Kvartalsrapport Q3 2025

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Gentoo Media Inc.   
18 November 2025 
 
 Q3 2025

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2
 Back to content
Gentoo Media  |  Q3 2025 Interim Report
Content
3  |   Sustainability  
Looking ahead
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 
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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  |  Q3 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
Back to content
Executive summary
1.0

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Gentoo Media  |  Q3 2025 Interim Report
1.1  |  Letter from the CEO
Back to contentGentoo Media  |  Q3 2025 Interim Report
Dear Shareholders,
The third quarter of 2025 marked clear operational  
progress for Gentoo Media. The effects of the strategic 
realignment initiated earlier in the year are now visible 
across the business, reflected in stronger margins and a 
stabilised, more efficient cost base. As we enter the final 
quarter, we do so with sharper execution, a streamlined 
structure and a solid platform for sustainable growth.
The benefits of our right-sizing efforts and organisationa 
l simplification have begun to materialise as expected. 
 Actions taken in H1 to streamline operations, reduce  
complexity and focus resources on core priorities  
have strengthened underlying profitability and  
validated the decisions made in the first half of the year.
Revenue for the quarter came in below expectations,  
due to unusually weak September sports margins and  
immature market conditions in Brazil. Partner and website 
optimisation efforts also had a short-term negative 
 impact. However, underlying activity remained healthy, 
with stable player intake, solid deposit levels and  
improved customer acquisition efficiency compared  
to last year and first half of 2025.
During 2025, Gentoo Media has continued its strategic  
journey to strengthen the foundation for sustainable 
growth following Gentoo Media’s separation from GiG’s 
software and platform activities. The rapid expansion in 
recent years, combined with an increasingly complex  
operating environment, has created a clear need for more 
robust financial processes, enhanced reporting capabilities, 
and stronger transparency in decision-making.
 
With the appointment of a new Chief Financial Officer  
on 1 March 2025, Gentoo Media has accelerated this  
transformation. Throughout the year, significant  
improvements have been implemented across both  
internal and external reporting, with a particular focus  
on establishing a strengthened control environment,  
clearer governance structures, and more timely and  
reliable financial insights to support the business.  
These efforts have already contributed to better  
operational steering, higher-quality decision processes,  
and improved alignment across the organisation.
 
As part of the enhanced control framework, a comprehensive 
 review of previously reported financial information was 
conducted in collaboration with the Audit Committee,  
external advisors, and the group auditor. The review identified 
several errors in prior-period financial figures, including 
certain misstatements previously assessed as immaterial 
by both management and the auditor during the audit of 
the 2024 financial statements. When reviewed collectively, 
and together with newly identified items, it was concluded 
that a restatement was necessary to ensure full  
accuracy and transparency in the financial reporting.
The corrections result in an increase in revenue of EUR  
1.2 million and an increase in EBITDA of EUR 2.2 million,  
for first half of 2025, which provide a more accurate  
representation of Gentoo Media’s underlying, which provide  
a more accurate representation of Gentoo Media’s underlying  
operations and commercial momentum for 2025.
The transformation initiated earlier in 2025 is now delivering 
tangible results. Gentoo Media enters Q4 with a leaner  
organisation and strengthened execution, well positioned 
to maximise year-end peak-season performance and  
carry this momentum into 2026. Post-quarter performance 
has been encouraging: October delivered +15% revenue 
growth compared to September, and with November 
trending even further ahead. With these developments,  
the company remains on track to meet its full-year  
2025 targets. 
I would like to thank our employees for their dedication  
and adaptability throughout this transition, and our partners 
and investors for their continued trust and support.  
Together, we are positioning Gentoo Media for long-term, 
profitable growth built on operational focus, efficiency and 
the strength of our global brands and local champion sites.
 
Jonas Warrer
Chief Executive Officer 
Gentoo Media

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Gentoo Media  |  Q3 2025 Interim Report
The third quarter of 2025 marked a period of stabilisation 
and operational progress for Gentoo Media. Revenue  
for the quarter came in below expectations due to  
unusually weak September sports margins and immature 
market conditions in Brazil. Partner and website optimisation 
efforts also had a short-term negative impact. Underlying 
activity remained healthy, and Gentoo Media remains  
on track to meet its full-year 2025 guidance. 
The extensive transformation initiated earlier in the year  
is now clearly reflected in our financial performance.  
The right-sizing of the organisation and simplification  
of our operating model have resulted in a more sustainable 
cost base, stronger margins and a leaner, more focused 
organisation aligned with our long-term strategic priorities. 
Following a record 2024 and a deliberate period of  
recalibration in the first half of 2025, Gentoo Media  
entered Q3 with an emphasis on consolidation rather  
than expansion. Efforts to optimise the cost base and 
sharpen our acquisition model have restored EBITDA  
margins and established a stable operational platform  
to support future growth. 
During 2025, Gentoo Media continued strengthening  
its foundation for sustainable growth following the  
separation from GiG’s software and platform activities. 
The Company’s rapid expansion and increasing operational 
complexity created a clear need for more robust financial 
processes, enhanced reporting, and greater transparency 
in decision-making. With the appointment of a new CFO 
on 1 March 2025, this transformation accelerated, resulting 
in significant improvements to the control environment, 
governance structures, and the quality and timeliness  
of both internal and external reporting. When evaluated 
collectively, Gentoo Media concluded that a restatement 
was required to ensure full accuracy and transparency. 
The corrections result in an increase in revenue of
EUR 1.2 million and an increase in EBITDA of EUR 2.2
million, for the first half of 2025, providing a more  
accurate reflection of GentooMedia’s underlying  
performance and commercialmomentum in 2025. 
 
Restatement to opening balances and equity comprises  
EUR 4.9 million in negative impact. Comparative figures 
have been changed accordingly and are presented in  
this report. 
Looking ahead, the focus remains on returning Gentoo 
Media to sustainable growth through high-quality  
revenue streams from our flagship assets, local champion 
sites, proprietary platforms and a disciplined approach  
to market selection. With a strengthened cost base,  
solid profitability and improved organisational alignment,  
Gentoo Media is well positioned entering the seasonally 
strong fourth quarter.  
 
The company remains firmly on track to deliver on its  
strategic ambition: to build a diversified and profitable 
portfolio with strong recurring revenues, to be the  
industry’s most attractive employer and to establish  
Gentoo Media as the leading global casino affiliate.
1.2
Opening statement

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Gentoo Media  |  Q3 2025 Interim Report
Revenue 
Gentoo Media reported revenues of EUR 22.7 (29.5 restated) 
million, down 23% year-over-year. Revenue share  
accounted for 64% (57% restated) of the revenue,  
CPA 13% (10% restated) and listing fees and other  
23% (33% restated).  
Cost  
The third quarter was characterised by operational progress 
and our readiness to scale responsibly. The financial  
impact of right-sizing the cost base has now materialised, 
resulting in a leaner and more scalable organisation. Total 
personnel and operating expenses amounted to EUR 7.4 
million compared to EUR 9.8 million in the first quarter of 
2025, reflecting an improvement of 21% or EUR 2.4 million 
in quarterly run-rate savings Q3 over Q1 in comparison.  
Marketing has been refocused with reduced spending in 
low-performing areas. The marketing spending was EUR 6 
million in Q3 2025 compared to EUR 8.4 million in Q2 2025. 
In Q2 2025 Gentoo Media Marketing spend increased by 
EUR 1.5 million versus Q1 to capture opportunities, expand 
the player base, and support revenue growth, while maintaining 
a strong performance in FTD generation. The current  
level of marketing cost is considered as expected.
 
