===== 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 ===== Gentoo Media | PLC Report 2025 | Section 6 79 Financial statements Borrowings At the end of the year, the Company’s loans and borrowings consist of the following: Further information about the Group’s borrowings is provided in note 5.2 to the consolidated financial statements. Financial risk management Financial risks of the parent company are handled within the risk management processes and framework of the Group. The objectives, policies, and processes for measuring and managing the exposure to financial risks are described in note 5.4 to the consolidated financial statements. The risks specific to the parent company are described below. Foreign exchange rate risk The Company is primarily exposed to foreign exchange risk with respect to SEK arising on the bond in issuance. The table below summarises the Company’s exposure to foreign exchange rate risk. The table further shows how profit or loss (before tax) is impacted from a reasonably possible increase in the SEK exchange against the EUR. Interest rate risk The Company’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. The Company 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. . Liquidity risk Liquidity risk results from the Company’s potential inability or difficulty in meeting the contractual obligations associated with its financial liabilities due to insufficient liquidity. Gentoo Media p.l.c. is a holding company and its primary assets consist of shares in the group’s subsidiaries and receivables from companies within the Group. The Company has no revenue-generating activities of its own; thus, cash flows and ability to service its indebtedness and other obligations will depend primarily on the operating performance and financial condition of its operating subsidiaries and related cash receipts. The table below analyses the maturity profile of the financial liabilities of the Company based on contractual undiscounted cash flows. 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. Credit risk The parent company has no revenue-generating activities and therefore no trade receivables. Consequently, the parent company’s exposure to credit risk is primarily related to receivables from subsidiaries. At 31 December 2025, the total credit risk exposure amounted to EUR 2,512 thousand (2024: EUR 2,485 thousand), of which EUR 2,481 thousand relates to receivables from subsidiaries (2024: EUR 2,178 thousand). Credit risk is not considered material, as the receivables are due from a subsidiary within the Group. Management expects the balances to be settled within a reasonable timeframe, and the amounts are repayable on demand. Accordingly, the risk of non-collection is assessed as low. Financial instruments and risk management Note 9 EUR '000 2025 2024 restated Bonds 91,933 89,476 Credit facility 19,856 7,127 Loan from parent company - 11,806 Total loans and borrowings 111,789 108,409 Borrowings, non-current - 89,476 Borrowings, current 111,789 18,933 EUR '000 2025 2024 Exchange rate Sensitivity (%) Net exposure Impact on profit or loss Net exposure Impact on profit or loss SEK to EUR 5.5 -32,718 -1,799 -30,535 -1,679 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* 55,359 - - - 55,359 55,359 Borrowings, current and non-current 16,466 91,943 - - 108,409 108,409 Total 71,825 91,943 - - 163,768 163,768 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* 50,271 - - - 50,271 50,271 Borrowings, current and non-current 111,789 - - - 111,789 111,789 Total 162,060 - - - 162,060 162,060 * The maturity analysis excludes non-financial instruments such as public debt, staff payables etc. ===== SIDA 80 ===== Gentoo Media | PLC Report 2025 | Section 6 80 Financial statements The carrying amount of financial instruments by category is specified as follows: Fair value information about the listed bonds are provided in note 5.3 to the consolidated financial statements. For other financial assets and liabilities the fair value approximates their carrying amount. Movements in liabilities arising from financing activities for each of the periods presented are specified as follows: Financial assets and liabilities Changes in liabilities arising from financing activities Note 10 Note 11 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: Bonds 7 4,552 15,204 - - - 280 89,476 Loan from parent company 14,752 579 - - - 3,524 11,806 Credit facility - 7,000 - - 127 7,127 Total liabilities from financing activities 89,304 22,782 - - - 3,677 108,409 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: Bonds 89,476 2,527 - - - 70 91,933 Loan from parent company 11,806 - - - - 11,806 - Credit facility 7,127 13,000 - - - 271 19,856 Total liabilities from financing activities 108,409 15,527 - - - 12,147 111,789 Financial assets and liabilities EUR’000 2025 2024 restated Financial assets Financial assets at amortised costs Receivables from subsidiaries 2,481 2,178 Other receivables 29 83 Cash and cash equivalents 2 224 Total 2,512 2,485 