===== SIDA 1 ===== Q4 January-December 2025 YEAR-END REPORT A solid quarter of revenue growth and improved profitability October - December 2025 January - December 2025 • Revenue from continuing operations was EUR 15.6m (10.2), an increase of 53 percent. • Revenue in North America increased by 71 percent to EUR 15.2m (8.9), equivalent to 98 percent (87) of group revenue from continuing operations. • New depositing customers (NDCs) from continuing operations totalled 40,364 (25,806), an increase of 56 percent. • Adjusted EBITDA from continuing operations increased by 211 percent to EUR 4.7m (1.5), corresponding to an adjusted EBITDA margin of 30 percent (15). • EBITDA from continuing operations increased by 573 percent to EUR 5.1m (0.8), equivalent to an EBITDA margin of 33 percent (7). • Earnings per share from continuing operations totalled EUR 0.04 (-0.02) before and EUR 0.04 (-0.02) after dilution. • Revenue from continuing operations was EUR 46.6m (49.6), a decrease of 6 percent. • Revenue in North America decreased marginally to EUR 43.8m (43.9), equivalent to 94 percent (88) of group revenue from continuing operations. • New depositing customers (NDCs) from continuing operations totalled 106,510 (128,700),a decrease of 17 percent. • Adjusted EBITDA from continuing operations increased by 84 percent to EUR 9.9m (5.4), corresponding to an adjusted EBITDA margin of 21 percent (11). • EBITDA from continuing operations increased significantly to EUR 10.6m (-0.3), equivalent to an EBITDA margin of 23 percent (-1). • Earnings per share from continuing operations totalled EUR -0.15 (-0.63) before dilution and EUR -0.15 (-0.63) after dilution. • An impairment charge totalling EUR 16.5m was recognised in Q3 due to a writedown in the book value of specific North American sports assets and of casino assets in Asia-Pacific. * Continuing operations exclude all divested assets, which are classified as “discontinued operations”. CATENA MEDIA GROUP , CONTINUING OPERATIONS* Oct-Dec 2025 Oct-Dec 2024 Change Jan-Dec 2025 Jan-Dec 2024 Change Revenue (EUR ’000) 15,554 10,150 53% 46,598 49,643 -6% Adjusted EBITDA (EUR ’000) 4,693 1,509 211% 9,938 5,394 84% Adjusted EBITDA margin (%) 30 15 15pp 21 11 10pp EBITDA (EUR ’000) 5,077 754 573% 10,604 (261) - EBITDA margin (%) 33 7 26pp 23 -1 24pp Direct costs (EUR ’000) (4,598) (1,408) 227% (12,395) (10,990) 13% Adjusted personnel expenses (EUR ’000) (4,454) (5,080) -12% (17, 3 9 0) (23,953) -27% Adjusted other operating expenses (EUR ’000) (1,889) (2,296) -18% (7 ,366) (9,495) -22% Operating cash flow (EUR ’000) 1,441 (152) - 7,741 2,883 169% Earnings per share before dilution (EUR) 0.04 (0.02) - (0.15) (0.63) - Earnings per share after dilution (EUR) 0.04 (0.02) - (0.15) (0.63) - New depositing customers (NDCs) 40,364 25,806 56% 106,510 128,700 -17% ===== SIDA 2 ===== Our strongest quarter since the transformation plan began Q4 marked our best operating performance since the organisational reset that we initiated in mid-2024. Rev - enue and adjusted EBITDA increased sharply year on year and quarter on quarter. These results flowed from disciplined execution across the business and posi - tive impacts from the structural changes implemented during the first half of 2025. While it is still early, and further work remains, the figures offer encouragement that the business is moving in the right direction. Adjusted EBITDA reached its highest level since Q1 2023. Driving this improvement was a significant in - crease from all revenue sources and tight cost control, which together lifted the margin to 30 percent. The rev - enue component underlines the importance of scaling the business in order to enhance profitability. Casino leads the way Casino was the primary growth engine. Over the past 18 months, we have concentrated resources on areas where we see clear competitive strength and long-term potential. Simultaneously , we have remained disciplined and have pragmatically terminated unsuccessful ini - tiatives. This approach has allowed us to expand what works and to exit what does not. The result is more effec- tive execution and improved returns on invested capital across our products. Both regulated casino and social sweepstakes casino showed robust growth, supported by improved product performance and higher organic search visibility that fed into higher engagement and monetisation. Our casino products also benefited from major search algorithm updates during the quarter that enhanced keyword rank- ings. We remain mindful of the regulatory uncertainty sur - rounding social sweepstakes casino, including the ban in California that took effect on 1 January . That being said, we are seeing healthy interest in other states. More broadly , social sweepstakes casino positions us strate- gically for future online state casino launches by allow - ing us to build brands, databases and operational capa- bility ahead of potential market regulation. Headwinds continue in sports Conditions remained challenging in the Sports segment, which saw a slight revenue decline from Q3. The launch of online sports betting in Missouri in December had lit- tle effect on overall results, as expected for a relatively small market bordered by six already-regulated states. We are investing to improve our core sports products but do not expect to see a material upturn in this segment in the short term. Diversification drives growth In Q4 we continued our drive to diversify revenue streams. Subaffiliation continued to scale during the quarter as our MRKTPLAYS proprietary platform again contributed significantly . Building on this momentum, we launched an expanded version of the programme early in January 2026. MRKTPLAYS+ creates scope for deeper commercial partnerships by giving partners ac - cess to our expertise and marketing support as well as creating potential investment capital opportunities. Ear- ly market feedback has been encouraging, and we ex - pect subaffiliation to remain an important growth driver . Our customer relationship management (CRM) vertical also evolved significantly during the quarter , more than doubling in size from Q3. CRM increases player engage- ment with our products, which supports longer-term user relationships and strengthens monetisation oppor- tunities. In mid-January we launched our first loyalty programme, PlayPerks, on PlayUSA.com. The objective is to build engaging products which lead to returning, loyal users. We see high potential in this space and intend to expand the concept to other brands in the coming quarters. Our ongoing work to consolidate technology platforms will play a key role in enabling us to scale loyalty systems across our top-tier products. Other high-potential verticals including prediction mar - kets are also emerging and we are investing actively in this space. Cost discipline and team buy-in Cost discipline remained a central focus during the quarter . Our improved profitability in Q4 reflected not only a normalised cost base, but also clearer priorities and stronger alignment across teams. The introduction of objectives and key results during the second half of 2025 helped target our efforts at the highest-value ar - eas in Q3 and Q4. I would like to thank our teams for their outstanding con- tributions. They responded positively after the difficult but necessary step to rightsize the organisation earlier in the year . After adapting fast to the flatter structure, they delivered with intent. I am pleased we can reward their efforts and dedication with a company-wide bonus – the first such award for several years. This was reflect- ed in the uptick in personnel costs compared to Q3. I also wish to thank the board for its continued support and strategic input. Our Q4 performance marks an im - portant step forward. In 2026, we intend to build on this foundation by executing with discipline, allocating cap - ital selectively and further strengthening the business. Manuel Stan CEO CEO’S COMMENTS Quarter and period Financial information Parent company Definitions YEAR-END REPORT JANUARY-DECEMBER 2025 02 CEO’s comments ===== SIDA 3 ===== Significant events during Q4 2025 There were no significant events during the quarter . Significant events after the period On 9 January 2026 the group announced that Stephen Taylor-Matthews would step down as non-executive di - rector , effective 31 January 2026. On 16 January , Catena Media launched MRKTPLAYS+, a strategic evolution of the successful MRKTPLAYS sub- affiliation platform. MRKTPLAYS+ will provide additional services and support to partner publishers seeking to expand their subaffiliate activities in the iGaming market. Organic search performance Organic search is crucially important in the affiliation in - dustry . We continuously update the market on our aver - age keyword ranking performance as we consider this information to be relevant for investors and stakeholders. The average score reflects the top rankings for 100 of the most important keywords across Catena Media’s prod - ucts. The actual keywords are not disclosed for competi- tive reasons, and will vary over time depending on strate- gy . Note that 1 is the best possible score. Organic search performance remained solid through Q4. During the quarter , the company emerged positively from a key search-engine update. 