 
 
EBITDA 
EBITDA in the third quarter reflected a stable and right 
sized cost base as a consequence of initiatives executed in 
the first half of the year. Profitability remained solid + 40% 
EBITDA margin within the quarter where revenue came in 
below expectations, primarily due to unusually weak sports 
margins in September. The quarter demonstrated Gentoo 
Media’s ability to sustain healthy margins even amid industry 
volatility. EBITDA before special items amounted to EUR 
9.3 (13.7 restated) million with a margin of 41% (46% restated). 
 
Cash flow 
Cash flow from operations showed EUR 8.6 million (9.5  
restated) which has significantly improved compared  
to the previous two quarters, while maintaining a stable 
working capital level to fund acquisitions from prior years. 
Financial position  
Gentoo Media also holds a EUR 25 million credit facility  
established in 2024 to manage transitional cash flow  
requirements. Following the waiver granted on covenants 
in Q2 2025, Gentoo has upheld the special conditions,  
including maintaining a minimum cash position and  
renegotiated new overall terms and commitment in  
November 2025. As of 30 September 2025, the  
company has drawn EUR 23 million on the facility.
 
Full year guidance  
Gentoo Media maintains its full-year 2025 guidance  
overall, but with stronger cash conversion, free cash  
flow from operations outlook has been increased  
to EUR 31–34 million, up from the previous guidance  
of EUR 27–30 million: 
• Revenue: EUR 100–105 million
• EBITDA before special items: EUR 40–43 million
• EBITDA Margin: 40%–41%
• Free cash flow from operations: EUR 31–34  
million (previously EUR 27-30 million) 
Looking into a Q4 with historical strong  
seasonality Gentoo Media remains confident  
in reaching above guidance. 
1.3
Financial performance

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Gentoo Media  |  Q3 2025 Interim Report
Stronger execution across the organisation, creating  
a more focused and efficient business entering Q4.
 
Commercial discipline improved, as partner optimisation 
advanced and the portfolio was streamlined to enhance 
revenue quality, despite short-term impact from weak  
September sports margins. 
Platform and product delivery accelerated, including  
major progress on the next-generation WordPress  
framework, AskGamblers UX improvements, and marketing 
technology upgrades that enhance scalability and execution.
 
People and culture strengthened, highlighted by the 
opening of Gentoo Media’s new Malta headquarters  
and continued investment in leadership and capability  
development. 
 
 
 
 
 
 
 
 
 
 
 
 
Publishing delivered strong brand performance,  
including significant revenue growth for WSN.com  
and stabilisation of AskGamblers alongside CRO  
and AI-risk mitigation initiatives.
 
Paid Media improved unit economics and efficiency,  
reducing marketing spend by almost half while  
retaining two-thirds of FTD volume, supported by  
diversification and stronger channel optimisation. 
 
Post quarter, positive start to Q4, with October  
delivering the highest monthly revenue of the year  
and mid-November trending ahead.
1.4
Operational highlights

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Gentoo Media  |  Q3 2025 Interim Report
9  2.1  Our business model  
10   2.2  Financial review 
12  2.3  Operational review 
Review of  
the business
2.0

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Gentoo Media  |  Q3 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  |  Q3 2025 Interim Report
Gentoo Media reported revenues of EUR 22.7  
(29.5 restated) million, down 23% year-over-year.  
Revenue share accounted for 64% (57% restated)  
of the revenue, CPA 13% (10% restated) and listing  
fees and other 23% (33% restated). 
Marketing expenses were EUR 6.0 (6.9) million in Q3  
2025. Quarter-over-quarter marketing decreased  
with EUR 2.4 million, mainly driven by the objective  
to refocus marketing initiatives. 
 
Personnel expenses amounted to EUR 5.5 million,  
down 3% from EUR 5.7 million in Q3 2024. Capitalised 
salaries related to technology development amounted  
to EUR 1.5 (1.4) million. Other operating expenses 
amounted to EUR 1.9 (3.3) million with a 42% decrease.
EBITDA before special items was EUR 9.3 (13.7) million,  
a 32% decrease, with an EBITDA before special items 
margin of 41% (46%). EBITDA is equivalent to operating 
profit before depreciation, amortisation, and impairment. 
Special items in the quarter amounted to EUR 1.2 million. 
 
Depreciation and amortisation amounted to  
EUR 3.2 (4.0) million, an decrease of 21%, primarily  
related to domains, developed technology  
platforms, and computer and office equipment. 
 
 
 
The estimated useful life of domains has been  
revised to indefinite life similar to our peers in the  
industry. Management believes that the domains 
can provide economic benefits as long as they are 
continuously renewed and maintained. The domain 
registration rights can be renewed indefinitely at  
relatively low cost, with no legal or contractual limit  
to ownership. Thus, domains have not been amortised 
from July 2025 onwards, but will be annually tested  
for impairment.
 
Net finance costs amounted to EUR 3.6 (5.5) million,  
and the change was primarily due to changes in interest 
rates. Interest on the company’s bonds was EUR 2.2  
(2.4) million. Other financial expenses were EUR 1.4  
(3.3) million. The net result for Gentoo Media was EUR  
1.0 (2.5) million, a decrease from the same period in  
2024. The net profit margin was 5% (8%).
 
Cash flow 
The Group experienced a net cash inflow from operations 
during the period of EUR 8.6 (9.5) million. Net cash 
generated from operating activities including special 
items was mainly utilised to fund investment in non-current 
assets, payment of the bond & RCF interests, and lease 
payments. The cash generated through operations was 
utilised for the acquisitions made during 2024, where 
payments were deferred or contingent. The company 
closed out the quarter with a balance of cash and  
bank deposits amounting to EUR 3.6 million, whereas  
the company’s cash and bank deposits in Q3 2024 
amounted to EUR 5 million. 
Balance sheet  
Total assets amounted to EUR 153.9 (143.7 restated) million 
as at 30 September 2025. The development compared 
to last year is largely driven by increased deferred income 
tax assets. The largest asset on the balance sheet relates 
to intangible assets of EUR 100 (105 restated) million. 
Intangible assets at 30 September 2025 mainly consist  
of goodwill generated through business combinations  
of EUR 44.4 million and other intangible assets of  
EUR 55.5 million. Trade and other receivables amounted  
to EUR 16.4 (23.5 restated) million at 30 September 2025.  
The company closed out the quarter with a balance of  
cash and bank deposits amounting to EUR 3.6 million;  
the company’s cash and bank deposits in Q3 2024 
amounted to EUR 5.0 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.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.2
Financial review

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Gentoo Media  |  Q3 2025 Interim Report
2.2  |  Financial review
The outstanding balance of the bond on 30 September 
2025 was EUR 91 (89) million.The listed bond is maturing in 
late 2026. All related covenants have been met and are  
expected to remain within thresholds for the full year. 
 
On 30 September 2024, the company entered into  
a EUR 25 million Revolving Credit Facility Agreement  
(RCF). As of 30 September 2025, the company has  
drawn EUR 23 million on the facility.
 
In connection with the demerger completed in  
Q3 2024, Gentoo Media assumed full responsibility  
for its financing structure. 
In connection with the 2025 second quarter reporting, 
Gentoo Media received a waiver on the covenants  
related to leverage ratio and interest coverage in  
the RCF agreement. As part of the waiver conditions, 
Gentoo committed to renegotiate the agreement  
and establish new terms aligned with Gentoo Media’s 
strategic priorities. It was agreed on new terms including 
an increase in interest cost until September 2026 of  
EUR 0.35 million, reduced covenants and a minimum 
monthly cash balance of EUR 3 million. 
 
