Årsredovisning 2025

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

Dokumentet är delat för att hålla varje sida lätt att hämta. Del 1 · Del 2

===== SIDA 1 =====

Gentoo Media p.l.c.   
30 April 2026 
Annual Report 2025

===== SIDA 2 =====

Gentoo Media  |  PLC Report 2025 
2
Management commentary 
82
83 
84
85
86
Assurance statements and glossary  
Statement by the Directors 
Glossary
Company information
Independent Auditor’s report
69
70
71 
72
74
75
Parent company financial statements  
Statement of comprehensive income  
Statement of financial position 
Statement of changes in equity 
Statement of cash flows 
Notes
20
30
40
48
55
65
Section 1   –  Basis of reporting
Section 2  –  Results of the year
Section 3  –  Operating assets and liabilities  
Section 4  –  Net working capital
Section 5  –  Capital structure and financial items
Section 6  –  Other notes
Notes
15
16
17
19
Consolidated statement of comprehensive income  
Consolidated statement of financial position 
Consolidated statement of changes in equity  
Consolidated statement of cash flows
14Consolidated financial statements
Financial statements
3
3
4 
6
9
12
1.0 Directors’ report 
1.1 Principal acitivites
1.2 Stategic review
1.3 Overall performance
1.4 Significant risks and uncertainties
1.5 Directors
Content
Directors’ report

===== SIDA 3 =====

Gentoo Media  |  PLC Report 2025  
3
The directors present their annual report and the audited consolidated financial statements of 
Gentoo Media p.l.c. (the ‘Group’, ‘Company’, ‘Gentoo’ or ‘Gentoo Media’) for the year ended 31 
December 2025. 
See below for the registered office of the Company.
The Quad
@Quad Central, Q4 Level 14  
Triq L-Esportaturi  
Birkirkara CBD 1040,  
Malta
Directors’ report
1.0
The Group’s principal activities during 2025 were affiliate marketing operations within the 
online gaming industry, primarily focused on casino and sports, generating revenue through the 
referral of users to licensed operators. 
The Group does not operate through any branches.
1.1
Principal activities

===== SIDA 4 =====

Gentoo Media  |  PLC Report 2025 
4
2025 was the first full year as a standalone affiliate-
focused business following the separation from Platform 
& Sportsbook operations in 2024. Performance in the early 
part of the year was impacted by regulatory developments 
in Brazil, evolving search dynamics, and a cost base 
reflecting prior expansion and increased organisational 
complexity.
In response, management initiated a group-wide cost 
right sizing programme focused on cost discipline, 
portfolio prioritisation and operational efficiency. This 
included a restructuring of the cost base, simplification of 
the operating model and a reduction of the active portfolio 
from approximately 150 to around 70 core assets, enabling 
greater focus on flagship brands and higher-value 
opportunities. At the same time, commercial initiatives 
were implemented to improve partner mix and overall 
traffic quality.
These measures resulted in improved efficiency and 
stronger margins in the second half of the year, supported 
by tighter cost control and more disciplined capital 
allocation. While reported revenue declined, underlying 
operational metrics remained resilient, supported by 
stable player intake and record deposit levels in the final 
quarter, reflecting improved monetisation and player 
quality.
The Group exits 2025 with a more focused asset base, 
improved cost structure and strengthened commercial 
discipline, providing a more stable foundation for scalable 
and cash-generative growth going forward.
Group strategy 
Following a period of expansion, 2025 focused on 
simplifying operations, improving traffic quality and 
strengthening the cost base. Portfolio concentration and 
operational efficiencies have established a more scalable 
and resilient platform.
These priorities are supported by a continued focus on 
profitability, cash generation and disciplined capital 
allocation.
The Group’s strategy is centred on six principles:
1.2
Strategic review
Simplified operations and 
organisational structure to 
improve execution and scalability
01 
Reduced Complexity
Focused investment in core 
global assets to drive high-
quality traffic and revenue
02 
Stronger 
Flagship Brands
Selective expansion in markets 
with strong competitive 
positioning
03 
Local market positions
Diversified traffic sources across 
organic and paid channels
04
Multi-channel 
Acquisition
Improved conversion and 
commercial alignment to increase 
revenue per user
05 
Higher Player Value
Continued investment in platform 
capabilities, user experience and 
data-driven decision making
06 
Technology and 
product development

===== SIDA 5 =====

Gentoo Media  |  PLC Report 2025 
5
Our Journey in 2026 and beyond
Entering 2026, Gentoo Media is focused on translating 
the structural improvements achieved in 2025 into 
sustainable, profitable growth. With a leaner organisation 
and a more focused asset base, the Group is positioned to 
prioritise higher-quality revenue, improved monetisation 
and stronger cash generation.
Execution will remain centred on strengthening flagship 
brands, improving traffic quality and conversion, 
and further optimising partner mix and commercial 
performance. Paid Media will continue to scale through a 
disciplined, data-driven approach, focused on high-return 
opportunities.
Continued investment in technology and product will 
support scalability, efficiency and faster execution, 
while positioning the Group to adapt to evolving search 
dynamics and AI-driven discovery.
The operating environment remains dynamic, with ongoing 
regulatory developments and changing user behaviour. 
The Group will continue to manage these factors through 
diversification, disciplined market selection and a focus on 
high-quality traffic and revenue.
Underpinning this approach is a continued focus on 
profitability, cash generation and disciplined capital 
allocation, supporting long-term value creation.
Activities and development
The Group continued to invest in research and 
development activities focused on its technology 
platform, product capabilities and data-driven 
optimisation tools. This included enhancements to 
content, user experience and conversion optimisation 
across both Publishing and Paid Media.
Events after the reporting date
In January 2026, the Company initiated a refinancing 
process covering both the bond and the then-existing 
RCF, representing a total volume of approximately EUR 120 
million. See note 1.3 ‘Going concern’ of the consolidated 
financial statement for further detail. Otherwise, no 
subsequent events of material significance have occurred.
1.2  |  Strategic Review

===== SIDA 6 =====

Gentoo Media  |  PLC Report 2025 
6
Revenues amounted to EUR 98.7 (118.1) million during 2025, 
a decrease of 16% which is primarily driven by the effect of 
regulatory developments in Brazil and weakened revenue 
share yields.
Marketing expenses were EUR 26.9 (31.4) million in the 
year 2025, a decrease of 14% as a result of a decrease in 
revenue. Paid marketing expenses make up approximately 
half the marketing costs, with Publishing covering the 
other half.
Personnel expenses amounted to EUR 21.9 million, up 13% 
from EUR 19.4 million in 2024. Capitalised salaries related 
to technology development amounted to EUR 5.4 (5.6) 
million. Personnel expenses increased due to the number 
of new employees employed subsequent to the spin-off 
and the acquisition of Titan Inc. Other operating income 
of EUR 2.3 (0) million arises from the derecognition of a 
customer-related liability and is assessed as part of the 
ordinary activities. Other operating expenses amounted 
to EUR 9.0 (14.6) million with a 38% decrease. The 
decrease stems from a tighter operational discipline and 
governance of the cost optimisation programme.
EBITDA before special items was EUR 43.2 (52.7) million, a 
18% decrease, with an EBITDA before special items margin 
of 44% (45%). EBITDA is equivalent to operating profit 
before depreciation, amortisation and impairment. Special 
items in the year amounted to EUR 5.3 (0.8) million.
Depreciation and amortisation amounted to EUR 19.6 
(17.3) million, a yearly increase of 13%. Net finance costs 
amounted to EUR 13.9 (12.9) million. Interest expenses on 
the company’s bonds were EUR 10.7 (10.1) million. 
The net profit for continuing operations for Gentoo Media 
was EUR 0.9 (21.8) million, a 96% decrease from 2024. The 
net profit margin was 1% (18%).
Financial position
Total assets amounted to EUR 153.2 (156.0) million as at 31 
December 2025. The largest asset on the balance sheet 
relates to other intangible assets of EUR 51.4 (62.4) million 
and goodwill of EUR 34.0 (34.0) million. The decrease 
is attributable depreciation of other intangible assets. 
Intangible assets at 31 December 2025 mainly comprise 
affiliate assets acquired (EUR 38.7 million), trademarks 
acquired (EUR 0.7 million), client contracts acquired (EUR 
4.3 million) as well as development of technology platform 
(EUR 7.7 million). Trade and other receivables amounted to 
EUR 27.5 (24.7) million.
The Group closed out the year with cash and bank deposits 
amounting to EUR 3.3 million, meeting the covenant 
requirements of EUR 3 million; the Group’s cash and bank 
deposits in 2024 amounted to EUR 11.3 million.
Total liabilities amounted to EUR 169.7 (185.6) million as at 
31 December 2025. The largest liability on the balance 
sheet relates to borrowings of EUR 111.8 (105.7) million. 
It comprises of a EUR 19.9 million revolving credit facility 
carrying amount and EUR 91.9 million in senior secured 
bonds. The increase is mainly attributable to EUR 13 million 
net drawdown of the credit facility to finance deferred 
payments for AskGamblers, KaFeRocks and general 
corporate purposes. The deferred and contingent 
consideration was reduced significantly during the year 
from EUR 34.8 million in 2024 to EUR 4.3 million at 31 
December 2025.
The company RCF was reduced from EUR 25 million in 
the beginning of March 2025 to EUR 20 million by year 
end. Further the company has repaid EUR 2 million in first 
quarter of the year and addition EUR 1.7 million in deferred 
payments was paid as well - total debt reduction of EUR 
3.7 million in first quarter of 2026. 
Cash flows
The Group experienced a net cash inflow from operations 
during the year of EUR 34.7 (37.1) million. Net cash 
generated from operating activities was mostly utilised 
to fund payment of deferred considerations, bond 
interests, lease payments and credit facility repayments. 
The cash generated through financing was utilised for the 
acquisitions of AskGamblers and KaFeRocks.
Financial outlook
Gentoo Media enters 2026 with a materially leaner cost 
and strengthened cash profile compared to 2025. Non-
recurring costs are expected to decline significantly, 
following the completion of the majority of operational 
improvement and restructuring initiatives incurred in 2025. 
Remaining deferred M&A-related cash outflows are limited 
to EUR 4.3 million compared to EUR 34.8 million in 2025.
The 2026 outlook is further supported by a favourable 
global sporting calendar, including the Football World Cup, 
which is expected to drive higher user engagement and 
improved commercial performance.
1.3
Overall performance

===== SIDA 7 =====

Gentoo Media  |  PLC Report 2025 
7
Dividends
The income statements are set out on page 15-68. The 
directors did not declare a cash dividend during the
current and preceding financial years.
Own shares
The Company did not acquire or hold any of its own shares 
during the financial year. The entirety of the Company’s 
issued share capital is pledged in favour of Nordic Trustee 
AS, as the security agent and the bond trustee.
Going concern 
As at 31 December 2025, the Group’s current liabilities 
exceeded the current assets by EUR 133.0 (54.8) million. 
The year-on-year movement is driven primarily by: i) the 
December 2026 maturity of the circa EUR 92 million listed 
bond and the revolving credit facility (“RCF”) of circa EUR 
20 million maturing in September 2026 which are both 
presented within current liabilities, offset by ii) a reduction 
of EUR 32.9 million in the deferred consideration relating to 
acquisitions carried out in previous years. The latter were 
funded through the Group’s generation of operating cash 
flows from continued operations of EUR 34.7 million  in the 
year to 31 December 2025.
Therefore, as of 31 December 2025, the Group’s net 
interest-bearing debt (“NIBD”) amounted to EUR 112 
million. During Q4 2025, NIBD was reduced by EUR 5 
million. As of the beginning of 2026, the Group had 
remaining deferred consideration of EUR 4.3 million 
related to the acquisitions of Kafé Rocks and Titan Inc. In 
Q1 2026, the Group settled EUR 1.7 million of this deferred 
consideration and repaid EUR 2 million on its RCF.
 
In January 2026, the Group initiated a refinancing process 
covering both the bond and the existing RCF, representing 
a total volume of approximately EUR 120 million. While the 
process attracted strong interest from both existing and 
new investors and secured the targeted volume, the overall 
terms offered were not considered sufficiently attractive 
by management and those charged with governance, who 
chose to postpone the bond refinancing process to later in 
2026.
 
Management assesses that the proposed terms 
were impacted by two key factors: (i) market timing, 
including heightened investor focus on global AI-related 
opportunities during the process, and (ii) the Group’s 
2025 financial performance, which reflected a significant 
transformation with margins returning to historical levels in 
the second half of the year.
 
1.3  |  Overall performance

===== SIDA 8 =====

Gentoo Media  |  PLC Report 2025 
8
In March 2026, the Group secured new shareholder loan 
facilities totalling EUR 18 million, consisting of:
/  A EUR 16 million pari passu facility maturing on 31 
December 2027, carrying interest in line with the Group’s 
existing bond terms and ranking pari passu with existing 
bondholders and the RCF provider. The facility includes 
covenants broadly aligned with the existing bond terms, 
with an expected reduction to EUR 14 million by the end of 
July 2026; and
/  A EUR 2 million unsecured facility maturing on 30 April 
2027, carrying interest at the existing bond terms plus a 3% 
margin and which does not carry any financial covenants.
The proceeds from these facilities were used to fully 
refinance the Group’s existing RCF which had a carrying 
amount of circa EUR 20 million as at 31 December 2025 
and which was due to mature in September 2026.
The Group has provided the following guidance to the 
market for the full year 2026:
/  Revenue: EUR 105–115 million
/  Adjusted EBITDA: EUR 49–54 million
/  Cash from operations: EUR 37–41 million
/  Cash outflows related to deferred payments: EUR 3.5 
million
Trading and financial performance are currently in line 
with expectations when considering results for the first 
quarter of 2026. Management expects to deliver within the 
communicated guidance range. Even under a low-case 
scenario with cash from operations of EUR 37 million, the 
Group expects to generate net free cash flow in the range 
of EUR 15–20 million.
Therefore, at the date of this report, the focus of 
management and those charged with governance is 
to now secure bond refinancing in the coming months 
at overall terms that are considered to be sufficiently 
attractive to the Group. This timing also allows for the 
Group to demonstrate a more consistent financial 
performance through the delivery of another two quarters 
of results. Management is also considering various 
alternative strategic options that could become available 
to the Group.
Accordingly, those charged with governance do not 
believe that any material uncertainty exists that could 
impact the going concern basis of preparation of these 
financial statements. The Group expects to be able to 
honour all of its existing obligations as they fall due for a 
minimum period of twelve months from the date when 
these financial statements were available for issuance.
1.3  |  Overall performance

===== SIDA 9 =====

Gentoo Media  |  PLC Report 2025 
9
Geopolitical risk
The Group operates within the entertainment industry. As 
such, the success of its business is ultimately dependent 
on end customers’ disposable income, which is primarily 
influenced by geopolitical factors affecting stability, trade, 
job security, and inflation. The Group operates in more than 
50 countries with approximately 3,000 different partners, 
and geopolitical conditions may therefore impact 
individual markets, regions, and partners.
Regulatory compliance risk
Through its subsidiaries, the Company is active in a highly 
regulated online gaming market as well as several markets 
which are not yet regulated. Depending on the regulatory 
structure of a given jurisdiction, the Company may require 
licences to offer its various services, may become subject 
to pay licence or regulatory fees, or become subject to 
additional taxes. Any changes in regulations, laws, or other 
political decisions in the jurisdictions where the Company 
operates may have a positive or negative effect on its 
operations. The risk of non-regulatory compliance, the 
failure to obtain licenses, and/or failure of satisfying any 
conditions under any existing licenses create an uncertain 
business environment and may hinder the Group’s ability 
to develop and grow the business.
Market dynamics
Various governments have passed or are mulling the idea 
of passing laws or regulations intended to limit gambling 
advertising. Whereas in some markets, such laws and 
regulations are nuanced and directly aimed at protecting 
the young and vulnerable (such as the regulations in 
force in Sweden and Great Britain), some countries (such 
as Belgium) have introduced blanket advertising bans 
severely restricting the Company’s ability to carry out its 
business.
Other countries, such as the Netherlands, prohibit the 
use of certain advertising channels and have placed time 
restrictions where digital advertising is limited to specific 
times of the day, or completely ban affiliation (as proposed 
in Finland). Further limitations which are being adopted 
and/or considered more frequently include deposit limits 
and a ban on bonuses which indirectly limit the Company’s 
revenue potential.
Regulation may also prohibit certain compensation models 
generally adopted by affiliates in return for directing traffic 
(such as is proposed in Denmark). Some jurisdictions allow 
different levels of compensation depending on the level of 
affiliate registration and/or license obtained – such is the 
case across several US states.
In addition, the regulatory landscape in Brazil—a key 
growth market—underwent a massive transformation 
following the official launch of its regulated market on 
January 1, 2025. This new framework introduces severe 
advertising constraints and a heavy tax burden. While the 
Brazilian Senate’s Economic Affairs Committee initially 
approved a bill to hike the Gross Gaming Revenue (GGR) 
tax on operators from 12% to 18%, final legislation enacted 
in late 2025 established a progressive tax rate that will rise 
to 13% in 2026, 14% in 2027, and cap at 15% in 2028.
Furthermore, Brazilian players are now subject to a 15% 
personal income tax on winnings exceeding the BRL 
2,826.65 exemption threshold. More disruptively, late 2025 
amendments introduced a 15% “CIDE-Bets” levy applied 
directly to player deposits (taxing the funding flow before 
any wagering occurs), which significantly reduces player 
liquidity and lifetime value.
Simultaneously, Brazilian authorities, including the National 
Consumer Secretariat (Senacon), have imposed stringent 
advertising restrictions to protect vulnerable populations. 
Crucially for affiliate marketers, there is an absolute ban 
on offering betting bonuses, sign-up rewards, or “prior 
advantages” as promotional tools for new bettors. Non-
compliance results in severe penalties, including daily fines 
of BRL 50,000. 
Additionally, digital and TV gambling advertisements are 
restricted to narrow time windows (07:30 PM to midnight), 
and campaigns featuring aggressive odds comparisons, 
mascots, or influencers appealing to minors are strictly 
prohibited. For Gentoo Media, these restrictions mean 
traditional bonus-led acquisition strategies must be 
overhauled in favor of educational, content-led, and SEO-
driven approaches.
Furthermore, the Group faces substantial risks from 
tightening fiscal policies in other key regulated markets. 
Most notably, the UK government announced in its 
Autumn Budget that the Remote Gaming Duty will 
drastically increase from 21% to 40% starting April 1, 
2026. Concurrently, the remote General Betting Duty 
will rise from 15% to 25% effective April 1, 2027. These 
significant tax hikes place immediate pressure on operator 
profitability. To mitigate these costs, operators are widely 
expected to slash marketing, promotions, and customer 
acquisition budgets.
For affiliate marketers like Gentoo Media, this downstream 
pressure from both Brazil and the UK is likely to manifest as 
lower Cost Per Acquisition (CPA) offers, tougher revenue-
share negotiations, and highly scrutinized performance 
thresholds from operator partners. Additionally, there 
is a broader industry risk that punitive taxation and strict 
1.4
Significant risks and uncertainties

