Kvartalsrapport Q1 2026

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

Q1
January–March 2026
INTERIM REPORT 
A quarter of continued revenue 
growth and solid margins
January–March 2026
• Revenue from continuing operations was EUR 12.3m (9.8), an 
increase of 26 percent.
• Revenue in North America increased by 34 percent to EUR 11.7m 
(8.8), equivalent to 95 percent (89) of group revenue from 
continuing operations. 
• New depositing customers (NDCs) from continuing operations 
totalled 34,573 (21,918), an increase of 58 percent.
• Adjusted EBITDA from continuing operations increased by 191 
percent to EUR 2.7m (0.9), corresponding to an adjusted EBITDA 
margin of 22 percent (9). 
• EBITDA from continuing operations increased by 318 percent to 
EUR 2.6m (0.6), equivalent to an EBITDA margin of 21 percent (6).
• Earnings per share from continuing operations totalled EUR 0.02 
(-0.01) before and EUR 0.02 (-0.01) after dilution. 
* Continuing operations exclude all divested assets, which are classified as “discontinued operations”.
CATENA MEDIA GROUP , CONTINUING OPERATIONS* Jan-Mar 
2026
Jan-Mar 
2025 Change LTM
Jan-Dec 
2025
Revenue (EUR ’000) 12,346 9,813 26% 49,131 46,598
Adjusted EBITDA (EUR ’000) 2,684 921 191% 11,701 9,938
Adjusted EBITDA margin (%) 22 9 13pp 24 21
EBITDA (EUR ’000) 2,636 631 318% 12,609 10,604
EBITDA margin (%) 21 6 15pp 26 23
Direct costs (EUR ’000) (3,605) (1,717) 110% (14,283) (12,395)
Adjusted personnel expenses (EUR ’000) (4,374) (5,315) -18% (16,449) (17, 3 9 0)
Adjusted other operating expenses (EUR ’000) (1,683) (1,912) -12% (7,1 37 ) (7, 3 6 6)
Operating cash flow (EUR ’000) 4,357 3,218 - 8,880 7,741
Earnings per share before dilution (EUR) 0.02 (0.01) - (0.07) (0.10)
Earnings per share after dilution (EUR) 0.02 (0.01) - (0.07) (0.10)
New depositing customers (NDCs) 34,573 21,918 58% 119,165 106,510

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

A positive quarter with strong year-on-year growth and healthy margins    
In Q1, Catena Media reported revenue of EUR 12.3 
million, representing growth of 26 percent from the 
same quarter last year. Adjusted EBITDA increased 
191 percent to EUR 2.7m, equal to a margin of 22 per -
cent. While revenue was lower than the particularly 
strong Q4 2025 figure, I am pleased with this perfor -
mance. Q1 was a more balanced quarter that sets 
a more representative baseline for future periods. 
Viewed in the context of where the business stood 18 
months ago, the trajectory is clear: we have returned 
to growth, diversified our revenue sources, and moved 
from single-digit EBITDA margins to consistently  
exceeding 20 percent.
Casino solid despite organic search headwinds 
Casino remains our most important vertical and the area 
of greatest long-term potential. Revenue of EUR 10.9 
million was 43 percent higher than Q1 last year . The 
quarter-on-quarter decrease was driven primarily by  
volatility arising from a Google search algorithm update 
in December . Immediately after this update we saw  
positive signals, but our rankings subsequently came 
under pressure.  
It is worth noting that the algorithm changes have tem -
porarily elevated some low-relevance products that  
provide low user value. We expect Google’s continued 
quality-focused refinements to correct this over time.   
Product diversification strategy in focus
In Q1, customer relationship management (CRM) con -
tinued to grow as a meaningful part of our casino offer -
ing. Our primary aim is to engage users and deliver a 
best-in-class experience that drives loyalty and repeat 
monetisation. We launched our first CRM product, Play-
Perks, on PlayUSA.com in January , and are pleased 
with the early results. We plan to extend similar loyalty 
initiatives across other core products during the coming 
quarters. 
Social sweepstakes casino grew solidly despite the  
California ban that took effect on 1 January . We intend 
to leverage our sizeable loyal customer database in  
California through adjacent products going forward.
Continued progress in subaffiliation 
Subaffiliation was strongly up year on year but saw 
a modest quarter-on-quarter revenue decrease that  
reflected a slow start to the year for our MRKTPLAYS 
platform. This was partly due to some partners experi -
encing the same SEO ranking challenges that affected 
our own products. Nevertheless, subaffiliation retained 
a stable share of group revenue and regained positive 
momentum towards the end of the quarter . 
Since announcing the launch of our expanded  
MRKTPLAYS+ initiative early in Q1, we have built a 
strong pipeline of opportunities that we are currently  
reviewing. We are putting the right structures in place 
and expect to begin deploying capital in the near future.
Opportunities in prediction markets
Sports continues to be a challenging area where we 
are underperforming. Infrastructure investments in our 
sports products are ongoing but, as previously commu-
nicated, we do not expect a material financial impact in 
the short term. 
Looking ahead, prediction markets represent arguably 
the most significant growth opportunity in the sports 
space. We have agreements in place with the leading 
operators and are actively building relevant content for 
users. Average cost-per-acquisition rates remain rela -
tively low compared to sports betting. We expect these 
to increase as the market matures, competition grows 
and operators develop a deeper understanding of user 
value.  
A further structural advantage is that while approx -
imately 52 percent of US adults have access to  
regulated sports betting markets, prediction markets are  
generally accessible nationwide. We believe this  
presents the most meaningful growth opportunity in  
online sports affiliation today .
Structural simplification nears completion
Following the efficiency measures implemented last 
year , we have decided to close and liquidate Catena  
Media entities in several geographic markets. This will 
reduce administrative and organisational complexity 
without any expected impact on headcount or costs. 
When this is complete, the group will have transitioned 
from 13 entities in 2020 to five, all based in Malta or the 
US.  
Outlook for Q2 and beyond
In Q1 we began making provisions towards the 2026 
staff bonus programme, reflecting our confidence 
in the operating strategy and our teams’ continued  
efforts. Normalising for this provision versus Q1 2025,  
personnel expenses decreased by 36%. For Q2 and the  
remainder of 2026, we remain optimistic that the busi -
ness is heading in the right direction. 
In terms of market developments, the opening of Alber-
ta as a regulated market on 13 July represents a signifi-
cant opportunity . We intend to capitalise on this through 
our core brands and the MRKTPLAYS subaffiliation  
network. Alberta is a joint casino and sports launch with 
the added advantage that surrounding provinces are  
unregulated, which creates additional scope for mean -
ingful customer acquisition.  
I would like to thank our teams for their continued focus 
and commitment, and our shareholders for their ongoing 
support as we execute on our growth strategy . 
 
