===== SIDA 1 ===== Gentoo Media Inc. 24 February 2026 Q4 2025 ===== SIDA 2 ===== 2 Back to content Gentoo Media | Q4 2025 Interim Report Content 3 | Sustainability Steady progress and operational excellence 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 Quarterly highlights 3 4 5 13 14 16 17 18 20 21 22 23 28 29 30 31 7 8 9 11 4 | Financials Gentoo Media Inc. Financial highlights Consolidated statement of comprehensive income Consolidated balance sheets Consolidated statement of cash flows Consolidated statement of changes in equity (deficit) Notes Q4 2025 Interim Report ===== SIDA 3 ===== 3 Back to content Gentoo Media | Q4 2025 Interim Report 4 1.1 Letter from the CEO 5 1.2 Opening statement Back to content Executive summary 1.0 ===== SIDA 4 ===== 4 Back to content Gentoo Media | Q4 2025 Interim Report 1.1 | Letter from the CEO Back to contentGentoo Media | Q4 2025 Interim Report Dear Shareholders, The fourth quarter of 2025 concluded a year of significant transformation for Gentoo Media. Q4 delivered the strongest revenue, profitability and cash-flow performance of the year. While revenue came in slightly below expectations following a softer December, primarily due to lower sports margins, the quarter demonstrated the resilience and strong cash-generative characteristics of our business. Profitability improved materially during the quarter, reflecting the cost and organisational measures implemented earlier in the year. The operational discipline introduced throughout 2025 has resulted in a more efficient and focused organisation. Q4 confirms that Gentoo Media is capable of delivering solid earnings and cash flow even during periods of sports-related volatility. The quarter also marked an all-time high in end-user deposit levels at partner operators, underlining the strength of our commercial engine and the quality of the traffic we generate. Cash conversion remained strong, further reinforcing our financial position as we enter 2026. The December Google core update delivered encouraging early results across several flagship brands, including AskGamblers. This supports our continued focus on quality, authority and technical robustness across the portfolio. At the same time, we are strengthening our multi-channel acquisition capabilities across search, paid media and emerging AI-driven platforms. Reflecting on the full year, 2025 has been demanding but constructive. Following an extended period of record revenue growth, we encountered a market environment characterised by short-term headwinds and a cost base built for higher growth. In response, we implemented a comprehensive cost and organisational right-sizing programme to better align the business with current market conditions while preserving our core capabilities and long-term potential. These actions began to deliver clear benefits in the second half of the year and are reflected in the stronger profitability and cash flow delivered in Q4. We exit 2025 as a leaner, more focused and more resilient company, with stronger margins and a business model that continues to generate substantial and predictable cash flow. At the same time, we have laid important foundations for future growth through continued product and platform investments. We enter 2026 with a structurally stronger business, improving visibility across our core markets and clear opportunities to deliver sustainable and increasingly cash-generative growth. I would like to thank our employees for their professionalism and commitment during a year of significant change, and our partners and shareholders for their continued trust and support. Jonas Warrer Chief Executive Officer Gentoo Media ===== SIDA 5 ===== 5 Back to content Gentoo Media | Q4 2025 Interim Report Revenue Gentoo Media reported revenues of EUR 25.6 million (30.3 restated), down 16% year-over-year. Revenue share accounted for 59% of the revenue, CPA 16% and listing fees and other 25%. Revenue increased quarter-over-quarter in Q4 2025 from EUR 22.7 million with 13%, however revenue for the quarter was below expectations due to lower sports margins and a gentler uplift in seasonal activity for December. The variance primarily reflects seasonal timing effects rather than structural changes, with underlying activity supported by record deposit levels exceeding €200 million. Cost Total personnel and operating expenses amounted to EUR 7.3 (10.9) million, compared to EUR 9.8 million in Q1 2025, reflecting quarterly run-rate savings of EUR 2.5 million. The reduction reflects the cost and organisational measures implemented earlier in 2025. Marketing has been in line with the refocused expectations of reduced spending in low-performing areas. The marketing spending was EUR 5.7 (9.3) million in Q4 2025 compared to EUR 6 million in Q3 2025, resulting in a reduced marketing-to-revenue ratio of 22% in Q4 2025 compared to 26% in Q3 2025. Profitability improved during the quarter, with margins reflecting the benefits of the right-sizing measures implemented in the first half of the year. Q4 confirms that Gentoo Media can deliver solid earnings and cash flow even in periods characterised by sports-related volatility. EBITDA before special items EBITDA was strong in Q4, reflecting the benefits of cost measures implemented earlier in the year. EBITDA margin was strong despite softer December revenue driven by lower sports margins. EBITDA before special items was positively impacted by EUR 2.3 million in other income and year-end adjustments on expected credit losses and share based payment programme for a full year was booked with a negative effect of EUR 0.9 million. EBITDA before special items amounted to EUR 14.9 million (10.1 restated). Cash flow Cash flow from operations showed EUR 11.5 million (9.5 restated), a material improvement compared to the previous two quarters, while maintaining a stable working capital level to fund deferred payments