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Gentoo Media  |  Q1 2026 Interim Report
Gentoo Media Inc.   
21 May 2026 
 
  Q1 2026

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Gentoo Media  |  Q1 2026 Interim Report
Content
2   |   Review of the business 
Company overview
Our business model
Company strategy 
Financial review 
Operational review
4  |   Financials Gentoo Media P.l.c. 
Consolidated statement of comprehensive income
Consolidated balance sheets
Consolidated statement of cash flows
Company Information
1   |   Executive summary
Quarterly highlights 
Letter from the CEO 
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15 
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22
29 
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3  |   Financials Gentoo Media Inc. 
Financial highlights
Consolidated statement of comprehensive income
Consolidated balance sheets
Consolidated statement of cash flows 
Consolidated statement of changes in equity 
Notes 
Q1 2026 Interim Report

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Gentoo Media  |  Q1 2026 Interim Report
4  1.1  Quarterly highlights 
5  1.2 Letter from the CEO   
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Executive summary
1.0

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Gentoo Media  |  Q1 2026 Interim Report
Quarterly highlights
1.1   |   Quarterly highlights 
Operational cashflow (EUR million)
4.6
7.4
8.6
14.0
7.4
Q1  26Q1  25 Q2  25 Q3  25 Q4  25
First time depositors (FTDs '000)
Paid
81.4
136.2
95.1
109.1 102.9
Publishing
34.1
41.9
83.7
56.6 55.4
47.3
Q1  26Q1  25 Q2  25 Q3  25 Q4  25
52.553.2 52.5 47.5
Value of deposits (EUR million)
Q1  26Q1  25 Q2  25 Q3  25 Q4  25
201195
183
195 202
Revenue & EBITDA (EUR million) 
242525.4
22.7
25.6
10.5
Q1  26Q1  25 Q2  25 Q3  25 Q4  25
8.48.8 9.3
14.8
EBITDA* Revenue
*EBITDA before special items

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Gentoo Media  |  Q1 2026 Interim Report
1.2  |  Letter from the CEO
Back to contentGentoo Media  |  Q1 2026 Interim Report
Dear Shareholders,
The first quarter of 2026 marked a stable start to the year for 
Gentoo Media. While market conditions remain dynamic, 
the business continues to show resilience, supported by a 
significantly more efficient cost base, disciplined capital 
allocation and a clear focus on profitable growth.
Profitability in the quarter reflects the impact of the cost and 
organisational measures implemented last year. Compared 
with Q1 2025, the cost base has been reduced by
approximately EUR 3 million for the quarter, corresponding 
to an annualised effect of around EUR 12 million. This is ahead 
of the EUR 8–10 million savings target communicated at the 
beginning of 2025 and provides a solid foundation to 
support our 2026 guidance. Hence, we have built a leaner and 
more scalable operating model, strengthening earnings 
resilience and improving the business’ ability to perform 
through periods of short-term revenue volatility.
Revenue development in the quarter was stable, although 
February was impacted by weaker sports margins. Despite 
this, underlying commercial indicators remained 
encouraging. End-user deposit volumes at partner operators 
continued to develop positively. Moreover, traffic and player 
sign-ups showed good momentum across key assets, 
including AskGamblers. This underlines the continued quality 
of our audience and the value delivered to our partner 
operators, even during periods where revenue share 
conversion is temporarily impacted by sports outcomes and 
market mix.
During the quarter, we continued to invest in areas that 
support future growth. Sports remains an important 
strategic focus in 2026, particularly ahead of the FIFA World 
Cup, and we are strengthening both our people capabilities 
and marketing initiatives to capture this opportunity. At the 
same time, we continue to invest in our technology platform, 
product capabilities and automation. The role of AI in search 
and user behaviour continues to evolve, and we are actively 
adapting our content, product and technical approach to 
ensure Gentoo Media remains visible, relevant and 
competitive across both traditional and emerging 
discovery channels.
We also took further steps to simplify the business and 
sharpen our focus. The decision to close our division in 
Norwich, England, reflects our continued discipline around 
portfolio quality and capital allocation. While the closure 
resulted in a non-cash impairment of EUR 2.6 million, it 
removed a non-core activity thus supporting our strategic 
vision to reduce complexity. This supports the overall health 
and focus of the Group going forward. 
Cash flow and balance sheet discipline remained a key 
focus during the quarter. We repaid EUR 2 million of the credit 
facility and continued to reduce net interest-bearing debt. In 
addition, deferred consideration payments of approximately 
EUR 1.6 million were made during the quarter. These outflows 
should be viewed in the context of a business that 
continues to generate solid operating cash flow, supported 
by improved profitability and a structurally lower cost base 
compared with the same period last year. Net interest-
bearing debt decreased to EUR 114.1 million in Q1 2026 from 
EUR 125.4 million in Q1 2025 (EUR 123.4 million in the beginning 
of 2025), primarily driven by repayments of deferred 
consideration related to previous acquisitions and reductions 
under the credit facility.
Strengthening the Group’s financing position has remained 
a key priority. During the quarter, we replaced the existing 
revolving credit facility with a new shareholder-backed loan, 
extending maturity into 2027 and improving our financial 
position. This support from our largest shareholders reflects 
confidence in the business and strengthens the platform for 
continued execution of our 2026 plan.
Overall, Q1 confirms that Gentoo Media has entered 2026 
with a more stable and efficient operating model. The work 
completed in 2025 has created a stronger foundation, with 
lower costs, improved focus and a clearer path towards 
sustainable profitability and cash generation. While 
short-term volatility remains part of our industry, we are 
confident in the quality of our assets, the strength of our 
commercial engine and the opportunities ahead.
We remain focused on our 2026 priorities: driving 
higher-quality revenue, strengthening flagship brands and 
integrating AI-driven capabilities across content, product 
and acquisition channels. Combined with a leaner 
organisation and improved financial flexibility, this positions 
Gentoo Media well for long-term value creation.
I would like to thank our employees for their continued 
commitment and execution, and our partners and 
shareholders for their trust and support.
Jonas Warrer
Chief Executive Officer 
Gentoo Media
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Gentoo Media  |  Q1 2026 Interim Report
 Back to content
7  2.1 Company overview
8  2.2  Our business model 
9  2.3 Company strategy 
10  2.4  Financial review 
12  2.5  Operational review 
Review of  
the business
2.0

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Gentoo Media  |  Q1 2026 Interim Report
Company overview
Company wide gender split
Full time employees
Female 54.5%
Male 45.5%
25% Female  
75% Male
 38.5% Female  
61.5% Male
Team leads 35.9% Female  
64.1% Male
Directors
Heads
C-level
23.1% Female  
76.9% Male
50% Female  
50% Male
292
Managers
Nationalities 43
2.1

