===== SIDA 1 ===== Q2 January-June 2025 INTERIM REPORT Profitability up and revenue stable as business optimisation measures show initial positive impact April-June 2025 January-June 2025 • Revenue from continuing operations was EUR 9.6m (12.8), a decrease of 25 percent. Compared to Q1 2025 revenue decreased by 2 percent and, when adjusted for currency translation effects arising from a weaker US dollar , revenue increased by 6 percent. • Revenue in North America decreased by 23 percent to EUR 8.7m (11.2), equivalent to 90 percent (88) of group revenue from continuing operations. Compared to Q1 2025 revenue decreased by 1 percent and, when adjusted for currency translation effects arising from a weaker US dollar , revenue increased by 7 percent. • New depositing customers (NDCs) from continuing operations totalled 20,229 (31,475), a decrease of 36 percent. • Adjusted EBITDA from continuing operations increased by 104 percent to EUR 1.4 (0.7), corresponding to an adjusted EBITDA margin of 14 percent (5). • EBITDA from continuing operations increased by 483 percent to EUR 2.2m (-0.6), equivalent to an EBITDA margin of 23 percent (-4). • Earnings per share from continuing operations totalled EUR 0.01 (-0.04) before and after dilution. • Revenue from continuing operations was EUR 19.4m (28.8), a decrease of 33 percent. • Revenue in North America decreased by 32 percent to EUR 17 .4m (25.5), equivalent to 90 percent (89) of group revenue from continuing operations. • New depositing customers (NDCs) from continuing operations totalled 42,147 (75,552), decrease of 44 percent. • Adjusted EBITDA from continuing operations decreased by 9 percent to EUR 2.3m (2.5), corresponding to an adjusted EBITDA margin of 12 percent (9). • EBITDA from continuing operations increased by 744 percent to EUR 2.8m (0.3), equivalent to an EBITDA margin of 15 percent (1). • Earnings per share from continuing operations totalled EUR 0.003 (-0.07) before dilution and EUR 0.003 (-0.06) after dilution. * Continuing operations exclude all divested assets, which are classified as “discontinued operations”. CATENA MEDIA GROUP , CONTINUING OPERATIONS* Apr-Jun 2025 Apr-Jun 2024 Change Jan-Jun 2025 Jan-Jun 2024 Change LTM Jan-Dec 2024 Revenue (EUR ’000) 9,582 12,792 -25% 19,395 28,793 -33% 40,245 49,643 Adjusted EBITDA (EUR ’000) 1,387 680 104% 2,308 2,545 -9% 5,157 5,394 Adjusted EBITDA margin (%) 14 5 9 pp 12 9 3 pp 13 11 EBITDA (EUR ’000) 2,198 (574) 483% 2,829 335 744% 2,233 (261) EBITDA margin (%) 23 (4) 27 pp 15 1 14 pp 6 -1 Direct costs (EUR ’000) (2,434) (3,533) -31% (4,151) (8,096) -49% (7 ,045) (10,990) Adjusted personnel expenses (EUR ’000) (3,972) (6,223) -36% (9,287) (12,936) -28% (20,304) (23,953) Adjusted other operating expenses (EUR ’000) (1,789) (2,356) -24% (3,649) (5,216) -30% (7,73 9) (9,306) Operating cash flow (EUR ’000) 966 (22) 4,491% 4,184 1,266 230% 5,801 2,883 Earnings per share before dilution (EUR) 0.01 (0.04) - 0.003 (0.07) - (0.57) (0.63) Earnings per share after dilution (EUR) 0.01 (0.04) - 0.003 (0.06) - (0.55) (0.63) New depositing customers (NDCs) 20,229 31,475 -36% 42,147 75,552 -44% 95,295 128,700 ===== SIDA 2 ===== Revenue stable for third successive quarter and profitability up as business optimisation efforts bear fruit Q2 brought signs that our stabilisation efforts are hav - ing a measurable impact. Although we remain cautious in our outlook, it is encouraging to report our strongest quarter-on-quarter performance for Q2 for several years – driven by underlying business improvements rather than state launches or seasonal tailwinds. Adjusted EBITDA rose strongly to EUR 1.4m and the margin grew to 14 percent. This was more than double the level in Q1 2025 and Q2 2024. The improvement is an encouraging reward for the changes we have implement- ed in recent quarters. Revenue was broadly unchanged for the third consecu - tive quarter , showing resilience in a period that is tradition- ally the slowest of the year . Adjusted for the weaker US dollar , our primary invoicing currency , revenue increased by 6 percent from Q1. Cost cuts start to deliver impact In Q2, we continued to work actively to optimise the op - erational structure. Measures taken included unifying our tech stack into a more scalable platform and simplifying operations across teams. We also adjusted headcount to reflect the size of the business we are today . As previously stated, these changes will reduce annual costs by EUR 5.3-5.8 million and further embed our leaner , more agile organisation. Given that the headcount reduction took place largely in May , its full financial impact will start showing from Q3 on- wards. Likewise, the gains from consolidating software li- cences will build during the second half of the year as lon- ger-term agreements come to an end. It is encouraging to see that these and other actions undertaken in the last few quarters have successfully reduced costs and im - proved profitability without affecting revenue generation. Diversifying beyond SEO In Q2 we continued to focus on diversifying our revenue mix by increasing the contribution from non-SEO chan - nels – primarily paid media, subaffiliation and customer relationship management (CRM). These verticals con - tributed a growing share of revenue and helped offset pressure from ongoing SEO ranking volatility . Developing non-SEO channels does involve increased direct costs, but these are performance-related expenses that rise as revenue grows. Mixed product performance across verticals On the product side, casino revenue rose slightly in Q2 compared to Q1 2025, despite seasonal sluggishness and some legal constraints in social sweepstakes. We were nevertheless pleased that growth in regulated casi- no markets kept us moving forward. Sports betting revenue decreased around 10 percent quarter on quarter , which was largely expected given the limited sporting calendar in Q2. We anticipate a seasonal lift in Q3 with the start of the new football season. Our re- structured sports teams are now fully operational, and the flatter organisational model is delivering greater speed and efficiency as we gear up for peak season. Investing in growth and de-risking Looking ahead, we aim to carry forward the earnings momentum seen in June, which was our most profitable month of the quarter . We will also continue to invest in long-term growth and to de-risk the business model by adapting our content and technology for generative AI search and by building CRM and loyalty capabilities to strengthen customer engagement as we build our core brands. Outside North America, we further sharpened our focus by selling the esports vertical. This delivered a cash in - jection and freed up internal resources to drive the core business. In June, we redeemed the senior bond and are now in a net cash position excluding the hybrid capital security , al- lowing us to invest further in future growth. As we move into the second half of the year , we will build on the progress made this quarter to improve profitability and build long-term resilience as we diversify the offering, optimise operations, further consolidate our tech stack and grow in areas where we know we can win. I would like to thank our teams for their continued dedi - cation and our shareholders for their support as we move the business forward. Manuel Stan CEO CEO’S COMMENTS Quarter and period Financial