12-2509-2507-3105-2903-27 Total average score 1 2 3 4 5 6 7 8 9 10 The graph and the average scores have been adjusted to reflect this update and facilitate meaningful comparison over time. Cost base development Diligent cost management continued through the quarter . The total cost base was EUR 10.9m (8.7), up from EUR 8.7m in Q3 2025. This increase reflected higher direct costs, which grew to EUR 4.6m (1.4) driven by further di- versification into profitable performance marketing chan- nels. Personnel expenses, excluding the incentive-pro - gramme accrual, decreased by 38 percent to EUR 3.1m (5.1). The EUR 1.3m (0) accrual was recognised during the period after strong operating performance resulted in the unexpected achievement of annual performance cri- teria. This trajectory reflected continued focus on opera- tional efficiency and cost management. Cost transparency As a by-product of investing in deeper data governance and granularity in recent quarters, opportunities were identified in Q2 2025 to improve cost classifications and provide greater transparency to investors. 1. All individuals providing full-time services to the group were reclassified from “Other operating expens - es” to “Personnel expenses” and are now included in total group headcount. 2. Comparative 2024 Casino and Sports segment costs associated with media partnerships were reclassified to align better with each partnership’s revenue contribu - tion by segment. More information can be found in Note 4. Excluding items affecting comparability (IACs) SIGNIFICANT EVENTS Q4 25Q3 25Q2 25Q1 25Q4 24Q3 24Q2 24Q1 24 4.6 2.4 6.2 3.5 6.7 2.9 Other operating expenses Personnel expenses Short-term incentive programmes Direct costs Total costs 1.5 5.9 1.9 1.7 5.3 1.9 2.4 4.0 1.8 1.4 5.1 2.2 14.2 12.1 9.3 8.7 8.9 8.2 3.6 3.6 0.1 1.4 8.7 4.6 3.1 1.3 1.9 10.9 TOTAL COSTSTOTAL AVERAGE SCORE Direct costs Other operating expenses Short-term incentive programme Personnel expenses CEO’s comments Financial information Parent company Definitions YEAR-END REPORT JANUARY-DECEMBER 2025 03 Quarter and period ===== SIDA 4 ===== OVERVIEW Catena Media’s revenue and adjusted EBITDA are impacted by a range of external fac - tors. These include regulations on sports betting and casino games and seasonal varia - tions in user engagement. Seasonality primarily affects the sports segment, which sees higher activity in conjunction with major league seasons and large events. Considering that 98 percent of group revenue arises in North America, management has concluded that a geographic market breakdown no longer provides meaningful additional insight and has therefore reduced its focus on such reporting. All numbers refer to continuing operations. For a complete breakdown see page 17 . Comparative costs have been reclassified to more accurately reflect segment-level contributions and internal cost allocations. See Note 4 for more information. Q4 25Q3 25Q2 25Q1 25Q4 24Q3 24Q2 24Q1 24Q4 23 14.5 1.5 1.9 0.7 1.3 1.5 0.9 1.4 2.9 4.7 16.0 12.8 10.7 10.1 9.8 9.6 11.6 15.6 10% 12% 5% 13% 15% 9% 14% 25% 30% Hybrid capital securities (HO1) In May 2025, the group announced it would defer interest payments on its H01 hybrid capital securities until fur - ther notice and not redeem these instruments in the near term. The purpose of this decision was to ease Catena Media’s debt burden, allowing the group to create head - room for tech-facing investments necessary to drive the business forward.The hybrid capital securities are perpet- ual instruments issued in 2020 and are treated as equity under IFRS. As of 31 December , the hybrid capital securities had a nominal value of EUR 43.7m and accrued interest of EUR 2.5m. In July , the interest rate increased to 3-month STI- BOR plus 11% – in line with the instrument’s terms. See “Funding” in the “Other” section on page 9 for further in - formation. On 10 January , the group again deferred interest pay - ments on the instruments. Accumulated deferred interest on that date totalled EUR 4.0m. The group expects to continue deferring additional in - terest payments and to direct available capital towards technology-driven initiatives efforts that support revenue growth and strategic priorities. This position will be regu- larly reviewed and evaluated. Revenue and adjusted EBITDA development GEOGRAPHIC REVENUE Q4 2025 REVENUE TYPE Q4 2025 North America Rest of World CPA Revenue share Fixed 2% 98% 92% 6% 2% NEW DEPOSITING CUSTOMERS Q4 2025 CPA Revenue share 1% 99% Revenue, EUR m Adjusted EBITDA, EUR m Adjusted EBITDA margin CEO’s comments Financial information Parent company Definitions YEAR-END REPORT JANUARY-DECEMBER 2025 04 Quarter and period ===== SIDA 5 ===== SEGMENTS Note that all numbers and growth percentages refer to continuing operations. Casino Revenue in the Casino segment increased by 81 percent to EUR 13.9m (7 .6), corresponding to an 89 percent share of group revenue. Adjusted EBITDA increased by 52 percent to EUR 4.1m (2.7), equal to a margin of 29 percent (35). New depositing customers (NDCs) grew by 117 percent. Revenue rose by 41 percent compared to Q3, driven by high double-digit growth in NDCs. The increase in sign-ups and referrals reflected strong product performance and in- cluded solid contributions from subaffiliation and customer relationship management (CRM). The CRM vertical more than doubled quarter on quarter . Regulated casino delivered year-on-year revenue growth of over 80 percent and also recorded solid quarter-on-quarter growth. In social sweepstakes casino, revenue more than doubled year on year and increased strongly compared with Q3. Average revenue per NDC is typically lower in so- cial sweepstakes casino than in regulated casino. MRKTPLAYS, the group’s proprietary subaffiliation plat - form, continued to scale and contributed significantly to revenue. Subaffiliation also grew strongly from Q3. Margins in this area are lower due to higher direct costs. REVENUE CASINO EUR m * Comparative 2024 Casino and Sports segments costs associated with media partnerships have been reclassified to align better with each partnership’s revenue contribution by segment. See Note 4 for further information. AMOUNTS IN ’000 (EUR) Oct-Dec 2025 Oct-Dec 2024 Change Jan-Dec 2025 Jan-Dec 2024 Change Revenue 13,869 7 ,643 81% 39,191 35,777 10% Adjusted EBITDA* 4,059 2,666 52% 8,944 11,127 -20% Adjusted EBITDA margin (%)* 29 35 -6pp 23 31 -8pp NDCs 34,889 16,074 117% 82,909 76,730 8% Q4 25Q3 25Q2 25Q1 25Q4 24 9.9 13.9 7. 6 7. 6 7. 8 YEAR-END REPORT JANUARY-DECEMBER 2025 05 DefinitionsParent companyFinancial informationQuarter and periodCEO’s comments ===== SIDA 6 ===== SEGMENTS Sports The Sports segment reported a 33 percent decrease in revenue to EUR 1.7m (2.5), equal to an 11 percent share of group revenue. Adjusted EBITDA was EUR 0.6m (-1.2). New depositing customers (NDCs) decreased by 44 percent. Revenue decreased by 6 percent from Q3, reflecting con- tinued underperformance across key products combined with a soft market environment. The launch of legal sports betting in Missouri in December was a low-key event and contributed only marginally to revenue during the period. Extended investment is ongoing to update the tier-one products LegalSportsReport and Lineups. These mea - sures, aimed at improving functionality and long-term competitiveness, are not anticipated to yield commercial value in the near term. * Comparative 2024 Casino and Sports segment costs associated with media partnerships have been reclassified to align better with each partnership’s revenue contribution by segment. See Note 4 for more information. REVENUE SPORTS EUR m AMOUNTS IN ’000 (EUR) Oct-Dec 2025 Oct-Dec 2024 Change Jan-Dec 2025 Jan-Dec 2024 Change Revenue 1,685 2,507 -33% 7,4 07 13,866 -47% Adjusted EBITDA* 634 (1,157) 155% 994 (5,733) 117% Adjusted EBITDA margin (%)* 38 -46 84pp 13 -41 54pp NDCs 5,475 9,732 -44% 23,601 51,970 -55% Note that all numbers and growth percentages refer to continuing operations. Q4 25Q3 25Q2 25Q1 25Q4 24 1.8 1.7 2.5 2.2 1.7 YEAR-END REPORT JANUARY-DECEMBER 2025 06 DefinitionsParent companyFinancial informationQuarter and periodCEO’s comments ===== SIDA 7 ===== REVENUE Revenue for Q4 2025 was EUR 15.6m (10.2), an increase of 53 percent from the corresponding quarter of the prior year . Revenue derived through revenue-sharing arrange- ments accounted for 6  percent (20) of total revenue, cost-per-acquisition revenue for 92 percent (78) of total revenue and fixed-fee revenue for 2 percent (2) of total revenue. EARNINGS Adjusted EBITDA increased by 211 percent and to - talled EUR 4.7m (1.5). This corresponds to an adjusted EBITDA margin of 30 percent (15). EBITDA, including items affecting comparability of EUR -0.4m (0.8), totalled EUR 5.1 (0.8), an increase of 573 percent. This corre - sponds to an EBITDA margin of 33 percent (7). Earnings per share (EPS) before dilution were EUR 0.04 (-0.02). EPS after dilution were EUR 0.04 (-0.02). Profit after tax from continuing operations was EUR 2.8m. In the comparative