Further, the Board and Executive Management  
are evaluating on an ongoing basis how best to  
align future capital structure with strategic ambition. 
 
Due to the timing effect of Maltese tax regulations,  
Gentoo Media is currently showing a current income tax 
liability of EUR 28.8 million, with a deferred tax asset of EUR 
25.6 million and a deferred tax liabilities of EUR 2.3 million.  
 
Considering current and future taxes liabilities and assets 
together, results in a tax position of negative EUR 5.3 
million. In accordance with IAS 1, deferred tax assets  
and liabilities are presented as non-current assets 
irrespective of the expected timing of their realisation.

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Gentoo Media  |  Q3 2025 Interim Report
During the third quarter, Gentoo Media made meaningful 
progress across all operational areas, strengthening the 
foundations needed for scalable, high-quality growth.  
 
Commercial execution became more disciplined  
with continued partner optimisation efforts; Technology 
and Product advanced key platform initiatives to improve 
scalability and performance; People initiatives reinforced 
organisational capabilities and culture; Publishing delivered 
solid progress across core brands and platform  
enhancements; and Paid Media improved unit economics 
and operational resilience despite short-term market  
volatility. Collectively, these developments reflect a  
more focused, efficient and aligned organisation,  
well positioned to execute on its strategic priorities  
heading into the seasonally stronger fourth quarter.
 
Commercial execution and partner  
optimisation advanced in the quarter 
Revenue in the quarter was affected by unusually weak 
sports margins in September and immature market  
conditions in Brazil. In addition, Gentoo Media’s deliberate 
effort to streamline its product portfolio and improve  
revenue quality through a more disciplined partner mix  
had a short-term negative impact on overall revenue,  
despite healthy player intake and strong deposit values. 
 
To support this shift toward higher-quality revenue,  
the new commercial leadership team continued to  
advance the partner optimisation programme initiated  
in Q2. This initiative focuses on prioritising high-performing 
operators in each market, improving deal structures  
and increasing the value captured from our traffic.
 
The early effects of this programme are expected  
to materialise gradually over the coming quarters. 
Platform execution and scalability continued to  
strengthen in Q3, with clear progress across our  
technology roadmap 
As part of the comprehensive review initiated in Q2,  
we streamlined several initiatives to concentrate resources 
 on those with the highest business impact, improving  
delivery speed and predictability. Furthermore, a new  
senior technology and product leadership team provided 
renewed structure and focus, further ensuring stronger 
alignment between platform development and  
commercial priorities. 
 
Following earlier delays and necessary recalibration,  
development of our next-generation WordPress  
framework advanced significantly during the quarter.  
The first sites are scheduled to go live in Q4, with a  
full rollout across all WordPress-based assets planned  
by summer 2026. This framework will materially improve  
scalability, development efficiency and performance 
across our website portfolio. 
Further progress was made on the AskGamblers user  
experience programme, with further key page template 
revamps moving into execution in Q4. These improvements 
are expected to enhance engagement, conversions  
and overall monetisation on the platform.
 
In parallel, upgrades to our marketing technology  
stack improved data accuracy, automation and  
campaign efficiency, enabling more effective budget  
utilisation and stronger commercial execution.
 
Collectively, these advancements strengthen Gentoo  
Media’s technical foundation, reduce operational  
complexity, and position the company to scale more  
efficiently and capture additional growth opportunities  
in the coming quarters.
During Q3, Gentoo Media continued strengthening its 
people foundation to support long-term execution and 
sustainable growth 
Following the elevation of the People function to the  
executive team earlier this year, we have in Q3 continued  
to integrate our People strategy more closely with  
business priorities. As part of this, we have expanded  
our focus on learning and development to strengthen 
our approach to leadership and capability development 
across the organisation. This will support the ongoing  
professional growth of our employees and ensure that  
we continue to build the skills needed to deliver on our 
strategic ambitions.
 
A highlight of the quarter was the move into our new  
office in Malta, an important milestone in our continued 
investment in modern, inspiring workplaces. The new  
facilities are designed to promote collaboration,  
innovation, and connection, and it represents another  
step in providing an environment where our people  
can do their best work - together and as a team. 
 
Collectively, these initiatives strengthen our organisational 
resilience, reinforce our culture and ensure that Gentoo 
Media remains an attractive and competitive workplace 
as we continue to scale.
 
 
 
 
 
 
 
 
 
 
2.3
Operational review

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Gentoo Media  |  Q3 2025 Interim Report
Publishing continued to execute on its strategic  
priorities in Q3, with clear progress across core  
brands, monetisation initiatives and the technological  
foundation supporting scalable growth
 
In North America, WSN.com delivered an exceptionally 
strong quarter, achieving a 70% increase in revenue  
quarter-on-quarter alongside sustained traffic growth.  
The brand’s strong product proposition and continued 
momentum reinforce its role as a key growth driver  
within the portfolio. 
AskGamblers advanced several strategic platform  
and UX initiatives aimed at improving performance,  
monetisation and user engagement. Although the  
June Google Core Update temporarily weighed on  
traffic, the recovery measures implemented during  
the quarter helped stabilise performance and support  
the brand’s competitive positioning in key markets.
 
Across the wider portfolio, established brands and  
local market sites, including Casinotopsonline.com,  
Time2Play.com and other key assets, recorded steady  
improvements in traffic and revenue, supported by the  
favourable impact of the June Google Core Update.
 
Following earlier delays and necessary recalibration,  
development of Gentoo Media’s next-generation  
proprietary WordPress framework progressed into  
its final phase, with the first site migrations scheduled  
for Q4. This framework will drive greater scalability,  
operational efficiency and technical consistency  
across the publishing portfolio. 
During the quarter, Publishing also advanced its conversion 
rate optimisation initiatives, embedding CRO as a dedicated 
capability within the organisation and delivering incremental 
gains in user value and partner performance. 
In parallel, the first phase of measures to mitigate  
AI-driven search risks was rolled out, strengthening  
our ability to adapt to evolving search behaviour  
and protecting long-term traffic resilience.
 
Publishing ends Q3 with reduced complexity, improved 
operational efficiency and a clear roadmap to drive  
sustainable growth and stronger monetisation in  
the coming quarters.
Following the expansion in Q2, the Paid Media unit  
focused on controlled growth and operational  
efficiency in Q3, in line with the strategic direction  
set earlier in the year  
In the quarter, Paid continued to diversify its geographic 
mix, expanding into new markets to balance exposure  
to Brazil while maintaining a disciplined return-on- 
investment approach.
Unit economics strengthened materially during the  
quarter. Customer acquisition costs improved by 33% 
compared to Q1, while the total value of deposits 
 increased by approximately 15% year-on-year.  
These developments reflect continued emphasis on 
high-quality acquisition and long-term value creation  
rather than pure volume growth. 
Paid Media also demonstrated significant improvements  
in marketing efficiency. In Q2, a spend of EUR 4.48 million 
generated 83,343 FTDs. In Q3, spend was reduced by 
nearly half to EUR 2.46 million, yet the team still delivered 
56,612 FTDs - retaining roughly two-thirds of acquisition 
volume with less than half the investment. This uplift was 
driven by stronger targeting, channel optimisation and  
improved conversion performance across key markets.
 