Financial liabilities Financial liabilities at amortised costs Borrowings, current and non-current 111,789 108,409 Payables to subsidiaries 50,130 53,587 Other payables 141 1,773 Total 162,060 163,768 ===== SIDA 81 ===== Gentoo Media | PLC Report 2025 | Section 6 81 Financial statements Trade and other payables consist of: In addition to the description in note 6.1 to the consolidated financial statements of related parties and transactions with these, related parties of the Company comprise Gentoo Media p.l.c.’s subsidiaries. During 2025, the Company received a capital contribution of EUR 11,648 thousand from its parent company (see note 6.1 to the consolidated financial statements). The Company recognised finance income of EUR 2,200 thousand from notional interest on related party balances and other income of EUR 845 thousand (2024: nil) relating to a dividend declared by a Norwegian subsidiary. Litigations Gentoo Media p.l.c. is not part of any ongoing cases which are deemed to be of a material nature. From time to time, the company is involved in litigation brought by previous employees or other persons. As of today, the Company and its legal counsel believe that these claims are without merit. See note 6.4 to the consolidated financial statements. Trade and other payables Contingent liabilities Note 12 Related party transactions Note 13 Note 14 Events after reporting period Note 15 EUR’000 2025 2024 Outstanding balances with parent company: Loan from parent company - 11,806 Outstanding balances with subsidiaries: Receivables from subsidiaries 2,481 2,178 Payables to subsidiaries 50,130 53,587 EUR’000 2025 2024 Trade payables 36 - Amounts due to subsidiaries 50,130 53,587 Accruals 105 - Other payables - 1,772 Total 50,271 55,359 Included within amounts due to subsidiaries, is a payable of EUR 7 4,870 thousand net of a receivable of EUR 43,393 thousand to the same counterparty, the balances are shown net as the settlement is expected to be on a net basis, however the receivable portion is subject to interest of 6.526% whilst the payable portion is interest free. The net balance is repayable on demand. All other amounts due to subsidiaries carry interest of 6.526% and are repayable on demand. ===== SIDA 82 ===== Gentoo Media | PLC Report 2025 Management commentary | Back to content 82 83 Statement by the Directors 84 Glossary 85 Company infomation Assurance statements and glossary ===== SIDA 83 ===== Gentoo Media | PLC Report 2025 | Parent company 83 Financial statements | Back to FS content Jonas Warrer Director Directors 30 April 2026 The Board of Directors and the Executive Management has of 30th of April considered and adopted the annual report of Gentoo Media p.l.c. for the financial year 1 January – 31 December 2025. The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as adopted by the EU. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the Group’s and the parent company’s assets, liabilities and financial position at 31 December 2025, and of the results of the Group’s and the parent company’s operations and the consolidated cash flows for the financial year 1 January – 31 December 2025. In our opinion, the management’s commentary represents a true and fair account of the development in the Group’s and the parent company’s operations and financial circumstances, of the results for the year and of the financial position of the Group and the parent company as well as a description of the most significant risks and elements of uncertainty facing the Group and the parent company. In our opinion, the sustainability summary included in the management’s commentary represents a reasonable, fair, and balanced representation of the Group’s sustainability performance and is prepared in accordance with the stated accounting policies. In our opinion, the annual report of Gentoo Media p.l.c. for the financial year 1 January – 31 December 2025 is prepared, in all material respects, in compliance with the ESEF Regulation. We recommend that the annual report is adopted at the annual general meeting. Statement by the Directors Giuseppe Muscat Director ===== SIDA 84 ===== Gentoo Media | PLC Report 2025 Financial statements 84 List of abbreviations and definitions AI: Artificial intelligence B2B: Business-to-Business B2C: Business-to-Customer BI: Business intelligence CLV: Customer Lifetime Value CMS: Content Management System CRM: Customer Relationship Management CSR: Corporate Social Responsibility EBITDA before special items: Earnings before interest, tax, depreciation, amortisation and special items (equivalent to operating profit before depreciation, amortisation, impairment, and special items) EGR: eGaming Review - B2B publisher and membership networking group for the online gaming and gambling industry ESG: Environment, Social, Governance EU: European Union FTD: First-time-Depositors GDPR: EU’s General Data Protection Regulation GiG: Gaming Innovation Group Inc. IFRS: International Financial Reporting Standards IR: Investor Relations M&A: Mergers and acquisitions NFRD: EU’s Non-Financial Reporting Directive Platform & Sportsbook: The entity that was a part of Gaming Innovation Group with Gentoo Media, now known as GiG Software The parent: Parent company of Gentoo Media Inc. PPC: Pay per click QMAR: Quality Mark Responsible Affiliates SEO: Search engine optimisation The Company: Gentoo Media p.l.c. The Group: Gentoo Media Inc. Glossary ===== SIDA 85 ===== 85 Gentoo Media | PLC Report 2025 Norwich Valencia St. Julian’s Belgrade Copenhagen The Quad (Headquarters) @Quad Central, Q4 Level 14 Triq L-Esportaturi Birkirkara CBD 1040, Malta Valencia @46015 València Av. de les Corts Valencianes, 58, 5th floor Pobles de l’Oest Spain Norwich The Union Building, 51-59 Rose Lane Norwich, Norfolk England Copenhagen @Rebel Penguin Nannasgade 28 2200 Copenhagen N Denmark Belgrade @Airport City, Rose Building Omladinskih Brigada 90V 11070 New Belgrade Serbia Company information ===== SIDA 86 ===== Gentoo Media | PLC Report 2025 Management commentary | Back to content 86 Independent Auditor’s Report ===== SIDA 87 ===== Gentoo Media | PLC Report 2025 Financial statements 87 To the Shareholders of Gentoo Media p.l.c. Report on the audit of the financial statements Our opinion • The Group financial statements and the Parent Company financial statements (the “financial statements”) of Gentoo Media p.l.c. give a true and fair view of the Group and the Parent Company’s financial position as at 31 December 2025, and of their financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards (‘IFRSs’) as adopted by the EU; and • The financial statements have been prepared in accordance with the requirements of the Maltese Companies Act (Cap. 386). Our opinion is consistent with our additional report to the Board of Directors. What we have audited Gentoo Media p.l.c.’s financial statements comprise: • the Consolidated statement of comprehensive income for the year ended 31 December 2025; • the Consolidation statement of financial position as at 31 December 2025; • the Consolidated statement of changes in equity for the year then ended; • the Consolidated statement of cash flows for the year then ended; • the notes to the Consolidated financial statements, comprising material accounting policy information and other explanatory information; • the Parent Company statement of comprehensive income for the year ended 31 December 2025; • the Parent Company statement of financial position as at 31 December 2025; • the Parent Company statement of changes in equity for the year then ended; • the Parent Company statement of cash flows for the year the ended; and • the notes to the Parent Company financial statements, comprising material accounting policy information and other explanatory information. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group and the Parent Company in accordance with the ethical requirements of the Accountancy Profession (Code of Ethics for Warrant Holders) Directive issued in terms of the Accountancy Profession Act (Cap. 281) that are relevant to audits of financial statements of an EU Public Interest Entity in Malta and the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code) as applicable to audits of financial statements of public interest entities. We have also fulfilled our other ethical responsibilities in accordance with these Codes. To the best of our knowledge and belief, we declare that non-audit services that we have provided to the parent company and its subsidiaries are in accordance with the applicable law and regulations in Malta and that we have not provided non-audit services that are prohibited under Article 18A of the Accountancy Profession Act (Cap. 281). The non-audit services that we have provided to the parent company and its subsidiaries, in the period from 1 January 2025 to 31 December 2025, are disclosed in note 6.2 to the consolidated financial statements and note 3 to the Parent Company financial statements. Independent auditor’s report ===== SIDA 88 ===== Gentoo Media | PLC Report 2025 Financial statements 88 Our audit approach Overview Overall group materiality: €789,000, which represents 0.8% of revenue PwC Malta is the Group auditor with responsibility for the direction, supervision and review of planning, execution and completion of the audit. The Group auditor performed oversight procedures on the work of component auditors where a combination of full scope audits and specified audit procedures on certain account balances were performed. • Financing arrangements of the Group and Parent Company • Effectiveness of internal controls at Group level • Impairment assessment of goodwill and other intangible assets held by the Group As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. In particular, we considered where the directors made subjective judgements; for example, in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls, including among other matters, consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud. Independent auditor’s report ===== SIDA 89 ===== Gentoo Media | PLC Report 2025 Financial statements 89 Materiality The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable assurance whether the financial statements are free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall group materiality for the financial statements as a whole as set out in the table below. