FULLTEXT DEL 1 AV 1
Kvartalsrapport Q4 2024
===== 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.