===== SIDA 10 =====

Gentoo Media  |  PLC Report 2025 
10
promotional bans could drive both operators and players 
toward the untaxed, unregulated black market, thereby 
shrinking the regulated addressable market that Gentoo 
serves.
Competition risk
The Group faces competition from a number of existing 
competitors, as well as potential new competitors, which 
could result in a loss of market share and diminished profits 
for its operations. The competitive nature of the industry 
is further characterised by the adoption of technological 
advances, demanding customer requirements and 
frequent innovative product offerings. Failure to quickly 
respond and adapt to market demands and competition 
risk could adversely affect the Group’s financial 
performance.
Dependency on key customers and partners 
The performance of the customers and market-related 
dynamics have an impact on the Company’s performance. 
While the Company has a broad and diverse customer 
base, a small subset of key customers and partners 
account for a significant portion of its revenue. The loss of 
one or more of such customers or partners would have a 
negative impact on the Company’s financial performance.
Risk towards AI driving search pattern
The Company recognises that emerging AI-driven 
discovery models, including AI-generated summaries and 
conversational interfaces, are reshaping how users access 
and engage with online content. These developments 
may reduce traditional click-through patterns from search 
engine results pages, particularly for commoditised or 
easily summarised content.
For affiliate marketing businesses, this evolution 
introduces changes to traffic acquisition dynamics and 
user behaviour, which could impact referral volumes if not 
proactively addressed.
Gentoo Media views this transition not only as a 
structural shift, but also as a strategic opportunity. The 
Company is actively positioning its assets to remain 
visible and relevant across both traditional and AI-driven 
discovery environments through a “search everywhere” 
approach, including Search Engine Optimisation (SEO), 
Generative Engine Optimisation (GEO) and Answer Engine 
Optimisation (AEO), as well as continued investment in 
high-authority, expert-led content.
By focusing on proprietary data, strong brand assets 
and differentiated user experiences, the Company aims 
to ensure its content remains discoverable and relevant, 
including within AI-driven outputs. At the same time, 
ongoing diversification of acquisition channels reduces 
reliance on any single platform.
While the long-term impact of AI-driven discovery 
continues to evolve, Gentoo Media believes its proactive 
approach and early investments position the Company 
well to adapt and capture opportunities arising from these 
changes.
Supply chain dependencies
From a supply chain perspective, the Company’s product 
offerings rely heavily on search engine optimisation 
(SEO), making third-party search engines – particularly 
Google’s – critical to its operations. Changes to search 
engine algorithms can significantly impact the business 
by disrupting Gentoo’s search rankings, reducing traffic 
to the Company’s websites. Core algorithm updates 
may have a considerable impact on search results, and 
therefore, the visibility and ranking of our websites.
IT, Cybersecurity and data protection risk
The Company is dependent on the stability and optimal 
performance of its systems. The Group processes volumes 
of personal data, predominantly employee, customer 
and supplier data, and, to a lesser extent, player data. 
It is crucial that the Group adheres to the obligations 
stemming from the EU’s General Data Protection 
Regulation (EU2016/679) (“GDPR”). Internally, the Group 
follows information security best practices as outlined in 
ISO 27001:2013 to ensure data confidentiality, availability 
and integrity. However, despite having such processes in 
place, our IT systems are still susceptible to attacks and 
hacking attempts, which could lead to system downtime 
and adverse effects.
1.4  |  Significant risks and uncertainties

===== SIDA 11 =====

Gentoo Media  |  PLC Report 2025 
11
Currency fluctuation risk
The Company is exposed to exchange rate fluctuations, 
with revenues and operating expenses divided primarily 
between EUR, DKK, NOK, SEK, GBP, NZD, AUD and 
USD. Exchange rates affecting the Group are mainly 
the fluctuations in the SEK rate against EUR on its bond 
(denominated in SEK). 
Exchange rate fluctuations affect the Group in four main 
areas:
/ Corporate payments in different currencies give rise to 
transaction risks;
/ Receivables and debt in foreign currencies give rise to 
exchange rate differences when accounted in EUR;
/ Fair value on the SEK rate related to both payments of 
interest and the bond principal.
The Group does not regularly enter into forward contracts 
or options to hedge against exposure to transaction risk, 
hence, negative fluctuations in exchange rates could result 
in a material adverse effect on the Group’s operations, 
financial position and earnings.
 
Dependency on management and key employees
The Group’s success is driven by and largely depends 
on its ability to recruit, train and retain key personnel 
such as the board of directors, the CEO, the rest of 
the management team and certain skilled specialist 
employees. Failure to hire, train and retain key employees 
could affect the Group’s ability to successfully implement 
its business objectives.
Financial risk management 
Information on the Group’s and Company’s financial risk 
management is disclosed in Note 5.4 of the consolidated 
financial statements.
1.4  |  Significant risks and uncertainties

===== SIDA 12 =====

Gentoo Media  |  PLC Report 2025 
12
The directors of the Company who held office during the 
period were:
/ Mr. Giuseppe Muscat (appointed on 2 May 2024)
/ Mr. Jonas Warrer (appointed on 23 September 2024)
The Company’s Articles of Association do not require the 
directors to retire.
Statement of directors’ responsibilities for the financial 
statements
The directors are required by the Maltese Companies Act 
(Chapter 386 of the Laws of Malta) to prepare financial 
statements that give a true and fair view of the state of 
affairs of the Group and Company as at the end of each 
reporting period and of the profit or loss for that period.
In preparing the financial statements, the directors are 
responsible for:
/ Ensuring that the financial statements have been drawn 
up in accordance with International Financial Reporting 
Standards as adopted by the EU;
/ Selecting and applying appropriate accounting policies;
/ Making accounting estimates that are reasonable in the 
circumstances;
/ Ensuring that the financial statements are prepared 
on the going concern basis unless it is inappropriate to 
presume that the Group and Company will continue in 
business as a going concern.
The directors are also responsible for designing, 
implementing, and maintaining internal control as the 
directors determine is necessary to enable the preparation 
of financial statements that are free from material 
misstatement, whether due to fraud or error, and that 
comply with the Maltese Companies Act (Chapter 386 of 
the Laws of Malta). 
They are also responsible for safeguarding the assets of 
the Group and Company and hence for taking reasonable 
steps for the prevention and detection of fraud and other 
irregularities. 
Signed on behalf of the Board of Directors, as per the 
Directors’ Declaration on ESEF Annual Financial Report with 
the Annual Report and Consolidated Financial Statements 
31 December 2025. 
30 April 2026
Mr. Jonas Warrer    Mr. Giuseppe Muscat
Director      Director
1.5
Directors

===== SIDA 13 =====

Gentoo Media  |  PLC Report 2025 
13
Consolidated financial statements

===== SIDA 14 =====

Gentoo Media  |  PLC Report 2025  Financial statements  |  Back to content
14
Content
Consolidated financial statements
Parent company financial statements
Notes
Consolidated financial statements
Consolidated statement of comprehensive income  
Consolidated statement of financial position
Consolidated statement of changes in equity 
Consolidated statement of cash flows
15
16
17
19
70
71
72
74
82
83
84
85
86
48
49
51
52
Section 4   |   Net working capital
Trade and other receivables
Cash flow statement specification  
Income tax and deferred income tax
Statement of comprehensive income  
Statement of financial position 
Statement of changes in equity 
Statement of cash flows
Notes 
1 Basis of reporting 
2 Employee costs 
3 Other income and expenses 
4  Finance costs, net 
5  Income tax 
6 Investment in subsidiaries
7 Trade and other receivables
8 Share and capital structure
9 Financial instruments and risk management 
10 Financial assets and liabilities 
11 Changes in liabilities arising from financing activities 
12 Trade and other payables 
13 Related party transactions
14 Contingent liabilities
15 Events after reporting period
55 
56
59
61
62
Section 5   |   Capital structure and financial items
Shares, reserves and capital structure  
Borrowings and interest   
Financial assets and liabilities   
Financial risks 
40
41
43
45
46 
47
Section 3   |   Operating assets and liabilities
Intangible assets  
Impairment test  
Leases  
Amortisation, depreciation and impairment losses 
Discontinued operations
65
66
66
66
67
67
68
Section 6   |   Other notes
Related parties 
Fees to statutory auditors  
Contingent liabilities, pledges, and securities 
Events after reporting period 
List of group entities
Statutory information
Assurance statements and glossary
Statement by the directors
Glossary
Company information
Independent Auditor’s Report
20
21
21
22
26
27 
28
Section 1   |   Basis of reporting
General information
Significant changes and events
Basis of preparation
Critical  accounting estimates and judgements
Changes in accounting policies and disclosures 
Correction of material error
30
31
33
35
36
37 
39
Section 2   |   Results of the year
Segment information
Revenue
Special items
Employee costs
Share-based payment schemes  
Other operating income and expenses
 
75
76
76
76
77
77
78
78
79
80
80
81
81
81
81

===== SIDA 15 =====

Gentoo Media  |  PLC Report 2025  |  Section 1
15
Financial statements 
EUR’000 Note 2025 2024 restated
Profit/loss for the year   944 - 57,101 
Items that may be reclassified to the income statement:
Exchange differences on translation of foreign operations - 39 - 312 
Exchange differences transferred to loss from discontinued operations   -   373 
Other comprehensive income - 39   61 
Total comprehensive income   905 - 57,040 
Total comprehensive income is attributable to
Owners of Gentoo Media p.l.c.   900  - 57,498 
Non-controlling interests   5    458  
Other comprehensive incomeEUR’000 Notes 2025 2024 restated
Revenue  2.2, 2.1   98,739   118,053 
Employee costs 2.4 - 21,898 - 19,385 
Marketing expenses - 26,949 - 31,365 
Other operating income  2.6   2,306   - 
Other operating expenses  2.6 - 9,037 - 14,643 
Operating profit before depreciation and amortisation (EBITDA) and special items   43,161   52,660 
Special items 2.3 - 5,275 - 766 
Operating profit before depreciation and amortisation (EBITDA)   37,886   51,894 
Amortisation, depreciation and impairment losses  3.4 - 19,554 - 17,261 
Loss on sale of non-current assets - 234   - 
Other income and expenses   317   637 
Operating profit (EBIT)   18,415   35,270 
Finance costs, net 5.2 - 13,938 - 12,869 
Unrealised exchange loss on the bond - 1,835 - 962 
Profit before income taxes   2,642   21,439 
Income tax 4.3 - 1,698   372 
Profit from continuing operations   944   21,811 
Loss from discontinued operations  3.5   - - 78,912 
Profit/loss for the year   944 - 57,101 
Profit/loss for the year attributable to 
Owners of Gentoo Media p.l.c.   939  - 57,559 
Non-controlling interests   5    458 
Consolidated statement of comprehensive 
income ended 31 December
Consolidated financial statements

===== SIDA 16 =====

Gentoo Media  |  PLC Report 2025  Financial statements  
16
EUR'000 Notes 2025 2024 restated
Equity
Share capital 5.1   14,638   14,638 
Share premium 5.1   2,304   2,304 
Capital reserves 5.1   96,535   84,351 
Other reserves 5.1 - 956 - 732 
Accumulated deficit - 130,260 - 131,393 
Total equity attributable to owners of Gentoo Media p.l.c. - 17,739 - 30,832 
Non-controlling interests   1,245   1,240 
Total equity - 16,494 - 29,592 
Liabilities
Non-current liabilities
Borrowings 5.2   -   89,476 
Lease liabilities 3.3   3,777   2,114 
Deferred consideration 5.3   -   853 
Deferred income tax liabilities 4.3   2,149   2,448 
Total non-current liabilities   5,926   94,891 
Current liabilities
Borrowings 5.2   111,798   16,272 
Trade and other payables  5.3   12,083   14,435 
Lease liabilities 5.3   1,161   1,088 
Deferred consideration  5.3   4,251   33,255 
Contingent consideration   -   7 41 
Current income tax liabilities   34,512   24,880 
Total current liabilities   163,805   90,671 
Total liabilities   169,731   185,562 
Total equity and liabilities   153,237   155,970 
EUR’000 Notes 2025 2024 restated
Assets
Non-current assets
Goodwill 3.1   33,981   33,981 
Other intangible assets 3.1   51,412   62,395 
Property, plant and equipment  3.4   2,063   1,037 
Right of use assets 3.3   4,690   2,902 
Deferred income tax assets 4.3   29,810   19,7 46 
Other non-current assets   522   - 
Total non-current assets   122,478   120,061 
Current assets
Trade and other receivables 4.1   27,480   24,623 
Cash and cash equivalents   3,279   11,286 
Total current assets   30,759   35,909 
Total assets   153,237   155,970 
Consolidated statement of financial  
position as at 31 December
Consolidated financial statements
Statement of financial position
The notes on pages 20 to 68 are an integral part of these 
consolidated financial statements.
The consolidated financial statements on pages 15 to 68 
were authorised for issue by the Board of Directors on 
30 April 2026 and were signed on its behalf, as per the 
Directors’ Declaration on the ESEF Annual Financial Report 
submitted in conjunction with the Annual Report and 
Consolidated Financial Statements 31 December 2025, 
by:
Mr. Jonas Warrer    Mr. Giuseppe Muscat
Director      Director

===== SIDA 17 =====

Gentoo Media  |  PLC Report 2025  Financial statements  
17
Consolidated statement of changes in equity,  
for the year ended 31 December 2025
EUR’000 Notes Share capital Share premium Capital reserves Merger reserves Other reserves Accumulated deficit Total attributable to owners Non-controlling interest Total equity
2025
Equity at 1 January 2025 as reported   14,638   2,304   84,351   - - 732 - 126,528 - 25,967   1,240 - 24,727 
Correction of error (net of tax)  1.6   -   -   -   -   - - 4,865 - 4,865   - - 4,865 
Equity at 1 January 2025 restated   14,638   2,304   84,351   - - 732 - 131,393 - 30,832   1,240 - 29,592 
Profit for the year   -   -   -   -   -   939   939   5   944 
Other comprehensive income:
Currency translation differences 5.1   -   -   -   - - 39   - - 39   - - 39 
Total comprehensive income for the year   -   -   -   - - 39   939   900   5   905 
Transactions with owners: 
Share-based payment expenses 2.4, 5.1   -   -   531   -   -   531   -   531 
Capital contribution from parent company 5.1   -   -   11,648   -   -   -   11,648   -   11,648 
Transactions with NCI 5.1   -   -   -   - - 185   - - 185   - - 185 
Other movements   -   -   5   -   -   194   199   -   199 
Total transaction with owners   -   -   12,184   - - 185   194   12,193   -   12,193
Equity at 31 December 2025   14,638   2,304   96,535   - - 956 - 130,260 - 17,739   1,245 - 16,494
Consolidated financial statements

===== SIDA 18 =====

Gentoo Media  |  PLC Report 2025  Financial statements  
18
Consolidated statement of changes in equity,  
for the year ended 31 December 2024
EUR’000 Notes Share capital Share premium Capital reserves Merger reserves Other reserves Accumulated deficit Total attributable to owners Non-controlling interest Total equity
2024 restated
Equity at 1 January 2024 as reported   50   2,304   151,702   3,533 - 14,182 - 73,485   69,922   315   70,237 
Correction of error (net of tax)  1.6   -   -   -   -   - - 349 - 349   - - 349 
Equity at 1 January 2024 restated   50   2,304   151,702   3,533 - 14,182 - 73,834   69,573   315   69,888 
Loss/profit for the year   -   -   -   -   - - 57,559 - 57,559   458 - 57,101 
Other comprehensive income:
Currency translation differences  5.1   -   -   -   - - 312   - - 312   - - 312 
Recycling of accumulated exchange differences from disposal of Platform division  5.1   -   -   -   -   373   -   373   -   373 
Total comprehensive income for the year   -   -   -   -   61 - 57,559 - 57,498   458 - 57,040 
Transactions with owners: 
Issue of share capital  5.1   115,000   - - 115,000   -   -   -   -   -   - 
Reduction in share capital  5.1 - 100,412   -   100,412   -   -   -   -   -   - 
Share-based payment expenses 2.4, 5.1   -   -   59   -   -   -   59   -   59 
Capital contribution arising on acquisition of subsidiary 5.1   -   -   13,336   -   -   -   13,336   -   13,336 
Business combinations   -   -   -   -   -   -   -   663   663 
Changes in ownership interest in subsidiaries without loss of control   -   -   -   - - 304   - - 304 - 196 - 500 
Transfers within equity 5.1   -   - - 10,159 - 3,533   13,693   -   1   -   1 
Distributions 5.1   -   - - 55,999   -   -   - - 55,999   - - 55,999 
Total transaction with owners   14,588   - - 67,351 - 3,533   13,389   - - 42,907   467 - 42,440 
Equity at 31 December 2024   14,638   2,304   84,351   - - 732 - 131,393 - 30,832   1,240 - 29,592 
Consolidated financial statements

===== SIDA 19 =====

Gentoo Media  |  PLC Report 2025  Financial statements  
19
EUR’000 Note 2025 2024 restated
Cash flow from operating activities
Operating profit   18,415   35,270 
Operating loss from discontinued operations   - - 76,420 
Changes in working capital   4.2   - 2,666 - 5,609 
Adjustments for non-cash items   4.2   20,129   84,214 
Taxes paid - 1,175 - 363 
Net cash flows from operating activities   34,703   37,092 
Cash flow from investing activities
Purchases of intangible assets  3.1 - 6,444 - 21,693 
Purchases of property, plant and equipment - 1,445 - 949 
Acquisition of subsidiaries, net of cash acquired   5.3 - 32,876 - 17,167 
Net cash flows from investing activities - 40,765 - 39,809 
Cash flow from financing activities
Loan repayment   5.2 - 5,158 - 13,555 
Proceeds from borrowings   5.2   18,000   22,204 
Repayment of lease liabilities, principal part    5.2 - 1,298 - 2,349 
Interests paid   5.2 - 10,586 - 10,182 
Transfers to Group’s parent - 2,903 -
Capital contribution received from Group's parent   -   6,569 
Net cash flows from financing activities  - 1,945   2,687 
Net movement in cash and cash equivalents - 8,007 - 30 
Cash and cash equivalents at beginning of year   11,286   21,284 
Cash and cash equivalents of distributed platform & sportsbook segment   - - 9,968 
Cash and cash equivalents at end of period   3,279   11,286 
Cash and cash equivalents at end of the period in the statement of financial position   3,279   11,286 
Consolidated statement of cash flows  
for the years ended 31 December
Consolidated financial statements

===== SIDA 20 =====

Gentoo Media  |  PLC Report 2025  Financial statements  |  Back to FS content
20
 Basis of reporting
Section 1
21   Note 1.1  /  General information 
21   Note 1.2  /  Significant changes and events 
22   Note 1.3  /  Basis of preparation 
26  Note 1.4  /  Critical  accounting estimates and judgements 
27  Note 1.5  /  Changes in accounting policies and disclosures 
28  Note 1.6 /   Correction of material error

===== SIDA 21 =====

Gentoo Media  |  PLC Report 2025  |  Section 1
21
Financial statements 
Company information
Gentoo Media p.l.c. (hereafter ‘Gentoo Media’) is a limited 
liability company and is incorporated in Malta.
The consolidated financial statements of Gentoo Media 
for the year ended 31 December 2025 comprise Gentoo 
Media (the Company) and its subsidiaries (‘the Group’). A 
list of subsidiaries is provided in note 6.5. 
Gentoo Media is a market-leading iGaming affiliate 
Group that connects licensed online casino and sports 
betting operators with players worldwide through a 
broad portfolio of comparison, review and community 
sites and data-driven performance marketing. We deliver 
high-quality, compliant traffic and leads for our partners, 
complemented by brand-protection and marketing SaaS 
tools as well as Link-building, SEO and content services 
that support sustainable growth in regulated markets.  
The 2025 annual report was discussed and approved by 
the Board of Directors of Gentoo Media on 30 April 2026 
and issued for approval at the subsequent annual meeting 
of shareholders on 27 May 2026.
The following significant changes and events have 
occurred during 2025, which particularly have impacted 
the Group’s performance and financial position. A detailed 
review of the Group’s performance is provided in the 
Directors’ report on page 3-12:
/ Restructuring
During the year the Group initiated a right-sizing of the 
organisation and simplification of the operating model. 
Efforts have been spent on optimising the cost base to 
establish a stable operational platform to support future 
growth.
General information
Note 1.1  
Significant changes and events
Note 1.2

