Kvartalsrapport Q2 2025

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Gentoo Media Inc.   
26 August 2025 
 Q2 2025

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2
 Back to content
Gentoo Media  |  Q2 2025 Interim Report
Content
3  |   Sustainability  
Navigating challenges with agility and vision
2   |   Review of the business 
Our business model 
Financial review 
Operational review 5   |   Financials Gentoo Media Plc. 
Consolidated statement of comprehensive income  
Consolidated balance sheets  
Consolidated statement of cash flows
1   |   Executive summary
Letter from the CEO  
Opening statement  
Financial performance 
Operational highlights 
Outlook & guidance
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4  |   Financials Gentoo Media Inc. 
Financial highlights 
Consolidated statement of comprehensive income  
Consolidated balance sheets  
Consolidated statement of cash flows 
Notes
Q2 2025 Interim Report

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Gentoo Media  |  Q2 2025 Interim Report
 Back to content
4  1.1  Letter from the CEO  
5  1.2  Opening statement    
6  1.3  Financial performance 
7  1.4  Operational highlights 
8  1.5  Outlook & guidance
Back to content
Executive summary
1.0

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Gentoo Media  |  Q2 2025 Interim Report
4
1.1  |  Letter from the CEO
Back to contentGentoo Media  |  Q1 2025 Interim Report
Dear Shareholders,
Following a record year in 2024, we entered 2025 facing 
market headwinds, reflecting evolving industry dynamics. 
Our topline result - revenue - is not where we want it to be, 
for either the first or second quarter of 2025, impacting  
our EBITDA and cash flow. We have acted fast to address  
the situation. A strategic realignment was launched  
following the demerger from Platform and Sportsbook,  
and completed by April 2025. We exited low-margin  
areas, resized the cost base, and doubled down on scalable 
growth and core technology investment. Sharper focus  
sets the stage for growth and margin gains in H2 2025
Hence, the first half of 2025 has been a period of  
recalibration for Gentoo Media, where we have taken  
one step back to be able to take two steps forward.  
Our cost base is now in a healthier position than anticipated, 
driven by decisive actions to right-size the organisation. 
These steps have created a leaner, more agile company, 
better equipped to execute on our strategic priorities  
and capture opportunities as market conditions evolve.
 
 
 
 
 
 
Revenue performance has been challenging in the first half 
of 2025, reflecting both market factors and, subsequently, 
the deliberate sharpening of our commercial focus.  
While this has had an initial adverse impact, we expect  
these choices to yield long-term gains as anticipated  
market developments play out. Our strategy is disciplined: 
We channel resources into areas with the strongest  
opportunity, reduce exposure in assets and markets  
with weaker prospects, and align the organisation to  
deliver efficient and sustainable growth.
As we move into the second half of the year, we do so  
with renewed clarity and confidence. We have a robust  
portfolio boasting several of the most valuable websites 
in the industry, a healthier cost structure, and a committed 
team ready to deliver on our ambitions. The steps we are 
taking today will position Gentoo Media for sustainable, 
profitable growth in the years ahead.
Thank you to our employees for their dedication during  
this period of transition, and to our partners and investors  
for their continued trust and support. Together, we are 
building the next chapter of Gentoo Media, creating  
value for our employees, partners, and investors. 
 
Sincerely,
Jonas Warrer
Chief Executive Officer 
Gentoo Media

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Gentoo Media  |  Q2 2025 Interim Report
2024 was a landmark year for Gentoo Media. We delivered 
all-time highs across revenue, EBITDA, player intake,  
and deposit values, while successfully completing our  
legal separation from Gaming Innovation Group and  
establishing Gentoo Media as a fully independent  
company. This period was also marked by the strongest 
pace of organisational growth in our history, as we  
expanded our workforce and built out the support  
functions and corporate structure required to  
operate as a standalone business.
 
As we entered 2025, it became clear that the extraordinary 
growth journey of the past years had also created structural 
challenges. Management took a deliberate decision to 
address these “growing pains” early, in order to safeguard 
long-term performance and position Gentoo Media for 
sustainable and profitable expansion. At the end of Q1,  
we launched a strategic initiative to reconfigure the  
operating model around five core priorities:
• Right-sizing the cost base
• Reorganising for future growth
• Refining commercial excellence
• Strengthening the technology platform
• Becoming the most attractive employer in the industry
 
 
A key outcome of this initiative has been the restructuring  
of our cost base, executed in Q2. This programme is  
expected to deliver annualised run-rate savings of  
EUR 8-10 million, driven by reduced personnel costs,  
optimisation of marketing spend in low-performing 
 markets, and improved vendor contract efficiency.  
In parallel, we streamlined operations towards a more  
market-driven model, enhanced cross-division  
collaboration, and sharpened focus on high-performing 
assets within our website portfolio. In the short term,  
Q2 EBITDA was negatively impacted. 
Q2 should therefore be viewed as a transitional quarter, 
with the dominant theme being recalibration rather  
than growth. By addressing structural inefficiencies  
and laying the groundwork for an agile and resilient  
operating model, Gentoo Media is now better positioned 
to capture future opportunities. The company’s strategic 
ambition remains unchanged: to build a diversified  
and profitable portfolio with strong recurring revenues, 
become the most attractive employer in the industry,  
and ultimately establish Gentoo Media as the leading  
global casino affiliate.
1.2
Opening statement

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Gentoo Media  |  Q2 2025 Interim Report
Revenue 
Gentoo Media reported revenues of EUR 24.4  
(30.2) million, down 19% year-over-year. 
Revenue share accounted for 60% (65%) of the revenue, 
CPA 14% (10%) and  listing fees and other 26% (25%).
Cost  
The second quarter was characterised by an increased  
focus on efficiency and cost reduction. Total personnel 
 and operating expenses amounted to EUR 8.5 million 
compared to EUR 9.8 million in the first quarter of 2025, 
reflecting savings already realised in line with previously 
announced initiatives. 
The full financial effect of right sizing the cost base   
will be utilised from the third quarter onwards. At the  
same time, we implemented process improvements  
and invested in initiatives designed to support a more  
agile and scalable business model. These measures  
incurred one-off costs in the second quarter,  
which are expected to gradually decline over  
the remainder of 2025.
 
The quarter was also impacted by increased marketing  
investments, which reduced EBITDA by approximately  
EUR 1.5 million building up a strong player base in key  
markets. Going forward, a more focused portfolio  
with fewer sites and prioritisation of markets with  
higher profitability are expected to result in lower  
marketing expenses in the second half of 2025. 
 
