Kvartalsrapport Q1 2025

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Gentoo Media Inc.   
14 May 2025 
 Q1 2025

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Gentoo Media  |  Q1 2025 Interim Report
Content
4   |   Sustainability 
Sustainability highlights 
Our strategic approach to sustainability
2   |   Summary and outlook 
Strategic initiatives 
Outlook and guidance 
6   |   Financials Gentoo Media Plc. 
Consolidated statement of comprehensive income  
Consolidated balance sheets  
Consolidated statement of cash flows
3   |  Review of the business 
Our business model 
Operational review  
Financial review  
1   |   Q1  highlights 
Highlights 
Letter from the CEO 
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5   |   Financials Gentoo Media Inc. 
Financial highlights 
Consolidated statement of comprehensive income  
Consolidated balance sheets  
Consolidated statement of cash flows 
Notes
Q1 2025 Interim Report

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Gentoo Media  |  Q1 2025 Interim Report
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4  1.1  Highlights  
5  1.2  Letter from the CEO 
Q1 Highlights 
1.0
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Gentoo Media  |  Q1 2025 Interim Report
The quarter marked a transitional phase for the company, 
impacted by  market headwinds in Brazil and a shift away 
from lower value activities, but also by decisive steps 
to sharpen focus and strengthen long-term resilience. 
We expect to see margins improve and a resumption of 
growth in H2 2025. 
Financial highlights 
Gentoo Media reported revenue of EUR 24.8  
million (28.0), down 11% Y oY predominantly due  
to the impact of market regulation in Brazil. 
EBITDA before special items amounted to EUR  
8.2 million (13.5) with a margin of 33% (48%).
 
Net cash flow impacted by deferred payments  
related to previous years acquisitions and split  
related payments totalling EUR 22.5 million. 
Operational highlights
59% of revenue from revenue-share agreements 
 in Q1 and player deposits of EUR 183 (183) million. 
Google’s March core update had a net positive  
impact across Gentoo Media’s publishing portfolio.
Our core websites continue to perform well;  
WSN.com reached an all-time high revenue in March.   
Casinomeister.com continued to see strong organic  
traffic growth, supported by ongoing content and  
UX enhancements. AskGamblers.com expanded its  
product offering with the launch of a sports betting  
complaints service.
In Paid, underperforming Q4 2024 initiatives were  
sunset, freeing up resources for scalable, high-return  
opportunities.
Focus was redirected to core markets, with low- 
impact activities scaled down and operational  
efficiency significantly improved.
By quarter-end, all Paid channels including Social
Media, PPC, Display, and CRM had regained
momentum and were trending positively.
Strategic priorities
A strategic review, now concluded, was initiated  
during the quarter, assessing recent H2 2024  
initiatives and the broader product portfolio.
 
Following the quarter, actions have been implemented  
to enhance agility and direct resources toward  
the most valuable opportunities and create the  
right foundation for growth in 2026 and 2027.
 
Five strategic initiatives has been executed after Q1 2025: 
• Right-size the cost base with significant  
annual run-rate savings 
• Reorganise for future growth 
• Further develop our performance culture 
• Refine commercial excellence 
• Strengthen our tech platform
 
Streamlining the organisation will eliminate inefficiencies, 
remove duplication and ensure that resources are  
focused on the highest-value areas of the business.
 
 
Outlook
Full-year revenue for FY25 expected to be  
broadly in line with 2024. 
 EBITDA margin guidance: 40–45%. 
 
Expect return to growth and improvement  
in margins in H2 2025.
Foundation created for growth in 2026 and 2027. 
1.1
Highlights

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Gentoo Media  |  Q1 2025 Interim Report
Dear Shareholders,
Q1 marked a pivotal chapter for Gentoo Media, as we  
advanced a focused strategy following the demerger  
from Gaming Innovation Group’s Platform & Sportsbook 
division. While short-term headwinds and structural  
adjustments presented challenges, the quarter was defined  
by decisive actions to sharpen our strategic focus and  
reinforce the foundation for long-term, scalable growth.
Regulatory uncertainty and market volatility in Brazil proved 
more disruptive than initially anticipated. However, we  
are already seeing signs of recovery and our confidence  
in the market’s long-term potential remains unchanged.
This first quarterly report for 2025 does not reflect  
the level of performance we are targeting. Revenue  
came in at EUR 24.8 million, and EBITDA at EUR 8.2  
million - both down from recent quarters.
The measures taken during the quarter were deliberate  
and necessary. We initiated a strategic initiative to focus  
on scalable, high-margin growth. Lower-performing areas 
were exited, investment in low-impact activities was  
reduced, and our website portfolio was streamlined to  
approximately 70 high-performing and potential assets. 
In April we implemented significant organisational  
changes, including a broad reduction in headcount  
across the group. While difficult, these steps were  
essential to reduce complexity and establish an  
appropriate foundation for the future. As a result,  
we expect to realise significant annualised cost  
savings and synergies from previous acquisitions.
At the same time, we strengthened our leadership  
team, appointing a new CFO and adding several  
key senior hires to support our next phase of growth.
As we enter Q2, Gentoo Media is leaner, more focused,  
and better positioned to execute. After a period of  
consolidation, 2025 is a year of opportunity.  We are  
laying the groundwork for renewed momentum in  
the second half of the year and beyond- driving  
both revenue and EBITDA growth.
Given the transitional nature of the year, we expect  
full-year revenue to be broadly in line with 2024,  
and the EBITDA margin to land between 40–45%.  
From H2 2025 and onwards, we anticipate improved  
margins and growth to resume, supported by the  
strategic initiatives made in Q1 and continued 
operational scaling.
We remain confident in our strategy, our team, and the 
strength of our portfolio. I would like to sincerely thank  
our employees for their dedication during this pivotal  
period, and our investors and partners for their continued 
trust and support.Together, we are building a stronger  
Gentoo Media - one ready to lead with execution,  
innovation, and sustainable growth. 
 
