===== SIDA 1 ===== CATENA MEDIA YEAR-END REPORT JANUARY-DECEMBER 2024 1 Costs down and margin improved as revenue growth remains a challenge YEAR-END REPORT JANUARY – DECEMBER 2024 October-December 2024 January-December 2024 • Revenue from continuing operations was EUR 10.2m (14.5), a decrease of 30 percent. • Revenue in North America decreased 28 percent to EUR 8.9m (12.3), equivalent to 87 percent (85) of group revenue from continuing operations. • New depositing customers (NDCs) from continuing operations totalled 25,806 (32,032), a decrease of 19 percent. • Adjusted EBITDA from continuing operations increased 2 percent to EUR 1.5m (1.5), corresponding to an adjusted EBITDA margin of 15 percent (10). • EBITDA from continuing operations increased 62 percent to EUR 0.8m (0.5), equivalent to an EBITDA margin of 7 percent (3). • Earnings per share from continuing operations totalled EUR -0.02 (-0.47) before dilution and EUR -0.02 (-0.47) after dilution. • Cash and cash equivalents were EUR 8.5m (38.5) on 31 December . • Outstanding shares totalled 78,774,442 on 31 December . • Operating profit was impacted by a non-cash impairment charge of EUR 1.2m related to the AI joint venture. A decision was taken to discontinue the AI-based content generation platform, and an agreement was reached to acquire 100 percent of the business in January , through which EUR 0.7m of the original investment will be recouped. • Revenue from continuing operations was EUR 49.6m (76.7), a decrease of 35 percent. • Revenue in North America decreased 35 percent to EUR 43.9m (67 .1), equivalent to 88 percent (87) of group revenue from continuing operations. • New depositing customers (NDCs) from continuing operations totalled 128,700 (184,257), a decrease of 30 percent. • Adjusted EBITDA from continuing operations decreased 79 percent to EUR 5.4m (25.4), corresponding to an adjusted EBITDA margin of 11 percent (33). • EBITDA* from continuing operations totalled EUR -0.3m (23.6), equivalent to an EBITDA margin of -1 percent (31). • Earnings per share from continuing operations totalled EUR -0.63 (-0.37) before dilution and EUR -0.63 (-0.27) after dilution. • Cash and cash equivalents were EUR 8.5m (38.5) on 31 December . • Outstanding shares totalled 78,774,442 on 31 December . * EBITDA for the year ended 31 December 2024 was impacted by a cost of EUR 2.2m arising from a payment to terminate a content production contract. This one-off payment will generate a long-term saving of EUR 1.4m. CATENA MEDIA GROUP , CONTINUING OPERATIONS Oct-Dec 2024 Oct-Dec 2023 Change Jan-Dec 2024 Jan-Dec 2023 Change Revenue (EUR ’000) 10,150 14,459 -30% 49,643 76,748 -35% Adjusted EBITDA (EUR ’000) 1,509 1,478 2% 5,394 25,447 -79% Adjusted EBITDA margin (%) 15 10 5pp 11 33 -22pp EBITDA (EUR ’000) 754 465 62% (261) 23,590 -101% EBITDA margin (%) 7 3 4pp -1 31 -32pp Direct costs (EUR ’000) (1,408) (3,332) -58% (10,990) (13,434) -18% Adjusted personnel expenses (EUR ’000) (4,628) (5,974) -23% (22,356) (23,466) -5% Adjusted other operating expenses (EUR ’000) (2,605) (3,675) -29% (10,903) (14,401) -24% Operating cash flow (EUR ’000) (152) (427) 64% 2,883 19,656 -85% Earnings per share before dilution (EUR) (0.02) (0.47) - (0.63) (0.37) - Earnings per share after dilution (EUR) (0.02) (0.47) - (0.63) (0.27) - New depositing customers (NDCs) 25,806 32,032 -19% 128,700 184,257 -30% Net interest-bearing debt (EUR ’000) 12,874 18,356 -30% 12,874 18,356 -30% Net interest-bearing debt/adjusted EBITDA multiple 2.41 0.66 - 2.41 0.66 - ===== SIDA 2 ===== CATENA MEDIA YEAR-END REPORT JANUARY-DECEMBER 2024 2 New media partnership and AI change An exciting development was the signing of an exclusive collaboration with Daily Racing Form (DRF), the premier US source for horse racing insights. In contrast to our previous media partnerships, the relationship with DRF is built on clear mutual value and aligned incentives. The part - nership exemplifies the type of strategic relationship we seek – one that drives sustainable profitability for both parties. I look forward to seeing this collaboration reach its full potential. After careful evaluation, we decided to discontinue our AI-based content generation platform and reached an agreement to acquire 100 percent of the business in January prior to liquidating it. As part of the agreement, we will recoup EUR 0.7m of our original investment. We continue to see AI as an important business enhancer , for example in scaling up content output and quality . However , the new board and management did not deem this venture to be an optimal way to realise the opportunity . Continued debt reduction and lower interest costs During the quarter, we repaid the outstanding balance on our revolving credit facility of EUR 10m. Our remaining debt now comprises the se - nior unsecured bond due in June 2025, which we are now in a position to repay after receiving the proceeds from the AskGamblers sale. This and other incoming payments mean our overall interest costs in the second half of 2025 will be lower than current levels. Catena Media enters 2025 as a more focused organisation. While Q4 results continued to disappoint, we significantly improved our profitability through cost optimisation. Our underlying revenue has stabilised in recent quarters, providing a foundation from which we can build. With a leaner organisation, a stronger balance sheet and a clear strategic roadmap, I remain confident in our future direction. I want to thank our team for their tireless work and all our stakeholders for their continued support. Manuel Stan CEO Costs down and margin improved as revenue growth remains a challenge The Q4 results reflected the ongoing challenges we face in our core mar- kets. For the second consecutive quarter , profitability improved follow- ing the measures taken since mid-year to streamline the cost structure. These actions reduced the cost base by 33 percent from Q4 2023, lifting our adjusted EBITDA margin from 5 percent in Q2 to 15 percent in Q4. This represents a significant improvement, but reaching higher profitabil- ity will also require a return to top-line growth. In Q4, revenue remained under pressure as measures to focus the group on the new strategic pri- orities set by management gained traction more slowly than anticipated. A 6 percent decline in revenue compared to Q3 reflected flat performance in our sports business and the impact of two Google algorithm updates in Q4 that created high volatility levels in our casino-facing organic search operations, with rankings experiencing large day-to-day swings. It is clear that our initiatives in search engine optimisation (SEO), prod - uct development and geographic expansion will take additional time to translate into revenue gains. While this is unsatisfactory in the short term, I believe we now have the right focus areas and organisational structure in place to create a sustainable business with solid long-term growth pros - pects. Addressing our core priorities Catena Media has in the past spread its resources too thinly across multi- ple initiatives, diverting attention from core products. Management seeks to correct this by concentrating efforts on the group’s top-performing sites and products. Further brand optimisation plans are in preparation as we focus hard on how best to serve our customers. To improve execution and accountability in this leaner approach, we in Q4 introduced objectives and key results metrics (OKRs) across the organi- sation. Though this may seem a basic step, aligning all personnel around key priorities, tracking performance consistently and ensuring focus on the highest-impact areas is critical to our success. Work also included a range of granular improvements to support our drive for a revenue rebound in 2025. We improved our primary products’ align- ment with Google’s web core vitals and stepped up efforts to enhance our brands’ user experiences so we raise the bar in engagement and retention over time. We also enhanced a new customer relationship management (CRM) system in our key products that will allow us to build longer-term relationships with our users and to extend the consumer lifecycle. Operationally , we strengthened the organisation with key hires, including directors of SEO, Data and Engineering. We also completed the content streamlining announced in October , reducing the group’s headcount by more than 10 percent to align with our product goals. Additionally , we ini- tiated a three-day-per-week return to work for staff at our Malta office and began establishing a US hub in Miami. These measures will be fully imple- mented in the second half of 2025. CEO’S COMMENTS ===== SIDA 3 ===== CEO’S COMMENTSSIGNIFICANT EVENTS Significant events during Q4 2024 Significant events after the period • On 22 October , Catena Media announced further measures to streamline the company’s content production and content marketing teams, as part of the