===== SIDA 22 =====

Gentoo Media  |  PLC Report 2025  |  Section 1
22
Financial statements 
Basis of preparation
This section includes general accounting policies relevant 
for the preparation of the Group’s consolidated financial 
statements. The Group’s material accounting policies 
are described in the relevant notes to the consolidated 
financial statements.
The consolidated financial statements are prepared 
in accordance with International Financial Reporting 
Standards (“IFRS Accounting Standards”) as adopted by 
the European Union (“EU”) and the requirements of the 
Maltese Companies Act (Cap. 386). This also requires the 
directors to exercise their judgement in the process of 
applying the Group’s accounting policies (see note 1.4 
critical accounting estimates and judgements).
The consolidated financial statements have been prepared 
on the basis that the Group will continue to operate as a 
going concern and under the historical cost convention, 
unless otherwise stated. The accounting policies are 
unchanged from last year except for changes included in 
note 1.5.
The consolidated financial statements are presented in 
Euro (EUR), which is also the functional currency of the 
parent company. All amounts have been rounded to the 
nearest EUR thousand (EUR’000), unless otherwise stated.
Reporting under the ESEF Regulation
The Group is required to file the annual report in the 
European Single Electronic Format (‘ESEF’) using the 
XHTML format and to tag the consolidated financial 
statements, including notes, using the Inline eXtensible 
Business Reporting Language (iXBRL). The iXBRL tags 
comply with the ESEF taxonomy. Where a financial 
statement line item is not defined in the ESEF taxonomy, an 
extension to the taxonomy has been created.
The annual report submitted to the Malta Business 
Registry consists of the XHTML document together with 
the technical files, all of which are included in the zip file 
‘213800UCC6GA967UCS06-2025-12-31.zip’.
Applying materiality
The consolidated financial statements separately present 
items or groups of items that are considered material. In 
addition, information that is considered material, either 
individually or in combination with other information, is 
disclosed. 
Materiality is judged by reference to the size and nature of 
the item. The deciding factor is whether the omission of 
a disclosure could, individually or collectively, influence 
the economic decisions made by the primary users on the 
basis of the consolidated financial statements. In particular 
circumstances, either the nature or the amount of an item 
or an aggregate of items could be the determining factor.
Comparative information
Comparative figures disclosed in the main components 
of these financial statements have been restated 
and reclassified to conform with the current year’s 
presentation format for the purpose of fairer presentation. 
See further details in note 1.5 and 1.6.
Other material accounting policies
Consolidation
The consolidated financial statements comprise Gentoo 
Media p.l.c. and its subsidiaries. Subsidiaries are all entities 
over which the Group has control. The Group controls 
an entity when the Group is exposed to, or has rights to, 
variable return from its involvement with the entity and has 
the ability to affect those returns through its power over 
the entity. 
Subsidiaries are fully consolidated from the date on 
which control is transferred to the Group. They are 
deconsolidated from the date that control ceases. Upon 
consolidation, inter-company transactions, balances 
and unrealised gains on transactions between Group 
companies are eliminated. Unrealised losses are also 
eliminated but considered an impairment indicator of the 
asset transferred.  
Accounting policies of subsidiaries have been changed 
where necessary to ensure consistency with the policies 
adopted by the Group.
Business combinations
The Group applies the acquisition method of accounting 
to account for business combinations other than 
those between entities under common control. The 
consideration transferred for the acquisition of a 
subsidiary is the fair values of the assets transferred, the 
liabilities incurred to the former owners of the acquiree and 
the equity interests issued by the Group. The consideration 
transferred includes the fair value of any asset or liability 
resulting from a contingent consideration arrangement.  
Acquisition-related costs are expensed as incurred.  
Identifiable assets acquired and liabilities and contingent 
liabilities assumed (identifiable net assets) in a business 
combination are measured initially at their fair values at the 
acquisition date.
Goodwill is initially measured as the excess of the 
consideration transferred (together with, if applicable, 
the amount of any non-controlling interest in the acquiree 
and the acquisition-date fair value of any previous 
equity interest in the acquiree) over the fair value of the 
identifiable net assets acquired. 
The group recognises any non-controlling interest in 
the acquired entity on an acquisition-by-acquisition 
basis, either at fair value or at the non-controlling 
interest’s proportionate share of the acquired entity’s net 
identifiable assets.
Basis of preparation
Note 1.3

===== SIDA 23 =====

Gentoo Media  |  PLC Report 2025  |  Section 1
23
Financial statements 
Foreign currency translation
Transactions in currencies other than the functional 
currency of the respective group entities are considered 
transactions denominated in foreign currencies. 
Foreign currency transactions are translated into the 
functional currency using the exchange rates prevailing at 
the dates of the transactions. Foreign exchange gains and 
losses resulting from the settlement of such transactions 
and from the translation at year-end exchange rates of 
monetary assets and liabilities denominated in foreign 
currencies are recognised in profit or loss within finance 
income and expenses.
Financial statements of foreign entities with a functional 
currency other than EUR are translated at the exchange 
rates prevailing at the reporting date for assets and 
liabilities, and at the average exchange rate for income 
statement and cash flow items. Foreign exchange 
adjustments arising on translation of the opening 
balance of equity of foreign entities and on translation 
of income statement items from the exchange rates 
at the transaction date to the exchange rates at the 
reporting date are recognised in other comprehensive 
income. Goodwill and fair value adjustments arising on the 
acquisition of a foreign entity are treated as assets and 
liabilities of the foreign entity and translated into EUR at the 
exchange rates prevailing at the reporting date.
On disposal or partial disposal of a foreign entity, 
translation differences that were previously recognised in 
other comprehensive income are recognised in profit or 
loss as part of the gain or loss on sale.
     
Statement of cash flows 
The cash flow statement is presented using the indirect 
method and shows the composition of cash flows divided 
into operating, investing and financing activities and the 
changes in cash and cash equivalents during the year.
Cash flow from operating activities consists of earnings 
before interest and taxes (EBIT) adjusted for depreciation, 
amortisation and impairment, changes in provisions and 
net working capital, other non-cash operating items and 
taxes paid.
Cash flow from investing activities comprises payments 
made, and cash received in connection with the 
acquisition and disposal of businesses and non-current 
assets, including settlement of deferred and contingent 
considerations related to such acquisitions.
Cash flow from financing activities comprises changes in 
the size or composition of equity and loans, repayment 
of interest-bearing debt including lease liabilities and 
payments of interest.
Cash flows from discontinued operations are included 
in cash flows from operating, investing and financing 
activities together with cash flows from continuing 
operations, but separately specified in note 3.5.
Cash and cash equivalents
Cash and cash equivalents comprises cash on hand, 
deposits held at call with banks and e-wallets.
Note 1.3

===== SIDA 24 =====

Gentoo Media  |  PLC Report 2025  |  Section 1
24
Financial statements 
Going concern 
As at 31 December 2025, the Group’s current liabilities 
exceeded the current assets by EUR 133.0 (54.9) million. 
The year-on-year movement is driven primarily by: 
/ the December 2026 maturity of the circa EUR 92 million 
listed bond and the revolving credit facility (“RCF”) of circa 
EUR 20 million maturing in September 2026 which are both 
presented within current liabilities, offset by: 
/ a reduction of EUR 32.9 million in the deferred 
consideration relating to acquisitions carried out in 
previous years. The latter were funded through the Group’s 
generation of operating cash flows from continued 
operations of EUR 34.7 million in the year to 31 December 
2025.
Therefore, as of 31 December 2025, the Group’s net 
interest-bearing debt (“NIBD”) amounted to EUR 112 
million. During Q4 2025, NIBD was reduced by EUR 5 
million. As of the beginning of 2026, the Group had 
remaining deferred consideration of EUR 4.3 million 
related to the acquisitions of Kafe Rocks and Titan Inc. In 
Q1 2026, the Group settled EUR 1.7 million of this deferred 
consideration and repaid EUR 2 million on its RCF.
In January 2026, the Group initiated a refinancing process 
covering both the bond and the existing RCF, representing 
a total volume of approximately EUR 120 million. While the 
process attracted strong interest from both existing and 
new investors and secured the targeted volume, the overall 
terms offered were not considered sufficiently attractive 
by management and those charged with governance, who 
chose to postpone the bond refinancing process to later in 
2026.
Management assesses that the proposed terms 
were impacted by two key factors: (i) market timing, 
including heightened investor focus on global AI-related 
opportunities during the process, and (ii) the Group’s 
2025 financial performance, which reflected a significant 
transformation with margins returning to historical levels in 
the second half of the year.
In March 2026, the Group secured new shareholder loan 
facilities totalling EUR 18 million, consisting of: 
/ A EUR 16 million pari passu facility maturing on 31 
December 2027, carrying interest in line with the Group’s 
existing bond terms and ranking pari passu with existing 
bondholders and the RCF provider. The facility includes 
covenants broadly aligned with the existing bond terms, 
with an expected reduction to EUR 14 million by the end of 
July 2026; and
/ A EUR 2 million unsecured facility maturing on 30 April 
2027, carrying interest at the existing bond terms plus a 3% 
margin and which does not carry any financial covenants.
 
The proceeds from these facilities were used to fully 
refinance the Group’s existing RCF which had a carrying 
amount of circa EUR 20 million as at 31 December 2025 
and which was due to mature in September 2026. 
The Group has provided the following guidance to the 
market for the full year 2026: 
/ Revenue: EUR 105–115 million
/ Adjusted EBITDA: EUR 49–54 million
/ Cash from operations: EUR 37–41 million
/ Cash outflows related to deferred payments: EUR 3.5 
million
Trading and financial performance are currently in line 
with expectations when considering results for the first 
quarter of 2026. Management expects to deliver within the 
communicated guidance range. Even under a low-case 
scenario with cash from operations of EUR 37 million, the 
Group expects to generate net free cash flow in the range 
of EUR 15–20 million.
Therefore, at the date of this report, the focus of 
management and those charged with governance is 
to now secure bond refinancing in the coming months 
at overall terms that are considered to be sufficiently 
attractive to the Group. This timing also allows for the 
Group to demonstrate a more consistent financial 
performance through the delivery of another two quarters 
of results. Management is also considering various 
alternative strategic options that could become available 
to the Group.
Accordingly, those charged with governance do not 
believe that any material uncertainty exists that could 
impact the going concern basis of preparation of these 
financial statements. The Group expects to be able to 
honour all of its existing obligations as they fall due for a 
minimum period of twelve months from the date when 
these financial statements were available for issuance.
Note 1.3

===== SIDA 25 =====

Gentoo Media  |  PLC Report 2025  |  Section 1
25
Financial statements 
Significant risks and uncertainties
General
Legislative changes across jurisdictions may limit the 
Group’s ability to offer gaming products in certain markets. 
New regulatory frameworks can create opportunities but 
also increase compliance costs by fragmenting markets 
and imposing varying product, advertising and regulatory 
standards.
The Group mitigates these risks by monitoring legal 
developments, implementing required changes, seeking 
external advice and providing continuous regulatory 
training, reinforcing a strong compliance culture.
Competitive pressure from existing and emerging players 
may reduce market share and profitability, especially in 
newly regulated markets with established incumbents. 
Continued success depends on innovation, product 
enhancement, effective advertising, strong partner 
relationships and adequate resources. Slow adaptation 
to market demands may adversely impact financial 
performance.
Additional risks include customer defaults, operational 
impacts from Google algorithm updates and artificial 
intelligence, currency fluctuations, and internal risks such 
as dependence on key personnel, resource limitations, 
cybersecurity threats and acquisition-related challenges.
In preparing the consolidated financial statements, 
Management has assessed the potential impacts from 
these risks and uncertainties and considered these in 
their development of assumptions about the future and 
financial forecasts. It has been assessed that there is no 
material financial impact on the measurement of assets 
and liabilities.        
Geopolitical risks and uncertainties
The Group does not have business in the impacted conflict 
regions of Ukraine and Russia, and Israel and Gaza, and 
while difficult to predict the wider impact on consumer 
spending, no material impact has been experienced so far 
in the Group’s operations. 
Historically, the online gambling industry has proved robust 
and normally has not been materially affected by uncertain 
periods for the global economy.
Climate related risks
Due to the nature of the business, the Group is not 
particularly exposed to climate-related risks. The Group 
remains attentive to emerging environmental factors that 
may affect future performance and the consolidated 
financial statements. 
Note 1.3

===== SIDA 26 =====

Gentoo Media  |  PLC Report 2025  |  Section 1
26
Financial statements 
Critical accounting estimate and judgement Nature of accounting impact Note reference
Identification of special items 
Identifying and separating special items from ordinary items.
Judgement 2.3 - Special items
Determination of development vs maintenance
Assessing whether work performed on existing technology 
platform is maintenance or development activities.
Judgement 3.1 - Intangible assets
Useful lives of domains
Estimating the useful lives of domains acquired.
Estimate 3.1 - Intangible assets
Impairment test
Estimating key assumptions applied for the purpose of  
impairment testing.
Estimate 3.2 – Impairment test
Uncertain tax positions
Assessing compliance with tax regulation.
Estimate 4.3 - Income tax and  
deferred income tax
The preparation of the Group’s consolidated financial 
statements requires management to make judgements, 
estimates and assumptions that affect the application of 
policies and reported amounts of assets, liabilities, income, 
expenses, and the accompanying disclosures. Uncertainty 
about these assumptions and estimates could result in 
outcomes that require a material adjustment to the carrying 
amount of assets or liabilities in future periods. Estimates 
and the underlying assumptions are reviewed on an ongoing 
basis.
This note includes the areas that involve a higher degree 
of judgement or complexity and where changes in 
assumptions and estimates will likely have a significant 
impact on the consolidated financial statements. These 
areas are categorised as critical accounting estimates and 
judgements.
/ Critical accounting estimates
The determination of the carrying amount of some assets 
and liabilities requires the estimation of the effect of 
uncertain future events on those assets and liabilities and 
actual results may differ from the estimates made. Making 
estimates involves developing expectations of the future 
based on assumptions, which Management to the extent 
possible have supported by historical trends or reasonable 
expectations. Management believes that the applied 
estimates are the most likely outcome of future events. 
 
/ Key accounting judgments 
Key accounting judgements are made when applying 
accounting policies. Key accounting judgements are the 
judgements made that can have a significant impact on 
the amounts recognised in the consolidated financial 
statements. 
The areas that are categorised as critical accounting 
estimates and judgements are unchanged from 2024, 
except the identification of special items in 2025 and that 
there have been no business acquisition in 2025.
The description of the critical accounting estimates and 
judgements are included in the individual notes as shown 
below:
Critical accounting estimates and judgements
Note 1.4

===== SIDA 27 =====

Gentoo Media  |  PLC Report 2025  |  Section 1
27
Financial statements 
Changes in accounting policies and disclosures - new 
standards and interpretations
In 2025, the Group adopted new IFRS Accounting 
Standards, amendments and interpretations to existing 
standards that are mandatory for financial reporting 
periods beginning on 1 January 2025 as adopted by the EU. 
None of the new or amended standards or interpretations 
have had a significant impact on the Group’s consolidated 
financial statements for the current year in respect of 
recognition and measurement and are not expected to 
have a material impact on future periods or on foreseeable 
future transactions.
Voluntary changes in accounting policies 
During 2025, Management has chosen to change the 
presentation in the consolidated income statement. In 
previous periods items of financial income and expenses, 
such as interest income and expenses, foreign exchange 
rate gains and losses etc. were included in the line items 
‘other income and expenses’. Management believes 
that a change in presentation in the income statement to 
present separately ‘Finance costs, net’ better reflects the 
nature of the underlying income and costs. Further, foreign 
exchange rate gains and losses on the Group’s bonds have 
been presented separately as ‘Unrealised exchange loss 
on the bond’.
 
Comparative figures for 2024 have been reclassified 
accordingly, whereby EUR 14,321 thousand have been 
reclassified from the line item ‘other income and expenses’ 
to the line items ‘Finance costs, net’ and ‘Unrealised 
exchange loss on the bond’. The change of presentation 
did not have any impact on the result for the years 
presented. A reconciliation of how the reclassifications 
have impacted the line items in the income statement is 
presented below in note 1.6.
New standards and interpretations that are not yet 
effective
Generally, all new and amended IFRS Accounting 
Standards and interpretations are expected to be 
implemented by the Group when they become 
mandatory and have been endorsed by the EU. Certain 
new accounting standards and interpretations have 
been published that are not mandatory for 31 December 
2025 reporting periods. None of these amended or new 
standards are expected to have a material impact on the 
Group’s recognition and measurement of items within 
these consolidated financial statements in the current 
or future reporting periods and on foreseeable future 
transactions.
IFRS 18 Presentation and Disclosure in Financial 
Statements
From 1 January 2027, IFRS 18 will replace IAS 1, introducing 
new requirements with the purpose of achieving 
comparability of the financial performance of similar 
entities and providing more relevant information and 
transparency to users.
IFRS 18 will not have any impact on the recognition or 
measurement of items in the financial statements, but 
introduces changes to the structure and presentation 
of the income statement. The standard requires 
retrospective application, thus comparative information 
must be restated.
The Group will amongst others be required to:
/ Classify items of income and expenses into five 
categories (operating, investing, financing income taxes 
and discontinued operations).
/ Present new defined subtotals in the income statement 
(operating profit or loss, and profit or loss before financing 
and income taxes).
/ Provide a single disclosure about management-defined 
performance measures (MPPs) with reconciliations to IFRS 
subtotals.
The Group has initiated its analysis of IFRS 18. The full 
impact assessment of IFRS 18 will be completed in due 
time before the mandatory adoption in the Q1 interim 
report for 2027.
Based on the Group’s initial analysis, the key effects are 
currently assessed to include:
/ Foreign exchange rate differences will be classified in 
the same category as the related income and expenses 
from the items, giving rise to the foreign exchange rate 
differences. Currently, foreign exchange gains and losses 
are presented within finance income and expenses.
/ Interest income will under IFRS 18 be presented within 
the investing category and interest paid will be presented 
within the financing category.   
/ Additional disclosures to be provided about the Group’s 
‘management-defined performance measures’.
Changes in accounting policies and disclosures
Note 1.5

===== SIDA 28 =====

Gentoo Media  |  PLC Report 2025  |  Section 1
28
Financial statements 
EUR’000 
 
Income statement
2024 as reported Reclassification of 
financial items Correction of error  2024 restated
Revenue 122,773   - -4,720 118,053
Employee costs -15,594 - 3,306 -485 -19,385
Marketing expenses -32,020   - 655 -31,365
Other operating expenses -18,700   4,072 -15 -14,643
Operating profit before depreciation and amorti-
sation (EBITDA) and special items 56,459   766 -4,565 52,660
Special items - - 766 - -766
Operating profit before depreciation and amorti-
sation (EBITDA) 56,459   - -4,565 51,894
Amortisation and depreciation -17,625 - 364 -17,261
Other income and expenses 637 - - 637
Operating profit (EBIT) 39,471   - -4,201 35,270
Finance costs, net -13,516   962 -315 -12,869
Unrealised exchange loss on the bond - - 962 - -962
Profit before income taxes 25,955   - -4,516 21,439
Income tax 372   -   - 372
Profit from continuing operations 26,327   - -4,516 21,811
Loss from discontinued operations -78,912   -   - -78,912
Loss for the year -52,585   - -4,516 -57,101
Other comprehensive income 61   -   - 61
Total comprehensive income -52,524   - -4,516 -57,040
EUR’000 
 
Balance sheet (extract)
31 December 2024 as reported Correction of error 31 December 2024 restated
Assets
Other intangible assets 62,221 1 74 62,395
Trade and other receivables 26,995 -2,372 24,623
Liabilities
Borrowings (current) 16,200 72 16,272
Trade and other payables 11,897 2,538 14,435
Current income tax liabilities 24,824 56 24,880
Equity
Accumulated deficit -126,528 -4,865 -131,393
Total equity -24,727 -4,865 -29,592
During the third quarter of 2025, Management discovered material errors related to the 2024 financials. The details of the 
errors, which in aggregate are material, have been described below.
The errors have been corrected by restating each of the affected financial statement line items for 2024 as follows:
Correction of material error
Note 1.6