Sincerely,
Jonas Warrer
Chief Executive Officer 
Gentoo Media
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1.2  |  Letter from the CEO
Back to contentGentoo Media  |  Q1 2025 Interim Report

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Gentoo Media  |  Q1 2025 Interim Report
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7   2.1 Strategic initiatives 
7   2.2 Outlook and guidance 
Strategic summery 
and outlook 
2.0
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Gentoo Media  |  Q1 2025 Interim Report
Strategic  
initiative
2.1  
Following the demerger from the Platform & Sportsbook 
in 2024, a strategic initiative was launched in the quarter 
to create a more agile, focused, and efficient organisation  
optimised for sustainable, long-term growth.  
 
The streamlining process eliminated inefficiencies,  
removed duplicated roles, and aligned resources  
toward the highest-value areas of the business. 
Operational expenditure savings have been implemented 
which will deliver significant annualised cost benefits  
and there will be an immediate impact on H2 2025 when 
we expect strong cashflow generation. At the same  
time, we have acquired senior talent, including the CFO, 
and continue to invest in new technology and product. 
The Company remains financially robust and expects  
to continue to maintain best-in-class EBITDA margins  
and generate approximately 60% of sales from recurring 
revenue. This solid foundation positions Gentoo Media  
to successfully overcome the short-term headwinds  
exhibited in Q1; a period which included challenging  
regulatory developments in Brazil.
2.2
Outlook and  
guidance
Management is confident that the strategic initiatives  
introduced will place Gentoo Media on an even stronger 
footing to capitalise on long-term market trends.  
Our  flexible operating model enables us to adapt to  
market dynamics, both to challenges and opportunities. 
We continue to be excited by the opportunities that  
lie ahead as our investment in technology, people and 
product gives us a platform to expand. Online igaming 
presents an attractive growth backdrop and our ambition 
is to be the leading affiliate in our market vertical. 
Although the impact of regulation in Brazil has reduced  
the size of this addressable market in the short term  
and also required an uplift in marketing spend, we are  
optimistic for longer term prospects in this region.  
 
This has impacted our performance in Q1 and into  
Q2 but, along with the benefits of the strategic focus  
described above, we are well placed to resume growth  
in the second half of the year; at this stage we expect  
to see full-year revenue broadly in line with 2024 and  
EBITDA margins in the range of 40-45%.

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Gentoo Media  |  Q1 2025 Interim Report
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9   3.1 Our business model  
10   3.2 Operational review  
12  3.3 Financial review
Review of  
the business
3.0
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Gentoo Media operates a multi-channel affiliate marketing 
business, driving high-value traffic and leads for our partners 
 in the online gambling industry. Our model combines 
SEO optimised websites and paid marketing campaigns 
to maximise reach and efficiency, seamlessly connecting 
players with leading online sportsbooks and casinos.
Through a portfolio of authoritative websites, we attract 
organic traffic via search engines, while our data driven 
paid media strategies including search engine marketing, 
social media advertising, and display enable targeted  
and focused customer acquisition.
Our revenue is primarily performance based, earned 
through commissions on the leads and players we generate. 
A significant portion of our earnings comes from  
recurring revenue share agreements, where we receive  
a percentage of the lifetime value of the players we  
introduce. This ensures long-term revenue generation  
that grows alongside our partners’ success. Additionally, 
we generate revenue from listing fees, where operators 
pay to be featured on our websites, gaining premium  
visibility among high-intent players.
This diversified approach ensures direct alignment with  
our partners’ growth objectives while supporting scalable 
and sustainable revenue generation. By continuously  
optimising our traffic sources and marketing strategies, 
we enhance long-term value creation for both our partners 
and shareholders. With a portfolio of over 150 websites, 
we provide expert reviews, exclusive offers, and in-depth 
insights into both emerging and established online gaming 
brands. Our tech driven paid media approach ensures  
relevance and scalability, allowing us to operate effectively 
on a global scale. At its core, Gentoo Media is the digital 
storefront of the iGaming industry, the prime destination 
where high value players discover and engage with top  
tier gaming brands on a global scale.
 
Why is affiliation important in igaming? Drive high- 
intent traffic. Affiliates reach users already primed  
to play, not just browsing. 
 
Build trust through content: Reviews, comparisons,  
and community credibility help legitimise the brand. 
 
Scale visibility fast: Affiliates act as a distributed  
salesforce without the fixed overhead.
Boost conversion and retention: Targeted journeys lead to 
better sign-ups, lower CPA, and higher player value over time.
Reach niche audiences: Affiliates unlock access to  
verticals and communities traditional ads can’t reach. 
 
Deliver market intelligence: Affiliates are often first  
movers when trends shift, giving operators early signals. 
Gentoo Media focuses where it matters most: Turning  
attention into action, and traffic into long-term value.
Our business model
3.1
Commission models
Revenue sharing (~60%):  
Recurring rev. with high  
earnings potential via  
compounding effect,  
as revenue from cohorts  
grows over time 
Listing fee/other (~30%):
Fixed payment for  
exposure, requiring  
high traffic volume  
to attract advertisers 
CPA (~10%):  
One-time payment with  
low earning potential  
and high risk, as revenue  
declines immediately if  
traffic or rates drop
Leads
directed
Leads
converted
Commission1
1
2
3
2 3
Potential user
Gentoo media partners
End-user (NDC)
Publishing
Affiliate websites
Paid channels

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Gentoo Media  |  Q1 2025 Interim Report
Publishing
Gentoo Media’s Publishing business delivered a mixed 
performance in Q1 2025, with encouraging developments 
across several flagship assets, continued investment  
in technology, and a strategic portfolio realignment  
to strengthen future growth. 
 
Google’s March core update had a net positive  
impact across Gentoo Media’s publishing portfolio. 
Askgamblers.com continued its positive trajectory, 
expanding its offering with a new sports betting 
complaints service. The AskGamblers Awards drove  
record user engagement, with the highest-ever  
number of nominations submitted.
WSN.com reached a new performance milestone in  
March, achieving an all-time high in monthly revenue.  
This was supported by improved search engine  
visibility in the North American market.
CasinoMeister.com continued to experience strong 
organic traffic growth, driven by ongoing enhancements 
to content and user experience. The site’s full potential 
is yet to be realised. A full migration to Gentoo Media’s 
proprietary platform, expected by Q3 2025, is  
anticipated to further unlock the site’s potential.
 