Manuel Stan  
CEO
CEO’S COMMENTS
 Quarter and period Financial information Parent company Definitions
CATENA MEDIA INTERIM REPORT JANUARY - MARCH 2026 02
CEO’s comments

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

Significant events during 
Q1 2026
On 9 January 2026 the group announced that Stephen 
Taylor-Matthews would step down as non-executive  
director , effective 31 January 2026.
On 16 January , Catena Media launched MRKTPLAYS+, 
a strategic evolution of the successful MRKTPLAYS  
subaffiliation platform. MRKTPLAYS+ will provide  
additional services and support to partner publish -
ers seeking to expand their subaffiliate activities in the  
iGaming market.
Significant events after the 
period
No significant events after the period.
Organic search performance
Organic search is crucially important in the affiliation  
industry . We update the market quarterly on our average 
keyword ranking performance as we consider this infor -
mation to be relevant for investors and stakeholders.
The average score reflects the top rankings for 100 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.
In Q1, our organic search performance softened as 
product rankings came under pressure from a Google  
algorithm update in December 2025. Our teams are 
working to correct adverse impacts from the update.
03-3112-3109-3006-3003-31
Total average score
1
2
3
4
5
6
7
8
9
10
The graph and the average scores have been adjusted to reflect this update 
and facilitate meaningful comparison over time.
Cost base development
Diligent cost management continued through the quarter . 
The total cost base was EUR 9.7m, up from EUR 8.9m 
in Q1 last year and down EUR 10.9m from Q4 2025. The 
year-on-year increase reflected higher direct costs of 
EUR 3.6m (1.7), driven by further diversification into prof-
itable performance marketing channels. 
Personnel expenses, excluding an accrual for short-term 
employee incentive programmes, decreased by 36 per -
cent to EUR 3.6m (5.3). Adjusting for revenue-driven 
direct costs and for short-term employee incentive pro -
grammes, the cost base was 26 percent lower than in Q1 
2025.
Excluding items affecting comparability (IACs)
SIGNIFICANT EVENTS
Q1 26Q4 25Q3 25Q2 25Q1 25Q4 24Q3 24Q2 24Q1 24
Other operating expenses
Personnel expenses
Short-term incentive programmes
Direct costs
4.6
2.4
6.2
3.5
6.7
2.9 1.5
5.9
1.9
1.7
5.3
1.9
2.4
4.0
1.8
1.4
5.1
2.2
14.2
12.1
9.3
8.7 8.9
8.2
3.6
3.6
0.1
1.4
8.7
4.6 3.6
1.7
0.8
3.6
3.1
1.3
1.9
10.9
9.7
TOTAL COSTSTOTAL AVERAGE SCORE
 Direct costs 
 Other operating expenses
 Short-term incentive programme
 Personnel expenses
CEO’s comments Financial information Parent company Definitions
CATENA MEDIA INTERIM REPORT JANUARY - MARCH 2026 03
Quarter and period

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

OVERVIEW
Catena Media’s revenue and adjusted EBITDA are impacted by a range of external fac -
tors. These include regulations on sports betting and casino games and seasonal varia -
tions in user engagement. Seasonality primarily affects the sports segment, which sees 
higher activity in conjunction with major league seasons and large events. 
Considering that 95 percent of group revenue arises in North America, management has 
concluded that a geographic market breakdown no longer provides meaningful additional 
insight and has therefore reduced its focus on such reporting.
All numbers refer to continuing operations. For a complete breakdown see page 17 . Comparative costs have 
been reclassified to more accurately reflect segment-level contributions and internal cost allocations. 
Q1 26Q4 25Q3 25Q2 25Q1 25Q4 24Q3 24Q2 24Q1 24Q4 23
14.5
1.5 1.9
0.7 1.3 1.5 0.9 1.4
2.9
4.7
2.7
16.0
12.8
10.7 10.1 9.8 9.6
11.6
15.6
12.3
10% 12%
5%
13% 15%
9% 14%
25%
30%
22%
Hybrid capital securities 
(HO1)
In May 2025, the group announced it would defer interest 
payments on its HO1 hybrid capital securities until further 
notice and not redeem these instruments in the near term. 
The purpose of this decision was to ease Catena Media’s 
debt burden, allowing the group to create headroom for 
tech-facing investments necessary to drive the busi -
ness forward. The hybrid capital securities are perpetual  
instruments issued in 2020 and are treated as equity  
under IFRS. 
As of 31 March, the hybrid capital securities had a nom -
inal value of EUR 43.7m and deferred interest of EUR 
4.0m. In July 2025, the interest rate increased to 3-month 
STIBOR plus 11% – in line with the instrument’s terms. 
See “Funding” in the “Other” section on page 9 for further 
information. 
On 10 April, the group again deferred interest payments 
on the instruments. Accumulated deferred interest on 
that date totalled EUR 5.4m.
As communicated previously , the group expects to con-
tinue deferring interest payments on the hybrid capital se-
curities in order to maximise flexibility for effective capital 
allocation – including creating scope for investments that 
support strategic opportunities and revenue growth. This 
position will be kept under regular review .
Revenue and adjusted EBITDA 
development
GEOGRAPHIC REVENUE Q1 2026 REVENUE TYPE Q1 2026
 North America   Rest of World  CPA   Revenue share  Fixed
5%
95% 89%
7% 4%
NEW DEPOSITING CUSTOMERS Q1 2026
 CPA   Revenue share 
1%
99%
 Revenue, EUR m
 Adjusted EBITDA, EUR m
 Adjusted EBITDA margin
CEO’s comments Financial information Parent company Definitions
CATENA MEDIA INTERIM REPORT JANUARY - MARCH 2026 04
Quarter and period

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

SEGMENTS
Casino
Revenue in the Casino segment increased by 43 percent to 
EUR 10.9m (7 .6), corresponding to an 88 percent share of 
group revenue. Adjusted EBITDA increased by 12 percent 
to EUR 2.2m (2.0), equal to a margin of 21 percent (26). 
New depositing customers (NDCs) grew by 98 percent. 
Revenue decreased by 21 percent from Q4 2025, reflect-
ing slower activity and lower NDCs across some top-tier 
brands following a search-engine algorithm update in De-
cember 2025.  
Regulated casino and social sweepstakes casino both 
showed growth despite the impact of the California ban that 
took effect on 1 January 2026. 
Subaffiliation revenue increased strongly year-on-year , 
though fell back from its Q4 peak. Volatility between quar-
ters is to be expected in this fast-developing vertical. Higher 
revenue from customer relationship management (CRM) 
partly offset the broader quarter-on-quarter decrease.  
AMOUNTS IN ’000 (EUR)
Jan-Mar 
2026
Jan-Mar 
2025 Change LTM
Jan-Dec 
2025
Revenue 10,891 7,616 43% 42,466 39,191
Adjusted EBITDA* 2,244 2,008 12% 9,180 8,944
Adjusted EBITDA margin (%)* 21 26 -5pp 22 23
NDCs 28,256 14,284 98% 96,881 82,909
Q1 26Q4 25Q3 25Q2 25Q1 25Q4 24
9.9
13.9
10.9
7. 6 7. 6 7. 8
REVENUE CASINO
EUR m
CATENA MEDIA INTERIM REPORT JANUARY - MARCH 2026 05
DefinitionsParent companyFinancial informationQuarter and periodCEO’s comments