transition to a leaner , product-led organisation. The programme will generate an estimated annual cost saving of EUR 2.2m, effective from 1 November 2024. • On 22 October , Catena Media announced a non-cash impairment charge of EUR 40.0m in line with IAS 36. The charge relates to a writedown in the book value of specific sports and casino assets, following the transition to a product-led operating model. • On 20 November , Catena media’s board of directors announced the appointment of Stephen Taylor-Matthews as non-executive director and the departure of Øystein Engebretsen. • On 4 December , Catena Media’s board of directors appointed Martin Zetterlund as non-executive director . • On 19 December , Catena Media plc announced the initiation of a public tender process for the appointment of independent external auditors for the financial year ending 31 December 2025. Cost base development in 2024 Organic search performance In 2024, the company implemented several measures to reduce the cost base and establish a sustainable operating structure. The measures im - plemented throughout the year reduced the cost base by 39 percent, from EUR 14.2m in Q1 to EUR 8.6m in Q4 2024. These measures now provide a more healthy cost base for the company . In June, the company reviewed its media partnership strategy and dis - continued several partnerships while realigning its focus toward partner- ships with strong mutual benefits. Most of these changes were imple - mented in Q3 2024. In October , the group implemented measures to streamline its content production and marketing teams, supporting the transition to a leaner and more product-led organisation. These changes are delivering annual cost savings of EUR 2.2m, effective from November 2024. CATENA MEDIA YEAR-END REPORT JANUARY-DECEMBER 2024 3 Organic search is crucially important in the affiliation industry . We will continuously update the market on our average keyword ranking perfor- mance as we consider this information to be relevant for investors and stakeholders. The fourth quarter proved challenging for our organic search rankings, primarily due to volatility caused by two algorithm updates. Our average ranking score declined to 5.35 as of December 29, compared to 4.05 in September . The average score reflects the top rankings for 70+ of the most important keywords across Catena Media’s products. The actual keywords are not disclosed for competitive reasons, and will vary over time depending on strategy . Note that 1 is the best possible score. Total average score: • 5.35 as of 29 December • 4.05 as of 29 September • 4.13 as of 30 June 12/29 11/2410/2709/2909/0108/0407/0706/0205/0503/31 Total average score 1 2 3 4 5 6 7 8 9 10 0 3 6 9 12 15 Q4 24Q3 24Q2 24Q1 24 4.6 2.8 5.7 3.5 6.4 3.2 Other operating expenses Personnel expenses Direct costs Total costs 1.5 5.5 2.3 1.4 4.6 2.6 * Search policy update affecting certain media partnerships. Excluding items afecting comparability (IACs) • No significant events after the period. ===== SIDA 4 ===== CATENA MEDIA YEAR-END REPORT JANUARY-DECEMBER 2024 4 Current debt position and asset sale proceeds Catena Media aims to ensure a robust and flexible financial position in the current environment of higher interest rates and changing financial conditions. The measures taken will reduce financial risk and unlock value for investments in core growth areas. The group’s solid financial position enables focused debt reduction and strategic investments. Proceeds from asset sales are shown in the table below , left. The table below , right, shows the group’s debt structure and cash balances. GEOGRAPHIC REVENUE Q4 2024 REVENUE TYPE Q4 2024 ▪ North America ▪ Rest of world ▪ CPA ▪ Revenue share ▪ Fixed OVERVIEW CURRENT DEBT OVERVIEW AS OF 31 DECEMBER 2024 EUR ’000 Bond issue 2021/2025 Total bonds issued 27,50 0 Repurchased bonds (6,150) Outstanding bonds 21,350 Total debt 21,350 Cash and cash equivalents 8,476 Net debt 12,874 EXPECTED PROCEEDS FROM DIVESTMENTS EUR ’000 AskGamblers and related brands Q1 2025 (received in February 2025) 15,000 Italy Q2 2025 3,500 Total proceeds 18,500 Geographic market breakdown, excluding central costs* * All numbers refer to continuing operations. For a complete breakdown, including shared central costs, see page 18. North America Rest of world AMOUNTS IN ’000 (EUR) Oct-Dec 2024 Oct-Dec 2023 Change Jan-Dec 2024 Jan-Dec 2023 Change Oct-Dec 2024 Oct-Dec 2023 Change Jan-Dec 2024 Jan-Dec 2023 Change Total revenue 8,880 12,293 -28% 43,916 67,0 6 3-35% 1,270 2,166 - 41% 5,727 9,685 - 41% of which Casino 6,909 7,825 -12% 32,425 34,927 -7% 734 1,198 -39% 3,352 6,307 -47% of which Sports 1,971 4,468 -56% 11,491 32,136 -64% 536 968 -45% 2,375 3,378 -30% Adjusted EBITDA 4,548 4,391 4% 18,344 34,842 -47% 632 922 -31% 3,240 2,379 36% Adjusted EBITDA margin (%) 51 36 15pp 42 52 -10pp 50 43 7pp 57 25 32pp NDCs 24,833 29,132 -15% 122,181 167,8 86 -27% 973 2,900 -66% 6,519 16,371 -60% 13% 87% 78% 20% 2% NEW DEPOSITING CUSTOMERS Q4 2024 ▪ CPA ▪ Revenue share 13% 87% To date, scheduled proceeds from divestments have come in according to plan. In February 2025, Catena Media received the scheduled payment of EUR 15.0m related to the sale of AskGamblers. As a result, the company is as of this report in a net cash position excluding the hybrid capital securities and will use the proceeds to repay the senior bond due in June 2025. ===== SIDA 5 ===== CATENA MEDIA YEAR-END REPORT JANUARY-DECEMBER 2024 5 * Note that all numbers and growth percentages shown refer to continuing operations. OUR SEGMENTS Casino Sports Revenue in the Casino segment decreased by 15 percent to EUR 7 .6m (9.0), corresponding to a 75 percent share of group revenue. Adjusted EBITDA decreased by 23 percent to EUR 2.6m (3.4), equal to a margin of 34 percent (37). New depositing customers (NDCs) increased by 11 percent. In North America, casino revenue was 12 per - cent lower at EUR 6.9m (7 .8), reflecting pres- sure across the majority of states due to insta- bility caused by twin Google algorithm updates in Q4 which disrupted SEO efforts. This led to a modest decline in revenue compared to Q3, reversing the trend of growth in the two prior quarters. The Sports segment reported a 54 percent de- crease in revenue to EUR 2.5m (5.4), equal to a 25 percent share of group revenue. Adjusted EBITDA was EUR -1.1m (-1.9), representing a margin of -43 percent (-35), and new deposit - ing customers (NDCs) decreased by 45 per - cent. In North America, the operating environment remained challenging due to continued under- performance and competitive pressures. Low- er traffic volumes led to a reduction in NDCs. Income from revenue-share agreements also decreased. Additionally , there were no state launches during the period to offset the impact of legal - ised sports betting in Kentucky prior to Q4 last year . The termination of several media partnership agreements in response to the Google policy update earlier in the year negatively affected revenue, while NDCs decreased marginally . The EBITDA margin remained stable thanks to targeted operational streamlining. Revenue from non-core assets in Japan, Eu - rope and Latin America was again lower due to lower player engagement and legacy-customer churn. Bonus.com launched in Brazil during the quarter and also opened a Spanish-lan - guage version in Mexico. These countries are some way from contributing significantly to rev- enue and for now remain outside the group’s core markets. The cancellation of some media partnerships reduced revenue compared to Q4 2023. Costs also declined following the termination of these agreements and the implementation of cost-control measures, which helped reduce the segment’s operating loss compared to the same period last year . Quarter-on-quarter rev- enue was flat. In esports, a pull-back in spending by operators due to monetisation challenges, combined with the volatility in organic search caused by Goo- gle algorithm changes, eroded traffic in one of the group’s two main products. A shift is ongo- ing from flat-fee sales to a performance-based model based on cost-per-acquisition (CPA) and lead generation. This transition will strengthen partnerships and align with the industry’s focus on sustainable and mutually beneficial practices. AMOUNTS IN ’000 (EUR) Oct-Dec 2024 Oct-Dec 2023 Change Jan-Dec 2024 Jan-Dec 2023 Change Revenue 7,6 4 3 9,023 -15% 35,777 41,234 -13% Adjusted EBITDA 2,577 3,366 -23% 12,971 20,514 -37% Adjusted EBITDA margin (%) 34 37 -3pp 36 50 -14pp NDCs 16,074 14,494 11% 76,730 76,893 -0.2% AMOUNTS IN ’000 (EUR) Oct-Dec 2024 Oct-Dec 2023 Change Jan-Dec 2024 Jan-Dec 2023 Change Revenue 2,507 5,436 -54% 13,866 35,514 -61% Adjusted EBITDA (1,068) (1,888) -43% (7,577) 4,933 -254% Adjusted EBITDA margin (%) -43 -35 -8pp -55 14 -69pp NDCs 9,732 17,53 8 -45% 51,970 107,3 6 4 -52% 0 2 4 6 8 10 12 Q4 24Q3 24Q2 24Q1 24Q4 23 EUR m 0 2 4 6 8 Q4 24Q3 24Q2 24Q1 24Q4 23 EUR m REVENUE