===== SIDA 29 =====

Gentoo Media  |  PLC Report 2025  |  Section 1
29
Financial statements 
All the corrections are attributable to the owners of 
Gentoo Media p.l.c. There is no material tax effect. 
Description of corrections made:
/ The correction in revenue relates to identified 
discrepancies between the actual delivery of services and 
the revenue previously recognised, including a number 
of subsequent credit notes issued in 2025 that pertain to 
revenue recorded in 2024 with no reinvoicing. 
/ The change in trade payables is due to funds received 
(non-recurring) that were initially recorded as payables; 
following clarification in the current year, these amounts 
were recognised as other income and accordingly 
released from trade payables in 2025, refer to note 2.6. 
/ The correction in employee costs and other operational 
expenses primarily relates to an insufficient bonus accrual 
recognised in 2024.
/ The correction in amortisation relates to excessive 
amortisation recognised in 2024. 
/ The correction in marketing expenses relates to improper 
periodisation between the actual incurrence of costs and 
the timing of the expense recognition. 
/ The correction in financial items relates to interest 
expenses that were erroneously omitted from the 2024 
financial statements. 
Description of reclassifications made:
/ The reclassification of employee costs to other operating 
expenses pertains to consultancy costs. 
/ The reclassification to special items pertains to one-off 
cost related to the split from Platform and Sportsbook.
The total impact on profit for continuing operations in 
2024 amounts to EUR -4,516 thousand. Total equity as 
of 31 December 2024 has been reduced by EUR 4,865 
thousand. 
The consolidated statement of cash flows were restated 
accordingly to reflect the corrections. However, all 
changes were related to items within cash flows from 
operating activities. Thus, total cash flows operating, 
investing and financing activities were not affected.
Note 1.6  | Correction of material error

===== SIDA 30 =====

Gentoo Media  |  PLC Report 2025 Management commentary  |  Back to content
30
Results of the year
Section 2
31   Note 2.1  /  Segment information 
33   Note 2.2  /  Revenue 
35   Note 2.3  /  Special items 
36  Note 2.4  /  Employee costs 
37  Note 2.5  /  Share-based payment schemes 
39  Note 2.6 / Other operating income and expenses

===== SIDA 31 =====

Gentoo Media  |  PLC Report 2025  |  Section 2
31
Financial statements
Publishing Paid Media Group
EUR’000 2025 2024 restated 2025 2024 restated 2025 2024 restated
Revenue per category
Revenue share agreements   46,446    50,872   14,507   19,67 4   60,953   70,546 
Cost per acquisition (CPA)   9,235   9,581   4,100   4,055   13,335   13,636 
Listing fees / other revenue   23,111   29,228   1,340   4,643   24,451   33,871 
Total revenue   78,792   89,681   19,947   28,372   98,739   118,053 
Other operating income   2,306   -   -   -   2,306   - 
Cost - 38,449 - 41,788 - 19,435 - 23,605 - 57,884 - 65,393 
Operating profit before depreciation and 
amortisation (EBITDA) and special items   42,649   47,893   512   4,767   43,161   52,660 
EBITDA margin before special items 54% 53% 3% 17% 44% 45%
Special items, net - 3,978 - 766 - 1,297   - - 5,275 - 766 
Operating profit before depreciation and 
amortisation (EBITDA)   38,671   47,127 - 785   4,767   37,886   51,894 
EBITDA margin 49% 53% -4% 17% 38% 44%
Investments in non-current*   6,293   6,139   -     -     6,293   6,139 
*Capitalisation of intangible assets.
The Group’s business segments are divided into 
operating segments which are consistent with the internal 
management reporting to the Group management team. 
The operating segments are regularly reviewed by the 
Group management team who is responsible for assessing 
operating segments’ performance and for making 
resource allocation decisions.
The Group has two operating and reportable segments: 
/ Publishing
/ Paid Media
The publishing segment generates revenue by creating 
content monetized through ads, subscriptions, or 
sponsorships. It attracts audiences organically via Search 
Engine Optimization (SEO), social media, and direct traffic, 
earning from programmatic ads, direct brand deals, or 
paywalls. Success depends on content quality, audience 
engagement, and advertiser demand. Challenges include 
ad-blockers, declining ad revenues, and algorithm shifts. 
Unlike paid marketing, publishing focuses on building and 
monetizing an engaged audience over time rather than 
actively spending on traffic acquisition.
Our paid marketing business generates revenue by 
promoting products or services through digital advertising 
channels like Google Ads and social media. It operates 
on performance-based models such as Cost-Per-
Click (CPC), Cost-Per-Impression (CPM), or Cost-Per-
Acquisition (CPA). Businesses in this sector earn through 
commissions, ad spend markups, or listing fees. Success 
depends on audience targeting, bidding strategies, and 
ad creatives, with platforms like Google and Meta leading 
the space. Revenue is influenced by seasonality, budgets, 
and algorithm changes. 
Unlike publishing, paid marketing actively spends to 
acquire traffic, facing challenges like rising customer 
acquisition costs and privacy regulations. 
The Group operates an integrated business model. As 
such assets and liabilities are not allocated to operating 
segments in the internal reporting reviewed by the CODM.
There are no significant transactions between the 
operating segments.
Segment information
Note 2.1

===== SIDA 32 =====

Gentoo Media  |  PLC Report 2025  |  Section 2
32
Financial statements
Accounting policies  
The segments are determined and reported based 
on the information internally provided to the Group’s 
‘management team’, which is defined being the 
Group’s chief operating decision-maker. 
The business performance of the segments is 
measured by operating profit before amortisation 
and depreciation (EBITDA). Segment revenue and 
costs comprise of items that are directly attributable 
to the individual segments. Decisions on financing 
(other income and expenses) and tax planning 
(income tax) are managed at Group level and are 
therefore not managed and allocated to segments. 
The accounting policies of the reportable segments 
are the same as applied by the Group as described 
throughout the respective notes.
During 2025 and 2024, no single customer accounted for 
10% or more of the Group’s total revenue.
EUR ‘000 2025 2024 restated
Nordic countries   1,369   2,206 
Europe excluding Nordic countries   90,777   98,109 
 Group   92,146   100,315 
Total non-current assets (excluding financial 
instruments and deferred tax assets) split by 
domicile location of the entities holding the assets: EUR ‘000 2025 2024 restated
Nordic countries   21,755   18,692 
Europe excluding Nordic countries   47,107   47,598 
Rest of world   29,877   51,763 
Group   98,739   118,053 
Total revenue split by operator’s location
EUR’000
Group
2025 2024 restated
Operating profit before depreciation and amortisation (EBITDA)   37,886   51,894 
Amortisation, depreciation, and impairment losses - 19,554 - 17,261 
Loss on sale of non-current assets - 234   - 
Other income and expenses   317   637 
Operating profit (EBIT)   18,415   35,270 
Finance costs, net - 13,938 - 12,869 
Unrealised exchange loss on the bond - 1,835 - 962 
Profit before income taxes   2,642   21,439 
Reconciliation of profit before income tax for the year
Note 2.1  |  Segment information

===== SIDA 33 =====

Gentoo Media  |  PLC Report 2025  |  Section 2
33
Financial statements
Accounting policies 
Gentoo Media is a multi-channel affiliate marketing 
business connecting high-value players with 
leading online sportsbooks and casinos. Revenue 
is recognised in accordance with the 5-step model 
of IFRS 15 Revenue from Contracts with Customers, 
which requires revenue to be recognised when 
control with the underlying services are transferred 
to the customers at an amount that reflects the 
consideration to which the Group expects to be 
entitled in exchange for those services. 
 
The Group generates revenue primarily on a 
performance basis through commissions derived 
from referrals of prospective players visiting the 
Group’s websites to the Group’s customers, who are 
regulated online gambling operators.
 
Commission fees may be earned under revenue 
share agreements, cost per acquisition agreements 
(CPA), or in combination. The Group also generates 
other revenue, primarily from listing fees. Detailed 
descriptions of the Group’s accounting policies for 
each revenue stream are provided below.
 
The nature of the Group’s promises are to attract end 
users (players) using online marketing methodologies 
and to redirect these customers to the online 
sportsbooks and casinos. The Group is thus not 
involved in the operator’s delivery of gaming or 
gambling services to the players or otherwise to 
arrange for these gaming or gambling services to be 
provided by the online sportsbooks and casinos. As 
such, the Group has concluded that it is the principal 
in its revenue arrangements within the affiliate 
marketing business.
 
Commission fees
Management considers the promises in the 
commission fee agreements to represent a series 
of distinct performance obligations related to 
redirecting players on a continuous basis to the online 
gaming and gambling providers. 
The Group has no material obligations for discounts, 
incentives or refunds of commissions subsequent to 
completion of its performance obligations.
The payment terms are generally 7 days for the ‘paid 
segment’ and 31 days for the ‘publishing segment’. 
Invoices are generally raised after the work has been 
performed and the Group’s obligations have been 
satisfied. 
Information about the Group’s revenue disaggregated by 
product line is provided above in note 2.1, which also shows 
the relationship between revenue by product line and 
revenue information disclosed for the reportable segments, 
i.e. Paid Media and Publishing.
Revenue
Note 2.2

===== SIDA 34 =====

Gentoo Media  |  PLC Report 2025  |  Section 2
34
Financial statements
Revenue share agreement 
For revenue share agreements, the Group receives 
a share of the net gaming revenues that the gaming 
operator generates over the lifetime of the referred 
player. The revenue share to which the Group is entitled 
is based on the operator’s positive net gaming revenue 
generated by the portfolio of referred players within 
a calendar month. An operator’s negative net gaming 
revenue does not yield a negative revenue share 
amount for the Group for the applicable period. As 
such, the Group does not recognize revenue in the 
corresponding period when the operator has negative 
net gaming revenue. Negative net gaming revenue for 
a month is normally not carried forward to be offset 
against positive net gaming revenue from the same 
referred players in subsequent calendar months. Thus, 
the Group recognizes revenue in subsequent periods 
without deductions from previous periods’ negative 
net gaming revenue.
 
Since the revenues are not fixed at the outset, the 
commission fees for each referral are considered 
variable consideration and are only recognized to 
the extent it is probable that no significant reversal 
of cumulative revenue recognized for this referral will 
occur when the fees are ultimately known. Although 
performance is complete when the referral is accepted 
by the operator, the ultimate revenue-sharing fees 
from the referral are subject to significant uncertainties, 
including how long the referred player will remain active, 
patterns of wins and losses, regulatory developments, 
etc. Consequently, revenue-share fees are considered 
constrained and not included in the transaction 
price until the uncertainties are resolved. Revenue is 
therefore recognized in the month the related positive 
net gaming revenue is earned by the respective gaming 
operators from the portfolio of referred players.
 
Cost per acquisition (CPA) agreements
For a cost per acquisition agreement, the operator 
pays a one-time fee to the Group for each player that 
registers and deposits a minimum amount on the 
operator’s site. The CPA commission fees are based on 
pre-agreed fixed rates, and are by nature variable as the 
fees are only payable - if and when - the deposits are 
made by the players. Revenue from CPA fees for each 
player referral are recognized by the Group when the 
uncertainty is resolved, being in the month where the 
referral creates a qualifying account with the operator 
(i.e. making a deposit).
CPA fees are normally paid to the Group shortly after 
the month-end. 
Listing fees / other revenue
Other revenue primarily comprises listing fee 
agreements. In such agreements, an operator pays a 
fixed fee for exposure in the form of being provided 
a prominent position and to be critically reviewed on 
the Group’s websites. As such, the operators receive 
and consume the benefits as the Group performs, 
i.e. during the period the operators are provided the 
prominent position. The related revenue is therefore 
recognized over time on a linear basis over the term of 
the agreement. 
Note 2.2  |  Revenue

===== SIDA 35 =====

Gentoo Media  |  PLC Report 2025  |  Section 2
35
Financial statements
Accounting policies 
Special items consist of recurring and non-
recurring items that management does not 
consider to be part of the Group’s ordinary 
operating activities, i.e. acquisition costs, 
adjustment of earn-out payments related to 
acquisitions and restructuring costs.
Special items are shown separately from the 
Group’s ordinary operations to facilitate a 
better understanding of the Group’s financial 
performance.
2024 restated
EUR’000 As reported Special item If special items had not been presented seperately
Other operating expenses - 14,643 - 766 - 15,409 
2025
EUR’000 As reported Special item If special items had not been presented seperately
Other income   2,306   204   2,510 
Other operating expenses - 9,037 - 3,171 - 12,208 
Employee costs - 21,898 - 2,308 - 24,206 
Split from Platform and Sportsbook 
Special items for the year 2025 include costs associated 
with the separation from the Platform and Sportsbook 
operations amounting to EUR 3,171 thousand (2024: 
EUR 766 thousand). These activities also led to various 
optimisation initiatives and projects, which are reflected in 
operational expenses under special items.
Streamlining of operations 
Further, special items for the year 2025 include costs 
of EUR 2,308 thousand (2024: nil) incurred as part 
of restructuring and streamlining efforts across the 
organisation, primarily reflected in personnel-related 
expenses.
EUR’000 2025 2024
Special items, income
Earnout reversal - 204   - 
Special items, expenses
Split from Platform and Sportsbook   3,171   766 
Streamlining of operations   2,308   - 
Special items   5,275   766 
Special items comprise of the following:
Special items 
Note 2.3 
Earnout reversal
The earnout reversal of EUR 204 thousand in 2025 is 
recognised as an income under special items, arising from 
a reassessment of contingent considerations related to 
the acquisition of KaFe Rocks Ltd. 
 
Key accounting judgements
The use of special items entails management judgement 
in the separation from ordinary items. Management 
carefully considers individual items and projects (including 
restructuring) in order to ensure the correct distinction and 
split between operating activities and significant income 
and expenses of a special nature. Management initially 
assesses the entire restructuring project and recognises 
all present costs of the project.
The projects are assessed on an ongoing basis, with 
additional costs possibly being incurred during the lifetime 
of the project. The estimate includes expenses related 
to termination of employees, onerous contracts, break 
fees and other obligations arising in connection with 
restructuring. 
Impact of special items on operating profit
If special items had been recognised in operating profit before special items, they would have been included in the 
following line items:

===== SIDA 36 =====

Gentoo Media  |  PLC Report 2025  |  Section 2
36
Financial statements
Remuneration to key management
 
The Group’s key management comprises of members of 
the Board of Directors and the Group management team.
It is the Group’s policy that the remuneration of the 
directors is based on a salary which reflects the tasks and 
responsibility of their employment and the value added 
to the Group. This remuneration is established on an 
individual basis.
In addition, the Group has granted share options to the key 
management in recognition of services rendered, refer to 
note 2.5.  Remuneration to key management members, as 
specified above, represents the expenses recognised in 
the periods covered by these financial statements.
Accounting policies 
Employee costs include wages and salaries, 
cash bonuses, share-based payments, pension 
costs, benefits and social security costs. In 
general, employee costs are expensed when 
the services are rendered by the employees.
Employee costs also include termination 
benefits, which are expensed when an 
agreement has been reached between the 
Group and the employee and no future service 
is rendered by the employee in exchange for 
the termination payment.
The accounting policy for share-based 
payments is provided in note 2.5.
EUR’000 2025 2024 
restated
Wages and salaries   24,278   22,286 
Social security costs   2,507   2,677 
Share based payment expense   531   59 
Total employee costs before capital-
isation   27,316   25,022 
Employee costs capitalised as part of 
software development - 5,418 - 5,637 
Total employee costs recognised in 
the income statement   21,898   19,385 
Average number of full-time employ-
ees   340   335 
EUR’000 2025 2024
Short-term employee benefits   1,416   3,463 
Share based payment expense   -   55 
Termination benfits 379 -
Total  1,795   3,518 
Employee costs
Note 2.4
Employee cost

===== SIDA 37 =====

Gentoo Media  |  PLC Report 2025  |  Section 2
37
Financial statements
The Group’s key management personnel and selected 
key employees are part of the share-based payment 
plans granted by the Group’s parent, Gentoo Media Inc. 
As such, the Group has over time had various share-based 
payment plans where the exercise and vesting terms are 
established at the time of grant. The initiatives for these 
share-based payment plans aimed to align the interests 
of the participants with those of the shareholders and to 
support the Group’s strategic objectives.
All options granted are conditional on the participants 
completing a specified number of years’ service (the 
vesting period). The options are generally vesting in 
instalments over 1 to 6 years. The exercise of the share 
options is conditional on continued employment at the 
day of exercise. Once vested, the options are exercisable 
in four annual exercise windows. No other vesting or non-
vesting conditions apply. 
The Group has no legal or constructive obligation to 
settle or repurchase the options in cash. Accordingly, the 
option plans are classified as equity-settled share-based 
payment plans. The fair value of stock options granted 
is determined using the Black-Scholes option-pricing 
model.
Share option plans granted in 2025 programme
In alignment with the Group’s previous programmes, 
the Board of Directors formally approved a share option 
plan for key employees in April 2025. The shares options 
granted are vesting in three instalments with vesting 
dates ranging from 2028 to 2030. The terms of the 
2025 programme are similar to the terms of the Group’s 
programmes granted in previous years.
The fair value at grant date is determined using a Black-
Scholes option-pricing model that takes into account the 
share price at grant date, the exercise price, the risk-free 
interest rate for the term of the options, the expected 
volatility and the term of the options (the expected 
maturity). The share options have a weighted average grant 
date fair value of EUR 0.48 per share option. The total grant 
date fair value amounts to EUR 3,438 thousand. 
The average model inputs for share options granted during 
2025 included:
/ Share price at grant date: SEK 16.84 (EUR 1.55)
/ Exercise price: SEK 22.70 (EUR 2.10)
/ Expected volatility: 45.30%
/ Risk-free interest rate: 2.38%
/ Expected maturity: 4.64 yrs
The expected volatility was based upon an analysis of the 
historical volatility of peer-group
public companies within the affiliated marketing industry 
and is therefore considered to be reasonably comparable 
to the Group. The annualised volatility was calculated using 
data about the peer company’s share prices over a three-
year period. 
Outstanding instruments - Options 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The total expense recognised in 2025 arising from equity-
settled share-based payment transactions amounts to 
EUR 531 thousand (2024: EUR 59 thousand).
During 2025, there were a number of resignations and 
therefore options forfeited as the option holders did not 
meet the condition of continued employment. 
Share-based payment schemes
Note 2.5
Number of options Average  
exercise price  
in € per optionExecutive Management Other Total
Outstanding at 1 January 2025   265,500   854,100   1,119,600   1.7 4 
Granted   4,750,000   2,410,000   7,160,000   2.09 
Exercised   -   22,000   22,000   1.09 
Expired   52,000   256,100   308,100   1.55 
Forfeited   -   2,100,000   2,100,000   2.09 
Outstanding at 31 December 2025   4,963,500   886,000   5,849,500   2.06 
Outstanding at 1 January 2024   326,600   1,648,750   1,975,350   1.75 
Exercised   61,100   484,150   545,250   1.44 
Forfeited -   310,500   310,500   1.73 
Outstanding at 31 December 2024   265,500   854,100   1,119,600   1.74

===== SIDA 38 =====

Gentoo Media  |  PLC Report 2025  |  Section 2
38
Financial statements
Accounting policies 
The Group’s parent, Gentoo Media Inc., operates a 
number of equity-settled share-based compensation 
plans. Through these plans, the Group receives 
services from employees as consideration for equity 
instruments (options) of Gentoo Media Inc. The fair 
value of the employee services received in exchange 
for the grant of the options is recognised by the Group 
as an expense.
Equity-settled share-based payment transactions are 
measured at the grant date at fair value for employee 
services, which requires a valuation of the options. 
Once the fair value has been determined, the amount 
recognised as an expense is adjusted to reflect the 
number of awards for which the related service is 
expected to be met, such that the amount ultimately 
recognised is based on the number of awards that 
meet the related service. 
 