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

SEGMENTS
Sports
The Sports segment reported a 34 percent decrease in 
revenue to EUR 1.5m (2.2), equal to a 12 percent share of 
group revenue. Adjusted EBITDA increased by 140 per -
cent to EUR 0.4m (-1.1), equal to a margin of 30 percent 
(-49). New depositing customers (NDCs) decreased by 
17 percent. 
Quarter-on-quarter revenue decreased by 14 percent, 
reflecting lower average cost-per-acquisition (CPA) rates 
than in Q4 2025. Sports NDCs increased by 15 percent 
quarter-on-quarter , driven by higher player interest in the 
Super Bowl in February and in prediction markets. 
Operating challenges led to continued underperfor -
mance in the segment. As previously communicated, 
infrastructure investments are ongoing at the top-tier 
sports products to improve functionality and long-term 
competitiveness. No immediate financial impact from 
these investments is expected in the short term.  
AMOUNTS IN ’000 (EUR)
Jan-Mar 
2026
Jan-Mar 
2025 Change LTM
Jan-Dec 
2025
Revenue 1,455 2,197 -34% 6,665 7,4 07
Adjusted EBITDA* 440 (1,087) 140% 2,521 994
Adjusted EBITDA margin (%)* 30 -49 79pp 38 13
NDCs 6,317 7,6 3 4 -17% 22,284 23,601
Q1 26Q4 25Q3 25Q2 25Q1 25Q4 24
1.8 1.7
1.5
2.5
2.2
1.7
REVENUE SPORTS
EUR m
CATENA MEDIA INTERIM REPORT JANUARY - MARCH 2026 06
DefinitionsParent companyFinancial informationQuarter and periodCEO’s comments

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

REVENUE
Revenue for Q1 2026 was EUR 12.3m (9.8), an increase 
of 26 percent from Q1 2025. Cost-per-acquisition (CPA) 
revenue accounted for 89 percent (86) of total revenue, 
with revenue derived from revenue-sharing arrange -
ments contributing 7 percent (12) and fixed-fee revenue 
4 percent (2) of total revenue.
EARNINGS
Adjusted EBITDA increased by 191 percent and totalled 
EUR 2.7m (0.9), equal to an adjusted EBITDA margin 
of 22 percent (9). EBITDA totalled EUR 2.6 (0.6), an in -
crease of 318 percent. This corresponds to an EBITDA 
margin of 21 percent (6). Earnings per share (EPS) before 
dilution were EUR 0.02 (-0.01). EPS after dilution were 
EUR 0.02 (-0.01).
Profit after tax from continuing operations was EUR 1.3m. 
In the comparative period, loss after tax from continuing 
operations was EUR 0.6m.
LIQUIDITY AND CASH FLOW
On 31 March, cash and cash equivalents stood at EUR 
13.7m (24.6). Net cash generated from continuing oper -
ating activities totalled EUR 4.4m (3.2). 
EXPENSES
Total operating expenses, including items affecting com-
parability , totalled EUR 10.6m (10.1).
Direct costs increased to EUR 3.6m (1.7) primarily driven 
by higher activity from subaffiliation.
Personnel expenses decreased by 23 percent to EUR 
4.4m (5.7). The organisation remains positively impacted 
by earlier cost-saving initiatives and the shift to a flatter 
structure.
Other operating expenses totalled EUR 1.7m (1.8). The 
6 percent decrease was mainly due to lower information 
technology costs.
* All numbers and growth percentages refer to continuing operations.
Financial performance (January–March 2026*)
FINANCIAL PERFORMANCE
CATENA MEDIA INTERIM REPORT JANUARY - MARCH 2026 07
DefinitionsParent companyFinancial informationQuarter and periodCEO’s comments

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

OTHER
SHARES AND SHARE DATA
Earnings per share for Q1 2026 were EUR 0.02 (-0.01) 
before and EUR 0.02 (-0.01) after dilution. At the end of 
the period, Catena Media had 78,774,442 outstanding 
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 2.20. 
EQUITY
 
On 31 March, equity including hybrid capital securities 
totalled EUR 116.0m (123.3), equivalent to an equity-to-as-
sets ratio of 0.96 (0.83). Excluding hybrid capital securities, 
equity totalled EUR 76.9m (88.2).
LARGEST SHAREHOLDERS 
The 10 largest shareholders of Catena Media plc on 31 
March were as follows:
10 LARGEST SHAREHOLDERS 
AS OF 31 MARCH %
Avanza Pension 6.0
Nordic Compound Invest A/S 5.8
Jesper Ribacka 5.0
Andre Lavold 4.8
Nordnet Pension Insurance 4.0
Catena Media plc 4.0
Second Swedish National Pension Fund 2.9
Martin Zetterlund 2.5
Investment AB Öresund 2.4
Hakan Sürer 1.6
Total, 10 largest shareholders 39.0
Other shareholders 61.0
Total 100.0
STRATEGIC PRIORITIES GOING FORWARD
• 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 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 and 
adjusted EBITDA for 2026.
#2 Net interest-bearing debt to adjusted EBITDA ratio of 
0-1.75.
FUNDING 
At the end of the period, Catena Media’s funds comprised 
the hybrid capital securities issued on 10 July 2020 and 
first redeemable by the company from 10 July 2025. 
At the end of the period, hybrid capital securities with a  
nominal value of EUR 43.7m, net of EUR 8.6m issuance 
costs and deferred interest of EUR 4.0m, were reported in 
the statement of financial position. For more information, 
see Note 4 (Hybrid capital securities) to the condensed 
consolidated financial statements in this report and www .
catenamedia.com/investors. 
In May 2025, the group communicated its intention to 
suspend interest payments on the hybrid capital secu -
rities until further notice and announced that the instru -
ment would not be redeemed in the near term. The pur -
pose is to ease Catena Media’s financial burden and allow 
the group to create headroom for tech-facing investments 
necessary to drive the business forward.
PARENT COMPANY
Catena Media plc, registration number C70858, is a 
public company with its head office in Malta. Catena Me-
dia plc is the ultimate holding company , established to  
receive dividend income from the main operating compa-
ny , Catena Operations Limited. Catena Media plc is listed 
on Nasdaq Stockholm’s Small Cap market. The shares 
are traded under the ticker CTM and with the ISIN code 
MT0001000109. 
No dividend income arose in Q1 2026 or Q1 2025. Q1 
2026 resulted in an operating loss of EUR 0.1m and a loss 
after tax of EUR 0.4m. The comparative quarter resulted 
in an operating profit of 1.3m and a profit after tax of 1.2m. 
Interest payable on borrowings was EUR 0.3m (0.8). 
The parent company’s cash and cash equivalents were 
EUR 0.4m (1.5). Liabilities totalled EUR 90.4m (88.6). 
Equity was EUR 104.7m (123.2).
On 31 March, the parent company’s current liabilities ex-
ceeded current assets by EUR 61.4m. Liabilities of EUR 
61.8m exist in respect of the parent company’s related 
undertakings, mainly to its subsidiary Catena Operations 
Limited. The directors confirm that no amounts will be 
requested and believe that it remains appropriate to pre-
pare the financial statements on a going-concern basis.
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 , ex -
posed to compliance risks related to the online gambling 
industry . 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 strate -
gic, operational and financial level. Comprehensive risk 
disclosures and management approach are available in 
the 2025 annual report on pages 41-45 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 of 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 subject to the seasonal openings and clo -
sures of the major sports leagues in North America. These 
calendar-related shifts are associated with changeability 
in the group’s quarterly performance, with revenues typi-
cally being higher in the first and fourth quarters. Fluctua-
tions in quarterly results are also reflective of state market 
launches in North America. 
CEO’s comments Financial information Parent company Definitions
CATENA MEDIA INTERIM REPORT JANUARY - MARCH 2026 08
Quarter and period