information Parent company Definitions INTERIM REPORT JANUARY-JUNE 2025 02 CEO’s comments ===== SIDA 3 ===== Significant events during Q2 2025 On 3 April, Dan Castillo stepped down as non-executive director . On 13 May , the group announced cost optimisation mea- sures that included the removal of one management layer and the elimination of over 50 roles. These reduced head- count by around 25 percent and will cut annual costs by EUR 4.5-5.0m. The group also announced its decision to defer interest payments on the hybrid capital security until further notice. The annual general meeting on 21 May elected a board of directors comprising five members. Erik Flinck, Sean Hurley , Martin Zetterlund and Stephen Taylor-Matthews, were re-elected as directors, and Søren Vilby was elected as a new director . All were elected to serve until the 2026 AGM. The AGM appointed KPMG Malta as the company’s au - ditor . During the quarter, the group sold its esports-related assets to an industry buyer . The transaction resulted in a gain on dis- posal of EUR 1.4m. The divestment of these non-core oper- ations will allow the group to focus its resources more closely on core products. Significant events after the period No significant events took place after the period. Organic search performance Organic search is crucially important in the affiliation in - dustry . We continuously update the market on our aver- age keyword ranking performance 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 prod - ucts. The actual keywords are not disclosed for competi- tive reasons, and will vary over time depending on strate- gy . Note that 1 is the best possible score. In Q2, we continued to see pressure on our rankings due to search engine algorithm changes and competition. However , a major Google update in early July brought an uptick in performance on which we intend to build in Q3. 06/2903/3012/2909/0106/0203/31 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 Building on previous initiatives, the group successfully re- duced the cost base from EUR 12.1m in Q2 2024 to EUR 8.2m in Q2 2025, demonstrating continued focus on op- erational efficiency and cost management. 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 improve cost classifica - tions and provide greater transparency to investors. 1. All individuals providing full-time services to the group have been reclassified from “Other operating expens- es” 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 reclas- sified to align better with each partnership’s revenue contribution by segment. 3. Following our transformation to a product-led struc - ture, product-related 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. Excluding items affecting comparability (IACs) SIGNIFICANT EVENTS Q2 25Q1 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 2.4 4.0 1.8 1.4 5.1 2.2 14.2 12.1 9.3 8.7 8.9 8.2 TOTAL COSTS TOTAL AVERAGE SCORE Direct costs Personnel expenses Other operating expenses CEO’s comments Financial information Parent company Definitions INTERIM REPORT JANUARY-JUNE 2025 03 Quarter and period ===== SIDA 4 ===== OVERVIEW Revenue and adjusted EBITDA development 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. Geographic market breakdown including central costs All numbers refer to continuing operations. For a complete breakdown 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. GEOGRAPHIC REVENUE Q2 2025 REVENUE TYPE Q2 2025 North America Rest of World CPA Revenue share Fixed 10% 90% 86% 12% 2% NEW DEPOSITING CUSTOMERS Q2 2025 CPA Revenue share 3% 97% North America Rest of World Shared central operations Total AMOUNTS IN ’000 (EUR) Apr-Jun 2025 Apr-Jun 2024 Jan-Dec 2024 Apr-Jun 2025 Apr-Jun 2024 Jan-Dec 2024 Apr-Jun 2025 Apr-Jun 2024 Jan-Dec 2024 Apr-Jun 2025 Apr-Jun 2024 Jan-Dec 2024 Total revenue 8,653 11,219 43,916 929 1,573 5,727 - - - 9,582 12,792 49,643 of which Casino 7, 2 2 3 9,101 32,425 617 934 3,352 - - - 7, 8 4 0 10,035 35,777 of which Sports 1,430 2,118 11,491 312 639 2,375 - - - 1,742 2,757 13,866 Adjusted EBITDA 3,519 2,242 11,935 479 724 2,742 (2,611) (2,286) (9,283) 1,387 680 5,394 Adjusted EBITDA margin (%) 41 20 27 52 46 48 - - - 14 5 11 NDCs 19,739 29,824 122,181 490 1,651 6,519 - - - 20,229 31,475 128,700 Revenue, EUR m Adjusted EBITDA margin Q2 25Q1 25Q4 24Q3 24Q2 24Q1 24Q4 23Q3 23 15.9 19% 10% 12% 5% 13% 15% 9% 14% 14.5 16.0 12.8 10.7 10.1 9.8 9.6 Hybrid capital securities (HO1) In May 2025, the group announced it would defer interest payments on its H01 hybrid capital securities until further notice and not redeem these instruments in the near term. The purpose of this decision was to ease Catena Media’s debt burden, allowing the group to create headroom for tech-facing investments necessary to drive the business forward. The hybrid capital securities are perpetual instruments issued in 2020. They are treated as equity under IFRS and had a nominal value of EUR 43.7m at the end of 30 June 2025. 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. CEO’s comments Financial information Parent company Definitions INTERIM REPORT JANUARY-JUNE 2025 04 Quarter and period ===== SIDA 5 ===== SEGMENTS Note that all numbers and growth percentages shown refer to continuing operations. Casino Revenue in the Casino segment decreased by 22 percent to EUR 7 .8m (10.0), corresponding to a 82 percent share of group revenue. Adjusted EBITDA decreased by 65 percent to EUR 1.4m (3.9), equal to a margin of 17 per - cent (39). New depositing customers (NDCs) decreased by 33 percent. The year-on-year revenue decline was partly explained by revenue-enhancing but net-loss-making media partner - ships, which were not terminated until Q3 2024. Strong subaffiliate growth had a positive impact on performance. Compared to Q1, casino revenue increased by 3 percent. In North America, casino revenue was 21 percent lower at EUR 7 .2m (9.1), or 16 percent adjusted for currency effects arising from the weaker US dollar . Despite Q2 typically being the weakest quarter of the year , revenue was up 3 percent from Q1 2025. Adjusted for the weaker dollar , quarter-on-quarter casino revenue grew by 12 per- cent. REVENUE CASINO EUR m * 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 further information. AMOUNTS IN ’000 (EUR) Apr-Jun 2025 Apr-Jun 2024 Change Jan-Jun 2025 Jan-Jun 2024 Change LTM Jan-Dec 2024 Revenue 7, 8 4 0 10,035 -22% 15,456 19,894 -22% 31,339 35,777 Adjusted EBITDA* 1,368 2,847 -52% 2,389 5,875 -59% 7,6 41 11,127 Adjusted EBITDA margin (%)* 17 28 -11pp 15 30 -24pp 24 31 NDCs 15,121 22,464 -33% 29,405 42,215 -30% 63,920 76,730 Q2 25Q1 25Q4 24Q3 24Q2 24 10.0 8.2 7. 6 7. 6 7. 