===== SIDA 1 ===== CATENA MEDIA INTERIM REPORT JANUARY-MARCH 2025 1 Efficiency measures implemented to address operational pressures, ensure profitability and accelerate the path to revenue growth INTERIM REPORT JANUARY – MARCH 2025 J a n u a r y - M a r c h 2 0 2 5 • Revenue from continuing operations was EUR 9.8m (16.0), a decrease of 39 percent. • Revenue in North America decreased 39 percent to EUR 8.8m (14.3), equivalent to 89 percent (90) of group revenue from continuing operations. • New depositing customers (NDCs) from continuing operations totalled 21,918 (44,077), a decrease of 50 percent. • Adjusted EBITDA from continuing operations decreased 51 percent to EUR 0.9m (1.9), corresponding to an adjusted EBITDA margin of 9 percent (12). • EBITDA from continuing operations decreased 31 percent to EUR 0.6m (0.9), equivalent to an EBITDA margin of 6 percent (6). • Earnings per share from continuing operations totalled EUR -0.01 (-0.03) before dilution and EUR -0.01 (-0.03) after dilution. • Cash and cash equivalents were EUR 24.6m (23.4) on 31 March. • Outstanding shares totalled 78,774,442 on 31 March. * Comparative costs have been reclassified to more accurately reflect segment-level contributions and internal cost allocations. See Note 4 for more information. * 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. CATENA MEDIA GROUP , CONTINUING OPERATIONS* Jan-Mar 2025 Jan- Mar 2024 Change LTM Jan-Dec 2024 Revenue (EUR ’000) 9,813 16,001 -39% 43,455 49,643 Adjusted EBITDA (EUR ’000) 921 1,865 -51% 4,450 5,394 Adjusted EBITDA margin (%) 9 12 -3pp 10 11 EBITDA (EUR ’000) 631 909 -31% (539) (261) EBITDA margin (%) 6 6 0pp -1 -1 Direct costs (EUR ’000) (1,717) (4,563) -62% (8,144) (10,990) Adjusted personnel expenses (EUR ’000) (5,315) (6,713) -21% (22,555) (23,953) Adjusted other operating expenses (EUR ’000) (1,860) (2,860) -35% (8,306) (9,306) Operating cash flow (EUR ’000) 3,218 1,288 150% 4,813 2,883 Earnings per share before dilution (EUR) (0.01) (0.03) - (0.61) (0.63) Earnings per share after dilution (EUR) (0.01) (0.03) - (0.61) (0.63) New depositing customers (NDCs) 21,918 44,077 -50% 106,541 128,700 Net interest-bearing debt (EUR ’000) (3,217) 10,059 -132% (3,217) 12,874 Net interest-bearing debt/adjusted EBITDA multiple (0.73) 0.99 - (0.73) 2.41 ===== SIDA 2 ===== CATENA MEDIA INTERIM REPORT JANUARY-MARCH 2025 2 Mixed operating performance in Q1 On the revenue side, the picture was mixed in Q1. Our core search busi- ness experienced continued volatility in rankings, especially in North America, where search-engine algorithm updates pose an ongoing challenge. Encouragingly , we saw progress in two key diversification ar- eas: subaffiliation and lifecycle marketing. Both these streams reached all-time highs during the quarter , reflecting the success of our long-term efforts to reduce reliance on organic search alone. While we are excited to see growth in these areas, the replacement of rev- enue from our owned brands with subaffiliation comes at a lower margin. That said, demand from both partners and operators continues to grow , providing our internal teams with strong motivation heading into Q2. Continued focus on North America and flagship brands We continue to concentrate our efforts on North America, where we see the most potential. Performance outside this region was weak in Q1 and will not be a focus going forward. We have no plans to revisit this stance in the near term. In Casino, we are monitoring regulatory activity in our social sweepstakes sub-segment as some US states make legislative moves. We continue to build our brands and database in preparation for regulation, while in the meantime complying rigorously with the regulations in each state. In summary , Q1 was a weak quarter that we have addressed through tough measures. With those changes now underway , and with tech-led scalability at the heart of our roadmap, we are laying the groundwork for more consistent performance in the rest of 2025. Our objective now is to drive profitable revenue growth through focused execution, operational efficiency and scalable growth platforms built for customer engagement. I would like to thank our teams for their hard work and dedication, and our shareholders for their ongoing support as we con- tinue our journey to build a stronger Catena Media. Manuel Stan CEO Q1 was a disappointing quarter that showed we still have substantial work ahead to fully stabilise the business and rebuild profitability . The 3 percent decrease in revenue from Q4 2024 was the smallest quarterly drop in re- cent periods, signalling that the steep declines of past quarters may now be behind us. However , this small positive was overshadowed by signifi- cantly lower adjusted EBITDA, which fell by around 60 percent from Q4, bringing the margin below 10 percent. This margin decline, which comes after two consecutive quarters of im - provement, reflected a shift in the revenue mix towards more subaffilia - tion, which comes with lower gross margins, and a small increase in per- sonnel expenses. Measures taken to cut costs and improve efficiency We responded after the close of the quarter by implementing major changes to our teams and processes to improve the cost structure and operational efficiency . These included the removal of a layer of senior management and the elimination of more than 50 roles, including a mix of contractors and full-time employees. The outcome was to reduce group headcount by around 25 percent. Together , the actions taken will result in annualised cost reductions of close to EUR 4.5-5.0m. In parallel, we initiated a shift to a unified Microsoft-based tech stack and terminated several legacy software subscriptions, generating further sav- ings estimated at around EUR 0.8m annually . I am confident that our costs will decrease in both absolute and relative terms in the coming quarters. Organisational changes spanned all levels, including senior manage - ment. In addition to reducing the cost base, the purpose was to establish a flatter internal structure with fewer layers to promote agility . The steps taken were tough, but essential to embed a sustainable cost trajectory and ensure every part of the business is set up to support growth and fast delivery . The immediate priority now is to improve long-term profitability by in - creasing revenue while maintaining a lower cost base. We will achieve this by operating more efficiently and eliminating internal silos. We will build a tech-enabled centre of excellence to identify and execute automation opportunities across the organisation to deliver real, scalable impact – an effort that will require investment. Together , these measures will equip our teams with better tools, faster processes and cleaner data to support smarter decisions and more agile execution. It is a foundational pillar of our long-term strategy to grow reve- nue without replicating old cost structures. CEO’S COMMENTS Decisive actions to address a disappointing quarter and build back stronger ===== SIDA 3 ===== CATENA MEDIA INTERIM REPORT JANUARY-MARCH 2025 3 Progress and challenges While we’ve made progress, we still face challenges. Our Q1 results re - flect the ongoing impact of Catena Media still not being operationally effective in the market, combined with the significant impact of Google’s algorithm changes. However , we are confident that our turnaround plan is working, and while we are still far from where we want to be operationally , we have stabilised the decline. We are committed to delivering long-term value to our shareholders. As we look to the future, we remain laser-focused on executing our turn- around plan. Our priorities include: • Continuing to improve operational entrepreneurship • Driving growth through data-driven product innovation • Establishing scalable cost efficiency To deliver on these priorities we must increase our investment into tech and select capabilities. This requires a flexible and supportive financial foundation that makes such investments possible. Securing our financial position In this endeavour , we are moving in the right direction. Last year we repaid the revolving credit and we will redeem the senior bond, materially easing the financial burden on the company . The remaining financial obligation is the outstanding hybrid capital security , which carries an interest cost but does not confer traditional bondholder rights. To optimise our financial structure and to create the headroom needed for the tech-facing investments we must make, we intend