FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2025
===== 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