EBITDA 
EBITDA before special items amounted to  
EUR 7.5 (14.8) million with a margin of 31% (49%). 
Our quarterly EBITDA performance came in below  
expectations. This was primarily driven by one-off  
costs (not considered special items) as well as  
increased marketing investments that did not generate  
the anticipated revenue uplift in the second quarter. 
Cash flow 
Cash flow from operations showed EUR 7.7 million.
Cash flow was negatively affected by one-off costs  
related to terminated positions. However, compared  
with the first quarter, a significant improvement in  
working capital levels positively impacted cash  
flow by EUR 3.8 million in the second quarter. 
 
 
 
 
 
 
 
Financial position   
Gentoo Media also holds a EUR 25 million credit  
facility established in 2024 to manage transitional  
cash flow requirements. Due to the company’s  
temporary financial situation, Gentoo Media has  
received a waiver on covenants for Q2. The waiver  
has been granted under specific conditions,  
including maintaining a minimum cash position  
and renegotiating the overall commitment in  
October 2025.  
 
1.3
Financial performance

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Gentoo Media  |  Q2 2025 Interim Report
Player intake reached 136k FTDs (122k), close to an  
all-time high of 137.7k in Q4 2023, despite Q2 2025  
being marked by weaker seasonal conditions.
Value of Deposits rose to EUR 195 (192) million,  
achieved without major sports events over the  
summer compared to the previous year. 
Despite positive momentum in the underlying business 
drivers' in Q2, performance was held back by weaker  
revenue share earnings, at 7.8% over the value of deposits 
versus an expected ~10%, with Brazil as a driver.
The website portfolio was streamlined down to 70  
sites, with resources concentrated on flagship brands 
(AskGamblers.com, WSN.com, Casinotopsonline.com, 
Time2play.com) and higher-potential sites targeting  
local markets.
At the end of Q2, a major Google Core update started, 
ending in mid-July, with mixed effects but an overall  
positive impact on the Publishing portfolio. WSN.com 
reached an all-time high in quarterly revenue in the quarter.
Paid Media doubled new players, growing from 42k in Q1 
to 84k in Q2. Operational and MarTech enhancements  
improved targeting, boosted conversions, and lowered 
cost per player. 
Paid made significant investments in Brazil in the  
quarter, investing EUR 1.5 million extra in marketing,  
to capture market share after positive market signals  
in April. However, improvements in the partner revenue 
share only started to materialise after the quarter,  
leaving Q2 revenue from Brazil below expectations  
and impacting EBITDA negatively in the quarter.
 
Events after Q2
Gentoo Media Inc. has delisted its shares from  
Euronext Oslo Børs on 24th July 2025, while  
maintaining the listing on Nasdaq Stockholm.
The Google Core update completed post-quarter  
had an overall positive impact on the Publishing portfolio, 
with revenue gains expected in the second half of 2025:
• Casinotopsonline.com and Time2play.com  
saw material ranking improvements 
• WSN.com continues to grow post update,  
after delivering record quarterly revenue in Q2 
• Local sites also benefited, with 6 of the top  
10 assets gaining and the rest holding stable 
• AskGamblers lost ground after the update.  
Recovery actions are underway following  
the loss in search rankings. 
 
Following the end of the second quarter, the  
business recorded the highest deposit values,  
margins, and revenue in the Brazilian market  
since the regulation, with deposit levels  
surpassing those seen prior to the regulatory shift.  
 
Despite these positive developments in underlying  
business drivers, the market is being constantly  
monitored by Gentoo Media management in H2  
2025, evaluating partner performance, regulatory  
developments and profit margins.
1.4
Operational highlights

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Gentoo Media  |  Q2 2025 Interim Report
Following a decisive period of operational recalibration,  
Gentoo Media enters the second half of 2025 with  
strengthened focus and increased financial clarity.  
With major restructuring efforts completed, EBITDA- 
margin above 40% in June and revenue below expectations, 
management is refining its full-year guidance. 
The second quarter reflected disciplined execution of  
the previously announced cost reduction initiatives, which 
are progressing according to plan. Revenue, however,  
came in below expectations. Market conditions, particularly  
in Brazil, proved more challenging than usual despite positive 
signals in the beginning of the quarter. In addition, delays  
in two key technology projects postponed website  
improvements for key websites, delaying anticipated  
revenue contributions. Furthermore, while the strategic  
realignment was executed effectively and positions  
Gentoo Media for stronger long-term performance,  
it had a short-term impact on performance and revenue.
Previous guidance stated that we expected to see full-year 
2025 revenue broadly in line with 2024 and EBITDA margins 
in the range of 40−45%. While we expect growth in H2 over 
H1, the current rate of improvement is below expectations. 
Despite the top line performance, the restructuring and tight 
cost control means that EBITDA margin is still expected to  
be at least 40%.  
 
 
New guidance for the financial year of 2025. 
Full-year 2025 guidance is now updated as follows:
• Revenue: EUR 100-105 million
• EBITDA before special items: EUR 40–43 million
• EBITDA Margin: 40% - 41%
• Free cash flow from operations: EUR 27–30 million
 
Cash flow has been effected by investment-related  
outflows primarily related to M&A and demerger  
activities initiated in 2024. These were planned  
and are now largely concluded.  
 
Gentoo Media enters H2 with a much leaner business  
with material margin improvements. We remain committed 
to building long-term value through operational clarity,  
focused market reach, and continued leadership in  
tech- and data-driven iGaming affiliate marketing.
1.5
Outlook & guidance

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Gentoo Media  |  Q2 2025 Interim Report
10  2.1  Our business model  
11   2.2  Financial review 
12  2.3  Operational review 
Review of  
the business
2.0
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Gentoo Media  |  Q2 2025 Interim Report
 Back to content
Gentoo Media is a multi-channel affiliate marketing  
business connecting high-value players with leading  
online sportsbooks and casinos. We combine SEO- 
optimised websites with data-driven paid marketing  
to maximise reach, efficiency, and conversion. 
Our portfolio of authoritative websites attracts organic 
traffic through search engines, while our paid media  
strategies , including search engine marketing,  
social advertising, and programmatic display,  
deliver targeted customer acquisition at scale.
 
We earn revenue primarily on a performance basis,  
through commissions on the players we refer.  
A large share comes from recurring revenue share  
agreements, where we receive a percentage of  
a player’s lifetime value, creating a stable and  
growing income stream aligned with our partners’  
success. Additional revenue comes from listing  
fees, giving operators premium visibility among  
high-intent audiences.
 
 
 
 
 
 
 
 
This diversified model ensures our growth is  
directly linked to that of our partners, while  
supporting scalability and profitability.
 