8 INTERIM REPORT JANUARY-JUNE 2025 05 DefinitionsParent companyFinancial informationQuarter and periodCEO’s comments ===== SIDA 6 ===== SEGMENTS Sports The Sports segment reported a 37 percent decrease in revenue to EUR 1.7m (2.8), equal to an 18 percent share of group revenue. Adjusted EBITDA was EUR 0.02m (-2.2), representing a margin of 1 percent (-79), and new depositing customers (NDCs) decreased by 43 percent. Sports betting revenue decreased 21 percent from Q1, which was largely reflective of the break in the major league sports season. Adjusted EBITDA increased by 119 percent compared to Q1 this year as cost control measures took effect. The group continues to invest judi- ciously in this segment to return it to profitability . In North America, sports revenue was 32 percent lower at EUR 1.4m (2.1), or 30 percent adjusted for currency translation effects arising from the weaker US dollar . The decline reflected continued operational challenges and the algorithm changes by Google in Q2 last year that affected the performance of several key media partner - ships. Adjusted for the weaker dollar , quarter-on-quarter sports revenue decreased by 10 percent. * 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. REVENUE SPORTS EUR m AMOUNTS IN ’000 (EUR) Apr-Jun 2025 Apr-Jun 2024 Change Jan-Jun 2025 Jan-Jun 2024 Change LTM Jan-Dec 2024 Revenue 1,742 2,757 -37% 3,939 8,899 -56% 8,906 13,866 Adjusted EBITDA* 19 (2,167) 101% (81) (3,330) 98% (2484) (5,733) Adjusted EBITDA margin (%)* 1 -79 80pp -2 -37 35 -28 -41 NDCs 5,108 9,011 -43% 12,742 33,337 -82% 31,375 51,970 Note that all numbers and growth percentages shown refer to continuing operations. Q2 25Q1 25Q4 24Q3 24Q2 24 2.8 2.5 2.5 2.2 1.7 INTERIM REPORT JANUARY-JUNE 2025 06 DefinitionsParent companyFinancial informationQuarter and periodCEO’s comments ===== SIDA 7 ===== REVENUE Revenue for Q2 2025 was EUR 9.6m (12.8), a decrease of 25  percent from the corresponding quarter last year . Revenue derived through revenue-sharing arrange - ments accounted for 12  percent (13) of total revenue, cost-per-acquisition revenue accounted for 86 percent (84) of total revenue and fixed-fee revenue contributed 2 percent (3) of total revenue. EARNINGS Adjusted EBITDA increased by 104 percent and totalled EUR 1.4m (0.7). This corresponds to an adjusted EBITDA margin of 14 percent (5). EBITDA, including items affect- ing comparability of EUR -0.8m (1.3), totalled EUR 2.2m (-0.6), representing an increase of 483 percent. This corresponds to an EBITDA margin of 23 percent (-4). Earnings per share (EPS) before dilution were EUR 0.01 (-0.04). EPS after dilution were EUR 0.01 (-0.04). Profit after tax from continuing operations was EUR 0.8, during the corresponding quarter loss after tax was EUR 2.7m. LIQUIDITY AND CASH FLOW On 30 June, cash and cash equivalents stood at EUR 6.6m (18.9). Net cash generated from continuing operat- ing activities totalled EUR 1.0m (-0.02). EXPENSES Total operating expenses, including items affecting com- parability , totalled EUR 8.1m (14.7). Direct costs decreased to EUR 2.4m (3.5) following the termination of selected media partnerships and a strate - gic shift towards non-SEO sources, such as subaffiliation and lifecycle marketing. Personnel expenses decreased to EUR 4.6m (7 .3) and, excluding items affecting comparability , decreased by 36 percent to EUR 4.0m (6.2). The reduction was primarily attributable to cost optimisation measures, which result- ed in a headcount decrease of approximately 25 percent. The organisational changes spanned all levels, including senior management, and have created a flatter structure designed to enhance agility and strengthen operational effectiveness. Other operating expenses totalled EUR 1.8m (2.5), and excluding items affecting comparability decreased by 24 percent to EUR 1.8m (2.4). The decrease in other oper - ating expenses mainly reflected a reduction in search engine optimisation support costs, professional fees and information technology costs. * All numbers and growth percentages shown refer to continuing operations. Financial performance (April-June 2025*) FINANCIAL PERFORMANCE INTERIM REPORT JANUARY-JUNE 2025 07 DefinitionsParent companyFinancial informationQuarter and periodCEO’s comments ===== SIDA 8 ===== REVENUE Revenue was EUR 19.4m (28.8), a decrease of 33 per - cent from the corresponding quarter . Revenue derived through revenue-sharing arrangements accounted for 12 percent (13) of total revenue, cost-per-acquisition reve - nue accounted for 86 percent (85) of total revenue and fixed-fee revenue contributed 2 percent (2) of total reve - nue. EARNINGS Adjusted EBITDA decreased by 9 percent and totalled EUR 2.3m (2.5). This corresponds to an adjusted EBITDA margin of 12 percent (9). EBITDA, including items affect- ing comparability of EUR 1.3m (2.2), totalled EUR 2.8m (0.3), representing an increase of 744 percent. This corre- sponds to an EBITDA margin of 15 percent (1). Earnings per share (EPS) before dilution were 0.003 (-0.07). EPS after dilution were 0.003 (-0.06). Profit after tax from continuing operations was EUR 0.3m. In the first six months of 2024, loss after tax from continuing op- erations was EUR 4.9m. LIQUIDITY AND CASH FLOW On 30 June 2025 cash and cash equivalents stood at EUR 6.6m (18.9). Net cash generated from continuing operating activities increased by 230 percent compared to the first six months of 2024 and totalled EUR 4.2m (1.3). EXPENSES Total operating expenses, including items affecting com- parability , totalled EUR 18.2m (31.1). Direct costs decreased to EUR 4.2m (8.1) following the termination of select media partnerships and a strategic shift towards non-SEO channels, including subaffiliation and lifecycle marketing. Personal expenses decreased to EUR 10.2m (14.6) and, excluding items affecting comparability , increased by 28 percent to EUR 9.3m (12.9). The reduction resulted from organisational changes implemented across all levels with the objective of reducing the cost base and creating a flatter internal structure with fewer layers to enhance agility and operational efficiency . Other operating expenses decreased to EUR 3.6m (5.8) and, excluding items affecting comparability , decreased by 30 percent to EUR 3.6m (5.2). The decrease in oth - er operating expenses mainly reflected a reduction in search engine optimisation support costs, professional fees, information technology costs and travel and enter - tainment expenditure. * All numbers and growth percentages shown refer to continuing operations. Financial performance (January-June 2025*) FINANCIAL PERFORMANCE INTERIM REPORT JANUARY-JUNE 2025 08 DefinitionsParent companyFinancial informationQuarter and periodCEO’s comments ===== SIDA 9 ===== OTHER SHARES AND SHARE DATA Earnings per share for Q2 2025 were EUR 0.01 (-0.04) before and 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 30 June, the closing price of the Catena Media share was SEK 1.79. EQUITY On 30 June, equity including hybrid capital securities totalled EUR 119.6m (168.4), equivalent to an equity-to-as- sets ratio of 0.97 (0.81). Excluding hybrid capital securities, equity totalled EUR 84.5m (133.3). LARGEST SHAREHOLDERS The 10 largest shareholders of Catena Media plc on 30 June were as follows: 10 LARGEST SHAREHOLDERS AS OF 30 JUNE % Investment AB Öresund 7. 