===== SIDA 1 ===== CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 1 New operating model implemented and cost measures deployed to drive improved profitability INTERIM REPORT JANUARY – SEPTEMBER 2024 July-September 2024 January-September 2024 • Revenue from continuing operations was EUR 10.7m (15.9), a decrease of 33 percent. • Revenue in North America decreased 29 percent to EUR 9.5m (13.3), equivalent to 89 percent (84) of group revenue from continuing operations. • New depositing customers (NDCs) from continuing operations totalled 27 ,342 (40,104), a decrease of 32 percent. • Adjusted EBITDA from continuing operations decreased 58 percent to EUR 1.3m (3.2), corresponding to an adjusted EBITDA margin of 13 percent (20). • EBITDA* from continuing operations totalled EUR -1.4m (2.9), equivalent to an EBITDA margin of -13 percent (18). • Earnings per share from continuing operations totalled EUR -0.55 (-0.02) before dilution and EUR -0.54 (-0.02) after dilution. • Cash and cash equivalents were EUR 11.7m (33.5) on 30 September . • Outstanding shares totalled 78,774,442 on 30 September . • Revenue from continuing operations was EUR 39.5m (62.3), a decrease of 37 percent. • Revenue in North America decreased 36 percent to EUR 35.0m (54.8), equivalent to 89 percent (88) of group revenue from continuing operations. • New depositing customers (NDCs) from continuing operations totalled 102,894 (152,225), a decrease of 32 percent. • Adjusted EBITDA from continuing operations decreased 84 percent to EUR 3.9m (24.0), corresponding to an adjusted EBITDA margin of 10 percent (38). • EBITDA* from continuing operations totalled EUR -1.0m (23.1), equivalent to an EBITDA margin of -3 percent (37). • Earnings per share from continuing operations totalled EUR -0.62 (0.09) before dilution and EUR -0.61 (0.07) after dilution. • Cash and cash equivalents were EUR 11.7m (33.5) on 30 September . • Outstanding shares totalled 78,774,442 on 30 September . * EBITDA was impacted by a cost of EUR 2.2m arising from a payment to terminate a content production contract. This one-off payment will generate a long-term saving of EUR 1.4m. CATENA MEDIA GROUP , CONTINUING OPERATIONS Jul-Sep 2024 Jul-Sep 2023 Change Jan-Sep 2024 Jan-Sep 2023 Change LTM Jan-Dec 2023 Revenue (EUR ’000) 10,700 15,854 -33% 39,493 62,289 -37% 53,952 76,748 Adjusted EBITDA (EUR ’000) 1,340 3,199 -58% 3,885 23,969 -84% 5,363 25,447 Adjusted EBITDA margin (%) 13 20 -7pp 10 38 -28pp 10 33 EBITDA (EUR ’000) (1,350)* 2,891 -147% (1,015)* 23,125 -104% (550)* 23,590 EBITDA margin (%) -13 18 -31pp -3 37 -40pp -1 31 Direct costs (EUR ’000) (1,486) (3,043) -51% (9,582) (10,102) -5% (12,914) (13,434) Adjusted personnel expenses (EUR ’000) (5,549) (6,152) -10% (17,728) (17,492) 1% (23,702) (23,466) Adjusted other operating expenses (EUR ’000) (2,325) (3,460) -33% (8,298) (10,726) -23% (11,973) (14,401) Operating cash flow (EUR ’000) 1,769 (923) 292% 3,035 20,083 -85% 2,608 19,656 Earnings per share before dilution (EUR) (0.55) (0.02) - (0.62) 0.09 - (1.08) (0.37) Earnings per share after dilution (EUR) (0.54) (0.02) - (0.61) 0.07 - (1.07) (0.27) New depositing customers (NDCs) 27,3 42 40,104 -32% 102,894 152,225 -32% 134,926 184,257 Net interest-bearing debt (EUR ’000) 14,607 25,425 -43% 14,607 25,425 -43% 14,607 18,356 Net interest-bearing debt/adjusted EBITDA multiple 2.79 0.65 - 2.79 0.65 - 2.79 0.66 ===== SIDA 2 ===== CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 2 Stable underlying casino revenue in North America In North American casino, the drop in revenue from EUR 8.6m to EUR 7 .6m primarily reflected a recognition in Q3 2023 of EUR 1.3m of casi- no revenue related to prior quarters. Excluding this, casino revenue rose slightly during the period, maintaining the year-over-year trend observed in Q2. A highlight for the quarter was the evolution of Bonus.com, one of our top-performing casino products, into a global asset. The Spanish-lan - guage version, www .bonus.com/es, launched in North America in Q2, started to rank well, and we launched www .bonus.com/mx in Mexico at the end of Q3. In November , we also launched https://www .bonus.com/br/ in Brazil. These rollouts illustrate our strategy to maximise the organic growth potential of our most authoritative brands in existing and new markets. We made further progress incorporating social sweepstakes casino into most of our casino offerings. Social sweepstakes casino continues to form part of our long-term casino strategy , capitalising on the immedi- ate revenue opportunity while also building our brands and databases in preparation for future regulation, especially as online casino gaming is yet to regulate in the majority of US states. Further underperformance in sports In sports betting, it was disappointing that we did not see the usual boost from the start of the NFL season in September . This reflected our under- performance as well as past misinvestment in the sports portfolio. While we are working hard to address these issues, we appreciate it will take some time to get back on track. We have been operating at a loss in sports for an extended period due to products that have not been optimally managed. In addition, the organ - isation was scaled for a faster rate of new state launches than we have seen in recent periods. We have adapted the organisation to these real- ities, and in Q3 continued to take actions to return to profit by adjusting the cost base. In summary , while Q3 did not deliver the revenue growth we are striving for , I am pleased with our progress in improving margins and optimising the business. The steps we have taken to reduce costs, reset agreements and focus on core products give us a solid platform to build on. As we head into Q4, we remain focused on executing our strategy and returning to profitable growth. Manuel Stan CEO A challenging quarter for revenue but profitability improves from previous quarter From a top-line perspective, Q3 was a challenging quarter in which we saw revenue decline by 33 percent, driven by continued underperfor - mance in online sports betting. Lower revenue also reflected the ending of certain media partnerships and changes made to other partner agree- ments. The flipside was that these cost-side measures lifted the adjusted EBIT - DA margin from 1 percent in July to 18 percent in September and double adjusted EBITDA quarter-over-quarter . Alongside this bottom-line im- provement, we also saw a like-for-like increase in North American Casino revenue and incremental gains in our key organic search rankings, de - spite higher-than-usual volatility due to Google’s core updates. Right teams and strategy in place In late October we completed the process of finalising our organisational structure, implementing a flatter content production function that creates a foundation for future growth led by a leaner , product-oriented organisa- tion with clear accountability at all levels. The streamlining of the content production and content marketing teams involved the difficult decision to part ways with 29 employees. This right- sizing will create closer alignment with our product goals and will generate an annual cost saving of around EUR 2.2m, starting in November . We also completed our new executive management team with the re - cruitment of Liv Biesemans as Chief Legal & Compliance Officer . When Liv joins us on 1 January , all five members of the executive management team will be new in their roles. With the right teams and strategic priorities in place and a clear focus on our core products, we now have a strong base to tackle our next chal - lenge: delivering profitable growth. Cleaning up the balance sheet It is essential that our balance sheet reflects current realities. Alongside cost reductions, we also announced an impairment charge in October re- lated to both sports and casino, primarily reflecting a decrease in the book value of the Lineups product acquired in May 2021. This balance sheet adjustment will help provide a stable and realistic financial base for the company as we move forward. Despite consecutive quarters of disappointing results and low cash flow from operations, we have adequate cash reserves and incoming pro - ceeds from previously divested assets to cover our current debt. We have successfully negotiated an early release from certain long-term capitalised contracts. Although settling these impacted Q3 EBITDA neg- atively , the long-term outcome will be EUR 1.4m of savings. We plan to use these savings to pay down debt and reduce the principal on the senior bond due in June 2025. CEO’S COMMENTS ===== SIDA 3 ===== CEO’S COMMENTSSIGNIFICANT EVENTS Significant events during Q3 2024 Significant events after the period • Manuel Stan assumed his position as CEO on 1 July . Pierre Cadena was appointed COO. • A total of 1,020 warrants were used to subscribe for the same number of new ordinary shares in Catena Media during the 18th and final warrant exercise period. As of 30 September , the number of shares and voting rights in Catena Media had increased from 78,773,422 to 78,774,442 and share capital had risen to EUR 118,161.66. • On 18 September , Theodore Bergqvist announced his intention to step down from his role as non-executive director with immediate effect. • On 22 October , Catena Media announced further measures to streamline the company’s content production and content marketing teams, as part of the transition to a leaner , product-led organisation. The programme will generate an estimated annual cost saving of EUR 2.2m, effective from 1 November 2024. • On 22 October , Catena Media announced a non-cash impairment charge of EUR 40.0m in line with IAS 36. The charge relates