With more than 150 websites, we offer expert  
reviews, exclusive offers, and in-depth insights  
into both emerging and established brands.  
Continuous optimisation of traffic sources,  
technology, and marketing strategies keeps  
us competitive and scalable on a global level.
 
At its core, Gentoo Media is the digital storefront  
of the iGaming industry,  the place where  
high-value players discover, evaluate, and  
engage with the world’s top gaming brands.
Our business model
2.1
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  |  Q2 2025 Interim Report
Income statement 
Revenues amounted to EUR 24.4 (30.2) million  
during Q2, in line with the previous quarter. 
Marketing expenses were EUR 8.4 (8.4) million in  
Q2 2025. Quarter-over-quarter marketing increased  
with EUR 1.5 million, mainly driven by the objective  
to capture market share in Brazil.
Personnel expenses amounted to EUR 6.0 million,  
up 52% from EUR 4.0 million in Q2 2024. Capitalised 
salaries related to technology development  
amounted to EUR 1.0 million (EUR 1.3 million). 
Other operating expenses amounted to EUR 2.5  
(3.0) million with an 18% decrease.
EBITDA before special items was EUR 7.5 (14.8) million, 
a 49% decrease, with an EBITDA before special items 
margin of 31% (49%). EBITDA is equivalent to operating 
profit before depreciation, amortisation, and impairment. 
Special items in the quarter amounted to EUR 1.8 million. 
 
During Q2 2025, Gentoo Media carried out various 
restructuring projects and reversed a provision of  
EUR 0.2 million in relation to prior acquisitions.  
The restructuring projects were the result of the  
continued focus on cost and efficiency initiatives,  
and included changes in operations and related 
organisational changes, including termination  
of employees.
Depreciation and amortisation amounted to EUR 4.8  
(7.0) million, a decrease of 30%, primarily related to 
domains, developed technology platforms, and  
computer and office equipment.
Net finance costs amounted to EUR 2.4 (3.8) million,  
and the change was primarily due to changes in exchange 
rates, which came through in other financial expenses. 
Interest on the company’s bonds was EUR 2.2 million  
(EUR 2.4 million). Other financial expenses were EUR  
0.2 (1.4) million.
The net result for Gentoo Media was negative EUR 1.0  
(3.3) million, a  decrease from the same period in 2024.  
The net profit margin was negative 4% (negative 17%).
 
Cash flow 
The Group experienced a net cash inflow from  
operations during the period of EUR 7.7 (6.2) million. 
Net cash generated from operating activities including 
special items was mainly utilised to fund investment  
in non-current assets, payment of bond interest, and  
lease payments.  
 
The cash generated through financing was utilised  
for the acquisitions made during 2023 and 2024,  
where some payments were deferred or contingent. 
 
As part of the Q2−25 reporting, adjustments to  
the cash flow statement for Q1−25 have been made.  
These adjustments primarily relate to: 
• EUR 2 million reclassification between purchases of 
intangible assets and acquisition of subsidiaries, net of 
cash acquired within cash flow from investing activities. 
• EUR 2 million reclassification between loan repayment 
and net proceeds from Bond Refinancing and Other 
Borrowings within cash flow from financing activities. 
• Minor reclassifications between operating, investing 
and financing activities. 
Net movement in cash and cash equivalents has not been 
impacted by the reclassifications. The year-to-date 
figures in the cash flow statement reflect the adjustments. 
 
Balance sheet 
Total assets amounted to EUR 154 (278) million as  
at 30 June 2025. The decrease compared to last year  
is primarily related to Assets classified as held for sale, 
which were included in Q2 2024, and also due to an 
increase in deferred income tax assets that were not 
previously included. The largest asset on the balance sheet 
relates to intangible assets of EUR 102.2 (101.7)  million.
Intangible assets at 30 June 2025 mainly consist  
of goodwill generated through business combinations  
of EUR 44.4 million and domains of EUR 33.5 million.
Trade and other receivables amounted to  
EUR 20.8 (21.3) million at 30 June 2025.
The company closed out the quarter with a balance  
of cash and bank deposits amounting to EUR 5.9 million; 
the company’s cash and bank deposits in Q2 2024 
amounted to EUR 25.8 million.  
In June 2024, the company completed a EUR 15  
million subsequent senior secured bond issue under
its existing EUR-tranche bond loan, increasing the  
EUR tranche to EUR 60 million. The 2023−26 bonds  
are registered in the Norwegian Central Securities 
Depository and are listed on Nasdaq Stockholm  
and Frankfurt Stock Exchange Open Market.  
The outstanding balance of the bond on 30 June  
2025 was EUR 91 (89) million.
On 30 September 2024, the company entered into  
a EUR 25 million Revolving Credit Facility Agreement  
with Citibank Europe plc. as of 30 June 2025, the  
company has drawn EUR 23 million on the facility.
 
2.2
Financial review

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Gentoo Media  |  Q2 2025 Interim Report
In connection with the demerger completed in Q3  
2024, Gentoo Media assumed full responsibility  
for its financing structure. The Board and Executive 
Management are currently evaluating how best to  
align future capital structure with strategic ambition. 
Gentoo Media maintains a listed bond maturing in late 
2026. All related covenants have been met and are 
expected to remain within thresholds for the full year.
 
The group also holds a EUR 25 million credit facility 
established in 2024 to manage transitional cash flow 
requirements. A time-limited covenant waiver on the  
Q2 results has been granted including maintaining a 
minimum cash position and renegotiating the overall 
commitment in October 2025.  
 
Looking ahead, Management will carefully evaluate  
the most suitable options to ensure Gentoo Media’s 
continued growth and long-term value creation
 
 
 
 
 
 
 
 
 
Gentoo Media has received a waiver on covenants  
for Q2. The waiver has been granted under the following 
conditions, including maintaining a minimum cash  
position and renegotiating the overall commitment  
in October 2025. Based on the company’s expected  
and current performance, management considers it 
realistic to meet all conditions. 
 
Due to the timing effect of Maltese tax regulations,  
Gentoo Media is currently showing a current income  
tax liability of negative EUR 26.3 million with a deferred 
tax asset of EUR 21.5 million, which results in a tax position 
of negative EUR 4.8 million. In accordance with IAS 1, 
deferred tax assets are presented as non-current assets 
irrespective of the expected timing of their realisation. 
However, the two items should be considered together. 
2.2  |  Financial review

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Gentoo Media  |  Q2 2025 Interim Report
2024 was a landmark year for Gentoo Media.  
We delivered all-time highs across revenue, EBITDA,  
player intake, and deposit values, while successfully  
completing our legal separation from Gaming  
Innovation Group and establishing Gentoo Media  
as a fully independent company. This period was  
also marked by the strongest pace of organisational 
growth in our history, as we expanded our workforce  
and built out the support functions and corporate 
structure required to operate as a standalone business.
 