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

OTHER
SUSTAINABILITY
Sustainability is a strategic imperative for Catena Me -
dia. The group is a digital platform with a relatively small 
environmental footprint and therefore focuses its efforts 
on social responsibility and governance. The company 
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 leader -
ship in corporate social responsibility is reflected in a  
commitment to fair and equitable gaming. A more detailed  
description of the sustainability strategy can be found in 
the 2025 annual report on pages 27-33.
EMPLOYEES
On 31 March 2026, the group had 160 (213) employees, 
of whom 58 (71) were women, corresponding to 36 per -
cent (33) of the total. All employees were employed on a 
full-time basis.
ANNUAL GENERAL MEETING
Catena Media plc will hold its Annual General Meeting 
on Wednesday , 27 May 2026 at The Westin Dragonara 
Resort, Dragonara Road, St. Julian’s, Malta. The meet -
ing begins at 09:00 CEST (07:00 UTC), with shareholder 
registration opening at 08:00 CEST.
Catena Media’s nomination committee for the 2026 
AGM consists of Andreas Jönsson, representing Jesper  
Ribacka; Andreas Lindberg, representing Andre Lavold; 
Jakob Have, representing Nordic Compound Invest; and 
Erik Flinck, Chairman of the Board of Catena Media. 
PRESENTATION OF REPORT TO INVESTORS AND MEDIA
CEO Manuel Stan and CFO Michael Gerrow will present the report in a combined  
webcast and teleconference on 12 May 2026 at 18:00 CEST.
Webcast
Via the webcast you are able to ask written questions. If you wish to participate via web -
cast, please use the following link:
https://catena-media.events.inderes.com/q1-report-2026
Teleconference
Via teleconference you are able to ask questions verbally . If you wish to participate in the 
call, please register using the link below . After registration you will be provided with phone 
numbers and a conference ID to access the conference:
https://events.inderes.com/catena-media/q1-report-2026/dial-in
The presentation will be available on the website at www .catenamedia.com/investors/.
UPCOMING EVENTS 
Annual General Meeting      27 May 2026
Interim Report Q2 January–June 2026 11 August 2026
Interim Report Q3 January–September 2026 10 November 2026
This report has not been reviewed or audited by the 
company’s auditors.
Malta, 12 May 2026
Manuel Stan, CEO
For further information, please contact
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
This information is information that Catena Media plc is obliged to make public 
pursuant to the EU Market Abuse Regulation. The information was submitted for 
publication, through the agency of the contact persons, on 12 May 2026 at 17:35 
CEST.
CEO’s comments Financial information Parent company Definitions
CATENA MEDIA INTERIM REPORT JANUARY - MARCH 2026 09
Quarter and period

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

KEY METRICS
In addition to financial measures defined by IFRS,  
Catena Media in this report presents some alternative  
performance measures that are not defined by IFRS. 
These measures provide valuable add itional informa -
tion 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 
the 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 measures prepared in accordance with IFRS. More 
infor mation and key ratio calculations can be found at  
www .catenamedia.com/investors/.
Consolidated key data and 
ratios
Jan-Mar
2026
Jan-Mar
2025
Jan-Dec  
2025
Financial measures defined by IFRS, 
total
Revenue (EUR ‘000) 12,346 9,808 46,593
Earnings per share before dilution (EUR) 0.02 (0.01) (0.10)
Earnings per share after dilution (EUR) 0.02 (0.01) (0.10)
Weighted average number of outstanding 
shares at period end before dilution 
(’000)
75,650 75,650 75,650
Weighted average number of outstanding 
shares at period end after dilution (’000)
75,650 75,650 75,650
Financial measures defined by IFRS, 
continuing operations
Revenue from continuing operations 
(EUR ’000)
12,346 9,813 46,598
Earnings per share before dilution from 
continuing operations (EUR)
0.02 (0.01) (0.10)
Earnings per share after dilution from 
continuing operations (EUR)
0.02 (0.01) (0.10)
Jan-Mar
2026
Jan-Mar
2025
Jan-Dec  
2025
Alternative performance measures
EBITDA (EUR ‘000) 2,636 398 10,371
EBITDA margin (%) 21 4 22
EBITDA from continuing operations 
(EUR ’000)
2,636 631 10,604
EBITDA margin from continuing 
operations (%)
21 6 23
Adjusted EBITDA (EUR ’000) 2,684 913 9,930
Adjusted EBITDA margin (%) 22 9 21
Adjusted EBITDA from continuing 
operations (EUR ’000)*
2,684 921 9,938
Adjusted EBITDA margin from continuing 
operations (%)
22 9 21
New depositing customers from 
continuing operations
34,573 21,918 106,510
Average shareholders’ equity, last 12 
months (EUR ’000)
118,308 144,126 119,743
Equity per share before dilution (EUR) 1.53 1.63 1.51
Equity per share after dilution (EUR) 1.53 1.63 1.51
Employees at period-end 160 213 151
Employees at period-end from continuing 
operations
160 213 151
*Adjustments for Q1 2025 relate to items affecting comparability (IACs) from continuing operations of EUR 
0.3m. IACs for the period ended 31 December 2025 were EUR -0.7m. 
CEO’s comments Financial information Parent company Definitions
CATENA MEDIA INTERIM REPORT JANUARY - MARCH 2026 10
Quarter and period

