===== SIDA 1 ===== Q3 January-September 2025 INTERIM REPORT A solid quarter with improved earnings and continued progress in revenue diversification July-September 2025 January-September 2025 • Revenue from continuing operations was EUR 11.6m (10.7), an increase of 9 percent. • Revenue in North America increased by 18 percent to EUR 11.2m (9.5), equivalent to 96 percent (89) of group revenue from continuing operations. • New depositing customers (NDCs) from continuing operations totalled 23,999 (27 ,342), a decrease of 12 percent. • Adjusted EBITDA from continuing operations increased by 119 percent to EUR 2.9m (1.3), corresponding to an adjusted EBITDA margin of 25 percent (13). • EBITDA from continuing operations increased by 300 percent to EUR 2.7m (-1.4), equivalent to an EBITDA margin of 23 percent (-13). • Earnings per share from continuing operations totalled EUR -0.19 (-0.55) before and EUR -0.19 (-0.54) after dilution. • An impairment charge totalling EUR 16.5m was recognised during the quarter due to a writedown in the book value of specific North American sports assets and of casino assets in Asia-Pacific. • Revenue from continuing operations was EUR 31.0m (39.5), a decrease of 21 percent. • Revenue in North America decreased by 18 percent to EUR 28.6m (35.0), equivalent to 92 percent (89) of group revenue from continuing operations. • New depositing customers (NDCs) from continuing operations totalled 66,146 (102,894),a decrease of 36 percent. • Adjusted EBITDA from continuing operations increased by 35 percent to EUR 5.2m (3.9), corresponding to an adjusted EBITDA margin of 17 percent (10). • EBITDA from continuing operations increased by 645 percent to EUR 5.5m (-1.0), equivalent to an EBITDA margin of 18 percent (-3). • Earnings per share from continuing operations totalled EUR -0.19 (-0.62) before dilution and EUR -0.18 (-0.61) after dilution. * Continuing operations exclude all divested assets, which are classified as “discontinued operations”. CATENA MEDIA GROUP , CONTINUING OPERATIONS* Jul-Sep 2025 Jul-Sep 2024 Change Jan-Sep 2025 Jan-Sep 2024 Change LTM Jan-Dec 2024 Revenue (EUR ’000) 11,649 10,700 9% 31,044 39,493 -21% 41,194 49,643 Adjusted EBITDA (EUR ’000) 2,937 1,340 119% 5,245 3,885 35% 6,754 5,394 Adjusted EBITDA margin (%) 25 13 12 pp 17 10 7 pp 16% 11 EBITDA (EUR ’000) 2,698 (1,350) 300% 5,527 (1,015) 645% 6,281 (261) EBITDA margin (%) 23 -13 36 pp 18 -3 21 pp 15% -1 Direct costs (EUR ’000) (3,646) (1,486) 145% (7,797) (9,582) -19% (9,205) (10,990) Adjusted personnel expenses (EUR ’000) (3,649) (5,937) -39% (12,936) (18,873) -31% (18,016) (23,953) Adjusted other operating expenses (EUR ’000) (1,417) (1,937) -27% (5,066) (7,1 5 3) -29% (7,219) (9,306) Operating cash flow (EUR ’000) 2,116 1,769 20% 6,300 3,035 108% 6,148 2,883 Earnings per share before dilution (EUR) (0.19) (0.55) - (0.19) (0.62) - (0.20) (0.63) Earnings per share after dilution (EUR) (0.19) (0.54) - (0.18) (0.61) - (0.20) (0.63) New depositing customers (NDCs) 23,999 27 ,342 -12% 66,146 102,894 -36% 91,952 128,700 ===== SIDA 2 ===== A solid quarter with steady operational progress and a stronger revenue mix Q3 was a quarter of steady operating progress, with revenue up 9 percent fr om the same period last year – 15 percent adjusted for currency effects – and 22 per - cent from Q2. Adjusted EBITDA more than doubled both year-on-year and quarter-on-quarter. These fig - ures reflected more diversified revenue streams and a solid contribution from organic search, supported by the first full quarterly impact of the cost optimisation measures implemented earlier this year. The drive and resilience of our teams was instrumental to achieving the uplift in top-line growth and profitabili - ty. The objectives and key result metrics we introduced early this year have channelled clear priorities, sharp - er execution and stronger accountability across our products. Tech streamlining lifts key products The benefits of a unified technology stack became more visible in Q3, simplifying product maintenance and aid - ing brand performance. We continued to streamline the tech setup during the quarter , initiating the migration of top-tier products onto our central platform. This work is improving consistency across products and providing a more scalable base for development. Strong interest in subaffiliation launch Diversification remains a top priority, and efforts in this area progressed further in Q3. Our customer re - lationship management (CRM) and subaffiliation ver - ticals continued to increase their share of group rev - enue. The launch in September of our MRKTPLAYS subaffiliation platform replaced manual processes with a scalable setup that enhances our service. We saw strong interest from prospective subaffiliates in Q3 and are well positioned to grow this area further in the coming quarters. As we continue to diversify our revenue streams, direct costs continued to grow in the quarter . However , as this is directly driven by revenue growth, we are pleased to see this development. Excluding diversification-related di - rect costs, the cost base remained relatively flat, creating scope to translate top-line revenue uplift into higher prof- itability . We saw this in Q3, with an increase in the adjust- ed EBITDA margin to 25 percent from 14 percent in Q2. Upward trend in SEO Organic search is Catena Media’s core expertise, and our search engine optimisation (SEO) rankings held up well through the quarter after the initial upturn from the Google Core update in June. This positive trend pro - vided a favourable base for traffic inflow . Further invest- ments in in-house tech and product optimisation helped ensure that all of our top-tier brands met Google’s Core Web Vitals standards for the first time, indicating consis- tency in terms of website visibility and user experience. The impact of AI on traditional SEO remains hard to forecast. The rise of “zero click” behaviour driven by generative search continues to erode organic traffic, affecting our industry in line with broader trends. Our strategy focuses on strengthening customer retention and maximising the value of our customer base through enhanced CRM capabilities, data-driven insights and loyalty initiatives. Solid evolution in casino In online casino, we continued to make solid headway . Our ongoing work to integrate our premier casino sites into the central platform will simplify operations and po- sition us for further efficiency gains. The regulatory landscape around social sweepstakes ca- sino has seen significant changes recently , culminating with the California ban from 1 January . We expect further legislative pressures on this vertical in the coming quar - ters, but the speed and spread remain to be determined. In the short and medium term, social sweepstakes ca - sino remains a positive revenue driver and a way to ac - quire user data ahead of future online casino regulation by new states. Headwinds continue in sports In sports, we continued to face market challenges as well as product underperformance. A long-term plan is in place to improve delivery , but improvements are likely to be slow and incremental. We look forward to the launch of regulated sports betting in Missouri on 1 December and have dedicated Missouri products in place alongside regional offers on our na - tional brands. Given that six of the eight states bordering Missouri have already regulated online sports betting, we expect revenue uplift to be moderate. Creating a platform for future growth Given the industry headwinds from generative search and social sweepstakes casino, I remain cautious in our short-term outlook but am confident in the progress we are making. The combination of diversified revenue, disciplined operations and stronger search performance creates a platform for sustainable growth. Once again, I would like to thank our employees for their dedication, adaptability and positive response to organ- isational changes, including the return-to-office at our Malta headquarters, and our shareholders for their con- tinued support as we move forward. Manuel Stan CEO CEO’S COMMENTS Quarter and period Financial information Parent company Definitions INTERIM REPORT JANUARY-SEPTEMBER 2025 02 CEO’s comments ===== SIDA 3 ===== Significant events during Q3 2025 On 18 September , the group announced the launch of MRKTPLAYS.com, a new proprietary subaffiliation plat - form connecting affiliates to operators in a streamlined ecosystem. The platform gives affiliates the tools to ex - pand their networks while enabling operators to extend their footprint in North America. The go-live was a signifi- cant milestone in the group’s strategy to deliver scalable, technology-driven growth across the North American on- line casino gaming and sports betting industry . 