As we entered 2025, it became clear that the  
extraordinary growth journey of the past years had  
also created structural challenges. Management took  
a deliberate decision to address these “growing pains” 
early, in order to safeguard long-term performance  
and position Gentoo Media for sustainable, profitable  
expansion. At the end of Q1, we launched a strategic  
initiative to reconfigure the operating model around  
five core priorities.
 
 
 
 
 
 
 
 
Right-sizing the cost base 
In 2024, we onboarded more than 150 new colleagues  
in a fast-paced, high-growth environment with strong 
margins. This particularly impacted our cost base  
towards the end of 2024, which we carry into 2025.
 
Given the company’s current scale and a clear ambition  
to reduce complexity across the organisation - in order  
to free up capacity for increased business focus -  
management initiated a stronger emphasis on cost  
discipline and decided to part ways with a significant  
number of employees and consultants by the end of April. 
 
The overall cost focus is expected to deliver EUR 8–10  
million in annual run rate savings. Management can confirm  
that the expected reductions have been realised both  
in Q2 and subsequent to Q2. The main focus has been  
to terminate low-impact and overlapping positions,  
focus marketing spend to improve ROI and reduce  
our OPEX based on identified cost-saving initiatives.
 
It remains crucial for Gentoo Media to uphold our  
commitment to running the business as efficiently  
as possible, continuously aligning our cost base  
with the company’s current scale, while still ensuring  
room to invest in building the strongest possible  
foundation for the business going forward.
 
Reorganising for future growth 
As part of our continuous efforts to strengthen  
the foundation of Gentoo Media, management  
has initiated a reorganisation designed to position the 
business for sustainable growth and improved scalability. 
A central element of this transformation is the  
realignment and reconfiguration of the management  
team to ensure we have the right leadership structure  
and capabilities in place to drive the organisation forward. 
This step allows us to sharpen accountability, enhance  
decision-making, and increase focus across the business.
 
In addition, we are working to streamline and  
centralise key end-to-end processes across teams  
and geographies. By harmonising operations and  
eliminating unnecessary complexity, we are creating 
greater efficiency, improving cross-border collaboration, 
embracing AI developments and additions thus  
ultimately enabling a more agile organisation. 
 
These changes are aimed at ensuring that Gentoo  
Media can fully leverage its scale, maintain operational  
excellence, and create the right platform to deliver  
on our long-term growth ambitions.
 
 
 
Refining commercial excellence 
A key priority has been to define and implement  
a streamlined product portfolio reducing our current  
portfolio from approximately 150 down to 70 active  
sites. By reducing complexity and sharpening our  
offering, we ensure that our resources are directed  
towards the most value-creating opportunities,  
while at the same time providing customers with  
a clearer and more competitive proposition.
 
In parallel, we are revamping our commercial organisation  
- sharpening the go-to-market model, aligning sales  
and marketing across priority markets, and strengthening 
capabilities to deepen customer engagement and  
accelerate revenue. As part of this transition, our  
former Chief Sales Officer departed the company  
in Q2. We have appointed a new leadership team to  
lead Gentoo Media’s sales and commercial operations  
into the next phase of growth.
 
Despite positive developments in deposit values,  
revenue share earnings have lagged behind expectations. 
To address this, management has initiated a partner  
optimisation program to extract more value from our  
traffic in each market by prioritising the most reliable  
partners with the highest earnings and margins.
2.3
Operational review

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Gentoo Media  |  Q2 2025 Interim Report
Strengthening the technology platform  
During Q2 we executed targeted enhancements to  
improve platform stability, scalability and time-to- 
delivery across some of our platforms. However,  
delays in two key platform projects deferred expected 
revenue contributions. In response, we initiated an  
incremental upgrade programme to accelerate the  
realisation of business benefits without the disruption  
and longer timeframe of a complete rebuild.
 
A further important development during the quarter  
was a change in our technology department. We parted 
ways with our former CTO and conducted a full reassessment 
of all ongoing technology projects and platforms. This  
step ensures that our future investments in technology are 
fully aligned with our strategic priorities and commercial 
priorities - and geared towards scalability, efficiency, and 
long-term value creation. To strengthen execution, three 
senior technology and product leaders have been recruited 
and will join in Q3, bringing deep expertise to drive the  
next phase of our platform- and MarTech development.
The marketing technology platform was refined to  
improve return on advertising spend and shorten  
campaign deployment cycles. These improvements  
provide a stronger technical foundation for the business, 
enabling faster execution, greater operational resilience, 
and improved scalability for future growth initiatives.
Becoming the most attractive employer in the industry 
We recognise that our people are the foundation  
of our success, and our long-term growth ambitions  
can only be realised by retaining and attracting top  
talent. Management has therefore intensified its focus  
on strengthening the company’s position as an employer 
of choice within the industry. By promoting our Director  
of People to Chief People Officer and elevating the function 
into the executive team, we underline our commitment  
to making performance, engagement, and employer 
brand central pillars of the company’s long-term success.
This includes keeping on investing in leadership  
development, building a culture that promotes collaboration 
and accountability, and ensuring that employees have  
the opportunities and tools needed to grow with the  
business. At the same time, we are refining our approach  
to recruitment and talent management, to secure access 
to the best capabilities in the market and align them with 
our strategic priorities. 
By continuing to develop and nurture our people,  
while attracting new colleagues with the right skills  
and mindset, we aim to build the strongest possible  
team and ensure Gentoo Media remains one of the  
most attractive workplaces in our industry with over  
40 nationalities in five offices.
 
In H2, we have continued to invest in our office facilities,  
as we believe it is essential to provide an attractive and 
welcoming work environment. We have relocated to  
larger premises in the UK and in September 2025, we  
expect to move into new and modern facilities in Malta,  
further strengthening our ability to offer a workplace  
that supports collaboration and innovation.
 
Publishing
In Q2 2025, Publishing advanced its strategic realignment 
by sharpening focus on high-value, high-growth markets. 
The active portfolio was streamlined to 70 sites, with  
content- and SEO coverage refocused to maximise  
impact in priority markets.
Revenue from Publishing declined EUR 3.1 million year-
over-year. Similar to previous quarters, Casinotopsonline.
com and Time2play.com continued to underperform  
compared to the year before. The decline in Publishing  
revenue was further exacerbated by poor performance  
in Brazil and a lack of major sporting events compared  
to the previous year.
At the end of the quarter, the Google Core update  
initiated in the end of June, had an overall positive effect  
on the Gentoo Media publishing portfolio going forward.
 