not to redeem the hybrid capital security in the short term. Additionally , we plan to defer in- terest payments on this instrument. We believe these steps are essential to the company’s ability to move forward. In the interests of transparen - cy and accountability , we will continue to provide regular updates on our progress. A word of thanks I appreciate that the changes we have made, and the operating and finan- cial decisions we have taken, have at times been difficult, and even pain- ful. I want to thank our employees, customers and shareholders for their patience, understanding and support during this demanding period. We are committed to creating long-term value for all stakeholders and look forward to a brighter future. Erik Flinck Chairman of the Board Dear shareholders, As we reflect on our performance in Q1 and recent quarters, I wish to acknowledge the challenges we have faced – and the progress we have made on our turnaround journey . Although our financial results are not yet where we want them to be, I am proud of the significant strides taken to position Catena Media for long-term success. Background to where we are today Since its foundation, Catena Media has developed in three phases. In the early years, the company was a market innovator that grew aggressively through mergers and acquisitions. This first phase delivered impressive financial performance but left the company financially overextended after it was unable to achieve scale across its products and platform. The second phase focused on salvaging Catena Media’s financial posi - tion through asset sales and refinancing activities. Simultaneously , mar- ket competition steadily intensified. The team kept the company afloat, but did not succeed in tackling the operational and technical gaps result- ing from non-integrated M&A. Many key people left the company . A year of transformation Phase three started one year ago when I and a group of stakeholders saw the significant potential value that was being lost and initiated a compre- hensive operational turnaround. Starting in May 2024, we embarked on a transformation journey to address the operational, technical, financial and cultural challenges. We have since: • Strengthened the leadership team. We have replaced all board directors and all members of the executive management team, put- ting capabilities in place to institutionalise scale while driving tech - nical edge. • Streamlined operations. We have restructured the business into clear operational units that own and run their respective operations. We have implemented cost-savings, reduced complexity and im - proved efficiency . • Focused on innovation. We have invested in technology to en - hance the product offer and start establishing a scalable platform for future growth. CHAIRMAN’S COMMENTS Chairman’s comments ===== SIDA 4 ===== CEO’S COMMENTSSIGNIFICANT EVENTS Significant events during Q1 2025 Significant events after the period • No signifcant events during the period. Cost base development Organic search performance Building on previous initiatives that reduced the cost base from EUR 14.2m in Q1 2024 to EUR 8.6m in Q4 2024, costs increased marginally in Q1 2025 to EUR 8.9m. This was primarily due to higher direct costs driven by growth in subaffiliate activity during the quarter . The group took additional actions after the close of the quarter that result- ed in the elimination of more than 50 roles, reducing group headcount by 25 percent. These measures will deliver annualised savings of close to EUR 4.5-5.0m. Additionally , the company’s technology stack was further consolidated and several legacy software subscriptions were terminated, generating further savings estimated at around EUR 0.8m annually . Cost transparency As a by-product of investing in deeper data governance and granularity over the past three quarters, we have identified three opportunities to im- prove cost classifications and provide greater transparency to investors. 1. All individuals providing full-time services to the group have been re - classified from “Other operating expenses” to “Personnel expenses” and are now included in total group headcount. 2. Comparative 2024 Casino and Sports segment costs associated with media partnerships have been reclassified to align better with each partnership’s revenue contribution by segment. 3. Following our transformation to a product-led structure, product-relat- ed costs have been reclassified to North America and Rest of World, resulting in a more balanced shared central operations cost base. More information can be found in note 4. CATENA MEDIA YEAR-END REPORT JANUARY-MARCH 2025 4 Organic search is crucially important in the affiliation industry . We will continuously update the market on our average keyword ranking perfor- mance as we consider this information to be relevant for investors and stakeholders. The average score reflects the top rankings for 70+ of the most important keywords across Catena Media’s products. The actual keywords are not disclosed for competitive reasons, and will vary over time depending on strategy . Note that 1 is the best possible score. Total average score: • 6.22 as of 30 March 2025 • 5.82 as of 29 December 2024 • 4.36 as of 29 September 2024 • 4.09 as of 30 June 2024 03/3002/2301/2612/2911/2410/2709/2909/0108/0407/0706/0204/2803/31 Total average score 1 2 3 4 5 6 7 8 9 10 0 3 6 9 12 15 Q1 25Q4 24Q3 24Q2 24Q1 24 4.6 2.4 6.2 3.5 6.7 2.9 Other operating expenses Personnel expenses Direct costs Total costs 1.5 5.9 1.9 1.7 5.3 1.9 1.4 5.1 2.2 The basket of primary keywords was revised in Q1 2025. The graph and the average scores have been adjusted to reflect this update and facilitate meaningful comparison over time. Excluding items afecting comparability (IACs) • On 3 April, Dan Castillo stepped down as non-executive director with immediate effect. The board will continue with five non-executive directors until the next annual general meeting, to be held 21 May 2025. • On 13 May , the company announced cost optimisation measures, including 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 company also announced its decision to defer interest payments on the hybrid capital security until further notice. ===== SIDA 5 ===== CATENA MEDIA INTERIM REPORT JANUARY-MARCH 2025 5 Current debt position and asset sale proceeds To date, scheduled proceeds from divestments have come in according to plan. As a result, the company is, as of this report, in a net cash position ex- cluding the hybrid capital securities and will use the proceeds to repay the senior bond due in June 2025. Proceeds due from asset sales are shown in the table below , left. The table below , right, shows the group’s debt structure and cash balances. GEOGRAPHIC REVENUE Q1 2025 REVENUE TYPE Q1 2025 ▪ North America ▪ Rest of world ▪ CPA ▪ Revenue share ▪ Fixed OVERVIEW CURRENT DEBT OVERVIEW AS OF 31 MARCH 2025 EUR ’000 Bond issue 2021/2025 Total bonds issued 2 7,5 0 0 Repurchased bonds* (6,150) Outstanding bonds 21,350 Total debt 21,350 Cash and cash equivalents 24,567 Net cash 3,217 EXPECTED PROCEEDS FROM DIVESTMENTS EUR ’000 Italy Q2 2025 (end of May) 3,500 Total proceeds 3,500 Geographic market breakdown, excluding central costs* * All numbers refer to continuing operations. For a complete breakdown, including shared central costs, see page 18. Comparative costs have been reclassified to more accurately reflect segment-level contributions and internal cost allocations. See Note 4 for more information. North America Rest of world AMOUNTS IN ’000 (EUR) Jan-Mar 2025 Jan-Mar 2024 Change Jan-Dec 2024 Jan-Mar 2025 Jan-Mar 2024 Change Jan-Dec 2024 Total revenue 8,761 14,324 -39% 43,916 1,052 1,677 -37% 5,727 of which Casino 7,018 8,789 -20% 32,425 598 1,070 -44% 3,352 of which Sports 1,743 5,535 -69% 11,491 454 607 -25% 2,375 Adjusted EBITDA 3,375 3,812 -11% 11,935 605 780 -22% 2,742 Adjusted EBITDA margin (%) 39 27 12pp 27 58 47 11pp 48 NDCs 20,974 41,432 -49% 122,181 944 2,645 -64% 6,519 11% 89% 86% 12% 2% NEW DEPOSITING CUSTOMERS Q1 2025 ▪ CPA ▪ Revenue share 6% 94% * The company has initiated the process to cancel the repurchased bonds, and this will be completed prior to the final bond redemption. ===== SIDA 6 ===== CATENA MEDIA INTERIM REPORT JANUARY-MARCH 2025 6 OUR SEGMENTS Sports The Sports segment reported a 64 percent de- crease in revenue to EUR 2.2m (6.1), equal to a 22 percent share of group revenue. Adjusted EBITDA was EUR -1.1m (-1.2), representing a margin of -49 percent (-19), and new deposit - ing