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually and in aggregate on the financial statements as a whole. Independent auditor’s report Overall group materiality €789,000 How we determined it 0.8% of revenue Rationale for the materiality benchmark applied We chose revenue as the benchmark because, in our view, it is a key financial metric used in assessing the performance of the Group and is a generally accepted benchmark. We chose 0.8% based on our professional judgement noting that it is also within the range of commonly accepted revenue related thresholds. We agreed with the Board of Directors that we would report to them misstatements identified during our audit above €78,900 as well as misstatements below that amount that, in our view, warranted reporting for qualitative reasons. ===== SIDA 90 ===== Gentoo Media | PLC Report 2025 Financial statements 90 Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Independent auditor’s report Key audit matter How our audit adressed the key audit matter Financing arrangements of the Group and Parent Company As at 31 December 2025, the Group’s current liabilities exceeded current assets by €133.0 million (2024: €54.8 million). The working capital deficiency as at the year-end is primarily driven by the maturity of the listed bond of €91.9 million in December 2026, as well as the maturity of the revolving credit facility (“RCF”) of €19.9 million in September 2026. In January 2026, the Group had initiated a refinancing process to secure funding of approxi- mately €120 million covering both the bond and the existing RCF. While the process attracted interest from existing and new investors for an amount of approximately €120 million, manage- ment and the Board did not consider the terms offered to be satisfactory, and on this basis chose to postpone the bond refinancing process to later in 2026. In March 2026, the Group secured new shareholder loan facilities totalling €18 million, which proceeds were used to fully refinance the Group’s existing RCF. In the coming months, it is the intention of management and those charged with governance to consider alternative avenues for refinancing the bond on terms that are deemed to be more favourable to the Group. The Parent Company expects to meet its obligations primarily by the Group’s projected quar- terly cash generation. Having considered expectation for performance and cash generation in the coming quarters, informal discussions on refinancing possibilities and other alternatives, those charged with governance concluded that there are no factors that give rise to material uncertainty that may cast significant doubt about the Group’s and Parent Company’s ability to continue as a going concern. We identified this key audit matter due to the magnitude of the refinancing and management’s judgement in their conclusion that there is no material uncertainty. Refer to Note 1.3 (Basis of Preparation - Going concern) and Note 5.2 (Borrowings and interest) to the consolidated financial statements. Our audit procedures on management’s assessment of going concern included: - Enquiring on management’s cash-flow forecasts duly approved by the Board of Di- rectors. Extensive discussions in this regard also took place with those charged with governance; - Analysing the key assumptions related to the main drivers included in the cash-flow forecast to 31 December 2026, including sensitivity analysis on the Group’s interest cover and net leverage ratio; - Sighting correspondence between the Group and the investment brokers expressing interest from market participants in connection with the planned refinancing for a total volume of approximately €120 million; - Viewing loan agreements in relation to the Group’s new shareholder loan facilities obtained in March 2026 which loan facilities were subsequently used to extinguish the Group’s RCF; - Comparing actuals for Q1 2026 (unaudited revenue and adjusted EBITDA) to the guid- ance provided to the market by Gentoo Media Inc., the parent company; and - Evaluating the adequacy and appropriateness of the related disclosures in the Group’s financial statements. After considering the balance of evidence, we consider management’s assumptions, including the judgement that there are no factors that give rise to material uncertainty, to be consistent with the evidence obtained. ===== SIDA 91 ===== Gentoo Media | PLC Report 2025 Financial statements 91 Independent auditor’s report Key audit matter How our audit adressed the key audit matter Effectiveness of internal controls at Group level In 2023 and 2024, the Group made a number of acquisitions. In September 2024, the split dividing the Group