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 100 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. Improved organic search performance was maintained through Q3 in the wake of a major mid-year Google up - date that benefited our rankings. 10-3009-2507-3105-2903-27 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. A slight increase in Q3 2025 to EUR 8.7m reflected higher direct costs driven by increased subaffiliation activities. This trajectory demonstrates con- tinued focus on operational efficiency and cost manage- ment. Cost transparency As a by-product of investing in deeper data governance and granularity in recent quarters, opportunities were identified in Q2 to improve cost classifications and pro - vide greater transparency to investors. 1. All individuals providing full-time services to the group were reclassified from “Other operating expenses” to “Personnel expenses” and are now included in total group headcount. 2. Comparative 2024 Casino and Sports segment costs associated with media partnerships were reclassified to align better with each partnership’s revenue contri- bution by segment. More information can be found in Note 4. Excluding items affecting comparability (IACs) SIGNIFICANT EVENTS Q3 25Q2 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 3.6 3.7 1.4 8.7 TOTAL COSTSTOTAL AVERAGE SCORE Direct costs Personnel expenses Other operating expenses CEO’s comments Financial information Parent company Definitions INTERIM REPORT JANUARY-SEPTEMBER 2025 03 Quarter and period ===== SIDA 4 ===== OVERVIEW Catena Media’s revenue and adjusted EBITDA are impacted by a range of external fac - tors. These include regulations on sports betting and casino games and seasonal varia - tions in user engagement. Seasonality primarily affects the sports segment, which sees higher activity in conjunction with major league seasons and large events. Since more than 96 percent of group revenue arises in North America, management has concluded that a geographic market breakdown no longer provides meaningful additional insight and has therefore reduced its focus on such reporting. All numbers refer to continuing operations. For a complete breakdown see page 18. Comparative costs have been reclassified to more accurately reflect segment-level contributions and internal cost allocations. See Note 4 for more information. Q3 25Q2 25Q1 25Q4 24Q3 24Q2 24Q1 24Q4 23 10% 12% 5% 13% 15% 9% 14% 25% 14.5 16.0 12.8 10.7 10.1 9.8 9.6 11.6 Hybrid capital securities (HO1) In May 2025, the group announced it would defer interest payments on its H01 hybrid capital securities until fur - ther 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 head - room for tech-facing investments necessary to drive the business forward.The hybrid capital securities are perpet- ual instruments issued in 2020 and are treated as equity under IFRS. As at 30 September , the hybrid capital se- curities had a nominal value of EUR 43.7m and accrued interest of EUR 1.1m. In July , the interest rate increased to 3-month STIBOR plus 11% – in line with the instrument’s terms. See “Funding” in the “Other” section on page 9 for further information. On 10 October , the group again deferred interest pay - ments on the instruments. Accumulated deferred interest on that date totalled EUR 2.5m. Revenue and adjusted EBITDA development GEOGRAPHIC REVENUE Q3 2025 REVENUE TYPE Q3 2025 North America Rest of World CPA Revenue share Fixed 4% 96% 91% 7% 2% NEW DEPOSITING CUSTOMERS Q3 2025 CPA Revenue share 1% 99% Revenue, EUR m Adjusted EBITDA margin CEO’s comments Financial information Parent company Definitions INTERIM REPORT JANUARY-SEPTEMBER 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 increased by 20 percent to EUR 9.9m (8.2), corresponding to a 85 percent share of group revenue. Adjusted EBITDA decreased by 3 per- cent to EUR 2.5m (2.6), equal to a margin of 25 percent (31). New depositing customers (NDCs) increased by 1 percent. Revenue rose by 26 percent from Q2, driven pri- marily by strong growth in subaffiliation and social sweep- stakes casino. Solid performance at key brands delivered a solid increase in NDCs from Q2. Subaffiliate casino revenue continued to grow and now contributes a significant share of casino revenue. Higher direct costs associated with subaffiliation and negative exchange rate fluctuations contributed to the slight de - crease in margins versus Q3 last year . Revenue growth continued to be solid in social sweep - stakes casino. A regulatory ban due to take effect in Cali- fornia from 1 January 2026 is expected to create a head- wind for sweepstakes user activity from Q1 next year . The group recognised an impairment loss of EUR 6 million on its Asia-Pacific casino assets due to a prolonged deterio- ration in operating conditions in that market. 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) Jul-Sep 2025 Jul-Sep 2024 Change Jan-Sep 2025 Jan-Sep 2024 Change LTM Jan-Dec 2024 Revenue 9,866 8,240 20% 25,322 28,134 -10% 32,965 35,777 Adjusted EBITDA* 2,496 2,586 -3% 4,885 8,461 -42% 7,5 51 11,127 Adjusted EBITDA margin (%)* 25 31 -6pp 19 30 -11pp 23 31 NDCs 18,615 18,441 1% 48,020 60,656 -21% 64,094 76,730 Q3 25Q2 25Q1 25Q4 24Q3 24 9.9 8.2 7. 6 7. 6 7. 8 INTERIM REPORT JANUARY-SEPTEMBER 2025 05 DefinitionsParent companyFinancial informationQuarter and periodCEO’s comments ===== SIDA 6 ===== SEGMENTS Sports The Sports segment reported a 28 percent decrease in revenue to EUR 1.8m (2.5), equal to a 15 percent share of group revenue. Adjusted EBITDA was EUR 0.4m (-1.2). New depositing customers (NDCs) decreased by 40 per- cent. The results in part reflected ongoing market factors that have constrained growth in sports betting affiliation in recent quarters. These included higher state taxes on sports betting in some jurisdictions and operator con - solidation that has dampened competition and affiliate spend. Quarter-on-quarter revenue increased slightly , supported by the start of the new NFL season towards the close of the period. Overall performance in owned and operated sports brands remained unsatisfactory and will require more time to turn around as investments continue into core products to improve functionality and long-term competitiveness. Long-term underperformance in certain US sports brands acquired prior to 2018 led to the recognition of an EUR 10.5 million impairment loss on these assets. * 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) Jul-Sep 2025 Jul-Sep 2024 Change Jan-Sep 2025 Jan-Sep 2024 Change