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Q2 LOVE catenamedia Interim Report Q2 2026 April - June Manuel Stan Michael Gerrow CEO CFO
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Quarterly overview→Pause from recent quarters of solid growth –reflected structural changes in organic search that are impacting traditionalaffiliation→Q2 revenue broadly in line with same quarter last year, down 1%at EUR 9.5m (EUR 9.6m). 4% increase when adjusted for currency rate changes→Adjusted EBITDA down 11% at EUR 1.2m (EUR 1.4m), equal to adj. EBITDA margin of 13% (14)→Continued disciplined cost management, with total costs flat at EUR 8.2m and 15% lower than Q1 2026→New depositing customers (NDCs) totalled 24,781 (20,229), up 23% →North America contributed 97% (90%) of group revenue from continuing operations→Accelerate the drive to reshape Catena Media's business model to reduce dependence on traditional SEO affiliation Q2 2026 – Catena Media Interim Report Revenue and adjusted EBITDA 2
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Operational developments Q2 2026 – Catena Media Interim Report +→Q2 figures reflect the structural challenges that traditional affiliates face in relation to shifting dynamics in organic search →This impact extends beyond Catena Media and gaming affiliation to every industry reliant on organic search→To reduce SEO reliance, Catena Media will evolve beyond traditional SEO affiliation into a technical infrastructure platform provider→Started building a next-generation, fully automated marketplace that connects advertisers and publishers across a wider set of verticals, powered by deep analytics and intelligence →Q2 saw investment start and team reorganisation to support this shift→This builds on the proven success of our MRKTPLAYS programme, which now contributes more than a third of group revenue
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Organic search performance 4The 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. →In Q2, organic search performance showed high volatility but was relatively flat year on year as our teams worked diligently to optimiserankings→Shifting user behaviourmeans the same rankings now convert into fewer clicks and less traffic than before→SEO remains a core part of the business and we will continue to invest in and develop our core organic brands→Focus on brand loyalty and returning users, building traffic that is less exposed to search volatility Q2 2026 – Catena Media Interim Report
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5 FinancialsQ2 2026
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Financial summary 6 GroupContinuing opsNDCs(‘000s) Apr-Jun202624.8Apr-Jun202520.2+23% Adjusted EBITDA margin Apr-Jun202613%Apr-Jun 202514%-1pp Adjusted EBITDA(EUR m) Apr-Jun20261.2Apr-Jun20251.4-11% Revenue(EUR m) Apr-Jun 20269.5Apr-Jun20259.6-1% Q2 2026 – Catena Media Interim Report →Revenue from continuing operations of EUR 9.5m (9.6), down 1% YoY and down 23% QoQ→Adjusted for currency rate changes, revenue increased 4% YoY→North America contributed 97% (90) of group revenue from continuing operations→Adjusted EBITDA decreased to EUR 1.2m (1.4), equal to a margin of 13% (14)→Operating cash flow from continuing operations of EUR 0.03m (1.0)→NDCs increased 23% to 24,781 (20,229)
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Segment performance 7 SegmentsContinuing operations Apr-Jun 20268.5Apr-Jun 20257.8+8% Apr-Jun 20261.0Apr-Jun 20251.7-43% Casino revenue (EUR m)Sports revenue (EUR m) Apr-Jun 20264.4Apr-Jun 20255.1-13% Sports NDCs (’000s) Apr-Jun 202620.3Apr-Jun 202515.1+35% Casino NDCs (’000s) Q2 2026 – Catena Media Interim Report →Q2 revenue 90% casino, 10% sports→Casino revenue up 8% YoY to EUR 8.5m, down 22% QoQ→Regulated casino and social sweepstakes casino both grew –the latter in spite of the California ban →Casino adjusted EBITDA of EUR 1.1m (1.4), equal to a margin of 13% (17)→Margin compression reflects higher direct costs from MRKTPLAYS→Sports revenue down 43% YoY to EUR 1.0m, reflecting continued underperformance and divestment of the esports business→Sports revenue down 32% QoQ→Sports adjusted EBITDA of EUR 0.1m (0.02)
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Cost development 8 Cost development¹Continuing operations ¹ Cost excluding items affecting comparability (IACs)Q2 2026 – Catena Media Interim Report →Total cost base of EUR 8.2m (8.2), down from EUR 9.7m in Q1 2026→Direct costs increased to EUR 3.0m (2.4), driven by continued growth in MRKTPLAYS and performance marketing channelsoCost base decreased by 11% excluding revenue-driving direct costs→Personnel expenses decreased 9% YoY to EUR 3.6m (4.0)→Other operating expenses fell 14% YoY to EUR 1.6m (1.8) →Streamlining of legal entity structure under way→Items affecting comparability totalled EUR 0.05m (-0.8)