2 Avanza Pension 5.2 Jesper Ribacka 5.0 Andre Lavold 4.8 Nordic Compound Invest A/S 4.3 Catena Media plc 4.0 Niklas Karlsson 4.0 Nordnet Pension Insurance 2.9 Second Swedish National Pension Fund 2.9 Hakan Sürer 1.3 Total, 10 largest shareholders 41.6 Other shareholders 58.4 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. FUNDING At the end of the period, Catena Media’s funds comprised 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 securities with a nominal value of EUR 43.7m, net of EUR 8.6m issuance costs, were reported in the state - ment of financial position. For more information, see Note 7 (Borrowings) and Note 8 (Hybrid capital securities) to the condensed consolidated interim 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 pub- lic company with its head office in Malta. Catena Media plc is the ultimate holding company , with the purpose of receiving dividend income from the main operating com- pany , 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. The warrants are traded under the ticker CTM TO1 with the ISIN code MT5000000158. There was no dividend income during Q2 2025 and Q2 2024. Q2 2025 resulted in an operating loss of EUR 0.04m (0.3) and a loss after tax of EUR 0.6m (0.7). Bond fair value movement classified in “Other gains/ (losses) on financial liability at fair value through profit or loss” resulted in a loss of EUR 0.2m (0.1). Interest pay - able on borrowings was EUR 0.7m (0.8). The parent company’s cash and cash equivalents were EUR 0.5m (3.1). Liabilities totalled EUR 89.3m (85.8). Equity was EUR 119.9m (179.2). As at 30 June, the parent company’s current liabilities ex- ceeded current assets by EUR 61.1m. Liabilities of EUR 61.6m 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 and the SEO-based nature of the business rou - tinely exposes the company to the risk of revenue volatil- ity in conjunction with search-engine algorithm updates and other external factors. Risks are managed on a stra- tegic, operational and financial level. Comprehensive risk disclosures and management approach are available in the Catena Media 2024 annual 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 ac - counting estimates in Note 1 of this report for more infor- mation on the group’s cash-generating units and impair- ment assessments. SEASONALITY A significant portion of Catena Media’s sports betting busi- ness is subject to the seasonal openings and closures of the major sports leagues in North America. These calen- dar-related shifts are associated with changeability in the group’s quarterly performance, with revenues typically 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. CEO’s comments Financial information Parent company Definitions INTERIM REPORT JANUARY-JUNE 2025 09 Quarter and period ===== SIDA 10 ===== 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 eth- ics, 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. EMPLOYEES As of 30 June 2025, the group had 163 (220) employees, of whom 55 (73) were female, corresponding to 34 per - cent (30) of the total. Of all employees, 162 were engaged on a full-time basis and 1 was part-time. Refer to further information in Note 4 (Operating expenses). PRESENTATION OF REPORT TO INVESTORS AND MEDIA CEO Manuel Stan and CFO Michael Gerrow will present the Q2 2025 report in a com - bined webcast and teleconference on 12 August 2025 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/q2-report-2025 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://conference.inderes.com/teleconference/?id=50051942 The presentation will be available on the website at www .catenamedia.com/investors/. UPCOMING EVENTS Interim report Q3 January-September 2025 4 November 2025 This report has not been reviewed or audited by the company’s auditors. Malta, 12 August 2025 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 and the Securities Market Act. The information was submitted for publication, through the agency of the contact per- sons, on 12 August 2025 at 17:35 CEST. CEO’s comments Financial information Parent company Definitions INTERIM REPORT JANUARY-JUNE 2025 10 Quarter and period ===== SIDA 11 ===== KEY METRICS In addition to financial measures defined by IFRS, Cate - na Media presents some alternative performance mea - sures in this report that are not defined by IFRS. These alter native performance measures provide valuable add itional information to investors and management for evalu ating the financial performance and position of Cat- ena Media. These non-IFRS measures, as defined on the last page of this report, will not necessarily be compara - ble to similarly defined measures in other companies’ re- ports and should not be considered as substitutes for fi - nancial report ing measures 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 Apr-Jun 2025 Apr-Jun 2024 J a n - J u n 2025 Jan-Jun 2024 Jan-Dec 2024 Financial measures defined by IFRS, total Revenue (EUR ‘000) 9,582 12,827 19,395 28,832 49,843 Earnings per share before dilution (EUR) 0.01 (0.04) 0.003 (0.07) (0.64) Earnings per share after dilution (EUR) 0.01 (0.04) 0.003 (0.07) (0.63) Weighted average number of outstanding shares at period end before dilution (’000) 75,650 75,649 75,650 75,649 75,649 Weighted average number of outstanding shares at period end after dilution (’000) 7 7,610 76,869 7 7,610 76,869 76,629 Financial measures defined by IFRS, continuing operations Revenue from continuing operations (EUR ’000) 9,582 12,792 19,395 28,793 49,643 Earnings per share before dilution from continuing operations (EUR) 0.01 (0.04) 0.003 (0.07) (0.63) Earnings per share after dilution from continuing operations (EUR) 0.01 (0.04) 0.003 (0.06) (0.63) Apr-Jun 2025 Apr-Jun 2024 J a n - J u n 2025 Jan-Jun 2024 Jan-Dec 2024 Alternative performance measures EBITDA (EUR ‘000) 2,198 (585) 2,829 102 (524) EBITDA margin (%) 23 (5) 15 - -1 EBITDA from continuing operations (EUR ’000) 2,198 (574) 2,829 335 (261) EBITDA margin from continuing operations (%) 23 (4) 15 1 -1 Adjusted EBITDA (EUR ’000) 1,387 670 2,308 2,526 5,345 Adjusted EBITDA margin (%) 14 5 12 9 11 Adjusted EBITDA from continuing operations (EUR ’000)* 1,387 680 2,308 2,545 5,394 Adjusted EBITDA margin from continuing operations (%) 14 5 12 9 11 New depositing customers from continuing operations 20,229 31,475 42,147 75,552 128,700 Average shareholders’ equity, last 12 months (EUR ’000) 131,842 192,641 131,842 192,641 155,911 Equity per share before dilution (EUR) 1.58 2.23 1.58 2.23 1.62 Equity per share after dilution (EUR) 1.54 2.19 1.54 2.19 1.60 Employees at period-end 163 220 163 220 224 Employees at period-end from continuing operations 163 220 163 220 224 *Adjustments for Q2 2025 relate to items affecting comparability (IACs) from continuing operations of EUR -0.8m (1.3). IACs for the period ended 30 June 2025 were EUR -0.5m (2.2). Further details can be found in Note 3 on page 22. CEO’s comments Financial information Parent company Definitions INTERIM REPORT JANUARY-JUNE 2025 11 Quarter and period ===== SIDA 12 ===== Condensed consolidated interim statements of comprehensive income Condensed consolidated interim income statement measures AMOUNTS IN ’000 (EUR) Notes Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 Jan-Dec 2024 Revenue 9,582 12,792 19,395 28,793 49,643 Total revenue 9,582 12,792 19,395 28,793 49,643 Direct costs (2,434) (3,533) (4,151) (8,096) (10,990) Personnel expenses 4 (4,574) (7, 3 07 ) (10,243) (14,557) (26,746) Depreciation and amortisation (742) (1,353) (1,612) (2,689) (4,998) Impairment on intangible assets - - - - (41,203) Gain on disposal of intangible asset 1,437 - 1,437 - - Other operating expenses 4 (1,813) (2,526) (3,609) (5,805) (12,168) Total operating expenses (8,126) (14,719) (18,178) (31,147) (96,105) Operating profit/(loss) 1,456 (1,927) 1,217 (2,354) (46,462) Interest payable on borrowings (354) (734) (823) (1,666) (3,056) Other (losses)/gains on financial liability at fair value through profit or loss (235) (93) 8 (141) (104) Other finance income/(costs) 104 334 292 (147) 1,108 Share of net loss from associate accounted for using the equity method - (36) - (45) (130) Profit/(loss) before tax 971 (2,456) 694 (4,353) (48,644) Tax (expense)/income (183) (241) (437) (573) 698 Profit/(loss) for the period from continuing operations attributable to the equity holders of the parent company 788 (2,697) 257 (4,926) (47,9 4 6) Loss for the period from discontinued operations 9 - (11) (233) (233) (263) Profit/(loss) for the period 788 (2,708) 24 (5,159) (48,209) AMOUNTS IN ’000 (EUR) Notes Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 Jan-Dec 2024 Other comprehensive income Items that may be reclassified to profit for the period Currency translation differences (762) 48 (1,207) 470 594 Items that will not be reclassified for the profit for the period Interest payable on hybrid capital securities (1,086) (1,211) (2,204) (2,463) (4,874) Total other comprehensive loss for the period (1,848) (1,163) (3,411) (1,993) (4,280) Total comprehensive loss attributable to the equity holders of the parent company (1,060) (3,871) (3,387) (7,152) (52,489) 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 0.01 (0.04) 0.003 (0.07) (0.63) Diluted earnings per share From profit/(loss) for the period 0.01 (0.04) 0.003 (0.06) (0.63) Operating profit/(loss) 1,456 (1,927) 1,217 (2,354) (46,462) Depreciation and amortisation 742 1,353 1,612 2,689 4,998 Impairment on intangible assets - - - - 41,203 EBITDA 2,198 (574) 2,829 335 (261) Items affecting comparability in personnel expenses 3 602 1,084 956 1,621 2,793 Items affecting comparability in other operating expenses 3 24 170 (40) 589 2,862 Gain on disposal of intangible assets (1,437) - (1,437) - - Adjusted EBITDA 1,387 680 2,308 2,545 5,394 Quarter and periodCEO’s comments Parent company Definitions INTERIM REPORT JANUARY-JUNE 2025 12 Financial information ===== SIDA 13 ===== Condensed consolidated interim statements of financial position AMOUNTS IN ’000 (EUR) Notes 30 June 2025 30 June 2024 31 Dec 2024 ASSETS Non-current assets Investment in associate 5 - 1,814 511 Right-of-use asset 582 193 761 Other intangible assets 6 107,967 153,612 108,768 Property, plant and equipment 531 727 635 Total non-current assets 109,080 156,346 110,675 Current assets Trade and other receivables 6,402 32,468 26,692 Current tax asset 783 - 970 Cash and cash equivalents 6,629 18,938 8,476 Total current assets 13,814 51,406 36,138 Total assets 122,894 207,752 146,813 AMOUNTS IN ’000 (EUR) Notes 30 June 2025 30 June 2024 31 Dec 2024 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 35,102 35,109 35,103 Other reserves 10,151 11,278 11,187 Accumulated losses (53,645) (6,004) (51,465) Total equity 119,613 168,386 122,830 Liabilities Non-current liabilities Borrowings 7 - 10,000 - Deferred tax liabilities 188 677 6 Lease liability 177 - 364 Trade and other payables - 1,076 - Total non-current liabilities 365 11,753 370 Current liabilities Borrowings 7 - 21,523 21,486 Trade and other payables 2,916 5,699 2,127 Current tax liabilities - 391 - Total current liabilities 2,916 27,61 3 23,613 Total liabilities 3,281 39,366 23,983 Total equity and liabilities 122,894 207,752 146,813 The notes on pages 17 to 29 are an integral part of these condensed consolidated interim financial statements. Quarter and periodCEO’s comments Parent company Definitions INTERIM REPORT JANUARY-JUNE 2025 13 Financial information ===== SIDA 14 ===== 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 Accumula- ted losses Total equity Balance at 1 January 2025 118 134,041 (6,154) 35,103 11,187 (51,465) 122,830 Comprehensive income Profit for the period - - - - - 24 24 Interest payable on hybrid capital securities - - - - - (2,204) (2,204) Currency translation differences - - - - (1,207) - (1,207) Total comprehensive loss for the period - - - - (1,207) (2,180) (3,387) Transactions with owners Issue of capital securities, net of transaction costs - - - (1) - - (1) Equity-settled share-based payments - - - - 171 - 171 Total transactions with owners - - - (1) 171 - 170 Balance at 30 June 2025 118 134,041 (6,154) 35,102 10,151 (53,645) 119,613 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 - - - - - (5,159) (5,159) Interest payable on hybrid capital securities - - - - - (2,463) (2,463) Currency translation differences - - - - 470 - 470 Total comprehensive income/(loss) for the period - - - - 470 (7,62 2) (7,152) Transactions with owners Issue of share capital - - - (8) - - (8) Equity-settled share-based payments - - - - 364 - 364 Total transactions with owners - - - (8) 364 - 356 Balance at 30 June 2024 118 134,039 (6,154) 35,109 11,278 (6,004) 168,386 Quarter and periodCEO’s comments Parent company Definitions INTERIM REPORT JANUARY-JUNE 2025 14 Financial information ===== SIDA 15 ===== 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 17 to 29 are an integral part of these condensed consolidated interim financial statements. Condensed consolidated interim statements of changes in equity Quarter and periodCEO’s comments Parent company Definitions INTERIM REPORT JANUARY-JUNE 2025 15 Financial information ===== SIDA 16 ===== Condensed consolidated interim statements of cash flows AMOUNTS IN ’000 (EUR) Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 Jan-Dec 2024 Cash flows from operating activities Profit/(loss) before tax 971 (2,467) 461 (4,586) (48,907) Loss from discontinued operations before tax - 11 233 233 263 Adjustments for: Depreciation and amortisation 742 1,353 1,612 2,689 4,998 Gain on disposal of assets (1,433) (24) (1,432) (6) (4) Loss allowances on trade receivables (5) (140) (5) (58) (475) Bad debts 8 108 - 104 283 Impairment on intangible assets - - - - 41,203 Loss on contract termination - - - - 2,211 Unrealised exchange differences (53) (92) (89) 258 (202) Interest expense 260 461 556 1,074 1,930 Net losses/(gains) on financial liability and at fair value through profit or loss 107 93 (136) 141 104 Share-based payments (34) 210 171 364 149 563 (487) 1,371 213 1,553 Taxation paid (89) (644) (213) (695) (1,073) Changes in: Trade and other receivables 384 1,510 2,096 1,347 4,216 Trade and other payables 108 (401) 930 401 (1,813) Net cash generated from/(used in) continuing operating activities 966 (22) 4,184 1,266 2,883 Net cash generated from/(used in) operating activities - discontinued operations - 21 (232) (188) (223) Net cash generated from/(used in) operating activities 966 (1) 3,952 1,078 2,660 AMOUNTS IN ’000 (EUR) Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 Jan-Dec 2024 Cash flows generated from investing activities Acquisition of investment in subsidiary - - (411) - - Investments in associate - - - (918) (918) Proceeds from sale of investment in subsidiaries 3,500 - 18,500 11,556 15,056 Net receipts/(payments) on disposal/ acquisition of property, plant and equipment 2 (19) (34) (22) (51) Net receipts/(payments) on disposal/ acquisition of intangible assets 1,230 (328) 959 (861) (2,472) Net cash generated from/(used in) investing activities 4,732 (347) 19,014 9,755 11,615 Cash flows used in financing activities Net payments on hybrid capital securities - (7) - (8) (13) Repayments on borrowings (21,478) (2,084) (21,478) (26,072) (36,072) Share buybacks - - - - 1 Interest paid (1,423) (1,969) (3,020) (4,312) (8,147) Net lease payments (101) (124) (202) (254) (509) Net cash used in financing activities (23,002) (4,184) (24,700) (30,646) (44,740) Net movement in cash and cash equivalents (17, 3 0 4) (4,532) (1,734) (19,813) (30,465) Cash and cash equivalents at beginning of period 