customers (NDCs) decreased by 69 per - cent. In North America, sports revenue was 69 per - cent lower at EUR 1.7m (5.5), continuing the trend of recent quarters as operational under - performance and competitive pressures creat- ed significant headwinds. The absence of any state launch created difficult comparables with Q1 last year , when North Carolina legalised on- line sports betting. Q1 revenue last year also in- cluded income from not-yet-terminated media partnerships. The increase in NDCs from Q4 reflected the seasonal impact of the Super Bowl and the March Madness college basketball tourna - ment. Work to consolidate the product portfolio con - tinued with the shuttering of inefficient brands. Work is ongoing to integrate the 3DownNation and The Lines products into an expanded Line- ups.com. Lineups will be one of two flagship national brands alongside LegalSportsReport. com. Esports was slightly down on the same peri - od last year but up from Q4 2024 as the busi - ness prioritised high-intent traffic as part of the group’s ongoing transformation towards a quality-over-quantity model. AMOUNTS IN ’000 (EUR) Jan-Mar 2025 Jan-Mar 2024 Change LTM Jan-Dec 2024 Revenue 2,197 6,142 -64% 9,921 13,866 Adjusted EBITDA* (1,087) (1,163) 7% (5,657) (5,733) Adjusted EBITDA margin (%)* -49 -19 -30pp -57 -41 NDCs 7,6 3 4 24,326 -69% 35,278 51,970 0 2 4 6 8 Q1 25Q4 24Q3 24Q2 24Q1 24 EUR m REVENUE SPORTS * Comparative 2024 casino and sports segments costs associated with media partnerships have been reclassified to align better with each partnership’s revenue contribution by segment. See Note 4 for more information. * Note that all numbers and growth percentages shown refer to continuing operations. Casino Revenue in the Casino segment decreased by 23 percent to EUR 7 .6m (9.9), corresponding to a 78 percent share of group revenue. Adjust- ed EBITDA decreased by 34 percent to EUR 2.0m (3.0), equal to a margin of 26 percent (31). New depositing customers (NDCs) de - creased by 28 percent. In North America, casino revenue was 20 per - cent lower at EUR 7 .0m (8.8), reflecting ongo- ing challenges to achieve sustainable oper - ating gains in regulated casino. Subaffiliation made a significant contribution to revenue, demonstrating the attractive potential of this new vertical for Catena Media. Revenue from non-core assets in Japan, Eu - rope and Latin America was again lower due to multiple factors including regulatory changes in the Japanese market that reduced the number of active operators there. AMOUNTS IN ’000 (EUR) Jan-Mar 2025 Jan-Mar 2024 Change LTM Jan-Dec 2024 Revenue 7,616 9,859 -23% 33,534 35,777 Adjusted EBITDA* 2,008 3,028 -34% 10,107 11,127 Adjusted EBITDA margin (%)* 26 31 -5pp 30 31 NDCs 14,284 19,751 -28% 71,263 76,730 0 2 4 6 8 10 12 Q1 25Q4 24Q3 24Q2 24Q1 24 EUR m REVENUE CASINO * Comparative 2024 casino and sports segments costs associated with media partnerships have been reclassified to align better with each partnership’s revenue contribution by segment. See Note 4 for more information. ===== SIDA 7 ===== CATENA MEDIA INTERIM REPORT JANUARY-MARCH 2025 7 REVENUE Revenue for Q1 2025 was EUR 9.8m (16.0), a decrease of 39  percent from the corresponding quarter . Revenue derived through revenue-shar- ing arrangements accounted for 12  percent (12) of total revenue, cost-per-acquisition revenue accounted for 86 percent (86) of total reve- nue and fixed-fee revenue contributed 2 percent (2) of total revenue. EARNINGS Adjusted EBITDA decreased by 51 percent and totalled EUR 0.9m (1.9). This corresponds to an adjusted EBITDA margin of 9 percent (12). EBIT- DA, including items affecting comparability of EUR 0.3m (1.0), decreased by 31 percent and totalled EUR 0.6 (0.9). This corresponds to an EBITDA margin of 6 percent (6). Earnings per share (EPS) before dilution were EUR -0.01 (-0.03). EPS after dilution were EUR -0.01 (-0.03). Loss after tax from continuing operations was EUR 0.5m (2.2). LIQUIDITY AND CASH FLOW On 31 March cash and cash equivalents stood at EUR 24.6m (23.4). Net cash generated from continuing operating activities totalled EUR 3.2 (1.3). * Note that all numbers and growth percentages shown refer to continuing operations. FINANCIAL PERFORMANCE Financial performance (January- March 2025*) EXPENSES Total operating expenses, including items affecting comparability , totalled EUR 10.1m (16.4). Direct costs decreased to EUR 1.7m (4.6) following the termination of se- lected media partnerships and the streamlining of others to drive sustain- able profitability . Personnel expenses decreased to EUR 5.7m (7 .3), and excluding items affecting comparability decreased by 21 percent to EUR 5.3m (6.7). The lower personnel costs result from efforts to streamline the company as part of its ongoing shift towards becoming a product-led organisation. Other operating expenses totalled EUR 1.8m (3.3), and excluding items affecting comparability decreased by 35 percent to EUR 1.9m (2.9). The decline in other operating expenses is attributed to the ongoing of search engine optimisation related costs, professional fees and information technology costs. ===== SIDA 8 ===== CATENA MEDIA INTERIM REPORT JANUARY-MARCH 2025 8 SHARES AND SHARE DATA Earnings per share for Q1 2025 were EUR -0.01 (-0.03) before and after dilution. At the end of the period, Catena Media had 78,774,442 outstand- ing shares. Share capital was EUR 118,161.66, corresponding to EUR 0.0015 per share. On 31 March, the closing price of the Catena Media share was SEK 2.44. EQUITY As at 31 March, equity including hybrid capital securities totalled EUR 120.7m (172.0), equivalent to an equity-to-assets ratio of 0.83 (0.80). Excluding hybrid capital securities, equity totalled EUR 85.6m (136.9). LARGEST SHAREHOLDERS The 10 largest shareholders of Catena Media plc as of 31 March were as follows: 10 LARGEST SHAREHOLDERS AS OF 31 MARCH % Investment AB Öresund 7. 2 Avanza Pension 5.3 Jesper Ribacka 5.0 Andre Lavold 4.8 Nordic Compound Invest A/S 4.3 Catena Media plc 4.0 Niklas Karlsson 3.9 Nordnet Pension Insurance 3.0 Second Swedish National Pension Fund 2.9 Hakan Sürer 1.3 Total, 10 largest shareholders 41.7 Other shareholders 58.3 Total 100.0 STRATEGIC DIRECTION FOR THE PERIOD 2025-2026 • Embed a new operating model that enables a clearer focus on priority products and optimises them to drive growth while promoting operational alignment. • Develop and drive the key products forward to create a solid platform for sustainable revenue growth over time. • Diversify revenue streams by building first party-customer data, subaffiliation capability and a richer product-user experience to deliver additional value to users and operator partners. • Maintain a close focus on financial health and use the proceeds from prior divestments to enable continued debt reduction and effective risk management. FINANCIAL TARGETS #1 Double-digit organic growth in group revenue for 2026 and in group adjusted EBITDA for 2025 and 2026. #2 Net interest-bearing debt to adjusted EBITDA ratio of 0-1.75. OTHER Other FUNDING At the end of the period Catena Media had outstanding senior unsecured floating rate bonds of EUR 27 .5m, of which EUR 6.2m were owned by the company . The company has initiated a process to cancel the repurchased bonds, and this will be completed prior to the final bond redemption. In ad- dition, Catena Media’s funds included the hybrid capital securities issued on 10 July 2020 and which can be redeemed in full by the company on 10 July 2025 at the earliest. At the end of the period, hybrid capital securi - ties with a nominal value of EUR 43.7m, net of EUR 8.6m issuance costs, were reported in the company’s statement of financial position. For more information, see Note 7 (Borrowings) to the condensed consolidated in - terim financial statements in this report, and the company’s website www . catenamedia.com/investors. PARENT COMPANY Catena Media plc, registration number C70858, is a public company with its head office in Malta. Catena Media plc is the ultimate holding compa - ny , with the purpose of receiving dividend income from the main operat- ing company , Catena Operations Limited. Catena Media plc is listed on Nasdaq Stockholm’s main market, Mid Cap. The shares are traded under the ticker CTM and with the ISIN code MT0001000109. The warrants are traded under the ticker CTM TO1 with the ISIN code MT5000000158. There was no dividend income during Q1 2025 and Q1 2024. Q1 2025 resulted in an operating loss of EUR 0.3m (0.3) and a loss after tax of EUR 0.3m (1.2). Bond fair value movement classified in “Other gains/(losses) on financial liability at fair value through profit or loss” resulted in a gain of EUR 0.2m in Q1 2025 and a loss of 0.05m in Q1 2024. Interest payable on borrowings was EUR 0.8m (1.0). The parent company’s cash and cash equivalents were EUR 1.5m (4.4). Liabilities totalled EUR 88.6m (85.4). Equity was EUR 121.6m (180.9). As at 31 March, the parent company’s current liabilities exceeded current assets by EUR 59.7m. Liabilities of EUR 39.8m exist in respect of the par- ent company’s related undertakings, mainly to its subsidiary Catena Op- erations Limited. The directors confirm that no amounts will be requested and believe that it remains appropriate to prepare the financial statements on a going-concern basis. 