period, loss after tax from continuing operations was EUR 1.4m. LIQUIDITY AND CASH FLOW On 31 December , cash and cash equivalents stood at EUR 9.3m (8.5). Net cash generated from continuing op- erating activities totalled EUR 1.4m (-0.2). EXPENSES Total operating expenses, including items affecting com- parability , totalled EUR 11.4m (11.6). Direct costs increased to EUR 4.6m (1.4) due to the con- tinued growth in subaffiliation and other diversification activities. The comparative quarter included lower costs due to the non-renewal of certain media partnerships and the optimisation of other agreements. Personnel expenses decreased to EUR 4.1m (5.8) and, excluding items affecting comparability , decreased by 12 percent to EUR 4.5m (5.1). The reduction was primarily attributable to cost optimisation measures that included a headcount decrease of approximately 25 percent in Q2. The organisational changes spanned all levels, including senior management, and have created a flatter structure designed to enhance agility and strengthen operational effectiveness. Other operating expenses totalled EUR 1.9m (2.4) and, excluding items affecting comparability , decreased by 18 percent to EUR 1.9m (2.3). The decrease in other op- erating expenses mainly reflected a reduction in search engine optimisation support costs, professional fees, software service costs and information technology costs. * All numbers and growth percentages refer to continuing operations. Financial performance (October-December 2025*) FINANCIAL PERFORMANCE YEAR-END REPORT JANUARY-DECEMBER 2025 07 DefinitionsParent companyFinancial informationQuarter and periodCEO’s comments ===== SIDA 8 ===== REVENUE Revenue was EUR 46.6m (49.6), a decrease of 6 percent from the corresponding period. Revenue derived through revenue-sharing arrangements accounted for 9 percent (15) of total revenue, cost-per-acquisition revenue ac - counted for 89 percent (83) of total revenue and fixed-fee revenue contributed 2 percent (2) of total revenue. EARNINGS Adjusted EBITDA increased by 84 percent and to - talled EUR 9.9m (5.4). This corresponds to an adjusted EBITDA margin of 21 percent (11). EBITDA, including items affecting comparability of EUR -0.7m (5.7), totalled EUR 10.6m (-0.3), representing a significant increase from the previous period. This corresponds to an EBIT - DA margin of 23 percent (-1). Earnings per share (EPS) before dilution were -0.15 (-0.63). EPS after dilution were -0.15 (-0.63). Loss after tax from continuing operations was EUR 11.3m (47 .9). LIQUIDITY AND CASH FLOW On 31 December 2025 cash and cash equivalents stood at EUR 9.3m (8.5). Net cash generated from continuing operating activities increased by 169 percent compared to 31 December 2024 and totalled EUR 7 .7m (2.9). EXPENSES Total operating expenses, including items affecting com- parability , totalled EUR 55.8m (96.1). Direct costs increased to EUR 12.4m (11.0) following the strategic shift towards subaffiliation and lifecycle mar - keting. In the comparative period, direct costs consisted mostly of media partnerships. Personnel expenses decreased to EUR 18.0m (26.7) and, excluding items affecting comparability , decreased by 27 percent to EUR 17 .4m (24.0). The reduction result- ed from organisational changes implemented across all levels with the objective of reducing the cost base and creating a flatter internal structure with fewer layers to en- hance agility and operational efficiency . An impairment charge totalling EUR 16.5m was rec - ognised during Q3 due to a writedown in the book value of specific North American sports assets and Asia-Pacific casino assets. During Q3 2024, an impairment charge of EUR 40.0m was recognised in relation to certain sports and casino assets following the implementation of a new product operating model. Other operating expenses decreased to EUR 7 .6m (12.4) and, excluding items affecting comparability , de- creased by 27 percent to EUR 7 .4m (9.5). The decrease in other operating expenses mainly reflected a reduction in search engine optimisation support costs, software service costs, professional fees, general administration costs and information technology costs. * All numbers and growth percentages refer to continuing operations. Financial performance (January-December 2025*) FINANCIAL PERFORMANCE YEAR-END REPORT JANUARY-DECEMBER 2025 08 DefinitionsParent companyFinancial informationQuarter and periodCEO’s comments ===== SIDA 9 ===== OTHER SHARES AND SHARE DATA Earnings per share for Q4 2025 were EUR 0.04 (-0.02) before and EUR 0.04 (-0.02) after dilution. At the end of the period, Catena Media had 78,774,442 outstanding shares. Share capital was EUR 118,161.66, corresponding to EUR 0.0015 per share. On 31 December , the closing price of the Catena Media share was SEK 1.65. EQUITY On 31 December , equity including hybrid capital securities totalled EUR 107 .5m (122.8), equivalent to an equity-to-as- sets ratio of 0.95 (0.84). Excluding hybrid capital securities, equity totalled EUR 69.9m (87 .7). LARGEST SHAREHOLDERS The 10 largest shareholders of Catena Media plc on 31 December were as follows: 10 LARGEST SHAREHOLDERS AS OF 31 DECEMBER % Avanza Pension 5.7 Jesper Ribacka 5.0 Nordic Compound Invest A/S 5.0 Andre Lavold 4.8 Investment AB Öresund 4.8 Catena Media plc 4.0 Nordnet Pension Insurance 3.8 Second Swedish National Pension Fund 2.9 Martin Zetterlund 2.3 Niklas Karlsson 1.6 Total, 10 largest shareholders 39.9 Other shareholders 60.1 Total 100.0 STRATEGIC PRIORITES GOING FORWARD • Embed a new operating model that enables a clearer focus on priority products and optimises them to drive growth while promoting operational alignment. • Develop and drive key products forward to create a solid platform for sustainable revenue growth over time. • Diversify revenue streams by building first-party customer data, subaffiliation capability and a richer product-user experience to deliver additional value to users and operator partners. • Maintain a close focus on financial health and use the proceeds from prior divestments to enable continued debt reduction and effective risk management. FINANCIAL TARGETS #1 Double-digit organic growth in group revenue and adjusted EBITDA 2026. #2 Net interest-bearing debt to adjusted EBITDA ratio of 0-1.75. FUNDING At the end of the period, Catena Media’s funds comprised the hybrid capital securities issued on 10 July 2020 and which can be redeemed in full by the company on 10 July 2025 at the earliest. At the end of the period, hybrid cap - ital securities with a nominal value of EUR 43.7m, net of EUR 8.6m issuance costs and accrued interest of EUR 2.5m, were reported in the statement of financial position. For more information, see Note 8 (Hybrid capital securi - ties) to the condensed consolidated financial statements in this report and www .catenamedia.com/investors. In May 2025, the group communicated its intention to suspend interest payments on the hybrid capital secu - rities until further notice and announced that the instru - ment would not be redeemed in the near term. The pur - pose is to ease Catena Media’s financial burden and allow the group to create headroom for tech-facing investments necessary to drive the business forward. PARENT COMPANY Catena Media plc, registration number C70858, is a pub- lic company with its head office in Malta. Catena Media plc is the ultimate holding company , established to re - ceive dividend income from the main operating company , Catena  Operations Limited. Catena Media plc is listed on Nasdaq Stockholm’s Small Cap market. The shares are traded under the ticker CTM and with the ISIN code MT0001000109. There was no dividend income during Q4 2025 and Q4 2024. In Q4 2025, an impairment of EUR 15.2m (53.2) was recognised in the parent company’s standalone fi - nancial statements in relation to its investment in subsid- iaries, based on the updated assessment of the recover- able value of these investments. Q4 2025 resulted in an operating loss of EUR 13.7m (53.3) and a loss after tax of EUR 14.0m (53.8). In the comparative quarter , 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. Interest payable on borrowings was EUR 0.3m (0.8). The parent company’s cash and cash equivalents were EUR 0.5m (1.8). Liabilities totalled EUR 90.0m (87 .6). Equity was EUR 105.1m (122.8). As at 31 December , the parent company’s current liabil- ities exceeded current assets by EUR 61.3m. Liabilities of EUR 61.8m exist in respect of the parent company’s related undertakings, mainly to its subsidiary Catena Op- erations Limited. The directors confirm that no amounts will be requested and believe that it remains appropriate to prepare the financial statements on a going-concern basis. SIGNIFICANT RISKS AND UNCERTAINTIES Catena Media’s risk management aims to execute the business strategy while maintaining a high level of risk awareness and control. The group is, in particular , ex - posed to compliance risks related to the online gambling industry . 