The quarter, however, also presented challenges.  
A disruption in a major acquisition channel temporarily 
halved revenue from that source, putting pressure on  
CPA performance. After the quarter ended, the issue  
has since been resolved, and the channel is again fully  
operational. Despite this setback, the diversified channel 
mix absorbed much of the impact, limiting the downside. 
Additionally, September was significantly affected by  
exceptionally favourable sports outcomes for players, 
 resulting in a ~42% decline in revenue-share intake relative  
to the July-August average. While this margin volatility  
reduced short-term performance, underlying acquisition 
fundamentals remained strong, supporting a positive  
outlook heading into the seasonally stronger Q4.
 
Overall, the Paid Media business exits Q3 with stronger  
unit economics, a more balanced market footprint and  
a more resilient multi-channel acquisition strategy.
Events after Q3 
Post-quarter revenue has developed strongly:  
October delivered +15% revenue growth compared  
to September, and with November trending even  
further ahead.
 
Within Paid new meaningful partners have been  
onboarded, with material revenue generation for  
the unit expected in Q4.
 
At the end of October, Gentoo Media officially  
inaugurated its new headquarters in Malta, marking  
a new milestone for the company post the demerger  
from GiG Software in 2024.
2.3  |  Operational review

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Gentoo Media  |  Q3 2025 Interim Report
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15   3.1  Looking ahead
3.0
Sustainability

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Gentoo Media  |  Q3 2025 Interim Report
Following a strategic recalibration period in the first half  
of 2025, we are now looking ahead with sharper focus  
and clarity, facing the business with an organisation  
agile enough to quickly execute the Group’s strategic  
priorities in-line with market developments. 
This reorganisation and mindset has also supported  
substantial progress in terms of the sustainability initiatives 
which were identified for 2025, as highlighted below.
 
Sustainability initiatives 
During the past quarter, Gentoo initiated work on the  
Sustainability projects schedule for completion by the  
end of 2025 in-line with the Sustainability Project Plan  
for 2025-2027. Bi-weekly meetings with all project  
owners ensure that projects remain on track to meet  
their respective timelines. 
Good progress has been achieved across most areas,  
as highlighted in the “Sustainability Metrics” section  
below, which provides an overview of the current status  
of all 2025 projects. The only project experiencing  
a delay is that relating to the reduction in single-use  
plastics at the Malta office, which has been impacted  
by the office relocation in Malta, thus temporarily limiting 
available resources. Nevertheless, this project remains  
a priority and will receive its due attention in 2026.
In particular, significant progress has been made on  
setting up Gentoo’s carbon accounting platform, which 
will provide the Group with the foundation for Scope  
1, 2 and 3 GHG emission calculations, going forward.  
 
In this respect, extensive data collection was carried out  
in Q3 in relation to Group information, buildings, employee,  
IT and financial data for the reporting period 1 October 
2024 to 30 September 2025.
A highlight of the data collection phase was the employee 
survey which, through employee participation, data was 
gathered in relation to employee commuting emissions, 
meals emissions and remote work emissions together  
with accounting (expense) data collection from our  
top three revenue generating entities (Innovation Labs 
Limited, Rebel Penguin ApS and AskGamblers Ltd).
All data points will contribute to the overall assessment  
of Scope 1, 2 and 3 GHG emissions, which will be reported  
in the Annual Sustainability Report for FY 2025 in April 2026.
 
 
 
 
 
 
 
Sustainability Metrics 
 
01  Team Building Budget 
 
02 Development of a Compliance  
 internal knowledge-sharing platform 
 
03 Compliance Training Program
  
04 Whistleblowing Management System
 
05 Company-wide Incident Register
 
06 Sitebee Product Improvement
 
07 Compliance with the Digital Services Act and AI Act
 
08 Carbon Accounting & Account Set-up
 
09 Periodic automated auditing of Gentoo assets
 
10 Compliance culture survey
 
11  CSR Calendar
 
12  Reduction in single-use plastics
3.1
Looking ahead
(i) Sustainability project status in 2025
Not started   16,7 %
In progress   41,7 %
Completed   33,3 %
Delayed   8,3 %

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Gentoo Media  |  Q3 2025 Interim Report
Company wide gender split
Full time employees
Female 51.45% 
Male 48.27% 
Non-binary 0.29% 
20 % Female  
80 % Male
31,03 % Female  
68,97 % Male
Team leads
40 % Female  
60 % Male
Directors
Heads
C-level
23,53 % Female  
76,47 % Male
61,54 % Female  
38,46 % Male
Nationalities 47351
Regulatory updates 
Gentoo is keen on aligning its sustainability reporting  
with a recognised sustainability framework. Adopting  
such a framework helps lay the groundwork for regulatory 
readiness in an evolving landscape, while also supporting 
consistency in disclosures that allow for comparability, 
which is increasingly valued by stakeholders and relevant  
to the business given its listing status.
Gentoo is closely monitoring regulatory developments 
at an EU level. Significant regulatory developments have 
taken place in Q3 as the European Commission published 
exposure drafts on the revised ESRSs and also formally  
endorsed the VSME.
While both frameworks (along with others, such as the 
GRIs) serve as suitable reporting options for Gentoo,  
the European Commission is encouraging entities that 
wish to report sustainability information voluntarily to 
adopt the VSME framework. We note that the VSME  
is gaining traction and is increasingly being adopted  
by voluntary reporters. It is also being positioned as  
a transitional framework for companies outside the CSRD 
scope, specifically those with fewer than 1,000 employees, 
until a dedicated standard is developed for mid-caps.
While Gentoo does not fall within the SME category,  
given its listed status and the fact that it exceeds the 
thresholds for micro undertakings, we have also referred 
to the LSME (ESRSs for Listed SMEs), however, there have 
been no updates or references to the LSME framework  
in the European Commission’s Omnibus Proposal  
published in February 2025. 
The VSME framework remains an attractive option for  
Gentoo, especially since the European Commission  
is expected to adopt a new voluntary standard, based  
on the VSME, tailored for companies currently outside  
the CSRD scope. Therefore, whilst the adoption of the 
VSME framework is expected to establish a solid foundation 
for reporting, Gentoo will continue monitoring developments 
closely to ensure alignment with future EU expectations 
and facilitating a smoother transition to the new standard 
once published.
Upcoming priorities (Q4 2025)
In Q4, we look forward to continuing progressing and  
completing all sustainability initiatives planned for 2025. 
Additionally, from a regulatory stand-point, we shall also  
be monitoring regulatory developments closely as the 
European Parliament is expected to officially publish its 
stance on the Omnibus proposal affecting the scope of 
the Corporate Sustainability Reporting Directive (CSRD). 
3.1  |  Looking ahead
Managers

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Gentoo Media  |  Q3 2025 Interim Report
18  4.1  Financial highlights 
19   4.2  Consolidated statement of comprehensive income  
21   4.3  Consolidated balance sheets  
22  4.4  Consolidated statement of cash flows 
23   4.5  Consolidated statement of changes in equity  
24   4.6  Notes
4.0
Financials  
Gentoo Media Inc.

