Slides
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Manuel Stan CEO Mike Gerrow CFO Year-end Report Q4 2025 Jan–Dec Q4
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Quarterly overview 2 → Revenue up 53% YoY and 34% QoQ to EUR 15.6m – strongest quarter since transformation plan began → Adjusted EBITDA more than tripled to EUR 4.7m, lifting the margin to 30% (15) → Continued revenue diversification – solid revenue growth in performance marketing channels, including subaffiliation , CRM and paid media o Disciplined cost management continued o Direct costs grew in line with performance revenue → North America contributed 98% (87) of group revenue from continuing operations → Headwinds from sweepstakes regulation and generative search can present challenges in future quarters Q4 2025 – Catena Media Year-end Report
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Operational developments 3 Q4 2025 – Catena Media Year-end Report → Positive results from revenue diversification → Launched PlayPerks loyalty programme on PlayUSA.com in January 2025 – first group-wide CRM initiative, with plans to expand to other products → Launch of MRKTPLAYS+ in January 2026 – strategic evolution of subaffiliation platform offering tailored marketing support, advisory services and potential working capital solutions to subaffiliate publishers → Continued investment in our central platform as majority of our top -tier products are now consolidated on a single platform → Soft results in Missouri, mostly aligned with our expectations → Return-to-office programme launched at Malta HQ in October 2025, with rollout to Miami hub planned for April 2026
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Organic search score 4 The graph and scores on the left reflect the top 100 updated keywords set to provide a better comparison over time. Actual keywords not disclosed for competitive reasons and will vary over time depending on strategy. → Organic search performance remained solid through Q4, with the company emerging positively from a key search -engine update during the quarter → Average keyword ranking score remained in the 3rd to 4th range through Q4 → Best average keyword score registered for the full year at end of Q4 → Emerged positively from the end -of-year major algo update, however volatility persists into Q1 Q4 2025 – Catena Media Year-end Report
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5 Financials Q4 2025
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Financial summary 6 Group Continuing ops NDCs (‘000s) Oct-Dec 2025 40.4 Oct-Dec 2024 25.8 +56% Adjusted EBITDA margin Oct-Dec 2025 30% Oct-Dec 2024 15% +15pp Adjusted EBITDA (EUR m) Oct-Dec 2025 4.7 Oct-Dec 2024 1.5 +211% Revenue (EUR m) Oct-Dec 2025 15.6 Oct-Dec 2024 10.2 +53% Q4 2025 – Catena Media Year-end Report → Revenue from continuing operations of EUR 15.6m (10.2), up 53% YoY and 34% QoQ → Adjusted for foreign exchange, revenue increased 68% YoY → North America contributed 98% (87) of group revenue from continuing operations → Adjusted EBITDA more than tripled to EUR 4.7m (1.5), corresponding to a margin of 30% (15) → Operating cash flow from continuing operations of EUR 1.4m ( - 0.2) → NDCs increased 56% to 40,364 (25,806), driven by strong casino performance
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Segment performance 7 Segments Continuing operations Oct-Dec 2025 13.9 Oct-Dec 2024 7.6 +81% Oct-Dec 2025 1.7 Oct-Dec 2024 2.5 -33% Casino revenue (EUR m)Sports revenue (EUR m) Oct-Dec 2025 5.5 Oct-Dec 2024 9.7 -44% Sports NDCs (’000s) Oct-Dec 2025 34.9 Oct-Dec 2024 16.1 +117% Casino NDCs (’000s) Q4 2025 – Catena Media Year-end Report → Q4 revenue 89% casino, 11% sports → Casino revenue up 81% YoY to EUR 13.9m, or 41% QoQ → Regulated casino and social sweepstakes casino both delivered strong YoY and QoQ growth → Casino adjusted EBITDA of EUR 4.1m (2.7), equal to a margin of 29% (35) → Margin compression reflects higher direct costs from subaffiliation growth → Sports revenue down 33% YoY to EUR 1.7m, reflecting continued underperformance, divestment of eSports and soft market environment → Sports revenue down 6% QoQ with Missouri launch in December contributing only marginally → Sports adjusted EBITDA of EUR 0.6m ( -1.2)
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Cost development 8 Cost development¹ Continuing operations ¹ Cost excluding items affecting comparability (IACs)Q4 2025 – Catena Media Year-end Report → Total cost base of EUR 10.9m (8.7), up from EUR 8.7m in Q3 2025 → Direct costs increased to EUR 4.6m (1.4), driven by continued growth in subaffiliation and other performance marketing channels o Cost base decreased by 14% excluding revenue -driving direct costs → Personnel expenses excluding incentive -programme accrual decreased 38% YoY to EUR 3.1m (5.1) → Short-term incentive plan accrual of EUR 1.3m recognised following achievement of annual performance criteria → Other operating expenses decreased 18% YoY to EUR 1.9m (2.3), reflecting lower SEO support costs, professional fees and IT costs → Items affecting comparability totalled EUR -0.4m (0.8)