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

AMOUNTS IN ’000  
(EUR) Notes
Jan-Mar 
2026
Jan-Mar 
2025
Jan-Dec  
2025
Revenue 12,346 9,813 46,598
Total revenue 12,346 9,813 46,598
Direct costs (3,605) (1,717) (12,395)
Personnel expenses (4,374) (5,669) (17,9 87 )
Depreciation and amortisation (898) (870) (3,279)
Impairment on intangible assets - - (16,500)
Gain  on disposal of intangible assets - - 1,410
Gain on disposal of 
investment in subsidiary 5 - 45
Other Income - 52 491
Other operating expenses (1,736) (1,848) (7,5 5 8)
Total operating expenses (10,608) (10,052) (55,773)
Operating profit/(loss) 1,738 (239) (9,175)
Interest payable on borrowings - (469) (823)
Other gains on financial liability at fair 
value through profit or loss - 243 8
Other finance income 79 188 243
Profit/(loss) before tax 1,817 (277) (9,747)
Tax (expense)/income (550) (364) 2,489
Profit/(loss) for the period from 
continuing operations attributable 
to the equity holders of the parent 
company 1,267 (641) (7, 2 5 8)
Profit/(loss) for the period 
from discontinued operations - (233) (233)
Profit/(loss) for the period 1,267 (874) (7,4 91)
AMOUNTS IN ’000  
(EUR) Notes
Jan-Mar 
2026
Jan-Mar 
2025
Jan-Dec  
2025
Other comprehensive 
income 
Items that may be reclassified 
to profit for the period
Currency translation differences 371 (445) (1,350)
Total other comprehensive 
income/(loss) for the period 371 (445) (1,350)
Total comprehensive income/
(loss) attributable to the equity 
holders of the parent company 1,638 (1,319) (8,841)
Earnings per share for 
profit/(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 profit/(loss) for the 
period 0.02 (0.01) (0.10)
Diluted earnings per share
From profit/(loss) for the 
period 0.02 (0.01) (0.10)
AMOUNTS IN ’000  
(EUR) Notes
Jan-Mar 
2026
Jan-Mar 
2025
Jan-Dec 
2025
Operating profit/(loss) 1,738 (239) (9,175)
Depreciation and amortisation 898 870 3,279
Impairment on intangible 
assets - - 16,500
EBITDA 2,636 631 10,604
Items affecting 
comparability in 
personnel expenses - 354 597
Items affecting 
comparability in other 
operating expenses 53 (64) 192
Gain on disposal of 
intangible assets (5) - (1,410)
Gain on disposal of 
investment in subsidiary - - (45)
Adjusted EBITDA 2,684 921 9,938
Condensed consolidated statements 
of comprehensive income
Condensed consolidated income 
statement measures 
Quarter and periodCEO’s comments Parent company Definitions
CATENA MEDIA INTERIM REPORT JANUARY - MARCH 2026 11
Financial information

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

Condensed consolidated statements of financial position
AMOUNTS IN ’000 (EUR) Notes
31 Mar 
2026
31 Mar
2025
31 Dec
 2025
ASSETS
Non-current assets
Right-of-use asset 421 666 377
Other intangible assets 3 90,050 108,306 90,523
Property, plant and equipment 374 600 412
Deferred tax asset 7,0 3 5 2,529 7, 3 6 5
Total non-current assets 97, 8 8 0 112,101 98,677
Current assets
Trade and other receivables 9,662 10,178 11,923
Current tax asset - 933 -
Cash and cash equivalents 13,654 24,567 9,317
Total current assets 23,316 35,678 21,240
Total assets 121,196 1 47,7 79 119,917
AMOUNTS IN ’000 (EUR) Notes
31 Mar 
2026
31 Mar
2025
31 Dec
 2025
EQUITY AND LIABILITIES
Capital and reserves
Share capital 118 118 118
Share premium 134,041 134,041 134,041
Treasury reserve (6,154) (6,154) (6,154)
Hybrid capital securities 4 39,068 35,103 37,5 9 2
Other reserves 1,915 10,947 1,544
Accumulated losses (53,010) (50,715) (52,801)
Total equity 115,978 123,340 114,340
Liabilities
Non-current liabilities
Lease liability - 284 29
Total non-current liabilities - 284 29
Current liabilities
Borrowings - 21,243 -
Trade and other payables 4,310 2,912 5,027
Current tax liabilities 908 - 521
Total current liabilities 5,218 24,155 5,548
Total liabilities 5,218 24,439 5,577
Total equity and liabilities 121,196 1 47,7 79 119,917
The notes on pages 16 to 20 are an integral part of these condensed consolidated financial statements.
Quarter and periodCEO’s comments Parent company Definitions
CATENA MEDIA INTERIM REPORT JANUARY - MARCH 2026 12
Financial information

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

Condensed consolidated 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
Accumula-
ted losses 
Total
equity
Balance at 1 January 2026 118 134,041 (6,154) 37,5 92 1,544 (52,801) 114,340
Comprehensive income
Profit for the period - - - - - 1,267 1,267
Currency translation differences - - - - 371 - 371
Total comprehensive income for 
the period - - - - 371 1,267 1,638
Transactions with owners and 
equity holders
Interest payable on hybrid capital 
securities - - - - - (1,476) (1,476)
Deferred interest on hybrid capital 
securities - - - 1,476 - - 1,476
Total transactions with owners and 
equity holders - - - 1,476 - (1,476) -
Balance at 31 March 2026 118 134,041 (6,154) 39,068 1,915 (53,010) 115,978
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 (48,723) 125,572
Comprehensive income
Loss for the period - - - - - (874) (874)
Currency translation differences - - - - (445) - (445)
Total comprehensive loss for the 
period - - - - (445) (874) (1,319)
Transactions with owners and 
equity holders
Equity-settled share-based payments - - - - 205 - 205
Interest payable on hybrid capital 
securities - - - - - (1,118) (1,118)
Total transactions with owners and 
equity holders - - - - 205 (1,118) (913)
Balance at 31 March 2025 118 134,041 (6,154) 35,103 10,947 (50,715) 123,340
The notes on pages 16 to 20 are an integral part of these condensed consolidated financial statements.
Condensed consolidated statements of changes in equity
Quarter and periodCEO’s comments Parent company Definitions
CATENA MEDIA INTERIM REPORT JANUARY - MARCH 2026 13
Financial information

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

Condensed consolidated 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
Accumula-
ted losses 
Total
equity
Balance at 1 January 2025 118 134,041 (6,154) 35,103 11,187 (48,723) 125,572
Comprehensive income
Loss for the period - - - - - (7,4 91) (7,4 91)
Currency translation differences - - - - (1,350) - (1,350)
Total comprehensive loss for the 
period - - - - (1,350) (7,4 91) (8,841)
Transactions with owners and 
equity holders
Issue of capital securities, net of 
transaction costs - - - (1) - - (1)
Equity-settled share-based payments - - - - (186) - (186)
Interest payable on hybrid capital 
securities - - - - - (4,694) (4,694)
Deferred interest on hybrid capital 
securities - - - 2,490 - - 2,490
Transfer between reserves - - - - (8,107) 8,107 -
Total transactions with owners and 
equity holders - - - 2,489 (8,293) 3,413 (2,391)
Balance at 31 December 2025 118 134,041 (6,154) 37,5 92 1,544 (52,801) 114,340
Quarter and periodCEO’s comments Parent company Definitions
CATENA MEDIA INTERIM REPORT JANUARY - MARCH 2026 14
Financial information

