FULLTEXT DEL 1 AV 1
Kvartalsrapport Q4 2025
===== 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