24,567 23,374 8,476 38,510 38,510 Cash acquired on acquisition - - 928 - - Currency translation differences (634) 96 (1,041) 241 431 Cash and cash equivalents at end of period 6,629 18,938 6,629 18,938 8,476 The notes on pages 18 to 25 are an integral part of these condensed consolidated interim financial statements. Quarter and periodCEO’s comments Parent company Definitions INTERIM REPORT JANUARY-JUNE 2025 16 Financial information ===== SIDA 17 ===== Notes to the condensed consolidated interim 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 consolidat - ed interim financial statements are consistent with those presented in the annual report for the year ended 31 De - cember 2024. CRITICAL ACCOUNTING ESTIMATES CGUs and impairment assessment The group operates through two distinct segments, which form the basis 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 Q2 2025, no revisions were made to the impair - ment assessment. Management addressed the discrep- ancy 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. Furthermore, the group maintains a proactive approach to financial risk management, regularly assessing expo - sure 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 factors, 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 cer- tain assets as management adapts to evolving market conditions. Share-based payments The group operates a number of equity-settled, share- based compensation plans under which the entity re - ceives 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 estab - lishing a proper estimate of the number of options expect- ed to vest at the end of each reporting period, and the judgement required in this exercise, management con - siders costs relating to share-based payments as a criti - cal 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 op- tions programme to another . The impact of the revision to original estimates, if any , is recognised in the statement of comprehensive income, with a corresponding adjust - ment 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 sub - sidiaries operate and generate taxable income. Manage- ment 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 entity’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 au- thorities. Management will continue to review its position as the group’s cross-border activity continues to evolve. Quarter and periodCEO’s comments Parent company Definitions INTERIM REPORT JANUARY-JUNE 2025 17 Financial information2 3 4 5 6 7 8 91 ===== SIDA 18 ===== 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 pre - sented in this report. Comparative 2024 costs have been reclassified to align better with the product-led operating model. See Note 4 for more information. Apr-Jun 2025 Apr-Jun 2024 AMOUNTS IN ’000 (EUR) Casino Sports Un allocated Total Casino Sports Un allocated Total Revenue 7, 8 4 0 1,742 - 9,582 10,035 2,757 - 12,792 Total revenue 7, 8 4 01,742 - 9,582 10,035 2,757 - 12,792 Direct costs (2,304) (130) - (2,434) (1,979) (1,554) - (3,533) Personnel expenses (3,071) (901) (602) (4,574) (3,692) (2,531) (1,084) (7, 3 07 ) Depreciation and amortisation (607) (135) - (742) (1,061) (292) - (1,353) Gain on disposal of intangible assets - 1,437 - 1,437 - - - - Other operating expenses (1,097) (692) (24) (1,813) (1,517) (839) (170) (2,526) Total operating expenses (7,079) (421) (626) (8,126) (8,249) (5,216) (1,254) (14,719) Operating profit/(loss) 761 1,321 (626) 1,456 1,786 (2,459) (1,254) (1,927) Interest payable on borrowings - - (354) (354) - - (734) (734) Other losses on financial liability and equity instruments at fair value through profit or loss - - (235) (235) - - (93) (93) Other finance income - - 104 104 - - 334 334 Share of net loss from associate accounted for using the equity method - - - - - - (36) (36) Profit/(loss) before tax 761 1,321 (1,111) 971 1,786 (2,459) (1,783) (2,456) Tax expense - - (183) (183) - - (241) (241) Profit/(loss) for the period from continuing operations attributable to the equity holders of the parent company 761 1,321 (1,294) 788 1,786 (2,459) (2,024) (2,697) Profit/(loss) for the period from discontinued operations - - - - 22 (33) - (11) Profit/(loss) for the period 761 1,321 (1,294) 788 1,808 (2,492) (2,024) (2,708) Other comprehensive income Items that may be reclassified to profit for the period Currency translation differences - - (762) (762) - - 48 48 Items that will not be reclassified to profit for the period Interest payable on hybrid capital securities - - (1,086) (1,086) - - (1,211) (1,211) Total other comprehensive loss for the period - - (1,848) (1,848) - - (1,163) (1,163) Profit/(loss) for the period – total comprehensive income 761 1,321 (3,142) (1,060) 1,808 (2,492) (3,187) (3,871) Adjusted EBITDA 1,368 19 - 1,387 2,847 (2,167) - 680 Adjusted EBITDA margin (%) 17 1 - 14 28 -79 - 5 NDCs 15,121 5,108 - 20,229 22,464 9,011 - 31,475 Quarter and periodCEO’s comments Parent company Definitions INTERIM REPORT JANUARY-JUNE 2025 18 Financial information1 3 4 5 6 7 8 92 ===== SIDA 19 ===== Jan-Jun 2025 Jan-Jun 2024 AMOUNTS IN ’000 (EUR) Casino Sports Un allocated Total Casino Sports Un allocated Total Revenue 15,456 3,939 - 19,395 19,894 8,899 - 28,793 Total revenue 15,456 3,939 - 19,395 19,894 8,899 - 28,793 Direct costs (3,871) (280) - (4,151) (4,079) (4,017) - (8,096) Personnel expenses (6,933) (2,354) (956) (10,243) (6,997) (5,939) (1,621) (14,557) Depreciation and amortisation (1,282) (330) - (1,612) (1,885) (804) - (2,689) Gain on disposal of intangible assets - 1,437 - 1,437 - - - - Other operating expenses (2,263) (1,386) 40 (3,609) (2,943) (2,273) (589) (5,805) Total operating expenses (14,349) (2,913) (916) (18,178) (15,904) (13,033) (2,210) (31,147) Operating profit/(loss) 1,107 1,026 (916) 1,217 3,990 (4,134) (2,210) (2,354) Interest payable on borrowings - - (823) (823) - - (1,666) (1,666) Other gains/(losses) on financial liability and equity instruments at fair value through profit or loss - - 8 8 - - (141) (141) Other finance income/(costs) - - 292 292 - - (147) (147) Share of net loss from associate accounted for using the equity method - - - - - - (45) (45) Profit/(loss) before tax 1,107 1,026 (1,439) 694 3,990 (4,134) (4,209) (4,353) Tax expense - - (437) (437) - - (573) (573) Profit/(loss) for the period from continuing operations attributable to the equity holders of the parent company 1,107 1,026 (1,876) 257 3,990 (4,134) (4,782) (4,926) Loss for the period from discontinued operations (177) (56) - (233) (109) (124) - (233) Profit/(loss) for the period 930 970 (1,876) 24 3,881 (4,258) (4,782) (5,159) Other comprehensive income Items that may be reclassified to profit for the period Currency translation differences - - (1,207) (1,207) - - 470 470 Items that will not be reclassified to profit for the period Interest payable on hybrid capital securities - - (2,204) (2,204) - - (2,463) (2,463) Total other comprehensive loss for the period - - (3,411) (3,411) - - (1,993) (1,993) Profit/(loss) for the period – total comprehensive income 930 970 (5,287) (3,387) 3,881 (4,258) (6,775) (7,152) Adjusted EBITDA 2,389 (81) - 2,308 5,875 (3,330) - 2,545 Adjusted EBITDA margin (%) 15 -2 - 12 30 -37 - 9 NDCs 29,405 12,742 - 42,147 42,215 33,337 - 75,552 Quarter and periodCEO’s comments Parent company Definitions INTERIM REPORT JANUARY-JUNE 2025 19 Financial information1 3 4 5 6 7 8 92 ===== SIDA 20 ===== 