Significant progress was made in developing Gentoo 
Media’s next-generation WordPress framework. The first 
sites are expected to be migrated to the new platform 
before the end of Q2 2025, enabling greater flexibility and 
improved performance across WordPress-based assets.
 
Recovery efforts continued for Casinotopsonline.com 
and Time2play.com; Casinotopsonline.com declined EUR 
1.9 million Y oY. Excluding this, the rest of the publishing 
portfolio grew by 5% compared to Q1 2024. 
 
The strategic review led to a targeted consolidation  
of the Publishing portfolio, now focused on ~70 high-
potential websites in key long-term growth markets.  
This reprioritisation strengthens operational  
efficiency and strategic clarity moving forward. 
 
This reprioritisation of assets will allow Gentoo Media  
to invest resources to achieve the maximum impact  
on revenue, while ensuring EBITDA margins above  
industry standards. 
 
Paid 
Paid entered 2025, navigating in a complex environment 
shaped predominantly by the developments of the 
Brazilian regulations. January and February reflected these 
headwinds, with slower-than-expected FTD growth and 
pressure on campaign efficiency. Paid moved decisively 
within weeks to rebalance spend, restore CAC, while 
maintaining presence, and in the latter half of the quarter, 
saw player intake in the Brazilian market develop positively. 
The team also reviewed initiatives and campaigns during 
the quarter. Underperforming initiatives, notably newer 
activities launched in Q4 2024,  were sunset, freeing 
resources for scalable, high-return opportunities.
Focus was redirected toward core markets, with  
low-impact activities scaled down and operational 
efficiency significantly improved. Structural changes 
were introduced early in the quarter, including tighter 
cost controls, streamlined internal processes, and refined 
bidding strategies to restore performance discipline 
 
By March, these adjustments began delivering tangible 
results. Campaign efficiency improved, and conversion 
volumes rebounded across the board. By March, all Paid 
channels:  Social Media, PPC, Display, and CRM regained 
momentum trending positively into April.
 
The Paid business enters Q2 with renewed confidence  
and execution discipline, well-positioned to deliver  
meaningful growth as it reasserts its role as a best- 
in-class performance engine.
 
Tech developments 
Ongoing investment in Gentoo Media’s media and martech 
platform continued in the quarter to support long-term 
scalability, automation, and data-driven decision-making.
Next-Generation Framework: Strong progress was  
made on the development of the next-generation 
WordPress framework, a substantial tech project in 
Gentoo Media, with initial site migrations expected  
before the end of Q2 2025. 
 
Backend & Workflow Automation: Development continued 
on the company’s backend data platform, aimed at 
automating core workflows. These improvements are 
expected to materially reduce manual effort, accelerate 
publishing timelines, and increase time to market 
 
Sales Enablement Tools: A new deal optimisation 
dashboard was launched during the quarter. This  
tool enables the sales team to make more informed 
decisions by using data to forecast and prioritise  
the most profitable commercial agreements. 
 
SEO Enhancements: Publishing rolled out a new SEO 
tool that provides real-time insights into keyword trends, 
search queries, and ranking behaviour. This supports a 
more agile and effective SEO strategy across key sites.
AI Adoption: Initial adoption of AI was implemented 
to enhance customer lifetime value (CLV) estimation, 
optimise acquisition and retention strategies, and  
begin automation of performance reporting. 
 
 
3.2
Operational review

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Gentoo Media  |  Q1 2025 Interim Report
Revenues and EBITDA
Revenues for Gentoo Media were EUR 24.8 million (28.0) 
during the period, a 11% decrease year-on-year. Paid 
Media contributed 18% (24%) of the group’s quarterly 
revenues. Revenue share agreements accounted for  
59% (65%) of the revenue for the period, where CPA 
accounted for 13% (8%) and listing fees and other  
services accounted for the remaining 28% (27%). 
 
 The decrease in revenue coming from revenue share 
agreements is mainly driven by temporary drop in value 
of deposits in Brazil. Increase in revenue coming from 
CPA agreements is mainly driven by increased traffic in 
high value markets where hybrid deal structure is applied. 
Looking ahead, the revenue share distribution is expected 
to remain aligned with historical trends over the long term.
The company continues referring players to revenue share 
agreements to secure recurring revenue streams. In the 
first quarter of 2025, marketing expenses amounted to 
EUR 6.8 million, which is level with the first quarter of 2024. 
EBITDA before special items declined by 39% to EUR 8.2 
million (13.5), with an EBITDA margin of 33% (48%).  
 
After adjusting for special items, EBITDA reached  
EUR 7.3 million with a margin of 30% (48%). 
 
 
FTDs & Value of Deposits
In the first quarter of 2025, Gentoo Media referred over 
95,000 (125,000) FTDs to operators, representing a 24% 
decrease year-on-year. In 2025, the company had  
a stronger focus on higher-value markets and thus 
reduced player acquisition in lower-value markets. 
 
The value of deposits for the player base remained flat 
year-on-year in the first quarter ending at EUR 183.0  
million despite the turbulence in the Brazilian market. 
Diversification
Gentoo Media’s diversification strategy, aimed at  
driving sustainable long-term growth, accelerated  
operating momentum in the first quarter of 2025.  
 
The number of partners generating over EUR 10,000 in 
quarterly revenue saw a significant 17% year-on-year  
increase. Revenue from non-top five websites decreased 
13% year-on-year, while revenue from the top five  
websites were in line with the first quarter of 2024.  
 
Revenue from the Americas and Europe decreased 8% 
year-on-year. Both markets remain pivotal to Gentoo  
Media’s growth strategy, and we will continue to prioritise 
them as key drivers of future expansion. 
 