At the end of each reporting period, the Group 
revises its estimates of the number of options that are 
expected to vest based on the non-market vesting 
conditions and service conditions. It recognises the 
impact of the revision to original estimates, if any, in the 
income statement, with a corresponding adjustment to 
equity. 
At the end of 2025 there are currently 789,500 share options (2024: 236,500) that are vested but not exercised. The 
weighted-average remaining contractual lives are 3,52 years (2024: 1,77 years). 
Grant dates (year) Vest dates (range) Expiry dates Exercise prices €
Share options
2025 2024
2019 2020-2022 March 2025 2.18   -      30,000  
2021 2022-2024 December 2026 1.09   127,000    206,500  
2022 2023-2025 December 2027 1.59   662,500    883,100  
2025 2028 April 2029   1.96   2,894,320  -
2025 2029 April 2030  2.16   1,082,840  -
2025 2030 April 2031  2.37   1,082,840  -
  5,849,500    1,119,600  
Share options outstanding at 31 December 2025 have the following expiry date and exercise prices.
Note 2.5  |  Share-based payment schemes

===== SIDA 39 =====

Gentoo Media  |  PLC Report 2025  |  Section 2
39
Financial statements
Other operating income and expenses
Note 2.6
Other operating income
Other operating income of EUR 2,306 thousand (2024: 
nil) arises from the derecognition of a customer-related 
liability and is assessed as part of the Group’s ordinary 
operating activities.
Other operating expenses
Other operating expenses amount to EUR 9,037 thousand 
(2024: EUR 14,643 thousand), which primarily consist of 
consultancy costs of EUR 5,250 thousand (2024: EUR 
8,807 thousand) as well as licenses and software expenses 
of EUR 3,287 thousand (2024: EUR 2,354 thousand).

===== SIDA 40 =====

Gentoo Media  |  PLC Report 2025  Financial statements  |  Back to FS content
40
41   Note 3.1  /  Intangible assets 
43   Note 3.2  /  Impairment test 
45  Note 3.3  /  Leases
46  Note 3.4 /  Amortisation, depreciation and impairment losses
47  Note 3.5  /  Discontinued operations
Operating assets 
and liabilities
Section 3

===== SIDA 41 =====

Gentoo Media  |  PLC Report 2025  |  Section 3
41
Financial statements  
Domains amounting to EUR 38,719 thousand (2024: 
EUR 47,365 thousand) comprise of domains acquired 
by the Group through business combinations and 
asset acquisitions. For consistent presentation across 
subsidiaries a reclassification of EUR 1,283 thousand 
was affected. The remaining useful life of the domains is 
indefinite. 
Change in useful life of domains
Following the spin-off and other significant activities 
undertaken in 2025, Management reassessed the 
estimated useful lives of intangible assets, with 
particular emphasis on domain-related assets. 
Management believes that the domains can provide 
economic benefits as long as they are continuously 
renewed and maintained. The domain registration 
rights can be renewed indefinitely at relatively low 
cost, with no legal or contractual limit to ownership. 
Management has both the intention and the ability to 
renew the domains with no foreseeable limitation of 
use. In addition, brand recognition is a key driver of 
customer acquisition and retention. As the domains are 
core to certain of the companies brands, the brand — 
and thus the domain — has no foreseeable end date. 
Management has therefore assessed that domains 
have indefinite useful lives. Consequently, Domains 
are not amortised from July 2025 onwards, but tested 
annually for impairment.
The net effect in 2025 of the revised assessment of 
the useful lives is decrease in the amortisation expense 
of EUR 4.36 million. In 2026, the annual amortisation 
expenses are expected to decrease by EUR 8.72 
million.
Management will review the assessment annually to 
determine whether the indefinite life continues to be 
supportable.
Key accounting judgements
Determination of development vs maintenance
Determining whether work performed on the 
Group’s existing technology platforms constitutes 
development qualifying for capitalisation or 
maintenance costs to be recognised in the income 
statement, involves judgement. The judgement 
involves assessments made by managers and product 
owners, which consider if the work creates new or 
increased revenue, which separately meets the criteria 
for development projects developed internally. 
In contracts, work performed with the purpose to 
maintain current revenue streams is considered 
maintenance to ensure the current state of already 
developed features, which previously has been 
capitalized during development.
 
 
EUR’000 Goodwill Trademarks Domains Affiliate contracts & 
database
Technology 
platform Total
Cost
Balance 1 January 2024   30,345   850   86,683   20,349   14,066   152,293 
Acquisitions from business combinations   3,754   -   -   718   -   4,472 
Additions   -   679   8,346   546   6,082   15,653 
Disposals   -   - - 210   -   - - 210 
Reclass to other assets   - - 850   700   -   - - 150 
Exchange rate adjustment - 60   -   -   80   -   20 
 31 December 2024   34,039   679   95,519   21,693   20,148   172,078 
Amortisation and impairment 
Balance 1 January 2024   -   - - 39,372 - 11,162 - 8,7 46 - 59,280 
Amortisation for the period   - - 9,846 - 2,869 - 3,649 - 16,364 
Impairment for the period - 58   -   -   -   - - 58 
Reclass to other assets   -   -   1,064 - 1,064   -   - 
 31 December 2024 - 58   - - 48,154 - 15,095 - 12,395 - 75,702 
Balance at 31 December 2024 restated   33,981   679   47,365   6,598   7,753   96,376 
EUR’000 Goodwill Trademarks Domains Affiliate contracts & 
database
Technology 
platform Total
Cost
Balance 1 January 2025   34,039   679   95,519   21,693   20,148   172,078 
Additions   -   -   -   1,305   6,444   7,749 
Disposals   -   - - 876   -   - - 876 
Reclass to other assets   -   - - 4,278   -   4,278   - 
 31 December 2025   34,039   679   90,365   22,998   30,870   178,951 
Amortisation and impairment 
Balance 1 January 2025 - 58   - - 48,154 - 15,095 - 12,395 - 75,702 
Amortisation for the period   -   - - 4,487 - 3,619 - 6,957 - 15,063 
Impairment for the period   -   - - 2,000   - - 793 - 2,793 
Reclass to other assets   -   -   2,995   - - 2,995   - 
 31 December 2025 - 58   - - 51,646 - 18,714 - 23,140 - 93,558 
Balance at 31 December 2025   33,981   679   38,719   4,284   7,730   85,393 
Intangible assets
Note 3.1

===== SIDA 42 =====

Gentoo Media  |  PLC Report 2025  |  Section 3
42
Financial statements  
Note 3.1  |  Intangible assets
Accounting policies
Goodwill
Goodwill arises on the acquisition of subsidiaries 
through business combinations.
Goodwill is initially recognised at the amount by which 
the purchase price for a business combination exceeds 
the recognised value of the identifiable assets and 
liabilities acquired. Goodwill comprises future growth 
expectations, buyer-specific synergies, the workforce in 
place etc. After initial recognition, goodwill is measured 
at cost less accumulated impairment losses. Goodwill 
is not amortised, but is tested for impairment annually 
or if an impairment indication arises. Impairment losses 
charged in previous years cannot be reversed.
Domains
Domains arises primarily from acquisition of businesses 
or asset acquisitions and are initially recognised 
fair value. Separately acquired domains are initially 
recognized at cost. Domains are subsequently 
measured at cost less accumulated amortisations and 
impairment losses. As of 30 June 2025, the useful lives 
of domains were assessed to be indefinite. Up until that 
point time, domains were amortized over 8 years.  
Affiliate and customer contracts
Acquired affiliate contracts are measured at historical 
cost less accumulated amortizations. Where such assets 
are acquired in a business combination, historical cost 
represents their acquisition-date fair value. Affiliate and 
customer contracts are estimated to have a useful life of 
3 years, determined by reference to the expected user 
churn rate. 
Computer software and technology platforms
Acquired computer software and technology platforms 
are capitalised on the basis of the costs incurred to 
acquire and bring to use these assets. Where such 
assets are acquired in a business combination, historical 
cost represents their acquisition-date fair value. These 
costs are amortised over their estimated useful lives of 3 
to 4 years or, in the case of computer software, over the 
term of the licence agreement, if different. Development 
costs that are directly attributed to the design and 
testing of identifiable and unique software products 
controlled by the Group are recognised as intangible 
assets when the following criteria are met:
/ It is technically feasible to complete the intangible 
asset so that it will be available for use;
/ Management intends to complete the intangible asset 
and use or sell it;
/ There is an ability to use or sell the intangible asset ;
/ It can be demonstrated how the intangible asset will 
generate probable future economic benefits;
/ Adequate technical, financial and other resources 
to complete the development and to use or sell the 
intangible asset are available; and
/ The expenditure attributable to the intangible asset 
during its development can be reliably measured.
Directly attributable costs that are capitalised include 
primarily cost for the development employees. The 
assessment of whether such costs satisfy the above 
conditions for capitalisation is made by Management 
and is based on data logged in a project management 
platform. Other development expenditures that do not 
meet these criteria are recognised as an expense as 
incurred.
Critical accounting estimates
Useful lives of domains
The Group reviews the estimated useful lives of domains 
at least annually. As described above, the useful lives 
of the Group’s domains were in July 2025 revised to be 
considered indefinite. When estimating the domain’s 
useful lives Management considers among other the 
Group’s legal rights to renew domains when they expire, 
including related renewal costs, and whether the Group 
has both the intention and ability to renew the domains 
with no foreseeable limitation in use.

===== SIDA 43 =====

Gentoo Media  |  PLC Report 2025  |  Section 3
43
Financial statements  
Impairment test result for the year
In accordance with the Group’s accounting policies, 
Management performs an annual impairment test of 
goodwill and other intangible assets. The impairment tests 
performed in 2025 and 2024 did not result in recognition 
of any impairment losses. 
The impairment tests are an assessment of whether a cash 
generating unit will be able to generate sufficient positive 
net cash flow in the future to support the carrying amount 
of the asset or assets related to the unit. 
Management also reviews whether there are any 
indications that non-current assets may be impaired. 
In that connection Management identified that certain 
specific assets underperformed relative to expectations, 
which resulted in recognition of impairment losses on 
domains by EUR 2,000 thousand and EUR 793 thousand 
on technology platforms. Impairment losses of EUR 58 
thousand on goodwill were recognised in 2024.
Details about the impairment test of goodwill and other 
intangible assets and impairment losses recognised in 
2025 are provided below.
Impairment test 
The Group’s goodwill primarily relates to prior years’ 
acquisitions of AskGamblers Ltd. and KaFe Rocks Ltd., 
companies offering affiliate marketing via their own 
websites. Following the reassessment in 2025 of the useful 
lives of domains being indefinite, the carrying amount of 
domains are tested for impairment together with goodwill 
and intangible assets with definite useful lives.
Consistent with the Group’s management reporting 
structure the cash generating units are the operating and 
reportable segments, being Paid and Publishing, which 
also represent the smallest group of assets in the business. 
The identification of CGUs are consistent with last year. 
The carrying amount of goodwill and other intangible 
assets are allocated to the CGUs as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The recoverable amount determined in the impairment 
test is based on a ‘value in use’ calculation. To determine 
the value in use, Management is required to estimate 
the present value of the future free net cash flow based 
on budget for 2026 as approved by the Group’s Board, 
and forecasts for 2027-2030 (2024: 2026 - 2028). 
Management’s estimates also include projections for the 
terminal period. 
Key assumptions in the estimate of the present value are 
revenue growth and EBITDA margin. 
/ Revenue growth rate is the average annual growth rate 
over the four-year forecast period. It is based on past 
performance and management’s expectations of market 
development. The development of revenue growth is 
expected to be realised based on all the Group’s activities. 
Paid and Publishing is supported by a documented 
increasing level of activity with the Group’s existing 
customers and the expectation and a general increase in 
the market.
/ EBITDA-margin reflects the margin in the budget for 
2026 and average margin in the four-year budget period. 
The expected EBITDA-margin is based on historical 
experience and the assumptions about expected market 
developments. The expected margin reflects a materially 
learner cost base following the operational improvements 
and restructuring activities incurred in 2025.
The projected cash flows also include assumptions 
regarding the following:
 
 
 
 
 
 
/ The long-term growth rate in the terminal period is based 
on the expected growth rate in the world economy. 
/ The pre-tax discount rate reflects specific risks relating to 
the segments. 
 
/ Marginal tax rate is the expected rate over the three-year 
forecast period. For Paid it is based on current Danish tax 
legislation, and for Publishing it is based on current Maltese 
tax legislation.
2024
EUR’000 Paid Media Publishing Total
Goodwill   5,853   28,128   33,981 
Other intangibles 
assets with indefinite 
useful lives
  -   679   679 
Intangible assets with 
definite useful lives   654   61,062   61,716 
Total intangible assets   6,507   89,869   96,376 
2025
EUR’000 Paid Media Publishing Total
Goodwill   5,853   28,128   33,981 
Other intangibles 
assets with indefinite 
useful lives
  -   39,398   39,398 
Intangible assets with 
definite useful lives   12   12,002   12,014 
Total intangible assets   5,865   79,528   85,393 
Impairment test
Note 3.2 
2025 2024
Paid 
Media Publishing Paid  
Media Publishing
Long term  
growth rate 2% 2% 2% 2%
Pre-tax  
discount rate 16% 16% 15% 15%
Marginal  
tax rate 22% 5% 22% 5%

===== SIDA 44 =====

Gentoo Media  |  PLC Report 2025  |  Section 3
44
Financial statements  
The calculated value in use for each cash generating unit 
is considerably higher than the carrying amount. The 
impairment test thus shows that goodwill other intangible 
assets are not impaired. In Management’s opinion, no 
reasonable likely change to the key assumptions will 
result in the carrying amount of each cash-generating 
unit exceeding the value in use significantly. In the prior 
year, there were no reasonably possible changes in any 
of the key assumptions that would have resulted in an 
impairment.
Impairment loss on domains and technology platform
In 2025, an impairment loss of EUR 2,000 thousand 
was recognised relating to a domain that is part of the 
Publishing segment. In December 2025, Management 
reviewed the performance of the domain and concluded 
that it did not generate revenue in accordance with 
expectations and was therefore written down to its 
recoverable amount of EUR 983 thousand, which was 
determined by reference to the domain’s fair value less 
cost of disposal. The main valuation input used was a 
revenue multiple, reflecting Management’s expectations 
for the revenue-multiple that could be obtained from a 
sale of the domain. Since the estimated revenue-multiple 
is a significant unobservable input, the fair value of the 
domain is classified as a level 3 fair value. 
In addition, an impairment loss of EUR 793 thousand was 
recognised on the technology platform, which was also 
part of the Publishing segment. The write-down is related 
to a separate development project, which no longer will 
be used by the Group and where all related development 
activities have ceased. The net realisable value was 
therefore nil.
The total impairment loss of EUR 2,793 thousand have been 
recognised in the income statement within amortisation, 
depreciation and impairment losses.
Critical accounting estimates
Impairment test
In performing impairment tests, management assesses 
whether the CGU to which the goodwill and other 
intangible assets relates is expected to generate 
sufficient net cash flows to support the carrying amount 
of intangibles. The assessment is based on estimates of 
expected future cash flows (value in use) for the individual 
CGU, which by nature are uncertain. 
Estimates are based on financial budgets for the following 
year, as approved by management, which assessed, 
expected growth and market developments and are 
discounted to present value. Assumptions applied in the 
and forecasting period of four years as well as terminal 
growth rates and margins applied are described above.
Note 3.2   |  Impairment test
Accounting policies  
Assets that have an indefinite useful life are not 
subject to amortisation and are tested annually for 
impairment.
The Group performs impairment tests of goodwill 
and other intangible assets with indefinite useful 
lives (i.e. domains and trademarks) at the reporting 
date or when indications of impairment exist. Other 
intangible assets are tested annually, or more 
frequently if events or changes indicate that the 
carrying amount may not be recoverable. 
When performing the impairment test, the 
recoverable amount of the asset is determined 
as the higher of the fair value of the asset less 
anticipated costs of disposal and its value in use. 
Value in use is calculated as the present value of 
expected future cash flows from the asset or the 
CGU to which the asset belongs. Each CGU to which 
goodwill is allocated represents the lowest level 
within the Group at which goodwill is monitored by 
Management.
Goodwill is tested for impairment together with other 
non-current assets in the CGU to which goodwill is 
allocated. Impairment of goodwill is recognised in 
the income statement if the carrying amount of the 
CGU exceeds its estimated recoverable amount. 
Impairment of goodwill is not reversed. 
Impairment of other non-current assets is reversed if 
estimates used to calculate the recoverable amount 
change. An impairment loss is reversed to the extent 
that the carrying amount does not exceed the 
carrying amount that would have been determined, 
net of amortisation, had no impairment loss been 
recognised.
Non-financial assets other than goodwill that 
suffered an impairment are reviewed for possible 
reversal of the impairment at the end of each 
reporting period.

===== SIDA 45 =====

Gentoo Media  |  PLC Report 2025  |  Section 3
45
Financial statements  
No change was required in 2025 or in 2024 that would have 
resulted in a change in the lease term.
The Group has recognised the following amounts related 
to leases:
 
Right-of-use assets 
 
 
 
 
Lease liabilities 
 
 
 
 
 
 
Additions to the right-of-use assets during the 2025 
financial year were EUR 3,078 thousand (2024: EUR 2,081 
thousand). 
The income statement shows the following amounts 
related to leases:
For 2025, the total cash outflow for leases amounted to 
EUR 1,642 thousand (2024: EUR 2,807 thousand).
The maturity analysis of lease liabilities is provided in note 
5.4. 
The Group as a lessee 
Nature of the Group’s leasing activities
The Group leases various properties. Rental contracts are 
typically made for fixed periods of 1 to 8 years but may have 
extension options as described below. Lease terms are 
negotiated on an individual basis and contain a wide range 
of different terms and conditions. The lease agreements 
do not impose any covenants, but leased assets may not 
be used as security for borrowing purposes.
Extension and termination options are included in a number 
of properties across the Group. These terms are used 
to maximise operational flexibility in terms of managing 
contracts. The majority of extension and termination 
options held are exercisable only by the Group and not 
by the respective lessor. In determining the lease term, 
Management considers all facts and circumstances that 
create an economic incentive to exercise an extension 
option or not exercise a termination option. Extension 
options (or termination options) are only included in the 
lease term if the lease is reasonably certain to be extended 
(or not terminated). The assessment is reviewed if a 
significant event or a significant change in circumstances 
occurs which affects this assessment and that is within 
the control of the lessee. Termination options are primarily 
related to the Group’s office locations in Denmark, Malta 
and the United Kingdom. 
 