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9 → Operating cash flow from continuing operations of EUR 1.4m ( -0.2) → Cash and cash equivalents of EUR 9.3m (8.5) at year -end → No debt instruments remaining following senior bond repayment in Q2 2025 → Hybrid capital securities: o Nominal value EUR 43.7m o Interest rate STIBOR + 11% o Interest payments deferred; accumulated deferred interest of EUR 4.0m on 10 January 2026 → Interest payments expected to remain deferred while capital is directed toward technology -driven initiatives to support strategic priorities Financial position Q4 2025 – Catena Media Year-end Report
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10 Strategy and outlook Q4 2025
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11 North America market status *US only. Total estimated adult population of state launches per year shown in brackets. 5 Sports (23.9m) 2 Casino (10.8m) 2021 Q1 – Michigan, Virginia Q2 – Arizona Q3 – Wyoming Q4 – Connecticut 4 Sports (43.0m) 1 Casino (11.9m) 2022 Q1 – New York, Louisiana Q2 – Ontario Q3 – Kansas Q4 – Maryland 4 Sports (19.5m)2023 Q1 – Ohio, Massachusetts Q3 – Kentucky Q4 – Maine 2 Sports (9.0m)2024 Q1 – Vermont, North Carolina Market penetration* 16% Casino 50% Sports 50% Yet to regulate 84% Yet to regulate → Missouri launched online sports betting in December – revenue contribution was marginal from this relatively small market bordered by six already -regulated states → Alberta expected to launch online casino gaming and sports betting in 2026, but no launch date yet 1 Sports (4.9m)2025 Q4 – Missouri 1 Sports and Casino (5.0m) 2026 2026 – Alberta Q4 2025 – Catena Media Year-end Report
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12 Strategic focus area evolution in Q4 + Return-to-office initiative launched in Malta HQ in October, rollout to Miami hub planned for April 2026 + Objectives and key results (OKRs) helped target efforts at highest-value areas in Q4 + First company-wide bonus awarded in several years, following achievement of annual performance criteria + Highest employee-net-promoter-score of the year , recording a significant improvement since the Q2 2025 restructuring People + Subaffiliation, CRM and paid media continued to scale, with CRM more than doubling QoQ + PlayPerks loyalty programme launched on PlayUSA.com in mid-January, with plans to expand to other brands + MRKTPLA YS+ launched in January, expanding publisher partner framework with marketing support, advisory services and potential investment opportunities + Positive SEO momentum continued into Q4, registering the best average score for the full year + Tech migration work continued, with majority of Tier 1 products now on consolidated platform Product + Adjusted EBITDA margin increased to 30% as revenues improved and cost base remained controlled + Direct costs expected to continue trending upwards as subaffiliation scales + Personnel and other operating expenses unlikely to see material movement from current baseline Profit Q4 2025 – Catena Media Year-end Report
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Key takeaways → Revenue up 53% YoY and 34% QoQ – strongest quarter since transformation plan began → Adjusted EBITDA margin reached 30%, highest level since Q1 2023 → Organic search performance reached best average keyword score for the full year , reflecting strength of core products → Revenue diversification paid dividends with all our performance marketing channels continuing the positive trajectory → January 2026 hybrid interest payment deferred, bringing accumulated deferred interest to EUR 4.0m. Interest payments likely to remain deferred as capital is directed at strategic priorities → We remain cautious for future quarters due to the potential headwinds posed by Social Sweepstakes Casino regulatory pressures and the impact of generative search trends → After the quarter end, we have launched PlayPerks and MRKTPLAYS+ to further accelerate growth in these areas → We are pleased with the Q4 performance. It is a welcome step forward. Financial targets 1. Double-digit organic growth in group revenue and adjusted EBITDA in 2026 2. Net interest-bearing debt to adjusted EBITDA ratio of 0-1.75 13 Q4 2025 – Catena Media Year-end Report
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14 Q & A Q4 2025
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15 Investor Relations ir@catenamedia.com Manuel Stan, CEO manuel.stan@catenamedia.com Michael Gerrow, CFO michael.gerrow@catenamedia.com Contact information Y ear-end Report Q4 2025 10 February 2026 Annual Report 2025 Week 13 2026 Interim Report Q1 2026 12 May 2026 Interim Report Q2 2026 11 August 2026 Interim Report Q3 2026 10 November 2026 Upcoming events