LTM Jan-Dec 2024 Revenue 1,783 2,460 -28% 5,722 11,359 -50% 8,229 13,866 Adjusted EBITDA* 441 (1,246) 135% 360 (4,576) 108% (797) (5,733) Adjusted EBITDA margin (%)* 25 (51) 76pp 6 (40) 46pp (10) -41 NDCs 5,384 8,901 -40% 18,126 42,238 -57% 2 7, 8 5 8 51,970 Note that all numbers and growth percentages shown refer to continuing operations. Q3 25Q2 25Q1 25Q4 24Q3 24 1.8 2.5 2.5 2.2 1.7 INTERIM REPORT JANUARY-SEPTEMBER 2025 06 DefinitionsParent companyFinancial informationQuarter and periodCEO’s comments ===== SIDA 7 ===== REVENUE Revenue for Q3 2025 was EUR 11.6m (10.7), an increase of 9 percent from the corresponding quarter last year , or 15 percent when adjusted for foreign exchange effects. Revenue derived through revenue-sharing arrangements accounted for 7 percent (15) of total revenue, cost-per-ac- quisition revenue for 91 percent (82) of total revenue and fixed-fee revenue for 2 percent (3) of total revenue. EARNINGS Adjusted EBITDA increased by 119 percent and to - talled EUR 2.9m (1.3). This corresponds to an adjusted EBITDA margin of 25 percent (13). EBITDA, including items affecting comparability of EUR 0.2m (2.7), totalled EUR 2.7m (-1.4), an increase of 300 percent. This corre- sponds to an EBITDA margin of 23 percent (-13). Earn - ings per share (EPS) before dilution were EUR -0.19 (-0.55). EPS after dilution were EUR -0.19 (-0.54). Loss after tax from continuing operations was EUR 14.4m (41.7). LIQUIDITY AND CASH FLOW On 30 September , cash and cash equivalents stood at EUR 8.4m (11.7). Net cash generated from continuing operating activities totalled EUR 2.1m (1.8). EXPENSES Total operating expenses, including items affecting com- parability , totalled EUR 26.2m (53.4). Direct costs increased to EUR 3.6m (1.5) due to the ex - pansion in subaffiliation. The comparative quarter includ- ed lower costs due to the non-renewal of certain media partnerships and the optimisation of other agreements. Personnel expenses decreased to EUR 3.7m (6.4) and, excluding items affecting comparability , decreased by 39 percent to EUR 3.6m (5.9). The reduction was primarily attributable to cost optimisation measures, which result- ed in a headcount decrease of approximately 25 percent in Q2. The organisational changes spanned all levels, including senior management, and have created a flatter structure designed to enhance agility and strengthen op- erational effectiveness. An impairment charge totalling EUR 16.5m was rec - ognised during the quarter due to a writedown in the book value of specific North American sports assets, and casi- no assets in Asia-Pacific. During Q3 2024, an impairment charge of EUR 40.0m was recognised in relation to cer - tain sports and casino assets following the implementa - tion of a new product operating model. Other operating expenses totalled EUR 1.6m (4.1), and excluding items affecting comparability decreased by 27 percent to EUR 1.4m (1.9). 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 (July-September 2025*) FINANCIAL PERFORMANCE INTERIM REPORT JANUARY-SEPTEMBER 2025 07 DefinitionsParent companyFinancial informationQuarter and periodCEO’s comments ===== SIDA 8 ===== REVENUE Revenue was EUR 31.0m (39.5), a decrease of 21 per - cent from the corresponding period. Revenue derived through revenue-sharing arrangements accounted for 10 percent (13) of total revenue, cost-per-acquisition reve - nue accounted for 88 percent (84) of total revenue and fixed-fee revenue contributed 2 percent (3) of total reve - nue. EARNINGS Adjusted EBITDA increased by 35 percent and to - talled EUR 5.2m (3.9). This corresponds to an adjusted EBITDA margin of 17 percent (10). EBITDA, including items affecting comparability of EUR -0.3m (4.9), totalled EUR 5.5m (-1.0), representing an increase of 645 per - cent. This corresponds to an EBITDA margin of 18 per - cent (-3). Earnings per share (EPS) before dilution were -0.19 (-0.62). EPS after dilution were -0.18 (-0.61). Loss after tax from continuing operations was EUR 14.1m (46.6). LIQUIDITY AND CASH FLOW On 30 September 2025 cash and cash equivalents stood at EUR 8.4m (11.7). Net cash generated from continuing operating activities increased by 108 percent compared to the first nine months of 2024 and totalled EUR 6.3m (3.0). EXPENSES Total operating expenses, including items affecting com- parability , totalled EUR 44.3m (84.5). Direct costs decreased to EUR 7 .8m (9.6) following the termination of select media partnerships and a strategic shift towards non-SEO channels, including subaffiliation and lifecycle marketing. Personnel expenses decreased to EUR 13.9m (21.0) and, excluding items affecting comparability , decreased by 31 percent to EUR 12.9m (18.9). The reduction result- ed 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 en- hance agility and operational efficiency . Other operating expenses decreased to EUR 5.3m (10.0) and, excluding items affecting comparability , decreased by 29 percent to EUR 5.1m (7 .2). The decrease in oth - er operating 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 (January-September 2025*) FINANCIAL PERFORMANCE INTERIM REPORT JANUARY-SEPTEMBER 2025 08 DefinitionsParent companyFinancial informationQuarter and periodCEO’s comments ===== SIDA 9 ===== OTHER SHARES AND SHARE DATA Earnings per share for Q3 2025 were EUR -0.19 (-0.55) before and EUR -0.19 (-0.54) 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 September , the closing price of the Catena Media share was SEK 1.92. EQUITY On 30 September , equity including hybrid capital securities totalled EUR 105.2m (124.6), equivalent to an equity-to-as- sets ratio of 0.96 (0.79). Excluding hybrid capital securities, equity totalled EUR 69.1m (89.5). LARGEST SHAREHOLDERS The 10 largest shareholders of Catena Media plc on 30 September were as follows: 10 LARGEST SHAREHOLDERS AS OF 30 SEPTEMBER % Avanza Pension 5.2 Investment AB Öresund 5.1 Jesper Ribacka 5.0 Nordic Compound Invest A/S 4.8 Andre Lavold 4.8 Niklas Karlsson 4.0 Catena Media plc 4.0 Nordnet Pension Insurance 3.1 Second Swedish National Pension Fund 2.9 Martin Zetterlund 1.8 Total, 10 largest shareholders 40.7 Other shareholders 59.3 Total 100.0 STRATEGIC DIRECTION FOR THE PERIOD 2025-2026 • Embed a new operating model that enables a clearer focus on priority products and optimises them to drive growth while promoting operational alignment. • Develop and drive 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 cap - ital securities with a nominal value of EUR 43.7m, net of EUR 8.6m issuance costs, and accrued interest of EUR 1.1m, were reported in the statement of financial position. For more information, see Note 8 (Hybrid capital secu - rities) 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. There was no dividend income during Q3 2025 and Q3 2024. Q3 2025 resulted in an operating loss of EUR 0.1m and a loss after tax of EUR 0.4m. The comparative quar- ter resulted in an operating profit of EUR 0.1m and a profit after tax of 0.1M. In the comparative quarter , bond fair value movement classified in “Other gains/(losses) on financial liability at fair value through profit or loss” resulted in a gain of EUR 0.2m. Interest payable on borrowings was EUR 0.3m (1.0). The parent company’s cash and cash equivalents were EUR 0.5m (2.6). Liabilities totalled EUR 89.7m (86.7). Equity was EUR 119.5m (177 .8). As at 30 September , the parent company’s current liabil- ities exceeded current assets by EUR 61.2m. Liabilities of EUR 61.7m exist in respect of the parent company’s related undertakings, mainly to its subsidiary Catena Op- erations Limited. The directors confirm that no amounts will be requested and believe that it remains