to a writedown in the book value of specific sports and casino assets, following the transition to a product-led operating model. Cost base development Organic search performance In Q3 the company continued with its efforts to reduce the cost base to reflect current operating realities. Measures taken, including those de - scribed in the bullets below , reduced the long-term cost base by 34 per- cent, from EUR 14.2m in Q1 2024 to EUR 9.4m Q3 2024. • On 22 October Catena Media announced measures to reduce costs by EUR 2.2m by further streamlining content production and content marketing teams. The changes will involve the termination of 29 positions, giving rise to severance costs of approximately EUR 0.4m. The measures form part of the ongoing transition to a leaner , product-led organisation. The net annual cost saving of EUR 2.2m will be effective from 1 November 2024. • On 5 May Google launched an organic search policy update that affected the rankings of sports betting and casino content published by many major news media websites. The change reduced the effectiveness of some of Catena Media’s strategic media partnerships. As a result, the group decided not to renew some of these agreements. The major impact of these non-renewals was felt in Q3. CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 3 Organic search is crucially important in the affiliation industry . We will continously update the market on our average keyword ranking perfor - mance as we consider this information to be relevant for investors and stakeholders. Since Q2, we have continued to observe a trend towards improved organic search rankings for Catena Media owned and operated brands. The average score reflects the top rankings for 70+ of the most important keywords across Catena Media’s products. The actual keywords are not disclosed for competitive reasons, and will vary over time depending on strategy . Note that 1 is the best possible score. Total average score: • 4.05 as of 29 September • 4.13 as of 30 June 09/2909/0108/0407/0706/0905/0503/31 Total average score 1 2 3 4 5 6 7 8 9 10 0 3 6 9 12 15 Q3 24Q2 24Q1 24 4.6 2.8 5.7 3.5 6.4 3.2 Other operating expenses Personnel expenses Direct costs Total costs 1.5 5.5 2.3 * Search policy update affecting certain media partnerships. Excluding items afecting comparability (IACs) ===== SIDA 4 ===== CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 4 Current debt position and asset sale proceeds Catena Media is committed to ensuring the group maintains a robust and flexible financial position to address the current environment of higher interest rates and changing financial conditions. Together , the measures taken will reduce financial risk and unlock value for investments in core growth areas. The group’s solid financial position will enable focused debt reduction and strategic investments. Proceeds from asset sales are shown in the table below , left. The table below , right, shows the group’s debt structure and cash balances. Reported net debt stood at EUR 14.6m on 30 September 2024. After adjustment for a scheduled inflow of EUR 22.0m in divestment proceeds from 2024 to 2025, the group had a net cash position of EUR 7 .4m. GEOGRAPHIC REVENUE Q3 2024 REVENUE TYPE Q3 2024 ▪ North America ▪ Rest of world ▪ CPA ▪ Revenue share ▪ Fixed OVERVIEW CURRENT DEBT OVERVIEW AS OF 30 SEP 2024 EUR ’000 Bond issue 2021/2025 Total bonds issued 27,50 0 Repurchased bonds (6,150) Outstanding bonds 21,350 Revolving credit facility (RCF) net of restricted cash* 5,000 Total debt* 26,350 Cash and cash equivalents 11,743 Net debt 14,607 EXPECTED PROCEEDS FROM DIVESTMENTS EUR ’000 AskGamblers and related brands Q1 2025 15,000 Italy Q4 2024 3,500 Q2 2025 3,500 Total proceeds 22,000 Geographic market breakdown, continuing operations For a complete breakdown including shared central costs see page 20. North America Rest of world AMOUNTS IN ’000 (EUR) Jul-Sep 2024 Jul-Sep 2023 Change Jan-Dec 2023 Jul-Sep 2024 Jul-Sep 2023 Change Jan-Dec 2023 Total revenue 9,493 13,291 -29% 67,0 6 3 1,207 2,563 -53% 9,685 of which Casino 7,626 8,668 -12% 34,927 614 1,443 -57% 6,307 of which Sports 1,867 4,623 -60% 32,136 593 1,120 -47% 3,378 Adjusted EBITDA 4,432 5,821 -24% 34,842 698 512 36% 2,379 Adjusted EBITDA margin (%) 47 44 3pp 52 58 20 38pp 25 NDCs 26,092 35,169 -26% 167,8 86 1,250 4,935 -75% 16,371 To date, scheduled payments for assets sold have been received according to plan. 11% 89% 82% 15% 3% NEW DEPOSITING CUSTOMERS Q3 2024 ▪ CPA ▪ Revenue share 13% 87% * See note 8 for more information. ===== SIDA 5 ===== CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 5 * Note that all numbers and growth percentages shown refer to continuing operations. OUR SEGMENTS Casino Sports Revenue in the Casino segment decreased by 19 percent to EUR 8.2m (10.1), corresponding to a 77 percent share of group revenue. Adjust- ed EBITDA decreased by 44 percent to EUR 2.7m (4.8), equal to a margin of 32 percent (47). New depositing customers (NDCs) de - creased by 5 percent. As expected, casino revenue was lower in Q3 than in Q2 due to annual seasonality patterns. Online casino players in our core markets are more active during the Northern Hemisphere winter . In North America, casino revenue decreased by 12 percent to EUR 7 .6m (8.6). Excluding EUR 1.3m recognised in Q3 2023 as revenue The Sports segment reported a 57 percent de- crease in revenue to EUR 2.5m (5.7), equal to a 23 percent share of group revenue. Adjusted EBITDA was EUR -1.3m (-1.6). New deposit - ing customers (NDCs) decreased by 57 per - cent. In North America, the underperformance partly reflected challenging comparables given the legalisation of sports betting in Kentucky in Q3 2023 and the absence of any state launch in Q3 this year . Operating outcomes were nevertheless sub- par and actions are being taken. These includ- ed a rightsizing of the sports content organisa- tion after the close of the quarter . The optimised organisation is now better adapted to perfor - mance delivery in the company’s core sports betting products. from prior quarters, North American casino rev- enue increased by 3 percent. In Japan, casino revenue was lower due to fac- tors led by the market exit of several key brands and operators. Unfavourable search algorithm updates also hampered performance. The company is actively working to re-establish its market positions and anticipates improved effi- ciency and growth in the near future. Direct costs were considerably lower versus the same period last year due to a reduction in minimum revenue guarantees payable under now-expired media partnerships. Revenue in esports decreased, although quarter-over-quarter performance showed im- provement. Revenue growth was hindered by unfavourable algorithm updates and a softer impact from large esports events, which col - lectively impacted traffic. Despite these head - winds, the group continues to see promise in esports betting and is focusing on optimising the business by targeting keyword strategy and content refinement and distribution in key geo- graphic markets. AMOUNTS IN ’000 (EUR) Jul-Sep 2024 Jul-Sep 2023 Change Jan-Sep 2024 Jan-Sep 2023 Change LTM Jan-Dec 2023 Revenue 8,240 10,111 -19% 28,134 32,211 -13% 37,157 41,234 Adjusted EBITDA 2,674 4,793 -44% 10,394 17,1 4 8 -39% 13,760 20,514 Adjusted EBITDA margin (%) 32 47 -15pp 37 53 -16pp 37 50 NDCs 18,441 19,449 -5% 60,656 62,399 -3% 75,150 76,893 AMOUNTS IN ’000 (EUR) Jul-Sep 2024 Jul-Sep 2023 Change Jan-Sep 2024 Jan-Sep 2023 Change LTM Jan-Dec 2023 Revenue 2,460 5,743 -57% 11,359 30,078 -62% 16,795 35,514 Adjusted EBITDA (1,334) (1,594) -16% (6,509) 6,821 -195% (8,397) 4,933 Adjusted EBITDA margin (%) (54) (28) -26pp (57) 23 -80pp (50) 14 NDCs 8,901 20,655 -57% 42,238 89,826 -53% 59,776 107,3 6 4 REVENUE SPORTS NORTH AMERICA REVENUE CASINO NORTH AMERICA 5.0 10.0 15.0 20.0 EUR m 2022 Q1 2023 Q1 2022 Q2 2023 Q2 2024 Q1 2022 Q3 2023 Q3 2024 Q2 2022 Q4 2023 Q4 2024 Q3 2.0 4.0 6.0 8.0 10.0 12.0 EUR m 2022 Q1 2023 Q1 2022 Q2 2023 Q2 2024 Q1 2022 Q3 2023 Q3 2024 Q2 2022 Q4 2023 Q4 2024 Q3 ===== SIDA 6 ===== CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 6 REVENUE Revenue was EUR 10.7m (15.9), a decrease of 33 percent from the cor- responding quarter . Revenue derived through revenue-sharing arrange- ments accounted for 15  percent (17) of total revenue, cost-per-acquisi- tion revenue accounted for 82 percent (81) of total revenue and fixed-fee revenue contributed 3 percent (2) of total revenue. EARNINGS Adjusted EBITDA decreased by 58 percent and totalled EUR 1.3m (3.2). This corresponds to an adjusted EBITDA margin of 13 percent (20). EBITDA, including items affecting comparability of EUR 2.7m (0.3), de - creased by 147 percent and totalled EUR -1.4m (2.9). This corresponds to an EBITDA margin of -13 percent (18). Earnings per share (EPS) be - fore dilution were EUR -0.55 (-0.02). EPS after dilution were EUR -0.54 (-0.02). TAXES Loss after tax from continuing operations was EUR 41.7m (1.6). LIQUIDITY AND CASH FLOW On 30 September , cash and cash equivalents stood at EUR 11.7m (33.5). Net cash generated from continuing operating activities totalled EUR 1.8m (-0.9). * Note that all numbers and growth percentages shown refer to continuing operations. FINANCIAL PERFORMANCE Financial performance (July-September 2024*) EXPENSES Total operating expenses, including items affecting comparability , totalled EUR 53.4m (16.1). Direct costs decreased to EUR 1.5m (3.0) following the non-renewal of certain media partnerships and the optimisation of other agreements. Personnel expenses decreased to EUR 6.0m (6.3), and excluding items affecting comparability has decreased by 10 percent to EUR 5.5m (6.2). The