Paid remains focused on data-driven media buying,  
ongoing optimisation of bidding strategies, and further 
advancements in automation, ensuring that Gentoo Media 
is well-positioned to deliver strong returns and maintain 
margin resilience in the coming quarters. Gentoo Media  
is further committed to continuous innovation and the  
ongoing improvement of its products and technology.  
 
This will ensure that the company’s platforms remain  
competitive and strategically aligned with future  
growth objectives.
3.2  |  Operational review

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Gentoo Media  |  Q1 2025 Interim Report
Income statement 
Revenues amounted to EUR 24.8 million during Q1  
2025 (28.0), an 11%  decrease year-on-year.
Marketing expenses were EUR 6.8 million in Q1 2025 (6.8).
Personnel expenses amounted to EUR 5.8 million, 
 up 31% from EUR 4.6 million in Q1 2024. Excluding  
acquisitions, personnel expenses increased 17% year- 
on-year. Capitalised salaries related to technology  
development amounted to EUR 1.5 million (1.1). 
Other operating expenses amounted to EUR 3.5  
million a 23% increase compared to Q1 2024 (3.1).
EBITDA before special items was EUR 8.2 million (13.5),  
a 39% decrease, with an EBITDA margin of 33% compared 
to 48% Q1 2024. EBITDA is equivalent to operating  
profit before depreciation, amortisation and impairment.  
Special items in the quarter amounted to EUR 0.8 million.
Depreciation and amortisation amounted to EUR 4.6  
million (3.2), an increase of 43%, primarily related  
to domains, developed technology platforms  
and computer and office equipment.
Net finance costs amounted to EUR 5.2 million (0.6),  
including an unrealised loss related to the bond due  
to the strengthening of the SEK towards the EUR of  
EUR -1.8 (2.0) million. Interest on the company’s bonds  
was EUR 2.5 million (2.3). Other financial expenses were  
EUR -3.0 (1.8) million, including EUR -0.5 million relating  
to fair value adjustments on deferred payments.
The net loss for the period was negative EUR 2.7 million, 
compared to a EUR 9.7 million profit from continuing  
operations in Q1 2024 (EUR 3.4 million profit including  
discontinued operations).
 
Balance sheet
Total assets amounted to EUR 156.0 million (265.7) as  
at 31 March 2025. The decrease compared to last year  
is primarily related to Assets classified as held for sale  
which were included in Q1 2024, but the change also  
relates to an increase in deferred income tax assets  
which were not included previously. The largest asset  
on the balance sheet relates to intangible assets of  
EUR 104.0 million (101.7).
Intangible assets at 31 March 2025 mainly consist of  
goodwill generated through business combinations  
of EUR 44.4 million and domains of EUR 45.9 million.
Trade and other receivables amounted to EUR 23.7  
million (22.8 at end of Q1 2024).
The company closed out the quarter with a balance  
of cash and bank deposits amounting to EUR 4.6  
million; the company’s cash and bank deposits  
in Q1 2024 amounted to EUR 5.9 million.
Significant liabilities in the company’s balance sheet  
include deferred consideration, borrowings and  
current income tax liability. Deferred considerations  
have decreased due to payments in Q1 2025.
Cash flow
The cash flow statement for Q1-2024 and the  
full year 2024  includes both continued and  
discontinued operations in accordance with IFRS.
The Group experienced a net cash inflow from  
operating activities of EUR 4.6 million (10.3). 
Cash flow from investing activities amounted to EUR  
-24.3 (-15.5) million, and includes the final EUR 15  
million cash payment for the acquisition of AskGamblers 
and a EUR 5 million instalment for the acquisition of  
KaFe Rocks. The first quarter 2024 includes the EUR 10  
million instalment for the acquisition of AskGamblers.
Cash flow from financing activities amounted to EUR  
13.0 (-7.5) million, and includes a EUR 16 million  
drawdown under the Citibank RCF. 
 
Employees
The At the end of March 2025, Gentoo Media counted  
404 employees spread throughout Malta, Denmark,  
Serbia, Spain and the UK. Furthermore, Gentoo Media  
used approximately 80 consultants and remote workers 
with which at present the company collaborates across 
Europe, Asia and the USA.
Shareholders Meetings
A Special Meeting of Shareholders was held on 13 March 
2025 in Stockholm, Sweden. The meeting resolved to  
approve to delist the Company’s shares from Euronext 
Oslo Børs. The Company will maintain the listing of the 
shares on Nasdaq Stockholm. 
The 2025 Annual Meeting of Shareholders will be held  
at KG10, Kungsgatan 8, 111 43 Stockholm, Sweden, on 
Tuesday, 27 May 2025 at 11:00 local time. The meeting  
is called to approve the financial statements for the year 
ended 31 December 2024, to elect the Board of Directors, 
to approve the principles for appointment of the Nomination 
Committee, to consider and approve the remuneration  
to the Board of Directors, to consider and approve an  
authority to the Board of Directors to buy back shares  
and to increase the number of authorized shares.  
 
Documents related to the Annual Meeting of Shareholders 
including the attendance and proxy forms and the proposal 
from the nomination committee are available on the  
Company’s website, www.gentoomedia.com. 
 
 
3.3
Financial review

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Gentoo Media  |  Q1 2025 Interim Report
Delisting of the Gentoo share from Euronext Oslo Børs
The shareholders of Gentoo Media Inc. resolved on 13 
March 2025 to apply for delisting of the company’s shares 
from Euronext Oslo Børs while maintaining the listing  
of the shares on Nasdaq Stockholm. In the Board of  
Director’s opinion, liquidity in the Company’s shares  
and thereby shareholder value will benefit from being  
traded on Nasdaq Stockholm only. The application was 
approved by Euronext Oslo Børs on 2 May 2025, with  
last day of trading on Euronext Oslo Børs on 24 July 2025. 
The shares of Gentoo Media have been dual listed on  
Euronext Oslo Børs and Nasdaq Stockholm since 2019, 
and the share will continue to be listed on Nasdaq Stockholm 
(main list) with the same name and ISIN. The company’s 
share registry will continue in Euronext Securities Oslo 
(VPS) after the delisting, with the shares held in Euroclear 
Sweden mirrored via a nominee account in the VPS.  
Shareholders are not required to take any action to  
move their shares in connection with the delisting.
Financial calendar
Annual Meeting of Shareholders 27 May 2025
Q2 2025 Interim Report 19 August 2025
Q3 2025 Interim Report 11 November 2025
Q4 2025 Interim Report 18 February 2026
3.3  |  Financial review