appropriate to prepare the financial statements on a going-concern basis. SIGNIFICANT RISKS AND UNCERTAINTIES Catena Media’s risk management aims to execute the business strategy while maintaining a high level of risk awareness and control. The group is, in particular , 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 business is subject to the seasonal openings and clo - sures of the major sports leagues in North America. These calendar-related shifts are associated with changeability in the group’s quarterly performance, with revenues typi- cally being higher in the first and fourth quarters. Fluctua- tions in quarterly results are also reflective of state market launches in North America. CEO’s comments Financial information Parent company Definitions INTERIM REPORT JANUARY-SEPTEMBER 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 September 2025, the group had 151 (264) em - ployees, of whom 50 (80) were women, corresponding to 33 percent (30) of the total. Of all employees, 151 were employed full-time. NOMINATION COMITTEE Catena Media’s nomination committee for the 2026 AGM consists of Andreas Jönsson, representing Jesper Ri - backa; Andreas Lindberg, representing Andre Lavold; Jakob Have, representing Nordic Compound Invest; and Erik Flinck, Chairman of the Board of Catena Media. PRESENTATION OF REPORT TO INVESTORS AND MEDIA CEO Manuel Stan and CFO Michael Gerrow will present the report in a combined web - cast and teleconference on 4 November 2025 at 18:00 CET. 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/q3-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 Year-end Report Q4 January-December 2025 10 February 2026 Annual Report 2025 Week 13 2026 Interim Report Q1 January-March 2026 12 May 2026 Interim Report Q2 January-June 2026 11 August 2026 Interim Report Q3 January-September 2026 10 November 2026 Malta, 4 November 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. The information was submitted for publication, through the agency of the contact persons, on 4 November 2025 at 17:35 CET. CEO’s comments Financial information Parent company Definitions INTERIM REPORT JANUARY-SEPTEMBER 2025 10 Quarter and period ===== SIDA 11 ===== INTRODUCTION We have reviewed the accompanying 30 September 2025 condensed consolidated interim financial informa - tion of Catena Media p.l.c. (“the Company”), which com- prises: • the condensed consolidated statement of financial position as at 30 September 2025; • the condensed consolidated statement of compre - hensive income for the nine-month period ended 30 September 2025; • the condensed consolidated statement of changes in equity for the nine-month period ended 30 Septem - ber 2025; • the condensed consolidated statement of cash flows for the nine-month period ended 30 September 2025; and • notes to the interim financial information. Management is responsible for the preparation and presentation of this condensed consolidated interim fi - nancial information in accordance with IAS 34, ‘Interim Financial Reporting’ as adopted by the EU. Our respon- sibility 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 the Interna- tional Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Inde - pendent Auditor of the Entity”. A review of interim finan - cial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit con - ducted 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 30 Sep- tember 2025 condensed consolidated interim financial information is not prepared, in all material respects, in accordance with IAS 34, ‘Interim Financial Reporting’ as adopted by the EU. The Principal authorised to sign on behalf of KPMG on the review resulting in this independent auditor’s report is Justin Axiaq. KPMG Registered Auditors    4 November 2025 INDEPENDENT AUDITORS’ REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION To the Board of Directors of Catena Media plc CEO’s comments Financial information Parent company Definitions INTERIM REPORT JANUARY-SEPTEMBER 2025 11 Quarter and period ===== SIDA 12 ===== 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 Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Jan-Dec 2024 Financial measures defined by IFRS, total Revenue (EUR ‘000) 11,649 10,666 31,039 39,498 49,652 Earnings per share before dilution (EUR) (0.19) (0.55) (0.19) (0.62) (0.64) Earnings per share after dilution (EUR) (0.19) (0.54) (0.19) (0.61) (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 76,503 7 7,610 76,503 76,629 Financial measures defined by IFRS, continuing operations Revenue from continuing operations (EUR ’000) 11,649 10,700 31,044 39,493 49,643 Earnings per share before dilution from continuing operations (EUR) (0.19) (0.55) (0.19) (0.62) (0.63) Earnings per share after dilution from continuing operations (EUR) (0.19) (0.54) (0.18) (0.61) (0.63) Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Jan-Dec 2024 Alternative performance measures EBITDA (EUR ‘000) 2,698 (1,384) 5,527 (1,282) (524) EBITDA margin (%) 23 -13 18 -3 -1 EBITDA from continuing operations (EUR ’000) 2,698 (1,350) 5,527 (1,015) (261) EBITDA margin from continuing operations (%) 23 -13 18 -3 -1 Adjusted EBITDA (EUR ’000) 2,937 1,306 5,245 3,832 5,345 Adjusted EBITDA margin (%) 25 12 17 10 11 Adjusted EBITDA from continuing operations (EUR ’000)* 2,937 1,340 5,245 3,885 5,394 Adjusted EBITDA margin from continuing operations (%) 25 13 17 10 11 New depositing customers from continuing operations 23,999 27 ,342 66,146 102,894 128,700 Average shareholders’ equity, last 12 months (EUR ’000) 120,010 176,479 120,010 176,479 155,911 Equity per share before dilution (EUR) 1.39 1.66 1.39 1.66 1.62 Equity per share after dilution (EUR) 1.36 1.64 1.36 1.64 1.60 Employees at period-end 151 264 151 264 224 Employees at period-end from continuing operations 151 264 151 264 224 *Adjustments for Q3 2025 relate to items affecting comparability (IACs) from continuing operations of EUR 0.2m (2.7). IACs for the period ended 30 September 2025 were EUR -0.3m (4.9). Further details can be found in Note 3 on page 22. CEO’s comments Financial information Parent company Definitions INTERIM REPORT JANUARY-SEPTEMBER 2025 12 Quarter and period ===== SIDA 13 ===== AMOUNTS IN ’000 (EUR) Notes Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Jan-Dec 2024 Revenue 11,649 10,700 31,044 39,493 49,643 Total revenue 11,649 10,700 31,044 39,493 49,643 Direct costs (3,646) (1,486) (7,797) (9,582) (10,990) Personnel expenses 4 (3,667) (6,416) (13,910) (20,973) (26,746) Depreciation and amortisation (703) (1,367) (2,315) (4,056) (4,998) Impairment on intangible assets (16,500) (39,985) (16,500) (39,985) (41,203) Gain on disposal of intangible asset 6 - 1,443 - - Other operating expenses 4 (1,644) (4,148) (5,253) (9,953) (12,168) Total operating expenses (26,154) (53,402) (44,332) (84,549) (96,105) Operating loss (14,505) (42,702) (13,288) (45,056) (46,462) Interest payable on borrowings - (722) (823) (2,388) (3,056) Other gains/(losses) on financial liability at fair value through profit or loss - 227 8 86 (104) Other finance (costs)/income (26) 953 266 806 1,108 Share of net loss from associate accounted for using the equity method - (46) - (91) (130) Loss before tax (14,531) (42,290) (13,837) (46,643) (48,644) Tax income/(expense) 145 638 (292) 65 698 Loss for the period from continuing operations attributable to the equity holders of the parent company (14,386) (41,652) (14,129) (46,578) (47,9 4 6) Loss for the period from discontinued operations 9 - (34) (233) (267) (263) Loss for the period (14,386) (41,686) (14,362) (46,845) (48,209) AMOUNTS IN ’000 (EUR) Notes Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Jan-Dec 