from acquisitions and repayment of debt totalling EUR 5.5 million in Q4. Financial position The Company has an outstanding bond with a carrying amount of EUR 91.9 million, maturing in December 2026, as well as a revolving credit facility (RCF) with a carrying amount of EUR 20 million. In late January, Gentoo Media initiated a refinancing process of its existing bond. The net proceeds from a potential new bond are intended to fully repay the current bond and the RCF facility. Management is currently evaluating whether the potential new bond terms are attractive for Gentoo Media and its shareholders compared with alternative financing options. Position entering 2026 • Strong cash generation and improving cash conversion • Record deposit levels and improving traffic quality • Stabilising visibility across key brands • More focused and scalable operating model • Clear path toward sustainable, cash-generative growth Preliminary full year guidance for 2026 Looking ahead, Gentoo Media enters 2026 with a materially leaner cost and cash profile compared to 2025. Non-recurring costs are expected to decline significantly, following the completion of the majority 1.2 Quarterly highlights ===== SIDA 6 ===== 6 Back to content Gentoo Media | Q4 2025 Interim Report of operational improvement and restructuring initiatives incurred in 2025. Remaining deferred M&A-related cash outflows are expected to be limited to approximately EUR 3.5 million compared to EUR 38 million in 2025. The 2026 financial year is also expected to benefit from a more favourable global sporting calendar, including the Football World Cup, which historically supports higher user engagement and commercial performance compared to non-event years. Together, these factors underpin management’s early expectations for the year are: • Revenue: EUR 105–115 million • EBITDA before special items: EUR 49–54 million • Cash flow from operations: EUR 37–41 million Operational highlights Organic visibility across several flagship brands stabilised and improved during Q4, supported by targeted SEO initiatives and a positive December Google Core Update. Continued investment in product, localisation and multi-channel acquisition across search, paid and emerging AI-driven platforms strengthened the resilience of the Group’s acquisition model. Platform and infrastructure enhancements, including rollout of the next-generation WordPress framework and expanded conversion optimisation capabilities, improved performance and scalability across the portfolio. Commercial highlights Player intake for Gentoo Media reached 102,900 FTDs in Q4 2025 compared to 112,400 in Q4 2024. Paid marketing generated 55,400 FTDs, up 7% compared to the same period last year, while Publishing player intake decreased 22% Y oY, from 60,600 FTDs in Q4 2024 down to 47,500 FTDs in Q4 2025. Q4 delivered an all-time high deposit value exceeding EUR 200 million, reflecting strong underlying player activity and improved traffic quality. While total FTD intake declined year-over-year, this reflects a deliberate focus on higher-value markets, improved partner selection and stronger commercial terms rather than volume expansion. Paid media performance improved quarter-over-quarter, supported by US market expansion, partner optimisation and enhanced conversion efficiency. Closer alignment between Publishing and Paid supported audience sharing, CRM activation and improved monetisation across key markets. Gentoo Media exits 2025 with stronger commercial quality and a more focused and scalable business model, supporting continued strong cash generation and improved revenue quality into 2026. 1.2 | Quarterly highlights FTDs (‘000) Value of Deposits (MEUR) Paid 112.4 136.2 95.1 109.1 102.9 Publishing 51.8 41.9 83.7 56.6 55.4 60.6 Q4 24 Q4 24 Q1 25 Q1 25 Q2 25 Q2 25 Q3 25 Q3 25 Q4 25 Q4 25 52.553.2 52.5 47.5 200 195183 195 200 ===== SIDA 7 ===== 7 Gentoo Media | Q4 2025 Interim Report Back to content 8 2.1 Our business model 9 2.2 Financial review 11 2.3 Operational review Review of the business 2.0 ===== SIDA 8 ===== 8 Gentoo Media | Q4 2025 Interim Report Back to content Gentoo Media operates an always-on, multi-channel audience acquisition platform spanning search, paid media and emerging AI-driven discovery, connecting high-value players with leading online gaming operators and monetising this traffic primarily through recurring performance-based revenue share agreements. Our portfolio of proprietary digital assets attracts high-intent users across search engines and AI-driven discovery environments, while our paid media capabilities - spanning search engine marketing, social platforms and programmatic display - enable scalable and data-driven customer acquisition across geographies. This integrated owned-and-paid approach ensures continuous optimisation of user acquisition, conversion and player value. Revenue is generated primarily on a performance basis through commissions on the players we refer to our partners. The majority of revenue is derived from recurring revenue share agreements, under which Gentoo Media receives a percentage of the lifetime value generated by referred players, creating a stable and compounding income stream aligned with operator performance. Additional revenue is generated from listing and marketing fees, providing operators with premium visibility across our high-intent digital environments. This diversified and performance-driven model ensures that Gentoo Media’s growth is closely aligned with that of its partners while supporting strong scalability, profitability and cash flow generation. With a portfolio of more than 65 websites and a global multi-channel presence, the company continuously optimises traffic sources, technology and commercial partnerships to maintain competitiveness across regulated and growth markets. At its core, Gentoo Media serves as the digital storefront of the iGaming