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 and the SEO-based nature of the business routinely exposes the company to the risk of revenue volatility in conjunction with search-engine algorithm updates and other external factors. Risks are managed on a strategic, operational and financial level. Comprehensive risk disclosures and management approach are available in the Catena Media 2024 an - nual report on pages 40-44 and 60-62. There were no significant changes to any of the risks disclosed in the annual report. See critical accounting estimates in Note 1 in this report for more information on the group’s cash-generating units and impairment assessments. SEASONALITY A significant portion of Catena Media’s sports betting business is sub - ject to the seasonal openings and closures of the major sports leagues in North America. These calendar-related shifts are associated with changeability in the group’s quarterly performance, with revenues typical- ly being higher in the first and fourth quarters. Fluctuations in quarterly results are also reflective of market launches in North America, such as those seen during the last two years. ===== SIDA 9 ===== CATENA MEDIA INTERIM REPORT JANUARY-MARCH 2025 9 For further information, please contact This report has not been reviewed or audited by the company’s auditors. Malta, 13 May 2025 Manuel Stan, CEO Investor Relations ir@catenamedia.com Manuel Stan, CEO manuel.stan@catenamedia.com Michael Gerrow, CFO michael.gerrow@catenamedia.com Registered office Quantum Place, Triq ix-Xatt Ta’ Xbiex, Gzira, GZR 1052, Malta The information was submitted for publication, through the agency of the contact persons, on 13 May 2025 at 17:35 CEST. 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. Revenue from regulated markets was approximately 90 percent in 2024. A more detailed description of the sustainability strategy can be found in the 2024 annual report on pages 24-32. NOMINATION COMITTEEE Catena Media’s nomination committee for the 2025 AGM consists of Andreas Jönsson, representing Jesper Ribacka; Andreas Lindberg, rep- resenting Andre Lavold; Jakob Have, representing Nordic Compound In- vest; and Erik Flinck, Chairman of the Board of Catena Media. EMPLOYEES As of 31 March 2025, the group had 213 (287) employees, of whom 71 (87) were female, corresponding to 33 percent (30) of the total. Of all em- ployees, 212 were engaged on a full-time basis and 1 was part-time. Refer to further information in Note 4 (Operating expenses). OTHER PRESENTATION OF REPORT TO INVESTORS AND MEDIA CEO Manuel Stan and CFO Michael Gerrow will present the Q1 2025 re- port in a combined webcast and teleconference on 13 May 2025 at 18:00 CEST. Webcast Via the webcast you are able to ask written questions. If you wish to partic- ipate via webcast, please use the following link: https://catena-media.events.inderes.com/q1-report-2025 Teleconference Via teleconference you are able to ask questions verbally . If you wish to participate in the call, please register on the link below . After registration you will be provided phone numbers and a conference ID to access the conference: https://conference.inderes.com/teleconference/?id=50051941 The presentation will be available on the website: https://www .catenamedia.com/investors/ UPCOMING EVENTS Annual general meeting 2025 21 May 2025 Interim report Q2 January-June 2025 12 August 2025 Interim report Q3 January-March 2025 4 November 2025 ===== SIDA 10 ===== CATENA MEDIA INTERIM REPORT JANUARY-MARCH 2025 10 In addition to financial measures defined by IFRS, Catena Media pres - ents some alternative performance measures in this report that are not defined by IFRS. These alter native performance measures provide valu- able add itional information to investors and management for evalu ating the financial performance and position of Catena Media. These non-IFRS measures, as defined on the last page of this report, will not necessarily be comparable to similarly defined measures in other companies’ reports and should not be considered as substitutes for financial report ing mea- sures prepared in accordance with IFRS. More infor mation and key ratio calculations can be found at https://www .catenamedia.com/investors/. Consolidated key data and ratios Jan-Mar 2025 Jan-Mar 2024 Jan-Dec 2024 Financial measures defined by IFRS, total Revenue (EUR ‘000) 9,808 16,005 49,652 Earnings per share before dilution (EUR) (0.01) (0.03) (0.64) Earnings per share after dilution (EUR) (0.01) (0.03) (0.63) Weighted average number of outstanding shares at period end before dilution (’000) 75,650 75,649 75,649 Weighted average number of outstanding shares at period end after dilution (’000) 75,650 75,649 76,629 Financial measures defined by IFRS, continuing operations Revenue from continuing operations (EUR ’000) 9,813 16,001 49,643 Earnings per share before dilution from continuing operations (EUR) (0.01) (0.03) (0.63) Earnings per share after dilution from continuing operations (EUR) (0.01) (0.03) (0.63) Alternative performance measures EBITDA (EUR ‘000) 398 687 (524) EBITDA margin (%) 4 4 -1 EBITDA from continuing operations (EUR ’000) 631 909 (261) EBITDA margin from continuing operations (%) 6 6 -1 Adjusted EBITDA (EUR ’000) 913 1,857 5,345 Adjusted EBITDA margin (%) 9 12 11 Adjusted EBITDA from continuing operations (EUR ’000)* 921 1,865 5,394 Adjusted EBITDA margin from continuing operations (%) 9 12 11 New depositing customers from continuing operations 21,918 44,077 128,700 Average shareholders’ equity, last 12 months (EUR ’000) 143,796 209,776 155,911 Net interest-bearing debt (NIBD) (EUR ’000) (3,217) 10,059 12,874 NIBD/EBITDA multiple 3.96 2.90 (24.57) NIBD/adjusted EBITDA multiple (0.73) 0.99 2.41 Equity per share before dilution (EUR) 1.60 2.27 1.62 Equity per share after dilution (EUR) 1.60 2.27 1.60 Employees at period-end 213 287 224 Employees at period-end from continuing operations 213 287 224 Adjustments for Q1 2025 relate to items affecting comparability (IACs) from continuing operations of EUR 0.3m (1.0). IACs for the period ended 31 December 2024 were EUR 5.7m. Further details can be found in Note 3 on page 19. KEY METRICS ===== SIDA 11 ===== CATENA MEDIA INTERIM REPORT JANUARY-MARCH 2025 11 Condensed consolidated interim statements of comprehensive income FINANCIAL INFORMATION AMOUNTS IN ’000 (EUR) Notes Jan-Mar 2025 Jan-Mar 2024 Jan-Dec 2024 Revenue 9,813 16,001 49,643 Total revenue 9,813 16,001 49,643 Direct costs (1,717) (4,563) (10,990) Personnel expenses 4 (5,669) (7, 25 0) (26,746) Depreciation and amortisation (870) (1,336) (4,998) Impairment on intangible assets - - (41,203) Other operating expenses 4 (1,796) (3,279) (12,168) Total operating expenses (10,052) (16,428) (96,105) Operating loss (239) (427) (46,462) Interest payable on borrowings (469) (932) (3,056) Other gains/(losses) on financial liability at fair value through profit or loss 243 (48) (104) Other finance income/(costs) 188 (481) 1,108 Share of net loss from associate accounted for using the equity method - (9) (130) Loss before tax (277) (1,897) (48,644) Tax (expense)/income (254) (332) 698 Loss for the period from continuing operations attributable to the equity holders of the parent company (531) (2,229) (47,9 4 6) Loss for the period from discontinued operations 9 (233) (222) (263) Loss for the period (764) (2,451) (48,209) Other comprehensive income Items that may be reclassified to profit for the period Currency translation differences (445) 422 594 Items that will not be reclassified for the profit for the period Interest payable on hybrid capital securities (1,118) (1,252) (4,874) Total other comprehensive loss for the period (1,563) (830) (4,280) Total comprehensive loss attributable to the equity holders of the