into two independently listed companies was completed. This also resulted in significant changes to the management team. These factors contributed to gaps in control measures especially in the area of acquisition accounting and the related revenue. In 2025, the executive management team and those charged with governance performed a comprehensive review of the Group’s financial reporting process with a focus on revenue as well as controls as they relate to acquisitions. This resulted in a number of errors which when ag- gregated led to a restatement of the Group’s comparative information for 2024. Due to its nature, this resulted in this matter being identified as an area of focus. Refer to Note 1.6 (Correction of material error) of the consolidated financial statements As a result of the increased audit risk, we performed additional audit procedures designed to identify and mitigate the related risks and incorporated a greater emphasis on substantive testing of these areas. Procedures included: - We obtained updates on deficiencies in internal control reported to those charged with governance in the previous year. In doing so, we evaluated the outcome and de- gree of formal assessments undertaken by the executive management team and those charged with governance in relation to the respective areas; and - We substantively audited the correction of material errors adjusted for in the year to 31 December 2025 in relation to the comparative period. This involved, among others, performing extended audit procedures over further credit notes issued by the Group subsequent to the finalisation of the 2024 financial statements and ensuring that the impact of errors previously identified were correctly captured within the restatement. Control deficiencies continue to be formally communicated to those charged with gov- ernance and no other uncorrected material errors requiring adjustment were identified based on the procedures carried out, and the evidence obtained. ===== SIDA 92 ===== Gentoo Media | PLC Report 2025 Financial statements 92 Independent auditor’s report Key audit matter How our audit adressed the key audit matter Impairment assessment of goodwill and other intangible assets IAS 36 ‘Impairment of Assets’ requires that Goodwill and other intangible assets are subject to an impairment review at least annually, or more frequently when there is evidence of a trigger event. IAS 36 also requires a number of specific disclosures in respect of the impairment assessment. The Group tests whether goodwill and other intangible assets are impaired on an annual basis. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows, referred to as a cash generating unit (“CGU”). The Group has two CGUs: ‘Paid’ and ‘Publishing’ operating segments. The Group has goodwill of €34.0 million and €51.4 million of other intangible assets across the two cash-generating units. When performing the annual impairment review of goodwill and oth- er intangible assets as at 31 December 2025, management determined that the goodwill and other intangible assets were fully recoverable. The underlying forecast cash flows, and the supporting assumptions, reflect significant judge- ments as these are affected by future market or economic conditions, changes to laws and regulations as well as management’s success in achieving growth targets. The estimation of future cash flows and the level to which they are discounted is inherently uncertain and requires judgement. Judgement is also applied in the assessment of useful lives of intangible assets that are amor- tised over a defined period. During the year, management have changed the useful life of do- mains from a definite to an indefinite useful life. The cost to renew domains is relatively low. This together with the Group’s commitment to continue managing these domains means that there is an expectation that future economic benefits from these intangible assets will continue to flow to the Group over an indeterminable period. The extent of judgement, and the magnitude of goodwill and other intangible assets resulted in this matter being identified as an area of audit focus. Refer to Notes 3.1 (Intangible assets) and 3.2 (Impairment test) of the consolidated financial statements. We obtained the annual impairment assessments per CGU performed by management. A key component of our work was to consider the budgets and cash flow forecasts prepared by management, as outlined below. This was supplemented by specific procedures on the key assumptions used. We agreed the 2026 budget in the impairment models to the latest Board approved budgets. For the remaining periods covered by the models we evaluated the assumptions (including growth rates, EBITDA margins and discount rates) in the forecasts and considered the evidence available to determine whether the forecasts were reasonable and supportable. We, together with our valuation experts, determined that the application of the key assumptions was considered to be reasonable. Due to the significant