industry - the place where high-value players discover, evaluate and engage with leading iGaming brands across search, paid media and emerging AI-driven discovery channels. Our business model 2.1 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 ===== SIDA 9 ===== 9 Back to content Gentoo Media | Q4 2025 Interim Report Income statement Revenues amounted to EUR 25.6 (30.3 restated Q4 2024) million during Q4. This is an increase compared to Q3 2025 (22.7) of EUR 2.9 million. Marketing expenses were EUR 5.7 (9.3) million in Q4 2025. Quarter-over-quarter marketing expenditure has remained stable while revenue has increased. Other income arising from the derecognition of the customer-related liability of EUR 2.3 (0) million is assessed as part of the Group’s ordinary operating activities. Personnel expenses and Other operating expenses amounted to EUR 7.3 million (11) down 33% Y ear-over-year, impacted by cost reduction programmes throughout the year. Capitalised cost related to technology development amounted to EUR 1.5 (2.4) million. EBITDA before special items was EUR 14.9 (10.1) million. EBITDA is equivalent to operating profit before depreciation, amortisation, and impairment. Special items in the quarter amounted to EUR 1.6 million. Special items primarily related to costs associated with the new banking agreement, operational streamlining initiatives, and split related projects. We expect these costs to decrease significantly from January onwards. Depreciation and amortisation amounted to EUR 5.5. At year-end, management performed an assessment of the carrying amounts and recognised an extraordinary impairment of discontinued projects amounting to EUR 0.8 million and an extraordinary impairment of other intangible assets amounting to EUR 2 million. Starting in Q2 we changed useful life of domains to indefinite and thereby stopped amortizing them. Net finance costs amounted to EUR 4.0 (4.9) million, and the change was primarily due to changes in interest rates. Interest on the company’s bonds was EUR 2.2 (2.6) million. Other financial expenses were EUR 1.1 (2.3) million and 7.0 on unrealised exchange loss Cash flow The group experienced a cash flow from operations during the period of EUR 11.4 (9.5) million. Net cash generated from operating activities was mainly utilised for the payments of the bond, RCF repayments & interests, and lease payments. The cash generated through operations was utilised for the acquisitions made during 2025, where payments were deferred or contingent. The company closed out the quarter with a balance of cash and bank deposits amounting to EUR 3.3 million. In the quarter the company repaid EUR 5.5 million in debt where EUR 2.5 million was relating to deferred payments and EUR 3 million on the RCF loan. From Q4 2024 to Q4 2025, the business showed strong operational momentum, with EBITDA increasing from 9.3 to a peak of 13.2 in Q4 2025, reflecting improved profitability particularly in the second half of 2025. However, cash conversion was varying over the same period, ranging from 53% in Q1 to 71% in Q4 25. As a result of a strong focus and dedicated efforts on working capital management, cash conversion improved significantly in Q2 and Q3, before returning to a more normalised level in Q4. Cash conservation adjusted for non cash transactions in Q4 is 81%. Balance sheet Total assets amounted to EUR 147.5 (130.5 restated) million as at 31 December 2025. The development compared to last year is largely driven by decreased trade and other receivables as well as lower cash and cash equivalents balance. The largest asset on the balance sheet relates to intangible assets of EUR 95.8 (106.8 restated) million. Intangible assets mainly consist of goodwill generated through business combinations of EUR 44.4 million and other intangible assets of EUR 50.1 million. Trade and other receivables amounted to EUR 17.9 (24.7 restated) million. The company closed out the quarter with a balance of cash and bank deposits amounting to EUR 3.3 (11.3) million. In June 2024, the company completed a EUR 15 2.2 Financial review ===== SIDA 10 ===== 10 Back to content Gentoo Media | Q4 2025 Interim Report 2.2 | Financial review 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 31 December 2025 was EUR 91.9 (89.5) million. The listed bond is maturing in December 2026. All related covenants have been met and are expected to remain within thresholds until maturing date. 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 RCF loan and per 31 December 2025 the facility was drawn EUR 20 million - down 3 million QoQ. 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 25.2 million, with a deferred tax asset of EUR 23.2 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 4.3 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. Financial calendar 2026 2025 Q4: Tuesday 24 February 2025 Annual report: Tuesday 28th April 2026 Q1: Thursday 21 May AGM: Wednesday 27 May 2026 Q2: Wednesday 26 August 2026 Q3: Wednesday 25 November 2026 Q4/AR: To be announced ===== SIDA 11 ===== 11 Back to content Gentoo Media | Q4 2025 Interim Report The fourth quarter reflected solid operational execution across Gentoo Media’s core platforms. Investments made throughout 2025 in platform infrastructure, SEO, product development and paid media began to show improved results during the quarter, supporting improved margins and stronger cash generation. At the same time, the business continued to strengthen its proprietary platforms and direct audience capabilities, reducing reliance on short-term traffic volatility and reinforcing the foundation for scalable and profitable growth. Record value of deposits The fourth quarter marked a new milestone in deposit value generation across the portfolio, reaching an all-time high above EUR 200 million in total value of deposits. This demonstrates the continued improvement in traffic quality, partner