parent company (2,327) (3,281) (52,489) Earnings per share for loss from continuing operations attributable to the equity holders of the parent company during the period (expressed in euros per share): Basic earnings per share From loss for the period (0.01) (0.03) (0.63) Diluted earnings per share From loss for the period (0.01) (0.03) (0.63) Condensed consolidated interim income statement measures Operating loss (239) (427) (46,462) Depreciation and amortisation 870 1,336 4,998 Impairment on intangible assets - - 41,203 EBITDA 631 909 (261) Items affecting comparability in personnel expenses 3 354 537 2,793 Items affecting comparability in other operating expenses 3 (64) 419 2,862 Adjusted EBITDA 921 1,865 5,394 The notes on pages 15 to 21 are an integral part of these condensed consolidated interim financial statements. ===== SIDA 12 ===== CATENA MEDIA INTERIM REPORT JANUARY-MARCH 2025 12 Condensed consolidated interim statements of financial position FINANCIAL INFORMATION AMOUNTS IN ’000 (EUR) Notes 31 Mar 2025 31 Mar 2024 31 Dec 2024 ASSETS Non-current assets Investment in associate 5 - 1,850 511 Right-of-use asset 666 306 761 Other intangible assets 6 108,306 154,834 108,768 Property, plant and equipment 600 780 635 Other receivables - 3,251 - Total non-current assets 109,572 161,021 110,675 Current assets Trade and other receivables 10,178 30,968 26,692 Current tax asset 933 - 970 Cash and cash equivalents 24,567 23,374 8,476 Total current assets 35,678 54,342 36,138 Total assets 145,250 215,363 146,813 EQUITY AND LIABILITIES Capital and reserves Share capital 118 118 118 Share premium 134,041 134,039 134,041 Treasury reserve (6,154) (6,154) (6,154) Hybrid capital securities 8 35,103 35,109 35,103 Other reserves 10,947 11,020 11,187 Accumulated losses (53,347) (2,085) (51,465) Total equity 120,708 172,047 122,830 Liabilities Non-current liabilities Borrowings 7 - 31,430 - Deferred tax liabilities 103 729 6 Lease liability 284 - 364 Trade and other payables - 1,437 - Total non-current liabilities 387 33,596 370 Current liabilities Borrowings 7 21,243 2,083 21,486 Trade and other payables 2,912 6,900 2,127 Current tax liabilities - 737 - Total current liabilities 24,155 9,720 23,613 Total liabilities 24,542 43,316 23,983 Total equity and liabilities 145,250 215,363 146,813 The notes on pages 15 to 21 are an integral part of these condensed consolidated interim financial statements. ===== SIDA 13 ===== CATENA MEDIA INTERIM REPORT JANUARY-MARCH 2025 13 FINANCIAL INFORMATION Attributable to owners of the parent company AMOUNTS IN ’000 (EUR) Share capital Share premium Treasur y reserve Hybrid capital securities Other reserves Accumulated losses Total equity Balance at 1 January 2024 118 134,039 (6,154) 35,117 10,444 1,618 175,182 Comprehensive income Loss for the period - - - - - (2,451) (2,451) Interest payable on hybrid capital securities - - - - - (1,252) (1,252) Currency translation differences - - - - 422 - 422 Total comprehensive income/(loss) for the period - - - - 422 (3,703) (3,281) Transactions with owners Issue of share capital - - - (8) - - (8) Equity-settled share-based payments - - - - 154 - 154 Total transactions with owners - - - (8) 154 - 146 Balance at 31 March 2024 118 134,039 (6,154) 35,109 11,020 (2,085) 172,047 Attributable to owners of the parent company AMOUNTS IN ’000 (EUR) Share capital Share premium Treasur y reserve Hybrid capital securities Other reserves Retained earnings Total equity Balance at 1 January 2024 118 134,039 (6,154) 35,117 10,444 1,618 175,182 Comprehensive income Loss for the period - - - - - (48,209) (48,209) Interest payable on hybrid capital securities - - - - - (4,874) (4,874) Currency translation differences - - - - 594 - 594 Total comprehensive income/(loss) for the period - - - - 594 (53,083) (52,489) Transactions with owners Issue of share capital - 2 - - - - 2 Issue of capital securities, net of transaction costs - - - (14) - - (14) Equity-settled share-based payments - - - - 149 - 149 Total transactions with owners - 2 - (14) 149 - 137 Balance at 31 December 2024 118 134,041 (6,154) 35,103 11,187 (51,465) 122,830 The notes on pages 15 to 21 are an integral part of these condensed consolidated interim financial statements. Condensed consolidated interim statements of changes in equity Attributable to owners of the parent company AMOUNTS IN ’000 (EUR) Share capital Share premium Treasur y reserve Hybrid capital securities Other reserves Retained earnings Total equity Balance at 1 January 2025 118 134,041 (6,154) 35,103 11,187 (51,465) 122,830 Comprehensive income Loss for the period - - - - - (764) (764) Interest payable on hybrid capital securities - - - - - (1,118) (1,118) Currency translation differences - - - - (445) - (445) Total comprehensive loss for the period - - - - (445) (1,882) (2,327) Transactions with owners Equity-settled share-based payments - - - - 205 - 205 Total transactions with owners - - - - 205 - 205 Balance at 31 March 2025 118 134,041 (6,154) 35,103 10,947 (53,347) 120,708 ===== SIDA 14 ===== CATENA MEDIA INTERIM REPORT JANUARY-MARCH 2025 14 Condensed consolidated interim statements of cash flows FINANCIAL INFORMATION AMOUNTS IN ’000 (EUR) Jan-Mar 2025 Jan-Mar 2024 Jan-Dec 2024 Cash flows from operating activities Loss before tax (510) (2,119) (48,907) Loss from discontinued operations before tax 233 222 263 Adjustments for: Depreciation and amortisation 870 1,336 4,998 Loss/(gain) on disposal of assets 1 18 (4) Loss allowances on trade receivables - 82 (475) Bad debts (8) (4) 283 Impairment on intangible assets - - 41,203 Loss on contract termination - - 2,211 Unrealised exchange differences (36) 350 (202) Interest expense 296 613 1,930 Net (gains)/losses on financial liability and at fair value through profit or loss (243) 48 104 Share-based payments 205 154 149 808 700 1,553 Taxation paid (124) (51) (1,073) Changes in: Trade and other receivables 1,712 (163) 4,216 Trade and other payables 822 802 (1,813) Net cash generated from continuing operating activities 3,218 1,288 2,883 Net cash used in operating activities - discontinued operations (232) (209) (223) Net cash generated from operating activities 2,986 1,079 2,660 Cash flows generated from investing activities Acquisition of investment in subsidiary (411) - - Investments in associate - (918) (918) Proceeds from sale of investment in subsidiaries 15,000 11,556 15,056 Acquisition of property, plant and equipment (36) (3) (51) Net payments on acquisition of intangible assets (271) (533) (2,472) Net cash generated from investing activities 14,282 10,102 11,615 Cash flows used in financing activities Net payments on hybrid capital securities - (1) (13) Net repayments on borrowings - (23,988) (36,072) Share buybacks - - 1 Interest paid (1,597) (2,343) (8,147) Net lease payments (101) (130) (509) Net cash used in financing activities (1,698) (26,462) (44,740) Net movement in cash and cash equivalents 15,570 (15,281) (30,465) Cash and cash equivalents at beginning of period 8,476 38,510 38,510 Cash acquired on acquisition 928 - - Currency translation differences (407) 145 431 Cash and cash equivalents at end of period 24,567 23,374 8,476 The notes on pages 15 to 21 are an integral part of these condensed consolidated interim financial statements. ===== SIDA 15 ===== CATENA MEDIA INTERIM REPORT JANUARY-MARCH 2025 15 Notes to the condensed consolidated interim financial statements Note 1 Accounting principles This interim report was prepared in accordance with IAS 34 “Interim fi - nancial reporting”. It was prepared under the historical cost convention, as modified by the fair valuation of financial liabilities measured at fair value through profit or loss. The principal accounting policies applied in the preparation of the group’s condensed consolidated interim financial statements are consistent with those presented in the annual report for the year ended 31 December 2024. CRITICAL ACCOUNTING ESTIMATES CGUs and impairment assessment The group operates through two distinct segments, which form the ba - sis for its two cash-generating units (CGUs) under IAS 36. Management evaluates impairment risk by first assessing performance at the segment level and then further evaluating individual assets’ value-in-use. During Q1 2025, no revisions were made to the impairment assessment. Management addressed the discrepancy between the company’s book value and its market capitalisation by executing streamlining measures to reduce the cost base significantly and stabilise revenue during the last quarter