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Gentoo Media  |  Q1 2026 Interim Report
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Gentoo Media operates an always-on, multi-channel 
audience acquisition platform across search, paid media 
and emerging AI-driven discovery channels. The Company 
connects high-value players with leading online gaming 
operators and monetises this traffic primarily through 
recurring revenue share agreements.
Our portfolio of digital assets attracts high-intent
 users across both traditional search engines and emerging 
AI-driven discovery platforms. At the same time, our paid 
media capabilities - spanning search engine marketing, 
social platforms and programmatic display - enable 
scalable and data-driven customer acquisition across 
markets. This multi-channel approach supports 
continuous optimisation of traffic acquisition, conversion 
and player value, leveraging synergies between channels.
Revenue is generated primarily through 
performance-based commissions on players referred to 
operator partners. 
The majority of revenue is derived from recurring revenue 
share agreements, under which Gentoo Media receives a 
share of the lifetime value generated by referred players. 
This creates a stable and compounding revenue stream 
aligned with operator performance.
To a lesser extent, revenue is also generated through CPA 
(cost-per-acquisition) agreements, where the Company 
receives fixed payments for qualifying player acquisitions.
Additional revenue is generated through listing and 
marketing fees, providing operators with premium visibility 
across the Group’s high-intent digital environments.
This diversified and performance-driven model aligns 
Gentoo Media’s growth closely with that of its partners, 
supporting strong scalability, profitability and cash flow 
generation. With a portfolio of more than 65 websites and 
a global multi-channel presence, the Company 
continuously optimises traffic sources, technology and 
commercial partnerships to remain competitive globally.
At its core, Gentoo Media serves as the digital storefront of 
the iGaming industry - the place where high-value 
players discover, evaluate and engage with leading 
iGaming brands across search, paid media and emerging 
AI-driven discovery channels.
Our business model
2.2
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 2026 Interim Report
A stronger platform enables better 
user experience, higher conversion 
and more efficient scaling and benefit 
better technical tools
06 
Superior tech, 
product and design
Improved conversion and partner 
alignment increase revenue per user 
and support margin expansion
05 
Higher player value
A diversified acquisition model 
reduces channel dependency and 
supports more resilient and scalable 
traffic growth
04 
Multi-channel 
acquisition
Targeted investment in proven markets 
enables efficient growth with strong 
competitive positioning and attractive 
returns
03 
Win with local 
champion sites
Scaling core brands increases the 
share of high quality traffic and reve-
nue, strengthening the overall portfolio
02 
Stronger  
flagship brands
A simpler operating model drives 
faster execution, better capital  
allocation and improved scalability
01 
Reduced  
complexity
Company strategy
2.3 
Gentoo Media’s strategy is focused on building a leaner, 
higher-quality and more scalable affiliate business centred around 
the brands, markets and channels with the strongest long-term 
monetisation potential. 
The Company continues to simplify its operating model, strengthen 
flagship brands and prioritise initiatives that support sustainable 
revenue growth, profitability and cash generation.
At the same time, the Company continues to adapt to evolving 
search and discovery behaviour. While traditional organic search 
remains a core traffic channel, AI-driven discovery platforms and 
changing user behaviour are gradually reshaping how users discover 
and engage with content online. In response, Gentoo Media 
continues to invest in product, technology and platform 
development to improve visibility, user engagement and 
monetisation across both traditional search and emerging AI-driven 
discovery channels.
A key strategic focus remains the development of scalable 
proprietary technology and product infrastructure, increasingly 
supported by AI-driven tools, automation and generative 
AI-powered website development. Continued investments - 
supported by AI - in conversion optimisation, partner optimisation 
and data capabilities are expected to strengthen revenue quality, 
operational efficiency and long-term monetisation across the 
business.

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Gentoo Media  |  Q1 2026 Interim Report
Income statement
Revenue
Revenue for Q1 2026 amounted to EUR 24.0 million, down 
from EUR 25.4 million in Q1 2025 (restated) and EUR 25.6 
million in Q4 2025. The softer revenue performance was 
primarily driven by adverse sports win margins in February.
Underlying commercial activity remained resilient during 
the quarter, with player deposit volumes sustaining above 
EUR 200 million for a second consecutive quarter.
Revenue share represented 60% of total revenue, while 
CPA accounted for 14% and listing fees and other revenue 
for 26%.
Operating expenses
Marketing expenses were EUR 5.5 (6.8) million in Q1 2026. 
Quarter-over-quarter marketing expenditure remained 
stable and in line with refocused marketing expectations 
keeping marketing-to-revenue ratio at 23% compared to 
27% in Q1 2025.
Personnel expenses and other operating expenses 
amounted to EUR 8.1 (9.8) million down 17% year-over-
year, reflecting the sustained benefit of the cost and 
organisational right-sizing programme executed in Q1 
2025. Since then, our FTE base have been reduced from 
404 to 292 FTEs. Capitalised costs related to technology 
development amounted to EUR 1.4 (1.5) million. 
Total operating expenses of EUR 13.6 (16.6) million 
represent year-over-year savings of approximately EUR 3 
million and EUR 12 million on an annualised basis, exceeding 
the EUR 8–10 million savings target communicated at the 
start of 2025. As detailed under special items, iniatives 
executed in Q1 2026 will further reduce the cost base. 
EBITDA before special items
Profitability remained stable and strong in Q1 with EBITDA 
before special items was EUR 10.5 (8.8) million, a margin of 
44% (35%). The improvement reflects the structural work 
completed throughout 2025; reduced cost base, sharper 
operational focus, and a more disciplined approach to 
capital allocation which translates directly into margin 
expansion.
Gentoo Media enters the remainder of 2026 on a stronger 
footing; a leaner, more scalable operating model with clear 
line of sight to sustained profitability and cash generation. 
While short-term volatility is inherent to our industry, 
the quality of our asset base and the momentum in our 
commercial engine give us confidence in the opportunities 
ahead.
EBITDA is equivalent to operating profit before 
depreciation, amortisation, and impairment. 
Special items
Special items in the quarter amounted to EUR 1.6 million. 
Special items primarily related to costs associated 
with closure of our Norwich division and non-recurring 
transformation and strategic transactions. 
During Q1 2026, Gentoo Media took further steps to 
sharpen focus, simplify the business and operating 
model. As a result, the company has decided to close its 
Norwich, England operations, including 41 people, whereof 
15 people were offered a new position in the company. 
Furthermore, two senior positions were terminated with 
termination packages.The decisions reflect the company’s 
strategic vision to reduce complexity.
On financing, Gentoo Media initiated a bond refinancing 
process in January 2026. Following a review of available 
terms, management concluded that current market 
conditions do not present an attractive refinancing 
opportunity. The process remains ongoing, with 
management actively evaluating revised bond structures 
and alternative financing arrangements.
EBIT & Other items
Depreciation, amortisation and impairment losses 
amounted to EUR 5.2 (5.3) million, where depreciation and 
amortisation was EUR 2.6 million while the closure of the 
Norwich, England division resulted in a non-cash asset 
impairment of EUR 2.6 million. Therefore, in this quarter, our 
EBIT is impacted extraaordinarily, ending at EUR 3.7 (3.1) 
million. 
The amortisation of intangible assets has reduced 
significantly due to the decision of changing the useful life 
of domains to indefinite in Q2 2025 and thereby stopped 
amortising them.
Net finance costs amounted to EUR 2.9 (5.1) million. 
Interest on the company’s bonds was EUR 2.1 (2.5) million. 
Other financial expenses were EUR 0.8 (2.6) million, 
including an unrealized gain related to the bond due to the 
weakening of the SEK towards the EUR of EUR 0.4 (-1.7) 
million.
2.4
Financial review