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 strate - gic, operational and financial level. Comprehensive risk disclosures and management approach are available in the 2024 annual report on pages 40-44 and 60-62. There were no significant changes to any of the risks disclosed in the annual report. See critical accounting estimates in Note 1 of 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 subject to the seasonal openings and clo - sures of the major sports leagues in North America. These calendar-related shifts are associated with changeability in the group’s quarterly performance, with revenues typi- cally being higher in the first and fourth quarters. Fluctua- tions in quarterly results are also reflective of state market launches in North America. CEO’s comments Financial information Parent company Definitions YEAR-END REPORT JANUARY-DECEMBER 2025 09 Quarter and period ===== SIDA 10 ===== OTHER SUSTAINABILITY Sustainability is a strategic imperative for Catena Me - dia. The group is a digital platform with a relatively small environmental footprint and therefore focuses its efforts on social responsibility and governance. The company works constantly to improve governance and to make its operations more sustainable, emphasising business eth- ics, corporate governance and transparency . Socially , the group stands for equality , ethical conduct and diversity at all levels. Catena Media’s sector leadership in corporate social responsibility is reflected in a commitment to fair and equitable gaming. A more detailed description of the sustainability strategy can be found in the 2024 annual re- port on pages 24-32. EMPLOYEES On 31 December 2025, the group had 151 (173) employ- ees, of whom 51 (61) were women, corresponding to 34 percent (35) of the total. All employees were employed on a full-time basis. NOMINATION COMITTEE Catena Media’s nomination committee for the 2026 AGM consists of Andreas Jönsson, representing Jesper Ri - backa; Andreas Lindberg, representing Andre Lavold; Jakob Have, representing Nordic Compound Invest; and Erik Flinck, Chairman of the Board of Catena Media. PRESENTATION OF REPORT TO INVESTORS AND MEDIA CEO Manuel Stan and CFO Michael Gerrow will present the report in a combined web - cast and teleconference on 10 February 2026 at 18:00 CET. Webcast Via the webcast you are able to ask written questions. If you wish to participate via web - cast, please use the following link: https://catena-media.events.inderes.com/q4-report-2025 Teleconference Via teleconference you are able to ask questions verbally . If you wish to participate in the call, please register using the link below . After registration you will be provided with phone numbers and a conference ID to access the conference: https://conference.inderes.com/teleconference/?id=5008575 The presentation will be available on the website at www .catenamedia.com/investors/. UPCOMING EVENTS Annual Report 2025 Week 14 2026 Interim Report Q1 January–March 2026 12 May 2026 Interim Report Q2 January–June 2026 11 August 2026 Interim Report Q3 January–September 2026 10 November 2026 Malta, 10 February 2026 Manuel Stan, CEO For further information, please contact Investor Relations ir@catenamedia.com Manuel Stan, CEO manuel.stan@catenamedia.com Michael Gerrow, CFO michael.gerrow@catenamedia.com Registered office Quantum Place, Triq ix-Xatt Ta’ Xbiex, Gzira, GZR 1052, Malta This information is information that Catena Media plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons, on 10 February 2026 at 17:35 CET. CEO’s comments Financial information Parent company Definitions YEAR-END REPORT JANUARY-DECEMBER 2025 10 Quarter and period ===== SIDA 11 ===== KEY METRICS In addition to financial measures defined by IFRS, Cat - ena Media in this report presents some alternative per - formance measures that are not defined by IFRS. These measures provide valuable add itional information to investors and management for evalu ating the finan - cial performance and position of Catena Media. These non-IFRS measures, as defined on the last page of the report, will not necessarily be comparable to similarly de- fined measures in other companies’ reports and should not be considered as substitutes for financial report ing measures prepared in accordance with IFRS. More infor- mation and key ratio calculations can be found at www . catenamedia.com/investors/. Consolidated key data and ratios Oct-Dec 2025 Oct-Dec 2024 Jan-Dec 2025 Jan-Dec 2024 Financial measures defined by IFRS, total Revenue (EUR ‘000) 15,554 10,154 46,593 49,652 Earnings per share before dilution (EUR) 0.04 (0.02) (0.15) (0.64) Earnings per share after dilution (EUR) 0.04 (0.02) (0.15) (0.63) Weighted average number of outstanding shares at period end before dilution (’000) 75,650 75,650 75,650 75,649 Weighted average number of outstanding shares at period end after dilution (’000) 76,957 76,629 76,957 76,629 Financial measures defined by IFRS, continuing operations Revenue from continuing operations (EUR ’000) 15,554 10,150 46,598 49,643 Earnings per share before dilution from continuing operations (EUR) 0.04 (0.02) (0.15) (0.63) Earnings per share after dilution from continuing operations (EUR) 0.04 (0.02) (0.15) (0.63) Oct-Dec 2025 Oct-Dec 2024 Jan-Dec 2025 Jan-Dec 2024 Alternative performance measures EBITDA (EUR ‘000) 5,077 758 10,371 (524) EBITDA margin (%) 33 7 22 -1 EBITDA from continuing operations (EUR ’000) 5,077 754 10,604 (261) EBITDA margin from continuing operations (%) 33 7 23 -1 Adjusted EBITDA (EUR ’000) 4,693 1,513 9,930 5,345 Adjusted EBITDA margin (%) 30 15 21 11 Adjusted EBITDA from continuing operations (EUR ’000)* 4,693 1,509 9,938 5,394 Adjusted EBITDA margin from continuing operations (%) 30 15 21 11 New depositing customers from continuing operations 40,364 25,806 106,510 128,700 Average shareholders’ equity, last 12 months (EUR ’000) 116,200 155,911 116,200 155,911 Equity per share before dilution (EUR) 1.42 1.62 1.42 1.62 Equity per share after dilution (EUR) 1.40 1.60 1.40 1.60 Employees at period-end 151 173 151 173 Employees at period-end from continuing operations 151 173 151 173 *Adjustments for Q4 2025 relate to items affecting comparability (IACs) from continuing operations of EUR -0.4m (0.8). IACs for the period ended 31 December 2025 were EUR -0.7m (5.7). Further details can be found in Note 3 on page 19. CEO’s comments Financial information Parent company Definitions YEAR-END REPORT JANUARY-DECEMBER 2025 11 Quarter and period ===== SIDA 12 ===== AMOUNTS IN ’000 (EUR) Notes Oct-Dec 2025 Oct-Dec 2024 Jan-Dec 2025 Jan-Dec 2024 Revenue 15,554 10,150 46,598 49,643 Total revenue 15,554 10,150 46,598 49,643 Direct costs (4,598) (1,408) (12,395) (10,990) Personnel expenses 4 (4,077) (5,773) (17,9 87 ) (26,746) Depreciation and amortisation (964) (942) (3,279) (4,998) Impairment on intangible assets - (1,218) (16,500) (41,203) (Loss)/gain on disposal of intangible assets (33) - 1,410 - Gain on disposal of investment in subsidiary 45 - 45 - Other Income 80 143 491 189 Other operating expenses 4 (1,894) (2,358) (7,5 5 8) (12,357) Total operating expenses (11,441) (11,556) (55,773) (96,105) Operating profit/(loss) 4,113 (1,406) (9,175) (46,462) Interest payable on borrowings - (668) (823) (3,056) Other (losses)/gains on financial liability at fair value through profit or loss - (190) 8 (104) Other finance (costs)/income (23) 302 243 1,108 Share of net loss from associate accounted for using the equity method - (39) - (130) Profit/(loss) before tax 4,090 (2,001) (9,747) (48,644) Tax (expense)/income (1,285) 633 (1,577) 698 Profit/(loss) for the period from continuing operations attributable to the equity holders of the parent company 2,805 (1,368) (11,324) (47,9 4 6) AMOUNTS IN ’000 (EUR) Notes Oct-Dec 2025 Oct-Dec 2024 Jan-Dec 2025 Jan-Dec 2024 Profit/(loss) for the period from discontinued operations 9 - 4 (233) (263) Profit/(loss) for the period 2,805 (1,364) (11,557) (48,209) Other comprehensive income Items that may be reclassified to profit for the period Currency translation differences (120) 789 (1,350) 594 Total other comprehensive (loss)/income for the period (120) 789 (1,350) 594 Total comprehensive income/ (loss) attributable to the equity holders of the parent company 2,685 (575) (12,907) (47,61 5) Earnings per share for profit/(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 profit/(loss) for the period 0.04 (0.02) (0.15) (0.63) Diluted earnings per share From profit/(loss) for the period 0.04 (0.02) (0.15) (0.63) AMOUNTS IN ’000 (EUR) Notes Oct-Dec 2025 Oct-Dec 2024 Jan-Dec 2025 Jan-Dec 2024 Operating profit/(loss) 4,113 (1,406) (9,175) (46,462) Depreciation and amortisation 964 942 3,279 4,998 Impairment on intangible assets - 1,218 16,500 41,203 EBITDA 5,077 754 10,604 (261) Items affecting comparability in personnel expenses 3 (377) 693 597 2,793 Items affecting comparability in other operating expenses 3 5 62 192 2,862 Loss/(gain) on disposal of intangible assets 3 33 - (1,410) - Gain on disposal of investment in subsidiary 3 (45) - (45) - Adjusted EBITDA 4,693 1,509 9,938 5,394 Condensed consolidated statements of comprehensive income Condensed consolidated income statement measures Quarter and periodCEO’s comments Parent company Definitions YEAR-END REPORT JANUARY-DECEMBER 2025 12 Financial information ===== SIDA 