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Gentoo Media  |  Q3 2025 Interim Report
Financial highlights
4.1
EUR’000000 Q3-25 Q3-24 restated 9M 2025 9M 2024 restated 2024 restated
Income Statement    
Revenue 22.7 29.5 73.1 87.7 118.1
EBITDA before special items 9.3 13.7 26.6 42.0 52.1
Special items -1.2 -0.6 -3.9 -0.6 -1.5
EBITDA 8.1 13.1 22.7 41.4 50.6
EBIT 4.3 9.1 8.6 27.2 33.7
Net financial income (expense) -3.3 3.5 -10.0 -10.5 -13.7
Result from continuing operations 1.0 2.5 -2.3 15.6 19.1
Result from discontinued operations -  -62.6 - -77.2 -78.9
Profit/(Loss) for the period 1.0 -60.2 -2.3 -61.7 -59.8
 EUR '0000000 Q3-25 Q3-24 restated 9M 2025 9M 2024 restated 2024 restated
Balance sheet
Total non-current assets 134.0 115.2 134.0 115.2 130.5
Trade and other receivables 16.3 23.5 16.4 23.5 24.7
Cash and cash equivalents 3.6 5.0 3.6 5.0 11.3
Total assets 153.9 143.7 153.9 143.7 166.5
Equity -17.1 -14.4 -17.1 -14.4 -14.5
Bond payable 91.1 89.4 91.1 89.4 89.5
 EUR '0000000 Q3-25 Q3-24 restated 9M 2025 9M 2024 restated 2024 restated
Cash flow
Cash flow from operating activities 8,614 9,499 20,613 25,997 33,275
Cash flow from investing activities -7,792 -13,728 -35,533 -34,094 -39,809
Cash flow from financing activities -3,182 -9,964 7,181 11 4,738
Cash flow for the period -2,360 -14,193 -7,739 -8,086 -1,795

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Gentoo Media  |  Q3 2025 Interim Report
Consolidated income statement 
4.2
EUR’000 Q3-25 Q3-24 restated 9M 2025 9M2024 restated 2024 restated
Revenue   22,685   29,512   73,133   87,718   118,053 
Employee costs - 5,479 - 5,655 - 17,465 - 14,163 - 16,349 
Marketing expenses - 5,958 - 6,904 - 21,214 - 22,114 - 31,365 
Other operating expenses - 1,916 - 3,278 - 7,902 - 9,491 - 18,246 
Operating profit before depreciation and amortisation  (EBITDA) and special items   9,333   13,675   26,553   41,950   52,094 
Special items - 1,230 - 573 - 3,851 - 575 - 1,467 
Operating profit before depreciation and amortisation  (EBITDA)   8,103   13,102   22,702   41,375   50,627 
Amortization and depreciation - 3,195 - 4,040 - 14,047 - 14,221 - 17,261 
Other income and expenses - 625   - - 61   352 
Operating profit   4,283   9,062   8,594   27,154   33,718 
Finance income/(costs), net - 3,307 - 5,329 - 10,021 - 10,543 - 13,67 4 
Unrealized exchange gain/(loss) on the bond - 275 - 213 - 1,135   799 - 962 
Profit before income taxes   700   3,520 - 2,562   17,410   19,082 
Income tax   346 - 1,049   232 - 1,842   32 
Profit from continuing operations   1,046   2,471 - 2,331   15,568   19,114 
Loss from discontinued operations   - - 62,644   - - 77,226 - 78,912 
Profit/(Loss) for the period   1,046 - 60,173 - 2,331 - 61,658 - 59,798 
Basic and Diluted Earnings (Losses) per Share:
Basic earnings per share    0.008 - 0.44 - 0.02 - 0.47 - 0.45 
Diluted earnings per share   0.008 - 0.44 - 0.02 - 0.47 - 0.45

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Gentoo Media  |  Q3 2025 Interim Report
Consolidated statement of comprehensive income 
4.2
EUR’000 Q3-25 Q3-24 restated 9M 2025 9M2024 restated 2024 restated
Profit/(Loss) for the Period   1,046 -60,173 -2,331 -61,658 -59,798
Items that may be reclassified to the income statement:
Exchange differences on translation of foreign operations   - - 176   3 - 655 - 195 
Exchange difference transferred to loss from discontinued operations   -   373   -     373   373 
Other comprehensive income/(loss) for the period   -   197   3 - 282   178 
Total comprehensive icome /(loss) for the period   1,046 - 59,976 - 2,328 - 61,940 - 59,620

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Gentoo Media  |  Q3 2025 Interim Report
Consolidated balance sheets
EUR'000 30 Sep 2025 30 Sep 2024 restated 31 Dec 2024 restated
Equity
Share capital 119 119 119
Share premium 197,430 198,247 197,584
Currency translation reserve - 2,420 - 2,423 
Accumulated deficit - 213,706 - 214,058 - 211,064 
Total equity attributable to owners of Gentoo Media Inc. - 18,577 - 15,692 - 15,784 
Non-controlling interests   1,475   1,333   1,240 
Total equity - 17,102 - 14,359 - 14,544 
Liabilities
Non-current liabilities
Borrowings   91,054   89,408   89,476 
Lease liabilities   4,075   2,07 4   2,114 
Deferred consideration   -   6,128   853 
Deferred income tax liabilities   2,310   9,760   2,448 
Total non-current liabilities   97,439   107,370   94,891 
Current liabilities
Borrowings   23,128   7,151 
Trade and other payables   12,050   16,791   18,765 
Lease liabilities   1,137   780   1,088 
Deferred consideration   6,444   28,231   33,255 
Contingent consideration   199   -   7 41 
Current income tax liabilities   30,593   4,884   25,180 
Total current liabilities   73,551   50,686   86,180 
Liabilities directly associated with assets classified as held for sale   -   - 
Total liabilities   170,990   158,056   181,071 
Total equity and liabilities   153,888   143,698   166,527 
4.3
EUR’000 30 Sep 2025 30 Sep 2024 restated 31 Dec 2024 restated
 Assets   
Non-current assets
Goodwill 44,429 45,011 44,429
Other intangible assets 55,496 59,972 62,395
Property, plant and equipment 1,773 918 1,037
Right of use assets 4,973 2,593 2,902
Deferred income tax assets 27,280 6,739 19,7 46
Total non-current assets 133,951 115,233 130,509
Current assets
Trade and other receivables 16,371 23,450 24,713
Cash and cash equivalents 3,566 5,015 11,305
Total current assets 19,937 28,465 36,018
Assets classified as held for sale - -
Total assets 153,888 143,698 166,527

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Gentoo Media  |  Q3 2025 Interim Report
Consolidated statement of cash flows
4.4
EUR’000 Q3-25 Q3-24 restated 9M 2025 9M 2024 restated 2024 restated
Cash flow from operating activities
Operating profit 4,282 9,062 8,594 27,154 33,718
Operating loss from discontinued operations - -545 - 2,870 -76,420
Changes in working capital and non-cash items 6,230 982 14,267 -4,027 76,379
Taxes paid -1,898 - -2,248 - -402
Net Cash Flows from Operating Activities 8,614 9,499 20,613 25,997 33,275
Cash flow from investing activities
Purchases of intangible assets -1,468 -6,877 -8,183 -16,724 -21,693
Purchases of property, plant and equipment -188 -138 -993 -657 -949
Acquisition of subsidiaries, net of cash acquired -6,136 -6,713 -26,357 -16,713 -17,167
Net cash flows from investing activities -7,792 -13,728 -35,533 -34,094 -39,809
Cash flow from financing activities
Loan repayment - -6,457 -2,000 -13,963 -13,964
Proceeds from issuance of shares - 187 25 9,466 9,459
Net proceeds from bond refinancing and other borrowings - - 18,000 15,173 22,204
Repayment of lease liabilities, principal part -402 -538 -1,068 -2,063 -2,349
Interests paid -2,780 -3,156 -7,776 -8,602 -10,612
Net cash flows from financing activities -3,182 -9,964 7,181 11 4,738
Net movement in cash and cash equivalents -2,360 -14,193 -7,739 -8,086 -1,796
Cash and cash equivalents at beginning of year 5,926 29,177 11,305 23,069 23,069
Cash and cash equivalents of distributed platform & sportsbook segment - -9,969 - -9,968 -9,968
Cash and cash equivalents at end of period 3,566 5,015 3,566 5,015 11,305
Cash and cash equivalents at end of the period in the statement of financial positions 3,566 5,015 3,566 5,015 11,305