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Gentoo Media  |  Q1 2026 Interim Report
2.4  |  Financial review
Cash flow
Cash flow from operations was EUR 7.4 (4.6) million 
during Q1 2026, representing a significant improvement 
compared to the same period last year, despite a lower 
revenue base in Q4 2025 versus Q4 2024. This reflects 
the continued improvement in cash collection during 
2025 and demonstrates the company’s strengthened 
ability to convert earnings into cash. Net cash 
generated from operating activities was mainly utilised 
for settlement of deferred consideration from 
prior-year acquisitions, CF repayment, bond and CF 
interests and lease payments.
The cash and bank deposits amounted to EUR 2.5 
million at the end of the quarter. In the quarter the 
company fully repaid its EUR 20.0 million CF loan 
while taking on a shareholder loan of EUR 18 million 
from the company’s largest investors. Furthermore, 
the company repaid EUR 1.6 million in debt relating to 
deferred considerations.
Since Q1 2025, the business has delivered consistent 
year-over-year improvement with EBITDA before 
special items increasing from EUR 8.8 million to EUR 
10.5 million in Q1 2026 with a strong cash conversion 
of 71% compared to 53% previous year. This reflects 
sustained working capital discipline and improved cash 
conversion across the business
Balance sheet 
Total assets amounted to EUR 151.6 (154.0 restated) 
million as of 31 March 2026. The largest asset on the 
balance sheet relates to intangible assets of EUR 92.7 
(103.4 restated) million. Intangible assets mainly consist 
of goodwill generated through business combinations 
of EUR 42.3 million and other intangible assets of EUR 
50.4 million. Trade and other receivables stood at 
EUR 20.1 (22.2 restated) million. The Norwich closure 
resulted in a EUR 2.9 million reduction in total assets 
with a non-cash impairment charge of EUR 2.6 million 
recognised for the quarter.
The company closed out the quarter with a balance 
of cash and bank deposits amounting to EUR 2.5 (4.7) 
million. The outstanding bond balance was EUR 91.5 
million as at 31 March 2026, unchanged from 
year-end, and is listed on Nasdaq Stockholm and 
Frankfurt Stock Exchange. The bond matures in late 
2026 and management is actively evaluating new bond 
terms and refinancing alternatives for the bond in the 
context of overall capital structure optimisation. All 
related covenants have been met and are expected to 
remain within thresholds until maturing date. 
A significant capital structure change occurred during 
Q1 2026 with Gentoo Media fully exiting its EUR 25 
million credit facility, repaying the EUR 20 million 
outstanding drawdown. The company simultaneously 
secured EUR 18 million in shareholder loans from its 
principal investors, maturing primarily in late 2027. A 
structured repayment schedule is in place, with EUR 0.5 
million 
 
repaid monthly through to July 2026, reducing the 
outstanding balance to EUR 16 million by that date 
and continuing the strategic elimination of liabilities. 
The transition from the CF to shareholder financing 
simplifies the debt structure and provides near-term 
liquidity headroom as management continues to 
execute on its 2026 priorities. The commitment from 
key shareholders reflects confidence in the business 
and its trajectory.
The net interest-bearing debt was EUR 114.1 (125.4) 
million on 31 March 2026 which has been reduced 
significantly since last year with repayment of deferred 
consideration for previous acquisitions and CF.  The 
leverage ratio was 2.66 (2.65) on 31 March 2026. 
with a LTM EBITDA of EUR 43.0 (47.4) million. The 
LTM difference is predominantly impacted by two 
quarters with a cost base not reflecting the right-sizing 
exercise's effect that was executed in Q2 2025.
Due to the timing effect of Maltese tax regulations, 
Gentoo Media carries a current income tax liability of 
EUR 37.2 million, with a deferred tax asset of EUR 30.0 
million. Hereto, the Group carries a non-current GILTI tax 
obligation of estaimated EUR 4.3 million in the US due 
to a section 382 assessment. On a net basis, combining 
current and deferred tax positions, the Group carries 
a net tax liability of EUR 11.5 million. In accordance with 
IAS 1, deferred tax assets and liabilities are presented as 
non-current assets irrespective of the expected timing 
of their realisation.

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Gentoo Media  |  Q1 2026 Interim Report
During Q1 2026, Gentoo Media continued to strengthen its 
operational platform through investments in AI, 
technology, product development and commercial 
optimisation. While revenue development during the 
quarter remained below management’s expectations, 
operational execution continued to improve across several 
strategic areas, supporting confidence in the Company’s 
longer-term scalability, monetisation potential and 
operational efficiency.
The Company remains focused on building a leaner, 
faster and more scalable organisation capable of adapting 
to changing user behaviour, evolving search dynamics and 
emerging AI-driven discovery channels.
AI adoption accelerated across the organisation during the 
quarter, supporting faster product development, 
improved operational efficiency and lower execution costs 
across both Publishing and Paid media. At the same time, 
the Company continued initiatives aimed at strengthening 
its visibility across AI-driven discovery platforms, which 
today remain a small but strategically important source of 
traffic and user acquisition.
Operational execution during the quarter remained 
focused on improving monetisation, increasing player 
value and strengthening the scalability of the Company’s 
technology and publishing platforms.
Player intake and value of deposits
Player intake reached 81,400 first-time depositors (FTDs) 
during Q1 2026, compared with 95,100 in Q1 2025. The 
decline primarily reflects continued discipline in Paid 
media capital allocation, reduced exposure to 
lower-returning acquisition channels and the portfolio 
simplification initiatives executed during 2025.
Despite lower player intake volumes, underlying 
monetisation quality and commercial activity remained 
stable during the quarter. Value of deposits (VoD) 
remained above EUR 200 million for a second consecutive 
quarter, reflecting continued strength in player value 
generation and engagement across key markets and 
brands.
The Company continued to prioritise higher-quality traffic 
acquisition and stronger long-term monetisation 
opportunities over pure volume growth. This included 
increased focus on higher-value players, improved partner 
allocation and more disciplined ROI execution across Paid 
media activities.
Player intake in the Americas remained stable year-on-
year, while North America continued to develop positively, 
supported by sports-related acquisition activity during the 
quarter.
Management expects continued focus on monetisation 
quality, partner optimisation and operational efficiency to 
support stronger long-term revenue quality and 
profitability going forward. 
Stable performance amid Google volatility
While the March Google Spam and Core updates 
continued to create volatility across the broader iGaming 
search landscape, the impact on Gentoo Media’s core 
portfolio was overall positive, particularly across high value 
markets.
Targeted initiatives focused on increasing traffic from 
high-intent and conversion-ready users also continued to 
deliver positive results, particularly within the UK 
market. Continued investments in technical SEO, 
localisation, authority building and platform quality 
strengthened the Company’s visibility across both 
traditional search and emerging AI-driven discovery 
channels.
The company expects continued investments in 
authority, localisation and platform quality to support 
long-term competitiveness across evolving search and 
discovery environments.
AI integration accelerating across the organisation
AI adoption accelerated significantly during Q1 across 
Technology, Product, Design and operational processes.
Within Technology, AI-assisted development contributed 
to faster feature delivery and supported the launch of the 
improved AskGamblers search experience, marking the 
first major feature developed with extensive AI support.
AI capabilities were also increasingly integrated into 
content moderation, SEO and other operational functions, 
improving the detection of spam, duplicate and 
low-relevance content while supporting faster approval 
workflows and lower overhead.
Within Design, the first phase of integrating Generative AI 
into design workflows was completed during the quarter. 
This improved production efficiency and enabled teams to 
focus more heavily on complex user journeys and strategic 
UX improvements.
The Company expects continued AI integration to further 
improve operational efficiency, execution speed and 
scalability across both Publishing and Paid media 
throughout 2026.
Continued rollout of next-generation Wordpress 
platform
The rollout of the Company’s next-generation WordPress 
framework continued during Q1, with eight additional sites 
migrated during the quarter.
2.5
Operational review