13 ===== Condensed consolidated statements of financial position AMOUNTS IN ’000 (EUR) Notes 31 Dec 2025 31 Dec 2024 ASSETS Non-current assets Investment in associate 5 - 511 Right-of-use asset 377 761 Other intangible assets 6 90,523 108,768 Property, plant and equipment 412 635 Deferred tax asset 557 - Total non-current assets 91,869 110,675 Current assets Trade and other receivables 11,923 26,692 Current tax asset - 970 Cash and cash equivalents 9,317 8,476 Total current assets 21,240 36,138 Total assets 113,109 146,813 AMOUNTS IN ’000 (EUR) Notes 31 Dec 2025 31 Dec 2024 EQUITY AND LIABILITIES Capital and reserves Share capital 118 118 Share premium 134,041 134,041 Treasury reserve (6,154) (6,154) Hybrid capital securities 8 37,59 2 35,103 Other reserves 1,544 11,187 Accumulated losses (59,609) (51,465) Total equity 107,5 32 122,830 Liabilities Non-current liabilities Deferred tax liabilities - 6 Lease liability 29 364 Total non-current liabilities 29 370 Current liabilities Borrowings 7 - 21,486 Trade and other payables 5,027 2,127 Current tax liabilities 521 - Total current liabilities 5,548 23,613 Total liabilities 5,577 23,983 Total equity and liabilities 113,109 146,813 The notes on pages 16 to 26 are an integral part of these condensed consolidated financial statements. Quarter and periodCEO’s comments Parent company Definitions YEAR-END REPORT JANUARY-DECEMBER 2025 13 Financial information ===== SIDA 14 ===== Condensed consolidated statements of changes in equity Attributable to owners of the parent company AMOUNTS IN ’000 (EUR) Share capital Share premium Treasur y reserve Hybrid capital securities Other reserves Accumula- ted losses Total equity Balance at 1 January 2025 118 134,041 (6,154) 35,103 11,187 (51,465) 122,830 Comprehensive income Loss for the period - - - - - (11,557) (11,557) Currency translation differences - - - - (1,350) - (1,350) Total comprehensive loss for the period - - - - (1,350) (11,557) (12,907) Transactions with owners and equity holders Issue of capital securities, net of transaction costs - - - (1) - - (1) Equity-settled share-based payments - - - - (186) - (186) Interest payable on hybrid capital securities - - - - - (4,694) (4,694) Accrued interest on capital securities - - - 2,490 - - 2,490 Transfer between reserves - - - - (8,107) 8,107 - Total transactions with owners and equity holders - - - 2,489 (8,293) 3,413 (2,391) Balance at 31 December 2025 118 134,041 (6,154) 37,5 92 1,544 (59,609) 107,5 32 Attributable to owners of the parent company AMOUNTS IN ’000 (EUR) Share capital Share premium Treasur y reserve Hybrid capital securities Other reserves Retained earnings Total equity Balance at 1 January 2024 118 134,039 (6,154) 35,117 10,444 1,618 175,182 Comprehensive income Loss for the period - - - - - (48,209) (48,209) Currency translation differences - - - - 594 - 594 Total comprehensive income/(loss) for the period - - - - 594 (48,209) (47,61 5) Transactions with owners and equity holders Issue of share capital - 2 - - - - 2 Issue of capital securities, net of transaction costs - - - (14) - - (14) Equity-settled share-based payments - - - - 149 - 149 Interest payable on hybrid capital securities - - - - - (4,874) (4,874) Total transactions with owners and equity holders - 2 - (14) 149 (4,874) (4,737) Balance at 31 December 2024 118 134,041 (6,154) 35,103 11,187 (51,465) 122,830 The notes on pages 16 to 26 are an integral part of these condensed consolidated financial statements. Condensed consolidated statements of changes in equity Quarter and periodCEO’s comments Parent company Definitions YEAR-END REPORT JANUARY-DECEMBER 2025 14 Financial information ===== SIDA 15 ===== Condensed consolidated statements of cash flows AMOUNTS IN ’000 (EUR) Oct-Dec 2025 Oct-Dec 2024 Jan-Dec 2025 Jan-Dec 2024 Cash flows from operating activities Profit/(loss) before tax 4,090 (1,997) (9,980) (48,907) Loss from discontinued operations before tax - (4) 233 263 Adjustments for: Depreciation and amortisation 964 942 3,279 4,998 Loss/(gain) on disposal of assets 35 2 (1,398) (4) Gain on disposal of investment in subsidiary (45) - (45) - Loss allowances on trade receivables - (257) (6) (475) Bad debts - 168 17 283 Impairment on intangible assets - 1,218 16,500 41,203 Loss on contract termination - - - 2,211 Unrealised exchange differences 27 (133) (71) (202) Interest expense 7 782 585 1,930 Net (gains)/losses on financial liability and at fair value through profit or loss - 190 (136) 104 Share-based payments (375) 28 (186) 149 4,703 939 8,792 1,553 Taxation paid (404) (62) (793) (1,073) Changes in: Trade and other receivables (4,055) (346) (3,420) 4,216 Trade and other payables 1,197 (683) 3,162 (1,813) Net cash generated from continuing operating activities 1,441 (152) 7,741 2,883 Net cash used in operating activities - discontinued operations - 3 (232) (223) Net cash generated from operating activities 1,441 (149) 7,5 0 9 2,660 AMOUNTS IN ’000 (EUR) Oct-Dec 2025 Oct-Dec 2024 Jan-Dec 2025 Jan-Dec 2024 Cash flows generated from investing activities Acquisition of investment in subsidiary, net of cash acquired - - 517 - Investments in associate - - - (918) Proceeds from sale of investment in subsidiaries 16 3,500 18,516 15,056 Net proceeds/(acquisition) of property, plant and equipment 15 (1) (44) (51) Payments on acquisition of intangible assets (309) (273) (1,211) (3,489) Receipts on disposal of intangible assets 13 - 1,630 1,017 Net cash (used in)/ generated from investing activities (265) 3,226 19,408 11,615 Cash flows used in financing activities Net payments on hybrid capital securities - (1) - (13) Repayments on borrowings - (10,000) (21,478) (36,072) Proceeds on exercise of share options and warrants - - - 1 Interest paid - (1,900) (3,020) (8,147) Lease payments (99) (131) (402) (509) Net cash used in financing activities (99) (12,032) (24,900) (44,740) Net movement in cash and cash equivalents 1,077 (8,955) 2,017 (30,465) Cash and cash equivalents at beginning of period 8,371 11,743 8,476 38,510 Restricted cash - 5,000 - - Currency translation differences (131) 688 (1,176) 431 Cash and cash equivalents at end of period 9,317 8,476 9,317 8,476 The notes on pages 16 to 26 are an integral part of these condensed consolidated financial statements. Quarter and periodCEO’s comments Parent company Definitions YEAR-END REPORT JANUARY-DECEMBER 2025 15 Financial information ===== SIDA 16 ===== Notes to the condensed consolidated financial statements Note 1 Accounting principles This year-end report was prepared in accordance with IAS 34 “Interim financial reporting”. It was prepared un - der the historical cost convention, as modified by the fair valuation of financial liabilities measured at fair value through profit or loss. The principal accounting policies applied in the preparation of the group’s condensed con- solidated financial statements are consistent with those presented in the annual report for the year ended 31 De - cember 2024. CRITICAL ACCOUNTING ESTIMATES CGUs and impairment assessment The group operates through two primary segments, which also represent its two cash-generating units (CGUs) for the purposes of impairment testing in accordance with IAS 36 – Impairment of Assets. During Q3 2025, an impairment charge of EUR 16.5m was recognised, comprising EUR 10.5m in respect of specific North American sports assets and EUR 6.0m re- lating to casino assets in Asia-Pacific. No further revisions to the impairment assessment were made during Q4 2025, as the results for the final quar - ter of the year were consistent with and supported the assumptions and considerations applied during the Q3 2025 impairment assessment. Share-based payments The group operates a number of equity-settled, share- based compensation plans under which the entity re - ceives services from employees as consideration for equity instruments of the company . Through these equi- ty-settled schemes, eligible employees are granted share options and share warrants. Due to the inherent uncertainty that applies when estab - lishing a proper estimate of the number of options expect- ed to vest at the end of each reporting period, and the judgement required in this exercise, management con - siders costs relating to share-based payments as a criti - cal accounting estimate. At the end of each reporting period, the group revises its estimates of the number of options and warrants that are expected to vest, based on the non-market vesting conditions and service conditions that differ from one op- tions programme to another . The impact of the revision to original estimates, if any , is recognised in the statement of comprehensive income, with a corresponding adjust - ment to equity . Income tax and transfer pricing The current tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the group’s sub - sidiaries operate and generate taxable income. Manage- ment periodically performs a transfer pricing assessment of the group’s subsidiaries to analyse whether the pricing is consistent with arm’s length principles to support the position taken in the individual entity’s tax returns. The applicable tax regulation is subject to interpretation. The