EUR'000 2025 2024
Buildings   4,690   2,902 
Total right-of-use assets   4,690   2,902 
EUR'000 2025 2024
Current   1,161   1,088 
Non-current   3,777   2,114 
Total lease liabilities   4,938   3,202 
EUR'000 2025 2024
Depreciation   1,335   824 
Interest expense   372   296 
Total lease liabilities   1,707   1,120 
Accounting policies
The Group’s leases relate primarily to office 
premises and recognises a right-of-use asset and 
a corresponding lease liability at the date at which 
the leased asset is available for use by the group. 
At initial recognition, future lease payments are 
discounted using the interest rate implicit in the 
lease, if that rate can be readily determined, or 
alternatively the incremental borrow rate of the 
respective entity holding the lease. Lease liabilities 
are subsequently measured by increasing the 
carrying amount to reflect interest on the lease 
liability, and reducing the carrying amount to 
reflect the lease payments made. Contracts may 
contain both lease and non-lease components. 
The Company has elected not to separate lease 
and non-lease components and instead accounts 
for these as a single lease component.
Right-of-use assets are measured at cost 
comprising the following: 
/ the amount of the initial measurement of lease 
liability; 
/ any lease payments made at or before the 
commencement date less any lease incentives 
received;
/ any initial direct costs; and
/ restoration costs.
The Group subsequently depreciates right-of-
use assets over the shorter of the asset’s useful 
life and the lease term on a straight-line basis. 
Variable lease payments other than those based 
on an index or rate are recognised in the income 
statement when incurred.
Payments associated with short-term or low 
value - leases are recognised on a straight-line 
basis as an expense in profit or loss presented 
within ‘Other operating expenses’. 
Leases 
Note 3.3

===== SIDA 46 =====

Gentoo Media  |  PLC Report 2025  |  Section 3
46
Financial statements  
Note 3.4   
Amortisation, depreciation and impairment losses comprise of the following: 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property, plant and equipment
Property, plant and equipment amounting to EUR 2,063 thousand (2024: EUR 1,037 thousand) comprises primarily of 
leasehold improvements of EUR 863 thousands (2024: EUR 158 thousand). For 2025, total additions amounted to EUR 1,423 
thousand (2024: EUR 656 thousand) of which 732 thousand were leasehold improvements, primarily related to the Group’s 
new office in Malta. There were no significant disposals in 2025 or 2024.
Amortisation, depreciation  
and impairment losses
EUR’000 2025 2024 
restated
Amortisations on intangible assets   15,063   16,364 
Depreciations on property, plant & equipment   363   15 
Depreciations on right-of-use assets   1,335   824 
Impairment losses on intangible assets   2,793   58 
Total   19,554   17,261

===== SIDA 47 =====

Gentoo Media  |  PLC Report 2025  |  Section 3
47
Financial statements  
Note 3.5   
Discontinued operations 
On 30 September 2024, the Group completed its 
restructuring process of dividing the media and platform 
divisions into two independently listed companies. The 
split was achieved through a divestment of the platform 
& sportsbook business, which was distributed to the 
shareholders of the Group’s parent company, Gentoo 
Media Inc. (formerly Gaming Innovation Group Inc). For 
2024, the results of the divested business were presented 
as discontinued operations in the income statement. The 
distribution was a reduction in capital contribution.
The key figures for the discontinued operations were:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The carrying amounts of assets and liabilities as at the date 
of the distribution (30 September 2024) were:
EUR’000 2024
Intangible assets   46,015 
Other non-current assets   3,538 
Current assets   31,801 
Total assets   81,354 
Trade and other payables   20,294 
Other liabilities   5,061 
Total liabilities   25,355 
EUR’000 2024
Revenue   29,352 
Expenses - 106,873 
Profit before income tax - 77,521 
Income tax - 1,391 
Loss from discontinued operations after tax - 78,912 
Cash flows
Operating activities - 24,635 
Investing activities - 10,641 
Financing activities   34,634 
Accounting policies  
A discontinued operation is a component 
of the Group that has been disposed of or 
is classified as held for distribution and that 
represents a separate major line of business 
or geographical area of operations, is part of 
a single coordinated plan to dispose of such 
a line of business or area of operations, or is a 
subsidiary acquired exclusively with a view to 
resale. 
The results of discontinued operations are 
presented separately in the consolidated 
statement of comprehensive income.

===== SIDA 48 =====

Gentoo Media  |  PLC Report 2025  
48
Financial statements  |  Back to FS content
Net working capital
Section 4
49   Note 4.1  /  Trade and other receivables 
51  Note 4.2  / Cash flow statement  specification 
52   Note 4.3  /  Income tax and deferred income tax

===== SIDA 49 =====

Gentoo Media  |  PLC Report 2025  |  Section 4
49
Financial statements 
As at 31 December 2025, Management recorded a loss 
allowance of EUR 2,147 thousand (2024: EUR 2,805 
thousand) which reconciles to the opening loss allowance 
as follows:
from customers are within controlled parameters. The 
Group monitors the performance of these financial assets 
on a regular basis to identify incurred collection losses 
which are inherent in the Group’s receivables taking into 
account historical experience in collection of accounts 
receivable. The Group does not hold collateral as security.
Expected credit losses
The Group’s trade receivables are subject to the expected 
credit loss model. 
For trade receivables the Group applies a simplified 
approach in calculating expected credit losses. Therefore, 
the Group does not track changes in credit risk, but instead 
recognises a loss allowance based on lifetime expected 
credit losses at each reporting date. The Group has 
established a provision matrix that is based on days past 
due for each of the group entities as these individually have 
similar loss patterns. These historic loss rates are reviewed 
by Management to reflect factors specific to the debtors 
outstanding at the balance sheet date, as well as to reflect 
the Group’s revised debt-collection procedures, which 
have been enhanced during 2025 with the objective to 
decrease the credit risk.
Intercompany receivables are assessed based on the 
underlying financial position of the respective subsidiaries. 
Management considers the associated credit risk to be 
low, and any expected credit loss to be immaterial.
As of 31 December 2025, the Group’s trade and other 
receivables consist of:  
 
 
 
 
 
 
 
 
 
The Group is primarily exposed to credit risk from the trade 
receivables amounting to EUR 15,822 thousand (2024: EUR 
21,462 thousand), consisting of the risk that counterparties 
fail to meet their contractual obligations when they fall 
due.
Other receivables include a receivable of EUR 8,958 
thousand (2024: nil) from the Group’s parent company, 
Gentoo Media Inc. Amounts due from the parent company 
are repayable on demand and interest free.
The Group seeks to mitigate its credit risk by assessing 
the credit quality of its customers taking into account 
financial position, past experience and other factors. The 
Group has processes in place to ensure that sales are only 
made to customers with an appropriate credit history. The 
Group manages credit limits and exposures actively in a 
practicable manner such that past due amounts receivable 
Note 4.1
Trade and other receivables
EUR’000 2025 2024
Expected credit loss at 1 January   2,805   1,435 
Increase/decrease in loss allowance 
recognised in profit or loss during the 
year
- 215   1,702 
Receivables written off during the year 
as uncollectible   -443 - 332 
Expected credit loss at 31 December   2,147   2,805 
EUR '000 2025 2024  
restated
Trade receivables   15,822   21,462 
Accrued income   909   1,494 
Other receivables   10,7 49   1,667 
Total receivables   27,480   24,623

===== SIDA 50 =====

Gentoo Media  |  PLC Report 2025  |  Section 4
50
Financial statements 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
It is Management’s assessment that no significant 
concentration risk exists as the trade receivable portfolio 
is diverse. The expected credit loss for 2024 was based 
on the trade receivables before restatement of EUR 
2,372 thousand, hence the expected credit loss has not 
been adjusted to reflect the restated trade receivables 
for 2024. Trade receivables of EUR 1,230 thousand were 
excluded in the previous year from the expected credit 
loss assessment due to insufficient information, as they 
relate to a recent acquisition with limited historical data 
available to management.
EUR’000 Trade
receivables, gross
Expected  
loss rate
Expected  
credit loss
Carrying  
amount
31 December 2025
Not due   7,692 1%   89   7,603 
Overdue 1-30 days   3,110 2%   57   3,053 
Overdue 31 to 60 days   1,034 4%   39   995 
Overdue 61 to 90 days   410 5%   19   391 
Overdue 90 to 120 days   395 5%   19   376 
Overdue +120 days   5,328 36%   1,924   3,404 
Total   17,969   -   2,147   15,822 
31 December 2024
Not due   12,406 1%   150   12,256 
Overdue 1-30 days   3,354 3%   105   3,249 
Overdue 31 to 60 days   2,355 6%   142   2,213 
Overdue 61 to 90 days   1,621 10%   167   1,454 
Overdue 90 to 120 days   769 14%   107   662 
Overdue +120 days   4,904 44%   2,134   2,770 
Total   25,409   -   2,805   22,604 
Note 4.1  |  Trade and other receivables
Set out below is the information about the credit risk exposure on the Group’s trade receivables using a provision matrix: 
Accounting policies  
Trade receivables are amounts due from customers 
for services performed in the ordinary course of 
business.
Trade and other receivables are recognized 
initially at fair value and subsequently measured at 
amortised using the effective interest method, less 
provision for impairment. The Group’s model for 
managing trade and other receivables is to collect 
the contractual cash flows arising from them, 
and those cash flows have been determined to 
represent solely payments of principal and interest.     
The carrying amount of the asset is reduced 
through the use of an allowance account, and the 
amount of the loss is recognised in profit or loss. 
For all trade receivable, the Group applies the IFRS 
9 simplified approach in measuring the expected 
credit losses, which uses a lifetime expected loss 
allowance.
When a receivable is uncollectible, it is written off 
against the allowance account for trade and other 
receivables. Subsequent recoveries of amounts 
previously written off are credited against profit or 
loss.

===== SIDA 51 =====

Gentoo Media  |  PLC Report 2025  |  Section 4
51
Financial statements 
Cash flow statement  specification
EUR’000 2025 2024 restated
Change in trade and other receivables - 2,857 - 11,502 
Change in trade and other payables - 113   4,47 4 
Other changes in assets and payables   304   1,419 
Total change in working capital  - 2,666 - 5,609 
EUR’000 2025 2024 restated
Depreciation and amortisation charges   16,761   33,243 
Share-based compensation   531   59 
Impairment of assets   2,793   51,051 
Loss on disposal of intangible assets and property, plant and equipment   234   393 
Other non-cash items - 190 - 532 
Total non-cash adjustments   20,129   84,214 
Changes in working capital
Adjustments for non-cash items
 Material non-cash transactions for 2024 included:
 
/ Distribution of the Platform & Sportsbook segment, as disclosed in more detail in note 3.5. The segment held EUR 9,968 
thousand in cash and cash equivalents at that date, reducing the Group’s cash and cash equivalents by an equivalent 
amount.
/ Acquisitions of subsidiaries and intangible assets amounting to EUR 4,788 thousand were funded through deferred 
consideration arrangements.
/ Reduction in a deferred consideration liability amounting to EUR 2,496 thousand funded by the Company’s parent issuing 
shares. Further additions of EUR 2,361 thousand were recorded, which were the result of the capitalisation of receivable 
balances.
/ Reduction of EUR 3,469 thousand in the loan from the Group parent, executed through the Company’s assignment of 
certain receivables to the Group parent. 
Note 4.2

===== SIDA 52 =====

Gentoo Media  |  PLC Report 2025  |  Section 4
52
Financial statements 
Income taxes
Total income tax for the year is specified as follows:
 
 
Income tax is attributable to:
Effective tax rate
EUR’000 2025 2024 
restated
Current tax
Current tax on profit for the year   12,033   21,206 
Total current tax   12,033   21,206 
Deferred tax expense/ (benefit) - 10,335 - 21,578 
Total income tax   1,698 - 372 
EUR’000 2025 2024 
restated
Profit from continuing operations   1,698 - 372 
Profit from discontinuing operations   -   1,391 
Total income tax expense   1,698   1,019 
EUR’000 2025 2024 
restated
Profit from continuing operations before tax   2,642   23,597 
Profit from discontinuing operations before tax   - - 78,912 
Calculated tax at domestic tax rates - 730   2,376 
Tax effect of:
Income not subject to taxation - 3   - 
Expenses non-deductible for tax purposes   1,169   655 
Unrecognised current tax in previous year - 926 - 83 
Utilisation of unrecognised tax losses from previous years   - 
Movements in unrecognized deferred tax assets   1,242 - 3,247 
Other differences   1,308 - 73 
Income tax expense, reported   1,698 - 372 
Income tax and deferred income tax
Note 4.3

===== SIDA 53 =====

Gentoo Media  |  PLC Report 2025  |  Section 4
53
Financial statements 
Note 4.3  |   Income tax and deferred income tax
Deferred taxes
The following amounts are shown in the statements of financial position after appropriate offsetting:
EUR’000 2025 2024 restated
Deferred tax assets/ (liabilities) 
Deferred tax assets 1 January   17,298 - 3,984 
Adjustments of deferred tax in profit and loss   2,547   1,367 
Deferred tax recognised on the undistributed profits of subsidiaries   7,788   19,7 40
Additions from business combinations   - - 180 
Other movements   28 355 
Total deferred tax assets/(liabilities)   27,661   17,298 
Deferred tax assets/ (liabilities) 31 December 
Deferred tax is recognized in the balance sheet as: 
Deferred tax asset   29,810   19,7 46 
Deferred tax liability - 2,149 - 2,448 
Deferred tax assets/ (liabilities) 31 December   27,661   17,298 
Deferred tax is related to: 
Future tax credits on subsidiaries undistributed profits   29,133   19,7 46 
Differences between the tax base and carrying amounts of intangible, tangible assets and leases - 2,864 - 2,584 
Unabsorbed capital allowances and tax losses   655   - 
Provision for impairment of receivables   686   267 
Other temporary differences 51 - 131 
Deferred tax assets/ (liabilities) 31 December   27,661   17,298 
In assessing the realisability of the deferred tax assets related to net operating losses from its operations, management 
considered whether it is probable that some portion or all of the deferred tax assets will not be realised. The realisation of 
deferred tax assets depends on the company’s ability to generate taxable income in the future.
Critical accounting estimates
Uncertain tax positions
As the Group operates in different jurisdictions, tax compliance becomes more complex, and applicable tax regulations 
may be interpreted differently by the respective authorities, and disputes with these different authorities may occur. 
Management periodically evaluates positions taken in tax returns with respect to situations where applicable tax 
regulation is subject to interpretation and considers whether it is probable that a tax authority will accept an uncertain tax 
treatment. The possible outcome of uncertain tax positions is measured based on management’s best estimate of the 
amount required to settle the obligation and recognised in tax payables or income tax depending on the tax position. 
Management reviews its intragroup charging mechanisms on a regular basis, and the need for updated transfer pricing 
assessments is considered as the Group’s cross-border activity continues to evolve. 
Management believes that the provisions made are adequate. However, the actual obligations may deviate as they 
depend on the result of litigations and settlements with the relevant tax authorities.

===== SIDA 54 =====

Gentoo Media  |  PLC Report 2025  |  Section 4
54
Financial statements 
Note 4.3  |   Income tax and deferred income tax
Accounting policies  
The tax expense for the period comprises current 
and deferred tax. Tax is recognised in profit or 
loss, except to the extent that it relates to items 
recognised in other comprehensive income or 
directly in equity. The current income tax charge is 
calculated on the basis of the tax laws enacted or 
substantively enacted at the end of the reporting 
period.
Deferred tax is recognised, using the liability 
method, on temporary differences arising between 
the tax bases of assets and liabilities and their 
carrying amounts in the financial statements. 
However, deferred tax is not accounted for if it 
arises from initial recognition of an asset or liability 
in a transaction other than a business combination 
that at the time of the transaction affects neither 
accounting nor taxable profit or loss. Deferred tax is 
determined using tax rates (and laws) that have been 
enacted or substantially enacted by the end of the 
reporting period and are expected to apply when the 
related deferred tax asset is realised, or the deferred 
tax liability is settled.
Deferred tax assets are recognised only to the extent 
that it is probable that future taxable profit will be 
available against which the temporary differences 
can be utilised.
Deferred income tax assets and liabilities are offset 
when there is a legally enforceable right to offset 
current tax assets against current tax liabilities and 
when the deferred income tax assets and liabilities 
relate to income taxes levied by the same taxation 
authority on either the taxable entity or different 
taxable entities where there is an intention to settle 
the balances on a net basis.

===== SIDA 55 =====

Capital structure  
and financial items
Section 5
56  Note 5.1  / Shares, reserves and capital structure 
59  Note 5.2  /  Borrowings and interest  
61  Note 5.3  /  Financial assets and liabilities  
62  Note 5.4  /   Financial risks

===== SIDA 56 =====

Gentoo Media  |  PLC Report 2025  |  Section 5
56
Financial statements  
2025 2024
EUR  No. of shares  Nominal value  No. of shares  Nominal value
 1 January   14,638,000   14,638,000 50,000 50,000
Issue of ordinary A-shares   -   - 115,000,000 115,000,000
Cancellation of ordinary A-shares   -   - -100,412,000 -100,412,000
 31 December   14,638,000   14,638,000 14,638,000 14,638,000
There have been no movements in the number of ordinary 
B-shares in 2025 or 2024.
In connection with the distribution of the Platform business 
in 2024, a number of changes to the authorised and issued 
share capital were made:
/ The issued share capital was increased by 115,000,000 
Ordinary A-shares through the capitalization of capital 
reserves; the transaction did not involve any consideration.
/ The issued share capital was reduced through the 
cancellation of 100,412,000 Ordinary A-shares, in 
consideration of which the Company transferred its 
investment in GiG SpinCo, Inc to the Company’s parent.
Ordinary shares are classified as equity. Incremental costs 
directly attributable to the issue of new shares are shown in 
equity as a deduction, net of tax, from the proceeds. 
The entirety of the Company’s issued share capital is 
pledged in favour of Nordic Trustee AS, as the security 
agent and the bond trustee.
Share premium
Share premium comprises amounts above the nominal 
share capital paid by shareholders when shares are issued 
by Gentoo Media p.l.c. 
Movements in share premium are specified in the 
consolidated statement of changes in equity. 
 
Share capital
The Group’s share capital consists of ordinary A-shares 
and B-share, each of a nominal value of EUR 1.00 per 
share. 
As at 31 December 2025, 149,999,999 A-shares (2024: 
149,999,999 A-shares) and 1 B-share (2024:1 B-share) are 
authorised for issue, respectively. 
The holder of the B-share does not have the right to vote, 
does not have the right to receive dividends declared and/
or paid, and does not have the right to receive distribution 
of assets upon winding up. The A-shares do not have any 
such restrictions. Each ordinary A-share has a carries one 
vote.
All shares issued are fully paid. 
Movements in the issued share capital are set out below:
Shares, reserves and capital structure
Note 5.1

===== SIDA 57 =====

Gentoo Media  |  PLC Report 2025  |  Section 5
57
Financial statements  
Capital contribution reserve
In 2025, the Group received a capital contribution of EUR 
11,648 thousand from its parent company, Gentoo Media 
Inc. As a result, loans to the Group’s parent company 
amounts to nil as at 31 December 2025 (2024: 9,122 
thousand). 
 
In 2024, the Group received a capital contribution from 
its parent company, Gentoo Media Inc., of EUR 13,336 
thousand. The contribution included a waived amount 
due to Gentoo Media Inc. of EUR 10,839 thousand and an 
earn-out payment relating to the Group’s acquisition of 
KaFe Rocks Ltd., where Gentoo Media Inc. issued shares 
to sellers amounting to EUR 2,496 thousand, which were 
considered a capital contribution to Gentoo Media p.l.c. 
 
In 2024, EUR 9,649 thousand were reclassified from 
merger and other reserves by EUR -3,533 thousand and 
EUR 13,693 thousand respectively.
 
Information about the issue and the cancellation of shares 
through capitalisation of capital reserves is disclosed 
above.
Capital reserves 
Contributions received from the shareholders for which 
the Company has no obligation to repay are recorded in 
equity and presented within ‘Capital contribution reserve’. 
The reserve further includes share-based payment 
expenses from equity settled share-based payment 
programmes recognised in equity.
Capital reserves comprise the ‘capital contribution 
reserve’ and reserve for ‘advances for shares to be issued’. 
Movements in the capital reserves are specified as follows:
Note 5.1   |   Shares and capital structure
EUR Capital contribution 
reserve
Advances for shares to 
be issued Total
Balance at 1 January 2025   84,351   -   84,351 
Share-based payment expense   531   -   531 
Capital contribution received from the parent company   11,648   -   11,648 
Other movements   5   5 
Balance at 31 December 2025   96,535   -   96,535 
Balance 1 January 2024   151,191   511   151,702 
Share-based payment expense *   59   -   59 
Capital contribution received from the parent company   13,336   -   13,336 
Issue of shares - 115,000   - - 115,000 
Cancellation of shares   100,412   -   100,412 
Reclassifications within equity - 9,648 - 511 - 10,159 
Distributions of Platform & Sportsbook segment - 55,999   - - 55,999 
Balance at 31 December 2024   84,351   -   84,351
*The amount from discontinued operations is also included in the total fair value of employee services.