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Gentoo Media  |  Q1 2026 Interim Report
2.4  |  Operational review
Early performance results remain encouraging, with 
average page load speeds improving by approximately 
10x, processor usage reduced by 85% and memory usage 
reduced by around 50%. Beyond infrastructure 
improvements, the framework strengthens scalability, 
improves publishing efficiency and supports long-term 
infrastructure cost optimisation across the portfolio.
Towards the end of the quarter, the Company also 
began broader integration of AI-driven capabilities into the 
framework. Initial focus areas include content moderation, 
optimisation of internal link structures and automated 
generation of content components aimed at improving 
publishing efficiency and content scalability across the 
portfolio.
Furthermore, the Company initiated migration of 
Casinomeister onto the new framework. While the site 
currently contributes modest revenue levels, management 
believes the migration will strengthen scalability, user 
experience and long-term monetisation opportunities 
over time.
With parts of the migration programme taking longer than 
initially anticipated, the broader transition has temporarily 
reduced development and deployment speed in certain 
areas during the migration phase. This has contributed to a 
slower rollout of certain publishing and monetisation 
initiatives during the quarter. However, as additional 
websites are transitioned onto the framework during 2026, 
management expects it to support improved scalability, 
faster deployment cycles and lower infrastructure costs.
Scaling of conversion optimisation and product 
initiatives
Conversion optimisation efforts continued to expand 
during the quarter, with Q1 delivering the highest success 
rate to date across product experimentation and A/B 
testing. Winning variants are now being progressively 
scaled across the broader portfolio to support 
incremental revenue growth and improved monetisation 
efficiency.
The wider rollout of conversion optimisation 
initiatives has taken longer than initially anticipated, 
primarily due to changes in workflows, testing frameworks 
and cross-functional operating processes required to 
support scalable implementation across the portfolio. In 
addition, monetisation benefits from several initiatives are 
expected to materialise progressively over time.
Several product initiatives were launched during the 
quarter, including the AskGamblers Loyalty Program, 
World Cup-focused product features, improvements to 
bonus code discovery and conversion flows, and 
redesigns of key converting pages such as casino review 
and bonus listing pages.
Continued investments in UX, experimentation frameworks 
and testing capabilities remain focused on improving user 
engagement, conversion rates and monetisation while 
maintaining strong SEO performance and platform stability.
Management expects the continued scaling of 
successful variants and improved experimentation 
capabilities to contribute progressively to monetisation 
improvements during the coming quarters.
Commercial optimisation and partner intelligence
The partner optimisation programme continued to 
progress during Q1, supported by expanded analytics 
capabilities and deeper evaluation of traffic quality, 
conversion behaviour and long-term player value 
generation.
Several new commercial and performance dashboards 
were launched across the organisation during the 
quarter, improving visibility into operator performance and 
enabling faster optimisation of commercial exposure and 
deal structures.
This has further strengthened decision-making around 
placement allocation, partner prioritisation and 
monetisation opportunities, supporting a more 
data-driven and commercially disciplined operating 
model. Going forward, the Company expects to further 
optimise partner allocation through the use of more 
granular and accurate data, progressively reducing 
exposure to underperforming or inefficient partnerships 
while increasing visibility for stronger-performing brands 
with attractive commercial structures.
The programme is expected to continue strengthening 
monetisation quality, partner alignment and long-term 
revenue sustainability across the commercial portfolio, 
while supporting improved revenue quality and partner 
economics over time.
Portfolio simplification and operational focus
During the quarter, Gentoo Media continued initiatives 
aimed at simplifying operational structures and increasing 
strategic focus across the organisation.
As part of this process, the Company decided to close its 
Norwich division in England, reducing operational 
complexity and supporting a more streamlined operating 
structure. The closure resulted in a non-cash impairment of 
EUR 2.6 million during the quarter.
The initiative reflects continued discipline around portfolio 
quality, capital allocation and long-term operational 
efficiency, while supporting a more focused and scalable 
operating model going forward.
Management expects the continued simplification of the 
operational structure to support improved efficiency, 
lower complexity and stronger cash generation over time.

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Gentoo Media  |  Q1 2026 Interim Report
2.4  |  Operational review
Paid media positioned for growth
Paid media entered Q1 with strong momentum, with 
January revenue reaching EUR 2 million, supported by 
seasonally strong US Daily Fantasy Sports (DFS) activity 
during the NFL playoffs period.
Revenue development softened in February and March as 
favourable sports outcomes for end users put pressure on 
revenue-share returns. In response, Paid media adjusted 
marketing spend in line with evolving market conditions to 
protect margins. Investment was scaled back and focused 
on higher-returning opportunities.
Underlying monetisation nevertheless remained stable 
throughout the quarter, with player value  deposits (VoD) 
holding firm.
Operational execution during the quarter remained 
focused on improving scalability and long-term 
profitability. Improving channel economics remained a key 
priority, particularly in areas where economics early in the 
quarter were not yet at targeted levels, notably across PPC 
and Social Media operations. Focus areas included 
optimisation of traffic acquisition costs, click-through 
rates and conversion performance.
To improve execution speed and accelerate optimisation 
initiatives across PPC and Social Media operations, the 
Company continued investments in AI-driven technology 
and automation. The rollout of generative AI-driven site 
creation and deployment technology, combined with 
real-time performance optimisation capabilities, is 
expected to improve execution speed, conversion rates 
and scalability across Paid media channels over time, 
although the transition temporarily constrained 
operational execution during the quarter.
Management nevertheless expects continued 
improvements in channel economics, automation and 
operational execution to support more scalable and 
profitable growth going forward.
Paid media exited Q1 with margins protected and the team 
well positioned to scale as operational execution and 
market conditions improve. The upcoming FIFA World Cup 
2026 represents a significant acquisition opportunity, with 
dedicated campaigns planned across key markets to 
capture increased user activity during the tournament.
The upcoming FIFA World Cup 2026 represents a 
significant acquisition opportunity, with dedicated 
campaigns planned across key markets to capture 
increased user activity during the tournament.