assessment establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax au- thorities. Management will continue to review its position as the group’s cross-border activity evolves. Quarter and periodCEO’s comments Parent company Definitions YEAR-END REPORT JANUARY-DECEMBER 2025 16 Financial information2 3 4 5 6 7 8 91 ===== SIDA 17 ===== Note 2 Segment reporting The group’s operations are reported on the basis of the two operating segments: Casino and Sports. The  seg- ments were identified in accordance with the definition of an operating segment in IFRS 8, Operating Segments. No inter segmental revenues arose during the period. Further ,  total assets and liabilities for each reportable segment are not presented as they are not referred to for monitoring purposes. The following tables show figures for each period pre - sented in this report. Comparative 2024 costs have been reclassified to align better with the product-led operating model. See Note 4 for more information. Since more than 98 percent of group revenue arises in North America, management has concluded that a geo - graphic market breakdown no longer provides meaningful additional insight and has therefore reduced its focus on such reporting. A significant portion of Catena Media’s sports betting business is subject to the seasonal openings and clo - sures of the major sports leagues in North America. These calendar-related shifts are associated with changeability in the group’s quarterly performance, with revenues typi- cally being higher in the first and fourth quarters. Fluctua- tions in quarterly results are also reflective of state market launches in North America. Oct-Dec 2025 Oct-Dec 2024 AMOUNTS IN ’000 (EUR) Casino Sports Un allocated Total Casino Sports Un allocated Total Revenue 13,869 1,685 - 15,554 7 ,643 2,507 - 10,150 Total revenue 13,869 1,685 - 15,554 7,6 4 32,507 - 10,150 Direct costs (4,497) (101) - (4,598) (543) (865) - (1,408) Personnel expenses (3,939) (515) 377 (4,077) (3,118) (1,962) (693) (5,773) Depreciation and amortisation (860) (104) - (964) (709) (233) - (942) Impairment on intangible assets - - - - - - (1,218) (1,218) Loss on disposal of intangible assets - - (33) (33) - - - - Gain on disposal of investment in subsidiary - - 45 45 - - - - Other income 71 9 - 80 108 35 - 143 Other operating expenses (1,445) (444) (5) (1,894) (1,424) (872) (62) (2,358) Total operating expenses (10,670) (1,155) 384 (11,441) (5,686) (3,897) (1,973) (11,556) Operating profit/(loss) 3,199 530 384 4,113 1,957 (1,390) (1,973) (1,406) Interest payable on borrowings - - - - - - (668) (668) Other losses on financial liability and equity instruments at fair value through profit or loss - - - - - - (190) (190) Other finance (costs)/income - - (23) (23) - - 302 302 Share of net loss from associate accounted for using the equity method - - - - - - (39) (39) Profit/(loss) before tax 3,199 530 361 4,090 1,957 (1,390) (2,568) (2,001) Tax (expense)/income - - (1,285) (1,285) - - 633 633 Profit/(loss) for the period from continuing operations attributable to the equity holders of the parent company 3,199 530 (924) 2,805 1,957 (1,390) (1,935) (1,368) Profit for the period from discontinued operations - - - - 4 - - 4 Profit/(loss) for the period 3,199 530 (924) 2,805 1,961 (1,390) (1,935) (1,364) Other comprehensive income Items that may be reclassified to profit for the period Currency translation differences - - (120) (120) - - 789 789 Items that will not be reclassified to profit for the period Total other comprehensive (loss)/income for the period - - (120) (120) - - 789 789 Profit/(loss) for the period – total comprehensive income/( loss) 3,199 530 (1,044) 2,685 1,961 (1,390) (1,146) (575) Adjusted EBITDA 4,059 634 - 4,693 2,666 (1,157) - 1,509 Adjusted EBITDA margin (%) 29 38 - 30 35 (46) - 15 NDCs 34,889 5,475 - 40,364 16,074 9,732 - 25,806 Quarter and periodCEO’s comments Parent company Definitions YEAR-END REPORT JANUARY-DECEMBER 2025 17 Financial information1 3 4 5 6 7 8 92 ===== SIDA 18 ===== Jan-Dec 2025 Jan-Dec 2024 AMOUNTS IN ’000 (EUR) Casino Sports Un allocated Total Casino Sports Un allocated Total Revenue 39,191 7,4 07 - 46,598 35,777 13,866 - 49,643 Total revenue 39,191 7,4 07 - 46,598 35,777 13,866 - 49,643 Direct costs (11,808) (587) - (12,395) (5,456) (5,534) - (10,990) Personnel expenses (13,883) (3,507) (597) (17,9 87 ) (13,687) (10,266) (2,793) (26,746) Depreciation and amortisation (2,737) (542) - (3,279) (3,645) (1,353) - (4,998) Impairment on intangible assets (6,000) (10,500) - (16,500) (7, 3 6 8) (32,617) (1,218) (41,203) (Loss)/gain on disposal of intangible assets (94) 1,537 (33) 1,410 - - - - Gain on disposal of investment in subsidiary - - 45 45 - - - - Other income 415 76 - 491 143 46 - 189 Other operating expenses (4,971) (2,395) (192) (7,5 5 8) (5,650) (6,056) (651) (12,357) Total operating expenses (39,078) (15,918) (777) (55,773) (35,663) (55,780) (4,662) (96,105) Operating profit/(loss) 113 (8,511) (777) (9,175) 114 (41,914) (4,662) (46,462) Interest payable on borrowings - - (823) (823) - - (3,056) (3,056) Other gains/(losses) on financial liability and equity instruments at fair value through profit or loss - - 8 8 - - (104) (104) Other finance income - - 243 243 - - 1,108 1,108 Share of net loss from associate accounted for using the equity method - - - - - - (130) (130) Profit/(loss) before tax 113 (8,511) (1,349) (9,747) 114 (41,914) (6,844) (48,644) Tax (expense)/income - - (1,577) (1,577) - - 698 698 Profit/(loss) for the period from continuing operations attributable to the equity holders of the parent company 113 (8,511) (2,926) (11,324) 114 (41,914) (6,146) (47,9 4 6) Loss for the period from discontinued operations (177) (56) - (233) (119) (144) - (263) Loss for the period (64) (8,567) (2,926) (11,557) (5) (42,058) (6,146) (48,209) Other comprehensive income Items that may be reclassified to profit for the period Currency translation differences - - (1,350) (1,350) - - 594 594 Total other comprehensive (loss)/income for the period - - (1,350) (1,350) - - 594 594 Loss for the period – total comprehensive loss (64) (8,567) (4,276) (12,907) (5) (42,058) (5,552) (47,61 5) Adjusted EBITDA 8,944 994 - 9,938 11,127 (5,733) - 5,394 Adjusted EBITDA margin (%) 23 13 - 21 31 -41 - 11 NDCs 82,909 23,601 - 106,510 76,730 51,970 - 128,700 Quarter and periodCEO’s comments Parent company Definitions YEAR-END REPORT JANUARY-DECEMBER 2025 18 Financial information1 3 4 5 6 7 8 92 ===== SIDA 19 ===== RESULTS FROM CONTINUING OPERATIONS ARE FURTHER ANALYSED AS FOLLOWS: Continuing operations North America Rest of World Total Amounts in ’000 (EUR) Oct-Dec 2025 Oct-Dec 2024 Oct-Dec 2025 Oct-Dec 2024 Oct-Dec 2025 Oct-Dec 2024 Total revenue 15,176 8,880 378 1,270 15,554 10,150 Change 71% - -70% - 53% - of which Casino 13,585 6,909 284 734 13,869 7 ,643 of which Sports 1,591 1,971 94 536 1,685 2,507 Continuing operations North America Rest of World Total Amounts in ’000 (EUR) Jan-Dec 2025 Jan-Dec 2024 Jan-Dec 2025 Jan-Dec 2024 Jan-Dec 2025 Jan-Dec 2024 Total revenue 43,776 43,916 2,822 5,727 46,598 49,643 Change - - -51% - -6% - of which Casino 37, 31 3 32,425 1,878 3,352 39,191 35,777 of which Sports 6,463 11,491 944 2,375 7,4 07 13,866 Note 3 Items affecting comparability Items affecting comparability (IACs) relate to significant items that affect EBITDA when comparing to previous periods. They comprise costs included in “personnel ex- penses” and in “other operating expenses”. During Q4 2025, IACs from continuing operations in - cluded in personnel expenses mainly comprised a net reversal of share options of EUR 0.4m. Minor costs in relation to share-based payments and reorganisation costs of EUR 0.7m were also reported during the cor - responding quarter . During the year ended 31 December 2025, costs in rela - tion to share-based payments resulted in a net reversal of EUR 0.2m. EUR 0.2m of costs associated with share- based payments were recognised in the prior year . Re - organisation costs were EUR 0.7m (2.4) and one-time retention incentives were EUR 0.1m (0.2). During Q4 2025, IACs from continuing operations with- in other operating expenses were minimal, primarily re- flecting a minor gain on the sale of Mez and Rize AB, subsequently to be liquidated, partly offset by an insig - nificant loss on minor assets, and other professional fees. During Q4 2024, EUR 0.1m related to professional and legal fees. During the year ended 31 December 2025, the gain on disposal of esports-related assets and other minor as - sets, mainly in Germany and Canada, was EUR 1.4m. EUR 0.1m related to the net reversal of costs associat - ed with the acquisition of Mez and Rize Media AB. The sale of the entity during Q4 resulted in a minor gain. EUR 0.2m related to the one-time retrospective adjust - ment in commission income. During the year ended 31 December 2024, EUR 2.2m related to the termination of the contractual arrangement previously measured in accordance with the require - ments of IAS 38 using the financial liability model. EUR 0.6m related to restructuring costs and EUR 0.1 related to professional and legal fees. Quarter and periodCEO’s comments Parent company Definitions YEAR-END REPORT JANUARY-DECEMBER 2025 19 Financial information1 4 5 6 7 8 932 ===== SIDA 20 ===== Reclassified Original Reclassified Original Variance: Variance: Oct-Dec 2024 Oct-Dec 2024 Jan-Dec 2024 Jan-Dec 2024 Oct-Dec 2024 Jan-Dec 2024 Personnel expenses (5,773) (5,321) (26,746) (25,149) 452 1,597 Other operating expenses (2,358) (2,667) (12,357) (13,765) (309) (1,408) Other Income 143 - 189 - (143) (189) Note 5 Investment in associate On 3 January , the group acquired Mez and Rize Media AB in full with the intention to liquidate it. As a result, the car - rying value of the investment in associate on 31 Decem - ber 2024 was adjusted to reflect the recoverable amount, deemed to be equivalent to the net asset value of the as - sociate, and an impairment charge of EUR 1.2m was rec - ognised in the statement of comprehensive income. Note 4 Operating expenses The product-led operating model implemented through 2024 and further refined in 2025 has yielded more gran - ular financial data, resulting in reclassifications that sup - port the group’s ongoing commitment to accurate and transparent financial reporting. Comparative figures have also been reclassified to provide more accurate compar- isons. 