SPORTS REVENUE CASINO ===== SIDA 6 ===== CATENA MEDIA YEAR-END REPORT JANUARY-DECEMBER 2024 6 REVENUE Revenue for Q4 2024 was EUR 10.2m (14.5), a decrease of 30 percent from the corresponding quarter . Revenue derived through revenue-shar- ing arrangements accounted for 20  percent (17) of total revenue, cost-per-acquisition revenue accounted for 78 percent (80) of total reve- nue and fixed-fee revenue contributed 2 percent (3) of total revenue. EARNINGS Adjusted EBITDA increased by 2 percent and totalled EUR 1.5m (1.5). This corresponds to an adjusted EBITDA margin of 15 percent (10). EBITDA, including items affecting comparability of EUR 0.8m (1.0), in - creased by 62 percent and totalled EUR 0.8m (0.5). This corresponds to an EBITDA margin of 7 percent (3). Earnings per share (EPS) before di - lution were EUR -0.02 (-0.47). EPS after dilution were EUR -0.02 (-0.47). Loss after tax from continuing operations was EUR 1.4m (35.3). LIQUIDITY AND CASH FLOW On 31 December cash and cash equivalents stood at EUR 8.5m (38.5). Net cash generated from continuing operating activities totalled EUR -0.15 (-0.43). * Note that all numbers and growth percentages shown refer to continuing operations. FINANCIAL PERFORMANCE Financial performance (October-December 2024*) EXPENSES Total operating expenses, including items affecting comparability , totalled EUR 11.6m (50.8). Direct costs decreased to EUR 1.4m (3.3) following the non-renewal of certain media partnerships and the optimisation of other agreements. Personnel expenses decreased to EUR 5.3m (6.9), and excluding items affecting comparability has decreased by 23 percent to EUR 4.6m (6.0). The reduction in personnel costs results from efforts to streamline the company’s content production and marketing teams as part of its ongo - ing shift toward becoming a product-led organisation. Other operating expenses totalled EUR 2.7m (3.7), and excluding items affecting compa- rability decreased by 30 percent to EUR 2.6m (3.7). The decline in other operating expenses is attributed to reduction in outsourced content, pro- fessional fees and a net reversal in trade receivable allowances, driven by a reduction in the provision for bad debts and the write-off of previously recognized bad debts. ===== SIDA 7 ===== CATENA MEDIA YEAR-END REPORT JANUARY-DECEMBER 2024 7 FINANCIAL PERFORMANCE Financial performance (January-December 2024*) REVENUE Revenue was EUR 49.6m (76.7), a decrease of 35 percent from the cor- responding period. Revenue derived through revenue-sharing arrange - ments accounted for 15 percent (15) of total revenue, cost-per-acquisi - tion revenue accounted for 83 percent (83) of total revenue and fixed-fee revenue contributed 2 percent (2) of total revenue. EARNINGS Adjusted EBITDA decreased by 79 percent and totalled EUR 5.4m (25.4). This corresponds to an adjusted EBITDA margin of 11 percent (33). EBIT- DA, including items affecting comparability of EUR 5.7m (1.9), decreased by 101 percent and totalled EUR -0.3m (23.6). This corresponds to an EBITDA margin of -1 percent (31). Earnings per share (EPS) before dilu- tion were EUR -0.63 (-0.37). EPS after dilution were EUR -0.63 (-0.27). Loss after tax from continuing operations was EUR 47 .9m (28.2). LIQUIDITY AND CASH FLOW On 31 December 2024, cash and cash equivalents stood at EUR 8.5m (38.5). Net cash generated from continuing operating activities de - creased 85 percent compared to 31 December 2023 and totalled EUR 2.9m (19.7). * Note that all numbers and growth percentages shown refer to continuing operations. EXPENSES Total operating expenses, including items affecting comparability , totalled EUR 96.1m (98.4). Direct costs decreased to EUR 11.0m (13.4), following the non-renewal of certain media partnerships and the optimisation of other agreements. Personnel expenses increased to EUR 25.1m (24.8), and excluding items affecting comparability has decreased by 5 percent to EUR 22.4m (23.5). The decline in personnel costs results from measures taken to streamline the company’s content production and marketing teams as part of its on- going shift to a product-led organization, alongside the implementation of a programme of organisational and leadership changes that led to a reduction in headcount. Other operating expenses totalled EUR 13.8m (15.0), and excluding items affecting comparability decreased by 24 per- cent to EUR 10.9m (14.4). The decrease in other operating expenses is mainly due the transfer of full time equivalent contractors from other oper- ating expenses to personnel, reduction in outsourced content and search engine optimisation support costs, professional fees and travel and enter- tainment expenditure. ===== SIDA 8 ===== CATENA MEDIA YEAR-END REPORT JANUARY-DECEMBER 2024 8 SHARES AND SHARE DATA Earnings per share for Q4 2024 were EUR -0.02 (-0.47) before dilution and EUR -0.02 (-0.47) after dilution. At the end of the period, Catena Me- dia had 78,774,442 outstanding shares. Share capital was EUR 118,161.66, corresponding to EUR 0.0015 per share. On 31 December , the closing price of the Catena Media share was SEK 3.73. EQUITY As at 31 December , equity including hybrid capital securities totalled EUR 122.8m (175.2), equivalent to an equity-to-assets ratio of 0.84 (0.72). Excluding hybrid capital securities, equity totalled EUR 87 .7m (140.1). LARGEST SHAREHOLDERS The 10 largest shareholders of Catena Media plc as of 31 December were as follows: 10 LARGEST SHAREHOLDERS AS OF 31 DECEMBER % Investment AB Öresund 7. 2 Avanza Pension 5.5 Jesper Ribacka 5.0 Andre Lavold 4.8 Nordic Compound Invest A/S 4.3 Catena Media plc 4.0 Nordnet Pension Insurance 3.1 Second Swedish National Pension Fund 2.9 Niklas Karlsson 2.9 eQ Asset Management Oy 1.6 Total, 10 largest shareholders 41.3 Other shareholders 58.7 Total 100.0 STRATEGIC DIRECTION FOR THE PERIOD 2024-2026 • Embed a new operating model that enables a clearer focus on priority products and optimises those products to drive growth while promoting operational alignment. • Develop and drive the key products forward to create a solid platform for sustainable revenue growth over time. • Diversify revenue streams by building first party-customer data, subaffiliation capability and a richer product user experience to deliver additional value to users and operator partners. • Maintain a close focus on financial health and use the proceeds from prior divestments to enable continued debt reduction and effective risk management. FINANCIAL TARGETS #1 Double-digit organic growth in both revenue and adjusted EBITDA for 2025 and 2026 at group level. #2 Net interest-bearing debt to adjusted EBITDA ratio of 0-1.75. OTHER Other FUNDING At the end of the period Catena Media had outstanding senior unsecured floating rate bonds of EUR 27 .5m, of which EUR 6.2m were owned by the company . During Q4 2024, the revolving credit facility of EUR 10.0m was repaid in full. In addition, Catena Media’s funds included the hybrid capital securities issued on 10 July 2020 and which can be redeemed in full by the company on 10 July 2025 at the earliest. At the end of the pe - riod, hybrid capital securities with a nominal value of EUR 43.7m, net of EUR 8.6m issuance costs, were reported in the company’s statement of financial position. For more information, see Note 6 (Borrowings) to the condensed consolidated financial statements in this report, and the com- pany’s website www .catenamedia.com/investors. PARENT COMPANY Catena Media plc, registration number C70858, is a public company with its head office in Malta. Catena Media plc is the ultimate holding compa - ny , with the purpose of receiving dividend income from the main operat- ing company , Catena Operations Limited. Catena Media plc is listed on Nasdaq Stockholm’s main market, Mid Cap. The shares are traded under the ticker CTM and with the ISIN code MT0001000109. The warrants are traded under the ticker CTM TO1 with the ISIN code MT5000000158. There was no dividend income during Q4 2024 and Q4 2023. During Q4 2024, an impairment of EUR 53.2m (nil) has been recognised in the par- ent company’s standalone financial statements in relation to its invest - ment in subsidiaries, based on the updated assessment of the recover - able value of these investments. Q4 2024 resulted in an operating loss of EUR 53.3m (0.3) and a loss after tax of EUR 53.8m (0.1). Bond fair value movement classified in “Other (losses)/gains on financial liability at fair value through profit or loss” resulted in a loss of EUR 0.2m in Q4 2024 and a gain of 0.5m in Q4 2023. Interest payable on borrowings was EUR 0.8m (1.3). The parent company’s cash and cash equivalents were EUR 1.8m (6.0). Liabilities totalled EUR 87 .6m (84.7). Equity was EUR 122.8m (183.2). As at 31 December , the parent company’s current liabilities exceeded current assets by EUR 58.8m. Liabilities of EUR 38.9m exist in respect of the parent company’s related undertakings, mainly to its subsidiary