of 2024. After receiving payments from divested assets, manage- ment is confident in the company’s liquidity , its ability to repay the senior bond due in June 2025. Furthermore, the group maintains a proactive approach to financial risk management, regularly assessing exposure to market fluctuations and taking appropriate steps to mitigate potential risks, including significantly reducing the cost base over the last two quarters. Based on these fac - tors, the financial statements have been prepared on a going-concern basis, as management believes that the group has adequate resources to continue operations for the foreseeable future. This ongoing assessment may lead to revisions in the carrying value or useful life of certain assets as management adapts to evolving market conditions. Share-based payments The group operates a number of equity-settled, share-based compen - sation plans under which the entity receives services from employees as consideration for equity instruments of the company . Through these equi- ty-settled schemes, eligible employees are granted share options, while directors are granted share warrants. Due to the inherent uncertainty that applies when establishing a proper estimate of the number of options expected to vest at the end of each re- porting period, and the judgement required in this exercise, management considers costs relating to share-based payments as a critical accounting estimate. At the end of each reporting period, the group revises its estimates of the number of options and warrants that are expected to vest, based on the non-market vesting conditions and service conditions that differ from one options programme to another . The impact of the revision to original es- timates, if any , is recognised in the statement of comprehensive income, with a corresponding adjustment to equity . Income tax and transfer pricing 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 group’s subsidiaries operate and generate taxable income. Management periodically performs a transfer pricing assessment of the group’s subsidiaries to analyse whether the pricing is consistent with arm’s length principles to support the position taken in the individual enti- ty’s tax returns. The applicable tax regulation is subject to interpretation. The assessment establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities. Management will continue to review its position as the group’s cross-border activity con - tinues to evolve. NOTES ===== SIDA 16 ===== CATENA MEDIA INTERIM REPORT JANUARY-MARCH 2025 16 Note 2 Segment reporting The group’s operations are reported on the basis of the two operating seg- ments: Casino and Sports. The segments were identified in accordance with the definition of an operating segment in IFRS 8, Operating Seg - ments. No inter segmental revenues arose during the period. Further , to- tal assets and liabilities for each reportable segment are not presented as they are not referred to for monitoring purposes. The following tables show figures for each period presented in  this re - port. Comparative 2024 costs have been reclassified to align better with the product-led operating model. See Note 4 for more information. NOTES Jan-Mar 2025 Jan-Mar 2024 AMOUNTS IN ’000 (EUR) Casino Sports Un allocated Total Casino Sports Un allocated Total Revenue 7,616 2,197 - 9,813 9,859 6,142 - 16,001 Total revenue 7,616 2,197 - 9,813 9,859 6,142 - 16,001 Direct costs (580) (1,137) - (1,717) (2,100) (2,463) - (4,563) Personnel expenses (3,862) (1,453) (354) (5,669) (3,305) (3,408) (537) (7, 25 0) Depreciation and amortisation (675) (195) - (870) (823) (513) - (1,336) Impairment on intangible assets - - - - - - - - Other operating expenses (1,166) (694) 64 (1,796) (1,426) (1,434) (419) (3,279) Total operating expenses (6,283) (3,479) (290) (10,052) (7,6 5 4)(7, 81 8) (956) (16,428) Operating profit/(loss) 1,333 (1,282) (290) (239) 2,205 (1,676) (956) (427) Interest payable on borrowings - - (469) (469) - - (932) (932) Other gains/(losses) on financial liability and equity instru- ments at fair value through profit or loss - - 243 243 - - (48) (48) Other finance income - - 188 188 - - (481) (481) Share of net loss from associate accounted for using the equity method - - - - - - (9) (9) Profit/(loss) before tax 1,333 (1,282) (328) (277) 2,205 (1,676) (2,426) (1,897) Tax expense - - (254) (254) - - (332) (332) Profit/(loss) for the period from continuing operations attributable to the equity holders of the parent company 1,333 (1,282) (582) (531) 2,205 (1,676) (2,758) (2,229) Loss for the period from discontinued operations (177) (56) - (233) (131) (91) - (222) Profit/(loss) for the period 1,156 (1,338) (582) (764) 2,074 (1,767) (2,758) (2,451) Other comprehensive income Items that may be reclassified to profit for the period Currency translation differences - - (445) (445) - - 422 422 Items that will not be reclassified to profit for the period Interest payable on hybrid capital securities - - (1,118) (1,118) - - (1,252) (1,252) Total other comprehensive loss for the period - - (1,563) (1,563) - - (830) (830) Profit/(loss) for the period – total comprehensive income 1,156 (1,338) (2,145) (2,327) 2,074 (1,767) (3,588) (3,281) Adjusted EBITDA 2,008 (1,087) - 921 3,028 (1,163) - 1,865 Adjusted EBITDA margin (%) 26 -49 - 9 31 -19 - 12 NDCs 14,284 7,6 3 4 - 21,918 19,751 24,326 - 44,077 ===== SIDA 17 ===== CATENA MEDIA INTERIM REPORT JANUARY-MARCH 2025 17 Jan-Dec 2024 AMOUNTS IN ’000 (EUR) Casino Sports Un allocated Total Revenue 35,777 13,866 - 49,643 Total revenue 35,777 13,866 - 49,643 Direct costs (5,456) (5,534) - (10,990) Personnel expenses (13,687) (10,266) (2,793) (26,746) Depreciation and amortisation (3,645) (1,353) - (4,998) Impairment on intangible assets (7, 3 6 8)(32,617) (1,218) (41,203) Other operating expenses (5,507) (6,010) (651) (12,168) Total operating expenses (35,663) (55,780) (4,662) (96,105) Operating profit/(loss) 114 (41,914) (4,662) (46,462) Interest payable on borrowings - - (3,056) (3,056) Other losses on financial liability and equity instruments at fair value through profit or loss - - (104) (104) Other finance income - - 1,108 1,108 Share of net loss from associate accounted for using the equity method - - (130) (130) Profit/(loss) before tax 114 (41,914) (6,844) (48,644) Tax income - - 698 698 Profit/(loss) for the period from continuing operations attributable to the equity holders of the parent company 114 (41,914) (6,146) (47,9 4 6) Loss for the period from discontinued operations (119) (144) - (263) Loss for the period (5) (42,058) (6,146) (48,209) Other comprehensive income Items that may be reclassified to profit for the period Currency translation differences - - 594 594 Items that will not be reclassified to profit for the period Interest payable on hybrid capital securities - - (4,874) (4,874) Total other comprehensive loss for the period - - (4,280) (4,280) Loss for the period – total comprehensive loss (5) (42,058) (10,426) (52,489) Adjusted EBITDA 11,127 (5,733) - 5,394 Adjusted EBITDA margin (%) 31 -41 - 11 NDCs 76,730 51,970 - 128,700 ===== SIDA 18 ===== CATENA MEDIA INTERIM REPORT JANUARY-MARCH 2025 18 NOTES RESULTS FROM CONTINUING OPERATIONS ARE FURTHER ANALYSED AS FOLLOWS: Continuing operations North America Rest of world Shared central operations Total AMOUNTS IN ’000 (EUR) Jan-Mar 2025 Jan-Mar 2024 Jan-Mar 2025 Jan-Mar 2024 Jan-Mar 2025 Jan-Mar 2024 Jan-Mar 2025 Jan-Mar 2024 Total revenue 8,761 14,324 1,052 1,677 - - 9,813 16,001 Change -39% - -37% - - - -39% - of which Casino 7,018 8,789 598 1,070 - - 7,616 9,859 of which Sports 1,743 5,535 454 607 - - 2,197 6,142 Direct costs (1,717) (4,543) - (20) - - (1,717) (4,563) Adjusted personnel expenses (2,713) (4,548) (258) (453) (2,344) (1,712) (5,315) (6,713) Adjusted other operating expenses (956) (1,421) (189) (424) (715) (1,015) (1,860) (2,860) Adjusted EBITDA 3,375 3,812 605 780 (3,059) (2,727) 921 1,865 Change -11% - -22% - - - -51% - Adjusted EBITDA margin (%) 39 27 58 47 - - 9 12 NDCs 20,974 41,432 944 2,645 - - 21,918 44,077 Change -49% - -64% - - - -50% - Continuing operations North America Rest of world Shared central operations Total AMOUNTS IN ’000 (EUR) J a n - D e c 2024 Jan-Dec 2024 J a n - D e c 2024 Jan-Dec 2024 Total revenue 43,916 5,727 - 49,643 of which: Casino 32,425 3,352 - 35,777 of which: Sports 11,491 2,375 - 13,866 Direct costs (10,956) (34) - (10,990) Adjusted personnel expenses (16,123) (1,404) (6,426) (23,953) Adjusted other operating expenses (4,902) (1,547) (2,857) (9,306) Adjusted