2024 Other comprehensive income Items that may be reclassified to profit for the period Currency translation differences (23) (665) (1,230) (195) 594 Items that will not be reclassified for the profit for the period Interest payable on hybrid capital securities (1,066) (1,210) (3,270) (3,673) (4,874) Total other comprehensive loss for the period (1,089) (1,875) (4,500) (3,868) (4,280) Total comprehensive loss attributable to the equity holders of the parent company (15,475) (43,561) (18,862) (50,713) (52,489) Earnings per share for loss from continuing operations attributable to the equity holders of the parent company during the period (expressed in euros per share): Basic earnings per share From loss for the period (0.19) (0.55) (0.19) (0.62) (0.63) Diluted earnings per share From loss for the period (0.19) (0.54) (0.18) (0.61) (0.63) AMOUNTS IN ’000 (EUR) Notes Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Jan-Dec 2024 Operating loss (14,505) (42,702) (13,288) (45,056) (46,462) Depreciation and amortisation 703 1,367 2,315 4,056 4,998 Impairment on intangible assets 16,500 39,985 16,500 39,985 41,203 EBITDA 2,698 (1,350) 5,527 (1,015) (261) Items affecting comparability in personnel expenses 3 18 479 974 2,100 2,793 Items affecting comparability in other operating expenses 3 227 2,211 187 2,800 2,862 Gain on disposal of intangible assets 3 (6) - (1,443) - - Adjusted EBITDA 2,937 1,340 5,245 3,885 5,394 Condensed consolidated interim statements of comprehensive income Condensed consolidated interim income statement measures Quarter and periodCEO’s comments Parent company Definitions INTERIM REPORT JANUARY-SEPTEMBER 2025 13 Financial information ===== SIDA 14 ===== Condensed consolidated interim statements of financial position AMOUNTS IN ’000 (EUR) Notes 30 Sep 2025 30 Sep 2024 31 Dec 2024 ASSETS Non-current assets Investment in associate 5 - 1,768 511 Right-of-use asset 502 87 761 Other intangible assets 6 91,116 109,187 108,768 Property, plant and equipment 491 684 635 Restricted cash - 5,000 - Deferred tax asset 668 - - Total non-current assets 92,777 116,726 110,675 Current assets Trade and other receivables 7, 8 3 4 29,912 26,692 Current tax asset 246 151 970 Cash and cash equivalents 8,371 11,743 8,476 Total current assets 16,451 41,806 36,138 Total assets 109,228 158,532 146,813 AMOUNTS IN ’000 (EUR) Notes 30 Sep 2025 30 Sep 2024 31 Dec 2024 EQUITY AND LIABILITIES Capital and reserves Share capital 118 118 118 Share premium 134,041 134,041 134,041 Treasury reserve (6,154) (6,154) (6,154) Hybrid capital securities 8 36,168 35,104 35,103 Other reserves 10,148 10,370 11,187 Accumulated losses (69,097) (48,900) (51,465) Total equity 105,224 124,579 122,830 Liabilities Non-current liabilities Borrowings 7 - 10,000 - Deferred tax liabilities - 429 6 Lease liability 94 - 364 Total non-current liabilities 94 10,429 370 Current liabilities Borrowings 7 - 21,297 21,486 Trade and other payables 3,910 2,227 2,127 Total current liabilities 3,910 23,524 23,613 Total liabilities 4,004 33,953 23,983 Total equity and liabilities 109,228 158,532 146,813 The notes on pages 18 to 29 are an integral part of these condensed consolidated interim financial statements. Erik Flinck Søren Vilby Chairman of the Board Director Quarter and periodCEO’s comments Parent company Definitions INTERIM REPORT JANUARY-SEPTEMBER 2025 14 Financial information ===== SIDA 15 ===== Condensed consolidated interim statements of changes in equity Attributable to owners of the parent company AMOUNTS IN ’000 (EUR) Share capital Share premium Treasur y reserve Hybrid capital securities Other reserves Retained Earnings Total equity Balance at 1 January 2025 118 134,041 (6,154) 35,103 11,187 (51,465) 122,830 Comprehensive income Loss for the period - - - - - (14,362) (14,362) Interest payable on hybrid capital securities - - - - - (3,270) (3,270) Currency translation differences - - - - (1,230) - (1,230) Total comprehensive loss for the period - - - - (1,230) (17,6 32) (18,862) Transactions with owners Issue of capital securities, net of transaction costs - - - (1) - - (1) Accrued interest on capital securities - - - 1,066 - - 1,066 Equity-settled share-based payments - - - - 191 - 191 Total transactions with owners - - - 1,065 191 - 1,256 Balance at 30 September 2025 118 134,041 (6,154) 36,168 10,148 (69,097) 105,224 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 - - - - - (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 Quarter and periodCEO’s comments Parent company Definitions INTERIM REPORT JANUARY-SEPTEMBER 2025 15 Financial information ===== SIDA 16 ===== 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 18 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-SEPTEMBER 2025 16 Financial information ===== SIDA 17 ===== Condensed consolidated interim statements of cash flows AMOUNTS IN ’000 (EUR) Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Jan-Dec 2024 Cash flows from operating activities Loss before tax (14,531) (42,324) (14,070) (46,910) (48,907) Loss from discontinued operations before tax - 34 233 267 263 Adjustments for: Depreciation and amortisation 703 1,367 2,315 4,056 4,998 Gain on disposal of assets (1) - (1,433) (6) (4) Loss allowances on trade receivables (1) (160) (6) (218) (475) Bad debts 17 11 17 115 283 Impairment on intangible assets 16,500 39,985 16,500 39,985 41,203 Loss on contract termination - 2,211 - 2,211 2,211 Unrealised exchange differences (9) (327) (98) (69) (202) Interest expense 22 74 578 1,148 1,930 Net (gains)/losses on financial liability and at fair value through profit or loss - (227) (136) (86) 104 Share-based payments 18 (243) 189 121 149 2,718 401 4,089 614 1,553 Taxation paid (176) (316) (389) (1,011) (1,073) Changes in: Trade and other receivables (1,461) 3,215 635 4,562 4,216 Trade and other payables 1,035 (1,531) 1,965 (1,130) (1,813) Net cash generated from continuing operating activities 2,116 1,769 6,300 3,035 2,883 Net cash used in operating activities - discontinued operations - (38) (232) (226) (223) Net cash generated from operating activities 2,116 1,731 6,068 2,809 2,660 AMOUNTS IN ’000 (EUR) Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Jan-Dec 2024 Cash flows generated from investing activities Acquisition of investment in subsidiary, net of cash acquired - - 517 - - Investments in associate - - - (918) (918) Proceeds from sale of investment in subsidiaries - - 18,500 11,556 15,056 Acquisition of property, plant and equipment (25) (28) (59) (50) (51) Payments on acquisition of intangible assets (361) (1,338) (902) (3,216) (3,489) Receipts on disposal of intangible assets 117 - 1,617 1,017 1,017 Net cash (used in)/ generated from investing activities (269) (1,366) 19,673 8,389 11,615 Cash flows used in financing activities Net payments on hybrid capital securities - (4) - (12) (13) Repayments on borrowings - - (21,478) (26,072) (36,072) Proceeds on exercise of share options and warrants - 1 - 1 1 Interest paid - (1,935) (3,020) (6,247) (8,147) Net lease payments (101) (124) (303) (378) (509) Net cash used in financing activities (101) (2,062) (24,801) (32,708) (44,740) Net movement in cash and cash equivalents 1,746 (1,697) 940 (21,510) (30,465) Cash and cash equivalents at beginning of period 6,629 18,938 8,476 38,510 38,510 Restricted cash - (5,000) - (5,000) Currency translation differences (4) (498) (1,045) (257) 431 Cash and cash equivalents at end of period 8,371 11,743 8,371 11,743 8,476 The notes on pages 18 to 29 are an integral part of these condensed consolidated interim financial statements. Quarter and periodCEO’s comments Parent company Definitions INTERIM REPORT JANUARY-SEPTEMBER 2025 17 Financial information ===== SIDA 18 ===== 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 primary segments, which also represent its two cash-generating units (CGUs) for the purposes of impairment testing in accordance with IAS 36 – Impairment of Assets. During Q3 2025, an impairment charge of EUR 16.5m was recognised, comprising EUR 10.5m in respect of specific North American sports assets and EUR 6.0m re- lating to casino assets in Asia-Pacific. 