Catena Operations Limited. The directors confirm that no amounts will be requested and believe that it remains appropriate to prepare the financial statements on a going concern basis. SIGNIFICANT RISKS AND UNCERTAINTIES Catena Media’s risk management aims to execute the business strategy while maintaining a high level of risk awareness and control. The group is, in particular , exposed to compliance risks related to the online gambling industry and the SEO-based nature of the business routinely exposes the company to the risk of revenue volatility in conjunction with search-engine algorithm updates and other external factors. Risks are managed on a strategic, operational and financial level. Comprehensive risk disclosures and management approach are available in the Catena Media 2023 an - nual report on pages 37-41 and 57-59. There were no significant changes to any of the risks disclosed in the annual report. See critical account - ing estimates in note 1 in this report for more information on the group’s cash-generating units and impairment assessments. SEASONALITY A significant portion of Catena Media’s sports betting business is sub - ject to the seasonal openings and closures of the major sports leagues in North America. These calendar-related shifts are associated with changeability in the group’s quarterly performance, with revenues typical- ly being higher in the first and fourth quarters. Fluctuations in quarterly results are also reflective of market launches in North America, such as those seen during the last two years. ===== SIDA 9 ===== CATENA MEDIA YEAR-END REPORT JANUARY-DECEMBER 2024 9 For further information, please contact This report has not been reviewed or audited by the company’s auditors. Malta, 11 February 2025 Manuel Stan, CEO Investor Relations ir@catenamedia.com Manuel Stan, CEO manuel.stan@catenamedia.com Michael Gerrow, CFO michael.gerrow@catenamedia.com Registered office Quantum Place, Triq ix-Xatt Ta’ Xbiex, Gzira, GZR 1052, Malta This information is information that Catena Media plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact per - sons, on 11 February 2025 at 07:00 CET. SUSTAINABILITY Sustainability is a strategic imperative for Catena Media. The group is a digital platform with a relatively small environmental footprint and there - fore focuses its efforts on social responsibility and governance. The com- pany works constantly to improve governance and to make its operations more sustainable, emphasising business ethics, corporate governance and transparency . Socially , the group stands for equality , ethical conduct and diversity at all levels. Catena Media’s sector leadership in corporate social responsibility is reflected in a commitment to fair and equitable gaming. Revenue from regulated markets amounted to approximately 90 percent in 2024. A more detailed description of the sustainability strategy can be found in the 2023 annual report on pages 21-29. NOMINATION COMITTEEE Catena Media’s Nomination Committee for the 2025 AGM consists of Nicklas Paulson, representing Investment AB Öresund; Andreas Jöns - son, representing Jesper Ribacka, Andreas Lindberg, representing Andre Lavold; and Erik Flinck, Chairman of the Board of Catena Media. EMPLOYEES As of 31 December 2024, the group had 173 (256) employees, of whom 61 (82) were female, corresponding to 35 percent (32) of the total. All em- ployees were employed full-time. OTHER PRESENTATION OF REPORT TO INVESTORS AND MEDIA CEO Manuel Stan and CFO Michael Gerrow will present the Q4 2024 re- port in a combined webcast and teleconference on 11 February 2025 at 09:00 CET. Webcast Via the webcast you are able to ask written questions. If you wish to partic- ipate via webcast, please use the following link: https://catena-media.events.inderes.com/q4-report-2024 Teleconference Via teleconference you are able to ask questions verbally . If you wish to participate in the call, please register on the link below . After registration you will be provided phone numbers and a conference ID to access the conference: https://conference.inderes.com/teleconference/?id=5006377 The presentation will be available on the website: https://www .catenamedia.com/investors/ UPCOMING EVENTS Annual Report 2024 Week 13 2025 Interim Report Q1 January-March 2025 13 May 2025 Annual General Meeting 2025 21 May 2025 Interim Report Q2 January-June 2025 12 August 2025 Interim Report Q3 January-March 2025 4 November 2025 ===== SIDA 10 ===== CATENA MEDIA YEAR-END REPORT JANUARY-DECEMBER 2024 10 In addition to financial measures defined by IFRS, Catena Media pres - ents some alternative performance measures in this report that are not defined by IFRS. These alter native performance measures provide valu- able add itional information to investors and management for evalu ating the financial performance and position of Catena Media. These non-IFRS measures, as defined on the last page of this report, will not necessarily be comparable to similarly defined measures in other companies’ reports and should not be considered as substitutes for financial report ing mea- sures prepared in accordance with IFRS. More infor mation and key ratio calculations can be found at https://www .catenamedia.com/investors/. Consolidated key data and ratios Oct-Dec 2024 Oct-Dec 2023 Jan-Dec 2024 Jan-Dec 2023 Financial measures defined by IFRS, total Revenue (EUR ‘000) 10,154 15,259 49,652 88,240 Earnings per share before dilution (EUR) (0.02) (0.51) (0.64) (0.51) Earnings per share after dilution (EUR) (0.02) (0.51) (0.63) (0.37) Weighted average number of outstanding shares at period end before dilution (’000) 75,650 75,701 75,649 75,682 Weighted average number of outstanding shares at period end after dilution (’000) 76,629 75,701 76,629 102,705 Financial measures defined by IFRS, continuing operations Revenue from continuing operations (EUR ’000) 10,150 14,459 49,643 76,748 Earnings per share before dilution from continuing operations (EUR) (0.02) (0.47) (0.63) (0.37) Earnings per share after dilution from continuing operations (EUR) (0.02) (0.47) (0.63) (0.27) Alternative performance measures EBITDA (EUR ‘000) 758 (2,536) (524) 33,874 EBITDA margin (%) 7 -17 -1 38 EBITDA from continuing operations (EUR ’000) 754 465 (261) 23,590 EBITDA margin from continuing operations (%) 7 3 -1 31 Adjusted EBITDA (EUR ’000) 1,513 1,409 5,345 27,693 Adjusted EBITDA margin (%) 15 9 11 31 Adjusted EBITDA from continuing operations (EUR ’000)* 1,509 1,478 5,394 25,447 Adjusted EBITDA margin from continuing operations (%) 15 10 11 33 New depositing customers from continuing operations 25,806 32,032 128,700 184,257 Average shareholders’ equity, last 12 months (EUR ’000) 155,911 224,331 155,911 224,331 Net interest-bearing debt (NIBD) (EUR ’000) 12,874 18,356 12,874 18,356 NIBD/EBITDA multiple (24.57) 0.54 (24.57) 0.54 NIBD/adjusted EBITDA multiple 2.41 0.66 2.41 0.66 Equity per share before dilution (EUR) 1.62 2.31 1.62 2.31 Equity per share after dilution (EUR) 1.60 2.31 1.60 1.71 Employees at period-end 173 256 173 256 Employees at period-end from continuing operations 173 255 173 255 Adjustments for Q4 2024 relate to items affecting comparability (“IACs”) from continuing operations of EUR 0.8m (1.0). IACs for the period ended 31 December 2024 were EUR 5.7m (1.8). Further details can be found in Note 3 on page 19. KEY METRICS ===== SIDA 11 ===== CATENA MEDIA YEAR-END REPORT JANUARY-DECEMBER 2024 11 Condensed consolidated statements of comprehensive income FINANCIAL INFORMATION AMOUNTS IN ’000 (EUR) Notes Oct-Dec 2024 Oct-Dec 2023 Jan-Dec 2024 Jan-Dec 2023 Revenue 10,150 14,459 49,643 76,748 Total revenue 10,150 14,459 49,643 76,748 Direct costs (1,408) (3,332) (10,990) (13,434) Personnel expenses (5,321) (6,946) (25,149) (24,767) Depreciation and amortisation (942) (2,719) (4,998) (11,219) Impairment on intangible assets (1,218) (34,049) (41,203) (34,049) Other operating expenses (2,667) (3,716) (13,765) (14,957) Total operating expenses (11,556) (50,762) (96,105) (98,426) Operating loss (1,406) (36,303) (46,462) (21,678) Interest payable on borrowings (668) (1,281) (3,056) (5,566) Other (losses)/gains on financial liability at fair value through profit or loss (190) 480 (104) (1,498) Other finance income 302 85 1,108 746 Share of net loss from associate accounted for using the equity method (39) - (130) - Loss before tax (2,001) (37,019) (48,644) (27,9 9 6) Tax income/(expense) 633 1,684 698 (186) Loss for the period from continuing operations attributable to the equity holders of the parent company (1,368) (35,335) (47,9 4 6) (28,182) Profit/(loss) for the period from discontinued operations 8 4 (3,059) (263) (10,054) Loss for the period (1,364) (38,394) (48,209) (38,236) Other comprehensive income Items that may be reclassified to profit for the period Currency translation differences 789 (655) 594 (667) Items that will not be reclassified for the profit for the period Interest