selection and user monetisation across our assets. The development underscores the strength of Gentoo Media’s commercial engine and the effectiveness of our optimisation initiatives throughout the year. Enhanced alignment between Publishing, Commercial and Paid Media contributed to generating higher-value players and overall monetisation. The record level of deposit value validates the strategic focus on quality over volume and supports the long-term sustainability of our revenue model. Positive impact from Google Core update The Google Core update initiated in December validated the quality-focused approach adopted across our publishing portfolio. Several key assets experienced positive shifts in visibility following targeted SEO actvities implemented earlier in the year. In parallel, our continued investments in community- driven features and forum-based platforms have contributed to stronger engagement metrics and improved content depth across selected assets. This reinforces our broader ambition to strengthen audience relationships. Next-generation WordPress platform pilot Our next-generation WordPress platform was successfully piloted on selected assets in Q4. Early results indicate improved site performance, enhanced scalability and positive signals in search visibility. The platform also improves internal workflows and supports more efficient multi-market publishing. Expansion of conversion rate optimisation capabilities In Q4 we continued our conversion rate optimisation (CRO) programme by strengthening our A/B testing approach across our portfolio. A key focus of the work has been enabling an experimentation approach that allows us to test designs and user experiences without comprimising SEO quality. Bolstering our multi-channel acquisition with AI-enabled search optimisation As user discovery now extend beyond traditional search and paid campaigns into emerging AI-driven and conversational environments, Gentoo Media continues to adapt its acquisition and optimisation capabilities to maintain visibility across all relevant digital entry points. This supports continued access to high-intent users and strengthens the long-term resilience and scalability of the company’s traffic model. As part of our multi-channel strategy we continued focusing on protecting visibility for core commercial queries, improving localisation in selected markets and strengthening technical performance across key assets. Authority enhancements, brand building and content updates were prioritised to maintain eligibility in both traditional search engine rankings as well as in emerging AI-driven platforms. These actions aim to improve rankings in priority markets, conversion on high-intent pages and reduce reliance on any single traffic source. Our acquisition model is becoming increasingly diversified and technically resilient, supporting sustainable performance despite search volatility. Partner optimisation programme The partner optimisation programme continued to advance during the quarter, driven by deeper data-led analysis of traffic quality, player behaviour and long-term value generation. Underperforming partnerships were reassesed, while stronger performing brands with more attractive commercial structures gained increased visibility. This disciplined approach enhances monetisation quality, strengthens long-term partner alignment and supports more sustainable revenue generation. 2.3 Operational review ===== SIDA 12 ===== 12 Back to content Gentoo Media | Q4 2025 Interim Report Strengthened paid media execution Paid media made a focused push into the US market during Q4, expanding geographic exposure and strengthening its presence in a strategically important region. On a monthly basis, October delivered the second highest revenue of the year, followed by November, which closed as the strongest-performing month overall. December revenue fell short of expectations, primarily due to unfavourable sports margins, which negatively impacted Revenue Share earnings. Importantly, underlying execution and traffic quality remained consistent, reinforcing confidence in the structural improvements achieved within paid media during 2025. Infrastructure and development pipeline optimisation Infrastructure initiatives reduced complexity and improved scalability, enabling more efficient resource utilisation while maintaining flexibility for growth and peak traffic periods. Post quarter events In late January, Gentoo Media initiated a refinancing process of its existing bond. The contemplated transaction involves the issuance of a new three year senior secured floating rate bond. The aggregate nominal amount is approximately EUR 120 million, with expected issuance in both EUR and SEK tranches. The net proceeds are intended to fully refinance the company’s current bond and credit facility, thereby simplifying the capital structure and establishing a single primary debt instrument. At the time of writing, management and Gentoo Media board is evaluating whether the potential new bond terms are attractive for Gentoo Media and its shareholders compared with alternative financing options. The company will inform the market as soon as a decision is made. 2.3 | Operational review ===== SIDA 13 ===== 13 Gentoo Media | Q4 2025 Interim Report Back to content 14 3.1 Steady progress and operational excellence 3.0 Sustainability ===== SIDA 14 ===== 14 Back to content Gentoo Media | Q4 2025 Interim Report In the final quarter of 2025, Gentoo Media continued to demonstrate stable progress, maintaining a steady ship and a disciplined cost base. Our sustainability initiatives have mirrored this company-wide theme, moving away from rapid structural changes toward the consistent execution of our long-term ESG strategy. Key Operational Milestones • Governance & Rhythm: Our bi-weekly cross- departmental sustainability meetings have proven instrumental in maintaining