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Gentoo Media  |  Q1 2025 Interim Report
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15   4.1 Sustainability highlights 
16   4.2 Our strategic approach to sustainability
4.0
Sustainability  
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Gentoo Media  |  Q1 2025 Interim Report
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Company wide gender split
Full time employees
50% Female
50% Male
0% Female  
100% Male
29% Female  
71% Male
Team leads 46% Female  
54% Male
Directors
Heads
C-level
31% Female  
69% Male
Manager 57% Female  
Nationalities 48404
Sustainability highlights
4.1

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Gentoo Media  |  Q1 2025 Interim Report
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Sustainability reporting 
In Q1, significant efforts were put into compiling the  
Annual Non-Financial Statement for FY 2024 which was 
published on 11th April 2025. Despite initially falling within 
scope of the EU’s Corporate Sustainability Reporting  
Directive, the publishing and passing of the EU’s Omnibus 
Package proposal for CSRD, Corporate Sustainability  
Due Diligence Directive (CSRDDD), the EU Taxonomy  
and the Carbon Border Adjustment Mechanism (CBAM)  
on 26th February 2025 has made Gentoo fall completely 
out of scope of CSRD reporting.
Nonetheless, reporting for FY 2024 was made in-line with 
the EU’s Non-Financial Reporting Directive (NFRD) and  
the EU Taxonomy Regulation. In this respect,  following  
an assessment of key activities, value chain actors and 
material risks arising in the value chain, the group reported 
on material non-financial matters specifically environment, 
social and employee, human rights, anti-bribery and  
corruption, and other relevant sectoral matters related  
to our supply chain which intended to provide insight into 
our development, performance, position and impact of  
our business activities with regards to non-financial matters.
The report was reviewed by Reid CPAs, LLC to ensure a  
holistic approach to the entire Annual Report and, therefore, 
continuity with the reported financial statements.
Environmental matters 
• Material impact  
The Double Materiality Assessment which was drafted  
in Q4 2024 indicated that the group’s operations do  
not significantly contribute to environmental damage  
and, therefore, the risks emanating from its operations  
are non-material in this regard.
Social and employee matters 
• Business integrity & responsible business practices  
Q1 saw closer cross-departmental collaboration,  
specifically, between the Compliance and the Paid  
Search and Publishing teams through the establishment  
of periodic meetings with the intention of tackling  
queries proactively and avoiding non-compliance. 
• Regulatory compliance 
 Different channels have been set-up internally to  
structure communication of compliance requests  
from different teams as well as to provide access to  
all employees to a central repository of regulatory  
guidelines (ranging from advertising regulations, data  
protection to anti-money laundering), license registers 
and standard operating procedures pertaining to  
compliance processes affecting different stakeholders.  
 
• Third-party risk management 
The due diligence process on prospective and existing  
partners has been tweaked and finalised and the  
process was launched on some existing customers.  
Dedicated compliance resources will be working  
on the full roll-out in April 2025. 
• Intellectual property 
An external consultant was engaged to deliver a  
workshop on relevant intellectual property matters  
to all operational teams. 
• Employee training and development: 
Gentoo has partnered with Udemy to offer all  
employees access to thousands of expert-led  
courses for free. This replaced the previous third- 
party learning management system (Learnerbly). 
• Workforce diversity, equity and inclusion 
Overall, the gender split across the group is equal  
between men and women, although higher seniority  
roles are largely taken up by men. Figures pertaining  
to our workforce can be found on the previous  page.
One of the key targets in our Sustainability Strategy  
long term is to work towards improving gender  
balance in leadership roles.
 
Sustainability governance 
On 10th March 2025, an ESG and Compliance Committee 
(the “Committee”) was established with the scope  
of providing guidance and advice to the Board on  
sustainability and compliance matters. This Committee 
comprises two Board members, the General Counsel  
and the Head of Compliance. It plays a crucial role in: 
• Monitoring regulatory developments and  
compliance with sustainability-related requirements; 
• Assessing ESG risks and opportunities,  
ensuring alignment with best practices; and 
• Overseeing stakeholder engagement  
and sustainability reporting.
The Committee is an integral part of our sustainability  
governance framework as it provides a direct line of  
communication between the Board of Directors and the 
operational ESG leadership and implementation team.
Going forward, the Committee shall also be working  
on finalising the Sustainability Strategy for the group,  
including the choice of a reporting framework.
4.2
Our strategic approach to sustainability

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Gentoo Media  |  Q1 2025 Interim Report
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18  5.1 Financial highlights 
19   5.2 Consolidated statement of comprehensive income  
20   5.3 Consolidated balance sheets  
21   5.4 Consolidated statement of cash flows 
22   5.5 Notes
5.0
Financials  
Gentoo Media Inc. 
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Gentoo Media  |  Q1 2025 Interim Report
Financial highlights
5.1
EUR’000 Q1  2025 Q1  2024 2024
Income statement
Revenue 24.8 28.0 122.8
EBITDA before special items 8.2 13.5 56.7
Special items -0.8 0.0 -1.5
EBITDA after special items 7.3 13.5 55.2
EBIT 2.7 10.3 37.9
Net financial income (expense) -5.2 -0.6 -14.3
Result from continuing operations -2.7 9.7 23.6
Result from discontinued operations 0.0 -6.3 -78.9
Net result -2.7 3.4 -55.3
Balance sheet
Total non-current assets 127.7 109.0 130.3
Trade and other receivables 23.7 22.8 27.1
Cash and cash equivalents 4.6 5.9 11.3
Assets classified as held for distribution 0.0 128.0 0.0
Total assets 156.0 265.7 168.7
Equity -12.3 95.9 -9.7
Bond payable 91.3 73.3 89.5
Liabilities held for distribution 0.0 28.0 0.0
Cash flow
Cash flow from operation activities 4.6 10.3 33.3
Cash flow from investing activities -24.3 -15.5 -39.8
Cash flow from financing activities 13.0 -7.5 4.7
Cash flow for the period -6.7 -12.7 -1.8