headroom between the reported intangible assets of €85.4 million and the respective value-in-use calculations, sensitivities were not deemed necessary. As part of our work, we assessed the accuracy of management’s historic forecasting ability when considering the assumptions used within the value-in-use model. We assessed the appropriateness of the disclosures as required by IAS 36 in respect of the goodwill and other intangible assets and considered these to be reasonable. We assessed the change of useful life of domains from a definite to an indefinite period. In doing so, we assessed the revenue multiples by domain and compared such multiples with industry averages. Based on the work performed, we found the assessment of the recoverable amount of goodwill and other intangible assets as well as the change in useful life of domains to be consistent with the explanations and evidence obtained. ===== SIDA 93 ===== Gentoo Media | PLC Report 2025 Financial statements 93 Independent auditor’s report How we tailored our group audit scope We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the financial statements as a whole, taking into account the structure of the Group, the accounting processes and controls, and the industry in which the Group operates. The Group includes a number of subsidiaries, mainly operating in Malta, Denmark and Serbia. The consolidated financial statements are a consolidation of all of these components. We therefore assessed what audit work was necessary in each of these components, based on their financial significance to the financial statements and our assessment of risk and Group materiality. At the component level, we performed a combination of full scope audits and specified audit procedures on certain account balances in order to achieve the desired level of audit evidence. In establishing the overall audit approach to the Group audit, we determined the type of work that needed to be performed by us, as the Group auditor, or by component auditors. For the work performed by component auditors operating under our instructions, we determined the level of involvement we needed to have in the audit work at those locations to be satisfied that sufficient audit evidence had been obtained for the purposes of our opinion. We kept in regular communication with component auditors throughout the year with phone calls, discussions and written instructions and review of working papers where appropriate. We ensured that our involvement in the work of the component auditors, together with the additional procedures performed at the Group level, were sufficient to allow us to conclude on our opinion on the Group financial statements as a whole. The Group auditor performed all of this work by applying the overall Group materiality, together with additional procedures performed on the consolidation. This gave us sufficient appropriate audit evidence for our opinion on the Group financial statements as a whole. Other information The directors are responsible for the other information. The other information comprises the Directors’ report, Statement by the Directors, Glossary, and Company information (but does not include the financial statements and our auditor’s report thereon). Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon except as explicitly stated within the Report on other legal and regulatory requirements. In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the directors for the financial statements The directors are responsible for the preparation of financial statements that give a true and fair view in accordance with IFRSs as adopted by the EU and the requirements of the Maltese Companies Act (Cap. 386), and for such 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. In preparing the financial statements, the directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so. ===== SIDA 94 ===== Gentoo Media | PLC Report 2025 Financial statements 94 Independent auditor’s report Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. • Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group or the Parent Company to cease to continue as a going concern • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions andevents in a manner that achieves fair presentation. • Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Group as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. ===== SIDA 95 ===== Gentoo Media | PLC Report 2025 Financial statements 95 Independent auditor’s report Report on other legal and regulatory requirements Report on compliance with the requirements of the European Single Electronic Format Regulatory Technical Standard (the “ESEF RTS”), by reference to Chapter 16 Section 4a of the Swedish Securities Market Act We have undertaken a reasonable assurance engagement in accordance with the requirements of ISAE 3000 (Revised), Assurance engagements other than audits or reviews of historical financial information on the Annual Report of Gentoo Media p.l.c. for the year ended 31 December 