===== SIDA 15 =====

Condensed consolidated statements of cash flows
AMOUNTS IN ’000 (EUR)
Jan-Mar 
2026
Jan-Mar 
2025
Jan-Dec 
2025
Cash flows from operating activities
Profit/(loss) before tax 1,817 (510) (9,980)
Loss from discontinued operations 
before tax - 233 233
Adjustments for:
Depreciation and amortisation 898 870 3,279
Loss/(gain) on disposal of assets 21 1 (1,398)
Gain on disposal of investment in 
subsidiary (5) - (45)
Loss allowances on trade receivables - - (6)
Bad debts 19 (8) 17
Impairment on intangible assets - - 16,500
Unrealised exchange differences (25) (36) (71)
Interest expense (6) 296 585
Net gains on financial liability and at fair 
value through profit or loss - (243) (136)
Share-based payments - 205 (186)
2,719 808 8,792
Taxation received/(paid) 148 (124) (793)
Changes in:
Trade and other receivables 2,256 1,712 (3,420)
Trade and other payables (766) 822 3,162
Net cash generated from continuing 
operating activities 4,357 3,218 7,741
Net cash used in operating activities - 
discontinued operations - (232) (232)
Net cash generated from operating 
activities 4,357 2,986 7,5 0 9
AMOUNTS IN ’000 (EUR)
Jan-Mar 
2026
Jan-Mar 
2025
Jan-Dec 
2025
Cash flows generated from investing 
activities
Acquisition of investment in subsidiary, 
net of cash acquired - (411) 517
Proceeds from sale of investment in 
subsidiaries - 15,000 18,516
Net proceeds/(acquisition) of property, 
plant and equipment (42) (36) (44)
Payments on acquisition of intangible 
assets (245) (271) (1,211)
Receipts on disposal of intangible assets - - 1,630
Net cash (used in)/ generated from 
investing activities (287) 14,282 19,408
Cash flows used in financing activities
Repayments on borrowings - - (21,478)
Interest paid - (1,597) (3,020)
Lease payments (137) (101) (402)
Net cash used in financing activities (137) (1,698) (24,900)
Net movement in cash and cash 
equivalents 3,933 15,570 2,017
Cash and cash equivalents at 
beginning of period 9,317 8,476 8,476
Cash acquired on acquisition - 928 -
Currency translation differences 404 (407) (1,176)
Cash and cash equivalents at end of 
period 13,654 24,567 9,317
The notes on pages 16 to 20 are an integral part of these condensed consolidated financial statements.
Quarter and periodCEO’s comments Parent company Definitions
CATENA MEDIA INTERIM REPORT JANUARY - MARCH 2026 15
Financial information

===== SIDA 16 =====

Notes to the condensed consolidated financial statements
Note 1 
Accounting principles
This interim report was prepared in accordance with IAS 
34 “Interim financial reporting”. It was prepared under the 
historical cost convention, as modified by the fair valua -
tion 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 
financial statements are consistent with those present -
ed in the annual report for the year ended 31 December 
2025.
CRITICAL ACCOUNTING ESTIMATES
CGUs and impairment assessment
The group operates through two primary segments, which 
also represent its two cash-generating units (CGUs) for 
the purposes of impairment testing in accordance with 
IAS 36 – Impairment of Assets. 
No revisions to the impairment assessment were made 
during Q1 2026, as the results for the final quarter of the 
year were consistent with and supported the assump -
tions and considerations applied during the 2025 impair-
ment assessment.
Note 2 
Segment reporting
The group’s operations are reported on the basis of the 
two operating segments: Casino and Sports. The  seg-
ments were identified in accordance with the definition 
of an operating segment in IFRS 8, Operating Segments. 
No inter segmental revenues arose during the period.   
Further ,  total 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 present-
ed in this report. 
Since the majority of group revenue arises in North Amer-
ica, management has concluded that a geographic mar -
ket breakdown no longer provides meaningful additional 
insight and has therefore reduced its focus on such re -
porting.
A significant portion of Catena Media’s sports betting 
business is subject to the seasonal openings and clo -
sures of the major sports leagues in North America. These 
calendar-related shifts are associated with changeability 
in the group’s quarterly performance, with revenues typi-
cally being higher in the first and fourth quarters. Fluctua-
tions in quarterly results are also reflective of state market 
launches in North America. 
Quarter and periodCEO’s comments Parent company Definitions
CATENA MEDIA INTERIM REPORT JANUARY - MARCH 2026 16
Financial information2 3 41

===== SIDA 17 =====

Jan-Mar 2026 Jan-Mar 2025
AMOUNTS IN ’000 (EUR) Casino Sports Un  allocated Total Casino Sports Un  allocated Total
Revenue 10,891 1,455 - 12,346 7,616 2,197 - 9,813
Total revenue 10,891 1,455 - 12,346 7,616 2,197 - 9,813
Direct costs (3,555) (50) - (3,605) (580) (1,137) - (1,717)
Personnel expenses (3,759) (615) - (4,374) (3,862) (1,453) (354) (5,669)
Depreciation and amortisation (792) (106) - (898) (675) (195) - (870)
Gain on disposal of investment in subsidiary - - 5 5 - - - -
Other income - - - - 40 12 - 52
Other operating expenses (1,333) (350) (53) (1,736) (1,206) (706) 64 (1,848)
Total operating expenses (9,439) (1,121) (48) (10,608) (6,283) (3,479) (290) (10,052)
Operating profit/(loss) 1,452 334 (48) 1,738 1,333 (1,282) (290) (239)
Interest payable on borrowings - - - - - - (469) (469)
Other gains on financial liability and equity instruments at fair value through profit or loss - - - - - - 243 243
Other finance income - - 79 79 - - 188 188
Profit/(loss) before tax 1,452 334 31 1,817 1,333 (1,282) (328) (277)
Tax expense - - (550) (550) - - (364) (364)
Profit/(loss) for the period from continuing operations attributable to the  
equity holders of the parent company 1,452 334 (519) 1,267 1,333 (1,282) (692) (641)
Loss for the period from discontinued operations - - - - (177) (56) - (233)
Profit/(loss) for the period 1,452 334 (519) 1,267 1,156 (1,338) (692) (874)
Other comprehensive income
Items that may be reclassified to profit for the period
Currency translation differences - - 371 371 - - (445) (445)
Total other comprehensive income/(loss) for the period - - 371 371 - - (445) (445)
Profit/(loss) for the period – total comprehensive income/( loss) 1,452 334 (148) 1,638 1,156 (1,338) (1,137) (1,319)
Adjusted EBITDA 2,244 440 - 2,684 2,008 (1,087) - 921
Adjusted EBITDA margin (%) 21 30 - 22 26 -49 - 9
NDCs 28,256 6,317 - 34,573 14,284 7,6 3 4 - 21,918
Quarter and periodCEO’s comments Parent company Definitions
CATENA MEDIA INTERIM REPORT JANUARY - MARCH 2026 17
Financial information1 3 42