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Gentoo Media  |  Q1 2025 Interim Report
Consolidated statement of comprehensive income 
5.2
EUR’000 Q1  2025 Q1  2024 2024
Revenue 24,804 27,97 4 122,773 
Employee costs -5,939 -4,520 -15,864
Marketing expenses -6,823 -6,813 -32,020
Other operating expenses -3,860 -3,131 -18,231
EBITDA before special items 8,182 13,510 56,658
Special items -843 24 -1,467
EBITDA after special items 7,339 13,534 55,191
Amortisation and depreciation -4,621 -3,234 -17,625
Other Income and expenses -11 - 352
EBIT 2,707 10,300 37,918
Finance costs -3,427 -2,584 -13,359
Unrealised exchange gain (loss) on the bond -1,784 1,998 -962
Profit before income taxes -2,505 9,714 23,597
Income tax -167 -1 32
Profit from continuing operations -2,671 9,713 23,629
Loss from discontinued operations - -6,294 -78,912
Profit/(loss) for the period -2,671 3,419 -55,283
Other comprehensive income/(loss)
Exchange differences on translation of foreign operations - - -195
Exchange difference transferred to loss from discontinued operations - - 373
Other comprehensive income/(loss) for the period - - 178
Profit/(loss) for the period -2,671 3,419 -55,105
EUR’000 Q1  2025 Q1  2024 2024
Average number of outstanding shares 134,708 129,003 132,318
Average dilutive number of outstanding shares 135,736 130,510 133,437
Basic and diluted earnings (losses) per share:
Basic earnings per share -0.02 0.03 -0.42
Diluted earnings per share -0.02 0.03 -0.41

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Gentoo Media  |  Q1 2025 Interim Report
Consolidated balance sheets
EUR'000 31 Mar 2025 31 Mar 2024 31 Dec 2024
Equity
Share capital 119 114,136 119 
Share premium 197,701 71,857 197,584
Currency translation reserve -2,394 - -2,423 
Accumulated deficit -208,996 -90,439 -206,200
Total equity attributable to owners of Gentoo Media Inc. -13,571 95,554 -10,920 
Non-controlling interests 1,240 325 1,240 
Total equity (deficit) -12,331 95,879 -9,680 
Liabilities
Non-current liabilities
Borrowings 91,344 73,269 89,476 
Lease liabilities 1,870 3,791 2,114 
Deferred consideration 875 17,549 853
Deferred tax liabilities 884 4,004 2,448
Other non-current payables - - -
Total non-current liabilities 94,972 98,613 94,891 
Current liabilities
Borrowings 23,075 - 7,079 
Trade and other payables 10,281 41,937 16,227
Lease liabilities 988 1,318 1,088 
Deferred consideration 11,549 - 33,255 
Contingent consideration 389 - 7 41 
Current income tax liabilities 27,045 - 25,124 
Total current liabilities 73,337 43,255 83,514 
Liabilities directly related to assets held for distribution to owners - 27,951 -
Total liabilities 168,309 169,819 178,405 
Total equity and liabilities 155,978 265,698 168,725 
5.3
EUR’000 31 Mar 2025 31 Mar 2024 31 Dec 2024
Assets
Non-current assets
Goodwill 44,429 40,793 44,429 
Other intangible assets 59,521 60,871 62,221
Property, plant and equipment 1,316 7,334 1,037 
Rights-of-use assets 2,554 - 2,902 
Deferred income tax assets 19,7 46 - 19,7 46 
Other non-current assets 88 - -
Total non-current assets 127,654 108,998 130,335 
Current assets
Trade receivables 23,675 22,759 27,085 
Cash and cash equivalents 4,649 5,898 11,305 
Total current assets 28,325 28,657 38,390 
Assets held for distribution to owners - 128,043 -
Total assets 155,978 265,698 168,725

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Gentoo Media  |  Q1 2025 Interim Report
Consolidated statement of cash flows
EUR’000 Q1  2025 Q1  2024 2024
Cash flow from operating activities
Operating profit from continuing operations 2,707 8,256 37,566
Operating loss from discontinued operations - -4,670 -76,420
Changes in working capital and non-cash items 1,966 7,043 72,531
Taxes paid -30 -285 -402
Net cash flows from operating activities 4,643 10,344 33,275
Cash flow from investing activities  
   Purchases of intangible assets -1,504 -5,219 -21,693
   Purchases of property, plant and equipment -347 -268 -949
   Acquisition of subsidiaries, net of cash acquired -22,491 -10,000 -17,167
Net cash flows from investing activities -24,342 -15,487 -39,809
Cash flow from financing activities
 Loan repayment - -4,583 -13,964
 Proceeds from issuance of shares - - 9,459
 Net proceeds from bond refinancing and other borrowings 16,000 - 22,204
 Repayment of lease liabilities, principal part -326 -759 -2,349
 Interests paid -2,631 -2,169 -10,612
Net cash flows from financing activities 13,043 -7,511 4,738
Net movement in cash and cash equivalents -6,656 -12,654 -1,796
Cash and cash equivalents at beginning of period 11,305 23,069 23,069
Cash and cash equivalents of distributed Platform & Sportsbook segment - -4,517 -9,968
Cash and cash equivalents at end of period 4,649 5,898 11,305
5.4

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Gentoo Media  |  Q1 2025 Interim Report
Selected notes to condensed consolidated financial 
statements as of and for the periods ending 31 March  
2025 and 2024. 
1. General information
 
Gentoo Media Inc. (Gentoo Media) is a US corporation  
incorporated in the state of Delaware and traded  
on the Oslo Stock Exchange with the ticker symbol  
“G2MNO” and on Nasdaq Stockholm with the ticker  
symbol “G2M” (dual listing).
The company’s activities are affiliate marketing  
operations for the iGaming and betting industry.
 