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Gentoo Media  |  Q3 2025 Interim Report
Consolidated statement of changes in equity (deficit), for the period ended 30 September 
4.5
EUR’000 Share capital Share premium Other reserves* Currency translation reserve Accumulated deficit Total attributable to owners Non-controlling interest Total equity
2025
Equity (deficit) 1 January 2025 (restated) 119 197,291 293 -2,423 -211,064 -15,784 1,240 -14,544
Profit of the period - - - - -2,609 -2,609 277 -2,332
Currency translation differences - - - 3 - 3 - 3
Total comprehensive income of the period - - - 3 -2,609 -2,606 277 -2,329
Excersise of shareoptions - - 25 - - 25 - 25
Total transactions with owners - - 25 - - 25 - 25
Transactions with NCI - - -185 - - -185 -42 -227
Other movements - - 6 - -33 -27 - -27
Equity (deficit) at 30 September 119 197,291 139 -2,420 -213,706 -18,577 1,475 -17,102

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Gentoo Media  |  Q3 2025 Interim Report
This unaudited condensed interim financial report for  
the first nine months of 2025 is prepared in accordance 
with IAS 34 Interim Financial Reporting as adopted by  
the European Union. 
The interim report does not include all the notes of  
the type normally included in an annual financial report.  
Accordingly, this report is to be read in conjunction  
with the consolidated financial statements for the  
year ended 31  December 2024 of Gentoo Media Inc.
The accounting policies applied in preparing this interim 
financial report are consistent with those of the previous 
financial year, except for changed presentation of the  
consolidated income statement as well as the changes 
and the adoption of new and amended standards as  
set out below. The consolidated financial statements  
for 2024 of the Group provide a full description of  
the material accounting policies.
Changes in accounting policies 
In connection with the preparation of the interim  
financial report as of 30 September 2025 management 
has chosen to change the format for presenting the  
consolidated income statement. 
Consolidated income statement
For the nine  month interim period and going forward other 
income and expense, financial income / cost (net) and  
unrealised exchanges gain /loss on the bond, are presented 
each in separate lines.  As in the annual report 2024 they 
were grouped in one line as other income and expenses. 
Management believes that the change in presentation  
better reflects the activities of the company. Comparative 
figures for the nine months interim period and full year 
2024 have been reclassified accordingly. The change  
of format did not have any impact on the result for the  
periods presented. 
Correction of material  error  
The correction in revenue relates to identified  
discrepancies between the actual delivery of services  
and the revenue previously recognised, including a  
number of subsequent credit notes issued in 2025 that 
pertain to revenue recorded in 2024 with no reinvoicing. 
The correction in marketing expenses relates to  
improper periodisation between the actual incurrence  
of costs and the timing of the expense recognition.
 
The correction in people costs and other operational  
expenses primarily relates to an insufficient bonus  
accrual recognised in 2024, which had a negative  
impact on the previously reported figures for 2025.
 
The correction in amortisation relates to  
excessive amortisation recognised in 2024.
 
The correction in financial items relates to interest  
expenses that were erroneously omitted from the  
2024 financial statements.
 
The total impact on profit for the year amounts to EUR  
4.5 million. Total assets are affected by EUR –4.9 million, 
and equity has been adjusted by EUR –4.9 million.
 
There is no material tax effect and all amount of the  
correction is attributable to the owners of Gentoo Media Inc.
Basic and diluted earnings per share for the prior  
year have also been restated.
Specifically related to Third Quarter
In relation to the matters described above, the comparative 
figures for the period 1 July – 30 September 2024 have 
been adjusted, resulting in an decrease in revenue of  
EUR 0.9 million as a consequence the equity is negatively 
impacted by EUR 0.9 million. Consequently for 9M 2024 
interim should have been EUR 87.7 million compared to  
the reported EUR 88.6 million.  
As of 30 September 2024, the Group’s deferred  
consideration related to acquisitions amounted to  
EUR 28.2 million. In accordance with the Group’s  
accounting policies, deferred considerations are initially 
measured at fair value and subsequently at amortised cost. 
The amortised cost measurement includes calculation  
of an interest expense from unwinding the present value  
of the deferred amount payable. In connection with  
preparing this interim report it was discovered that this  
unwinding effect was not included in the income statement 
for the 9M 2024 interim period. Therefore, financial  
income / expenses, net should have included additional  
interest expenses of EUR 1.5 million for the period 
ending 30 September 2024, which thus would  
have amounted to EUR 10.5 million. 
Consequently, profit from continuing operations for  
the 9M 2024 interim period should have been EUR 15.6 
million compared to the reported EUR 18 million. Profit/
loss for the period should therefore have amounted to EUR 
-61.7 million compared to the reported EUR -59.3 million.
 
There is no material tax effect and all amount of the  
correction is attributable to the owners of Gentoo Media Inc.
Basic and diluted earnings per share for the prior  
year have also been restated.
 
Specifically for first half of 2025
The corrections result in an increase in revenue of EUR  
1.2 million and an increase in EBITDA of EUR 2.2 million  
- a bad debt provision of EUR 324k has also been  
Note 1
Material accounting policy information

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Gentoo Media  |  Q3 2025 Interim Report
reclassified from Q2 2025 to 2024 due to its direct  
relation to the revenue correction referenced  
elsewhere in the report.  
Consequently for 6M 2025 interim should have been EUR 
50.4 million compared to the reported EUR 49.2 million.  
The changes provide a more accurate representation  
of Gentoo Media’s underlying operations and commercial 
momentum for 2025. Furthermore, we have identified  
an error related to taxes paid in Brazil, where certain taxes 
were incorrectly presented as items below EBITDA. These 
tax payments are directly attributable to revenue and 
should therefore be recognized as a deduction from  
revenue in accordance with the applicable accounting 
principles. As a result, revenue for the first half-year  
has been reduced by EUR 390k.  
The overall impact on the profit for the period remains  
unchanged. The net impact on revenue for the first  
half-year amounts to EUR 1.2 million. Consequently  
for 6M 2025, after adjustment of EBITDA before  
Special Items totalling EUR 17.2 million compared  
to EUR 15.7 million reported.  
 
 
 
 
 
In addition, it has been identified that amortisation  
related to domains was erroneously not recognised  
for the first and second quarters of 2025, amounting  
to EUR 1.4 million. This has now been reflected in the  
2025 year-to-date figures.
 
There is no material tax effect and all amount of the  
correction is attributable to the owners of Gentoo  
Media Inc.
 
Basic and diluted earnings per share for the prior  
year have also been restated.
New and amended accounting standards
As of 30 September 2025, the Group has implemented  
all amendments to the IFRS Accounting Standards  
effective as of 1 January 2025 as adopted by the EU.  
None of the amendments implemented have had  
any material impact on the Group’s financial statements, 
nor are they expected to have so in the foreseeable future.  
The new standards that are not yet effective are not  
expected to have any material impact on Gentoo Media. 
However, the Group is currently evaluating the impact  
of IFRS 18 Presentation and Disclosure in Financial  
Statements, which will be effective from 2027.
 