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

Jan-Dec 2025
AMOUNTS IN ’000 (EUR) Casino Sports Un  allocated Total
Revenue 39,191 7,4 07 - 46,598
Total revenue 39,191 7,4 07 - 46,598
Direct costs (11,808) (587) - (12,395)
Personnel expenses (13,883) (3,507) (597) (17,9 87 )
Depreciation and amortisation (2,737) (542) - (3,279)
Impairment on intangible assets (6,000) (10,500) - (16,500)
(Loss)/gain on disposal of intangible assets (94) 1,537 (33) 1,410
Gain on disposal of investment in subsidiary - - 45 45
Other income 415 76 - 491
Other operating expenses (4,971) (2,395) (192) (7,5 5 8)
Total operating expenses (39,078) (15,918) (777) (55,773)
Operating profit/(loss) 113 (8,511) (777) (9,175)
Interest payable on borrowings - - (823) (823)
Other gains on financial liability and equity instruments at fair value through profit or loss - - 8 8
Other finance income - - 243 243
Profit/(loss) before tax 113 (8,511) (1,349) (9,747)
Tax income - - 2,489 2,489
Profit/(loss) for the period from continuing operations attributable to the  
equity holders of the parent company 113 (8,511) 1,140 (7, 2 5 8)
Loss for the period from discontinued operations (177) (56) - (233)
Loss for the period (64) (8,567) 1,140 (7,4 91)
Other comprehensive income
Items that may be reclassified to profit for the period
Currency translation differences - - (1,350) (1,350)
Total other comprehensive loss for the period - - (1,350) (1,350)
Loss for the period – total comprehensive loss (64) (8,567) (210) (8,841)
Adjusted EBITDA 8,944 994 - 9,938
Adjusted EBITDA margin (%) 23 13 - 21
NDCs 82,909 23,601 - 106,510
Quarter and periodCEO’s comments Parent company Definitions
CATENA MEDIA INTERIM REPORT JANUARY - MARCH 2026 18
Financial information1 3 42

===== SIDA 19 =====

RESULTS FROM CONTINUING OPERATIONS ARE FURTHER ANAL YSED AS FOLLOWS:
Continuing operations
North America Rest of World Total
Amounts in ’000 (EUR) Jan-Mar 2026 Jan-Mar 2025 Jan-Mar 2026 Jan-Mar 2025 Jan-Mar 2026 Jan-Mar 2025
Total revenue 11,747 8,761 599 1,052 12,346 9,813
Change 34% - -43% - 26% -
of which Casino 10,433 7,018 458 598 10,891 7,616
of which Sports 1,314 1,743 141 454 1,455 2,197
Continuing operations
North America Rest of World Total
Amounts in ’000 (EUR) Jan-Dec 2025 Jan-Dec 2025 Jan-Dec 2025
Total revenue 43,776 2,822 46,598
of which Casino 37, 31 3 1,878 39,191
of which Sports 6,463 944 7,4 07
Quarter and periodCEO’s comments Parent company Definitions
CATENA MEDIA INTERIM REPORT JANUARY - MARCH 2026 19
Financial information1 432

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

Note 4 
Hybrid capital securities
At the end of Q1 2026, hybrid capital securities with 
a   nominal value of EUR 43.7m (43.7), deferred interest 
of EUR 4.0m (nil) and 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
 2026
Hybrid capital securities at nominal amount as of 
the beginning of the reporting period 43,731
Deferred interest on hybrid capital securities 3,966
Hybrid capital securities at nominal amount, 
including deferred interest, as of the end of the 
reporting period 47,6 97
AMOUNTS IN ’000 (EUR)
31 Mar
 2026
Hybrid capital securities at nominal amount 47,6 97
Issuance costs
     Advisory costs, including financial, legal and 
assurance (2,336)
     Commission fees to guarantors (6,293)
Total issuance costs (8,629)
Hybrid capital securities disclosed as of the end 
of the reporting period 39,068
Note 3 
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 2026 231,703 6,404 17,9 4 4 256,051
Additions - - 271 271
Disposals - - (42) (42)
Cost at 31 March 2026 231,703 6,404 18,173 256,280
Accumulated amortisation and impairment 
losses at 1 January 2026 (143,077) (6,404) (16,047) (165,528)
Amortisation charge (426) - (304) (730)
Amortisation released upon dissolution - - 28 28
At 31 March 2026 (143,503) (6,404) (16,323) (166,230)
At 31 March 2026 88,200 - 1,850 90,050
At 31 March 2025 106,157 - 2,149 108,306
Quarter and periodCEO’s comments Parent company Definitions
CATENA MEDIA INTERIM REPORT JANUARY - MARCH 2026 20
Financial information1 2 43

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

AMOUNTS IN ’000 (EUR)
Jan-Mar 
2026
Jan-Mar 
2025
Jan-Dec 
2025
Personnel expenses (63) 1,272 1,050
Impairment of investment in subsidiaries - - (15,216)
Other operating expenses (19) (23) (89)
Other operating income 20 20 78
Total operating expenses (62) 1,269 (14,177)
Operating (loss)/profit (62) 1,269 (14,177)
Interest payable on borrowings (297) (766) (2,011)
Recharge of interest to subsidiary - 469 823
Other gains on financial liability at fair value through profit or loss - 243 8
Other finance (costs)/income (5) 27 (13)
(Loss)/profit before tax (364) 1,242 (15,370)
Tax expense (1) - -
Total comprehensive (loss)/income for the period (365) 1,242 (15,370)
Condensed parent company statements of comprehensive income
Quarter and periodCEO’s comments Financial information Definitions
CATENA MEDIA INTERIM REPORT JANUARY - MARCH 2026 21
Parent company