momentum. These sessions continue to serve as the primary forum for tracking departmental progress and ensuring cross-functional alignment on ESG KPIs. • Incident Management: The development of the company-wide incident register is now in its final stages. This centralized system will enhance our ability to identify, track, and mitigate operational and compliance risks, ensuring a robust framework for corporate accountability. • Environmental Data & Carbon Footprint: We are nearing completion of our emissions data collection process through Greenly. A significant milestone this quarter was the completion of a detailed analysis of our cloud infrastructure usage. By integrating these specific technical metrics into our broader environmental data, we are establishing a verified baseline that will inform our carbon reduction targets for the coming years. Regulatory landscape: CSRD update Following the conclusion of EU trilogue negotiations in December 2025, the European Commission, Council, and Parliament have reached a final agreement regarding the scope of the Corporate Sustainability Reporting Directive (CSRD). Based on these finalised criteria, namely the newly established mandatory reporting thresholds of 1,000 employees and EUR 450 million in annual revenue, Gentoo Media will not be subject to mandatory reporting under CSRD. Despite this exemption, the Group remains committed to high-quality, transparent disclosure. We are monitoring the development of the "simplified" European Sustainability Reporting Standards (draft ESRS) submitted by EFRAG in December. These standards are designed to provide a proportionate reporting framework for companies outside the mandatory scope, and we will evaluate their adoption to maintain alignment with best practices in sustainability transparency. 3.1 Steady progress and operational excellence Company wide gender split Full time employees Female 51.8% Male 47.9% Non-binary 0.3% 20 % Female 80 % Male 36.4 % Female 63.6 % Male Team leads 43.2 % Female 56.8 % Male Directors Heads C-level 20 % Female 80 % Male 58.3 % Female 41.7 % Male 340 Managers Nationalities 47 ===== SIDA 15 ===== 15 Back to content Gentoo Media | Q4 2025 Interim Report As we conclude 2025, our focus shifts toward the first full year of our three-year sustainability strategy. Our primary objectives for 2026 include: 1. Framework optimisation: Transitioning from data collection to active performance management, utilising the insights gained from Greenly and our internal registers to drive efficiency. 2. Stakeholder engagement: Strengthening our communication with investors and partners regarding our ESG performance, ensuring our "stable progress" is clearly quantified. 3. Resilience & Compliance: Continuing to adapt our internal compliance structures to meet the evolving global regulatory environment, ensuring Gentoo remains ahead of the curve even where mandatory requirements do not yet apply. By maintaining our current steady pace, we are building a sustainable foundation that supports Gentoo Media’s long-term growth and operational stability. Sustainability Metrics 01 Team Building Budget 02 Development of a Compliance internal knowledge-sharing platform 03 Compliance Training Programme 04 Whistleblowing Management System 05 Compliance with the Digital Services Act and AI Act 06 Company-wide Incident Register 07 Sitebee Product Improvement 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 Strategic resilience for 2026 and beyond (i) Sustainability Projects 2025 Status: Not started 16,7 % In progress 33,3 % Completed 41,7 % Delayed 8,3 % ===== SIDA 16 ===== 16 Back to content Gentoo Media | Q4 2025 Interim Report 17 4.1 Financial highlights 18 4.2 Consolidated statement of comprehensive income 20 4.3 Consolidated balance sheets 21 4.4 Consolidated statement of changes in equity (deficit) 22 4.5 Consolidated statement of cash flows 23 4.6 Notes 4.0 Financials Gentoo Media Inc. ===== SIDA 17 ===== 17 Back to content Gentoo Media | Q4 2025 Interim Report Financial highlights 4.1 EUR’000000 Q4-25 Q4-24 restated 2025 2024 restated Income statement Revenue 25.6 30.3 98.7 118.1 EBITDA before special items 14.9 10.1 41.4 52.1 Special items - 1.6 - 0.9 - 5.5 - 1.5 EBITDA 13.2 9.3 35.9 50.6 EBIT 7.8 6.6 16.4 33.7 Net financial income (expense) - 4.0 - 3.1 - 15.2 - 13.7 Result from continuing operations 4.0 3.5 1.7 19.1 Result from discontinued operations - - 78.3 - - 78.9 Profit/(Loss) for the period 4.0 1.9 1.7 - 59.8 EUR '0000000 Q4-25 Q4-24 restated 2025 2024 restated Balance sheet Total non-current assets 126.3 130.5 126.3 130.5 Trade and other receivables 17.9 24.7 17.9 24.7 Cash and cash equivalents 3.3 11.3 3.3 11.3 Total assets 147.5 166.5 147.5 166.5 Equity - 12.3 - 14.5 - 12.3 - 14.5 Bond payable and revolving credit facility 111.8 96.6 111.8 96.6 EUR '0000000 Q4-25 Q4-24 restated 2025 2024 restated Cash flow Cash flow from operating activities 11.5 7.3 33.0 33.3 Cash flow from investing activities - 5.7 - 5.7 - 42.2 - 39.8 Cash flow from financing activities - 6.0 4.7 1.1 4.7 Cash flow for the period 3.3 11.3 3.3 11.3 ===== SIDA 18 ===== 18 Back to content Gentoo Media | Q4 2025 Interim Report Consolidated statement of comprehensive income 4.2 EUR’000 Q4-25 Q4-24 restated 2025 2024 restated Revenue 25,606 30,335 98,739 118,053 Employee costs - 4,822 - 5,492 - 22,286 - 19,655 Marketing expenses - 5,735 - 9,251 - 26,949 - 31,365 Other operating income 2,306 - 2,306 - Other operating expenses - 2,495 - 5,448 - 10,397 - 14,940 Operating profit before depreciation and amortisation (EBITDA) and special items 14,860 10,144 41,413 52,094 Special items - 1,644 - 892 - 5,495 - 1,467 Operating profit before depreciation and amortisation (EBITDA) 13,216 9,252 35,918 50,627 Amortization, depreciation and impairment loss - 5,581 - 3,040 - 19,628 - 17,261 Loss on sale of non-current assets - 235 - - 235 - Other income