payable on hybrid capital securities (1,201) (1,191) (4,874) (4,597) Total other comprehensive loss for the period (412) (1,846) (4,280) (5,264) Total comprehensive loss attributable to the equity holders of the parent company (1,776) (40,240) (52,489) (43,500) 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 (0.02) (0.47) (0.63) (0.37) Diluted earnings per share From loss for the period (0.02) (0.47) (0.63) (0.27) Condensed consolidated income statement measures Operating loss (1,406) (36,303) (46,462) (21,678) Depreciation and amortisation 942 2,719 4,998 11,219 Impairment on intangible assets 1,218 34,049 41,203 34,049 EBITDA 754 465 (261) 23,590 Items affecting comparability in personnel expenses 3 693 972 2,793 1,301 Items affecting comparability in other operating expenses 3 62 41 2,862 556 Adjusted EBITDA 1,509 1,478 5,394 25,447 Adjusted EBITDA margin % 15 10 11 33 The notes on pages 16 to 23 are an integral part of these condensed consolidated interim financial statements. ===== SIDA 12 ===== CATENA MEDIA YEAR-END REPORT JANUARY-DECEMBER 2024 12 Condensed consolidated statements of financial position FINANCIAL INFORMATION AMOUNTS IN ’000 (EUR) Notes 31 Dec 2024 31 Dec 2023 ASSETS Non-current assets Investment in associate 4 511 940 Right-of-use asset 761 550 Other intangible assets 5 108,768 155,482 Property, plant and equipment 635 869 Other receivables - 17, 207 Total non-current assets 110,675 175,048 Current assets Trade and other receivables 26,692 28,468 Current tax asset 970 - Cash and cash equivalents 8,476 38,510 Total current assets 36,138 66,978 Total assets 146,813 242,026 EQUITY AND LIABILITIES Capital and reserves Share capital 118 118 Share premium 134,041 134,039 Treasury reserve (6,154) (6,154) Hybrid capital securities 7 35,103 35,117 Other reserves 11,187 10,444 Accumulated losses/ retained earnings (51,465) 1,618 Total equity 122,830 175,182 Liabilities Non-current liabilities Borrowings 6 - 31,430 Deferred tax liabilities 6 790 Lease liability 364 - Trade and other payables - 2,058 Total non-current liabilities 370 34,278 Current liabilities Borrowings 6 21,486 25,597 Trade and other payables 2,127 6,573 Current tax liabilities - 396 Total current liabilities 23,613 32,566 Total liabilities 23,983 66,844 Total equity and liabilities 146,813 242,026 The notes on pages 15 to 21 are an integral part of these condensed consolidated financial statements. ===== SIDA 13 ===== CATENA MEDIA YEAR-END REPORT JANUARY-DECEMBER 2024 13 FINANCIAL INFORMATION Attributable to owners of the parent company AMOUNTS IN ’000 (EUR) Share capital Share premium Treasur y reserve Hybrid capital securities Other reserves Accumulated losses Total equity Balance at 1 January 2024 118 134,039 (6,154) 35,117 10,444 1,618 175,182 Comprehensive income Loss for the period - - - - - (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) Repurchase of common stock, net of transaction costs - - - - - - - Equity-settled chare-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 Attributable to owners of the parent company AMOUNTS IN ’000 (EUR) Share capital Share premium Treasur y reserve Hybrid capital securities Other reserves Retained earnings Total equity Balance at 1 January 2023 114 122,625 (21,713) 44,173 11,185 66,136 222,520 Comprehensive income Loss for the period - - - - - (38,236) (38,236) Interest payable on hybrid capital securities - - - - - (4,597) (4,597) Currency translation differences - - - - (667) - (667) Total comprehensive loss for the period - - - - (667) (42,833) (43,500) Transactions with owners Issue of share capital 10 11,414 - - - - 11,424 Issue of capital securities, net of transaction costs - - - (9,056) - - (9,056) Repurchase of common stock, net of transaction costs - - (6,132) - - - (6,132) Equity-settled share-based payments - - - - (74) - (74) Cancellation of shares (6) - 21,691 - - (21,685) - Total transactions with owners 4 11,414 15,559 (9,056) (74) (21,685) (3,838) Balance at 31 December 2023 118 134,039 (6,154) 35,117 10,444 1,618 175,182 The notes on pages 15 to 21 are an integral part of these condensed consolidated financial statements. Condensed consolidated statements of changes in equity ===== SIDA 14 ===== CATENA MEDIA YEAR-END REPORT JANUARY-DECEMBER 2024 14 Condensed consolidated statements of cash flows FINANCIAL INFORMATION AMOUNTS IN ’000 (EUR) Oct-Dec 2024 Oct-Dec 2023 Jan-Dec 2024 Jan-Dec 2023 Cash flows from operating activities Loss before tax (1,997) (40,007) (48,907) (37,370) (Profit)/loss from discontinued operations before tax (4) 2,988 263 9,374 Adjustments for: Depreciation and amortisation 942 2,719 4,998 11,219 Loss/(gain) on disposal of assets 2 56 (4) 121 Loss allowances on trade receivables (257) 140 (475) (205) Bad debts 168 9 283 70 Impairment on intangible assets 1,218 34,049 41,203 34,049 Loss on contract termination - - 2,211 - Unrealised exchange differences (133) 330 (202) 429 Interest expense 782 908 1,930 4,490 Net losses/(gains) on financial liability and at fair value through profit or loss 190 (480) 104 1,498 Share-based payments 28 (366) 149 (93) 939 346 1,553 23,582 Taxation paid (62) (301) (1,073) (2,366) Changes in: Trade and other receivables (346) 205 4,216 1,814 Trade and other payables (683) (677) (1,813) (3,374) Net cash (used in)/generated from continuing operating activities (152) (427) 2,883 19,656 Net cash generated from /(used in) operating activities – discontinued operations 3 437 (223) 380 Net cash (used in)/generated from operating activities (149) 10 2,660 20,036 Cash flows generated from investing activities Investments in associate - (941) (918) (941) Proceeds from sale of investment of subsidiaries 3,500 6,800 15,056 29,145 Acquisition of property, plant and equipment (1) (17) (51) (127) Net (payments)/receipts on acquisition/disposal of intangible assets (273) 5,764 (2,472) 6,542 Net cash generated from continuing investing activities 3,226 11,606 11,615 34,619 Net cash used in investing activities – discontinued operations - (33) - (274) Net cash generated from investing activities 3,226 11,573 11,615 34,345 Cash flows used in financing activities Net payments on hybrid capital securities (1) (1) (13) (24) Net repayments on borrowings (10,000) (2,083) (36,072) (20,901) Proceeds on exercise of share options and warrants - - - 2,992 Share buybacks - (476) 1 (6,133) Interest paid (1,900) (2,513) (8,147) (10,238) Net lease payments (131) (179) (509) (557) Net cash used in continuing financing activities (12,032) (5,252) (44,740) (34,861) Net cash used in financing activities – discontinued operations - - - (20) Net cash used in financing activies (12,032) (5,252) (44,740) (34,881) Net movement in cash and cash equivalents (8,955) 6,331 (30,465) 19,500 Cash and cash equivalents at beginning of period 11,743 33,525 38,510 24,550 Cash surrendered upon disposal - (1,344) - (4,293) Restricted cash 5,000 - - - Currency translation differences 688 (2) 431 (1,247) Cash and cash equivalents at end of period 8,476 38,510 8,476 38,510 The notes on pages 15 to 21 are an integral part of these condensed consolidated financial statements. ===== SIDA 15 ===== CATENA MEDIA YEAR-END REPORT JANUARY-DECEMBER 2024 15 Notes to the condensed consolidated financial statements Note 1 Accounting principles This year-end report was prepared in accordance with IAS 34 “Interim fi- nancial reporting”. It was prepared under the historical cost convention, as modified by the fair valuation of financial liabilities measured at fair val- ue through profit or loss. The principal accounting policies applied in the preparation of the group’s condensed consolidated financial statements are consistent with those presented in the annual report for the year end- ed 31 December 2023. CRITICAL ACCOUNTING ESTIMATES CGUs and impairment assessment The group operates through two distinct segments, which form the ba - sis for its two cash-generating units (CGUs) under IAS 36. Management evaluates impairment risk by first assessing performance at the segment level and then further evaluating individual assets’ value-in-use. During Q4 2024, no revisions were made to the impairment assessment. However , in Q3 2024 an impairment charge of EUR 40.0m was rec - ognised on specific sports and casino assets. This impairment followed the implementation of a new product operating model, which necessitat- ed a reassessment of asset values in these areas. Management has addressed the discrepancy between the company’s book value and its market capitalisation by executing streamlining mea - sures to reduce the cost base significantly and stabilise revenue. After year-end, the group received payments totaling EUR 15.0m from divest- ed assets. At this time, management is confident in the company’s liquid- ity , its ability to repay the senior bond due in June 2025 and its ability to continue operating and meet future interest payments on the hybrid capi- tal securities without