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-SEPTEMBER 2025 18 Financial information2 3 4 5 6 7 8 91 ===== SIDA 19 ===== 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. Since more than 96 percent of group revenue arises in North America, management has concluded that a geo - graphic market breakdown no longer provides meaningful additional insight and has therefore reduced its focus on such reporting. A significant portion of Catena Media’s sports betting business is subject to the seasonal openings and clo - sures of the major sports leagues in North America. These calendar-related shifts are associated with changeability in the group’s quarterly performance, with revenues typi- cally being higher in the first and fourth quarters. Fluctua- tions in quarterly results are also reflective of state market launches in North America. Jul-Sep 2025 Jul-Sep 2024 AMOUNTS IN ’000 (EUR) Casino Sports Un allocated Total Casino Sports Un allocated Total Revenue 9,866 1,783 - 11,649 8,240 2,460 - 10,700 Total revenue 9,866 1,783 - 11,649 8,240 2,460 - 10,700 Direct costs (3,440) (206) - (3,646) (834) (652) - (1,486) Personnel expenses (3,011) (638) (18) (3,667) (3,572) (2,365) (479) (6,416) Depreciation and amortisation (595) (108) - (703) (1,052) (315) - (1,367) Impairment on intangible assets (6,000) (10,500) - (16,500) (7, 3 6 8) (32,617) - (39,985) (Loss)/gain on disposal of intangible assets (94) 100 - 6 - - - - Other operating expenses (919) (498) (227) (1,644) (1,248) (2,900) - (4,148) Total operating expenses (14,059) (11,850) (245) (26,154) (14,074) (38,849) (479) (53,402) Operating loss (4,193) (10,067) (245) (14,505) (5,834) (36,389) (479) (42,702) Interest payable on borrowings - - - - - - (722) (722) Other gains on financial liability and equity instruments at fair value through profit or loss - - - - - - 227 227 Other finance (costs)/income - - (26) (26) - - 953 953 Share of net loss from associate accounted for using the equity method - - - - - - (46) (46) Loss before tax (4,193) (10,067) (271) (14,531) (5,834) (36,389) (67) (42,290) Tax income - - 145 145 - - 638 638 (Loss)/profit for the period from continuing operations attributable to the equity holders of the parent company (4,193) (10,067) (126) (14,386) (5,834) (36,389) 571 (41,652) Loss for the period from discontinued operations - - - - (14) (20) - (34) (Loss)/profit for the period (4,193) (10,067) (126) (14,386) (5,848) (36,409) 571 (41,686) Other comprehensive income Items that may be reclassified to profit for the period Currency translation differences - - (23) (23) - - (665) (665) Items that will not be reclassified to profit for the period Interest payable on hybrid capital securities - - (1,066) (1,066) - - (1,210) (1,210) Total other comprehensive loss for the period - - (1,089) (1,089) - - (1,875) (1,875) Loss for the period – total comprehensive loss (4,193) (10,067) (1,215) (15,475) (5,848) (36,409) (1,304) (43,561) Adjusted EBITDA 2,496 441 - 2,937 2,586 (1,246) - 1,340 Adjusted EBITDA margin (%) 25 25 - 25 31 (51) - 13 NDCs 18,615 5,384 - 23,999 18,441 8,901 - 27 ,342 Quarter and periodCEO’s comments Parent company Definitions INTERIM REPORT JANUARY-SEPTEMBER 2025 19 Financial information1 3 4 5 6 7 8 92 ===== SIDA 20 ===== Jan-Sep 2025 Jan-Sep 2024 AMOUNTS IN ’000 (EUR) Casino Sports Un allocated Total Casino Sports Un allocated Total Revenue 25,322 5,722 - 31,044 28,134 11,359 - 39,493 Total revenue 25,322 5,722 - 31,044 28,134 11,359 - 39,493 Direct costs (7, 31 1) (486) - (7,797) (4,913) (4,669) - (9,582) Personnel expenses (9,944) (2,992) (974) (13,910) (10,569) (8,304) (2,100) (20,973) Depreciation and amortisation (1,877) (438) - (2,315) (2,936) (1,120) - (4,056) Impairment on intangible assets (6,000) (10,500) - (16,500) (7, 3 6 8) (32,617) - (39,985) (Loss)/gain on disposal of intangible assets (94) 1,537 - 1,443 - - - - Other operating expenses (3,182) (1,884) (187) (5,253) (4,191) (5,173) (589) (9,953) Total operating expenses (28,408) (14,763) (1,161) (44,332) (29,977) (51,883) (2,689) (84,549) Operating loss (3,086) (9,041) (1,161) (13,288) (1,843) (40,524) (2,689) (45,056) Interest payable on borrowings - - (823) (823) - - (2,388) (2,388) Other gains on financial liability and equity instruments at fair value through profit or loss - - 8 8 - - 86 86 Other finance income - - 266 266 - - 806 806 Share of net loss from associate accounted for using the equity method - - - - - - (91) (91) Loss before tax (3,086) (9,041) (1,710) (13,837) (1,843) (40,524) (4,276) (46,643) Tax (expense)/income - - (292) (292) - - 65 65 Loss for the period from continuing operations attributable to the equity holders of the parent company (3,086) (9,041) (2,002) (14,129) (1,843) (40,524) (4,211) (46,578) Loss for the period from discontinued operations (177) (56) - (233) (123) (144) - (267) Loss for the period (3,263) (9,097) (2,002) (14,362) (1,966) (40,668) (4,211) (46,845) Other comprehensive income Items that may be reclassified to profit for the period Currency translation differences - - (1,230) (1,230) - - (195) (195) Items that will not be reclassified to profit for the period Interest payable on hybrid capital securities - - (3,270) (3,270) - - (3,673) (3,673) Total other comprehensive loss for the period - - (4,500) (4,500) - - (3,868) (3,868) Loss for the period – total comprehensive loss (3,263) (9,097) (6,502) (18,862) (1,966) (40,668) (8,079) (50,713) Adjusted EBITDA 4,885 360 - 5,245 8,461 (4,576) - 3,885 Adjusted EBITDA margin (%) 19 6 - 17 30 (40) - 10 NDCs 48,020 18,126 - 66,146 60,656 42,238 - 102,894 Quarter and periodCEO’s comments Parent company Definitions INTERIM REPORT JANUARY-SEPTEMBER 2025 20 Financial information1 3 4 5 6 7 8 92 ===== SIDA 21 ===== 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 RESULTS FROM CONTINUING OPERATIONS ARE FURTHER ANAL YSED AS FOLLOWS: Continuing operations North America Rest of World Total Amounts in ’000 (EUR) Jul-Sep 2025 Jul-Sep 2024 Jul-Sep 2025 Jul-Sep 2024 Jul-Sep 2025 Jul-Sep 2024 Total revenue 11,186 9,493 463 1,207 11,649 10,700 Change 18% - -62% - 9% - of which Casino 9,487 7,62 6 379 614 9,866 8,240 of which Sports 1,699 1,867 84 593 1,783 2,460 Continuing operations North America Rest of World Total Amounts in ’000 (EUR) Jan-Sep 2025 Jan-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Total revenue 28,600 35,036 2,444 4,457 31,044 39,493 Change -18% - -45% - -21% - of which Casino 23,728 25,516 1,594 2,618 25,322 28,134 of which Sports 4,872 9,520 850 1,839 5,722 11,359 Continuing operations North America Rest of World Total AMOUNTS IN ’000 (EUR) 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 Quarter and periodCEO’s comments Parent company Definitions INTERIM REPORT JANUARY-SEPTEMBER 2025 21 Financial information1 3 4 5 6 7 8 92 ===== SIDA 22 ===== Note 3 Items affecting comparability Items affecting comparability (IACs) relate to significant items that affect EBITDA when comparing to previous periods. They comprise costs included in “personnel ex- penses” and in “other operating expenses”. During Q3 2025, IACs from continuing operations in - cluded in personnel expenses mainly comprised minor costs in relation to share-based