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 attribut-able 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 Quarter and periodCEO’s comments Parent company Definitions INTERIM REPORT JANUARY-JUNE 2025 20 Financial information1 3 4 5 6 7 8 92 ===== SIDA 21 ===== RESULTS FROM CONTINUING OPERATIONS ARE FURTHER ANALYSED AS FOLLOWS: Continuing operations North America Rest of World Shared central operations Total Amounts in ’000 (EUR) Apr-Jun 2025 Apr-Jun 2024 Apr-Jun 2025 Apr-Jun 2024 Apr-Jun 2025 Apr-Jun 2024 Apr-Jun 2025 Apr-Jun 2024 Total revenue 8,653 11,219 929 1,573 - - 9,582 12,792 Change -23% - -41% - - - -25% - of which Casino 7, 2 2 3 9,101 617 934 - - 7, 8 4 0 10,035 of which Sports 1,430 2,118 312 639 - - 1,742 2,757 Direct costs (2,433) (3,524) (1) (9) - - (2,434) (3,533) Adjusted personnel expenses (1,771) (4,283) (225) (409) (1,976) (1,531) (3,972) (6,223) Adjusted other operating expenses (930) (1,170) (224) (431) (635) (755) (1,789) (2,356) Adjusted EBITDA 3,519 2,242 479 724 (2,611) (2,286) 1,387 680 Change 57% - -34% - - - 104% - Adjusted EBITDA margin (%) 41 20 52 46 - - 14 5 NDCs 19,739 29,824 490 1,651 - - 20,229 31,475 Change -34% - -70% - - - -36% - Continuing operations North America Rest of World Shared central operations Total Amounts in ’000 (EUR) Jan-Jun 2025 Jan-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 Total revenue 17,414 25,543 1,981 3,250 - - 19,395 28,793 Change -32% - -39% - - - -33% - of which Casino 14,241 17, 8 9 0 1,215 2,004 - - 15,456 19,894 of which Sports 3,173 7,6 5 3 766 1,246 - - 3,939 8,899 Direct costs (4,150) (8,067) (1) (29) - - (4,151) (8,096) Adjusted personnel expenses (4,484) (8,831) (483) (862) (4,320) (3,243) (9,287) (12,936) Adjusted other operating expenses (1,886) (2,591) (413) (855) (1,350) (1,770) (3,649) (5,216) Adjusted EBITDA 6,894 6,054 1,084 1,504 (5,670) (5,013) 2,308 2,545 Change 14% - -28% - - - -9% - Adjusted EBITDA margin (%) 40 24 55 46 - - 12 9 NDCs 40,713 71,256 1,434 4,296 - - 42,147 75,552 Change -43% - -67% - - - -44% - Quarter and periodCEO’s comments Parent company Definitions INTERIM REPORT JANUARY-JUNE 2025 21 Financial information1 3 4 5 6 7 8 92 ===== SIDA 22 ===== Continuing operations North America Rest of World Shared central operations Total AMOUNTS IN ’000 (EUR) Jan-Dec 2024 Jan-Dec 2024 Jan-Dec 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 Note 3 Items affecting comparability Items affecting comparability (IACs) relate to significant items that affect EBITDA when comparing to previous peri- ods. They comprise costs included in “personnel expenses” and in “other operating expenses”. During Q2 2025, IACs from continuing operations included in personnel expenses mainly comprised reorganisation costs of EUR 0.6m (0.8). Costs in relation to share-based payments resulted in a minor reversal during the quarter (0.2). During the corresponding quarter minor costs also arose in relation to one-time retention incentives. During the period ended 30 June 2025, costs in relation to share-based payments were EUR 0.2m (0.4), reorganisation costs were EUR 0.7m (1.0) and one-time retention incentives were EUR 0.1m (0.2). During the year ended 31 December 2024, IACs from continuing operations in personnel expenses com - prised costs associated with share-based payments of EUR 0.2m, reorganisation costs of EUR 2.4m and one-time reten- tion incentives of EUR 0.2m. During Q2 2025, IACs from continuing operations included in other operating expenses mainly comprised a gain on dis- posal of esports-related assets of EUR 1.4m. Other minor costs related to restructuring (0.2). During the period ended 30 June 2025, the gain on disposal of esports-related assets was EUR 1.4m, while EUR 0.1m related to the net reversal of costs associated to the acquisition of Mez and Rize Media AB. During the corresponding six months, IACs from con- tinuing operations in other operating expenses were EUR 0.6m and mainly comprised restructuring costs. During the year ended 31 December 2024, EUR 2.2m related to the termination of the contractual arrangement previously mea- sured in accordance with the requirements of IAS 38 using the financial liability model. EUR 0.6m related to restructur- ing 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 gran - ular financial data, resulting in three reclassifications that support the group’s ongoing commitment to accurate and transparent financial reporting. Comparative figures have also been reclassified to provide more accurate compar- isons. 1. Individuals providing full-time services to the group have been reclassified from “Other Operating Expens- es” to “Personnel expenses”. 2. Direct costs associated with media partnerships have been reclassified 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 iden - tified in the Note 2 tables. This provides a more bal - anced view of administrative and shared central oper- ations costs in the current and comparable periods. A spreadsheet with comparative figures will be available on the website: www .catenamedia.com/investors/finan- cial-reports-and-presentations/ Quarter and periodCEO’s comments Parent company Definitions INTERIM REPORT JANUARY-JUNE 2025 22 Financial information1 6 7 8 95432 ===== SIDA 23 ===== Note 6 Other intangible assets The group’s acquisitions primarily comprise other components of intellectual property , which include outsourced and in- ternal 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 - - 547 547 Disposals - - (339) (339) Cost at 30 June 2025 239,758 6,673 21,191 2 67,62 2 Accumulated amortisation and impairment losses at 1 January 2025 (133,324) (6,673) (18,649) (158,646) Amortisation charge (531) - (766) (1,297) Amortisation released upon disposal - - 276 276 Amortisation released upon dissolution - - 12 12 At 30 June 2025 (133,855) (6,673) (19,127) (159,655) At 30 June 2025 105,903 - 2,064 107,967 At 30 June 2024 147,019 - 6,593 153,612 Note 7 Borrowings At the end of Q2 2025, there were no outstanding bor - rowings. The senior unsecrued floating rate bonds were repaid during the current quarter . Borrowings at the end of the comparative reporting pe - riod comprised senior unsecured floating rate bonds with a nominal value of EUR 27 .5m, under a framework of EUR 100m with a maturity date that was extended to June 2025 after the partial prepayment of half the nom - inal amount in Q1 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 comprehensive income in “Other (losses)/gains on fi - nancial liability at fair value through profit or loss” was a loss of EUR 0.2m (0.1) for Q2 2025. The movement in fair value for the year ended 31 December 2024 resulted in a loss of EUR 0.1m. 