and expenses 433 352 371 352 Operating profit 7,833 6,564 16,427 33,718 Finance income/(costs), net - 3,308 - 3,131 - 13,329 - 13,67 4 Unrealized exchange gain/(loss) on the bond - 699 - 1,762 - 1,835 - 962 Profit before income taxes 3,826 1,671 1,263 19,082 Income tax 188 1,87 4 420 32 Profit from continuing operations 4,014 3,545 1,683 19,114 Loss from discontinued operations - - 78,326 - - 78,912 Loss from assets held for distribution - 76,267 - - Loss on divestment of GIG Software p.l.c - 373 - - Profit/(Loss) for the period 4,014 1,859 1,683 - 59,798 Basic and diluted earnings (Losses) per Share: Basic earnings per share 0.01 0.01 0.03 - 0.45 Diluted earnings per share 0.01 0.01 0.03 - 0.45 ===== SIDA 19 ===== 19 Back to content Gentoo Media | Q4 2025 Interim Report Consolidated statement of comprehensive income 4.2 EUR’000 Q4-25 Q4-24 restated 2025 2024 restated Profit/(Loss) for the period 4,014 1,859 1,683 - 59,798 Items that may be reclassified to the income statement: Exchange differences on translation of foreign operations - 460 - - 195 Exchange difference transferred to loss from discontinued operations - - - 373 Other comprehensive income / (loss) for the period - 460 - 178 Total comprehensive income / (loss) for the period 4,014 2,319 1,683 - 59,620 ===== SIDA 20 ===== 20 Back to content Gentoo Media | Q4 2025 Interim Report Consolidated balance sheets EUR'000 31 Dec 2025 31 Dec 2024 restated Equity Share capital 119 119 Share premium 197,430 197,584 Share option reserve 531 - Currency translation reserve - 2,462 - 2,423 Accumulated deficit - 209,523 - 211,064 Total equity attributable to owners of Gentoo Media Inc. - 13,905 - 15,784 Non-controlling interests 1,558 1,240 Total equity - 12,347 - 14,544 Liabilities Non-current liabilities Borrowings - 89,476 Lease liabilities 3,782 2,114 Deferred consideration - 853 Deferred income tax liabilities 2,279 2,448 Other non-current payables 6,061 94,891 Total non-current liabilities Current liabilities 111,798 7,151 Borrowings 11,27 4 18,765 Trade and other payables 1,161 1,088 Lease liabilities 4,266 33,255 Deferred consideration - 7 41 Contingent consideration 25,277 25,180 Current income tax liabilities 153,777 86,180 Total current liabilities 159,838 181,071 Liabilities directly associated with assets classified as held for sale 147,491 166,527 Total liabilities 159,838 181,071 Total equity and liabilities 146,177 166,527 4.3 EUR’000 31 Dec 2025 31 Dec 2024 restated Assets Non-current assets Goodwill 44,429 44,429 Other intangible assets 51,392 62,395 Property, plant and equipment 2,063 1,037 Right of use assets 4,690 2,902 Deferred income tax assets 23,186 19,7 46 Other non-current assets 522 - Total non-current assets 126,282 130,509 Current assets Trade and other receivables 17,911 24,713 Cash and cash equivalents 3,298 11,305 Total current assets 21,209 36,018 Total assets 147,491 166,527 ===== SIDA 21 ===== 21 Back to content Gentoo Media | Q4 2025 Interim Report Consolidated statement of cash flows 4.4 EUR’000 Q4-25 Q4-24 restated 2025 2024 restated Cash flow from operating activities Operating profit 7,835 6,564 16,427 33,718 Operating loss from discontinued operations - - 79,290 - - 76,420 Changes in working capital and non-cash items 4,279 80,406 19,623 76,379 Taxes paid - 638 - 402 - 3,046 - 402 Net cash flows from operating activities 11,476 7,278 33,004 33,275 Cash flow from investing activities Purchases of intangible assets - 2,059 - 4,969 - 10,242 - 21,693 Purchases of property, plant and equipment - 450 - 292 - 1,443 - 949 Acquisition of subsidiaries/ deferred considerations - 3,195 - 454 - 30,467 - 17,167 Net cash flows from investing activities - 5,704 - 5,715 - 42,152 - 39,809 Cash flow from financing activities Loan repayment - 3,000 - 1 - 5,000 - 13,964 Proceeds from issuance of shares - - 7 25 9,459 Net proceeds from bond refinancing and other borrowings - 7,031 18,000 22,204 Repayment of lease liabilities, principal part - 230 - 286 - 1,298 - 2,349 Interests paid - 2,810 - 2,010 - 10,586 - 10,612 Net cash flows from financing activities - 6,040 4,727 1,141 4,738 Net movement in cash and cash equivalents - 268 6,290 - 8,007 - 1,796 Cash and cash equivalents at beginning of year 3,566 5,015 11,305 23,069 Cash and cash equivalents of distributed platform & sportsbook segment - - - - 9,968 Cash and cash equivalents at end of period 3,298 11,305 3,298 11,305 Cash and cash equivalents at end of the period in the statement of financial positions 3,298 11,305 3,298 11,305 ===== SIDA 22 ===== 22 Back to content Gentoo Media | Q4 2025 Interim Report Consolidated statement of chages in equity (deficit), for the period ended 31 December 2025 * Annual report 2024 other reserves were presented as part of share premium 4.5 EUR’000 Share capital Share premium Other reserves* Share option reserve Currency translation reserve Accumulated deficit Total attributable to owners Non-controlling interest Total equity 2025 Equity at 1 January 2025 as reported 119 197,584 - - - 2,423 - 206,200 - 10,920 1,240 - 9,680 Correction of error (net of tax) - - - - - 4,864 - 4,864 - - 4,864 Equity at 1 January 2025 restated 119 197,291 293 - - 2,423 - 211,064 - 15,784 1,240 - 14,544 Profit for the year 1,365 1,365 318 1,683 Currency translation differences - - - Total comprehensive income/(loss) for the year - - - - 1,365 1,365 318 1,683 Transactions with owners: - Share based payments - - - 531 - - 531 - 531 Excersise share options - 24 - - - - 24 24 Other movements - - 178 - 39 176 - 41 - - 41 Total transactions with owners - - 154 - 531 - 39 176 514 - 514 Equity at 31 December 2025 119 197,137 293 531 - 2,462 - 209,523 - 13,905 1,558 - 12,347 ===== SIDA 23 ===== 23 Back to content Gentoo Media | Q4 2025 Interim Report This unaudited Interim Report (condensed consolidated interim financial statements) for the period January 1 - December 31, 2025, has been 