decline in personnel costs is due to implementing a programme of organisational and leadership changes which led to a reduction in head - count. Other operating expenses totalled EUR 4.5m (3.6), and exclud - ing items affecting comparability decreased by 33 percent to EUR 2.3m (3.5). The significant reduction in other operating expenses is attributed to the transfer of full time equivalent contractors from operating expenses to personnel costs, reduction in outsourced content and search engine optimisation support costs, professional fees and travel and entertain - ment expenditure. ===== SIDA 7 ===== CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 7 FINANCIAL PERFORMANCE Financial performance (January-September 2024*) REVENUE Revenue was EUR 39.5m (62.3), a decrease of 37 percent from the cor- responding period. Revenue derived through revenue-sharing arrange - ments accounted for 13 percent (15) of total revenue, cost-per-acquisi - tion revenue accounted for 84 percent (83) of total revenue and fixed-fee revenue contributed 3 percent (2) of total revenue. EARNINGS Adjusted EBITDA decreased by 84 percent and totalled EUR 3.9m (24.0). This corresponds to an adjusted EBITDA margin of 10 percent (38). EBITDA, including items affecting comparability of EUR 4.9m (0.8), de - creased by 104 percent and totalled EUR -1.0m (23.1). This corresponds to an EBITDA margin of -3 percent (37). Earnings per share (EPS) before dilution were EUR -0.62 (0.09). EPS after dilution were EUR -0.61 (0.07). TAXES Loss after tax from continuing operations was EUR 46.6m. In the first nine months of 2023, profit after tax from continuing operations was EUR 7 .2m. LIQUIDITY AND CASH FLOW On 30 September 2024, cash and cash equivalents stood at EUR 11.7m (33.5). Net cash generated from continuing operating activities de - creased 85 percent compared to the first nine months of 2023 and to - talled EUR 3.0m (20.1). * Note that all numbers and growth percentages shown refer to continuing operations. EXPENSES Total operating expenses, including items affecting comparability , totalled EUR 84.5m (47 .7). Direct costs decreased to EUR 9.6m (10.1), following the non-renewal of certain media partnerships and the optimisation of other agreements. Personnel expenses increased to EUR 19.8m (17 .8), and excluding items affecting comparability has increased marginally to EUR 17 .7m (17 .5). Other operating expenses totalled EUR 11.1m (11.2), and excluding items affecting comparability decreased by 23 percent to EUR 8.3m (10.7). The decrease in other operating expenses is mainly due the transfer of full time equivalent contractors from other operating expenses to personnel, reduction in outsourced content and search engine optimisation support costs, professional fees and travel and entertainment expenditure. ===== SIDA 8 ===== CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 8 SHARES AND SHARE DATA Earnings per share for Q3 2024 were EUR -0.55 (-0.02) before dilution and EUR -0.54 (-0.02) after dilution. At the end of the period, Catena Me- dia had 78,774,442 outstanding shares. Share capital was EUR 118,161.66, corresponding to EUR 0.0015 per share. On 30 September , the closing price of the Catena Media share was SEK 6.56. Changes in number of shares • On 28 August 2024, Catena Media resolved to make a directed issue of 1,020 shares due to the exercise of the group’s warrants (CTM 101) during the 18th and final warrant exercise period. EQUITY As at 30 September , equity including hybrid capital securities totalled EUR 124.6m (215.7), equivalent to an equity-to-assets ratio of 0.79 (0.75). Excluding hybrid capital securities, equity totalled EUR 89.5m (180.6). LARGEST SHAREHOLDERS The 10 largest shareholders of Catena Media plc as of 30 September were as follows: 10 LARGEST SHAREHOLDERS AS OF 30 SEPTEMBER % Investment AB Öresund 7. 2 Avanza Pension 5.5 Jesper Ribacka 5.0 Andre Lavold 4.8 Catena Media plc 4.0 Niklas Karlsson 3.1 Second Swedish National Pension Fund 2.9 Nordnet Pension Insurance 2.5 eQ Asset Management Oy 1.6 Seedstake Ltd 1.0 Total, 10 largest shareholders 37.6 Other shareholders 62.4 Total 100.0 STRATEGIC DIRECTION FOR THE PERIOD 2024-2026 • Embed a new operating model that enables a clearer focus on priority products and optimises those products 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. OTHER Other FINANCIAL TARGETS #1 Double-digit organic growth in both revenue and adjusted EBITDA for 2025 and 2026 at group level. #2 Net interest-bearing debt to adjusted EBITDA ratio of 0-1.75. FUNDING At the end of the period Catena Media had outstanding senior unsecured floating rate bonds of EUR 27 .5m, of which EUR 6.2m were owned by the company , and a revolving credit facility of EUR 10.0m. During Q3 2024, the group agreed on the partial cash collateralisation of EUR 5.0m in re - lation to the revolving credit facility agreement until the adjusted EBITDA target has been achieved. These blocked funds are recognised separate- ly as restricted cash in the statement of financial position. In addition, Cat- ena Media’s funds included the hybrid capital securities issued on 10 July 2020 and which can be redeemed in full by the company on 10 July 2025 at the earliest or used as a payment set-off by their holders during any of the warrant exercise windows following an interim or year-end report, until and including the Q2 2024 interim report. 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 company’s interim statement of financial position. For more information, see Note 5 (Borrowings) to the condensed consolidated interim financial statements in this report, and the company’s website www .catenamedia.com/investors. PARENT COMPANY Catena Media plc, registration number C70858, is a public company with its head office in Malta. Catena Media plc is the ultimate holding compa - ny , with the purpose of receiving dividend income from the main operat- ing company , Catena Operations Limited. Catena Media plc is listed on Nasdaq Stockholm’s main market, Mid Cap. The shares are traded under the ticker CTM and with the ISIN code MT0001000109. The warrants are traded under the ticker CTM TO1 with the ISIN code MT5000000158. There was no dividend income during Q3 2024 and Q3 2023. Q3 2024 resulted in an operating profit of EUR 0.1m and a profit after tax of EUR 0.1m. The comparative quarter resulted in an operating loss of EUR 0.3m and a loss after tax of EUR 0.5m. Bond fair value movement classified in “Other gains/(losses) on financial liability at air value through profit or loss” resulted in a gain of EUR 0.2m (nil) in Q3 2024. Interest payable on borrowings was EUR 1m (1.4). The parent company’s cash and cash equivalents were EUR 2.6m (3.7). Liabilities totalled EUR 86.7m (80.8). Equity was EUR 177 .8m (184.8). As at 30 September , the parent company’s current liabilities exceeded current assets by EUR 57 .3m. Liabilities of EUR 38.3m 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 prepare the financial statements on a going concern basis. SIGNIFICANT RISKS AND UNCERTAINTIES Catena Media’s risk management aims to execute the business strategy while maintaining a high level of risk awareness and control. The group is, in particular , exposed to compliance risks related to the online gam- bling industry . Risks are managed on a strategic, operational and financial level. Comprehensive risk disclosures are available in the Catena Media 2023 annual report on pages 37-41 and 57-59. There were no significant changes to any of the risks disclosed in the annual report. ===== SIDA 9 ===== CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 9 For further information, please contact Malta, 7 November 2024 Manuel Stan, CEO Investor Relations ir@catenamedia.com Manuel Stan, CEO manuel.stan@catenamedia.com Michael Gerrow, CFO michael.gerrow@catenamedia.com Registered office Quantum Place, Triq ix-Xatt Ta’ Xbiex, Gzira, GZR 1052, Malta This information is information that Catena Media plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact per - sons, on 7 November 2024 at 07:00 CET. SEASONALITY A significant portion of Catena Media’s sports betting business is sub - ject to the seasonal openings and closures of the major sports leagues in North America. These calendar-related shifts are associated with changeability in the group’s quarterly performance, with revenues typical- ly being higher in the first and fourth quarters. Fluctuations in quarterly results are also reflective of market launches in North America, such as those seen during the last two years. SUSTAINABILITY Sustainability is a strategic imperative for Catena Media. The group is a digital platform with a relatively small environmental footprint and there - fore focuses its efforts on social responsibility and governance. The com- pany works constantly to improve governance and to make its operations more sustainable, emphasising business ethics, corporate governance and transparency . Socially , the group stands for equality , ethical conduct and diversity at all levels. Catena Media’s sector leadership in corporate social responsibility is reflected in a commitment to fair and equitable gaming. Following the strategic review completed in November 2023, revenue from regulated markets amounted to 91 percent in 2023. A more detailed description of the sustainability strategy can be found in the 2023 annual report on pages 21-29. NOMINATION COMITTEEE Catena Media’s Nomination Committee for the 2025 AGM consists of Nicklas Paulson, representing Investment AB Öresund; Andreas Jöns - son, representing Jesper Ribacka, Andreas Lindberg, representing Andre Lavold; and Erik Flinck, Chairman of the Board of Catena Media. EMPLOYEES