recourse to dilutive actions. Furthermore, the group maintains a proactive approach to financial risk management, regularly assessing exposure to market fluctuations and taking appropriate steps to mitigate potential risks, including significantly reducing the cost base over the last two quarters. Based on these fac - tors, the financial statements have been prepared on a going-concern basis, as management believes that the group has adequate resources to continue operations for the foreseeable future. This ongoing assessment may lead to revisions in the carrying value or useful life of certain assets as management adapts to evolving market conditions. Share-based payments The group operates a number of equity-settled, share-based compen - sation plans under which the entity receives services from employees as consideration for equity instruments of the company . Through these equi- ty-settled schemes, eligible employees are granted share options, while directors are granted share warrants. Due to the inherent uncertainty that applies when establishing a proper estimate of the number of options expected to vest at the end of each re- porting period, and the judgement required in this exercise, management considers costs relating to share-based payments as a critical accounting estimate. At the end of each reporting period, the group revises its estimates of the number of options and warrants that are expected to vest, based on the non-market vesting conditions and service conditions that differ from one options programme to another . The impact of the revision to original es- timates, if any , is recognised in the statement of comprehensive income, with a corresponding adjustment to equity . Income tax and transfer pricing The current tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the group’s subsidiaries operate and generate taxable income. Management periodically performs a transfer pricing assessment of the group’s subsidiaries to analyse whether the pricing is consistent with arm’s length principles to support the position taken in the individual enti- ty’s tax returns. The applicable tax regulation is subject to interpretation. The assessment establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Management will continue to review its position as the group’s cross-border activity con - tinues to evolve. NOTES ===== SIDA 16 ===== CATENA MEDIA YEAR-END REPORT JANUARY-DECEMBER 2024 16 Note 2 Segment reporting The group’s operations are reported on the basis of the two operating seg- ments: Casino and Sports. The Financial Trading segment was divested in Q1 2023. The segments were identified in accordance with the defini - tion of an operating segment in IFRS 8, Operating Segments. No inter- segmental revenues arose during the period. Further ,  total assets and liabilities for each reportable segment are not presented as they are not referred to for monitoring purposes. The following tables show figures for each period presented in this report. NOTES Oct-Dec 2024 Oct-Dec 2023 AMOUNTS IN ’000 (EUR) Casino Sports Financial Trading Un - allocated Total Casino Sports Financial Trading Un - allocated Total Revenue 7,6 4 3 2,507 - - 10,150 9,023 5,436 - - 14,459 Total revenue 7,6 4 32,507 - - 10,150 9,023 5,436 - - 14,459 Direct costs (521) (887) - - (1,408) (929) (2,403) - - (3,332) Personnel expenses (2,922) (1,706) - (693) (5,321) (2,929) (3,045) - (972) (6,946) Depreciation and amortisation (709) (233) - - (942) (1,697) (1,022) - - (2,719) Impairment on intangible assets - - - (1,218) (1,218) (21,045) (13,004) - - (34,049) Other operating expenses (1,623) (982) - (62) (2,667) (1,799) (1,876) - (41) (3,716) Total operating expenses (5,775) (3,808) - (1,973) (11,556) (28,399) (21,350) - (1,013) (50,762) Operating profit/(loss) 1,868 (1,301) - (1,973) (1,406) (19,376) (15,914) - (1,013) (36,303) Interest payable on borrowings - - - (668) (668) - - - (1,281) (1,281) Other (losses)/gains on financial liability and equity instruments at fair value through profit or loss - - - (190) (190) - - - 480 480 Other finance income - - - 302 302 - - - - - Share of net (loss)/profit from associate accounted for using the equity method - - - (39) (39) - - - 85 85 Profit/(loss) before tax 1,868 (1,301) - (2,568) (2,001) (19,376) (15,914) - (1,729) (37,019) Tax income - - - 633 633 - - - 1,684 1,684 Profit/(loss) for the period from continuing operations attributable to the equity hold- ers of the parent company 1,868 (1,301) - (1,935) (1,368) (19,376) (15,914) - (45) (35,335) Profit/(loss) for the period from discontinued operations 4 - - - 4 (245) (2,814) - - (3,059) Profit/(loss) for the period 1,872 (1,301) - (1,935) (1,364) (19,621) (18,728) - (45) (38,394) Other comprehensive income Items that may be reclassified to profit for the period Currency translation differences - - - 789 789 - - - (655) (655) Items that will not be reclassified to profit for the period Interest payable on hybrid capital securities - - - (1,201) (1,201) - - - (1,191) (1,191) Total other comprehensive loss for the period - - - (412) (412) - - - (1,846) (1,846) Profit/(loss) for the period - Total compre- hensive income 1,872 (1,301) - (2,347) (1,776) (19,621) (18,728) - (1,891) (40,240) Adjusted EBITDA 2,577 (1,068) - - 1,509 3,366 (1,888) - - 1,478 Adjusted EBITDA margin (%) 34 -43 - - 15 37 -35 - - 10 NDCs 16,074 9,732 - - 25,806 14,494 17,53 8 - - 32,032 ===== SIDA 17 ===== CATENA MEDIA YEAR-END REPORT JANUARY-DECEMBER 2024 17 Jan-Dec 2024 Jan-Dec 2023 AMOUNTS IN ’000 (EUR) Casino Sports Financial Trading Un - allocated Total Casino Sports Financial Trading Un - allocated Total Revenue 35,777 13,866 - - 49,643 41,234 35,514 - - 76,748 Total revenue 35,777 13,866 - - 49,643 41,234 35,514 - - 76,748 Direct costs (3,494) (7,49 6) - - (10,990) (4,270) (9,164) - - (13,434) Personnel expenses (12,726) (9,630) - (2,793) (25,149) (10,306) (13,160) - (1,301) (24,767) Depreciation and amortisation (3,645) (1,353) - - (4,998) (6,426) (4,793) - - (11,219) Impairment on intangible assets (7,3 6 8)(32,617) - (1,218) (41,203) (21,045) (13,004) - - (34,049) Other operating expenses (6,586) (6,528) - (651) (13,765) (6,144) (8,257) - (556) (14,957) Total operating expenses (33,819) (57,62 4) - (4,662) (96,105) (48,191) (48,378) - (1,857) (98,426) Operating profit/(loss) 1,958 (43,758) - (4,662) (46,462) (6,957) (12,864) - (1,857) (21,678) Interest payable on borrowings - - - (3,056) (3,056) - - - (5,566) (5,566) Other losses on financial liability and equity instruments at fair value through profit or loss - - - (104) (104) - - - (1,498) (1,498) Other finance income - - - 1,108 1,108 - - - - - Share of net (loss)/profit from associate accounted for using the equity method - - - (130) (130) - - - 746 746 Profit/(loss) before tax 1,958 (43,758) - (6,844) (48,644) (6,957) (12,864) - (8,175) (27,9 9 6) Tax income/(expense) - - - 698 698 - - - (186) (186) Profit/(loss) for the period from continuing operations attributable to the equity hold- ers of the parent company 1,958 (43,758) - (6,146) (47,9 4 6) (6,957) (12,864) - (8,361) (28,182) (Loss)/profit for the period from discontinued operations (119) (144) - - (263) 9,934 (19,805) (183) - (10,054) Profit/(loss) for the period 1,839 (43,902) - (6,146) (48,209) 2,977 (32,669) (183) (8,361) (38,236) Other comprehensive income Items that may be reclassified to profit for the period Currency translation differences - - - 594 594 - - - (667) (667) Items that will not be reclassified to profit for the period Interest payable on hybrid capital securities - - - (4,874) (4,874) - - - (4,597) (4,597) Total other comprehensive loss for the period - - - (4,280) (4,280) - - - (5,264) (5,264) Profit/(loss) for the period – Total compre- hensive income 1,839 (43,902) - (10,426) (52,489) 2,977 (32,669) (183) (13,625) (43,500) Adjusted EBITDA 12,971 (7,577) - - 5,394 20,514 4,933 - - 25,447 Adjusted EBITDA margin (%) 36 -55 - - 11 50 14 - - 33 NDCs 76,730 51,970 - - 128,700 76,893 107,3 6 4 - - 184,257 ===== SIDA 18 ===== CATENA MEDIA YEAR-END REPORT JANUARY-DECEMBER 2024 18 NOTES RESULTS FROM CONTINUING OPERATIONS ARE FURTHER ANALYSED AS FOLLOWS: Continuing operations North America Rest of world Shared central operations Total AMOUNTS IN ’000 (EUR) Oct-Dec 2024 Oct-Dec 2023 Oct-Dec 2024 Oct-Dec 2023 Oct-Dec 2024 Oct-Dec 2023 Oct-Dec 2024 Oct-Dec 2023 Total revenue 8,880 12,293 1,270 2,166 - - 10,150 14,459 Change -28% - - 41% - - - -30% - of which Casino 6,909 7,825 734 1,198 - - 7,6 4 3 9,023 of which Sports 1,971 4,468 536 968 - - 2,507 5,436 Direct costs (1,404) (3,307) (4) (25) - - (1,408) (3,332) Adjusted personnel expenses (1,958) (3,313) (240) (779) (2,430) (1,882) (4,628) (5,974) Adjusted other operating expenses (970) (1,282) (394) (440) (1,241) (1,953) (2,605) (3,675) Adjusted EBITDA 4,548 4,391 632 922 (3,671) (3,835) 1,509 1,478 Change 4% - -31% - - - 2% - Adjusted EBITDA margin (%) 51 36 50 43 - - 15 10 