2. Basis of preparation
 
These unaudited condensed financial statements  
are prepared in accordance with International Financial 
Reporting Standards (“IFRS”) as adopted by the European 
Union. The condensed consolidated financial statements 
report the periods ended 31 March 2025 and 2024, and  
31 December 2024 of Gentoo Media Inc. and subsidiaries 
and have been prepared in conformity with IAS 34.  
 
The condensed consolidated financial statements  
for the periods ended 31 March 2025 and 2024  
have not been audited by the company’s auditors.
The company’s condensed consolidated financial  
statements are presented in Euro (EUR), which is the  
presentation and functional currency of the company.  
The functional currencies of its subsidiaries are United 
States dollar, Euro, British Pounds, Norwegian and Danish 
Kroner and Serbian Dinar which are translated into EUR at 
monthly average rates for revenues and expenses and at 
month end rates for assets and liabilities. Equity accounts 
are translated at historical rates. Exchange differences on 
translation of foreign operations are shown as a separate 
component of stockholders’ equity (deficit) and reflected 
as other comprehensive income (loss) on the condensed 
consolidated statement of comprehensive income (loss).
The condensed consolidated financial statements of  
the Company as at and for the periods ended 31 March 
2025 and 2024, and 31 December 2024 are composed  
of its subsidiary Plc and Plc’s related accounting  
basis subsidiaries.
 
3. Summary of significant accounting policies
Accounting policies
The accounting policies, judgements and estimates  
adopted and used in preparing the condensed  
consolidated financial statements as of and for the  
periods ended 31 March 2025 and 2024 are consistent 
with those used in preparing the Company’s consolidated 
financial statements as of and for the year ended  
31 December 2024.
Discontinued operations
The company has succeeded with distributing the  
Platform & Sportsbook segment to its shareholders  
on 30 September 2024. In accordance with IFRS 5,  
Platform & Sportsbook have been reported as an  
asset held for distribution for the periods ended 31 March 
2025 and 2024 and full year ended 31 December 2024.  
 
Previous periods have been restated accordingly.  
In accordance with IFRS 5, the B2C and Sports Betting 
Services’ financial results are reported as discontinued  
operations in the company’s financial statements as  
of and for the periods ended 31 March 2025 and 2024  
and full year ended 31 December 2024. 
Standards, Interpretations and Amendments to  
Published Standards that are not yet Effective in 2025
 
The Company has not adapted any new standards, 
amendments and interpretations to existing standards, 
and will assess the need for any adaptation or revisions  
to the requirements of IFRSs as adopted by the EU.
 
4. Impairment of intangible assets
 
The company reviews the carrying amounts of its tangible 
and intangible assets on an annual basis (or more frequently 
if events or changes in circumstances indicate a potential 
impairment) to determine if there are any indications that  
the assets have decreased in value. If any such indications 
exist, the recoverable amount is set to determine the  
need to recognise an impairment. When calculating the 
recoverable amount, future cash flows are discounted  
to present value using a discount rate before tax. If the  
recoverable amount is determined to be lower than the 
carrying amount an impairment is recorded through a 
charge to the statement of operations. There were no  
impairments in continuing operations in the periods  
covered by this interim report.
 
5. Earnings (loss) per share
 
Basic earnings (loss) per share are calculated by dividing 
the net income (loss) for the period, plus or minus applicable 
dividends, by the weighted number of shares outstanding. 
Diluted earnings (loss) per share utilise the same numerator, 
but outstanding shares in profitable periods include  
the dilutive effect of outstanding warrants and options 
determined by the treasury stock method. As of 31 March 
2025, the company had 1,028,000 outstanding options.
 
6. Changes in equity
 
No material changes to equity occurred during the  
reporting period ending on 31 March 2025. The number  
of outstanding shares were 134,707,97 4 (par value  
USD 0.001 ) as at 31 March 2025.
 
Gentoo Media Inc. 
Notes

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Gentoo Media  |  Q1 2025 Interim Report
7. Senior secured bonds 
In June 2024, the company completed a EUR 15.0 million 
subsequent senior secured bond issue under its existing 
EUR-tranche bond loan, increasing the EUR tranche to  
EUR 60.0 million.
The 2023-26 bonds are registered in the Norway Central 
Securities Depository and are listed on Nasdaq Stockholm 
and Frankfurt Stock Exchange Open Market. The outstanding 
balance of the bond on 31 March 2025 was EUR 91.3  
million (73.3).
 
8. Revolving Credit Facility
 
On 30 September 2024, the company entered into  
a EUR 25.0 million Revolving Credit Facility Agreement  
with Citibank Europe plc. As at 31 March 2025, the  
company has drawn EUR 23.0 million on the facility.
 
9. Litigations
 
Gentoo Media 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. 
10. Related party transactions
 
There were no material related party transactions  
in Q1 2025 which is not already addressed in other  
sections within this report.
 
11. Subsequent events
 
There were no subsequent events not already  
addressed in other sections within this report.
 
12. Special items
 
Significant expenses and income, which the company 
considers not part of ordinary business operations, are 
presented in the Income statement in a separate line  
item labeled ‘Special items’ in order to distinguish these 
items from other income statement items and provide  
a more transparent and comparable view of the ongoing 
performance. Types of expenses and income included  
in special items include costs related to the split of the 
company, restructuring costs, M&A and adjustments  
to earn-out payments.
 