As of 30 September , the group had 212 (322) employees, of whom 70 (105) were female, corresponding to 33 percent (33) of the total. All em - ployees were employed full-time. PRESENTATION OF REPORT TO INVESTORS AND MEDIA CEO Manuel Stan and CFO Michael Gerrow will present the Q3 2024 re- port in a combined webcast and teleconference on 7 November 2024 at 09:00 CET. Webcast Via the webcast you are able to ask written questions. If you wish to partic- ipate via webcast, please use the following link: https://ir .financialhearings.com/catena-media-q3-report-2024 Teleconference Via teleconference you are able to ask questions verbally . If you wish to participate in the call, please register on the link below . After registration you will be provided phone numbers and a conference ID to access the conference: https://conference.financialhearings.com/teleconference/?id=50048940 The presentation will be available on the website: https://www .catenamedia.com/investors/ UPCOMING EVENTS Year-end Report Q4 January-December 2024 11 February 2025 Annual Report 2024 Week 13 2025 Interim Report Q1 January-March 2025 13 May 2025 Interim Report Q2 January-June 2025 12 August 2025 Interim Report Q3 January-March 2025 4 November 2025 OTHER ===== SIDA 10 ===== CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 10 OTHER REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION To the Directors of Catena Media p.l.c. INTRODUCTION We have reviewed the accompanying condensed consolidated interim statement of financial position of Catena Media p.l.c. and its subsidiaries (the ‘Group’) as at 30 September 2024 and the related condensed consolidated interim statement of comprehensive income, statement of changes in equity and statement of cash flows for the nine-month period then ended and explanatory notes. The directors are responsible for the preparation and presen- tation of this condensed consolidated interim financial information in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU applicable to interim financial reporting (International Accounting Standard 34 ‘Interim Financial Reporting’). Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review . SCOPE OF REVIEW We conducted our review in accordance with International Standard on Review Engagements 2410, ‘Review of interim financial information performed by the independent auditor of the entity’. A review of interim financial information consists of making inquiries, primarily of persons responsible for fi - nancial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly , we do not express an audit opinion. CONCLUSION Based on our review , nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial infor- mation is not prepared, in all material respects, in accordance with International Accounting Standard 34 ‘Interim Financial Reporting’. Lucienne Pace Ross Principal For and on behalf of PricewaterhouseCoopers 78, Mill Street Zone 5, Central Business District Qormi Malta 7 November 2024 ===== SIDA 11 ===== CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 11 In addition to financial measures defined by IFRS, Catena Media presents some alternative performance measures in this interim report that are not defined by IFRS. These alter native performance measures provide valu- able add itional information to investors and management for evalu ating the financial performance and position of Catena Media. These non-IFRS measures, as defined on the last page of this report, will not necessarily be comparable to similarly defined measures in other companies’ reports and should not be considered as substitutes for financial report ing mea- sures prepared in accordance with IFRS. More infor mation and key ratio calculations can be found at https://www .catenamedia.com/investors/. Consolidated key data and ratios Jul-Sep 2024 Jul-Sep 2023 Jan-Sep 2024 Jan-Sep 2023 Jan-Dec 2023 Financial measures defined by IFRS, total Revenue (EUR ‘000) 10,666 18,729 39,498 72,981 88,240 Earnings per share before dilution (EUR) (0.55) (0.06) (0.62) 0.00 (0.51) Earnings per share after dilution (EUR) (0.54) (0.06) (0.61) 0.00 (0.37) Weighted average number of outstanding shares at period end before dilution (’000) 75,649 76,837 75,649 75,676 75,682 Weighted average number of outstanding shares at period end after dilution (’000) 76,503 76,837 76,503 104,484 102,705 Financial measures defined by IFRS, continuing operations Revenue from continuing operations (EUR ’000) 10,700 15,854 39,493 62,289 76,748 Earnings per share before dilution from continuing operations (EUR) (0.55) (0.02) (0.62) 0.09 (0.37) Earnings per share after dilution from continuing operations (EUR) (0.54) (0.02) (0.61) 0.07 (0.27) Alternative performance measures EBITDA (EUR ‘000) (1,384) 2,827 (1,282) 36,412 33,874 EBITDA margin (%) -13 15 -3 50 38 EBITDA from continuing operations (EUR ’000) (1,350) 2,891 (1,015) 23,125 23,590 EBITDA margin from continuing operations (%) -13 18 -3 37 31 Adjusted EBITDA (EUR ’000) 1,306 4,164 3,832 26,283 27,693 Adjusted EBITDA margin (%) 12 22 10 36 31 Adjusted EBITDA from continuing operations (EUR ’000)* 1,340 3,199 3,885 23,969 25,447 Adjusted EBITDA margin from continuing operations (%) 13 20 10 38 33 New depositing customers from continuing operations 27,3 42 40,104 102,894 152,225 184,257 Average shareholders’ equity, last 12 months (EUR ’000) 176,479 232,058 176,479 232,058 224,331 Net interest-bearing debt (NIBD) (EUR ’000) 14,607 25,425 14,607 25,425 18,356 NIBD/adjusted EBITDA multiple 2.79 0.65 2.79 0.65 0.66 Equity per share before dilution (EUR) 1.66 2.81 1.66 2.85 2.31 Equity per share after dilution (EUR) 1.64 2.81 1.64 2.04 1.71 Employees at period-end 212 322 212 322 256 Employees at period-end from continuing operations 212 285 212 285 255 Adjustments for Q3 2024 relate to items affecting comparability (“IACs”) from continuing operations of EUR 2.7m (0.3). IACs for the period ended 30 September 2024 were EUR 4.9m (0.8). Further details can be found in Note 3 on page 20. KEY METRICS ===== SIDA 12 ===== CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 12 Condensed consolidated interim statements of comprehensive income FINANCIAL INFORMATION AMOUNTS IN ’000 (EUR) Notes Jul-Sep 2024 Jul-Sep 2023 Jan-Sep 2024 Jan-Sep 2023 Jan-Dec 2023 Revenue 10,700 15,854 39,493 62,289 76,748 Total revenue 10,700 15,854 39,493 62,289 76,748 Direct costs (1,486) (3,043) (9,582) (10,102) (13,434) Personnel expenses (6,028) (6,311) (19,828) (17,821) (24,767) Depreciation and amortisation (1,367) (3,159) (4,056) (8,500) (11,219) Impairment on intangible assets (39,985) - (39,985) - (34,049) Other operating expenses (4,536) (3,609) (11,098) (11,241) (14,957) Total operating expenses (53,402) (16,122) (84,549) (47,6 6 4) (98,426) Operating (loss)/profit (42,702) (268) (45,056) 14,625 (21,678) Interest payable on borrowings (722) (1,373) (2,388) (4,285) (5,566) Other gains/(losses) on financial liability at fair value through profit or loss 227 - 86 (1,978) (1,498) Other finance income 953 594 806 661 746 Share of net loss of joint venture accounted for using the equity method (46) - (91) - - (Loss)/profit before tax (42,290) (1,047) (46,643) 9,023 (27,9 9 6) Tax income/(expense) 638 (545) 65 (1,870) (186) (Loss)/profit for the period from continuing operations attributable to the equity holders of the parent company (41,652) (1,592) (46,578) 7,1 5 3 (28,182) Loss for the period from discontinued operations 7 (34) (2,908) (267) (6,995) (10,054) (Loss)/profit for the period (41,686) (4,500) (46,845) 158 (38,236) Other comprehensive income Items that may be reclassified to profit for the period Currency translation differences (665) 65 (195) (12) (667) Items that will not be reclassified for the profit for the period Interest payable on hybrid capital securities (1,210) (1,095) (3,673) (3,406) (4,597) Total other comprehensive loss for the period (1,875) (1,030) (3,868) (3,418) (5,264) Total comprehensive loss attributable to the equity holders of the parent company (43,561) (5,530) (50,713) (3,260) (43,500) Earnings per share for (loss)/profit from continuing operations attributable to the equity holders of the parent company during the period (expressed in euros per share): Basic earnings per share From (loss)/profit for the period (0.55) (0.02) (0.62) 0.09 (0.37) Diluted earnings per share From (loss)/profit for the period (0.54) (0.02) (0.61) 0.07 (0.27) Condensed consolidated interim income statement measures Operating (loss)/profit (42,702) (268) (45,056) 14,625 (21,678) Depreciation and amortisation 1,367 3,159 4,056 8,500 11,219 Impairment on intangible assets 39,985 - 39,985 - 34,049 EBITDA (1,350) 2,891 (1,015) 23,125 23,590 Items affecting comparability in personnel expenses 3 479 159 2,100 329 1,301 Items affecting comparability in other operating expenses 3 2,211 149 2,800 515 556 Adjusted EBITDA 1,340 3,199 3,885 23,969 25,447 The notes on pages 16 to 23 are an integral part of these condensed consolidated interim financial statements. ===== SIDA 13 ===== CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 13 Condensed consolidated interim statements of financial position FINANCIAL INFORMATION AMOUNTS IN ’000 (EUR) Notes 30 Sep 2024 30 Sep 2023 31 Dec 2023 ASSETS Non-current assets Investment in associate 1,768 - 940 Right-of-use asset 87 685 550 Other intangible assets 4 109,187 192,039 155,482 Property, plant and equipment 684 1,000 869 Restricted cash 8 5,000 - - Other receivables - 13,789 17, 207 Total non-current assets 116,726 207 ,513 175,048 Current assets Trade and other receivables 29,912 26,889 28,468 Current tax asset 151 - - Cash and cash equivalents 11,743 33,525 38,510 41,806 60,414 66,978 Assets classified as held