EBITDA 11,935 2,742 (9,283) 5,394 Adjusted EBITDA margin (%) 27 48 - 11 NDCs 122,181 6,519 - 128,700 ===== SIDA 19 ===== CATENA MEDIA INTERIM REPORT JANUARY-MARCH 2025 19 Note 3 Items affecting comparability Items affecting comparability (IACs) relate to significant items that affect EBITDA when comparing to previous periods. They comprise costs in - cluded in “personnel expenses” and in “other operating expenses”. During Q1 2025, IACs from continuing operations included in personnel expenses comprised costs in relation to share-based payments of EUR 0.2m (0.2), reorganisation costs of EUR 0.1m (0.2) and one-time reten - tion incentives of EUR 0.1m (0.2). For the year ended 31 December 2024, IACs from continuing operations in personnel expenses comprised costs associated with share-based payments of EUR 0.2m, reorganisation costs of EUR 2.4m and one-time retention incentives of EUR 0.2m. During Q1 2025, IACs from continuing operations included in other op - erating expenses comprised a net reversal of costs of EUR 0.1m associ- ated with the acquisition of Mez and Rize Media AB, which was acquired with the intention to liquidate it. The comparative quarter included restruc- turing costs of EUR 0.4m. For the year ended 31 December 2024, EUR 2.2m related to the termination of the contractual arrangement previously measured in accordance with the requirements of IAS 38 using the finan- cial liability model. EUR 0.6m related to restructuring costs and EUR 0.1 related to professional and legal fees. Note 4 Operating expenses The product-led operating model implemented through 2024 and further refined in 2025 has yielded more granular financial data, resulting in three reclassifications that support the group’s ongoing commitment to accu - rate and transparent financial reporting. Comparative figures have also been reclassified to provide more accurate comparisons. 1. Individuals providing full-time services to the group have been reclas- sified from “Other Operating Expenses” to “Personnel expenses”. 2. Direct costs associated with media partnerships have been reclassi - fied based on the percentage of revenue each partnership generated per segment. This means a decreased Casino margin and increased Sports margin in the comparative period. 3. Shared product-related costs have been reclassified to the North America and Rest of World regions identified in the Note 2 tables. This provides a more balanced view of administrative and shared central operations costs in the current and comparable periods. A spreadsheet with comparative figures will be available on our website: https://www .catenamedia.com/investors/financial-reports-and-presentations/ Note 5 Investment in associate On 3 January , the group acquired Mez and Rize Media AB in full with the intention to liquidate it. As a result, the carrying value of the investment in associate on 31 December 2024 was adjusted to reflect the recoverable amount, and an impairment charge of EUR 1.2m was recognised in the statement of comprehensive income. ===== SIDA 20 ===== CATENA MEDIA INTERIM REPORT JANUARY-MARCH 2025 20 NOTES Note 7 Borrowings Borrowings at the end of the reporting period comprised senior unse - cured floating rate bonds with a nominal value of EUR 27 .5m (55.0), under a framework of EUR 100m with a maturity date that was extended to June 2025 after the partial prepayment of half the nominal amount in Q1 2024. Catena Media’s holding of outstanding bonds had a nominal value of EUR 6.2m at the end of the period. The company has initiated a process to can- cel the repurchased bonds, and this will be completed prior to the final bond redemption. The balance in the corresponding quarter also included a bank term loan, which had a remaining nominal amount of EUR 2.1m and matured in April 2024, and a revolving credit facility of EUR 10.0m. The credit facility was repaid in full during Q4 2024. The movement in fair value recognised in the statement of comprehen - sive income in “Other gains/(losses) on financial liability at fair value through profit or loss” was a gain of EUR 0.2m for Q1 2025 and a loss of EUR 0.05m for Q1 2024. The movement in fair value for the year ended 31 December 2024 resulted in a loss of EUR 0.1m. If the estimated price of the bonds were to increase by 1 percent, the estimated fair value of the bonds would increase by EUR 0.2m. Similarly , if the estimated price of the bonds were to decrease by 1 percent, the estimated fair value of the bonds would decrease by EUR 0.2m. Note 8 Hybrid capital securities There was no subscription period during Q1 2025. The 18th and final share subscription period ran from 15 August 2024 to 24 August 2024. At the end of Q1 2025, hybrid capital securities with a  nominal value of EUR 43.7m (43.7), net of EUR 8.6m (8.6) issuance costs, were reported as equity . Further details are found in the table below . AMOUNTS IN ’000 (EUR) 31 Mar 2025 Hybrid capital securities at nominal amount as of the beginning and end of the reporting period 43,731 AMOUNTS IN ’000 (EUR) 31 Mar 2025 Hybrid capital securities at nominal amount 43,731 Issuance costs Advisory costs, including financial, legal and assurance (2,335) Commission fees to guarantors (6,293) Total issuance costs (8,628) Hybrid capital securities disclosed as of the end of the reporting period 35,103 Note 6 Other intangible assets The group’s acquisitions primarily comprise other components of intellectual property , which include outsourced and internal development and licences. Group AMOUNTS IN ’000 (EUR) Domains and websites Player database Other intellectual property Total Cost at 1 January 2025 239,758 6,673 20,983 2 67,414 Additions - - 231 231 Cost at 31 March 2025 239,758 6,673 21,214 2 67,6 4 5 Accumulated amortisation and impairment losses at 1 January 2025 (133,324) (6,673) (18,649) (158,646) Amortisation charge (277) - (428) (705) Amortisation released upon dissolution - - 12 12 At 31 March 2025 (133,601) (6,673) (19,065) (159,339) At 31 March 2025 106,157 - 2,149 108,306 At 31 March 2024 147,5 0 0 - 7, 3 3 4 154,834 ===== SIDA 21 ===== CATENA MEDIA INTERIM REPORT JANUARY-MARCH 2025 21 Note 9 Discontinued operations Discontinued operations comprise the divestments of grey-market per - formance marketing assets, the AskGamblers brand, the two online ca - sino brands JohnSlots and NewCasinos, the Financial Trading segment, all assets in Catena Media UK’s business including sports betting brands Squawka and GG.co.uk, all shares in the group’s wholly owned Australian subsidiary , and the Italy-facing online sports betting and casino assets. The financial information below is presented in accordance with IFRS 5, “Non-current assets held for sale and discontinued operations”. FINANCIAL PERFORMANCE AND CASH FLOW INFORMATION AMOUNTS IN ’000 (EUR) J a n - M a r 2025 J a n - M a r 2024 J a n - D e c 2024 Revenue (5) 4 9 Personnel expenses - (34) (34) Loss on disposal of intangible asset - (17) (17) Other operating expenses (228) (175) (221) Total operating expenses (228) (226) (272) Loss after income tax from discontinued operations (233) (222) (263) Net cash generated used in operating activities (232) (209) (223) Net decrease in cash generated by divested assets (232) (209) (223) NOTES ===== SIDA 22 ===== CATENA MEDIA INTERIM REPORT JANUARY-MARCH 2025 22 AMOUNTS IN ’000 (EUR) Jan-Mar 2025 J a n - M a r 2024 Jan-Dec 2024 Personnel expenses (288) (250) (492) Impairment of investment in subsidiaries - - (53,184) Other operating expenses (23) (26) (148) Other operating income 20 20 78 Total operating expenses (291) (256) (53,746) Operating loss (291) (256) (53,746) Interest payable on borrowings (766) (1,006) (3,662) Recharge of interest to subsidiary 469 709 2,473 Other gains/(losses) on financial liability at fair value through profit or loss 243 (48) (103) Other finance income/(costs) 27 (558) (547) Loss before tax (318) (1,159) (55,585) Tax expense - - - Loss for the period (318) (1,159) (55,585) Other comprehensive income Items that will not be reclassified to profit for the period Interest payable on hybrid capital securities (1,118) (1,252) (4,874) Total comprehensive loss for the period (1,436) (2,411) (60,459) Condensed parent company statements of comprehensive income FINANCIAL INFORMATION ===== SIDA 23 ===== CATENA MEDIA INTERIM REPORT JANUARY-MARCH 2025 23 Condensed parent company statements of financial position AMOUNTS IN ’000 (EUR) 31 Mar 2025 31 Mar 2024 31 Dec 2024 ASSETS Non-current assets Investment in subsidiaries 208,674 261,858 208,674 