 
In preparing the interim financial statements,  
management makes various accounting judgements  
and estimates that affect the reported amounts and  
disclosures in the financial statements and in the notes  
to the statements. These are based on professional  
experience, historical data and other factors available  
to management.
By nature, a degree of uncertainty is involved when  
carrying out these judgements and estimates, hence  
actual results may deviate from the assessments made  
at the reporting date. Judgements and estimates are  
continuously evaluated, and the effects of any changes  
are recognised in the relevant period. Primary financial 
statement items for which significant accounting estimates 
and judgements are applied are listed in note 1.4 Key  
accounting estimates and judgements  of the 2024  
Annual Report to which we refer.  Areas affected  
by key accounting estimates and judgements are  
unchanged, however with no significant business  
acquisition made during the period.
Note 2
Management judgements and estimates
Note 1  |  Material accounting policy information

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Gentoo Media  |  Q3 2025 Interim Report
Segment information
Publishing Paid Group
 EUR '000 9M2025 9M2024 9M2025 9M2024 9M2025 9M2024 2024
Revenue per category
Revenue share agreements   34,645       40,277       10,198       15,064       44,844       55,341       70,546     
Cost per acquisition (CPA)   7,098       5,681       2,263       2,496       9,361       8,176       13,636     
Listing fees and other revenues   17,875       21,569       1,052       2,632       18,928       24,200       33,871     
Total revenue   59,618       67,526       13,514       20,192       73,133       87,718       118,053     
Cost - 31,426     - 28,809     - 15,154     - 16,959     - 46,580     - 45,768     - 65,959     
Operating profit before depreciation, amortisation and special items   28,192       38,717     - 1,640       3,233       26,553       41,950       52,094     
EBITDA margin before special items 47% 57% -12% 16% 36% 48% 44%
Special items, net - 2,843     -  5 7 5      - 1,008       -      - 3,851     -  5 7 5      - 1,467     
Operating profit before depreciation and amortisation   25,349       38,142     - 2,647       3,233       22,702       41,375       50,627     
EBITDA margin 31% 47% 43%
Amortization and depreciation - 14,047     - 14,221     - 17,261     
Other income and expenses -  6 1        -        352     
EBIT   8,594       27,154       33,718     
Finance income/(costs) - 10,021     - 10,543     - 13,67 4     
Unrealized exchange gain/(loss) on the bond - 1,135       799     -  9 6 2      
Profit before income taxes - 2,562       17,410       19,082     
Note 3

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Change in useful life of domains 
Following the spin-off and other significant activities  
undertaken in 2025, management reassessed and  
revised the estimated useful lives of intangible assets,  
with particular emphasis on domain-related assets. 
Management believes that  the domains can provide  
economic benefits as long as they are continuously  
renewed and maintained. The domain registration rights 
can be renewed indefinitely at relatively low cost, with  
no legal or contractual limit to ownership.  Management 
has both the intention and the ability to renew the  
domains with no foreseeable limitation of use.  
In addition, brand recognition is a key driver of  
customer acquisition and retention. As the domains  
are core to certain of the companies  brands, the  brand  
- and thus the domain - has no foreseeable end date. 
 
Consequently, management has assessed indefinite  
life of domains similar to its peers in the industry.  
Management will review this assessment annually  
to determine whether the indefinite life continues  
to be supportable. 
 
Domains are not amortised from July 2025 onwards,  
but tested annually for impairment. 
 
The net effect of the changes in the current financial  
year will be a decrease in the  amortisation expense  
of EUR 2.18 million. 
 
The Group performs impairment tests on intangibles,  
including goodwill, domains, and technology platform 
etc., annually and whenever there is an indication that  
intangibles may be impaired. The annual impairment  
test is performed as per 31 December based on financial 
forecasts approved by management covering the  
following financial year.
At 30 September 2025, the review performed did not  
indicate impairment of the carrying amount of intangibles. 
Based on the review performed, it is management’s  
opinion that excess values are fairly resilient to any likely 
and reasonable deteriorations in the key assumptions  
applied and presented in note 3.2 in the consolidated  
financial statements for 2024.
Intangible assets 2025
EUR`000 Goodwill Trademarks Domains Affiliate contracts  
& database
Technology 
platform Total 
Cost 
1 January 2025 44,429 6 74 47,365 6,598 7,756 106,824
Additions 187 1,305 4,277 5,769
Disposals -37 4 -37 4
Exchange rate adjsutment -4 -4
30 September 2025 44,429 674 47,552 7,903 11,655 112,215
Amortisation and impairment losses 
Amortisation -6 -5,405 -1,179 -5,700 -12,290
30 September 2025 0 -6 -5,405 -1,179 -5,700 -12,290
Carrying amount 
Balance 30 September 2025 44,429 668 42,147 6,724 5,955 99,925
Note 4

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Gentoo Media  |  Q3 2025 Interim Report
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As detailed in note 5.2 in the Group’s annual report  
for 2024, the senior secured bonds and revolving  
credit facility are subject to financial loan covenants. 
At 30 September 2025, the outstanding bonds  
have a carrying amount of EUR 91 million. All related  
financial covenants have been complied with and are  
expected to remain within thresholds for the next 12 months.
 
The group also holds a EUR 25 million revolving credit  
facility established in 2024 to manage transitional cash 
flow requirements. At 30 September 2025, EUR 23.1  
million had been drawn on the facility. In connection  
with the Q2 reporting for 2025, the Group received  
a waiver on the covenants related to leverage ratio and  
interest coverage in the revolving credit facility agreement.  
In accordance with the waiver conditions, the Group  
has in November 2025 agreed on new terms, including: 
• An increase in interest costs until September  
2026 of EUR 0.4 million. 
• Reduced financial covenants 
• Minimum monthly cash balance of EUR 3 million. 
Based on the company’s expected and current  
performance, management considers it realistic  
to meet all conditions. 
 
As described above in note 5, the Group has in  
November 2025 agreed on new terms related  
to its EUR 25 million revolving credit facility.  
 
There were no other subsequent events not already  
addressed in other sections within this interim report.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Borrowings Subsequent events 
Note 5 Note 6
EUR`000 9M 2025 9M 2024 2024  
Restated
Non-current borrowings 
Senior secured bonds   91,054   89,408   89,476 
Current borrowings
Revolving credit facility   23,128   -   7,151 
Total borrowings 114,182 89,408 96,555

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Split from Platform and Sportsbook 
Special items for the year 2025 include costs associated  
with the separation from the Platform and Sportsbook  
operations (EUR 2 million). These activities also led  
to various optimisation initiatives and projects, which are  
reflected in operational expenses under special items. 
Streamlining of operations 
Further, special items for the year 2025 include costs  
incurred as part of restructuring and streamlining  
efforts across the organisation, primarily reflected  
in personnel-related expenses (EUR 1.8 million).
 