for sale - 21,226 - Total current assets 41,806 81,640 66,978 Total assets 158,532 289,153 242,026 EQUITY AND LIABILITIES Capital and reserves Share capital 118 118 118 Share premium 134,041 134,039 134,039 Treasury reserve (6,154) (5,678) (6,154) Hybrid capital securities 6 35,104 35,117 35,117 Other reserves 10,370 10,920 10,444 Accumulated losses/ retained earnings (48,900) 41,203 1,618 Total equity 124,579 215,719 175,182 Liabilities Non-current liabilities Borrowings 5 10,000 10,000 31,430 Deferred tax liabilities 429 2,654 790 Lease liability - 196 - Trade and other payables - 2,508 2,058 Total non-current liabilities 10,429 15,358 34,278 Current liabilities Borrowings 5 21,297 49,591 25,597 Trade and other payables 2,227 7, 276 6,573 Current tax liabilities - 523 396 23,524 57, 3 9 0 32,566 Liabilities directly associated with assets classified as held for sale - 686 - Total current liabilities 23,524 58,076 32,566 Total liabilities 33,953 73,434 66,844 Total equity and liabilities 158,532 289,153 242,026 The notes on pages 16 to 23 are an integral part of these condensed consolidated interim financial statements. ===== SIDA 14 ===== CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 14 Condensed consolidated interim statements of changes in equity FINANCIAL INFORMATION Attributable to owners of the parent company AMOUNTS IN ’000 (EUR) Share capital Share premium Treasur y reserve Hybrid capital securities Other reserves Accumulated losses Total equity Balance at 1 January 2024 118 134,039 (6,154) 35,117 10,444 1,618 175,182 Comprehensive income Loss for the period - - - - - (46,845) (46,845) Interest payable on hybrid capital securities - - - - - (3,673) (3,673) Currency translation differences - - - - (195) - (195) Total comprehensive loss for the period - - - - (195) (50,518) (50,713) Transactions with owners Issue of share capital - 2 - - - - 2 Issue of capital securities, net of transaction costs - - - (13) - - (13) Equity-settled share-based payments - - - - 121 - 121 Total transactions with owners - 2 - (13) 121 - 110 Balance at 30 September 2024 118 134,041 (6,154) 35,104 10,370 (48,900) 124,579 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 2023 114 122,625 (21,713) 44,173 11,185 66,136 222,520 Comprehensive income Profit for the period - - - - - 158 158 Interest payable on hybrid capital securities - - - - - (3,406) (3,406) Currency translation differences - - - - (12) - (12) Total comprehensive loss for the period - - - - (12) (3,248) (3,260) Transactions with owners Issue of share capital 10 11,414 - - - - 11,424 Issue of capital securities, net of transaction costs - - - (9,056) - - (9,056) Repurchase of common stock, net of transaction costs - - (5,656) - - - (5,656) Equity-settled share-based payments - - - - (253) - (253) Cancellation of shares (6) - 21,691 - - (21,685) - Total transactions with owners 4 11,414 16,035 (9,056) (253) (21,685) (3,541) Balance at 30 September 2023 118 134,039 (5,678) 35,117 10,920 41,203 215,719 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 2023 114 122,625 (21,713) 44,173 11,185 66,136 222,520 Comprehensive income Loss for the year - - - - - (38,236) (38,236) Interest payable on hybrid capital securities - - - - - (4,597) (4,597) Currency translation differences - - - - (667) - (667) Total comprehensive loss for the year - - - - (667) (42,833) (43,500) Transactions with owners Issue of share capital 10 11,414 - - - - 11,424 Subscription set-offs, including transaction costs - - - (9,056) - - (9,056) Repurchase of common stock, net of transaction costs - - (6,132) - - - (6,132) Equity-settled share-based payments - - - - (74) - (74) Cancellation of shares (6) - 21,691 - - (21,685) - Total transactions with owners 4 11,414 15,559 (9,056) (74) (21,685) (3,838) Balance at 31 December 2023 118 134,039 (6,154) 35,117 10,444 1,618 175,182 The notes on pages 16 to 23 are an integral part of these condensed consolidated interim financial statements. ===== SIDA 15 ===== CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 15 Condensed consolidated interim statements of cash flows FINANCIAL INFORMATION AMOUNTS IN ’000 (EUR) Jul-Sep 2024 Jul- Sep 2023 Jan-Sep 2024 Jan-Sep 2023 Jan-Dec 2023 Cash flows from operating activities (Loss)/profit before tax (42,324) (3,827) (46,910) 2,637 (37,370) Loss from discontinued operations before tax 34 2,780 267 6,386 9,374 Adjustments for: Depreciation and amortisation 1,367 3,159 4,056 8,500 11,219 Loss/(gain) on disposal of assets - 15 (6) 65 121 Loss allowances on trade receivables (160) 28 (218) (345) (205) Bad debts 11 (3) 115 61 70 Impairment on intangible assets 39,985 - 39,985 - 34,049 Loss on contract termination 2,211 - 2,211 - - Unrealised exchange differences (327) (449) (69) 99 429 Interest expense 74 1,041 1,148 3,582 4,490 Net (gains)/losses on financial liability and at fair value through profit or loss (227) - (86) 1,978 1,498 Share-based payments (243) 705 121 273 (93) 401 3,449 614 23,236 23,582 Taxation paid (316) (174) (1,011) (2,065) (2,366) Changes in: Trade and other receivables 3,215 (5,764) 4,562 1,609 1,814 Trade and other payables (1,531) 1,566 (1,130) (2,697) (3,374) Net cash generated from/(used in) continuing operating activities 1,769 (923) 3,035 20,083 19,656 Net cash (used in)/generated from operating activities – discontinued operations (38) (348) (226) (57) 380 Net cash generated from/(used in) operating activities 1,731 (1,271) 2,809 20,026 20,036 Cash flows (used in)/generated from investing activities Investments in associate - - (918) - (941) Proceeds from sale of investment of subsidiaries - 11,556 22,345 29,145 Acquisition of property, plant and equipment (28) 8 (50) (110) (127) Net (payments)/receipts on acquisition/disposal of intangible assets (1,338) 5,818 (2,199) 778 6,542 Net cash (used in)/generated from continuing investing activities (1,366) 5,826 8,389 23,013 34,619 Net cash used in investing activities – discontinued operations - (52) - (241) (274) Net cash (used in)/generated from investing activities (1,366) 5,774 8,389 22,772 34,345 Cash flows used in financing activities Net payments on hybrid capital securities (4) (10) (12) (23) (24) Net repayments on borrowings - (1,966) (26,072) (18,818) (20,901) Proceeds on exercise of share options and warrants 1 5 1 2,992 2,992 Share buybacks - (4,262) - (5,657) (6,133) Interest paid (1,935) (2,429) (6,247) (7,725) (10,238) Net lease payments (124) (154) (378) (378) (557) Net cash used in continuing financing activities (2,062) (8,816) (32,708) (29,609) (34,861) Net cash used in financing activities – discontinued operations - - - (20) (20) Net cash used in financing activies (2,062) (8,816) (32,708) (29,629) (34,881) Net movement in cash and cash equivalents (1,697) (4,313) (21,510) 13,169 19,500 Cash and cash equivalents at beginning of period 18,938 37,978 38,510 24,550 24,550 Cash surrendered upon disposal - - - (2,949) (4,293) Restricted cash (5,000) - (5,000) - - Currency translation differences (498) (140) (257) (1,245) (1,247) Cash and cash equivalents at end of period 11,743 33,525 11,743 33,525 38,510 The notes on pages 16 to 23 are an integral part of these condensed consolidated interim financial statements. ===== SIDA 16 ===== CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 16 Notes to the condensed consolidated interim financial statements Note 1 Accounting principles This interim report was prepared in accordance with IAS 34 “Interim fi - nancial reporting”. It was prepared under the historical cost convention, as modified by the fair valuation of financial liabilities measured at fair val- ue through profit or loss. The principal accounting policies applied in the preparation of the group’s condensed consolidated financial statements are consistent with those presented in the annual report for the year end- ed 31 December 2023. CRITICAL ACCOUNTING ESTIMATES CGUs and impairment assessment The group has two operating segments, resulting in two cash-generating units (CGUs) for the purpose of IAS 36. Management assesses impair - ment risk by first considering performance at a segment level, and by further evaluating individual assets’ value-in-use where significant prod- uct deterioration in performance had occurred. Management continually assesses the group’s strategy in light of the changing environment. As a result, projected future earnings are regularly reviewed, an exercise that may require further adjustment to the assets’ carrying value or useful life. During Q3 2024, an impairment charge of EUR 40.0m was recognised in relation to specific sports and casino assets following the implementation of a new product operating model in recent months. Share-based payments The group operates a number of equity-settled, share-based compen - sation plans under which the entity receives services from employees as consideration for equity instruments of the company . Through these equi- ty-settled schemes, eligible employees are granted share options, while directors are granted share warrants. Due to the inherent uncertainty that applies when establishing a proper estimate of the number of options expected to vest at the end of each re- porting period, and the judgement required in this exercise, management considers costs relating to share-based payments as a critical accounting estimate. At the end of each reporting period, the group revises its estimates of the number of options and warrants that are expected to vest, based on the non-market vesting conditions and service conditions that differ from one option programme to another . The impact of the revision to original esti- mates, if any , is recognised in the statement of comprehensive income, with