1. Individuals providing full-time services to the group have been reclassified from “other operating expens- es” to “personnel expenses”. 2. Direct costs associated with media partnerships were reclassified based on the percentage of revenue each partnership generated per segment. This resulted in a lower Casino margin and higher Sports margin in the comparative period. In Q1, a spreadsheet with comparative figures was pub- lished at www .catenamedia.com/investors/financial-re- ports-and-presentations/ Quarter and periodCEO’s comments Parent company Definitions YEAR-END REPORT JANUARY-DECEMBER 2025 20 Financial information1 6 7 8 95432 ===== SIDA 21 ===== Note 6 Other intangible assets The group’s acquisitions primarily comprise other components of intellectual property , which include outsourced and internal development and licences. Group AMOUNTS IN ’000 (EUR) Domains and websites Player database Other intellectual property Total Cost at 1 January 2025 239,758 6,673 20,983 2 67,414 Additions - - 1,103 1,103 Disposals (8,055) (269) (4,142) (12,466) Cost at 31 December 2025 231,703 6,404 17,9 4 4 256,051 Accumulated amortisation and impairment losses at 1 January 2025 (133,324) (6,673) (18,649) (158,646) Amortisation charge (1,167) - (1,461) (2,628) Impairment charge for the period (16,500) - - (16,500) Amortisation and impairment released upon disposal 7,914 269 4,051 12,234 Amortisation released upon dissolution - - 12 12 At 31 December 2025 (143,077) (6,404) (16,047) (165,528) At 31 December 2025 88,626 - 1,897 90,523 At 31 December 2024 106,434 - 2,334 108,768 Impairment of intangible assets and cash-generating units (CGUs) The group operates in two main business segments, Ca- sino and Sports, which correspond to two cash-generat - ing units (CGUs) for the purposes of IAS 36 – Impairment of Assets. The recoverable amounts of the CGUs were determined using value-in-use calculations. Management performed an extensive impairment as - sessment during Q3 2025, reviewing performance at CGU level. The recoverable amounts of the Casino and Sports CGUs were based on cash flow projections com - prising forecasted income from operations for 2025 and cash flow projections for the period 2026–2030, reflect - ing compound annual growth rates (CAGR) and discount rates as set out in the table below . The CAGR assump- tions was based on management’s expectations of mar - ket developments and future outcomes, taking into ac - count past performance, organic state revenue growth and new market launches in North America. The discount rate used is the weighted-average cost of capital (WACC). The discount rate under the value-in-use is a pre-tax mea- sure based on the CGU specifics, adjusted for currency and country risk relevant to the individual CGU. An in-per- petuity growth rate of 2 percent was applied beyond this period, and the effective tax rate used was 30 percent. The impairment assessment for both CGUs in 2025 is supported by growth assumptions primarily driven by the North American market, which continues to demonstrate strong potential. This business area remains central to the group’s strategy for rebuilding and sustaining profitability . Management is confident that the expected improvement in performance will strengthen future results. The key as- sumptions underlying the impairment model are reviewed annually to ensure alignment with external market data and the group’s long-term strategic objectives. In determining the significant assumptions underlying the above projections, management applied judgements in assessing experience for each segment, and expec - tations for market and portfolio performance, taking into consideration the different risk factors for each CGU. At 30 September 2025, the carrying amounts of both CGUs were determined to exceed their respective recov- erable amounts due to the underperformance of specific products. This resulted in the recognition of an impair - ment charge of EUR 16.5 million. The charge reflects the outcome of management’s detailed impairment assess - ment conducted during the quarter , which incorporated revised cash flow projections, updated discount rates and current market assumptions. Of the total amount, EUR 10.5 million relates to specific North American Sports assets, primarily driven by revised expectations for near- term market recovery and updated profitability forecasts, and EUR 6.0 million pertains to Asia-Pacfic Casino as - sets, following a reassessment of projected performance and market dynamics in that region. No further revisions to the impairment assessment were made during Q4 2025, as the results for the final quarter of the year were consistent with and supported the assump- tions and considerations applied during the Q3 2025 im - pairment assessment. Following the impairment assessment, the carrying value of intangible assets with an indefinite useful life on 31 De- cember 2025 was aligned with the recoverable amount, totalling EUR 69.9m for the Casino CGU and EUR 13.1m for the Sports CGU. CAGR  Discount Rate  2025  2024  2025            2024 Casino  13%  9%  15%  13%  Sports  17%  22%  15%  13%  Quarter and periodCEO’s comments Parent company Definitions YEAR-END REPORT JANUARY-DECEMBER 2025 21 Financial information1 2 3 4 95 876 ===== SIDA 22 ===== Note 8 Hybrid capital securities At the end of Q4 2025, hybrid capital securities with a  nominal value of EUR 43.7m (43.7), accrued interest of EUR 2.5m (nil) and net of EUR 8.6m (8.6) issuance costs, were reported as equity . Further details are found in the table below . AMOUNTS IN ’000 (EUR) 31 Dec 2025 Hybrid capital securities at nominal amount as of the beginning of the reporting period 43,731 Accrued interest on hybrid capital securities 2,490 Hybrid capital securities at nominal amount, including accrued interest, as of the end of the reporting period 46,221 AMOUNTS IN ’000 (EUR) 31 Dec 2025 Hybrid capital securities at nominal amount 46,221 Issuance costs Advisory costs, including financial, legal and assurance (2,336) Commission fees to guarantors (6,293) Total issuance costs (8,629) Hybrid capital securities disclosed as of the end of the reporting period 37,5 92 FINANCIAL PERFORMANCE AND CASH FLOW INFORMATION AMOUNTS IN ’000 (EUR) Oct-Dec 2025 Oct-Dec 2024 Jan-Dec 2025 J a n - D e c 2024 Revenue - 4 (5) 9 Personnel expenses - - - (34) Loss on disposal of intangible asset - - - (17) Other operating expenses - - (228) (221) Total operating expenses - - (228) (272) Profit/(loss) after income tax from discontinued operations - 4 (233) (263) Net cash generated from/(used in) operating activities - 3 (232) (223) Net increase/(decrease) in cash generated by divested assets - 3 (232) (223) Note 9 Discontinued operations Discontinued operations comprise the divestments of grey-market performance marketing assets, the AskGamblers brand, the two online casino brands JohnSlots and NewCasinos, the Financial Trading segment, all assets in Catena Media UK’s business including sports betting brands Squawka and GG.co.uk, all shares in the group’s wholly owned Australian subsidiary , and the Italy-facing online sports betting and casino assets. The financial information below is presented in accordance with IFRS 5, “Non-current assets held for sale and discontinued operations”. Note 7 Borrowings At the end of Q4 2025, there were no outstanding bor - rowings. The senior unsecured floating rate bonds were repaid during Q2 2025. Borrowings at the end of the comparative reporting pe - riod comprised senior unsecured floating rate bonds with a nominal value of EUR 27 .5m, under a framework of EUR 100m with a maturity date that was extended to June 2025 after the partial prepayment of half the nom - inal amount in Q1 2024, and a revolving credit facility of EUR 10.0m. The credit facility was repaid in full during Q4 2024. The movement in fair value recognised in the statement of comprehensive income in “Other gains/(losses) on