The continued investments in Casinotopsonline.com  
and Time2play.com were rewarded, with both brands  
increasing in rankings after the Google Core update  
was completed, with positive effects on revenue after  
the quarter ended. 
WSN.com continued to strengthen its position in the  
North American market, delivering its best quarterly  
revenue to date. Further growth is expected going  
forward, also from favourable effects from the Google 
Core update.
The wider portfolio of Gentoo Media websites targeting 
local markets also benefited from the update. Six of  
the top ten assets gained rankings after the update was 
completed  with the other four seeing neutral effects.
AskGamblers.com advanced into sports betting with  
its proprietary BettingRank algorithm, and the AskGamblers 
Awards delivered record engagement, raising EUR 135k  
for charity. The asset experienced negative effects  
from the Google update, declining in traffic post Q2.  
Initiatives to reverse the decline were started post quarter.
Q2 platform upgrades improved workflow efficiency  
and stability alongside front- and back-end modernisation  
of AskGamblers.com and Casinomeister.com. Work on 
further improving the platforms continued after the quarter. 
 
2.3  |  Operational review

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

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Gentoo Media  |  Q2 2025 Interim Report
Publishing ends Q2 with a sharper market focus,  
improving performance in key assets, and a growing  
presence in underrepresented verticals, positioning  
the portfolio for scalable, high-margin growth in  
the second half of the year compared to H1 2025.
 
Paid 
Following the strategic reset in Q1, Paid Media  
entered Q2 focused on expanding the player base  
and re-accelerating revenue after disruption from  
regulatory changes in Brazil. As part of the strategic  
realignment, the Paid organisation was streamlined  
and stricter market prioritisation implemented.
 
Revenue from Paid declined by EUR 2.8 million  
year-over-year. Similar to Publishing, both weaker  
performance in Brazil and the absence of major  
sports events compared to the previous year  
drove the decline, despite sound developments  
in underlying business drivers. 
Disciplined investment in selected markets delivered
one of the strongest acquisition quarters in company
history, with clear improvements in both conversion
quality and cost per acquired customer.  
 
 
 
All Paid channels delivered strong intake in Q2 2025,  
with player intake reaching 84K - doubling quarter- 
over-quarter and growing 55% year-over-year. 
Customer acquisition costs and conversion rates  
improved materially both quarter-on-quarter  
and year-over-year.
Marketing spend increased by EUR 1.5m versus Q1  
to capture opportunities, expand the player base, and 
support revenue growth, with Brazil as a primary focus. 
Early signs of recovery in April, combined with favourable 
player metrics (higher deposit values and low acquisition 
costs), justified incremental spend. However, revenue  
from Brazil did not materialise as expected in the quarter 
despite solid underlying drivers. While long-term confidence 
in Brazil remains, Paid is taking a more cautious near- 
term stance with marketing spend in the market.
 
From mid-June, marketing spend was reduced  
significantly to balance growth with EBITDA delivery.  
For the remainder of 2025, Paid investments will remain 
tightly aligned with revenue and profitability objectives.
 
Performance was further supported by an  
enhanced marketing technology stack and  
improved decision-making capabilities, enabling  
faster learning cycles and sharper audience targeting.  
With the acquisition model validated at scale,  
H2 will focus on converting this momentum  
into sustained, profitable growth.   
2.3  |  Operational review

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

16
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Gentoo Media  |  Q2 2025 Interim Report
17   3.1  Navigating challenges with agility and vision
3.0
Sustainability  
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===== SIDA 17 =====

17
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Gentoo Media  |  Q2 2025 Interim Report
Following a challenging first quarter in 2025 defined  
by change - change in market dynamics, change in  
company performance - the business has responded  
in Q2 with a strategic reassessment of priorities across  
the organisation through a comprehensive review of its 
cost structure, project pipeline and service portfolio.  
This review led to a reduction in operational costs, with  
a focus on improving operational efficiency in the core  
areas of the business where long-term value creation  
remains strongest.
Having responded with flexibility and agility in the face of 
adversity proved critical in maintaining business continuity 
and protecting key client relationships. These attributes 
enabled the company to adapt quickly, make informed 
decisions, and lay the groundwork for future resilience.
Despite the difficulties of the past quarter, the business 
remains focused and well-positioned to pursue its  
strategic objectives with renewed clarity and purpose.  
 
In alignment with this operational reset, the business  
has drafted a comprehensive forward-looking  
Sustainability Plan for 2025–2027. Developed with  
the collaboration and insights of departmental leaders 
across the organisation, the plan outlines a clear  
path toward sustainable growth and reflects a shared 
commitment to long-term sustainable business practices 
through responsible innovation, financial discipline,  
talent development and harmonisation across  
departmental processes, whilst also giving due  
importance to environmental and social governance.
 
Sustainability Plan 2025 - 2027 
Six sustainability pillars were identified with the  
intent of structuring the sustainability agenda 
across all business units going forward:
• Sustainability Vision
• Environmental
• Social (relating to employees and end-users)
• Business Integrity & Responsible Business Practices
• Anti-Bribery and Corruption
• Governance
A total of 43 projects have been identified, with  
some are ongoing, while others have completion  
dates spread across 2025 to 2027 as shown in Table 1.  
All 43 projects are split across the six sustainability  
pillars as indicated in Table 2.  
 
The highest number of projects pertain to Business  
Integrity and Responsible Business Practices  
followed by those within the Governance pillar.
 
3.1
Navigating challenges with agility and vision
Anti-bribery  
and Corruption
Business  
Integrity &  
Responsible  
Business  
Practices
Environmental General Governance Social
0 0
10 10
5 5
15 15
5
15
7
11
8
1 1
2025 2026 2027
15
12
8
Table 1 
Number of ongoing projects as well  
as the spread of the remaining projects  
spread across 2025, 2026 and 2027.
Table 2  
Number of sustainability projects in  
the pipeline split across six sustainability  
pillars and spread across 2025 to 2027.
On going
5

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Gentoo Media  |  Q2 2025 Interim Report
In 2025, the business intends to  
complete the following 12 projects
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
01   Sustainability Vision Statement
 
02  Team Building Budget 
 
03  Reduction in single-use plastics
 
04  Development of a Compliance internal  
  knowledge-sharing platform 
 
05  Company-wide Incident Register
 
06  Sitebee Product Improvement
 
07  Whistleblowing Management System
 
08  Compliance with the Digital  
  Services Act and AI Act
 
09  Carbon Accounting Automation
 
10  Automated periodic compliance  
  auditing of Gentoo assets
11  Compliance culture survey
 
12  CSR Calendar
 
 
 