===== SIDA 22 =====

Condensed parent company statements of financial position
AMOUNTS IN ’000 (EUR) 31 Mar 2026 31 Mar 2025 31 Dec 2025
ASSETS
Non-current assets
Investment in subsidiaries 194,628 210,234 194,628
Current assets
Trade and other receivables 59 11 17
Cash and cash equivalents 403 1,544 454
Total current assets 462 1,555 471
Total assets 195,090 211,789 195,099
AMOUNTS IN ’000 (EUR) 31 Mar 2026 31 Mar 2025 31 Dec 2025
EQUITY AND LIABILITIES
Capital and reserves
Share capital 118 118 118
Share premium 134,572 134,572 134,572
Treasury reserve (6,154) (6,154) (6,154)
Hybrid capital securities 39,068 35,103 37,5 9 2
Other reserves 124 8,623 124
Accumulated losses (63,024) (49,102) (61,183)
Total equity 104,704 123,160 105,069
Liabilities
Non-current liabilities
Borrowings 25,000 25,000 25,000
Other payables 3,562 2,375 3,266
Total non-current liabilities 28,562 27, 375 28,266
Current liabilities
Borrowings - 21,243 -
Trade and other payables 61,824 39,945 61,764
Current tax liabilities - 66 -
Total current liabilities 61,824 61,254 61,764
Total liabilities 90,386 88,629 90,030
Total equity and liabilities 195,090 211,789 195,099
Quarter and periodCEO’s comments Financial information Definitions
CATENA MEDIA INTERIM REPORT JANUARY - MARCH 2026 22
Parent company

===== SIDA 23 =====

Condensed parent company statements of changes in equity
Attributable to owners of the parent company
AMOUNTS IN ’000 (EUR)
Share
capital
Share
premium
Treasur y  
shares
Hybrid capital
securities
Other 
reserves
Accumula-
ted losses
Total
equity
Balance at 1 January 2026 118 134,572 (6,154) 37,5 92 124 (61,183) 105,069
Comprehensive income
Loss for the period - - - - - (365) (365)
Total comprehensive loss for the 
period - - - - - (365) (365)
Transactions with owners and 
equity holders
Deferred interest on hybrid capital 
securities - - - 1,476 - - 1,476
Interest payable on hybrid capital 
securities - - - - - (1,476) (1,476)
Total transactions with owners and 
equity holders - - - 1,476 - (1,476) -
Balance at 31 March 2026 118 134,572 (6,154) 39,068 124 (63,024) 104,704
Attributable to owners of the parent company
AMOUNTS IN ’000 (EUR)
Share
capital
Share
premium
Treasur y  
shares
Hybrid capital
securities
Other 
reserves
Accumula-
ted losses
Total
equity
Balance at 1 January 2025 118 134,572 (6,154) 35,103 8,417 (49,226) 122,830
Comprehensive income
Profit for the period - - - - - 1,242 1,242
Total comprehensive income for 
the year - - - - - 1,242 1,242
Transactions with owners and 
equity holders
Equity-settled share-based payments - - - - 206 - 206
Interest payable on hybrid capital 
securities - - - - - (1,118) (1,118)
Total transactions with owners and 
equity holders - - - - 206 (1,118) (912)
Balance at 31 March 2025 118 134,572 (6,154) 35,103 8,623 (49,102) 123,160
Quarter and periodCEO’s comments Financial information Definitions
CATENA MEDIA INTERIM REPORT JANUARY - MARCH 2026 23
Parent company

===== SIDA 24 =====

Condensed parent company statements of changes in equity
Attributable to owners of the parent company
AMOUNTS IN ’000 (EUR)
Share
capital
Share
premium
Treasur y  
shares
Hybrid capital
securities
Other 
reserves
Accumula-
ted losses
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 - - - - - (15,370) (15,370)
Total comprehensive loss for the 
period (15,370) (15,370)
Transactions with owners and 
equity holders
Issue of share capital - - - (1) - - (1)
Deferred interest on capital securities - - - 2,490 - - 2,490
Interest payable on hybrid capital 
securities - - - - - (4,694) (4,694)
Equity-settled share-based payments - - - - (186) - (186)
Transfer between reserves - - - - (8,107) 8,107 -
Total transactions with owners and 
equity holders - - - 2,489 (8,293) 3,413 (2,391)
Balance at 31 December 2025 118 134,572 (6,154) 37,5 92 124 (61,183) 105,069
Quarter and periodCEO’s comments Financial information Definitions
CATENA MEDIA INTERIM REPORT JANUARY - MARCH 2026 24
Parent company

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Condensed parent company statements of cash flows
AMOUNTS IN ’000 (EUR) Jan-Mar 2026 Jan-Mar 2025 Jan-Dec 2025
Cash flows from operating activities
Loss before tax (364) (318) (15,370)
Adjustments for:
Impairment on investment in subsidiaries - - 15,216
Unrealised exchange differences 1 (32) (16)
Interest expense 297 766 2,011
Net gains on financial liability at fair value through profit or 
loss - (243) (136)
Share-based payments - 205 (1,357)
(66) 378 348
Changes in:
Trade and other receivables (42) 6 (1)
Trade and other payables (5) (7) 125
Net cash (used in)/generated from operating activities (113) 377 472
Cash flows generated from investing activities
Net proceeds from subsidiary and related parties 63 950 22,804
Net cash generated from investing activities 63 950 22,804
AMOUNTS IN ’000 (EUR) Jan-Mar 2026 Jan-Mar 2025 Jan-Dec 2025
Cash flows used in financing activities
Net repayment on borrowings - - (21,478)
Interest paid - (1,597) (3,143)
Net cash used in financing activities - (1,597) (24,621)
Net movement in cash and cash equivalents (50) (270) (1,345)
Cash and cash equivalents at beginning of period 454 1,782 1,782
Currency translation differences (1) 32 17
Cash and cash equivalents at end of period 403 1,544 454
Quarter and periodCEO’s comments Financial information Definitions
CATENA MEDIA INTERIM REPORT JANUARY - MARCH 2026 25
Parent company

===== SIDA 26 =====

Definitions of alternative performance measures
EBITDA
Total operating profit before depreciation and am-
ortisation and impairment on intangible assets.
The group reports this metric so report users can monitor 
operating profit and cash flow and evaluate operational 
profitability .
EBITDA FROM CONTINUING OPERATIONS
Operating profit from continuing operations 
before depreciation and amortisation and 
impairment on intangible assets from continuing 
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 percent-
age 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 compara-
bility .
The group reports underlying EBITDA, excluding items 
affecting comparability , to provide a more comparable 
measure over time than non-adjusted EBITDA and thus 
enhance users' understanding of the report.
ADJUSTED EBITDA FROM CONTINUING 
OPERATIONS
EBITDA from continuing operations adjusted for 
items affecting comparability from continuing 
operations.
The group reports underlying EBITDA, excluding items 
affecting comparability , to provide a more comparable 
measure over time than non-adjusted EBITDA and thus 
enhance users’ understanding of the report.
ADJUSTED EBITDA MARGIN
Adjusted EBITDA as a percentage of total reve-
nue.
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 com-
paring to previous 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 business growth.
Quarter and periodCEO’s comments Financial information Parent company
CATENA MEDIA INTERIM REPORT JANUARY - MARCH 2026 26
Definitions