payments (-0.2). Reor- ganisation costs of EUR 0.7m were also reported during the corresponding quarter . During the period ended 30 September 2025, costs in relation to share-based payments were EUR 0.2m (0.2), reorganisation costs were EUR 0.7m (1.7) and one-time retention incentives were EUR 0.1m (0.2). During the year ended 31 Decem- ber 2024, IACs from continuing operations included in personnel expenses comprised costs associated with share-based payments of EUR 0.2m, reorganisation costs of EUR 2.4m and one-time retention incentives of EUR 0.2m. During Q3 2025, IACs from continuing operations in - cluded in other operating expenses were EUR 0.2m, mainly comprising a one-time adjustment in our sports revenue relating to Q1 and Q2 2025. The loss was rec - ognised following a reported decrease in player reve - nue due to the identification of invalid activity on some operators’ platforms. IACs also comprised a net gain on disposal relating to some minor assets in Germany and Canada. During Q3 2024, IACs from continuing operations included in other operating expenses were EUR 2.2m and related to the termination of the contrac- tual arrangement previously measured in accordance with the requirements of IAS 38 using the financial lia - bility model. During the period ended 30 September 2025, the gain on disposal of esports-related assets and other minor assets in Germany and Canada was EUR 1.4m, while EUR 0.1m related to the net reversal of costs associated to the ac - quisition of Mez and Rize Media AB. EUR 0.2m related to the one-time retrospective adjustment in commission income. During the corresponding nine months, IACs from continuing operations included in other operating expenses comprised restructuring costs of EUR 0.6m and costs in relation to contract termination of EUR 2.2m. During the year ended 31 December 2024, EUR 2.2m related to the termination of the contractual arrange - ment previously measured in accordance with the re - quirements of IAS 38 using the financial liability model. EUR 0.6m related to restructuring costs, and EUR 0.1 related to professional and legal fees. Note 4 Operating expenses The product-led operating model implemented through 2024 and further refined in 2025 has yielded more gran - ular financial data, resulting in reclassifications that sup - port 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. In Q1, a spreadsheet with comparative figures was published on the website: www .catenamedia.com/in- vestors/financial-reports-and-presentations/ Note 5 Investment in associate On 3 January , the group acquired Mez and Rize Media AB in full with the intention to liquidate it. As a result, the car- rying value of the investment in associate on 31 Decem - ber 2024 was adjusted to reflect the recoverable amount, deemed to be equivalent to the Net Asset Value of the associate, and an impairment charge of EUR 1.2m was recognised in the statement of comprehensive income. Reclassified Original Reclassified Original Reclassified Original Variance: Variance: Variance: Jul-Sep 2024 Jul-Sep 2024 Jan-Sep 2024 Jan-Sep 2024 Jan-Dec 2024 Jan-Dec 2024 Jul-Sep 2024 Jan-Sep 2024 Jan-Dec 2024 Personnel expenses (6 416) (6 028) (20 973) (19 828) (26 746) (25 149) 388 1 145 1 597 Other operating expenses (4 148) (4 536) (9 953) (11 098) (12 168) (13 765) (388) (1 145) (1 597) Quarter and periodCEO’s comments Parent company Definitions INTERIM REPORT JANUARY-SEPTEMBER 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 internal development and licences. Group AMOUNTS IN ’000 (EUR) Domains and websites Player database Other intellectual property Total Cost at 1 January 2025 239,758 6,673 20,983 2 67,414 Additions - - 877 877 Disposals (8,039) (243) (3,743) (12,025) Cost at 30 September 2025 231,719 6,430 18,117 256,266 Accumulated amortisation and impairment losses at 1 January 2025 (133,324) (6,673) (18,649) (158,646) Amortisation charge (780) - (1,074) (1,854) Impairment charge for the period (16,500) - - (16,500) Amortisation and impairment released upon disposal 7,917 243 3,678 11,838 Amortisation released upon dissolution - - 12 12 At 30 September 2025 (142,687) (6,430) (16,033) (165,150) At 30 September 2025 89,032 - 2,084 91,116 At 30 September 2024 106,710 - 2,477 109,187 Impairment of Intangible Assets and Cash-Generating Units (CGUs) The Group operates in two main business segments, Ca- sino and Sport, which correspond to two cash-generating units (CGUs) for the purposes of IAS 36 – Impairment of Assets. The recoverable amounts of the CGUs were de - termined using value-in-use calculations. Management performed an extensive impairment as - sessment during Q3 2025, reviewing performance at CGU level. The recoverable amounts of the Casino and Sport CGUs were based on cash flow projections com - prising forecasted income from operations for 2025 and cash flow projections for the period 2026–2030, reflecting compounded annual growth rates (CAGR) and discount rates as set out in the table below . The CAGR assump - tions was based on Management’s expectations of mar - ket developments and future outcomes, taking into ac - count past performance, organic state revenue growth and new market launches in North America. The discount rate used is the weighted-average cost of capital (WACC). The discount rate under the value-in-use is a pre-tax mea- sure based on the CGU-specifics, adjusted for currency and country risk relevant to the individual CGU.An in-per- petuity growth rate of 2% was applied beyond this period, and the effective tax rate used was 30%. The impairment assessment for both CGUs in 2025 is supported by growth assumptions primarily driven by the North American market, which continues to demonstrate strong potential. This business area remains central to the Group’s strategy for rebuilding and sustaining profitability . Management is confident that the expected improvement in performance will strengthen future results. The key as- sumptions underlying the impairment model are reviewed annually to ensure alignment with external market data and the Group’s long-term strategic objectives. In determining the significant assumptions underlying the above projections, management applied judgements in assessing experience for each segment, and expec - tations for market and portfolio performance, taking into consideration the different risk factors for each CGU. At 30 September 2025, the carrying amounts of both CGUs were determined to exceed their respective recov- erable amounts, due to the underperformance of specific products, resulting in the recognition of an impairment charge of EUR 16.5 million. This charge reflects the out - come of management’s detailed impairment assessment conducted during the quarter , which incorporated revised cash flow projections, updated discount rates, and cur - rent market assumptions. Of the total amount, EUR 10.5 million relates to specific North American Sport assets, primarily driven by revised expectations for near-term market recovery and updated profitability forecasts, while EUR 6.0 million pertains to Asia-Pacfic Casino assets, following a reassessment of projected performance and market dynamics in that region. Following the impairment assessment, the carrying val - ue of intangible assets with an indefinite useful life as at 30 September 2025 was aligned with the recoverable amount, amounting to EUR 71.3m for the Casino CGU and EUR 13.1m for the Sports CGU. CAGR  Discount Rate  2025  2024  2025            2024 Casino  13%  9%  15%  13%  Sports  17%  22%  15%  13%  Quarter and periodCEO’s comments Parent company Definitions INTERIM REPORT JANUARY-SEPTEMBER 2025 23 Financial information1 