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. The consolidated financial statements for 2024 of the Group provide a full description of the material accounting policies. Changes in accounting policies The accounting policies applied are consistent with those applied in the most recent Q3 2025 interim report, as well as the accounting policies described in the 2024 annual report. Correction of material error As previously disclosed in our Q3 2025 interim report, the 2024 comparatives have been restated for a material error affecting revenue recognition. For a full description of the error and its impact by line item please refer to Note 1 “Material accounting policy information” of the Q3 2025 interim report. New and amended accounting standards As of 31 December 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, a revision was made to the useful life of domains, please refer to Note 4 Intnagible Assets. Note 1 Note 2 Material accounting policy information Management judgements and estimates ===== SIDA 24 ===== 24 Back to content Gentoo Media | Q4 2025 Interim Report Publishing Paid Group EUR '000 2025 2024 restated 2025 2024 restated 2025 2024 restated Revenue per category Revenue share agreements 46,446 50,872 14,507 19,67 4 60,953 70,546 Cost per acquisition (CPA) 9,235 9,581 4,100 4,055 13,335 13,636 Listing fees / other revenue 23,111 29,228 1,340 4,643 24,451 33,871 Total revenue 78,792 89,681 19,947 28,372 98,739 118,053 Other operating income 2,306 - - - 2,306 - Cost - 40,197 - 42,354 - 19,435 - 23,605 - 59,632 - 65,959 Operating profit before depreciation and amortisation (EBITDA) and special items 40,901 47,327 512 4,767 41,413 52,094 EBITDA margin before special items 52% 53% 3% 17% 42% 44% Special items, net - 4,198 - 1,467 - 1,297 - - 5,495 - 1,467 Operating profit before depreciation and amortisation (EBITDA) 36,703 45,860 - 785 4,767 35,918 50,627 EBITDA margin 47% 51% -4% 17% 36% 43% Group EUR '000 2025 2024 restated Operating profit before depreciation and amortisation (EBITDA) 35,918 50,627 Amortization, depreciation and impairment loss - 19,628 - 17,261 Loss on sale of non-current assets - 1,548 - Other income and expenses 371 352 EBIT 15,113 33,718 Finance income/(costs) - 13,127 - 13,67 4 Unrealized exchange gain/(loss) on the bond - 1,835 - 9 6 2 Profit before income taxes 152 19,082 Segment information Note 3 ===== SIDA 25 ===== 25 Back to content Gentoo Media | Q4 2025 Interim Report 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 31 December 2025, the impairment assessment performed did not indicate any impairment of the carrying amount of intangible assets and goodwill, with sufficient headroom identified. Based on the review, management considers the excess values to be reasonably resilient to likely and plausible changes in the key assumptions applied, as disclosed in note 3.2 to the 2024 consolidated financial statements. Notwithstanding this, an impairment of EUR 2.7 million was recognized on certain specific assets that underperformed relative to expectations. Note 4 Intangible assets EUR`000 Goodwill Trademarks Domains Affiliate contracts & database Technology platform Computer Software Total Cost Balance at 1 January 2025 44,429 679 95,519 21,693 20,148 233 182,702 Acquisitions from business Additions 1 - - 1,305 6,184 - 3 7,486 Disposals - - - - - - - Exchange rate adjustment - - - - - - - 31 December 2025 44,429 679 95,519 22,998 26,332 230 190,187 Amortization and impairment Balance at 1 January 2025 - - 4 - 48,154 - 15,095 - 12,395 - 232 - 75,882 Amortization for the period - 4 - 5,436 - 3,619 - 6,028 2 - 15,076 Impairment for the period - - - 2,000 - - 793 - - 2,793 Amortization on disposed assets - - - - - - - 31 December 2025 - - - 55,590 - 18,714 - 19,216 - 230 - 93,751 Balance at 31 December 2025 44,429 679 39,929 4,284 7,115 - 0 96,436 ===== SIDA 26 ===== 26 Back to content Gentoo Media | Q4 2025 Interim Report As detailed in note 5.1 in the Group’s annual report for 2024, the senior secured bonds and revolving credit facility are subject to financial loan covenants. At 31 December 2025, the outstanding bonds have a carrying amount of EUR 91.9 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 31 December 2025, EUR 19.8 million had been drawn on the facility. Based on the company’s expected and current performance, management considers it realistic to meet all conditions. As of year end the company complies with all coverants. The Company has an outstanding bond with a carrying amount of EUR 91.9 million, maturing in December 2026, as well as a revolving credit facility (RCF) with a carrying amount of EUR 20 million. In late January, Gentoo Media initiated a refinancing process of its existing bond. The net proceeds from a potential new bond are intended to fully repay the current bond and the RCF facility. Management is currently evaluating whether the potential new bond terms are attractive for Gentoo Media and its shareholders compared with alternative financing options. There were no other subsequent events not already addressed in other sections within this interim report Note 5 Note 6 Borrowings Subsequent events EUR`000 2025 2024 restated Non-current borrowings Senior secured bonds - 89,476 Current borrowings Revolving credit facility 19,855 7,151 Senior secured bonds 91,943 - Total borrowings 111,798 96,627 ===== SIDA 27 ===== 27 Back to content Gentoo Media | Q4 2025 Interim Report Split from Platform and Sportsbook Special items for the year 2025 include costs associated with the separation from the Platform and Sportsbook operations (EUR 0.2 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 organization, primarily reflected in personnel-related expenses (EUR 0.18 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: On April 14, 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 7,160,000 options have been granted to date. The grants are divided into three tranches with specific vesting dates: January 1, 2028, January 1, 2029, and January 1, 2030. The corresponding exercise prices are set at SEK 21.25, SEK 23.37, and SEK 25.71, respectively. The full amount was booked, EUR 0.5 million as a people expenses in Q4 as a true up for the year 2025. 