 
 
Regulatory review and preparation  
Q2 has seen continued engagement with our auditors, 
PWC, for the planning of the Annual Sustainability  
Report for FY 2025. Given the ongoing developments at  
an EU level, it was agreed to use the same structure and 
format of the Annual Sustainability Report for FY 2024. 
It was further agreed that a re-assessment of the  
reporting approach will be carried out in case any further 
updates from an EU-level will be issued at a later stage.
Carbon Accounting Software (Greenly) 
Following the spin-off, a separate Gentoo Media  
account was created on Greenly and work was  
initiated with respect to company data collection  
ranging from buildings, employee, IT inventory and  
architecture and accounting data.
This will set the groundwork for Scope 1, 2 and 3  
GHG emissions calculations for the current reporting  
period which, in terms of emissions reporting, spans  
from 1st October 2024 to 30th September 2025 and  
will be reported in the Annual Sustainability Report  
for FY 2025 in April 2026.
3.1  |  Navigating challenges with agility and vision
Sustainability Metrics 
(i) Sustainability project status in 2025
Not started  50%
Implemented - Ongoing  16,7%
In Progress  33,3%

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Gentoo Media  |  Q2 2025 Interim Report
Company wide gender split
Full time employees
Female 50.14% 
Male 49.58% 
Non-binary 0.28% 
20% Female  
80% Male
27% Female  
73% Male
Team leads 44% Female  
56% Male
Directors
Heads
C-level
25% Female  
75% Male
Manager 60% Female  
40% Male
Nationalities 46358
Upcoming Priorities (Q3 2025) 
One of our main priorities in Q3 2025 will be to  
continue protecting our employees, by understanding  
any uncertainties and difficulties they might be facing  
due to the organisational restructuring, and react to  
their needs in a timely manner in order to safeguard  
our workforce and ensure business continuity.
 
Other priorities will be to ensure sustained  
commitment to the sustainability projects assigned  
for 2025 and adhere to the target completion dates.
3.1  |  Navigating challenges with agility and vision

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

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Gentoo Media  |  Q2 2025 Interim Report
21  4.1  Financial highlights 
22   4.2  Consolidated statement of comprehensive income  
23   4.3  Consolidated balance sheets  
24  4.4  Consolidated statement of cash flows 
25   4.5  Notes
4.0
Financials  
Gentoo Media Inc. 
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Gentoo Media  |  Q2 2025 Interim Report
Financial highlights
4.1
EUR’000000  Q2-25  Q2-24  6M 2025  6M 2024  2024
Income Statement      
Revenue 24.4 30.2 49.2 58.2 122.8
EBITDA before Special Items 7.5 14.8 15.7 28.3 56.7
Special Items -1.8 - -2.6 0.0 -1.5
EBITDA 5.7 14.8 13.1 28.3 55.2
EBIT 0.4 7.8 3.1 18.1 37.9
Net Financial Income (Expense) -2.4 -3.8 -7.6 -4.2 -14.3
Result from Continuing Operations -1.0 3.3 -4.0 13.1 23.6
Result from Discontinued Operations - -8.3 - -14.6 -78.9
Profit/(Loss) for the Period -1.0 -5.0 -4.0 -1.5 -55.3
 EUR '0000000 30 Jun 2025 30 Jun 2024 6M 2025 6M 2024 2024
Balance sheet      
Total Non-Current Assets 127.6 108.2 127.6 108.2 130.3
Trade and Other Receivables 20.8 21.3 20.8 21.3 27.1
Cash and Cash Equivalents 5.9 25.8 5.9 25.8 11.3
Assets Classified as Held for Distribution - 122.8 - 122.8 -
Total Assets 154.3 278.1 154.3 278.1 168.7
Equity -13.7 103.5 -13.7 103.5 -9.7
Bond Payable 90.6 89.1 90.6 89.1 89.5
Liabilities Held For Distribution - 30.2 - 30.2 -
 EUR '0000000 Q2-25 Q2-24 6M 2025 6M 2024 2024
Cash Flow      
Cash Flow from Operation Activities 7.7 6.2 12.0 16.5 12.0
Cash Flow from Investing Activities -3.5 -4.9 -27.7 -20.4 -27.7
Cash Flow from Financing Activities -2.9 17.5 10.3 10.0 10.3
Cash Flow for the Period 1.3 18.8 -5.4 6.1 -5.4

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

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Gentoo Media  |  Q2 2025 Interim Report
Consolidated statement of comprehensive income 
4.2
EUR’000  Q2-25  Q2-24  6M 2025  6M 2024  2024
Revenue  24,419  30,232  49,223  58,206  122,773
Employee Costs -6,047 -3,988 -11,986 -8,508 -15,864
Marketing Expenses -8,433 -8,397 -15,256 -15,210 -32,020
Other Operating Expenses -2,450 -3,082 -6,310 -6,213 -18,231
EBITDA before Special Items 7,489 14,765 15,671 28,275 56,658
Special Items -1,778 -13 -2,621 11 -1,467
EBITDA 5,711 14,752 13,051 28,286 55,191
Amortisation and Depreciation -4,841 -6,947 -9,462 -10,181 -17,625
Other Income and Expenses -451 - -463 - 352
EBIT 419 7,805 3,126 18,105 37,918
Finance Income/(Costs) -3,358 -3,314 -6,785 -5,759 -13,359
Unrealised Exchange Gain/(Loss) on the Bond 924 -440 -860 1,558 -962
Profit before Income Taxes -2,015 4,051 -4,519 13,904 23,597
Income tax 1,053 -792 522 -793 32
Profit from Continuing Operations -961 3,259 -3,998 13,111 23,629
Loss from Discontinued Operations - -8,288 - -14,582 -78,912
Profit/(Loss) for the Period -961 -5,029 -3,998 -1,471 -55,283
      
Other Comprehensive Income/(Loss)      
Exchange Differences on Translation of Foreign Operations - -176 - -479 -195
Exchange Difference Transferred to Loss from Discontinued Operations - - - - 373
Other Comprehensive Income/(Loss) for the Y ear - -176 - -479 178
Profit/(Loss) for the Y ear -961 -5,205 -3,998 -1,950 -55,105
      
Average Number of Outstanding Shares 134,708 130,897 134,708 129,950 132,318
Average Dilutive Number of Outstanding Shares 134,870 132,126 134,870 131,179 133,437
      