a corresponding adjustment to equity . Income tax and transfer pricing The current tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the group’s subsidiaries operate and generate taxable income. Management periodically performs a transfer pricing assessment of the group’s subsidiaries to analyse whether the pricing is consistent with arm’s length principles to support the position taken in the individual enti- ty’s tax returns. The applicable tax regulation is subject to interpretation. The assessment establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Management will continue to review its position as the group’s cross-border activity con - tinues to evolve. NOTES ===== SIDA 17 ===== CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 17 Note 2 Segment reporting The group’s operations are reported on the basis of the two operating seg- ments: Casino and Sports. The Financial Trading segment was divested in Q1 2023. The segments were identified in accordance with the defini - tion 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 presented in this report. NOTES Jul-Sep 2024 Jul-Sep 2023 AMOUNTS IN ’000 (EUR) Casino Sports Financial Trading Un - allocated Total Casino Sports Financial Trading Un - allocated Total Revenue 8,240 2,460 - - 10,700 10,111 5,743 - - 15,854 Total revenue 8,240 2,460 - - 10,700 10,111 5,743 - - 15,854 Direct costs (740) (746) - - (1,486) (797) (2,246) - - (3,043) Personnel expenses (3,311) (2,238) - (479) (6,028) (3,001) (3,151) - (159) (6,311) Depreciation and amortisation (1,052) (315) - - (1,367) (2,265) (894) - - (3,159) Impairment on intangible assets (7,3 6 8)(32,617) - - (39,985) - - - - - Other operating expenses (1,515) (3,021) - - (4,536) (1,520) (1,940) - (149) (3,609) Total operating expenses (13,986) (38,937) - (479) (53,402) (7,5 8 3) (8,231) - (308) (16,122) Operating (loss)/profit (5,746) (36,477) - (479) (42,702) 2,528 (2,488) - (308) (268) Interest payable on borrowings - - - (722) (722) - - - (1,373) (1,373) Other gains on financial liability and equity instruments at fair value through profit or loss - - - 227 227 - - - - - Other finance income - - - 953 953 - - - 594 594 Share of net loss of joint venture accounted for using the equity method - - - (46) (46) - - - - - (Loss)/profit before tax (5,746) (36,477) - (67) (42,290) 2,528 (2,488) - (1,087) (1,047) Tax income/(expense) - - - 638 638 - - - (545) (545) (Loss)/profit for the period from continuing operations attributable to the equity hold- ers of the parent company (5,746) (36,477) - 571 (41,652) 2,528 (2,488) - (1,632) (1,592) Loss for the period from discontinued operations (14) (20) - - (34) (1,546) (1,362) - - (2,908) (Loss)/profit for the period (5,760) (36,497) - 571 (41,686) 982 (3,850) - (1,632) (4,500) Other comprehensive income Items that may be reclassified to profit for the period Currency translation differences - - - (665) (665) - - - 65 65 Items that will not be reclassified to profit for the period Interest payable on hybrid capital securities - - - (1,210) (1,210) - - - (1,095) (1,095) Total other comprehensive loss for the period - - - (1,875) (1,875) - - - (1,030) (1,030) Total comprehensive (loss)/income attributable to the equity holders of the parent company (5,760) (36,497) - (1,304) (43,561) 982 (3,850) - (2,662) (5,530) Adjusted EBITDA 2,674 (1,334) - - 1,340 4,793 (1,594) - - 3,199 Adjusted EBITDA margin (%) 32 (54) - - 13 47 (28) - - 20 NDCs 18,441 8,901 - - 27,3 42 19,449 20,655 - - 40,104 ===== SIDA 18 ===== CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 18 Jan-Sep 2024 Jan-Sep 2023 AMOUNTS IN ’000 (EUR) Casino Sports Financial Trading Un - allocated Total Casino Sports Financial Trading Un - allocated Total Revenue 28,134 11,359 - - 39,493 32,211 30,078 - - 62,289 Total revenue 28,134 11,359 - - 39,493 32,211 30,078 - - 62,289 Direct costs (2,973) (6,609) - - (9,582) (3,341) (6,761) - - (10,102) Personnel expenses (9,804) (7,92 4) - (2,100) (19,828) (7,377) (10,115) - (329) (17,821) Depreciation and amortisation (2,936) (1,120) - - (4,056) (4,729) (3,771) - - (8,500) Impairment on intangible assets (7,3 6 8)(32,617) - - (39,985) - - - - - Other operating expenses (4,963) (5,546) - (589) (11,098) (4,345) (6,381) - (515) (11,241) Total operating expenses (28,044) (53,816) - (2,689) (84,549) (19,792) (27,02 8) - (844) (47,6 6 4) Operating profit/(loss) 90 (42,457) - (2,689) (45,056) 12,419 3,050 - (844) 14,625 Interest payable on borrowings - - - (2,388) (2,388) - - - (4,285) (4,285) Other gains/(losses) on financial liability and equity instruments at fair value through profit or loss - - - 86 86 - - - (1,978) (1,978) Other finance income - - - 806 806 - - - 661 661 Share of net loss of joint venture accounted for using the equity method - - - (91) (91) - - - - - Profit/(loss) before tax 90 (42,457) - (4,276) (46,643) 12,419 3,050 - (6,446) 9,023 Tax income/(expense) - - - 65 65 - - - (1,870) (1,870) Profit/(loss) for the period from continuing operations attributable to the equity hold- ers of the parent company 90 (42,457) - (4,211) (46,578) 12,419 3,050 - (8,316) 7,1 5 3 (Loss)/profit for the period from discontinued operations (123) (144) - - (267) 10,179 (16,991) (183) - (6,995) (Loss)/profit for the period (33) (42,601) - (4,211) (46,845) 22,598 (13,941) (183) (8,316) 158 Other comprehensive income Items that may be reclassified to profit for the period Currency translation differences - - - (195) (195) - - - (12) (12) Items that will not be reclassified to profit for the period Interest payable on hybrid capital securities - - - (3,673) (3,673) - - - (3,406) (3,406) Total other comprehensive loss for the period - - - (3,868) (3,868) - - - (3,418) (3,418) Total comprehensive (loss)/income attributable to the equity holders of the parent company (33) (42,601) - (8,079) (50,713) 22,598 (13,941) (183) (11,734) (3,260) Adjusted EBITDA 10,394 (6,509) - - 3,885 17,1 4 8 6,821 - - 23,969 Adjusted EBITDA margin (%) 37 (57) - - 10 53 23 - - 38 NDCs 60,656 42,238 - - 102,894 62,399 89,826 - - 152,225 ===== SIDA 19 ===== CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 19 Jan-Dec 2023 AMOUNTS IN ’000 (EUR) Casino Sports Financial Trading Un - allocated Total Revenue 41,234 35,514 - - 76,748 Total revenue 41,234 35,514 - - 76,748 Direct costs (4,270) (9,164) - - (13,434) Personnel expenses (10,306) (13,160) - (1,301) (24,767) Depreciation and amortisation (6,426) (4,793) - - (11,219) Impairment on intangible assets (21,045) (13,004) - - (34,049) Other operating expenses (6,144) (8,257) - (556) (14,957) Total operating expenses (48,191) (48,378) - (1,857) (98,426) Operating loss (6,957) (12,864) - (1,857) (21,678) Interest payable on borrowings - - - (5,566) (5,566) Other losses on financial liability and equity instruments at fair value through profit or loss - - - (1,498) (1,498) Other gains on financial liability and equity instruments at amortised cost - - - - - Other finance income - - - 746 746 Loss before tax (6,957) (12,864) - (8,175) (27,9 9 6) Tax expense - - - (186) (186) Loss for the period attributable to the equity holders of the parent company (6,957) (12,864) - (8,361) (28,182) Profit/(loss) for the period from discontinued operations 9,934 (19,805) (183) - (10,054) Profit/(loss) for the period 2,977 (32,669) (183) (8,361) (38,236) Other comprehensive income Items that may be reclassified to profit for the period Currency translation differences - - - (667) (667) Items that will not be reclassified to profit for the period Interest payable on hybrid capital securities - - - (4,597) (4,597) Total other comprehensive loss for the period - - - (5,264) (5,264) Total comprehensive income/(loss) attributable to the equity holders of the parent company 2,977 (32,669) (183) (13,625) (43,500) Adjusted EBITDA 20,514 4,933 - - 25,447 Adjusted EBITDA margin (%) 50 14 - - 33 NDCs 76,893 107,3 6 4 - - 184,257 NOTES ===== SIDA 20 ===== CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 20 NOTES RESULTS FROM CONTINUING OPERATIONS ARE FURTHER ANAL YSED AS FOLLOWS: Continuing operations North America Rest of world Shared central operations Total AMOUNTS IN ’000 (EUR) Jul-Sep 2024 Jul-Sep 2023 Jul-Sep 2024 Jul-Sep 2023 Jul-Sep 2024 Jul-Sep 2023 Jul-Sep 2024 Jul-Sep 2023 Total revenue 9,493 13,291 1,207 2,563 - - 10,700 15,854 Change -29% - -53% - - - -33% - of which Casino 7,626 8,668 614 1,443 - - 8,240 10,111 of which Sports 1,867 4,623 593 1,120 - - 2,460 5,743 Direct costs (1,485) (2,981) (1) (62) - - (1,486) (3,043) Adjusted personnel expenses (2,894) (3,279) (318) (1,193) (2,337) (1,680) (5,549) (6,152) Adjusted other operating expenses (682) (1,210) (190) (796) (1,453) (1,454) (2,325) (3,460) Adjusted EBITDA 4,432 5,821 698 512 (3,790) (3,134) 1,340 3,199 Change -24% - 36% - - - -58% - Adjusted EBITDA margin (%) 47 44 58 20 - - 13 20 NDCs 26,092 35,169 1,250 4,935 - - 27,3 42 40,104 Change -26% - -75% - - - -32% - Continuing operations North America Rest of world Shared central operations Total AMOUNTS IN ’000 (EUR) Jan-Sep 2024 Jan-Sep 2023 Jan-Sep 2024 Jan-Sep 2023 Jan-Sep 2024 Jan-Sep 2023 Jan-Sep 2024 Jan-Sep 2023 Total revenue 35,036 54,770 4,457 7,519 - - 39,493 62,289 Change -36% - - 41% - - - -37% - of which: Casino 25,516 27,102 2,618 5,109 - - 28,134 32,211 of which: Sports 9,520 27 ,668 1,839 2,410 - - 11,359 30,078 Direct costs (9,552) (9,856) (30) (246) - - (9,582) (10,102) Adjusted personnel expenses (9,379) (10,079) (1,052) (3,611) (7, 297) (3,802) (17,728) (17,492) Adjusted other operating expenses (2,309) (4,384) (767) (2,205) (5,222) (4,137) (8,298) (10,726) Adjusted EBITDA 13,796 30,451 2,608 1,457 (12,519) (7,939) 3,885 23,969 Change -55% - 79% - - - -84% - Adjusted EBITDA margin (%) 