===== SIDA 58 =====

Gentoo Media  |  PLC Report 2025  |  Section 5
58
Financial statements  
Advances for shares to be issued
The amount of EUR 511 thousand as at 1 January 2024 
represented advances in respect of share premium, for 
which the formal documentation had not been filed with 
the Registrar of Companies by the end of the respective 
financial reporting periods. During 2024, this reserve was 
transferred to the capital contribution reserve.
Proposed dividends
The board of directors do not propose any dividend for 
the year 2025 and no dividends have been paid out during 
2025.
 
On 30 September 2024, a non-cash dividend was 
declared in the form of all of the shares held in subsidiaries 
forming the Platform & Sportsbook segment. The 
dividend was measured at the fair value of the subsidiaries 
amounting to EUR 55,999 thousand, and equated to a 
dividend per share of EUR 3.83. 
 
Merger reserve
During 2024, all amounts within the merger reserve (EUR 
3,533 thousand) were transferred to the capital reserve.
Other reserves
Other reserves consist of the ‘Currency translation 
reserve’ and reserve for ‘Transactions with non-controlling 
interests’.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Currency translation reserve
Translation differences arising on translation of foreign 
operations with a functional currency other than 
euros are recognised in other comprehensive income 
and accumulated in the separate reserve, ‘currency 
translation reserve, within equity. The cumulative amount 
is reclassified to profit or loss when the net investment is 
disposed of. The reserve is non-distributable.
Transactions with non-controlling interests
The reserve is used to record transactions where the Group 
acquires a further interest in a subsidiary or disposes of a 
stake in a subsidiary without losing control. The reserve is 
non-distributable.
During 2024, all amounts within this reserve (EUR 13,693 
thousand) were transferred to the capital reserve.
Capital management
For the purpose of the Group’s capital management, 
capital includes issued capital, share premium, and all 
other equity reserves attributable to the equity holders of 
the parent. The primary objective of the Group’s capital 
management is to maximise shareholder value and to 
maintain an optimal capital structure. The Group manages 
its capital structure and makes adjustments in light of 
changes in economic conditions. Capital risk is monitored 
on a regular basis by reporting the net interest-bearing 
liabilities against targets set by the Board, prior periods 
and covenants set by third parties.
To maintain or adjust the capital structure, the Group may 
adjust the dividend payment to shareholders, issue new 
shares or return capital to shareholders.
Note 5.1   |   Shares and capital structure
EUR Currency  
translation reserve
Transactions with  
non-controlling interests Total
Balance at 1 January 2025 - 732   - - 732 
Currency translation differences - 39 - - 39 
Transactions with non-controlling interests - - 185 - 185 
Balance at 31 December 2025 - 771 - 185 - 956 
Balance 1 January 2024 - 793 - 13,389 - 14,182 
Currency translation differences - 312   - - 312 
Changes in ownership interest in subsidiaries without loss of con-
trol   - - 304 - 304 
Recycling of accumulated exchange differences from disposal of 
Platform & Sportsbook segment   373   -   373 
Reclassifications within equity   -   13,693   13,693 
Balance at 31 December 2024 - 732   - - 732

===== SIDA 59 =====

Gentoo Media  |  PLC Report 2025  |  Section 5
59
Financial statements  
Issued Maturity 
date Seniority Currency Interest rate Nominal 
amount
2023 18 Dec 
2026
Senior 
secured SEK 3 month STIBOR  
+ 7.25% p.a.
350  
million
2023, 
2024
18 Dec 
2026
Senior 
secured EUR 3 month EURIBOR  
+ 7.25% p.a.
60  
million
EUR '000 2025 2024  
restated
Bonds 91,943 89,476
Credit facility 19,855 7,151
Loan from parent company   - 9,121
Total loans and borrowings 111,798 105,748
Borrowings, non-current   - 89,476
Borrowings, current 111,798 16,272
Cash and cash-equivalents 3,279 11,286
Net debt 108,519 94,462
/ Month-end minimum liquidity, such that the consolidated 
amount of cash and cash equivalents are not less than EUR 
3,000 thousand.
/ 3-Month cash flow forecast, such that projected 
consolidated cash and cash equivalents shall not fall below 
EUR 3,000 thousand during the forecast period tested on 
a monthly basis.  
There are no indications that the Group would have 
difficulties complying with the covenants when they will be 
next tested.
As of March 2026, the Facility has been repaid and the 
group is no longer subject to these requirements. A new 
facility was established with the following conditions.
/ A EUR 16 million pari passu facility (Maturing 31 December 
2027), carrying interest terms (EURIBOR plus margins of 
7.25%) in line with the Company’s existing bond terms 
and ranking pari passu with the Company’s existing 
bondholders and CF provider, covenants will be similar 
to existing bond terms with the expectations to bring the 
facility down to EUR 14 million by the end of July, and
/ A EUR 2 million unsecured facility (Maturing 30 April 
2027), carrying interest on terms (EURIBOR plus margin of 
10.25%) corresponding to the existing bond terms plus 3% 
and no covenants requirements.
The Group has complied with the covenants throughout 
the year. There are no indications that the Group would 
have difficulties complying with the covenants when it will 
be next tested as at the 31 March interim reporting date.
The bonds are listed on Nasdaq Stockholm and Frankfurt 
Stock Exchange Open Market.
Credit facility
In 2024, the Group entered into a credit facility with 
Citibank for a total amount of EUR 25 million with the 
purpose to manage transitional cash flow requirements. 
As of 31 December 2025, the carrying amount of the credit 
facility amounted to EUR 19,856 thousand (2024: EUR 7,151 
thousand). The credit facility carries a floating interest rate 
based on 1 month EURIBOR plus a margin of 4.5 - 8.5%. The 
facility matures in September 2026. 
The Group was required to comply with the following 
financial covenants at the end of each annual and interim 
reporting period: 
/ The Net Leverage Ratio shall not exceed 3.5x; and
/ The Interest Cover Ratio shall not be less than 3.00x.
When the financial covenants were tested in connection 
with the interim financial report for Q2 2025 the Group 
concluded that it did not comply with these covenants 
but received a waiver from the lender. In accordance with 
the waiver conditions the Group agreed on new terms 
with Citibank in November 2025 which are aligned with 
the Group’s strategic priorities. The key elements of the 
revised terms included: 
/ Reduced covenant providing flexibility until refinancing of 
the credit facility (maturing in September 2026) and bonds 
(maturing in December 2026).
/ Monthly repayments of principal amounts of €1,000 
thousand per month.  
 
The covenants for Q3 2025 were waived accordingly.
Until maturity, the Group shall according to the 
renegotiated terms comply the revised financial covenants 
as follows: 
/ Net leverage ratio shall not exceed:
 / 3.50x at 31 December 2025
 / 3.00x at 31 March 2026
 / 2.75x from 1 April 2026 until termination date   
/ Interest Cover ratio shall not be less than:
 / 3.00x at 31 December 2025
 / 3.50x at 31 March 2026
 / 4.00x at 30 June 2026 
/ Minimum liquidity, such that the consolidated amount of 
cash and cash equivalents at all times is not less than EUR 
1,500 thousand in the period 1 January - 28 February 2026 
and not less than EUR 2,000 thousand from 1 March 2026 
until termination.
Bonds
In 2023 and 2024, the Group issued bonds with a 
combined borrowing limit equivalent to EUR 100 million:
At the end of the year, the Group’s loans and borrowings 
consist of the following:
Borrowings and interest
Note 5.2
The bond terms require the Group to comply with the 
following financial covenant at the end of each annual and 
interim reporting period:
/ The Net Leverage Ratio shall not exceed 4.0x

===== SIDA 60 =====

Gentoo Media  |  PLC Report 2025  |  Section 5
60
Financial statements  
Accounting policies  
Borrowings comprising bonds issued, amounts 
drawn under credit facilities and loans from 
the parent company. Borrowings are initially 
recognised at the fair value of proceeds 
received, net of transaction costs incurred. 
They are subsequently measured at amortised 
cost. 
Any difference between the proceeds (net of 
transaction costs) and the redemption value 
is recognised in profit or loss over the period 
of the borrowings using the effective interest 
method in the case of fixed rate borrowings and 
using a straight-line basis in the case of floating 
rate borrowings.
Borrowings are classified as current liabilities 
unless the Group has a right to defer settlement 
of the liability for at least twelve months after 
the end of the reporting period; in that case, 
they are presented as non-current liabilities.
The Group’s accounting policies related to 
lease liabilities are further described in note 3.3.
. 
EUR ‘000 Carrying amount  
1 January 2024 Cash flows
Non-cash
Carrying amount  
31 December 2024New leases Acquisition  
of companies
Other non-cash  
movements
Borrowings, current and 
non-current 77,717 20,908   - 30 7,093 105,7 48
Lease liabilities, current 
and non-current 5,107 -2,808 527 283 93 3,202
Total liabilities from 
financing activities 82,824 18,100 527 313 7,186 108,950
EUR ‘000 Carrying amount  
1 January 2025 Cash flows
Non-cash
Carrying amount  
31 December 2025New leases Acquisition  
of companies
Other non-cash  
movements
Borrowings, current and 
non-current 105,7 48 13,000   -   - -6,950 111,798
Lease liabilities, current 
and non-current 3,202 -1,298 3,078   - -44 4,938
Total liabilities from 
financing activities 108,950 11,702 3,078   - -6,994 116,736
EUR’000 2025 2024 
restated
Other interest income 70   - 
Total finance income 70   - 
Interest expense on borrowings -10,7 40 -10,094
Interest expense on lease liabilities -372 -296
Notional interest on deferred consideration -1,124 -3,409
Other interest expense -216 -
Exchange loss/gain -1,056  930 
Tax penalty -500   - 
Total interest expenses on financial liabilities 
not measured at fair value -14,008 -12,869
Finance costs, net -13,938 -12,869
Refinancing of existing borrowings
Gentoo Media currently has an outstanding corporate 
bond of EUR 91.9 million maturing in December 2026. See 
note 1.3 going concern. 
 
Finance costs, net
Note 5.2  |  Borrowings and interest
Changes in liabilities arising from financing activities
This section sets out an analysis of the movements in liabilities arising from financing activities for each of the periods 
presented.

===== SIDA 61 =====

Gentoo Media  |  PLC Report 2025  |  Section 5
61
Financial statements  
Fair value measurement
Financial instruments that are remeasured at fair value 
on a recurring basis, or for which fair value is disclosed, 
are categorised into the following levels of the fair value 
hierarchy: 
/ Level 1: Observable market prices for identical 
instruments (quoted prices in active markets).
/ Level 2: Valuation techniques primarily based on 
observable prices or traded prices for comparable 
instruments.
/ Level 3: Valuation techniques primarily based on non-
observable inputs.
As at 31 December 2025, the Group’s listed bonds, 
denominated in EUR and SEK have a carrying amount 
of EUR 91,943 thousand (2024: EUR 89,476 thousand). 
The bonds are traded on Nasdaq Stockholm and have a 
quoted price of EUR 60,202 thousand and SEK 351,150 
thousand, totalling EUR 92,651 thousand (2024: EUR 
92,800 thousand), which in the opinion of management 
fairly presents the fair value of the bonds. The fair value 
estimate was deemed to fall under level 2 of the fair value 
measurement hierarchy, as it was based on a quoted price 
in a market with low trading volume and without significant 
adjustments.    
As the credit facility carries a floating interest rate and 
matures in September 2026, and is thus of a short-term 
nature, Management has assessed that its carrying amount 
approximates its fair value.
For financial assets and liabilities of short-term nature, 
such as trade receivables and trade payables, the 
carrying amount approximates their fair value. Similarly, 
as all outstanding deferred considerations are due within 
12 months of 31 December 2025, the carrying amount 
approximates the fair value.
Trade and other payables
Trade and other payables consist of: 
 
 
 
 
 
 
 
Deferred consideration
Deferred considerations arising from acquisitions of 
businesses and assets amount to EUR 4.251 thousand at 
31 December 2025 (2024: EUR 34,108 thousand), of which 
EUR 32,876 thousand has been paid during the year (2024: 
EUR 17,167 thousand). 
EUR’000 2025 2024 restated
Financial assets
Financial assets at amortised costs
Trade receivables 15,822 21,462
Cash and cash equivalents 3,279 11,286
Total 19,101 32,748
Financial liabilities
Financial liabilities at amortised costs
Trade payables and accruals 10,668 8,994
Borrowings, current and non-current 111,798 105,7 48
Lease liabilities, current and non-current 4,938 3,202
Deferred consideration 4,251 34,108
Total 131,655 152,052
Financial liabilities at fair value through profit & loss
Contingent consideration   - 74 1
Total   - 741
The carrying amount of financial instruments by category is specified as follows:
Financial assets and liabilities 
Note 5.3
EUR’000 2025 2024  
restated
Trade payables 6,569 6,425
Accruals 4,099 2,569
Other payables 1,415 5,441
Total 12,083 14,435

===== SIDA 62 =====

Gentoo Media  |  PLC Report 2025  |  Section 5
62
Financial statements  
Financial risk overview
The Group is exposed to a number of financial risks arising 
from its operating and financing activities comprising of 
foreign exchange risk, interest rate risk, liquidity risk and 
credit risk. Such financial risks can have a material impact on 
the consolidated financial statements of the Group.
The Group has not identified additional financial risk 
exposures in 2025 compared to 2024.
The financial risks are to the extent possible managed 
centrally for the Group. The Group provides principles for 
overall risk management. Through the risk management 
procedures, financial risks are monitored and reduced to an 
acceptable level. 
The Group did not make use of derivative financial 
instruments to hedge risk exposures during the current or 
preceding period. 
On an ongoing basis, the Group considers whether 
the financial risk management approach appropriately 
addresses the risk exposure considering changes in the risk 
picture.
Foreign exchange rate risk
The Group operates internationally and is exposed to foreign 
exchange rate risk arising from various currency exposures. 
However, sales and purchases are generally denominated 
in the functional currency of the respective group entities. 
Foreign exchange rate risk arises from recognised assets 
and liabilities denominated in a currency that is not an entity’s 
functional currency. As such, entities with net assets in 
functional currencies other than EUR comprise a translation 
risk that can impact the consolidated financial statements 
rather than exposing the Group to a transactional foreign 
exchange rate risk.
The Group’s exposure to foreign exchange rate risk is 
primarily related to the SEK denominated bonds issued by 
the Company.
The table below summarises the Group’s net exposure to 
foreign exchange rate risk by currency that are most material. 
The table further shows how profit or loss (before tax) is 
impacted from a reasonably possible increase in the relevant 
exchange rate against the EUR. 
 
 
 
 
 
 
 
 
 
 
 
A similar decrease in the exchange rate would have a 
corresponding impact on profit before tax. 
The sensitivity analysis is based on the financial assets and 
liabilities outstanding at the end of the reporting period.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash 
flows of a financial instrument will
fluctuate because of changes in market interest rates.
As further described in note 5.2, the Group’s exposure to 
interest rate risk is primarily related to borrowings comprising 
the issued bonds and credit facility which carry floating 
interest rates based on EURIBOR and STIBOR.
Although the interest rate in Europe generally have stabilised 
over the recent years and market expectations are that these 
interest rate levels will remain fairly constant, there is a risk that 
the interest rates may increase.
Sensitivity analysis
The Group has prepared a sensitivity analysis showing how 
profit or loss and equity would have been affected by a 
reasonably possible change in the interest rates. Had the 
interest rates increased by 100 bps, profit before tax would 
have decreased by EUR 1,122 thousand (2024: increase of 
100 bps would have decreased profit before tax by EUR 884 
thousand).
The sensitivity analysis is based on the financial instruments 
outstanding on the respective balance sheet dates and that 
all other variables and exposures remain constant.
EUR ‘000 2025 2024
Exchange 
rate
Sensitivity 
(%)
Net  
exposure
Impact 
on profit 
or loss
Net  
exposure
Impact on 
profit or 
loss
USD to EUR 15.0 1,635 245 1,917 288
SEK to EUR 5.5 -32,718 -1,799 -30,527 -1,679
RSD to EUR 5.0 -4,253 -213 3,487 1 74
NOK to EUR 5.0 -47 -2 -1,804 -90
GBP to EUR 5.0 770 38 2,152 108
Financial risks
Note 5.4

===== SIDA 63 =====

Gentoo Media  |  PLC Report 2025  |  Section 5
63
Financial statements  
Liquidity risk
The Group is exposed to liquidity risk in relation to meeting 
future obligations associated with its financial liabilities, which 
comprise principally trade and other payables, borrowings as 
well as lease payments.
Prudent liquidity risk management includes maintaining 
sufficient cash to ensure the availability of an adequate 
amount of funding to meet the Group’s obligations as they 
fall due. Management monitors liquidity risk by reviewing 
expected cash flows and assesses whether additional 
credit facilities are expected to be required over the coming 
year. The Group’s liquidity risk is actively managed taking 
cognisance of the matching of cash inflows and outflows 
arising from expected maturities of financial instruments. 
Details about the Group’s borrowings are provided in note 
5.2.
 
 
 
 
 
 
 
 
 
 
The table below analyses the maturity profile of the financial 
liabilities of the Group based on contractual undiscounted 
cash flows.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* The maturity analysis excludes non-financial instruments such as public 
debt, staff payables etc. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The maturity analysis is based on the following 
assumptions:
/ The amounts disclosed in the table are the contractual 
undiscounted cash flows (including interest payments). 
Balances due within 12 months equal their carrying 
amounts as the impact of discounting is not significant.
/ Interest payments on borrowings with variable interest 
rates are based on current interest rates applicable at the 
end of the respective reporting periods.
/ Payments for lease liabilities include only lease 
agreements which have commenced before the end of 
the reporting period. The amounts disclosed for the lease 
liabilities include cash flows relating to extension options if 
they have been included in the lease term, and therefore in 
the measurement of the lease liability.
The Group’s bonds and credit facility matures in 
2026. Further information regarding refinancing and 
Management’s going concern assessment is provided in 
note 1.3.
 
 
 
 
 
 
 
EUR’000 Less than  
1 year
Between 1 and 
2 years
Between 2 and 
5 years
More than 5 
years
Total  
cash flows
Carrying 
amount
2024  
Trade and other payables*   8,994   -   -   -   8,994   8,994 
Borrowings, current and non-current   25,854   99,129   -   -   124,983   105,7 48 
Lease liabilities   1,644   1,583   2,77 4   72   6,073   3,202 
Deferred consideration   34,195   1,025   -   -   35,220   34,108 
Contingent consideration   7 41   -   -   -   7 41   7 41 
Total   71,428   101,737   2,774   72   176,011   152,793 
EUR’000 Less than  
1 year
Between 1 and 
2 years
Between 2 and 
5 years
More than 5 
years
Total  
cash flows
Carrying 
amount
2025  
Trade and other payables*   10,668   -   -   -   10,668   10,668 
Borrowings, current   119,218 - - -   119,218   111,798 
Lease liabilities, current and non-current   1,513   1,182   2,487   1,001   6,183   4,938 
Deferred consideration, current and non-current   4,251   -   -   -   4,251   4,251 
Total   135,650   1,182   2,487   1,001   140,320   131,655 
Note 5.4  |  Financial risks

===== SIDA 64 =====

Gentoo Media  |  PLC Report 2025  |  Section 5
64
Financial statements  
Credit risk
Credit risk is the risk of a financial loss to the Group, if a 
counterparty to a financial instrument fails to meet its 
contractual obligations. 
The Group’s exposure to credit risk arises primarily from 
trade receivables and deposits made with banks and other 
intermediaries. At 31 December 2025, the total credit risk 
exposure amounted to EUR 21,248 thousand (2024: EUR 
35,553 thousand) as specified below::
 
 
 
 
 
 
The credit risk is governed by the Group’s credit risk policy. 
In relation to the credit risk related to deposits with banks and 
other intermediaries (cash and cash equivalents), the Group 
only uses financial counterparties possessing a satisfactory 
long-term credit rating from an internationally recognised 
agency. The following table provides information regarding 
the aggregated credit risk exposure, for deposits with bank 
and financial institutions or intermediaries with external credit 
ratings at the end of the year:
 
 
 
Credit risk exposure 
 
 
 
 
 
 
 
The Group’s exposure to credit risk from trade receivables is 
described on note 4.1.
EUR’000 2025 2024
AAA+ to AA-   22   32 
A+ to A-   2,185   4,455 
BBB+ to BBB-   203   4,299 
Below BBB- or not rated   869   2,500 
Total   3,279   11,286 
EUR’000 2025 2024 restated
Trade receivables (note 4.1)   17,969   24,267 
Cash and cash equivalents   3,279   11,286 
Total   21,248   35,553 
Note 5.4  |  Financial risks

===== SIDA 65 =====

Gentoo Media  |  PLC Report 2025 
65
Other notes
Section 6
66   Note 6.1  /    Related parties 
66  Note 6.2  /  Fees to statutory auditors 
66  Note 6.3  /  Contingent liabilities, pledges, and securities 
67  Note 6.4  /  Events after reporting period
67  Note 6.5  /   List of group entities 
68  Note 6.6 /  Statutory information

===== SIDA 66 =====

Gentoo Media  |  PLC Report 2025  |  Section 6
66
Financial statements
Related parties
The Group’s parent company is Gentoo Media Inc., which 
is also the ultimate controlling party, and has its shares 
traded on Nasdaq Stockholm.  
The Group’s related parties include all companies forming 
part of the Gentoo Media Inc. group, the shareholders, and 
other companies controlled or significantly influenced by 
the shareholders are considered to be related parties. 
Key management personnel are also considered related 
parties. 
    