Impact of special items on operating profit 
If special items had been recognised in operating  
profit before special items, they would have been  
included in the following line items:
 
 
 
 
 
 
 
Share Options 
On 10 April 2025, the Board of Directors of Gentoo Media 
Inc. formally approved a share option plan designed for 
key employees of the company. The aggregate number  
of shares authorised for issuance under the plan is capped 
at 7,880,416 shares, representing 5.85% of the Issuer’s 
total share capital, of which 6,810,000 options have been 
granted to date. The grants are divided into three tranches 
with specific vesting dates: 1 January  2028,  1 January  
2029, and 1 January 2030. The corresponding exercise 
prices are set at SEK 21.25, SEK 23.37, and SEK 25.71,  
respectively. Due to the company’s development since 
the establishment of this program, the Board has decided 
to discontinue the current option program and is therefore 
not recognised in the unaudited financial statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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  
amountof 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  
debtand short-term borrowings
 
Organic growth: Growth including growth from
acquired companies from the date of acquisition
Note 7
Special items Glossary
EUR`000 9M 2025 9M 2024 2024
Special itmes, expenses 
Split from Platform and Sportsbook 2,012 573 542
Streamlining of operations 1,839
Employee costs 141
Other operating expenses 784
Expenses 3,851 573 1,467
Special items, net 3,851 573 1,467
EUR`000 9M 2025 9M 2024 2024
Other operating expenses   2,012   573   542 
Employee costs   1,839 
Total special items   3,851   573   542

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Financials  
Gentoo Media Plc.
5.0
 
31   5.1  Consolidated statement of comprehensive income  
32  5.2  Consolidated balance sheets  
33   5.3  Consolidated statement of cash flows

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Gentoo Media  |  Q3 2025 Interim Report
5.1
Consolidated statement of comprehensive income 
EUR '000 Q3-25 Q3-24 restated 9M 2025 9M 2024 restated 2024 restated
Revenue 22,685 29,512 73,133 87,736 118,053
Employee costs -5,384 -5,537 -17,169 -14,087 -16,079
Marketing expenses -5,958 -6,904 -21,214 -22,114 -31,365
Other operating expenses -1,655 -3,359 -6,967 -9,250 -17,949
EBITDA before Special Items 9,688 13,712 27,784 42,285 52,660
Special items -1,230 -573 -3,851 -573 -766
EBITDA 8,458 13,139 23,933 41,712 51,894
Amortization and depreciation -3,195 -4,040 -14,047 -14,053 -17,261
Other income and expenses -625 - -61 - 637
EBIT 4,638 9,099 9,825 27,659 35,271
Finance costs -3,306 -5,391 -10,002 -10,170 -12,869
Unrealized exchange gain/(Loss) on the bond -275 -213 -1,135 799 -962
Profit before income taxes 1,058 3,495 -1,313 18,288 21,440
Income tax 358 -1,043 260 -1,806 372
Profit from continuing operations 1,416 2,452 -1,053 16,482 21,812
Loss from discontinued operations - -62,644 - -76,888 -78,912
Profit/(Loss) for the period 1,416 -60,192 -1,053 -60,406 -57,100
Other Comprehensive Income/(Loss)
Exchange Differences on Translation of Foreign Operations - -176 - -492 -
Exchange Difference Transferred to Loss from Discontinued Operations - - - - -
Other Comprehensive Income/(Loss) for the Y ear - -176 - -492 -
Profit/(Loss) for the Y ear 1,416 -60,368 -1,053 -60,898 -57,100

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Gentoo Media  |  Q3 2025 Interim Report
5.2
Consolidated balance sheets
EUR’000 30 Sep 2025 30 Sep 2024 31 Dec 2024
Equity
Share capital  14,638      50      14,638     
Share premium  142,473      155,159      85,923     
Currency translation reserve - 7 2 7       -       -      
Accumulated deficit -188,758     -193,028     -131,392     
Total equity attributable to owners of Gentoo Media Inc. -32,374     -37,819     -30,831     
Non-controlling interests  1,475      1,333      1,240     
Total equity -30,899     -36,486     -29,591     
Liabilities
Non-current liabilities
Borrowings  91,054     89,408  89,475     
Lease liabilities  4,075     2,07 4  2,114     
Deferred consideration  -       -       853     
Deferred income tax liabilities  2,310      9,760      2,448     
Other Non-Current Payables  -       18,306     
Total non-current liabilities  97,439      119,548      94,890     
Current liabilities
Borrowings  23,129      16,272     
Trade and other payables  11,891      16,133      14,435     
Lease liabilities  1,137      780      1,088     
Deferred consideration  6,444      28,231      33,255     
Contingent consideration  199      -       7 41     
Current income tax liabilities  28,954      4,884      24,880     
Total current liabilities  71,754      50,028      90,671     
Liabilities directly associated with assets classified as held for sale  -      
Total liabilities  169,193      169,576      185,561     
Total equity and liabilities  138,294      133,090      155,970     
EUR’000 30 Sep 2025 30 Sep 2024 restated 31 Dec 2024 restated
Assets
Non-current assets
Goodwill  33,981     34,563  33,981     
Other intangible assets  55,496     59,972  62,395     
Property, plant and equipment  1,773      1,037     
Right of use assets  4,973      2,902     
Deferred income tax assets  25,641     6,739  19,7 46     
Other non-current assets  -     3,444
Total non-current assets  121,864      104,718      120,061     
Current assets
Trade receivables 12,870  23,449      24,623     
Cash and cash equivalents  3,560      4,923      11,286     
Total current assets  16,430      28,372      35,909     
Total assets  138,294      133,090      155,970

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Gentoo Media  |  Q3 2025 Interim Report
Consolidated statement of cash flows
5.3
EUR '000 Q3-25 Q3-24 restated 9M 2025 9M 2024 restated 2024 restated
Cash flow from operating activities
Operating profit 4,638 9,099 9,825 27,659 35,271
Operating loss from discontinued operations - -1,626 - 2,835 -
Changes in working capital and non-cash items 6,652 2,662 18,502 -2,277 2,183
Taxes paid -1,870 - -1,920 -363
Net Cash Flows from Operating Activities 9,420 10,135 26,407 28,217 37,090
Cash flow from investing activities
Purchases of intangible assets -1,468 -6,877 -8,183 -16,724 -21,693
Purchases of property, plant and equipment -188 -137 -993 -657 -949
Acquisition of subsidiaries/ deferred considerations -6,136 -6,713 -26,357 -16,713 -17,167
Net cash flows from investing activities -7,792 -13,727 -35,533 -34,094 -39,809
Cash flow from financing activities
Loan repayment 1,238 -7,177 -7,754 -13,059 -13,555
Proceeds from issuance of shares - - - - -
Net proceeds from bond refinancing and other borrowings -1,976 6,569 18,000 21,7 42 22,204
Repayment of lease liabilities, principal part -402 -538 -1,068 -2,063 -2,349
Interests paid -2,780 -3,156 -7,776 -8,601 -10,182
Capital contribution received from group's parent -
Net cash flows from financing activities -3,920 -4,302 1,402 -1,981 -3,883
Net movement in cash and cash equivalents -2,292 -7,894 -7,724 -7,858 -6,601
Cash and cash equivalents at beginning of year 5,852 22,786 11,284 22,7 49 21,284
Cash and cash equivalents of distributed platform & sportsbook segment -9,969 -9,968 -9,968
Cash and cash equivalents at end of period 3,560 4,923 3,560 4,923 4,715
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 3,560 4,923 3,560 4,923 4,715

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Gentoo Media  |  Q3 2025 Interim Report
Company information 
Quad Central (Headquarters)  
Q4 Level 14,  
Triq L-Esportatur,  
Birkirkara CBD 1040
Malta  
 
Valencia  
@46015 València  
Av. de les Corts Valencianes,  
58, 5th floor Pobles de l’Oest  
Spain  
 
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