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Gentoo Media  |  Q1 2026 Interim Report
16  3.1  Financial highlights 
17   3.2  Consolidated statement of comprehensive income  
19   3.3  Consolidated balance sheets  
20   3.4  Consolidated statement of cash flows
21  3.5 Consolidated statement of changes in equity 
22   3.6  Notes
3.0
Financials  
Gentoo Media Inc.

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Gentoo Media  |  Q1 2026 Interim Report
Financial highlights
3.1
EUR’000000 Q1-26 Q1-25 restated 2025
Income statement
Revenue   24.0   25.4   98.7 
EBITDA before special items   10.5   8.8   41.3 
Special items - 1.6 - 0.8 - 5.5 
EBITDA   8.9   8.0   35.8 
EBIT   3.7   3.1   16.3 
Finance costs, net - 3.3 - 3.4 - 14.3 
Profit/ loss for the period   0.2 - 2.9 - 2.6 
EUR '000000 Q1-26 Q1-25 restated 2025
Balance sheet
Total non-current assets   129.1   129.3   132.9 
Trade and other receivables   20.1   22.2   18.4 
Cash and cash equivalents   2.5   4.6   3.3 
Total assets   151.6   156.1   154.7 
Equity - 19.7 - 20.6 - 19.9 
Borrowings   109.5   114.4   111.8 
EUR '000000 Q1-26 Q1-25 restated 2025
Cash flow
Cash flow from operating activities   7.4   4.6   34.6 
Cash flow from investing activities - 3.5 - 24.3 - 40.8 
Cash flow from financing activities - 4.8   13.0 - 1.9 
Cash flow for the period   - 0.8   - 6.7   - 8.0

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Gentoo Media  |  Q1 2026 Interim Report
Consolidated statement of comprehensive income 
3.2
EUR '000 Q1-26 Q1-25 restated 2025
Revenue   24,028   25,416   98,739 
Employee costs - 4,980 - 5,939 - 22,286 
Marketing expenses - 5,469 - 6,823 - 26,949 
Other operating income   -   -   2,306 
Other operating expenses - 3,112 - 3,860 - 10,497 
Operating profit before depreciation and amortisation (EBITDA) and special items   10,467   8,794   41,313 
Special items - 1,616 - 843 - 5,495 
Operating profit before depreciation and amortisation (EBITDA)   8,851   7,951   35,818 
Amortisation, depreciation and impairment losses - 5,171 - 5,316 - 19,554 
Loss on sale of non-current assets   -   - - 234 
Other income and expenses   5   502   317 
Operating profit (EBIT)   3,685   3,138   16,347 
Finance costs, net - 3,292 - 3,355 - 14,331 
Unrealised exchange loss on the bond   359 - 1,784 - 1,835 
Profit/ loss before income taxes   752 - 2,002   181 
Income tax - 533 - 850 - 2,760 
Profit/ loss for the period   219 - 2,852 - 2,579 
Profit/ loss for the year attributable to
Owners of Gentoo Media Inc.   216 - 2,852 - 2,584 
Non-controlling interests   3   -      5  
Basis and diluted earnings per share attributable to Gentoo Media Inc. Owners
Basic earnings per share    0.00 - 0.02 - 0.02 
Diluted earnings per share   0.00 - 0.02 - 0.02

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Gentoo Media  |  Q1 2026 Interim Report
Consolidated statement of comprehensive  
income - continued
3.2
EUR '000 Q1-26 Q1-25 restated 2025
Profit/ loss for the period   219 - 2,852 - 2,579 
Items that may be reclassified to the income statement:
Exchange differences on translation of foreign operations   40  29 - 39 
Other comprehensive income   40  29 - 39 
Total comprehensive income   259 - 2,823 - 2,618 
Total comprehensive income is attributable to
Owners of Gentoo Media Inc.   256 - 2,823 - 2,623 
Non-controlling interests   3   -      5

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Gentoo Media  |  Q1 2026 Interim Report
Consolidated balance sheets
3.3
EUR '000  31 Mar 2026  31 Mar 2025 restated  31 Dec 2025
Equity
Share capital   119   119 119
Share premium   141,316   141,292 141,316
Other reserves   115   293 115
Share option reserve   708   - 531
Currency translation reserve - 729 - 701 - 769 
Accumulated deficit - 162,213 - 162,838 - 162,428 
Total equity attributable to owners of Gentoo Media Inc. - 20,684 - 21,835 - 21,116 
Non-controlling interests   1,014   1,240   1,245 
Total equity - 19,670 - 20,595 - 19,871 
Liabilities
Non-current liabilities
Borrowings   16,000   91,344   - 
Lease liabilities   778   1,870   3,777 
Deferred consideration   -   875   - 
Deferred income tax liabilities   -   884   2,149 
Non-current income tax liabilities 4,300 3,279 4,300
Total non-current liabilities   21,078   98,252  10,226 
Current liabilities
Borrowings   93,543   23,075   111,798 
Trade and other payables   13,182   12,827   12,224 
Lease liabilities   3,670   988   1,161 
Deferred consideration   2,616   11,549   4,251 
Contingent consideration   -   389   - 
Current income tax liabilities   37,180   29,656   34,883 
Total current liabilities   150,191   78,484   164,317 
Total liabilities   171,269   176,736   174,543 
Total equity and liabilities   151,599   156,141   154,672 
EUR '000  31 Mar 2026  31 Mar 2025 restated  31 Dec 2025
Assets
Non-current assets
Goodwill 42,254 44,429 44,429
Other intangible assets 50,432 59,000 51,412
Property, plant and equipment 1,886 1,316 2,063
Other non-current assets 522 88 522
Right-of-use assets 3,992 2,554 4,690
Deferred income tax assets 29,980 21,936 29,810
Total non-current assets 129,066 129,323 132,926
Current assets
Trade and other receivables 20,072 22,169 18,448
Cash and cash equivalents 2,461 4,649 3,298
Total current assets 22,533 26,818 21,746
Total assets 151,599 156,141 154,672