39 56 59 19 - - 10 38 NDCs 97,3 4 8 138,754 5,546 13,471 - - 102,894 152,225 Change -30% - -59% - - - -32% - NDCs have been restated following a change in reporting from an operator . ===== SIDA 21 ===== CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 21 Continuing operations North America Rest of world Shared central operations Total AMOUNTS IN ’000 (EUR) Jan-Dec 2023 Jan-Dec 2023 Jan-Dec 2023 Jan-Dec 2023 Total revenue 67,063 9,685 - 76,748 of which: Casino 34,927 6,307 - 41,234 of which: Sports 32,136 3,378 - 35,514 Direct costs (13,163) (271) - (13,434) Adjusted personnel expenses (13,392) (4,390) (5,684) (23,466) Adjusted other operating expenses (5,666) (2,645) (6,090) (14,401) Adjusted EBITDA 34,842 2,379 (11,774) 25,447 Adjusted EBITDA margin (%) 52 25 - 33 NDCs 167,8 86 16,371 - 184,257 NDCs have been restated following a change in reporting from an operator . Note 3 Items affecting comparability Items affecting comparability (IACs) relate to significant items that affect EBITDA when comparing to previous periods and comprise costs includ- ed in “personnel expenses” and in “other operating expenses”. During Q3 2024, IACs from continuing operations included in personnel expenses comprised a net reversal of costs in relation to share-based payments of EUR 0.2m and reorganisation costs of EUR 0.7m (nil). During Q3 2023, costs in relation to share-based payments were EUR 0.2m. During the period ended 30 September 2024, IACs from continu - ing operations in personnel expenses comprised costs associated with share-based payments of EUR 0.2m, reorganisation costs of EUR 1.7m (0.2) and one-time retention incentives of EUR 0.2m (0.4). The compar- ative period also comprised a net reversal of costs in relation to share- based payments of EUR 0.3m. During the year ended 31 December 2023, IACs from continuing opera - tions in personnel expenses comprised a net reversal of costs associat - ed to share-based payments of EUR 0.1m, reorganisation costs of EUR 0.6m and one-time retention incentives of EUR 0.8m. During Q3 2024, there were IACs from continuing operations included in other operating expenses EUR 2.2m related to the termination of the contractual arrangement previously measured in accordance with the re- quirements of IAS38 using the financial liability model. During Q3 2023, the cost of EUR 0.1m comprised restructuring costs and professional fees on exploratory discussions in line with the group’s strategic direction. The aforementioned costs for the nine months ended 30 September 2024 were EUR 0.6m (0.2) and EUR nil (0.3) respectively , whilst EUR 2.2m related to the contract termination. During the year ended 31 December 2023, restructuring costs were EUR 0.3m whilst EUR 0.3m related to pro- fessional and legal fees. ===== SIDA 22 ===== CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 22 Note 4 Other intangible assets The group’s acquisitions primarily comprise other components of intellectual property , which include outsourced and internal development and licences. NOTES Group AMOUNTS IN ’000 (EUR) Domains and websites Player database Other intellectual property Total Cost at 1 January 2024 240,147 6,673 31,565 278,385 Additions - - 1,170 1,170 Disposals (389) - - (389) Termination of contract* - - (12,082) (12,082) Cost at 30 September 2024 239,758 6,673 20,653 2 67,0 8 4 Accumulated amortisation and impairment losses at 1 January 2024 (92,575) (6,673) (23,655) (122,903) Amortisation charge (488) - (2,987) (3,475) Amortisation released upon termination* - - 8,466 8,466 Impairment charge for the period (39,985) - - (39,985) At 30 September 2024 (133,048) (6,673) (18,176) (1 57, 8 97) At 30 September 2024 106,710 - 2,477 109,187 At 30 September 2023 183,243 - 8,796 192,039 *Amounts refer to the termination of the contractual arrangement previously measured in accordance with the requirements of IAS38. Note 5 Borrowings Borrowings at the end of the reporting period comprised senior unse - cured floating rate bonds with a nominal value of EUR 27 .5m (55.0), un- der a framework of EUR 100m with a maturity date that was extended to June 2025 after the partial prepayment of half the nominal amount in Q1 2024, and a revolving credit facility of EUR 10.0m (10.0). Catena Media’s holding of outstanding bonds had a nominal value of EUR 6.2m as at the end of the period. The movement in fair value recognised in the statement of comprehensive income in “Other gains/(losses) on financial liability at fair value through profit or loss” was a gain of EUR 0.2m (nil) for Q3 2024. The movement in fair value for the year ended 31 December 2023 resulted in a loss of EUR 1.5m. If the estimated price of the bonds were to increase by 1 percent, the estimated fair value of the bonds would increase by EUR 0.2m. Simi- larly , if the estimated price of the bonds were to decrease by 1 percent, the estimated fair value of the bonds would decrease by EUR 0.2m. Note 6 Hybrid capital securities During Q3 2024, on 15 August 2024, the company announced the start of the 18th and final share subscription period, running from 15 August 2024 to 24 August 2024. In total, 1,020 warrants were used to subscribe for the same number of ordinary shares in the company . A total of 528 subscribed shares were paid exclusively in cash, and 492 were paid by set-off and in cash. Payment for the new ordinary shares was received in cash, with the remaining portion set off against the company’s hybrid capital securities. The shares were issued on 16 September 2024. At the end of Q3 2024, hybrid capital securities with a  nominal value of EUR 43.7m (43.7) net of EUR 8.6m (8.6) issuance costs, were reported as equity . Further details are found in the table below . AMOUNTS IN ’000 (EUR) 30 Sep 2024 Hybrid capital securities at nominal amount as of the beginning of the reporting period 43,732 Eighteenth subscription period set-off (1) Hybrid capital securities at nominal amount as of the beginning and end of the reporting period 43,731 AMOUNTS IN ’000 (EUR) 30 Sep 2024 Hybrid capital securities at nominal amount 43,731 Issuance costs Advisory costs, including financial, legal and assurance (2,334) Commission fees to guarantors (6,293) Total issuance costs (8,627) Hybrid capital securities disclosed as of the end of the reporting period 35,104 ===== SIDA 23 ===== CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 23 Note 7 Discontinued operations Discontinued operations comprise the divestments of grey-market per - formance marketing assets, the AskGamblers brand, the two online ca - sino brands JohnSlots and NewCasinos, the Financial Trading segment, all assets in Catena Media UK’s business including sports betting brands Squawka and GG.co.uk, all shares in the group’s wholly owned Australian subsidiary , and the Italy-facing online sports betting and casino assets. The financial information below is presented in accordance with IFRS 5, Non-current Assets Held For Sale and Discontinued Operations. FINANCIAL PERFORMANCE AND CASH FLOW INFORMATION AMOUNTS IN ’000 (EUR) Jul-Sep 2024 Jul-Sep 2023 Jan-Sep 2024 Jan-Sep 2023 Jan-Dec 2023 Revenue (34) 2,875 5 10,692 11,492 Direct costs - (25) - (168) (172) Personnel expenses - (1,588) (34) (5,443) (6,791) Depreciation and amortisation - (66) - (1,776) (1,804) Impairment on intangible assets - (2,699) - (17,8 89) (17,8 89) Loss on disposal of intangible asset - (77) ( 1 7 ) 13,165 11,563 Other operating expenses - (1,249) (221) (4,961) (5,808) Total operating expenses - (5,704) (272) (17,072) (20,901) Operating loss (34) (2,829) (267) (6,380) (9,409) Other finance income/(costs) - 49 - (6) 35 Loss before income tax (34) (2,780) (267) (6,386) (9,374) Income tax expense - (128) - (609) (680) Loss after income tax from discontinued operations (34) (2,908) (267) (6,995) (10,054) Net cash (used in)/generated from operating activities (38) (348) (226) (57) 380 Net cash used in investing activities - (52) - (241) (274) Net cash used in financing activities - - - (20) (20) Net (decrease)/increase in cash generated by divested assets (38) (400) (226) (318) 86 Note 8 Restricted cash During Q3 2024, the group agreed on the partial cash collateralisation of EUR 5.0m in relation to the revolving credit facility agreement with Raifessen Bank International AG, until the adjusted EBITDA target has been achieved. These blocked funds are recognised separately as Restricted cash in the Statement of financial position. Note 9 Subsequent events On 22 October , Catena Media announced further measures to streamline the company’s content production and content marketing teams, as part of its transition to a leaner , product-led organisation. The programme will give rise to severance costs of approximately EUR 0.4m in Q4 2024 and generate an estimated annual cost saving of EUR 2.2m, effective from 1 November 2024. NOTES ===== SIDA 24 ===== CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 24 AMOUNTS IN ’000 (EUR) Jul-Sep 2024 Jul-Sep 2023 Jan-Sep 2024 Jan-Sep 2023 Jan-Dec 2023 Investment and related income - - - 15,000 15,000 Personnel expenses 160 (250) (389) (14) (282) Other operating expenses (56) (39) (126) (131) (160) Other operating income 20 20 60 59 78 Total operating expenses 124 (269) (455) (86) (364) Operating profit/(loss) 124 (269) (455) 14,914 14,636 Interest payable on borrowings (1,020) (1,400) (2,856) (4,346) (5,676) Recharge of interest to subsidiary 723 1,103 1,965 3,455 4,488 Other gains/(losses) on financial liability at fair value through profit or loss 227 - 86 (1,978) (1,498) Other finance income/(costs) 10 66 (533) 414 488 Profit/(loss) before tax 64 (500) (1,793) 12,459 12,438 Tax expense - - - - (99) Profit/(loss) for the period 64 (500) (1,793) 