NDCs 24,833 29,132 973 2,900 - - 25,806 32,032 Change -15% - -66% - - - -19% - Continuing operations North America Rest of world Shared central operations Total AMOUNTS IN ’000 (EUR) Jan-Dec 2024 Jan-Dec 2023 Jan-Dec 2024 Jan-Dec 2023 Jan-Dec 2024 Jan-Dec 2023 Jan-Dec 2024 Jan-Dec 2023 Total revenue 43,916 67,0 6 3 5,727 9,685 - - 49,643 76,748 Change -35% - - 41% - - - -35% - of which: Casino 32,425 34,927 3,352 6,307 - - 35,777 41,234 of which: Sports 11,491 32,136 2,375 3,378 - - 13,866 35,514 Direct costs (10,956) (13,163) (34) (271) - - (10,990) (13,434) Adjusted personnel expenses (11,337) (13,392) (1,292) (4,390) (9,727) (5,684) (22,356) (23,466) Adjusted other operating expenses (3,279) (5,666) (1,161) (2,645) (6,463) (6,090) (10,903) (14,401) Adjusted EBITDA 18,344 34,842 3,240 2,379 (16,190) (11,774) 5,394 25,447 Change -47% - 36% - - - -79% - Adjusted EBITDA margin (%) 42 52 57 25 - - 11 33 NDCs 122,181 167,8 86 6,519 16,371 - - 128,700 184,257 Change -27% - -60% - - - -30% - NDCs have been restated following a change in reporting from an operator . ===== SIDA 19 ===== CATENA MEDIA YEAR-END REPORT JANUARY-DECEMBER 2024 19 Note 3 Items affecting comparability Items affecting comparability (IACs) relate to significant items that affect EBITDA when comparing to previous periods. They comprise costs in - cluded in “personnel expenses” and in “other operating expenses”. During Q4 2024, IACs from continuing operations included in personnel expenses mainly comprised reorganisation costs of EUR 0.7m (0.4). Costs in relation to share-based payments were marginal during Q4 2024 (0.2). The comparative quarter included also one-time retention incen - tives on EUR 0.4m. During the year ended 31 December 2024, IACs from continuing operations in personnel expenses comprised costs associat- ed with share-based payments of EUR 0.2m (-0.1), reorganisation costs of EUR 2.4m (0.6) and one-time retention incentives of EUR 0.2m (0.8). During Q4 2024 and Q4 2023, IACs from continuing operations included in other operating expenses comprised EUR 0.1m in relation to profes - sional and legal fees and minor restructuring costs respectively . During the year ended 31 December 2024, EUR 2.2m related to the termination of the contractual arrangement previously measured in accordance with the requirements of IAS 38 using the financial liability model. EUR 0.6m related to restructuring costs (0.3) and EUR 0.1 (0.3) related to profes - sional and legal fees. Note 4 Investment in associate During Q4 2023, the group entered into an artificial intelligence joint ven- ture with Mez and Rize Media AB to develop a generative AI application dedicated exclusively to content production for online betting and casino gaming affiliation. This initiative launched its first minimum viable product (MVP) in February 2024. Details are as follows: Name of associate Principal activity Place of incorpo- ration and princi- pal place of busi- ness Proportion (%) of owner- ship interest and voting rights held by the group 2024 2023 Mez and Rize Media AB Artificial intel- ligence Stockholm, Sweden 40 50 Following Q4 2024, the group acquired Mez and Rize Media AB in full with the intention to liquidate it. As a result, the carrying value of the invest - ment in associate as at 31 December 2024 was adjusted to reflect the recoverable amount, and an impairment charge of EUR 1.2m was rec - ognised in the statement of comprehensive income. The above investment in associate is accounted for using the equity method in these consolidated financial statements. AMOUNTS IN EUR ‘000 31 Dec 2024 31 Dec 2023 Share of losses (130) - ===== SIDA 20 ===== CATENA MEDIA YEAR-END REPORT JANUARY-DECEMBER 2024 20 NOTES Note 6 Borrowings Borrowings at the end of the reporting period comprised senior unse - cured floating rate bonds with a nominal value of EUR 27 .5m (55.0), under a framework of EUR 100m with a maturity date that was extended to June 2025 after the partial prepayment of half the nominal amount in Q1 2024. Catena Media’s holding of outstanding bonds had a nominal value of EUR 6.2m as at the end of the period. The balance in the corresponding quarter also included a bank term loan which had a remaining nominal amount of EUR 4.2m and matured in April 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 comprehen - sive income in “Other (losses)/gains on financial liability at fair value through profit or loss” was a loss of EUR 0.2m for Q4 2024 and a gain of EUR 0.5m for Q4 2023. The movement in fair value for the year ended 31 December 2024 resulted in a loss of EUR 0.1m (1.5). If the estimated price of the bonds were to increase by 1 percent, the estimated fair value of the bonds would increase by EUR 0.2m. Similarly , if the estimated price of the bonds were to decrease by 1 percent, the estimated fair value of the bonds would decrease by EUR 0.2m. Note 7 Hybrid capital securities There was no subscription period during Q4 2024. The 18th and final share subscription period, ran from 15 August 2024 to 24 August 2024. At the end of Q4 2024, hybrid capital securities with a  nominal value of EUR 43.7m (43.7) net of EUR 8.6m (8.6) issuance costs, were reported as equity . Further details are found in the table below . AMOUNTS IN ’000 (EUR) 31 Dec 2024 Hybrid capital securities at nominal amount as of the beginning and end of the reporting period 43,731 AMOUNTS IN ’000 (EUR) 31 Dec 2024 Hybrid capital securities at nominal amount 43,731 Issuance costs Advisory costs, including financial, legal and assurance (2,335) Commission fees to guarantors (6,293) Total issuance costs (8,628) Hybrid capital securities disclosed as of the end of the reporting period 35,103 Note 5 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 2024 240,147 6,673 31,565 278,385 Additions - - 1,500 1,500 Disposals (389) - - (389) Termination of contract* - - (12,082) (12,082) Cost at 31 December 2024 239,758 6,673 20,983 2 67,41 4 Accumulated amortisation and impairment losses at 1 January 2024 (92,575) (6,673) (23,655) (122,903) Amortisation charge (764) - (3,460) (4,224) Amortisation released upon termination* - - 8,466 8,466 Impairment charge for the period (39,985) - - (39,985) At 31 December 2024 (133,324) (6,673) (18,649) (158,646) At 31 December 2024 106,434 - 2,334 108,768 At 31 December 2023 1 47,572 - 7,910 155,482 *Amounts refer to the termination of the contractual arrangement previously measured in accordance with the requirements of IAS 38. ===== SIDA 21 ===== CATENA MEDIA YEAR-END REPORT JANUARY-DECEMBER 2024 21 Note 8 Discontinued operations Discontinued operations comprise the divestments of grey-market per - formance marketing assets, the AskGamblers brand, the two online ca - sino brands JohnSlots and NewCasinos, the Financial Trading segment, all assets in Catena Media UK’s business including sports betting brands Squawka and GG.co.uk, all shares in the group’s wholly owned Australian subsidiary , and the Italy-facing online sports betting and casino assets. The financial information below is presented in accordance with IFRS 5, Non-current Assets Held For Sale and Discontinued Operations. FINANCIAL PERFORMANCE AND CASH FLOW INFORMATION AMOUNTS IN ’000 (EUR) Oct-Dec 2024 Oct-Dec 2023 Jan-Dec 2024 Jan-Dec 2023 Revenue 4 800 9 11,492 Direct costs - (4) - (172) Personnel expenses - (1,348) (34) (6,791) Depreciation and amortisation - (28) - (1,804) Impairment on intangible assets - - - (17,8 89) (Loss)/Gain on disposal of intangible asset - (1,602) (17) 11,563 Other operating expenses - (847) (221) (5,808) Total operating expenses - (3,829) (272) (20,901) Operating profit/(loss) 4 (3,029) (263) (9,409) Other finance income - 41 - 35 Profit/(Loss) before income tax 4 (2,988) (263) (9,374) Income tax expense - (71) - (680) Profit/(Loss) after income tax from discontinued operations 4 (3,059) (263) (10,054) Net cash generated from/(used in) operating activities 3 437 (223) 380 Net cash used in investing activities - (33) - (274) Net cash used in financing activities - - - (20) Net increase/(decrease) in cash generated by divested assets 3 404 (223) 86 NOTES ===== SIDA 22 ===== CATENA MEDIA YEAR-END REPORT JANUARY-DECEMBER 2024 22 AMOUNTS IN ’000 (EUR) Oct-Dec 2024 Oct-Dec 2023 Jan-Dec 2024 Jan-Dec 2023 Investment and related income - - - 15,000 Personnel expenses (103) (268) (492) (282) Impairment of investment in subsidiaries (53,184) - (53,184) - Other operating expenses (22) (29) (148) (160) Other operating income 18 19 78 78 Total operating expenses (53,291) (278) (53,746) (364) Operating (loss)/profit (53,291) (278) (53,746) 14,636 Interest payable on borrowings (806) (1,330) (3,662) (5,676) Recharge of interest to subsidiary 508 1,033 2,473 4,488 Other (losses)/gains on financial liability at fair value through profit or loss (189) 480 (103) (1,498) Other finance income/(costs) (14) 74 (547) 488 (Loss)/Profit before tax (53,792) (21) (55,585) 12,438 Tax expense - (99) - (99) (Loss)/Profit for the period (53,792) (120) (55,585) 12,339 Other comprehensive income Items that will not be reclassified to profit for the period Interest payable on hybrid capital securities (1,201) (1,191) (4,874) (4,597) Total other comprehensive (loss)/income for the period (54,993) (1,311) (60,459) 7,742 Condensed parent company statements of comprehensive income FINANCIAL INFORMATION ===== SIDA 23 ===== CATENA MEDIA YEAR-END REPORT JANUARY-DECEMBER 2024 23 Condensed parent company statements of financial position AMOUNTS IN ’000 (EUR) 31 Dec 2024 31 Dec 2023 ASSETS Non-current assets Investment in subsidiaries 208,674 261,858 Current assets Trade and other receivables 16 16 Cash and cash equivalents 1,782 6,026 Total current assets 1,798 6,042 Total assets 210,472 267,900 EQUITY AND LIABILITIES Capital and reserves Share capital 118 118 Share premium 134,572 134,570 Treasury reserve (6,154) (6,154) Hybrid capital securities 35,103 35,117 Other reserves 8,417 8,268 Accumulated losses/retained earnings (49,226) 11,233 Total equity 122,830 183,152 Liabilities Non-current liabilities Borrowings 25,000 46,430 Other payables 2,078 891 Total non-current liabilities 27,078 47, 321 Current liabilities Borrowings 21,486 21,430 Trade and other payables 39,078 15,997 Current tax liabilities - - Total current liabilities 60,564 37,427 Total liabilities 87,6 42 84,748 Total equity and liabilities 210,472 267,900 FINANCIAL INFORMATION ===== SIDA 24 ===== CATENA MEDIA YEAR-END REPORT JANUARY-DECEMBER 2024 24 Condensed parent company statements of changes in equity FINANCIAL INFORMATION Attributable to owners of the parent company AMOUNTS IN ’000 (EUR) Share capital Share premium Treasur y Shares Hybrid capital securities Other reserves Retained earnings Total equity Balance at 1 January 2024 118 134,570 (6,154) 35,117 8,268 11,233 183,152 Comprehensive income Loss for the period - - - - - (55,585) (55,585) Interest payable on hybrid capital securities - - - - - (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 transaction costs - - - (14) - - (14) Repurchase of common stock, net of transaction cost - - - - - - - Equity-settled share-based payments - - - - 149 - 149 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 Attributable to owners of the parent company AMOUNTS IN ’000 (EUR) Share capital Share premium Treasur y Shares Hybrid capital securities Other reserves Retained earnings Total equity Balance at 1 January 2023 114 123,156 (21,713) 44,173 8,342 25,176 179,248 Comprehensive income Profit for the period - - - - - 12,339 12,339 Interest payable on hybrid capital securities - - - - - (4,597) (4,597) Total comprehensive income for the year - - - - - 7,742 7,742 Transactions with owners Issue of share capital 10 11,414 - - - - 11,424 Subscription set-offs, including transaction costs - - - (9,056) - - (9,056) Repurchase of common stock, net of transaction costs - - (6,132) - - - (6,132) Equity-settled share-based payments - - - - (74) - (74) Cancellation of shares (6) - 21,691 - - (21,685) - Total transactions with owners 4 11,414 15,559 (9,056) (74) (21,685) (3,838) Balance at 31 December 2023 118 134,570 (6,154) 35,117 8,268 11,233 183,152 ===== SIDA 25 ===== CATENA MEDIA YEAR-END REPORT JANUARY-DECEMBER 2024 25 Condensed parent company statements of cash flows FINANCIAL INFORMATION AMOUNTS IN ’000 (EUR) Oct-Dec 2024 Oct-Dec 2023 Jan-Dec 2024 Jan-Dec 2023 Cash flows from operating activities (Loss)/profit before tax (53,792) (21) (55,585) 12,438 Adjustments for: Impairment on investment in subsidiaries 53,184 - 53,184 - Unrealised exchange differences 3 (69) 118 (156) Interest expense 805 1,330 3,455 5,944 Net losses/(gains) on financial liability at fair value through profit or loss 189 (480) 103 1,498 Share-based payments 28 180 149 (93) 417 940 1,424 19,631 Changes in: Trade and other receivables 3 (2) - (6) Trade and other payables (30) (24) 434 (2,419) Net cash generated from operating activities 390 914 1,858 17, 2 0 6 Cash flows generated from investing activities Dividend received - - - 9,632 Net proceeds from subsidiary and related parties 526 4,045 23,212 2,119 Net cash generated from investing activities 526 4,045 23,212 11,751 Cash flows used in financing activities Net payments on hybrid capital securities (1) (1) (6) (11) Net repayment on borrowings - - (21,905) (12,569) Proceeds on exercise of share options and warrants - - 1 2,992 Share buy-backs - (476) - (6,133) Interest paid (1,712) (2,239) (7, 286) (9,069) Net cash used in financing activities (1,713) (2,716) (29,196) (24,790) Net movement in cash and cash equivalents (797) 2,243 (4,126) 4,167 Cash and cash equivalents at beginning of period 2,582 3,713 6,026 2,282 Currency translation differences (3) 70 (118) (423) Cash and cash equivalents at end of period 1,782 6,026 1,782 6,026 ===== SIDA 26 ===== CATENA MEDIA YEAR-END REPORT JANUARY-DECEMBER 2024 26 Definitions of alternative performance measures DEFINITIONS METRIC DESCRIPTION SCOPE EBITDA Total operating profit before depreciation and amortisation and impairment on intangible assets. The group reports this metric so report users can monitor operat- ing profit and cash flow and evaluate operational profitability. EBITDA FROM CONTINUING OPERATIONS Operating profit from continuing operations before depreciation and amortisation and impairment on intangible assets from con- tinuing operations. The group reports this metric so report users can monitor operating profit and cash flow and evaluate operational profitability. EBITDA MARGIN EBITDA as a percentage of total revenue. The group reports this metric so report users can monitor operational profitability and the value created by operations. EBITDA MARGIN FROM CONTINUING OPERATIONS EBITDA from continuing operations as a percentage of revenue from continuing operations. The group reports this metric so report users can monitor operational profitability and the value created by operations. ADJUSTED EBITDA EBITDA adjusted for items affecting comparability. The group reports underlying EBITDA, excluding items affecting comparability, to provide a more comparable measure over time than non-adjusted EBITDA and thus enhance users' understanding of the report. ADJUSTED EBITDA FROM CONTINUING OPERATIONS EBITDA from continuing operations adjusted for items affecting comparability from continuing operations. The group reports underlying EBITDA, excluding items affecting comparability, to provide a more comparable measure over time than non-adjusted EBITDA and thus enhance users’ understanding of the report. ADJUSTED EBITDA MARGIN Adjusted EBITDA as a percentage of total revenue. The group reports the underlying EBITDA margin, excluding items affecting comparability, to provide a more comparable measure over time than the non-adjusted EBITDA margin and thus enhance users' understanding of the report. ADJUSTED EBITDA MARGIN FROM CONTINUING OPERATIONS Adjusted EBITDA from continuing operations as a percentage of revenue from continuing operations. The group reports the underlying EBITDA margin, excluding items affecting comparability, to provide a more comparable measure over time than the non-adjusted EBITDA margin and thus enhance users’ understanding of the report. NDCS (NEW DEPOSITING CUSTOMERS) New customers placing a first deposit with an operator (client). The group reports this metric because it is key to measuring revenues and long-term organic growth. ITEMS AFFECTING COMPARABILITY Significant items that affect EBITDA when comparing to previ- ous periods. Items affecting comparability comprise reorganisation costs, costs relating to share-based payments, one-time retention incentives, restructuring costs and costs in relation to acquisitions, professional fees. ORGANIC GROWTH Revenue growth rate excluding portfolios and products that have been acquired in the past 12 months. Organic growth includes the growth in existing portfolios and products. The group reports this metric because it is key to measuring revenue and long-term organic growth. REVENUE GROWTH Increase in revenue compared to the previous accounting period as a percentage of revenue in the previous accounting period. The group reports this metric to enable report users to monitor busi- ness growth. NET INTEREST-BEARING DEBT (NIBD) Interest-bearing debt less cash and cash equivalents. The group reports this metric to show the outstanding balance of interest-bearing debt (excluding lease liabilities and other contractual obligations which give rise to notional interest) after deducting the group's most liquid assets, cash and cash equivalents. NIBD/ADJUSTED EBITDA MULTIPLE Interest-bearing debt (notional amount including redemption pre- mium) less cash and cash equivalents divided by adjusted EBITDA. The group reports this metric to show how many years it would take to repay the group's debts, excluding exceptional costs, if NIBD and adjusted EBITDA remained constant.