Group’s related party transactions and balances
The Group received a capital contribution of EUR 11,648 
thousand from its parent company during the year 2025. 
As a result, loans from the Group’s parent company 
amounts to nil as at 31 December 2025 (2024: 9,122 
thousand).  
In  2024, The Group received a capital contribution of EUR 
13,336 thousand from its parent company.
 
Information about the remuneration to key management 
personnel is provided in note 2.4.
Apart from contracts of employment, including share-
based incentive programmes, no agreements or further 
transactions have been entered into with these parties. 
 
Before the spin-off on 30 September 2024, an investment 
was made in a new incorporated subsidiary of EUR 10 
million, which was incorporated in preparation for the spin-
off of the Group’s Platform & Sportsbook segment. The 
Group had temporary control over this subsidiary which 
was spun off as part of the new Group.
 
As part of the spin off, GIG Central was transferred to GIG 
Software PLC, and the respective Company had payment 
plans in relation to VAT and Social Security of previous 
years, and based on an agreement entered into with the 
Group, Gentoo has to settle 50% of such dues, which 
amount to EUR 2.5 million. During 2024, Gentoo paid EUR 1 
million, with the remainder being payable in 2025.
Note 6.1
Contingent liabilities, 
pledges, and securities 
Note 6.3 
Fees to statutory auditors
Note 6.2 
EUR’000 2025 2024
Fees related to statutory audit   318   459 
Fees for tax advisory services   20   10 
Assurance engagements   37   139 
Other assistance   8   83 
Total audit fees   383   691 
Litigations 
The Group is not part of any ongoing cases which are deemed to be of a material nature. 
From time to time, the Group is involved in litigation brought by previous employees or 
other persons. As of today, the Group and its legal counsel believe that these claims are 
without merit. For pledges refer to Note 5.1.

===== SIDA 67 =====

Gentoo Media  |  PLC Report 2025  |  Section 6
67
Financial statements
Entities Country 2025 (%) 2024 (%)
AskGamblers doo Serbia 100.0 100.0
AskGamblers Limited Malta 100.0 100.0
BE Marketing Limited Malta 80.0 80.0
Digital World Ltd Malta 100.0 100.0
GiG Norway AS Norway 100.0 100.0
Innovation Labs Limited Malta 100.0 100.0
KaFe Rocks Ltd Malta 100.0 100.0
KaFe Rocks USA LLC United States 100.0 100.0
Rebel Penguin ApS Denmark 100.0 100.0
SIA GiG Riga Latvia 100.0 100.0
Time2Play Media Ltd Malta 87.0 70.3 
Titan Inc. Limited United Kingdom 100.0 100.0 
Innovation Labs Limited Spain  Spain 100.0 -
Innovation Labs Limited Brazil  Brazil 100.0 -
The consolidated financial statements of the Group  
include the following subsidiaries for continued operations:
Unless otherwise stated, they have share capital consisting 
solely of ordinary shares that are held directly by the group, 
and the proportion of ownership interests held equals the 
voting rights held by the group. 
List of group entities
Note 6.5 
See note 1.3 going concern. Otherwise, no subsequent 
events of material significance have occurred.
Events after reporting period
Note 6.4

===== SIDA 68 =====

Gentoo Media  |  PLC Report 2025  |  Section 6
68
Financial statements
Gentoo Media p.l.c. is a limited liability company and is 
incorporated in Malta, having a registered office at @Quad 
Central, Q4 Level 14, Triq L-Esportatur, Birkirkara CBD 
1040, Malta.
Gentoo Media Inc., a company incorporated in the United 
States of America with a registered office address of 
10700, Stringfellow Rd., 10, Bookeelia FL 33922 is the 
immediate and ultimate parent of the Company.
Statutory information
Note 6.6

===== SIDA 69 =====

Gentoo Media  |  PLC Report 2025 
69
Parent company financial statements

===== SIDA 70 =====

Gentoo Media  |  PLC Report 2025  |  Parent company
70
Financial statements  |  Back to FS content
Statement of comprehensive income for 
the year ended 31 December
EUR’000 Notes 2025 2024 restated
Impairment losses   - - 59,994 
Other operating expenses 3 - 37 4 - 222 
Operating loss before depreciation and amortisation (EBITDA) - 374 - 60,216 
Other income 3   845   43 
Operating profit/loss (EBIT)   471 - 60,173 
Finance costs, net 4 - 8,549 - 8,133 
Unrealised exchange loss on the bond - 1,835 - 962 
Loss before income taxes - 9,913 - 69,268 
Income tax   -   - 
Loss for the year - 9,913 - 69,268 
Total comprehensive income - 9,913 - 69,268 
Parent company financial statements

===== SIDA 71 =====

Gentoo Media  |  PLC Report 2025  |  Parent company
71
Financial statements  |  Back to FS content
EUR ‘000 Notes 2025 2024 restated
Equity
Share capital 8   14,638   14,638 
Share premium   2,304   2,304 
Capital reserves 8   79,016   67,368 
Accumulated deficit - 221,845 - 211,932 
Total equity - 125,887 - 127,622 
Liabilities
Non-current liabilities
Borrowings 9   -   89,477 
Total non-current liabilities   -   89,477 
Current liabilities
Borrowings 9   111,789   18,932 
Trade and other payables 12   50,271   55,359 
Current income tax liabilities   40   40 
Total current liabilities   162,100   74,331 
Total liabilities   162,100   163,808 
Total equity and liabilities   36,213   36,186 
EUR ‘000 Notes 2025 2024 restated
Assets
Non-current assets
Investment in subsidiaries 6   33,701   33,701 
Total non-current assets   33,701   33,701 
Current assets
Trade and other receivables 7   2,510   2,261 
Cash and cash equivalents   2   224 
Total current assets   2,512   2,485 
Total assets   36,213   36,186 
Statement of financial position  
as of 31 December
Parent company financial statements

===== SIDA 72 =====

Gentoo Media  |  PLC Report 2025  |  Parent company
72
Financial statements  |  Back to FS content
Parent company financial statements
EUR’000 Notes Share capital Share premium Capital reserves Merger reserves Accumulated deficit Total equity
2025
Equity at 1 January 2025 as reported   14,638   2,304   67,368   - - 211,860 - 127,550 
Correction of error (net of tax) 1   -   -   -   - - 72 - 72 
Equity at 1 January 2025 restated   14,638   2,304   67,368   - - 211,932 - 127,622 
Loss for the year   -   -   -   - - 9,913 - 9,913 
Total comprehensive income/(loss) for the year   -   -   - - 9,913 - 9,913 
Transactions with owners: 
Capital contribution from parent company 13   -   -   11,648   -   -   11,648 
Total transaction with owners   -   -   11,648   -   -   11,648 
Equity at 31 December 2025   14,638   2,304   79,016   - - 221,845 - 125,887 
Statement of changes in equity,  
for the year ended 31 December 2025

===== SIDA 73 =====

Gentoo Media  |  PLC Report 2025  |  Parent company
73
Financial statements  |  Back to FS content
Parent company financial statements
EUR’000 Notes Share capital Share premium Capital reserves Merger reserves Accumulated deficit Total equity
2024
Equity at 1 January 2024   50   2,304   129,572   5,887 - 142,664 - 4,851 
Loss for the year   -   -   -   - - 69,268 - 69,268 
Total comprehensive income/(loss) for the year   -   -   - - 69,268 - 69,268 
Transactions with owners: 
Issue of share capital 8   115,000   - - 115,000   -   -   - 
Reduction in share capital 8 - 100,412   -   100,412   -   -   - 
Capital contribution arising on acquisition of subsidiary 8   -   -   2,496   -   -   2,496 
Transfers within equity   -   -   5,887 - 5,887   -   - 
Distributions 8   -   - - 55,999   -   - - 55,999 
Total transaction with owners   14,588   - - 62,204 - 5,887   - - 53,503 
Equity at 31 December 2024   14,638   2,304   67,368   - - 211,932 - 127,622 
Statement of changes in equity,  
for the year ended 31 December 2024

===== SIDA 74 =====

Gentoo Media  |  PLC Report 2025  |  Parent company
74
Financial statements  |  Back to FS content
EUR’000 Notes 2025 2024 
Cash flow from operating activities
Operating profit/loss   471 - 60,173 
Provision for impairment of investments in subsidiaries   -   59,994 
Changes in working capital - 5,494 - 11,564 
Adjustments for non-cash items   2,200   - 
Net cash flows from operating activities - 2,823 - 11,743
Cash flow from investing activities
Acquisition of subsidiaries/ deferred considerations   - - 11,000 
Net cash flows from investing activities   - - 11,000 
Cash flow from financing activities
Loan repayment 9 - 5,158   579 
Proceeds from borrowings 9   18,000   22,204 
Interests paid 9 - 10,241 - 9,334 
Net cash flows from financing activities   2,601   13,449 
Net movement in cash and cash equivalents - 222 - 9,294 
Cash and cash equivalents at beginning of year   224   9,518 
Cash and cash equivalents at end of period   2   224
Cash and cash equivalents at end of the period in the statement of financial position   2   224
Statement of cash flows for the year 
ended 31 December
Parent company financial statements

===== SIDA 75 =====

Gentoo Media  |  PLC Report 2025  |  Section 6
75
Financial statements
The financial statements of Gentoo Media p.l.c. for 2025 
have been prepared in accordance with International 
Financial Reporting Standards (“IFRS Accounting 
Standards”) as adopted by the European Union (“EU”) and 
the requirements of the Maltese Companies Act (Cap. 
386).
The financial statements are presented in EUR, which is 
also the Company’s functional currency. All amounts have 
been rounded to the nearest thousand (EUR’000), unless 
otherwise stated.
Material accounting policies
With the exception of the items described below, the 
accounting policies applied in the preparation of the 
separate financial statements of Gentoo Media p.l.c. 
are identical to the Group’s accounting policies, which 
are described in the notes to the consolidated financial 
statements.
The accounting policies are consistent with those 
applied in the previous period, except for the changes to 
accounting standards that were effective from 1 January 
2025 and were endorsed by the EU. These changes have 
not had a material impact on the financial statements.
Investments in subsidiaries
Investments in subsidiaries are measured at cost, which 
comprises consideration transferred measured at fair 
value and directly attributable transaction costs.
Where the recoverable amount is lower than the cost, 
the investment is written down to this lower value. An 
impairment loss is reversed if there has been a change in 
the estimates used to determine the recoverable amount, 
but only to the extent that the recoverable amount does 
not exceed the original cost.
Dividends from subsidiaries are recognised in the income 
statement when declared.
On disposal of an investment, the difference between 
the net disposal proceeds and the carrying amount 
recognised in the income statement.
Receivables from subsidiaries
Receivables from subsidiaries are initially recognised at fair 
value and are subsequently measured at amortised cost. 
Interest income from these financial assets is included in 
finance income using the effective interest rate method. A 
loss allowance is recognised for 12-month expected credit 
losses, where there has not been a significant increase in 
credit risk since initial recognition.
Critical accounting estimates and judgements
Significant accounting estimates and judgements relating 
to the applied accounting policies for Gentoo Media 
p.l.c. are the same as for the Group to the extent of similar 
accounting items. The specific risk for Gentoo Media p.l.c. 
is primarily related to investment in subsidiaries.
Investments in subsidiaries
If there is identification of impairment, an impairment 
test is performed as described in the accounting policies 
in note 3.2 to the consolidated financial statements. 
The assessment of whether there is an indication of 
impairment is based on both external and internal sources 
of information such as performance of the subsidiary.
New accounting policies and regulation
New accounting regulations are described in note 1.5 to 
the consolidated financial statements.
Going concern
Management’s assessment of the Company’s ability to 
continue as a going concern, is described in note 1.3 to 
the consolidated financial statements. The Company 
expects to meet its obligations primarily by the Group’s 
projected quarterly cash generation (refer to note 1.3 of 
the consolidated financial statements). As a result, the 
directors do not believe that any material uncertainty exists 
that could impact the going concern basis of preparation 
of these financial statements.
Correction of material error
As detailed in note 1.6 to the consolidated financial 
statements, Management discovered material errors 
related to the 2024 financials.
Of these errors, EUR 72 thousand is related to the 
Company regarding interest expenses that was 
erroneously omitted from the 2024 financial statements.
 
Thus, financial expenses for 2024 has been increased 
by this amount, thus restated to EUR 8,864 thousand. 
There is a similar impact on profit for the year and equity. A 
corresponding adjustment has been made to borrowings, 
which has been restated to EUR 18,933 thousand.
 
The statement of cash flows is restated accordingly to 
reflect the corrections. However, all changes were related 
to items within cash flows from operating activities. Thus, 
total cash flows from operating, investing and financing 
activities were not affected.
Basis of reporting
Note 1

===== SIDA 76 =====

Gentoo Media  |  PLC Report 2025  |  Section 6
76
Financial statements
Other income and 
expenses
Note 3 
There are no employees in the Company. 
Other income consists of EUR 845 thousand (2024: nil) relates to a declared dividend 
from the Norwegian subsidiary.
Other operating expenses amounts to EUR 37 4 thousand (2024: 222 thousand), primarily 
consists of professional and consultancy costs EUR 293 thousand (2024: 222 thousand).
Fees related to statutory audit for the Company are assumed by another subsidiary within 
the Group.
The notional interest on related party balances relates to outstanding intercompany receivables and 
payables, on which interest is accrued at a rate of 6.525%, calculated as 3-month EURIBOR plus the credit 
facility base rate.
Employee costs
Note 2 
EUR’000 2025 2024
Fees related to statutory audit   -   35 
Fees for tax advisory services   5   - 
Total audit fees   5   35 
EUR’000 2025 2024 restated
Interest income   55   165 
Notional interest income on related party balances   3,148   - 
Total finance income   3,203   165 
Interest expense on borrowings - 10,7 40 - 10,164 
Exchange differences   -   1,866
Notional interest expense on related party balances - 948 -
Other interest expense - 64 -
Total interest expenses on financial instruments not 
measured at fair value - 11,752 - 8,298 
Total finance expenses, net - 8,549 - 8,133 
Finance costs, net
Note 4

===== SIDA 77 =====

Gentoo Media  |  PLC Report 2025  |  Section 6
77
Financial statements
Effective tax rate
Income tax
Note 5 
Investments in subsidiaries
Note 6 
EUR’000 2025 2024
Cost at 1 January   33,701   135,394 
Additions   -   15,859 
Disposals   - - 1,559 
Disposals through distribution of the Platform & Sportsbook segment   - - 55,999 
Impairment of investment   - - 59,994 
Cost at 31 December   33,701   33,701 
Impairment for the year   -   - 
Carrying amount   33,701   33,701 
The Company’s only direct subsidiary is Innovation Labs 
Limited. A complete list of all subsidiaries is provided in 
note 6.5 to the consolidated financial statements.
Disposals in 2024 related to the spin-off of the Platform & 
Sportsbook segment. Prior to the disposal, an impairment 
loss of EUR 55,994 thousand was recognised in 2024 
related to the investments in subsidiaries belonging to 
this segment, whereby their carrying amount was reduced 
to be equal to the post-spin-off market capitalization of 
this segment once it started trading as a separate group. 
Accordingly, the recoverable amount was EUR 55,999 
thousand.
In 2024, the disposals relate to balances which were 
previously owing to subsidiaries related to the Platform & 
Sportsbook segment, and which have been waived. The 
waivers have been recorded as a return of investment and 
are presented as a disposal.
Impairment assessment at year-end
As at 31 December 2025, there is no indication of possible 
impairment of investment in subsidiaries. Management 
considers that the impairment assessment is not sensitive 
due to the level of headroom between the carrying amount 
of the intangible assets and the respective value-in-use 
(2024: no impairment).  
EUR’000 2025 2024 restated
Profit from continuing operations before tax - 9,913 - 69,268 
Profit from discontinuing operations before tax   -   - 
Calculated tax at domestic tax rates - 3,469 - 24,219 
Tax effect of:
Disallowed expenses   3,469   24,219 
Movement in unrecognised deferred tax assets   -   - 
Income tax expense, reported   -   -

===== SIDA 78 =====

Gentoo Media  |  PLC Report 2025  |  Section 6
78
Financial statements
At the end of the year, the Company’s trade and other 
receivables consist of the following:
Amounts due from subsidiaries carry an interest of 6.526% 
and are repayable on demand.
Trade and other receivables
Note 7 
EUR’000 2025 2024
Amounts due from subsidiaries   2,481   2,178 
Other receivables   -   27 
Prepayments   29   56 
Total   2,510   2,261 
Share and capital structure
Note 8 
Share capital 
Further information about the Company’s share capital and 
related rights is provided in note 5.1 to the consolidated 
financial statements.
Share premium comprises amounts above the nominal 
share capital paid by shareholders when shares are issued 
by the Company.
Capital and merger reserves
Details about the nature of the capital and merger reserves 
are provided in note 5.1 to the consolidated financial 
statements.
Movements in the capital reserves related to the Company 
are specified as follows: 
Capital management 
For the purpose of the parent company’s capital management, reference is made to the consolidated financial 
statement note 5.1. In 2024, EUR 2,496 thousand in relation to the earn-out payment to KaFe Rocks Ltd were recorded as 
a contribution to the Company. The merger reserve was attributable to mergers that have taken place in previous years 
and represents the difference between any consideration received or paid, and the carrying amounts of the net assets 
acquired. During 2024, the Company elected to transfer all amounts within merger reserve to the capital contribution 
reserve so that as far as practicable, all the Company’s other equity balances are presented within a single component of 
equity.
EUR '000 Capital contribution 
reserve
Advances for shares 
to be issued Total capital reserve Merger reserve
Balance at 1 January 2025   67,368   -   67,368   - 
Capital contribution received from the 
parent company   11,648   -   11,648   - 
Balance at 31 December 2025   79,016   -   79,016   - 
EUR '000 Capital contribution 
reserve
Advances for shares 
to be issued Total capital reserve Merger reserve
Balance at 1 January 2024   129,061   511   129,572   5,887 
Capital contribution received from the 
parent company   2,496   -   2,496   - 
Issue of shares - 115,000   - - 115,000   - 
Cancellation of shares   100,412   -   100,412   - 
Reclassifications within equity   6,398 - 511   5,887 - 5,887 
Distributions - 55,999   - - 55,999   - 
Balance at 31 December 2024   67,368   -   67,368   -

===== SIDA 79 =====