2 3 4 95 876 ===== SIDA 24 ===== Note 8 Hybrid capital securities At the end of Q3 2025, hybrid capital securities with a  nominal value of EUR 43.7m (43.7), accrued interest of EUR 1.1m (nil), and net of EUR 8.6m (8.6) issuance costs, were reported as equity . Further details are found in the table below . AMOUNTS IN ’000 (EUR) 30 Sep 2025 Hybrid capital securities at nominal amount as of the beginning of the reporting period 43,731 Accrued interest on hybrid capital securities 1,066 Hybrid capital securities at nominal amount, including accrued interest, as of the end of the reporting period 44,797 AMOUNTS IN ’000 (EUR) 30 Sep 2025 Hybrid capital securities at nominal amount 44,797 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 36,168 FINANCIAL PERFORMANCE AND CASH FLOW INFORMATION AMOUNTS IN ’000 (EUR) Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Jan-Dec 2024 Revenue - (34) (5) 5 9 Personnel expenses - - - (34) (34) Loss on disposal of intangible asset - - - (17) (17) Other operating expenses - - (228) (221) (221) Total operating expenses - - (228) (272) (272) Loss after income tax from discontinued operations - (34) (233) (267) (263) Net cash used in operating activities - (38) (232) (226) (223) Net decrease in cash generated by divested assets - (38) (232) (226) (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”. Note 7 Borrowings At the end of Q3 2025, there were no outstanding bor - rowings. The senior unsecured floating rate bonds were repaid during Q2 2025. 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 gains/(losses) on fi - nancial liability at fair value through profit or loss” was a loss of EUR 0.1m for the year ended 31 December 2024. Quarter and periodCEO’s comments Parent company Definitions INTERIM REPORT JANUARY-SEPTEMBER 2025 24 Financial information1 2 3 4 5 6 7 8 9 ===== SIDA 25 ===== AMOUNTS IN ’000 (EUR) Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Jan-Dec 2024 Personnel expenses (92) 160 (420) (389) (492) Impairment of investment in subsidiaries - - - (53,184) Other operating expenses (22) (56) (67) (126) (148) Other operating income 19 20 59 60 78 Total operating expenses (95) 124 (428) (455) (53,746) Operating (loss)/income (95) 124 (428) (455) (53,746) Interest payable on borrowings (297) (1,020) (1,714) (2,856) (3,662) Recharge of interest to subsidiary - 723 823 1,965 2,473 Other gains/(losses) on financial liability at fair value through profit or loss - 227 8 86 (103) Other finance (costs)/income (2) 10 (11) (533) (547) (Loss)/profit before tax (394) 64 (1,322) (1,793) (55,585) Tax expense - - - - - (Loss)/profit for the period (394) 64 (1,322) (1,793) (55,585) Other comprehensive income Items that will not be reclassified to profit for the period Interest payable on hybrid capital securities (1,066) (1,210) (3,270) (3,673) (4,874) Total comprehensive loss for the period (1,460) (1,146) (4,592) (5,466) (60,459) Condensed parent company statements of comprehensive income Quarter and periodCEO’s comments Financial information Definitions INTERIM REPORT JANUARY-SEPTEMBER 2025 25 Parent company ===== SIDA 26 ===== Condensed parent company statements of financial position AMOUNTS IN ’000 (EUR) 30 Sep 2025 30 Sep 2024 31 Dec 2024 ASSETS Non-current assets Investment in subsidiaries 208,674 261,858 208,674 Current assets Trade and other receivables 4 20 16 Cash and cash equivalents 487 2,582 1,782 Total current assets 491 2,602 1,798 Total assets 209,165 264,460 210,472 AMOUNTS IN ’000 (EUR) 30 Sep 2025 30 Sep 2024 31 Dec 2024 EQUITY AND LIABILITIES Capital and reserves Share capital 118 118 118 Share premium 134,572 134,572 134,572 Treasury reserve (6,154) (6,154) (6,154) Hybrid capital securities 36,168 35,104 35,103 Other reserves 8,608 8,389 8,417 (Accumulated losses)/retained earnings (53,818) 5,767 (49,226) Total equity 119,494 17 7,79 6 122,830 Liabilities Non-current liabilities Borrowings 25,000 25,000 25,000 Other payables 2,969 1,781 2,078 Total non-current liabilities 27,9 6 9 26,781 27,078 Current liabilities Borrowings - 21,297 21,486 Trade and other payables 61,702 38,586 39,012 Current tax liabilities - - 66 Total current liabilities 61,702 59,883 60,564 Total liabilities 89,671 86,664 87,642 Total equity and liabilities 209,165 264,460 210,472Erik Flinck Søren Vilby Chairman of the Board Director Quarter and periodCEO’s comments Financial information Definitions INTERIM REPORT JANUARY-SEPTEMBER 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 - - - - - (1,793) (1,793) Interest payable on hybrid capital securities - - - - - (3,673) (3,673) Total comprehensive loss for the period - - - - - (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 2025 118 134,572 (6,154) 35,103 8,417 (49,226) 122,830 Comprehensive income Loss for the period - - - - - (1,322) (1,322) Interest payable on hybrid capital securities - - - - - (3,270) (3,270) Total comprehensive loss for the period - - - - - (4,592) (4,592) Transactions with owners Issue of share capital - - - - - - - Subscription set-offs, incluiding transaction costs - - - (1) - - (1) Accrued interest on capital securities - - - 1,066 - - 1,066 Equity-settled share-based payments - - - - 191 - 191 Total transactions with owners - - - 1,065 191 - 1,256 Balance at 30 September 2025 118 134,572 (6,154) 36,168 8,608 (53,818) 119,494 Quarter and periodCEO’s comments Financial information Definitions INTERIM REPORT JANUARY-SEPTEMBER 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 Loss for the period - - - - - (55,585) (55,585) Interest payable on hybrid capital se-curities - - - - - (4,874) (4,874) Total comprehensive loss 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-SEPTEMBER 2025 28 Parent company ===== SIDA 29 ===== Condensed parent company statements of cash flows AMOUNTS IN ’000 (EUR) Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Jan-Dec 2024 Cash flows from operating activities (Loss)/profit before tax (394) 64 (1,322) (1,793) (55,585) Adjustments for: Impairment on investment in subsidiaries - - - - 53,184 Unrealised exchange differences (1) (11) (14) 115 118 Interest expense 593 825 1,713 2,650 3,455 Net (gains)/losses on financial liability at fair value through profit or loss - (227) (136) (86) 103 Share-based payments 18 (243) 189 121 149 216 408 430 1,007 1,424 Changes in: Trade and other receivables 2 (2) 12 (3) - Trade and other payables (299) 29 120 464 434 Net cash (used in)/generated from operating activities (81) 435 562 1,468 1,858 Cash flows generated from investing activities Net proceeds from subsidiary and related parties 57 746 22,749 22,686 23,212 Net cash generated from investing activities 57 746 22,749 22,686 23,212 AMOUNTS IN ’000 (EUR) Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Jan-Dec 2024 Cash flows used in financing activities Net payments on hybrid capital securities - (4) - (5) (6) Net repayment on borrowings - - (21,478) (21,905) (21,905) Proceeds on exercise of share options and warrants - 1 - 1 1 Interest paid - (1,736) (3,143) (5,574) (7, 2 8 6) Net cash used in financing activities - (1,739) (24,621) (27,483) (29,196) Net movement in cash and cash equivalents (24) (558) (1,310) (3,329) (4,126) Cash and cash equivalents at beginning of period 509 3,129 1,782 6,026 6,026 Currency translation differences 2 11 15 (115) (118) Cash and cash equivalents at end of period 487 2,582 487 2,582 1,782 Quarter and periodCEO’s comments Financial information Definitions INTERIM REPORT JANUARY-SEPTEMBER 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. Quarter and periodCEO’s comments Financial information Parent company INTERIM REPORT JANUARY-SEPTEMBER 2025 30 Definitions