FULLTEXT DEL 1 AV 1
Kvartalsrapport Q2 2025
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Gentoo Media Inc.
26 August 2025
Q2 2025
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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
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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
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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
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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
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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
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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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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
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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
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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
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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
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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
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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
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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
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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
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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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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
===== SIDA 31 =====
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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