2025, entirely prepared in a single electronic reporting format. Responsibilities of the directors The directors are responsible for the preparation of the Annual Report, including the consolidated financial statements and the relevant mark-up requirements therein, by reference to Chapter 16 Section 4a of the Swedish Securities Market Act, in accordance with the requirements of the ESEF RTS. Our responsibilities Our responsibility is to obtain reasonable assurance about whether the Annual Report, including the consolidated financial statements and the relevant electronic tagging therein, complies in all material respects with the ESEF RTS based on the evidence we have obtained. We conducted our reasonable assurance engagement in accordance with the requirements of ISAE 3000. Our procedures included: • Obtaining an understanding of the entity’s financial reporting process, including the preparation of the Annual Report, in accordance with the requirements of the ESEF RTS. • Obtaining the Annual Report and performing validations to determine whether the Annual Report has been prepared in accordance with the requirements of the technical specifications of the ESEF RTS. • Examining the information in the Annual Report to determine whether all the required taggings therein have been applied and whether, in all material respects, they are in accordance with the requirements of the ESEF RTS. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Opinion In our opinion, the Annual Report for the year ended 31 December 2025 has been prepared, in all material respects, in accordance with the requirements of the ESEF RTS. ===== SIDA 96 ===== Gentoo Media | PLC Report 2025 Financial statements 96 Independent auditor’s report Other reporting requirements The Annual Report 2025 contains other areas required by legislation or regulation on which we are required to report. The Directors are responsible for these other areas. The table sets out these areas presented within the Annual Financial Report, our related responsibilities and reporting, in addition to our responsibilities and reporting reflected in the Other information section of our report. Except as outlined in the table, we have not provided an audit opinion or any form of assurance. Area of the Annual Report 2025 and the related Directors’ responsibilities Our responsibilities Our reporting Directors’ report The Maltese Companies Act (Cap. 386) requires the di- rectors to prepare a Directors’ report, which includes the contents required by Article 177 of the Act and the Sixth Schedule to the Act. We are required to consider whether the information given in the Directors’ report for the financial year for which the finan- cial statements are prepared is consistent with the financial statements. We are also required to express an opinion as to whether the Directors’ report has been prepared in accordance with the applicable legal requirements. In addition, we are required to state whether, in the light of the knowledge and understanding of the Company and its environment obtained in the course of our audit, we have identified any material misstatements in the Directors’ report, and if so to give an indication of the nature of any such mis- statements. Other matters on which we are required to report by exception We also have responsibilities under the Maltese Companies Act (Cap. 386) to report to you if, in our opinion: • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us. • the financial statements are not in agreement with the accounting records and returns. • we have not received all the information and explanations which, to the best of our knowledge and belief, we require for our audit. In our opinion: • the information given in the Directors’ report for the finan- cial year for which the financial statements are prepared is consistent with the financial statements; and • the Directors’ report has been prepared in accordance with the Maltese Companies Act (Cap. 386). We have nothing to report to you in respect of the other re- sponsibilities, as explicitly stated within the Other information section. We have nothing to report to you in respect of these respon- sibilities ===== SIDA 97 ===== Gentoo Media | PLC Report 2025 Financial statements 97 Independent auditor’s report Other matter - use of this report Our report, including the opinions, has been prepared for and only for the Parent Company’s shareholders as a body in accordance with Article 179 of the Maltese Companies Act (Cap. 386) and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior written consent. Appointment We were first appointed as auditors of the Company on 23 November 2015. Our appointment has been renewed annually by shareholder resolution representing a total period of uninterrupted engagement appointment of 11 years. The Company became listed on a regulated market on 20 December 2024. Ian Curmi Principal For and on behalf of PricewaterhouseCoopers 78, Mill Street Zone 5, Central Business District Qormi Malta 30 April 2026