12,459 12,339 Other comprehensive income Items that will not be reclassified to profit for the period Interest payable on hybrid capital securities (1,210) (1,095) (3,673) (3,406) (4,597) Total other comprehensive (loss)/income for the period (1,146) (1,595) (5,466) 9,053 7,742 Condensed parent company interim statements of comprehensive income FINANCIAL INFORMATION ===== SIDA 25 ===== CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 25 Condensed parent company interim statements of financial position AMOUNTS IN ’000 (EUR) 30 Sep 2024 30 Sep 2023 31 Dec 2023 ASSETS Non-current assets Investment in subsidiaries 261,858 261,858 261,858 Current assets Trade and other receivables 20 15 16 Cash and cash equivalents 2,582 3,713 6,026 Total current assets 2,602 3,728 6,042 Total assets 264,460 265,586 267,900 EQUITY AND LIABILITIES Capital and reserves Share capital 118 118 118 Share premium 134,572 134,570 134,570 Treasury reserve (6,154) (5,678) (6,154) Hybrid capital securities 35,104 35,117 35,117 Other reserves 8,389 8,089 8,268 Retained earnings 5,767 12,544 11,233 Total equity 17 7,79 6 184,760 183,152 Liabilities Non-current liabilities Borrowings 25,000 25,000 46,430 Other payables 1,781 594 891 Total non-current liabilities 26,781 25,594 47, 321 Current liabilities Borrowings 21,297 43,341 21,430 Trade and other payables 38,586 11,891 15,898 Current tax liabilities - - 99 Total current liabilities 59,883 55,232 37,427 Total liabilities 86,664 80,826 84,748 Total equity and liabilities 264,460 265,586 267,900 FINANCIAL INFORMATION ===== SIDA 26 ===== CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 26 Condensed parent company interim statements of changes in equity FINANCIAL INFORMATION Attributable to owners of the parent company AMOUNTS IN ’000 (EUR) Share capital Share premium Treasur y Shares Hybrid capital securities Other reserves Retained earnings Total equity Balance at 1 January 2024 118 134,570 (6,154) 35,117 8,268 11,233 183,152 Comprehensive income Loss for the period - - - - - (1,793) (1,793) Interest payable on hybrid capital securities - - - - - (3,673) (3,673) Total comprehensive loss for the year - - - - - (5,466) (5,466) Transactions with owners Issue of share capital - 2 - - - - 2 Subscription set-offs, including transaction costs - - - (13) - - (13) Equity-settled share-based payments - - - - 121 - 121 Total transactions with owners - 2 - (13) 121 - 110 Balance at 30 September 2024 118 134,572 (6,154) 35,104 8,389 5,767 17 7,79 6 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 2023 114 123,156 (21,713) 44,173 8,342 25,176 179,248 Comprehensive income Profit for the period - - - - - 12,459 12,459 Interest payable on hybrid capital securities - - - - - (3,406) (3,406) Total comprehensive income for the year - - - - - 9,053 9,053 Transactions with owners Issue of share capital 10 11,414 - - - - 11,424 Subscription set-offs, including transaction costs - - - (9,056) - - (9,056) Repurchase of common stock, net of transaction costs - - (5,656) - - - (5,656) Equity-settled share-based payments - - - - (253) - (253) Cancellation of shares (6) - 21,691 - - (21,685) - Total transactions with owners 4 11,414 16,035 (9,056) (253) (21,685) (3,541) Balance at 30 September 2023 118 134,570 (5,678) 35,117 8,089 12,544 184,760 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 2023 114 123,156 (21,713) 44,173 8,342 25,176 179,248 Comprehensive income Profit for the period - - - - - 12,339 12,339 Interest payable on hybrid capital securities - - - - - (4,597) (4,597) Total comprehensive income for the year - - - - - 7,742 7,742 Transactions with owners Issue of share capital 10 11,414 - - - - 11,424 Subscription set-offs, including transaction costs - - - (9,056) - - (9,056) Repurchase of common stock, net of transaction costs - - (6,132) - - - (6,132) Equity-settled share-based payments - - - - (74) - (74) Cancellation of shares (6) - 21,691 - - (21,685) - Total transactions with owners 4 11,414 15,559 (9,056) (74) (21,685) (3,838) Balance at 31 December 2023 118 134,570 (6,154) 35,117 8,268 11,233 183,152 ===== SIDA 27 ===== CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 27 Condensed parent company interim statements of cash flows FINANCIAL INFORMATION AMOUNTS IN ’000 (EUR) Jul-Sep 2024 Jul-Sep 2023 Jan-Sep 2024 Jan-Sep 2023 Jan-Dec 2023 Cash flows from operating activities Profit/(loss) before tax 64 (500) (1,793) 12,459 12,438 Adjustments for: Unrealised exchange differences (11) (67) 115 (87) (156) Interest expense 825 1,401 2,650 4,614 5,944 Net (gains)/losses on financial liability at fair value through profit or loss (227) - (86) 1,978 1,498 Share-based payments (243) 159 121 (273) (93) 408 993 1,007 18,691 19,631 Changes in: Trade and other receivables (2) 14,999 (3) (4) (6) Trade and other payables 29 (1,858) 464 (2,077) (2,419) Net cash generated from operating activities 435 14,134 1,468 16,610 17, 2 0 6 Cash flows generated from/(used in) investing activities Dividend received - - - 9,632 9,632 Net proceeds from subsidiary and related parties 746 (12,524) 22,686 (1,926) 2,119 Net cash generated from/(used in) investing activities 746 (12,524) 22,686 7,70 6 11,751 Cash flows used in financing activities Net payments on hybrid capital securities (4) (10) (5) (10) (11) Net repayment on borrowings - - (21,905) (12,569) (12,569) Proceeds on exercise of share options and warrants 1 7 1 2,992 2,992 Share buy-backs - (4,262) - (5,657) (6,133) Interest paid (1,736) (2,453) (5,574) (7,1 4 8) (9,069) Net cash used in financing activities (1,739) (6,718) (27,483) (22,392) (24,790) Net movement in cash and cash equivalents (558) (5,108) (3,329) 1,924 4,167 Cash and cash equivalents at beginning of period 3,129 8,766 6,026 2,282 2,282 Currency translation differences 11 55 (115) (493) (423) Cash and cash equivalents at end of period 2,582 3,713 2,582 3,713 6,026 ===== SIDA 28 ===== CATENA MEDIA INTERIM REPORT JANUARY-SEPTEMBER 2024 28 Definitions of alternative performance measures DEFINITIONS METRIC DESCRIPTION SCOPE EBITDA Total operating profit before depreciation and amortisation and impairment on intangible assets. The group reports this metric so report users can monitor operat- ing profit and cash flow and evaluate operational profitability. EBITDA FROM CONTINUING OPERATIONS Operating profit from continuing operations before depreciation and amortisation and impairment on intangible assets from con- tinuing operations. The group reports this metric so report users can monitor operating profit and cash flow and evaluate operational profitability. EBITDA MARGIN EBITDA as a percentage of total revenue. The group reports this metric so report users can monitor operational profitability and the value created by operations. EBITDA MARGIN FROM CONTINUING OPERATIONS EBITDA from continuing operations as a percentage of revenue from continuing operations. The group reports this metric so report users can monitor operational profitability and the value created by operations. ADJUSTED EBITDA EBITDA adjusted for items affecting comparability. The group reports underlying EBITDA, excluding items affecting 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 revenue. The group reports the underlying EBITDA margin, excluding items affecting comparability, to provide a more comparable measure over time than the non-adjusted EBITDA margin and thus enhance users' understanding of the report. ADJUSTED EBITDA MARGIN FROM CONTINUING OPERATIONS Adjusted EBITDA from continuing operations as a percentage of revenue from continuing operations. The group reports the underlying EBITDA margin, excluding items affecting comparability, to provide a more comparable measure over time than the non-adjusted EBITDA margin and thus enhance users’ understanding of the report. NDCS (NEW DEPOSITING CUSTOMERS) New customers placing a first deposit with an operator (client). The group reports this metric because it is key to measuring revenues and long-term organic growth. ITEMS AFFECTING COMPARABILITY Significant items that affect EBITDA when comparing to previ- ous periods. Items affecting comparability comprise reorganisation costs, costs relating to share-based payments, one-time retention incentives, restructuring costs and costs in relation to acquisitions, professional fees. ORGANIC GROWTH Revenue growth rate excluding portfolios and products that have been acquired in the past 12 months. Organic growth includes the growth in existing portfolios and products. The group reports this metric because it is key to measuring revenue and long-term organic growth. REVENUE GROWTH Increase in revenue compared to the previous accounting period as a percentage of revenue in the previous accounting period. The group reports this metric to enable report users to monitor busi- ness growth. CASH CONVERSION RATE Net cash from continuing operating activities divided by adjusted EBITDA from continuing operations . The group reports this metric to show the group’s ability to convert its profits into available cash. NET INTEREST-BEARING DEBT (NIBD) Interest-bearing debt less cash and cash equivalents. The group reports this metric to show the outstanding balance of interest-bearing debt (excluding lease liabilities and other contractual obligations which give rise to notional interest) after deducting the group's most liquid assets, cash and cash equivalents. NIBD/ADJUSTED EBITDA MULTIPLE Interest-bearing debt (notional amount including redemption pre- mium) less cash and cash equivalents divided by adjusted EBITDA. The group reports this metric to show how many years it would take to repay the group's debts, excluding exceptional costs, if NIBD and adjusted EBITDA remained constant.