Current assets Trade and other receivables 11 11 16 Cash and cash equivalents 1,544 4,448 1,782 Total current assets 1,555 4,459 1,798 Total assets 210,229 266,317 210,472 EQUITY AND LIABILITIES Capital and reserves Share capital 118 118 118 Share premium 134,572 134,570 134,572 Treasury reserve (6,154) (6,154) (6,154) Hybrid capital securities 35,103 35,109 35,103 Other reserves 8,623 8,422 8,417 Accumulated losses/retained earnings (50,662) 8,822 (49,226) Total equity 121,600 180,887 122,830 Liabilities Non-current liabilities Borrowings 25,000 46,430 25,000 Other payables 2,375 1,187 2,078 Total non-current liabilities 27, 375 47,617 27,078 Current liabilities Borrowings 21,243 - 21,486 Trade and other payables 39,945 37,7 14 39,078 Current tax liabilities 66 99 - Total current liabilities 61,254 37, 81 3 60,564 Total liabilities 88,629 85,430 87,6 42 Total equity and liabilities 210,229 266,317 210,472 FINANCIAL INFORMATION ===== SIDA 24 ===== CATENA MEDIA INTERIM REPORT JANUARY-MARCH 2025 24 Condensed parent company statements of changes in equity FINANCIAL INFORMATION Attributable to owners of the parent company AMOUNTS IN ’000 (EUR) Share capital Share premium Treasur y Shares Hybrid capital securities Other reserves Retained earnings Total equity Balance at 1 January 2024 118 134,570 (6,154) 35,117 8,268 11,233 183,152 Comprehensive income Loss for the period - - - - - (1,159) (1,159) Interest payable on hybrid capital securities - - - - - (1,252) (1,252) Total comprehensive loss for the year - - - - - (2,411) (2,411) Transactions with owners Subscription set-offs, including transaction costs - - - (8) - - (8) Equity-settled share-based payments - - - - 154 - 154 Total transactions with owners - - - (8) 154 - 146 Balance at 31 March 2024 118 134,570 (6,154) 35,109 8,422 8,822 180,887 Attributable to owners of the parent company AMOUNTS IN ’000 (EUR) Share capital Share premium Treasur y Shares Hybrid capital securities Other reserves Retained earnings Total equity Balance at 1 January 2024 118 134,570 (6,154) 35,117 8,268 11,233 183,152 Comprehensive income Profit for the period - - - - - (55,585) (55,585) Interest payable on hybrid capital securities - - - - - (4,874) (4,874) Total comprehensive income for the year - - - - - (60,459) (60,459) Transactions with owners Issue of share capital - 2 - - - - 2 Subscription set-offs, including transaction costs - - - (14) - - (14) Equity-settled share-based payments - - - - 149 - 149 Cancellation of shares - - - - - - - Total transactions with owners - 2 - (14) 149 - 137 Balance at 31 December 2024 118 134,572 (6,154) 35,103 8,417 (49,226) 122,830 Attributable to owners of the parent company AMOUNTS IN ’000 (EUR) Share capital Share premium Treasur y Shares Hybrid capital securities Other reserves Retained earnings Total equity Balance at 1 January 2025 118 134,572 (6,154) 35,103 8,417 (49,226) 122,830 Comprehensive income Loss for the period - - - - - (318) (318) Interest payable on hybrid capital securities - - - - - (1,118) (1,118) Total comprehensive income for the year - - - - - (1,436) (1,436) Transactions with owners Equity-settled share-based payments - - - - 206 - 206 Total transactions with owners - - - - 206 - 206 Balance at 31 March 2025 118 134,572 (6,154) 35,103 8,623 (50,662) 121,600 ===== SIDA 25 ===== CATENA MEDIA INTERIM REPORT JANUARY-MARCH 2025 25 Condensed parent company statements of cash flows FINANCIAL INFORMATION AMOUNTS IN ’000 (EUR) Jan-Mar 2025 J a n - M a r 2024 Jan-Dec 2024 Cash flows from operating activities Loss before tax (318) (1,159) (55,585) Adjustments for: Impairment on investment in subsidiaries - - 53,184 Unrealised exchange differences (32) 135 118 Interest expense 766 998 3,455 Net losses/(gains) on financial liability at fair value through profit or loss (243) 48 103 Share-based payments 205 154 149 378 176 1,424 Changes in: Trade and other receivables 6 6 - Trade and other payables (7) 419 434 Net cash generated from operating activities 377 601 1,858 Cash flows generated from investing activities Net proceeds from subsidiary and related parties 950 21,958 23,212 Net cash generated from investing activities 950 21,958 23,212 Cash flows used in financing activities Net payments on hybrid capital securities - (1) (6) Net repayment on borrowings - (21,905) (21,905) Proceeds on exercise of share options and warrants - - 1 Interest paid (1,597) (2,095) (7, 2 8 6) Net cash used in financing activities (1,597) (24,001) (29,196) Net movement in cash and cash equivalents (270) (1,442) (4,126) Cash and cash equivalents at beginning of period 1,782 6,026 6,026 Currency translation differences 32 (136) (118) Cash and cash equivalents at end of period 1,544 4,448 1,782 ===== SIDA 26 ===== CATENA MEDIA INTERIM REPORT JANUARY-MARCH 2025 26 Definitions of alternative performance measures DEFINITIONS METRIC DESCRIPTION SCOPE EBITDA Total operating profit before depreciation and amortisation and impairment on intangible assets. The group reports this metric so report users can monitor operat- ing profit and cash flow and evaluate operational profitability. EBITDA FROM CONTINUING OPERATIONS Operating profit from continuing operations before depreciation and amortisation and impairment on intangible assets from con- tinuing operations. The group reports this metric so report users can monitor operating profit and cash flow and evaluate operational profitability. EBITDA MARGIN EBITDA as a percentage of total revenue. The group reports this metric so report users can monitor operational profitability and the value created by operations. EBITDA MARGIN FROM CONTINUING OPERATIONS EBITDA from continuing operations as a percentage of revenue from continuing operations. The group reports this metric so report users can monitor operational profitability and the value created by operations. ADJUSTED EBITDA EBITDA adjusted for items affecting comparability. The group reports underlying EBITDA, excluding items affecting com- parability, to provide a more comparable measure over time than non-adjusted EBITDA and thus enhance users' understanding of the report. ADJUSTED EBITDA FROM CONTINUING OPERATIONS EBITDA from continuing operations adjusted for items affecting comparability from continuing operations. The group reports underlying EBITDA, excluding items affecting com- parability, to provide a more comparable measure over time than non-adjusted EBITDA and thus enhance users’ understanding of the report. ADJUSTED EBITDA MARGIN Adjusted EBITDA as a percentage of total revenue. The group reports the underlying EBITDA margin, excluding items affecting comparability, to provide a more comparable measure over time than the non-adjusted EBITDA margin and thus enhance users' understanding of the report. ADJUSTED EBITDA MARGIN FROM CONTINUING OPERATIONS Adjusted EBITDA from continuing operations as a percentage of revenue from continuing operations. The group reports the underlying EBITDA margin, excluding items affecting comparability, to provide a more comparable measure over time than the non-adjusted EBITDA margin and thus enhance users’ understanding of the report. NDCS (NEW DEPOSITING CUSTOMERS) New customers placing a first deposit with an operator (client). The group reports this metric because it is key to measuring revenues and long-term organic growth. ITEMS AFFECTING COMPARABILITY Significant items that affect EBITDA when comparing to previ- ous periods. Items affecting comparability comprise reorganisation costs, costs relating to share-based payments, one-time retention incentives, restructuring costs and costs in relation to acquisitions, professional fees. REVENUE GROWTH Increase in revenue compared to the previous accounting period as a percentage of revenue in the previous accounting period. The group reports this metric to enable report users to monitor busi- ness growth. NET INTEREST-BEARING DEBT (NIBD) Interest-bearing debt less cash and cash equivalents. The group reports this metric to show the outstanding balance of interest-bearing debt (excluding lease liabilities and other contractual obligations which give rise to notional interest) after deducting the group's most liquid assets, cash and cash equivalents. NIBD/ADJUSTED EBITDA MULTIPLE Interest-bearing debt (notional amount including redemption pre- mium) less cash and cash equivalents divided by adjusted EBITDA. The group reports this metric to show how many years it would take to repay the group's debts, excluding exceptional costs, if NIBD and adjusted EBITDA remained constant.