13. Alternative performance measures
 
Certain financial measures and ratios related thereto in  
this interim report are not specifically defined under IFRS  
or any other generally accepted accounting principles.
These measures are presented in this report because 
they are the measures used by management and they are 
frequently used by other interested parties for valuation 
purposes. In addition, the company provides information 
on certain costs in the income statement, as these are 
deemed to be significant from an industry perspective.
14. Glossary  
CAC: Customer Acquisition Cost
EBIT: Operating profit 
EBIT margin: EBIT in percent of Normalised revenues
 
EBITDA before special items: Operating profit less  
depreciation, amortisation, impairments and special items
 
EBITDA after special items: Operating profit  
less depreciation, amortisation and impairments
 
EBITDA before special items margin: EBITDA  
before special items in percent of revenues
 
EBITDA after special items margin: EBITDA  
after special items in percent of revenues
 
First Time Depositor (FTD): A first time depositor  
is a person who places wagers or deposits an  
VoD amount of money for the very first time
 
Gross profit: Operating revenue less cost of sales
 
Gross margin: Gross profit in percent of revenues
 
Interest bearing debt: Other long-term  
debt and short-term borrowings
 
Organic growth: Growth including growth  
from acquired companies from the date of  
acquisition measured against the historical revenue
Gentoo Media Inc. 
Notes

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Financials  
Gentoo Media Plc.
6.0
 
25   6.1 Consolidated statement of comprehensive income  
26  6.2 Consolidated balance sheets  
27   6.3 Consolidated statement of cash flows
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Gentoo Media  |  Q1 2025 Interim Report
6.1
Consolidated statement of comprehensive income 
EUR’000 Q1  2025 Q1  2024 2024
Revenue 24,804 27,992 122,773 
Employee costs -5,823 -4,562 -15,594
Marketing expenses -6,823 -6,813 -32,020
Other operating expenses -3,516 -3,131 -18,700
EBITDA before special items 8,642 13,486 56,458
Special items -843 -70 -
EBITDA after special items 7,799 13,416 56,458
Amortisation and depreciation -4,621 -3,041 -17,625
Other Income and expenses -11 - 637
EBIT 3,167 10,375 39,471
Finance costs -3,406 -2,086 -12,554
Unrealised exchange gain (loss) on the bond -1,784 1,998 -962
Profit before income taxes -2,024 10,287 25,955
Income tax -142 17 372
Profit from continuing operations -2,165 10,304 26,327
Loss from discontinued operations - -6,346 -78,912
Profit/(loss) for the period -2,165 3,958 -52,586
Other comprehensive income/(loss)
Exchange differences on translation of foreign operations - -140 -
Exchange difference transferred to loss from discontinued operations - - -
Other comprehensive income/(loss) for the period - -140 0
Profit/(loss) for the period -2,165 3,818 -52,586

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Gentoo Media  |  Q1 2025 Interim Report
6.2
Consolidated balance sheets
EUR'000 31 Mar 2025 31 Mar 2024 31 Dec 2024
Equity
Share capital 14,638 51 14,638
Share premium 142,652 144,600 141,922
Currency translation reserve -701 - -
Accumulated deficit -184,704 -71,047 -182,528
Total equity attributable to owners of Gentoo Media Plc. -28,114 73,604 -25,968
Non-controlling interests 1,240 325 1,240 
Total equity (deficit) -26,874 73,929 -24,728
Liabilities
Non-current liabilities
Borrowings 97,107 7 4,551 89,476 
Lease liabilities 1,870 3,929 2,114 
Deferred consideration 875 17,549 853
Deferred tax liabilities 884 4,004 2,448
Other non-current payables - 7,527 -
Total non-current liabilities 100,736 107,560 94,891 
Current liabilities
Borrowings 23,075 - 16,200
Trade and other payables 8,489 40,209 11,896
Lease liabilities 988 1,318 1,088 
Deferred consideration 11,549 - 33,255 
Contingent consideration 389 - 7 41 
Current income tax liabilities 26,7 45 - 24,824
Total current liabilities 71,245 41,527 88,004
Liabilities directly related to assets held for distribution to owners - 27,813 -
Total liabilities 171,981 176,900 182,895
Total equity and liabilities 145,107 250,829 158,167
EUR’000 31 Mar 2025 31 Mar 2024 31 Dec 2024
Assets
Non-current assets
Goodwill 33,981 30,345 33,981
Other intangible assets 59,521 60,871 62,221
Property, plant and equipment 1,316 7,248 1,037 
Rights-of-use assets 2,554 - 2,902 
Deferred income tax assets 19,7 46 - 19,7 46 
Other non-current assets - - -
Total non-current assets 117,118 98,464 119,887
Current assets
Trade receivables 23,624 18,636 26,996
Cash and cash equivalents 4,366 5,892 11,284
Total current assets 27,990 24,528 38,280
Assets held for distribution to owners - 127,837 -
Total assets 145,107 250,829 158,167

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Consolidated statement of cash flows
6.3
EUR’000 Q1  2025 Q1  2024 2024
Cash flow from operating activities
Operating profit from continuing operations 3,167 8,583 39,471
Operating loss from discontinued operations - -6,346 -76,420
Changes in working capital and non-cash items 4,644 8,386 7 4,403
Taxes paid -30 - -363
Net cash flows from operating activities 7,781 10,623 37,091
Cash flow from investing activities  
   Purchases of intangible assets -1,504 -5,219 -21,694
   Purchases of property, plant and equipment -347 -268 -949
   Acquisition of subsidiaries, net of cash acquired -22,491 -10,000 -17,167
Net cash flows from investing activities -24,342 -15,487 -39,810
Cash flow from financing activities
 Loan repayment -5,401 -4,583 -13,554
 Proceeds from issuance of shares - - -
 Net proceeds from bond refinancing and other borrowings 18,000 - 22,204
 Repayment of lease liabilities, principal part -326 -759 -2,349
 Interests paid -2,630 -2,170 -10,183
Capital contribution received from group’s parent - - 6,569
Net cash flows from financing activities 9,643 -7,512 2,687
Net movement in cash and cash equivalents -6,918 -12,376 -32
Cash and cash equivalents at beginning of period 11,284 22,7 49 21,284
Cash and cash equivalents of distributed Platform & Sportsbook segment - -4,481 -9,968
Cash and cash equivalents at end of period 4,366 5,892 11,284

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Company information 
St. Julian’s (Headquarters) 
Golden Mile Business  
Centre Triq Id-Dragunara  
St Julian’s, STJ 3148,  
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