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Gentoo Media  |  Q1 2026 Interim Report
Consolidated statement of cash flows
3.4
EUR '000 Q1-26 Q1-25 restated 2025
Cash flow from operating activities
Operating profit   3,685   3,138   16,347 
Changes in working capital and adjustments for non-cash items   3,902   1,535   19,444 
Taxes paid - 170 - 30 - 1,175 
Net cash flows from operating activities   7,417   4,643   34,616 
Cash flow from investing activities
Purchases of intangible assets - 1,439 - 1,504 - 6,444 
Purchases of property, plant and equipment - 16 - 347 - 1,443 
Acquisition of subsidiaries, net of cash acquired - 1,996 - 22,491 - 32,877 
Net cash flows from investing activities - 3,451 - 24,342 - 40,764 
Cash flow from financing activities
Loan repayment - 20,000   - - 5,000 
Proceeds from exercise of share options   -   -   25 
Proceeds from borrowings   18,000   16,000   18,000 
Repayment of lease liabilities, principal part - 391 - 326 - 1,298 
Payment to platform business disposed of   - - - 3,000 
Interests paid - 2,412 - 2,631 - 10,586 
Net cash flows from financing activities - 4,803   13,043 - 1,859 
Net movement in cash and cash equivalents - 837 - 6,656 - 8,007 
Cash and cash equivalents at beginning of year   3,298   11,305   11,305 
Cash and cash equivalents at end of period   2,461   4,649   3,298 
Cash and cash equivalents at end of the period in the statement of financial positions   2,461   4,649   3,298

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Gentoo Media  |  Q1 2026 Interim Report
Consolidated statement of changes in equity, for the period ended 31 March
3.5
EUR `000 Share capital Share premium Other reserves Share option reserve Currency translation 
reserve 
Accumulated deficit Total attributable to 
owners 
Non-controlling 
interest
Total equity
2026
Equity at 1 January 2026   119   141,316   115   531 - 769 - 162,428 - 21,116   1,245 - 19,871 
Profit for the year   -   -   -   -   -   216   216   3   219 
Other comprehensive income: 
Currency translation differences   -   -   -   -   40   -   40 -   40 
Total comprehensive income for the year   -   -   -   -   40   216   256   3   259 
Transactions with owners:  
Share based payments   -   -   -   177   -   -   177   -   177 
Transactions with NCI   -   -   -   -   -   -   - - 234 - 234 
Other movements   -   - -   -   - - 1 - 1   - - 1 
Total transactions with owners   -   -   -   177   - - 1   176 - 234 - 58 
Equity at 31 March 2026   119   141,316   115   708 - 729 - 162,213 - 20,684   1,014 - 19,670 
2025
Equity at 1 January 2025   119   141,292   293   - - 730 - 160,038 - 19,064   1,240 - 17,824 
Loss for the year   -   -   -   -   - - 2,852 - 2,852 - 2,852 
Other comprehensive income: 
Currency translation differences   -   -   -   -   29   -   29 -   29 
Total comprehensive income for the year   -   -   -   -   29 - 2,852 - 2,823   - - 2,823 
Transactions with owners:  
Share based payments   -   -   -   -   -   -   -   -   - 
Transactions with NCI   -   -   -   -   -   -   -   - -
Other movements   -   -   -   -   -   52   52   -   52 
Total transactions with owners   -   -   -   -   -   52   52   -   52 
Equity at 31 March 2025   119   141,292   293   - - 701 - 162,838 - 21,835   1,240 - 20,595

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Gentoo Media  |  Q1 2026 Interim Report
Note 1
Material accounting policy information 
 This unaudited Interim Report (condensed consolidated 
interim  financial statements)  for the period January 1 - 
March  31, 2026, has been prepared in accordance with IAS 
34 “Interim financial reporting” as adopted by the Europe-
an Union. 
The interim report does not include all the notes of the type 
normally included in an annual financial report. Accordingly, 
this report is to be read in conjunction with the 
consolidated financial statements for the year ended 31  
December 2025 of Gentoo Media Inc.
The accounting policies applied in preparing this interim 
financial report are consistent with those of the previous 
financial year, except for  the changes and the adoption of 
new and amended standards. The consolidated financial 
statements for 2025 of the Group provide a full 
description of the material accounting policies.
Restatement of Q1 2025 related to previously identified 
material errors 
As described in note 1.6 to the annual report 2025, the 
Group identified in connection with the preparation of the 
Q3 2025 interim report, material errors related to previous 
periods. The identified material errors also affected the 
reported figures for Q1 2025, which thus has been restated 
in this interim report.
For Q1 2025, the previously identified corrections 
increased revenue by EUR 0.6 million, with a 
corresponding increase in EBITDA. In addition, 
amortisations relating to domains of EUR 0.7 million 
for Q1 2025 had not been recognised.Income taxes have 
been restated by EUR 0.7 million, of which EUR 0.3 million 
relates to Brazilian tax previously disclosed as income 
taxes and now reclassified to be presented as a reduction 
of revenue. Furthermore, other income has increased by 
EUR 0.5 million, while finance costs decreased by EUR 0.1 
million for Q1 2025.
As a result, the loss for the period for Q1 2025 has been 
restated to EUR 2.9 million, compared with the 
previously reported loss of EUR 2.7 million. The corrections 
had no material tax effect, and all adjustments were 
attributable to the owners of Gentoo Media Inc. Further 
details about the corrected errors were provided in note 
1.6 to the annual report for 2025 and in note 1 to the interim 
report for Q3 2025 to which we refer.
Changes in accounting policies 
The accounting policies applied are consistent with those 
applied and described in the 2025 annual report.
New and amended accounting standards
As of 31 March  2026, the Group has implemented all 
amendments to the IFRS Accounting Standards effective 
as of 1 January 2026 as adopted by the EU. None of the 
amendments implemented have had any material impact 
on the Group’s financial statements, nor are they expected 
to have so in the foreseeable future.  
The new standards that are not yet effective are not 
expected to have any material impact on Gentoo Media. 
However, the Group is currently evaluating the impact of 
IFRS 18 Presentation and Disclosure in Financial 
Statements, which will be effective from 2027.
3.6 Notes

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Gentoo Media  |  Q1 2026 Interim Report
Note 2
Management judgements and estimates
In preparing the interim financial statements, management makes various accounting judgements and estimates that 
affect the reported amounts and disclosures in the financial statements and in the notes to the statements. These are 
based on professional experience, historical data and other factors available to management.
By nature, a degree of uncertainty is involved when carrying out these judgements and estimates, hence actual results may 
deviate from the assessments made at the reporting date. Judgements and estimates are continuously evaluated, and the 
effects of any changes are recognised in the relevant period. Primary financial statement items for which significant 
accounting estimates and judgements are applied are listed in note 1.4 Critical accounting estimates and judgements  of 
the 2025 Annual Report to which we refer.  Areas affected by key accounting estimates and judgements are unchanged, 
however with no significant business acquisition made during the period.