fi - nancial liability at fair value through profit or loss” was a loss of EUR 0.2m for Q4 2024 and a loss of EUR 0.1m for the year ended 31 December 2024. Quarter and periodCEO’s comments Parent company Definitions YEAR-END REPORT JANUARY-DECEMBER 2025 22 Financial information1 2 3 4 5 6 7 8 9 ===== SIDA 23 ===== AMOUNTS IN ’000 (EUR) Oct-Dec 2025 Oct-Dec 2024 Jan-Dec 2025 Jan-Dec 2024 Personnel expenses 1,470 (103) 1,050 (492) Impairment of investment in subsidiaries (15,216) (53,184) (15,216) (53,184) Other operating expenses (22) (22) (89) (148) Other operating income 19 18 78 78 Total operating expenses (13,749) (53,291) (14,177) (53,746) Operating loss (13,749) (53,291) (14,177) (53,746) Interest payable on borrowings (297) (806) (2,011) (3,662) Recharge of interest to subsidiary - 508 823 2,473 Other (losses)/gains on financial liability at fair value through profit or loss - (189) 8 (103) Other finance costs (2) (14) (13) (547) Loss before tax (14,048) (53,792) (15,370) (55,585) Tax expense - - - - Total comprehensive loss for the period (14,048) (53,792) (15,370) (55,585) Condensed parent company statements of comprehensive income Quarter and periodCEO’s comments Financial information Definitions YEAR-END REPORT JANUARY-DECEMBER 2025 23 Parent company ===== SIDA 24 ===== Condensed parent company statements of financial position AMOUNTS IN ’000 (EUR) 31 Dec 2025 31 Dec 2024 ASSETS Non-current assets Investment in subsidiaries 194,628 208,674 Current assets Trade and other receivables 17 16 Cash and cash equivalents 454 1,782 Total current assets 471 1,798 Total assets 195,099 210,472 AMOUNTS IN ’000 (EUR) 31 Dec 2025 31 Dec 2024 EQUITY AND LIABILITIES Capital and reserves Share capital 118 118 Share premium 134,572 134,572 Treasury reserve (6,154) (6,154) Hybrid capital securities 37,59 2 35,103 Other reserves 124 8,417 Accumulated losses (61,183) (49,226) Total equity 105,069 122,830 Liabilities Non-current liabilities Borrowings 25,000 25,000 Other payables 3,266 2,078 Total non-current liabilities 28,266 27,078 Current liabilities Borrowings - 21,486 Trade and other payables 61,764 39,012 Current tax liabilities - 66 Total current liabilities 61,764 60,564 Total liabilities 90,030 87,642 Total equity and liabilities 195,099 210,472 Quarter and periodCEO’s comments Financial information Definitions YEAR-END REPORT JANUARY-DECEMBER 2025 24 Parent company ===== SIDA 25 ===== Condensed parent company statements of changes in equity Attributable to owners of the parent company AMOUNTS IN ’000 (EUR) Share capital Share premium Treasur y shares Hybrid capital securities Other reserves Accumula- ted losses Total equity Balance at 1 January 2025 118 134,572 (6,154) 35,103 8,417 (49,226) 122,830 Comprehensive income Loss for the period - - - - - (15,370) (15,370) Total comprehensive loss for the period - - - - - (15,370) (15,370) Transactions with owners and equity holders Issue of share capital - - - - - - - Subscription set-offs, incluiding transaction costs - - - (1) - - (1) Accrued interest on capital securities - - - 2,490 - - 2,490 Interest payable on hybrid capital securities - - - - - (4,694) (4,694) Equity-settled share-based payments - - - - (186) - (186) Transfer between reserves - - - - (8,107) 8,107 - Total transactions with owners and equity holders - - - 2,489 (8,293) 3,413 (2,391) Balance at 31 December 2025 118 134,572 (6,154) 37,5 92 124 (61,183) 105,069 Attributable to owners of the parent company AMOUNTS IN ’000 (EUR) Share capital Share premium Treasur y shares Hybrid capital securities Other reserves Accumula- ted losses 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) Total comprehensive loss for the year - - - - - (55,585) (55,585) Transactions with owners and equity holders Issue of share capital - 2 - - - - 2 Subscription set-offs, including trans- action costs - - - (14) - - (14) Equity-settled share-based payments - - - - 149 - 149 Cancellation of shares - - - - - - - Interest payable on hybrid capital se-curities - - - - - (4,874) (4,874) Total transactions with owners and equity holders - 2 - (14) 149 (4,874) (4,737) Balance at 31 December 2024 118 134,572 (6,154) 35,103 8,417 (49,226) 122,830 Quarter and periodCEO’s comments Financial information Definitions YEAR-END REPORT JANUARY-DECEMBER 2025 25 Parent company ===== SIDA 26 ===== Condensed parent company statements of cash flows AMOUNTS IN ’000 (EUR) Oct-Dec 2025 Oct-Dec 2024 Jan-Dec 2025 Jan-Dec 2024 Cash flows from operating activities Loss before tax (14,048) (53,792) (15,370) (55,585) Adjustments for: Impairment on investment in subsidiaries 15,216 53,184 15,216 53,184 Unrealised exchange differences (2) 3 (16) 118 Interest expense 298 805 2,011 3,455 Net (gains)/losses on financial liability at fair value through profit or loss - 189 (136) 103 Share-based payments (1,546) 28 (1,357) 149 (82) 417 348 1,424 Changes in: Trade and other receivables (13) 3 (1) - Trade and other payables 5 (30) 125 434 Net cash (used in)/generated from operating activities (90) 390 472 1,858 Cash flows generated from investing activities Net proceeds from subsidiary and related parties 55 526 22,804 23,212 Net cash generated from investing activities 55 526 22,804 23,212 AMOUNTS IN ’000 (EUR) Oct-Dec 2025 Oct-Dec 2024 Jan-Dec 2025 Jan-Dec 2024 Cash flows used in financing activities Net payments on hybrid capital securities - (1) - (6) Net repayment on borrowings - - (21,478) (21,905) Proceeds on exercise of share options and warrants - - - 1 Interest paid - (1,712) (3,143) (7, 2 8 6) Net cash used in financing activities - (1,713) (24,621) (29,196) Net movement in cash and cash equivalents (35) (797) (1,345) (4,126) Cash and cash equivalents at beginning of period 487 2,582 1,782 6,026 Currency translation differences 2 (3) 17 (118) Cash and cash equivalents at end of period 454 1,782 454 1,782 Quarter and periodCEO’s comments Financial information Definitions YEAR-END REPORT JANUARY-DECEMBER 2025 26 Parent company ===== SIDA 27 ===== Definitions of alternative performance measures EBITDA Total operating profit before depreciation and am- ortisation and impairment on intangible assets. The group reports this metric so report users can monitor operating profit and cash flow and evaluate operational profitability . EBITDA FROM CONTINUING OPERATIONS Operating profit from continuing operations before depreciation and amortisation and impairment on intangible assets from continuing operations. The group reports this metric so report users can monitor operating profit and cash flow and evaluate operational profitability . EBITDA MARGIN EBITDA as a percentage of total revenue. The group reports this metric so report users can monitor operational profitability and the value created by operations. EBITDA MARGIN FROM CONTINUING OPERATIONS EBITDA from continuing operations as a percent- age of revenue from continuing operations. The group reports this metric so report users can monitor operational profitability and the value created by operations. ADJUSTED EBITDA EBITDA adjusted for items affecting compara- bility . The group reports underlying EBITDA, excluding items affecting comparability , to provide a more comparable measure over time than non-adjusted EBITDA and thus enhance users' understanding of the report. ADJUSTED EBITDA FROM CONTINUING OPERATIONS EBITDA from continuing operations adjusted for items affecting comparability from continuing operations. The group reports underlying EBITDA, excluding items affecting comparability , to provide a more comparable measure over time than non-adjusted EBITDA and thus enhance users’ understanding of the report. ADJUSTED EBITDA MARGIN Adjusted EBITDA as a percentage of total reve- nue. The group reports the underlying EBITDA margin, excluding items affecting comparability , to provide a more comparable measure over time than the non-adjusted EBITDA margin and thus enhance users' understanding of the report. ADJUSTED EBITDA MARGIN FROM CONTINUING OPERATIONS Adjusted EBITDA from continuing operations as a percentage of revenue from continuing operations. The group reports the underlying EBITDA margin, excluding items affecting comparability , to provide a more comparable measure over time than the non-adjusted EBITDA margin and thus enhance users’ understanding of the report. NDCS (NEW DEPOSITING CUSTOMERS) New customers placing a first deposit with an operator (client). The group reports this metric because it is key to measuring revenues and long-term organic growth. ITEMS AFFECTING COMPARABILITY Significant items that affect EBITDA when com- paring to previous periods. Items affecting comparability comprise reorganisation costs, costs relating to share-based payments, one-time retention incentives, restructuring costs and costs in relation to acquisitions, professional fees. REVENUE GROWTH Increase in revenue compared to the previous accounting period as a percentage of revenue in the previous accounting period. The group reports this metric to enable report users to monitor business growth. Quarter and periodCEO’s comments Financial information Parent company YEAR-END REPORT JANUARY-DECEMBER 2025 27 Definitions