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 car- rying value of the investment in associate on 31 Decem - ber 2024 was adjusted to reflect the recoverable amount, and an impairment charge of EUR 1.2m was recognised in the statement of comprehensive income. Quarter and periodCEO’s comments Parent company Definitions INTERIM REPORT JANUARY-JUNE 2025 23 Financial information1 2 3 4 95 876 ===== SIDA 24 ===== Note 8 Hybrid capital securities At the end of Q2 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 de- tails are found in the table below . AMOUNTS IN ’000 (EUR) 30 June 2025 Hybrid capital securities at nominal amount as of the beginning and end of the reporting period 43,731 AMOUNTS IN ’000 (EUR) 30 June 2025 Hybrid capital securities at nominal amount 43,731 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 35,102 FINANCIAL PERFORMANCE AND CASH FLOW INFORMATION AMOUNTS IN ’000 (EUR) Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 J a n - D e c 2024 Revenue - 35 (5) 39 9 Personnel expenses - - - (34) (34) Loss on disposal of intangible asset - - - (17) (17) Other operating expenses - (46) (228) (221) (221) Total operating expenses - (46) (233) (272) (272) Loss after income tax from discontinued operations - (11) (233) (233) (263) Net cash generated from/(used in) operating activities - 21 (232) (188) (223) Net decrease in cash generated by divested assets - 21 (232) (188) (223) Note 9 Discontinued operations Discontinued operations comprise the divestments of grey-market performance marketing assets, the AskGamblers brand, the two online casino 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”. Quarter and periodCEO’s comments Parent company Definitions INTERIM REPORT JANUARY-JUNE 2025 24 Financial information1 2 3 4 5 6 7 8 9 ===== SIDA 25 ===== AMOUNTS IN ’000 (EUR) Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 Jan-Dec 2024 Personnel expenses (40) (299) (328) (549) (492) Impairment of investment in subsidiaries - - - - (53,184) Other operating expenses (22) (44) (45) (70) (148) Other operating income 20 20 40 40 78 Total operating expenses (42) (323) (333) (579) (53,746) Operating loss (42) (323) (333) (579) (53,746) Interest payable on borrowings (651) (830) (1,417) (1,836) (3,662) Recharge of interest to subsidiary 354 533 823 1,242 2,473 Other (losses)/gains on financial liability at fair value through profit or loss (235) (93) 8 (141) (103) Other finance (costs)/income (36) 15 (9) (543) (547) Loss before tax (610) (698) (928) (1,857) (55,585) Tax expense - - - - - Loss for the period (610) (698) (928) (1,857) (55,585) Other comprehensive income Items that will not be reclassified to profit for the period Interest payable on hybrid capital securities (1,086) (1,211) (2,204) (2,463) (4,874) Total comprehensive loss for the period (1,696) (1,909) (3,132) (4,320) (60,459) Condensed parent company statements of comprehensive income Quarter and periodCEO’s comments Financial information Definitions INTERIM REPORT JANUARY-JUNE 2025 25 Parent company ===== SIDA 26 ===== Condensed parent company statements of financial position AMOUNTS IN ’000 (EUR) 30 June 2025 30 June 2024 31 Dec 2024 ASSETS Non-current assets Investment in subsidiaries 208,674 261,858 208,674 Current assets Trade and other receivables 6 17 16 Cash and cash equivalents 509 3,129 1,782 Total current assets 515 3,146 1,798 Total assets 209,189 265,004 210,472 AMOUNTS IN ’000 (EUR) 30 June 2025 30 June 2024 31 Dec 2024 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 35,102 35,109 35,103 Other reserves 8,588 8,632 8,417 Accumulated losses/retained earnings (52,358) 6,913 (49,226) Total equity 119,868 179,188 122,830 Liabilities Non-current liabilities Borrowings 25,000 25,000 25,000 Other payables 2,672 1,484 2,078 Total non-current liabilities 27,672 26,484 27,078 Current liabilities Borrowings - 21,523 21,486 Trade and other payables 61,649 37, 8 0 9 39,012 Current tax liabilities - - 66 Total current liabilities 61,649 59,332 60,564 Total liabilities 89,321 85,816 87,642 Total equity and liabilities 209,189 265,004 210,472 Quarter and periodCEO’s comments Financial information Definitions INTERIM REPORT JANUARY-JUNE 2025 26 Parent company ===== SIDA 27 ===== 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 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 - - - - - (1,857) (1,857) Interest payable on hybrid capital securities - - - - - (2,463) (2,463) Total comprehensive loss for the year - - - - - (4,320) (4,320) Transactions with owners Subscription set-offs, including transaction costs - - - (8) - - (8) Equity-settled share-based payments - - - - 364 - 364 Total transactions with owners - - - (8) 364 - 356 Balance at 30 June 2024 118 134,570 (6,154) 35,109 8,632 6,913 179,188 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 - - - - - (928) (928) Interest payable on hybrid capital securities - - - - - (2,204) (2,204) Total comprehensive income for the year - - - - - (3,132) (3,132) Transactions with owners Issue of share capital - - - - - - - Subscription set-offs, incluiding transaction costs - - - (1) - - (1) Equity-settled share-based payments - - - - 171 - 171 Total transactions with owners - - - (1) 171 - 170 Balance at 30 June 2025 118 134,572 (6,154) 35,102 8,588 (52,358) 119,868 Quarter and periodCEO’s comments Financial information Definitions INTERIM REPORT JANUARY-JUNE 2025 27 Parent company ===== SIDA 28 ===== 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 se-curities - - - - - (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 trans- action 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 Condensed parent company statements of changes in equity Quarter and periodCEO’s comments Financial information Definitions INTERIM REPORT JANUARY-JUNE 2025 28 Parent company ===== SIDA 29 ===== Condensed parent company statements of cash flows AMOUNTS IN ’000 (EUR) Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 Jan-Dec 2024 Cash flows from operating activities Loss before tax (610) (698) (928) (1,857) (55,585) Adjustments for: Impairment on investment in subsidiaries - - - 53,184 Unrealised exchange differences 19 (9) (13) 126 118 Interest expense 354 827 1,120 1,825 3,455 Net losses/(gains) on financial liability at fair val-ue through profit or loss 107 93 (136) 141 103 Share-based payments (34) 210 171 364 149 (164) 423 214 599 1,424 Changes in: Trade and other receivables 4 (7) 10 (1) - Trade and other payables 426 16 419 435 434 Net cash generated from operating activities 266 432 643 1,033 1,858 Cash flows generated from investing activities Net proceeds from subsidiary and related parties 21,742 (18) 22,692 21,940 23,212 Net cash generated from/(used in) investing activities 21,742 (18) 22,692 21,940 23,212 AMOUNTS IN ’000 (EUR) Apr-Jun 2025 Apr-Jun 2024 Jan-Jun 2025 Jan-Jun 2024 Jan-Dec 2024 Cash flows used in financing activities Net payments on hybrid capital securities - - - (1) (6) Net repayment on borrowings (21,478) - (21,478) (21,905) (21,905) Proceeds on exercise of share options and warrants - - - - 1 Interest paid (1,546) (1,743) (3,143) (3,838) (7, 2 8 6) Net cash used in financing activities (23,024) (1,743) (24,621) (25,744) (29,196) Net movement in cash and cash equivalents (1,016) (1,329) (1,286) (2,771) (4,126) Cash and cash equivalents at beginning of period 1,544 4,448 1,782 6,026 6,026 Currency translation differences (19) 10 13 (126) (118) Cash and cash equivalents at end of period 509 3,129 509 3,129 1,782 Quarter and periodCEO’s comments Financial information Definitions INTERIM REPORT JANUARY-JUNE 2025 29 Parent company ===== SIDA 30 ===== 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. NET INTEREST-BEARING DEBT (NIBD) Interest-bearing debt less cash and cash equiv- alents. 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 MUL TIPLE Interest-bearing debt (notional amount including redemption premium) less cash and cash equiva- lents 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. Quarter and periodCEO’s comments Financial information Parent company INTERIM REPORT JANUARY-JUNE 2025 30 Definitions