FULLTEXT DEL 1 AV 1
Kvartalsrapport Q2 2025
===== 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