activities
Loss before tax (15,370) (55,585)
Adjustments for:
 Impairment on investment in subsidiaries 19 15,216 53,184
 Unrealised exchange differences (16) 118
 Interest expense 2,011 3,455
 Net losses on financial liability at fair value through profit or loss (136) 103
 Equity-settled share-based payments 8 (1,357) 149
348 1,424
Changes in:
 Trade and other receivables (1) –
 Trade and other payables 125 434
Net cash generated from operating activities 472 1,858
Cash flows generated from investing activities
Proceeds from subsidiary and related parties 22,804 23,212
Net cash generated from investing activities 22,804 23,212
EUR ’000 Note
Jan – Dec 
2025
Jan – Dec 
2024
Cash flows from financing activities
Payment of interest on hybrid capital securities – (6)
Payment of borrowings (21,478) (21,905)
Proceeds on exercise of share options and warrants – 1
Interest paid (3,143) (7, 2 8 6)
Net cash used in financing activities (24,621) (29,196)
Net movement in cash and cash equivalents (1,345) (4,126)
Cash and cash equivalents at beginning of year 1,782 6,026
Currency translation differences 17 (118)
Cash and cash equivalents at end of year 21 454 1,782
The notes on pages 54 to 79 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 2025 54
Notes to the financial statements
Note 1 
Reporting entity
Catena Media plc (“the company”) is a public 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 cer-
tain financial 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 US Inc., Catena Media Sverige AB, Cat-
ena Media Canada Ltd, Lineups.com, Inc., Catena Media Germany 
GmbH and Catena Europe Limited. Catena Media Germany GmbH 
was liquidated on 30 June 2024. 
Results from divested assets are being classified as “discontinued 
operations”.
Standards, interpretations and amendments to published 
standards effective in 2025
There were no standards, interpretations and amendments to pub-
lished standards that were applicable to the group in 2025.
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 2026. In particular , 
amendments to IFRS 9 and IFRS 7 "Classification and Measurement 
of Financial Instruments" are effective for annual periods begin-
ning on or after 1 January 2026 with earlier application permitted. 
These amendments clarify the assessment of contractual cash flow 
characteristics of financial assets, the derecognition requirements 
for financial liabilities settled via electronic payment systems and 
additional disclosure requirements under IFRS 7 regarding certain 
financial instruments. IFRS 18 "Presentation and Disclosure in Finan-
cial Statements", effective for periods beginning on or after 1 January 
2027 , introduces revised presentation and disclosure requirements. 
The standard requires entities to present income and expenses within 
five defined categories, introduce a new operating profit subtotal, and 
disclose management-defined performance measures in a dedicated 
note. It also provides updated guidance on grouping information in 
the financial statements. The group is currently assessing the impact 
of these changes on its presentation and disclosures. The group has 
not early adopted these revisions to the requirements and manage-
ment is of the opinion that there are no requirements that will have a 
possible significant impact on the group’s financial results and finan-
cial 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 56). Intercompany 
transactions, balances and unrealised gains on transactions between 
group companies are eliminated. Unrealised losses are also elimi-
nated unless the transaction provides evidence of an impairment of 
the transferred asset.

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CATENA MEDIA ANNUAL REPORT 2025 55
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 . All amounts 
have been rounded to the nearest thousand, unless otherwise indi-
cated.
Transactions and balances
Foreign currency transactions are translated into the respective func-
tional 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 
on a net basis in the statement of comprehensive income within other 
finance income.
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 the US dollar (USD) as their functional 
and presentation currency . Catena Media Canada Ltd uses the Cana-
dian dollar (CAD) as its functional and presentation currency . Catena 
Media Sverige AB uses the Swedish krona (SEK) as its functional and 
presentation currency . Catena Operations Limited uses USD as its 
functional currency and EUR as its presentation currency . 
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. 
Dividend income
Dividends are recognised in the statement of comprehensive income 
when the company’s right to receive payment is established. 
The group’s revenue is derived from online and affiliate marketing. 
The group recognises revenue under IFRS 15, as set out below .
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 while 
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 (CPA) deal, a client pays a one-time 
fee for each player introduced by Catena Media during a particular 
month. This payment is usually dependent on the player complet-
ing a specific action, such as depositing funds on the client's site or 
placing their first bet. CPA 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 contract, has 
been fulfilled.
Fixed fees
The group also generates revenue by charging a fixed fee to operators 
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 advertising 
sales is recognised 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. Interest income is treated according to  
IFRS 9 and thus not in scope of IFRS 15.
INCOME TAX
The income tax expense or credit for the period is the tax payable on 
the current period’s taxable income based on the applicable income 
tax rate for each jurisdiction and 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 gener-
ate taxable income. 
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

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CATENA MEDIA ANNUAL REPORT 2025 56
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 group accounts for business combinations using the acquisition 
method when control is transferred to the group. The consideration 
transferred in the acquisition is generally measured at fair value, 
as are the identifiable net assets acquired. Any goodwill that arises 
is tested annually for impairment. Any gain or bargain 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. 
Identifiable assets acquired and liabilities and contingent liabilities 
(that qualify for recognition) 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, the amount of any 
non-controlling interest in the acquired entity and the 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 good-
will.
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. 
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 predecessor 
carrying values, which are the carrying amounts of assets and liabili-
ties of the acquired entity as recognised and measured in that entity’s 
financial statements before reorganisation. No goodwill arises in reor-
ganisation accounting, and any difference between the consideration 
given and the aggregate book value of the assets and liabilities of the 
acquired entity , is included in equity . The financial statements incor-
porate the acquired entity’s full-year results, including comparatives, 
as if the post-reorganisation structure were already in place at the 
commencement of the comparative period.
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.
The estimated useful lives are as follows for other intangible 
assets:
• Domains and websites                                                                                    
(except those that have an indefinite useful life) 4.25 -8 years
• 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 systemat-
ically over its useful life. Goodwill, however , is not amortised but is 
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.

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