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 measured against the historical revenue Special items Share options Glossary EUR`000 2025 2024 Special items, expenses Earnout reversal - 204 - Split from Platform and Sportsbook 3,391 542 Streamlining of operations 2,308 - Employee costs - 141 Other operating expenses - 784 Expenses 5,495 1,467 Special items, net 5,495 1,467 EUR`000 2025 2024 Other income - 204 - Other operating expenses 3,391 1,467 Employee costs 2,308 - Total special items 5,495 1,467 Note 7 Note 8 ===== SIDA 28 ===== 28 Gentoo Media | Q4 2025 Interim Report Back to content Financials Gentoo Media Plc. 5.0 29 5.1 Consolidated statement of comprehensive income 30 5.2 Consolidated balance sheets 31 5.3 Consolidated statement of cash flows ===== SIDA 29 ===== 29 Back to content Gentoo Media | Q4 2025 Interim Report 5.1 Consolidated statement of comprehensive income EUR '000 Q4-25 Q4-24 restated 2025 2024 restated Revenue 25,606 30,317 98,739 118,053 Employee costs - 4,199 - 5,298 - 21,368 - 19,385 Marketing expenses - 5,735 - 9,251 - 26,949 - 31,365 Other operating income 2,306 - 2,306 - Other operating expenses - 1,970 - 5,393 - 8,936 - 14,643 EBITDA before Special Items 16,008 10,375 43,792 52,660 Special items - 1,424 - 193 - 5,275 - 766 EBITDA 14,584 10,182 38,517 51,894 Amortization, depreciation and impairment loss - 5,582 - 3,208 - 19,629 - 17,261 Loss on sale of non-current assets - 1,548 - - 1,548 - Other income and expenses 433 637 371 637 EBIT 7,887 7,612 17,712 35,271 Finance costs - 3,102 - 2,699 - 13,104 - 12,869 Unrealized exchange gain/(Loss) on the bond - 700 - 1,762 - 1,835 - 962 Profit before income taxes 4,085 3,151 2,773 21,440 Income tax 201 2,178 461 372 Profit from continuing operations 4,286 5,329 3,234 21,812 Loss from Discontinued Operations - - 78,226 - - 78,912 Loss from assets held for distribution - 75,829 - - Loss on divestment of GIG Software p.l.c - 373 - - Profit/(Loss) for the period 4,286 - 72,897 3,234 - 57,100 Other Comprehensive Income/(Loss) Exchange Differences on Translation of Foreign Operations - 492 - - Exchange Difference Transferred to Loss from Discontinued Operations - - - - Other Comprehensive Income/(Loss) for the Y ear - 492 - - Profit/(Loss) for the Y ear 4,286 - 72,405 3,234 - 57,100 ===== SIDA 30 ===== 30 Back to content Gentoo Media | Q4 2025 Interim Report 5.2 Consolidated balance sheets EUR’000 31 Dec 2025 31 Dec 2024 restated Equity Share capital 14,638 14,638 Share premium 142,473 85,923 Share option reserve - - Currency translation reserve - 769 - Accumulated deficit - 184,503 - 131,392 Total equity attributable to owners of Gentoo Media Inc. - 28,161 - 30,831 Non-controlling interests 1,558 1,240 Total equity - 26,603 - 29,591 Liabilities Non-current liabilities Borrowings - 89,475 Lease liabilities 3,782 2,114 Deferred consideration - 853 Deferred income tax liabilities 2,279 2,448 Other non-current payables - - Total non-current liabilities 6,061 94,890 Current liabilities Borrowings 111,798 16,272 Trade and other payables 10,705 14,435 Lease liabilities 1,161 1,088 Deferred consideration 4,266 33,255 Contingent consideration - 7 41 Current income tax liabilities 25,277 24,880 Total current liabilities 153,207 90,671 Liabilities directly associated with assets classified as held for sale - - Total liabilities 159,268 185,561 Total equity and liabilities 132,666 155,970 EUR’000 31 Dec 2025 31 Dec 2024 restated Assets Non-current assets Goodwill 33,981 33,981 Other intangible assets 50,078 62,395 Property, plant and equipment 2,063 1,037 Right of use assets 4,690 2,902 Deferred income tax assets 23,186 19,7 46 Other non-current assets 522 - Total non-current assets 114,520 120,061 Current assets Trade receivables 14,867 24,623 Cash and cash equivalents 3,279 11,286 Total current assets 18,146 35,909 Total assets 132,665 155,970 ===== SIDA 31 ===== 31 Back to content Gentoo Media | Q4 2025 Interim Report Consolidated statement of cash flows 5.3 EUR '000 Q4-25 Q4-24 restated 2025 2024 restated Cash flow from operating activities Operating profit 7,888 7,612 17,712 35,271 Operating loss from discontinued operations - - 2,835 - Changes in working capital and non-cash items 4,802 4,460 24,737 2,183 Taxes paid - 375 - 363 - 2,812 - 363 Net Cash Flows from Operating Activities 12,315 8,873 39,637 37,090 Cash flow from investing activities Purchases of intangible assets - 2,059 - 4,969 - 10,242 - 21,693 Purchases of property, plant and equipment - 450 - 292 - 1,443 - 949 Acquisition of subsidiaries/ deferred considerations - 3,196 - 454 - 30,468 - 17,167 Net cash flows from investing activities - 5,705 - 5,715 - 42,153 - 39,809 Cash flow from financing activities Loan repayment - 3,851 - 496 - 11,605 - 13,555 Proceeds from issuance of shares - - - - Net proceeds from bond refinancing and other borrowings - 462 18,000 22,204 Repayment of lease liabilities, principal part - 230 - 286 - 1,298 - 2,349 Interests paid - 2,810 - 1,581 - 10,586 - 10,182 Capital contribution received from group's parent - 6,569 - 6,569 Net cash flows from financing activities - 6,891 4,668 - 5,489 2,687 Net movement in cash and cash equivalents - 281 7,826 - 8,005 - 32 Cash and cash equivalents at beginning of year 3,560 3,458 11,284 21,284 Cash and cash equivalents of distributed platform & sportsbook segment - - - - 9,968 Cash and cash equivalents at end of period 3,279 11,284 3,279 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 3,279 11,284 3,279 11,284 ===== SIDA 32 ===== 32 Back to content Gentoo Media | Q4 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