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9 →Operating cash flow from continuing operations of EUR 0.03m (1.0)→First-half operating cash flow of EUR 4.4m (4.2m)→Capital expenditure more than doubled as capital is deployed into growth areas→Cash and cash equivalents of EUR 13.0m (6.6) on 30 June 2026→No debt instruments remaining following senior bond repayment in Q2 2025→Equity of EUR 116.1m (122.0), or EUR 75.5m (86.8) excluding hybrid capital securities Financial position Q2 2026 – Catena Media Interim Report
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10 →Hybrid capital securities (CATME H01):oEUR 43.7m nominal; perpetual, equity under IFRSoInterest STIBOR plus 11%; plus 12% from 10 July 2026oInterest deferred; EUR 7.0m accumulated on 10 July 2026oDeferred interest ranks ahead of shareholders and is settled before any dividendoResumption is solely at company’s discretion. Company does not intend to initiate interest payments for foreseeable future→Intention to launch a voluntary tender offer:o20.00% of nominal amount, or SEK 20 for every SEK 100oNo capitalisedor accrued interest paidoProvides a route to realisecash where liquidity is limitedoFor more information see the investor relations web pages Hybrid capital securities and tender offer Q2 2026 – Catena Media Interim Report
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11 Strategy and outlookQ2 2026
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12 Addition of fourth strategic pillar–Performance +Employee-net-promoter score remained strong in Q2, with 50-point year-on-year net increase+Post-quarter consolidation of squads to sharpen core product focus and improve cross-functional alignment+Goal:enable faster decision-making and clearer ownership People+Continued improvements to PlayPerksloyalty programme –with imminent rollout to other brands+Launched PlayPicksprediction markets product in beta mode, fully agentic build+Continued building MRKTPLAYS+ pipeline+PlayCanada.comsold to strategic partner to maximise value in Canadian market Product+Adjusted EBITDA dipped to lowest level since Q1 2025, highlighting challenges of SEO-focused affiliation model+Disciplined cost management continued, with total costs flat at EUR 8.2m+Direct costs QoQ decreased as indirect impact of organic search (new traffic) also affected other performance marketing verticals+Capital expenditure increased as we scaled investment in new technical infrastructure platform ProfitPerformance Q2 2026 – Catena Media Interim Report +Addition of new strategic pillar focused on automation+Agentic development initiatives continued in Q2, with promising results+Content and SEO automation workflows delivered in Q2+Automation initiatives under way across all areas of the business
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CA-ON PAMI NJ 2013Casino2018Sports NJ2021 MI2022 CA-ON2017 PANew JerseyMichiganOntarioPennsylvania CA-AB ME NY OHINILIAMOKSNE COWYOR NV AZ LA KYTNNCVAWV CT RIMD MANHVT Online sports bettingOnline casino and sports bettingRegulating, not yet operationalRegulated, single provider monopoly, no affiliation Our North American footprint →Post-quarter, Alberta launched online casino and sports betting on 13 July →First sports-and-casino launch since Ontario in 2022 –an attractive opportunity →Satisfactory initial results seen in first month since launch→Prediction markets, accessible across the region, present a high-potential market opportunity→We have launched PlayPicks, our first dedicated initiative in this space North America market status 2026 CA-ABAlberta
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Key takeaways→Q2 revenue broadly in line with same quarter last year, decreasing 1% to EUR 9.5m (EUR 9.6m). 4% increase when adjusted for currency rate changes→Adjusted EBITDA down 11% at EUR 1.2m (EUR 1.4m), equal to an adjusted EBITDA margin of 13% (14)→Results reflect structural challenges in traditional affiliation relating to changing dynamics in organic search →Shifting our business model to reduce dependence on traditional SEO affiliation–evolving beyond affiliation and lead generation into a technical infrastructure platform→We will share more details about this area in the following quarters as we approach a full commercial launch in H1 2027→We expect to continue deferring interest payments on the hybrid capital securities to maximiseflexibility for effective capital allocation. We intend to launch a voluntary tender offer as detailed earlier.→Share buyback programmeof up to 5.98%approved to meet company's commitments to its employee long-term incentive plan Financial targets1.Double-digit organic growth in group revenue and adjusted EBITDA in 20262.Net interest-bearing debt to adjusted EBITDA ratio of 0-1.75 14 Q2 2026 – Catena Media Interim Report
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15 Q & AQ2 2026
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16 Investor Relations ir@catenamedia.comManuel Stan, CEO manuel.stan@catenamedia.com Michael Gerrow, CFO michael.gerrow@catenamedia.com Contact informationInterim Report Q3 202610 November 2026 Upcoming events