Basic and Diluted Earnings (Losses) per Share      
Basic Earnings per Share -0.01 -0.04 -0.03 -0.02 -0.42
Diluted Earnings per Share -0.01 -0.04 -0.03 -0.01 -0.41

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

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Gentoo Media  |  Q2 2025 Interim Report
Consolidated balance sheets
EUR'000  30 Jun 2025  30 Jun 2024  31 Dec 2024
 Equity
Share Capital  119  119,322  119
Share Premium 197,863 78,857 197,584
Currency Translation Reserve -2,562 - -2,423
Accumulated Deficit -210,811 -95,823 -206,200
Total Equity Attributable to Owners of Gentoo Media Inc. -15,391 102,356 -10,920
Non-Controlling Interests 1,690 1,178 1,240
Total Equity -13,701 103,534 -9,680
    
Liabilities    
Non-Current Liabilities    
Borrowings 90,622 89,108 89,476
Lease Liabilities 1,623 2,838 2,114
Deferred Consideration 898 6,353 853
Deferred Income Tax Liabilities 2,369 3,876 2,448
Other Non-Current Payables - - -
Total Non-Current Liabilities 95,512 102,175 94,891
Current Liabilities    
Borrowings 23,223 - 7,079
Trade and Other Payables 10,549 10,946 16,227
Lease Liabilities 882 1,409 1,088
Deferred Consideration 11,284 29,810 33,255
Contingent Consideration 193 - 74 1
Current Income Tax Liabilities 26,317 - 25,124
Total Current Liabilities 72,448 42,165 83,514
Liabilities Directly Associated with Assets Classified as Held for Sale - 30,238 -
Total Liabilities 167,960 174,578 178,405
Total Equity and Liabilities 154,259 278,112 168,725
4.3
EUR’000  30 Jun 2025  30 Jun 2024  31 Dec 2024
 Assets    
Non-Current Assets    
Goodwill 44,429 42,371 44,429
Other Intangible Assets 57,809 59,420 62,221
Property, Plant and Equipment 1,631 987 1,037
Right of Use Assets 2,166 2,901 2,902
Deferred Income Tax Assets 21,540 6 19,7 46
Financial Assets at Fair Value Through other Comprehensive Income - - -
Derivative Financial Instruments - - -
Other Non-Current Assets - 2,501 -
Total Non-Current Assets 127,575 108,186 130,335
Current Assets    
Trade and Other Receivables 20,758 21,291 27,085
Taxation Receivables -  -
Cash and Cash Equivalents 5,926 25,819 11,305
Total Current Assets 26,684 47,110 38,390
Assets Classified as Held for Sale - 122,816 -
Total Assets 154,259 278,112 168,725

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

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Gentoo Media  |  Q2 2025 Interim Report
Consolidated statement of cash flows
4.4
EUR’000  Q2-25  Q2-24  6M 2025  6M 2024  2024
 Cash Flow from Operating Activities           
Operating Profit from Continuing Operations 419 17,373 3,126 33,297 37,566
Operating Loss from Discontinued Operations - -9,912  -14,582 -76,420
Changes in Working Capital and Non-cash Items 7,551 -1,592 9,223 -2,217 72,531
Taxes Paid -320 285 -350 - -402
Net Cash Flows from Operating Activities 7,651 6,154 11,999 16,498 33,275
Cash Flow from Investing Activities      
Purchases of Intangible Assets -3,146 -4,628 -6,715 -9,847 -21,693
Purchases of Property, Plant and Equipment -365 -251 -805 -519 -949
Acquisition of Subsidiaries, Net of Cash Acquired - - -20,221 -10,000 -17,167
Net Cash Flows from Investing Activities -3,511 -4,879 -27,741 -20,366 -39,809
Cash Flow from Financing Activities      
Loan Repayment - -2,923 -2,000 -7,506 -13,964
Proceeds from Issuance of Shares 25 9,279 25 9,279 9,459
Net Proceeds from Bond Refinancing and Other Borrowings - 15,173 18,000 15,173 22,204
Repayment of Lease Liabilities, Principal Part -268 -766 -666 -1,525 -2,349
Interests Paid -2,620 -3,276 -4,996 -5,445 -10,612
Capital Contribution Received from Group's Parent -   -  
Net Cash Flows from Financing Activities -2,863 17,487 10,363 9,976 4,738
Net Movement in Cash and Cash Equivalents 1,277 18,762 -5,379 6,108 -1,796
Cash and Cash Equivalents at Beginning of Y ear 4,649 10,415 11,305 23,069 23,069
Cash and Cash Equivalents of Distributed Platform & Sportsbook Segment  -3,358  -3,358 -9,968
Cash and Cash Equivalents at end of Period 5,926 25,819 5,926 25,819 11,305
Cash and Cash Equivalents Classified as Held for Distribution to Owners - - -  -
Cash and Cash Equivalents at end of the Period in the Statement of Financial Positions 5,926 25,819 5,926  25,819 11,305

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

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Gentoo Media  |  Q2 2025 Interim Report
Selected notes to condensed consolidated  
financial statements as of and for the periods  
ending 30 June 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 Nasdaq Stockholm with the ticker symbol “G2M”.
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 30 June 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 30 June 2025 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, Brazilian Reals, Euro, British Pounds,  
Norwegian, 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 30 June  
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 30 June 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  
30 June 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 30 June 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 30 June 2025,  
the company had 7,829,000 outstanding options. 
6. Changes in equity 
No material changes to equity occurred during  
the reporting period ending on 30 June 2025.
The number of outstanding shares were 134,707,97 4  
(par value USD 0.001 ) as at 30 June 2025. 
 
Gentoo Media Inc. 
Notes

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

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Gentoo Media  |  Q2 2025 Interim Report
7. Senior secured bonds 
In June 2024, the company completed a EUR 15  
million subsequent senior secured bond issue  
under its existing EUR-tranche bond loan,  
increasing the EUR tranche to EUR 60 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 30 June 2025 was EUR 91 million (30 June  
2024: EUR 89 million). 
8. Revolving Credit Facility 
On 30 September 2024, the company entered  
into a EUR 25 million Revolving Credit Facility  
Agreement with Citibank Europe plc. As at 30 June 2025, 
the company has drawn EUR 23 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 Q2 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
 
First Time Depositor (FTD): 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
 
Organic growth: Growth including growth from  
acquired companies from the date of acquisition  
measured against the historical revenue
Gentoo Media Inc. 
Notes

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

Financials  
Gentoo Media Plc.
5.0
 
28   5.1  Consolidated statement of comprehensive income  
29  5.2  Consolidated balance sheets  
30   5.3  Consolidated statement of cash flows
Back to contentGentoo Media  |  Q1 2025 Interim Report