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Gentoo Media  |  Q1 2026 Interim Report
Segment information
Note 3
Publishing Paid Media Group
 EUR '000 Q1 2026 Q1 2025 restated Q1 2026 Q1 2025 restated Q1 2026 Q1 2025 restated 2025
Revenue per category
Revenue share agreements   11,050       11,924       3,350       3,536       14,400       15,460       60,953     
Cost per acquisition (CPA)   2,162       2,389       1,162       758       3,325       3,147       13,335     
Listing fees / other revenue   6,041       6,309       261       500       6,302       6,809       24,451     
Total revenue   19,254       20,622       4,774       4,794       24,028       25,416       98,739     
Other operating income   -       -     -   -     -   -       2,306     
Cost - 8,7 45     - 11,506     - 4,816     - 5,116     - 13,561     - 16,622     - 59,732     
Operating profit before depreciation and 
amortisation (EBITDA) and special items   10,509       9,116     - 42     - 322       10,467       8,794       41,313     
EBITDA margin before special items 55% 44% -1% -7% 44% 35% 42%
Special items, net - 1,277     - 702     - 339     - 141     - 1,616     - 843     - 5,495     
Operating profit before depreciation and 
amortisation (EBITDA)   9,232       8,414     - 381     - 463       8,851       7,951       35,818     
EBITDA margin 48% 41% -8% -10% 37% 31% 36%
Group
 EUR '000 Q1 2026 Q1 2025 restated 2025
Operating profit before depreciation and amortisation (EBITDA)   8,851       7,951       35,818     
Amortisation, depreciation and impairment losses - 5,171     - 5,316     - 19,554     
Loss on sale of non-current assets   -       -     - 234     
Other income and expenses   5       502       317     
Operating profit (EBIT)   3,685       3,137       16,347     
Finance costs, net - 3,292     - 3,355     - 14,331     
Unrealised exchange loss on the bond   359     - 1,784     - 1,835     
Profit/ loss before income taxes   752     - 2,002       181

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Gentoo Media  |  Q1 2026 Interim Report
Note 4
Intangible assets 
 The Group performs impairment tests on intangible 
assets, including goodwill, domains, and technology 
platform etc., annually and whenever there is an indication 
that intangibles may be impaired. The annual impairment 
test was performed as per 31 December 2025 based on 
financial forecasts approved by management covering the 
following financial year. 
As of March 2026, the closure of the Norwich, England 
division resulted in a goodwill impairment of EUR 2.2 million 
and an impairment of other intangible assets of EUR 0.3 
million.  Apart from this, there were no other indications of 
impairment of intangible assets. 
EUR'000 Goodwill Trademarks Domains
Affiliate 
contracts & 
database
Technology 
platform Total 
Cost
 Balance at 1 January 2026   44,487   679   90,365   22,998   30,870   189,399 
Additions   -   -   -   -   1,439   1,439 
Disposals   -   -   -   -   -27 - 27 
 31 March 2026   44,487   679   90,365   22,998   32,282   190,811 
Amortisation and impairment 
 Balance at 1 January 2026 - 58   - - 51,646 - 18,714 - 23,140 - 93,558 
Amortisation for the period   -   12   - - 760 - 1,365 - 2,113 
Impairment for the period - 2,175   -   - - 279   - - 2,454 
 31 March 2026 - 2,233   12 - 51,646 - 19,753 - 24,505 - 98,125 
 Balance at 31 March 2026   42,254   691   38,719   3,245   7,777   92,686

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Gentoo Media  |  Q1 2026 Interim Report
Note 5 Note 6
Borrowings Subsequent events 
EUR'000  31 Mar 2026  31 Mar 2025  31 Dec 2025
Non-current borrowings
Shareholder loan agreement   16,000   -   - 
Current borrowings
Bonds   91,543   91,344   91,943 
Credit facility   -   23,075   19,855 
Shareholder loan agreement   2,000   -   - 
Total borrowings 109,543 114,419 111,798
Management is continuously evaluating whether the potential new bond terms are attractive for Gentoo Media and its 
shareholders compared with alternative financing options.
There were no other subsequent events not already addressed in other sections within this interim report.
 
At 31 March 2026, the outstanding bonds have a carrying amount of EUR 91.5 million. All related financial 
covenants have been complied with and are expected to remain within thresholds for the next 12 months.
As of March 2026, the previous credit facility has been repaid and the group is no longer subject to related  
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 are  similar to existing bond terms 
with the expectations to bring the facility down to EUR 14 million by the end of July 2026.
- 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.

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Gentoo Media  |  Q1 2026 Interim Report
Special items
EUR`000 Q1-26 Q1-25 2025
Other income   -   - -204
Other operating expenses   643   692 3,391
Employee costs   973   151 2,308
Total special items   1,616 843 5,495
Note 7
Regulatory and Compliance
Regulatory and compliance-related special items for the 
year 2026 (EUR 0.1 million) include costs associated with 
legal advisory, regulatory reviews, and compliance 
enhancements. These expenses arise from specific 
regulatory requirements or one-off compliance matters 
and are not considered part of the Group’s normal 
recurring cost base.
Restructuring and Transformation
Restructuring and transformation costs (EUR 1.3 million) 
relate to initiatives undertaken in Q1 2026 to improve 
operational efficiency, organisational structure, and 
long-term profitability. These include consultancy fees 
(EUR 0.3 million), redundancy costs (EUR 1.0 million), and 
other transformation-related expenditures. Such costs are 
treated as special items due to their non-recurring nature 
and their linkage to discrete transformation programs rather 
than ongoing business activities.
Strategic Transactions
Special items related to strategic transactions in the 
financial year 2026 (EUR 0.2 million) primarily comprise 
professional fees and advisory costs incurred in connection 
with corporate initiatives, including potential acquisitions, 
disposals, refinancing activities, and broader strategic 
reviews. These costs are non-recurring in nature and are 
excluded from underlying performance to provide a clearer 
view of the Group’s ongoing operations.
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:
EUR`000 Q1-26 Q1-25 2025
Special items, income 
Earnout reversal   -       - -204
Special items, expenses 
Split from Platform and Sportsbook   -     692 3,391
Streamlining of operations   -     151 2,308
Regulatory & Compliance 82   -   - 
Restructuring & Transformation 1,309   -   - 
Strategic Transactions 225   -   - 
Special items 1,616 843 5,495
Share-based payment plans
Note 8
During the first quarter of 2026 the company did not grant 
any new stock options and zero options were exercised 
under the existing programs.

