FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2025
===== 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
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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
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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
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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.