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Gentoo Media  |  Q2 2025 Interim Report
5.1
Consolidated statement of comprehensive income 
EUR’000  Q2-25  Q2-24  6M 2025  6M 2024  2024
 Revenue  24,419  30,232  49,223  58,224  122,773
Employee Costs -5,962 -3,988 -11,785 -8,551 -15,594
Marketing Expenses -8,433 -8,397 -15,256 -15,210 -32,020
Other Operating Expenses -2,120 -2,677 -5,635 -5,808 -18,700
EBITDA before Special Items 7,905 15,170 16,547 28,655 56,458
Special items -1,778 -13 -2,621 -83 -
EBITDA 6,127 15,157 13,926 28,572 56,458
Amortisation and Depreciation -4,841 -6,973 -9,462 -10,014 -17,625
Other Income and Expenses -451 - -463 - 637
EBIT 835 8,184 4,001 18,558 39,471
Finance Costs -3,362 -3,238 -6,768 -5,324 -12,554
Unrealised Exchange Gain/(Loss) on the Bond 924 -440 -860 1,558 -962
Profit before Income Taxes -1,603 4,506 -3,627 14,792 25,955
Income tax 1,045 -780 538 -763 372
Profit from Continuing Operations -559 3,726 -3,089 14,029 26,327
Loss from Discontinued Operations - -7,898 - -14,244 -78,912
Profit/(Loss) for the Y ear -559 -4,172 -3,089 -215 -52,585
      
Other Comprehensive Income/(Loss)      
Exchange Differences on Translation of Foreign Operations - -176 - -316 -
Exchange Difference Transferred to Loss from Discontinued Operations - - - - -
Other Comprehensive Income/(Loss) for the Y ear - -176 - -316 -
Profit/(Loss) for the Y ear -559 -4,348 -3,089 -531 -52,585

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Gentoo Media  |  Q2 2025 Interim Report
5.2
Consolidated balance sheets
EUR’000  30 Jun 2025  30 Jun 2024  31 Dec 2024
 Equity
Share Capital  14,639  50  14,638
Share Premium 142,791 147,442 141,922
Currency Translation Reserve -869 - -
Accumulated Deficit -186,118 -75,584 -182,528
Total Equity Attributable to Owners of Gentoo Media Inc. -29,557 71,908 -25,968
Non-Controlling Interests 1,690 1,178 1,240
Total Equity -27,867 73,086 -24,728
    
Liabilities    
Non-Current Liabilities    
Borrowings 90,622 89,108 89,476
Lease Liabilities 1,623 2,838 2,114
Deferred Consideration 898 6,431 853
Deferred Income Tax Liabilities 2,369 3,876 2,448
Other Non-Current Payables - - -
Total Non-Current Liabilities 95,512 102,253 94,891
Current Liabilities    
Borrowings 23,223 - 16,200
Trade and Other Payables 10,297 24,558 11,896
Lease Liabilities 882 1,409 1,088
Deferred Consideration 11,284 29,809 33,255
Contingent Consideration 193 - 74 1
Current Income Tax Liabilities 26,317 - 24,824
Total Current Liabilities 72,196 55,776 88,004
Liabilities Directly Associated with Assets Classified as Held for Sale - 29,988 -
Total Liabilities 167,708 188,017 182,895
Total Equity and Liabilities 139,841 261,103 158,167
EUR’000  30 Jun 2025  30 Jun 2024  31 Dec 2024
Assets    
 Non-Current Assets    
Goodwill 33,981 31,923 33,981
Other Intangible Assets 57,809 59,419 62,221
Property, Plant and Equipment 1,631 987 1,037
Right of Use Assets 2,166 2,901 2,902
Deferred Income Tax Assets 21,540 6 19,7 46
Financial Assets at Fair Value Through other Comprehensive Income - - -
Derivative Financial Instruments - - -
Other Non-Current Assets - 2,434 -
Total Non-Current Assets 117,127 97,670 119,887
Current Assets    
Trade Receivables 16,862 21,231 26,996
Taxation Receivables -  -
Cash and Cash Equivalents 5,852 19,429 11,284
Total Current Assets 22,714 40,660 38,280
Assets Classified as Held for Sale - 122,773 -
Total Assets 139,841 261,103 158,167

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Gentoo Media  |  Q2 2025 Interim Report
Consolidated statement of cash flows
5.3
EUR’000  Q2-25  Q2-24  6M 2025  6M 2024  2024
Cash Flow from Operating Activities      
Operating Profit from Continuing Operations 834 6,209 4,001 22,073 39,471
Operating Loss from Discontinued Operations - -7,898  -14,244 -76,420
Changes in Working Capital and Non-cash Items 9,337 9,148 13,688 10,254 7 4,403
Taxes Paid -20 - -50 - -363
Net Cash Flows from Operating Activities 10,152 7,459 17,639 18,083 37,091
Cash Flow from Investing Activities      
Purchases of Intangible Assets -3,798 -4,628 -7,367 -9,847 -21,694
Purchases of Property, Plant and Equipment -365 -251 -805 -519 -949
Acquisition of Subsidiaries, Net of Cash Acquired - - -20,221 -10,000 -17,167
Net Cash Flows from Investing Activities -4,163 -4,879 -28,393 -20,366 -39,810
Cash Flow from Financing Activities      
Loan Repayment -3,591 -1,299 -8,992 -5,882 -13,554
Proceeds from Issuance of Shares - - - - -
Net Proceeds from Bond Refinancing and Other Borrowings 1,976 15,173 19,976 15,173 22,204
Repayment of Lease Liabilities, Principal Part -268 -766 -666 -1,525 -2,349
Interests Paid -2,620 -3,276 -4,996 -5,445 -10,183
Capital Contribution Received from Group's Parent -   - 6,569
Net Cash Flows from Financing Activities -4,503 9,832 5,322 2,321 2,687
Net Movement in Cash and Cash Equivalents 1,486 12,412 -5,432 38 -32
Cash and Cash Equivalents at Beginning of Y ear 4,366 10,37 4 11,284 22,7 49 21,284
Cash and Cash Equivalents of Distributed Platform & Sportsbook Segment  -3,358  -3,358 -9,968
Cash and Cash Equivalents at end of Period 5,852 19,428 5,852 19,429 11,284
Cash and Cash Equivalents Classified as Held for Distribution to Owners - - -  -
Cash and Cash Equivalents at end of the Period in the Statement of Financial Positions 5,852 19,428 5,852 19,429 11,284

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Gentoo Media  |  Q2 2025 Interim Report
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