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Gentoo Media  |  Q1 2026 Interim Report
Glossary
AI: Artificial Intelligence 
CF: Credit facility
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: Operating profit less depreciation, amortisation and impairments
EBITDA before special items margin: EBITDA before special items in percent of revenues
EBITDA margin: EBITDA in percent of revenues
FTD: First Time Depositor - A first time depositor is a person who places wagers or deposits an 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
LTM: Last twelve months
NDC: New depositing customer
NIBD: Net interest bearing debt
Organic growth: Growth including growth from acquired companies from the date of acquisition measured against the historical revenue
SEO: Search engine optimisation
VOD: Value of deposits - The value of the deposits deposited by our player base

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Financials  
Gentoo Media P.l.c.
4.0
 
30  4.1  Consolidated statement of comprehensive income  
31  4.2  Consolidated balance sheets  
32  4.3  Consolidated statement of cash flows

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Gentoo Media  |  Q1 2026 Interim Report
4.1
Consolidated statement of comprehensive income 
Gentoo Media P.l.c.
EUR '000 Q1-26 Q1-25 restated 2025
Revenue   24,028   25,416   98,739 
Employee costs - 4,786 - 5,823 - 21,898 
Marketing expenses - 5,469 - 6,823 - 26,949 
Other operating income   -   -   2,306 
Other operating expenses - 2,816 - 3,516 - 9,037 
Operating profit before depreciation and amortisation (EBITDA) and special items   10,957   9,254   43,161 
Special items - 1,180 - 843 - 5,275 
Operating profit before depreciation and amortisation (EBITDA)   9,777   8,411   37,886 
Amortisation, depreciation and impairment losses - 5,171 - 5,316 - 19,554 
Loss on sale of non-current assets   -   - - 234 
Other income and expenses   5   502   317 
Operating profit (EBIT)   4,611   3,597   18,415 
Finance costs, net - 3,286 - 3,334 - 13,938 
Unrealised exchange loss on the bond   359 - 1,784 - 1,835 
Profit before income taxes   1,684 - 1,521   2,642 
Income tax - 504 - 825 - 1,698 
Profit/ loss for the period   1,180 -2,346   944 
Profit/ loss for the year attributable to
Owners of Gentoo Media P.l.c.   1,177 - 2,346   939 
Non-controlling interests   3   -      5  
Other comprehensive income
Profit/ loss for the period   1,180 - 2,346   944 
Items that may be reclassified to the income statement:
Exchange differences on translation of foreign operations   40   29 - 39 
Other comprehensive income   40   29 - 39 
Total comprehensive income   1,220 -2,317   905 
Total comprehensive income is attributable to
Owners of Gentoo Media P.l.c.   1,217 - 2,317   900 
Non-controlling interests   3   -   5

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Gentoo Media  |  Q1 2026 Interim Report
4.2
Consolidated balance sheets
Gentoo Media P.l.c.
EUR’000  31 Mar 2026  31 Mar 2025 restated  31 Dec 2025
Equity
Share capital   14,638   14,638   14,638 
Share premium   2,304   2,304   2,304 
Capital reserves   96,535   84,349   96,535 
Other reserves - 916 - 701 - 956 
Accumulated deficit - 129,085 - 133,691 - 130,260 
Total equity attributable to owners of Gentoo Media P.l.c. - 16,524 - 33,101 - 17,739 
Non-controlling interests   1,014   1,240   1,245 
Total equity - 15,510 - 31,861 - 16,494 
Liabilities
Non-current liabilities
Borrowings   16,000   97,107   - 
Lease liabilities   778   1,870   3,777 
Deferred consideration   -   875   - 
Deferred income tax liabilities   -   884   2,149 
Total non-current liabilities   16,778   100,736   5,926 
Current liabilities
Borrowings   93,543   23,075   111,798 
Trade and other payables   12,663   11,039   12,083 
Lease liabilities   3,670   988   1,161 
Deferred consideration   2,616   11,549   4,251 
Contingent consideration   -   389   - 
Current income tax liabilities   36,809   29,356   34,512 
Total current liabilities   149,301   76,396   163,805 
Total liabilities   166,079   177,132   169,731 
Total equity and liabilities   150,568   145,271   153,237 
Gentoo Media P.l.c.
EUR '000  31 Mar 2026  31 Mar 2025 restated  31 Dec 2025
Assets
Non-current assets
Goodwill   31,806   33,981   33,981 
Other intangible assets   50,432   59,000   51,412 
Property, plant and equipment   1,886   1,316   2,063 
Right-of-use assets   3,992   2,554   4,690 
Deferred income tax assets   29,980   21,936   29,810 
Other non-current assets   522   -   522 
Total non-current assets   118,618   118,787   122,478 
Current assets
Trade receivables   29,501   22,118   27,480 
Cash and cash equivalents   2,449   4,366   3,279 
Total current assets   31,950   26,484   30,759 
Total assets   150,568   145,271   153,237

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Gentoo Media  |  Q1 2026 Interim Report
Consolidated statement of cash flows
4.3
Gentoo Media P.l.c.
EUR '000 Q1-26 Q1-25 restated 2025
Cash flow from operating activities
Operating profit   4,611   3,597   18,415 
Changes in working capital and non-cash items   2,983   4,212   17,463 
Taxes paid - 170 - 30 - 1,175 
Net cash flows from operating activities   7,424   7,779   34,703 
Cash flow from investing activities
Purchases of intangible assets - 1,439 - 1,504 - 6,444 
Purchases of property, plant and equipment - 16 - 347 - 1,445 
Acquisition of subsidiaries, net of cash acquired - 1,996 - 22,491 - 32,876 
Net cash flows from investing activities - 3,451 - 24,342 - 40,765 
Cash flow from financing activities
Loan repayment - 20,000 - 5,401 - 5,158 
Proceeds from issuance of shares   -   -   - 
Proceeds from borrowings   18,000   18,000   18,000 
Repayment of lease liabilities, principal part - 391 - 326 - 1,298 
Interests paid - 2,412 - 2,630 - 10,586 
Transfers to Group's parent   -   - - 2,903 
Net cash flows from financing activities - 4,803   9,643 - 1,945 
Net movement in cash and cash equivalents - 830 - 6,920 - 8,007 
Cash and cash equivalents at beginning of year   3,279   11,286   11,286 
Cash and cash equivalents at end of period   2,449   4,366   3,279 
Cash and cash equivalents at end of the period in the statement of financial positions   2,449   4,366   3,279

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Gentoo Media  |  Q1 2026 Interim Report
Company information 
Malta (Headquarters)
@Quad Central  
Q4 Level 14,  
Triq L-Esportatur,  
Birkirkara CBD 1040
Malta  
 
Valencia  
@46015 València  
Av. de les Corts Valencianes,  
58, 5th floor Pobles de l’Oest  
Spain  
 
Copenhagen  
@Rebel Penguin 
 Nannasgade 28  
2200 Copenhagen N  
Denmark  
 
Belgrade  
@Airport City, Rose Building  
Omladinskih Brigada 90V  
11070 New Belgrade  
Serbia
ir@gentoomedia.com